CORPORATE PRESENTATION

MARCH 2020

1

PrairieSky Royalty Snapshot

(1) Based on 233.1 million common shares outstanding as at December 31, 2019 and closing share price on the TSX of $8.02 on March 13, 2020. Financial data in this corporate presentation is as at December 31, 2019 unless stated otherwise.

TSX

PSK

$1.9 Billion Enterprise Value(1)

Quarterly Dividend

$0.06 Per Common Share Commencing Q2 2020

233.1 Million Shares Outstanding(1)

$50 Million NCIB

7.8 MillionAcres of Fee Lands

NW NE

SW SE

7.8 MillionAcres of GORR Lands

4Provinces

Balance Sheet

Strength

Balance Sheet Strength

PrairieSky has a unique business model and balance sheet, ideally suited to paying dividends.

2

$millions

Year Ended December 31,

2019 2018

ASSETS

Current Assets 37.9 20.6

Royalty Assets 682.5 756.5

Exploration and evaluation assets 1,368.1 1,408.8

Goodwill 631.0 631.0

Total Assets 2,719.5 2,816.9

LIABILITIES AND SHAREHOLDER’S LAIABILITES

Current Liabilities 41.0 31.0

Lease obligation 2.2 -

Share-based compensation 1.0 1.1

Deferred income taxes 189.6 211.2

Total Liabilities 233.8 243.3

Shareholders Equity 2,485.7 2,573.6

Total Liabilities & Shareholders’ Equity 2,719.5 2,816.9

PrairieSky has no long-term debt, no operating costs, no mandatory capital expenditures and no environmental liabilities.

3

Dominant Land Position

4

Introduction to PrairieSky Royalty

7.8 million acres of Fee Lands(1)

7.8 million acres of GORR Lands(1)

Lands located throughout the heart of the oil and gas producing basins in Alberta, British Columbia, Saskatchewan and Manitoba

License to ~13,000 km2 of 3D seismic

covering 3.3 million acres, and

~46,000 km of 2D seismic

Business model supports dividend payments

Operating margin(2) of 98%

Operating netback(2) of 88%

Strong balance sheet

Low risk revenue base

No capital commitments,operating costs, abandonment liabilitiesor reclamation charges associated withworking interest ownership

Over 66% of royalty production revenue

received from Fee Lands(3)

Experienced team aligned with shareholder interests

Management team with an unparalleled understanding of the value of royalties

Technical team with deep experiencein Western Canada

Focused staff, all of whom have investedin PrairieSky shares

Directors and officers ownership of 2.5 million shares

(1) Fee Lands refer to lands with Petroleum and/or Natural Gas rights. GORR Lands include GRT and Crown Interest Lands.(2) For the year ended December 31, 2019. Operating margin represents royalty revenue less production & mineral tax expense. Operating netback represents operating margin less G&A

expense.(3) For the year ended December 31, 2019.

NW NE

SW SE

5

A Unique and Diversified Approach to Investing in Oil & Gas

Third PartyOperators

GeologyCommodity

• 88% of product revenue derived from liquids volumes(1)

• Liquids volumes make up approximately 52% of production(1)

• Production from over 30 formations from high risk, deep targets to low risk shallow oil and natural gas

• 325 lessees paying royalties on PrairieSky Royalty lands

• Operators on PrairieSky Royalty Fee Lands include Majors, Independents, Mid Cap and Small Cap producers

(1) For the year ended December 31, 2019.

6

Royalty Advantage

Ownership in PrairieSky provides a

long duration cash flow stream

and the optionality associated with

perpetual land title ownership.

Exposure to: No exposure to:

High margin cash flow streams Capital costs

New discovery/exploration optionality Environmental liabilities

Commodity price optionality Operations

Secondary and tertiary recoveries Operating costs

Shale opportunities

Technological advancements

Ownership in 10 million leasable, undeveloped acres

7

Higher Margin, Lower Risk

(1) Excludes the impact of Other Revenues (lease rentals, bonus consideration, etc.) for the year ended December 31, 2019.(2) Excluding acquisitions and net change in future development capital.(3) Operating margin is calculated as average realized price ($/boe), less Production & Mineral Tax expense ($/boe), divided by the

average realized price ($/boe). Amounts per boe for PrairieSky Royalty are for the year ended December 31, 2019.

