Freehold Royalty Trust and Freehold Royalties Ltd. Announce Completion of Corporate Conversion

CALGARY, ALBERTA--(Marketwire - Jan. 4, 2011) - Freehold Royalty Trust (TSX:FRU.UN) (the "Trust") and Freehold Royalties Ltd. ("Freehold Royalties") are pleased to announce the successful completion of the previously announced plan of arrangement (the "Arrangement") pursuant to which the Trust has been converted to a dividend-paying corporation. Pursuant to the Arrangement, previous holders of trust units of the Trust ("Trust Units") are entitled to receive an equal number of common shares ("Common Shares") of Freehold Royalties.

Within 2 to 3 business days of the Toronto Stock Exchange (the "TSX") confirming receipt of all the necessary documents in connection with the closing of the Arrangement and related matters, the Trust Units will be delisted from the TSX. Concurrently with the delisting of the Trust Units, the Common Shares will be listed on the TSX under the trading symbol "FRU".

Freehold Royalties' primary focus is on acquiring and managing oil and gas royalties. The majority of Freehold Royalties' production comes from royalty assets (mineral title and gross overriding royalties).