Margin Summary ($/BOE)

Illustrative Working Interest Operator PrairieSky Royalty

PrairieSky

Royalty offers

higher margins

than conventional

working interest

production

Providing the same revenue per boe, a royalty barrel realizes significantly higher margins than working interest models

No abandonment or environmental liabilities

No capital spending requirements

Incurred by Working Interest

Operators

Operating Margin (Including F&D)

Revenue (52% Liquids Production)(1)

$30.84/boe

Operating / Transportation Costs

($10.25/BOE)

F&D(2)

($10.00/boe)

$6.09/boe 20% of Revenue

Operating Margin(3)

$30.26/BOE

98% of Revenue

Production & Mineral Tax($0.58/BOE)

No royalties payable to the Crown on Fee Lands

Royalties($4.50/BOE)

8

Recycling the Land Base

New drilling and production technologies can be utilized to pursue previously underexploited zones

The perpetual nature of Fee Lands allows PrairieSky Royalty to continually recycle lands and grow its revenue base.

PrairieSky leases lands by zone – same aerial acreage can be leased separately for multiple zones

At the end of the primary lease term, any lands/rights not held by production revert back to PrairieSky Royalty

PrairieSky Royalty can re-lease to third parties who plan to more actively exploit, explore and/or develop those opportunities

License to ~13,000 km2 of 3D seismic, covering over 3.3 million acres, and ~46,000 km of 2D seismic

(1) Held by Production (“HBP”)

PrairieSky Royalty sets lease terms to ensure the company remains competitive with adjacent Crown or freehold lands

9

Production History on our Fee Lands

Additional royalty production is generated on GORR Lands (not included above).

Historical Gross Production on PSK Fee Lands

Source: Accumap

Cumulative production of 4.4 billion BOE

-

50,000

100,000

150,000

200,000

250,000

300,000

CD Avg. Oil (bbl/d) CD Avg. Gas (Boe/d)

Reserves Replacement

Third-party capital on PrairieSky lands approximately replaces production annually.

In 2019, replaced 119% of oil royalty production volumes and 151% of NGL royalty production volumes.

10

Proved + Probable Reserves

(MBOE)

Annual Production

(MBOE)

Funds from Operations

(millions)

2015 46,653 6,199 $177.8

2016 47,423 8,531 $200.2

2017 49,234 9,221 $290.2

2018 47,482 8,526 $229.7

2019 45,835 7,941 $220.4

Funds from operations returned to shareholders as dividends and share repurchases or used to purchase additional royalty interests.

Long-term Optionality

PrairieSky’s basket of call options includes:

= Long-term liquids growth at no additional cost to PrairieSky.

11

SAGD

Lindbergh and Onion Lake projects have multiple phase expansion potential

New leasing to integrated and independent SAGD specialists

Emerging Clearwater and Duvernay oil plays

Large scale CO2 sequestration and EOR projects

New pool discoveries and expansion of productive trends

Technological advancements

NW NE

SW SE

12

PrairieSky Royalty Per Share Metrics

(1)Acres per share based on number of common shares outstandingat December 31, 2019.

-

20,000

40,000

60,000

80,000

IPO Today

Acres per Million Shares(1)

-

20

40

60

80

100

120

140

20

13

Q1

/14

Q2

/14

Q3

/14

Q4

/14

Q1

/15

Q2

/15

Q3

/15

Q4

/15

Q1

/16

Q2

/16

Q3

/16

Q4

/16

Q1

/17

Q2

/17

Q3

/17

Q4

/17

Q1

/18

Q2

/18

Q3

/18

Q4

/18

Q1

/19

Q2

/19

Q3

/19

Q4

/19

Production per Million Shares

13

Revenues Generated from Royalty Properties

PrairieSky generates revenues through

leasing its Fee Lands and its GORR

Interests, which includes Royalty

Production Revenue, Bonus

Consideration and Lease Rental Income.

Compliance revenue is recorded with Royalty Production Revenue from Fee Lands and GORR Interests in the financial statements.

Royalty Compliance analysis focuses on

capturing mispaid royalties through

forensic accounting.

Over $55 million in compliance

recoveries collected since IPO.

$-

$50

$100

$150

$200

$250

$300

$350

$400

2014 2015 2016 2017 2018 2019

Re

ven

ue

s (

$ m

illio

ns)

Total Revenues

Royalty Production Revenue from Lessor Interests on Fee Lands Royalty Production Revenue from GORR InterestsBonus Consideration Lease Rental Income

14

Returns to Shareholders

From IPO to December 31, 2019,

PrairieSky has returned $1.0

billion in dividends and $133million in share buybacks to

shareholders

The dividend is below the current, trailing and forward Free Cash Flow yield.

Declared a dividend of $0.065 per share for March 2020, beginning

Q2 2020, PrairieSky will pay a quarterly dividend of $0.06 per share.

High conversion of

revenues to free cash

flow for distribution to

shareholders through all

commodity price cycles

-

0.2

0.4

0.6

0.8

1.0

1.2

1.4

1.6

1.8

IPO (May 29, 2014) - December 31, 2019$

bill

ion

s

Total Revenue Funds from Operations Returned to Shareholders

WTI down

~37%

AECO down

~62%

15

Capital-Free Returns and Diversification

PrairieSky Royalty E&Ps Midstream

Capital-Free Returns No capital investment required

Future embedded royalties and cash flow through perpetual land ownership

No environmental liabilities typically associated with working interests

Technology increases recovery factors and opens up new resource opportunities

x Requires significant capital or acquisitions for growth

x Responsibility for environmental liabilities

Technology increases recovery factors and opens up new resource opportunities

x Requires significant capital for growth

x Requires significant capital for maintenance

x Responsibility for environmental liabilities

Stable/Diversified Asset 15.6 million acres, over 38,000 producing wells, approximately 325 payors

/ x Generally concentrated incertain plays (operator/asset)

x Requires maintenance and facilities capital

Contractual commitments (certainty of fees, volumes)

Capital Structure Minor working capital deficiency. No long-term debt.

x Moderate to high leverage x Moderate to high leverage

16

ESG Policies and Practices

Environmental regulations are best-in class standards and reflect global leadership

Focus on Health and Safety, Human Rights and Community Partnerships

Technological Innovation and leading commitment to sustainability, driving rapid rate of change and continuous improvement.

All of PrairieSky’s royalty

properties are in Canada which

provides the following advantages:

PrairieSky has no field operations, facilities, or end of life decommissioning liabilities.

Third-party operators on the Royalty Properties have a contractual commitments to adhere to good operating practices and comply with all laws.

PrairieSky is undertaking further sustainability initiatives and continues to increase disclosure around ESG.

PrairieSky’s policies and practices are developed to provide the foundation for sustainability. They include:

Code of Business Conduct

Environment, Climate Change, Health & Safety Policy

Human Rights Policy

Board Diversity Policy

Whistleblower Policy

Please see our website for a full list of policies: www.prairiesky.com

Policies and Practices

17

ESG Policies and Practices

Received a B ranking from CDP in

2019, which is the management

band which is defined as taking

coordinated action on climate issues.

ESG Survey Results

Received AA ranking from MSCI in

2019.

Governance

The Globe and Mail, Report on

Business Board Games - PrairieSky

ranked in the top quartile of Canadian

companies in 2019.

At PrairieSky, women make up:

75% of Managers, 50% of Senior Management and 29% of Independent Directors

We are committed to operating our business in an economically, socially, and environmentally responsible and sustainable manner for the benefit of shareholders and relevant stakeholders.

We conduct our business responsibly by:

• Incorporating sustainability factors into our strategy and actively managing risk

• Proactively taking steps to minimize our impact on the environment

• Emphasizing sustainability criteria through our business relationships and contractual arrangements

• Upholding the highest standards of governance and ethics

• Tying short-term and long-term Executive Compensation to measurable ESG performance criteria

Gender Diversity

18

Shareholder Alignment

Board & Management

invested ~$80 million in PSK Shares

Decisions focused on core strategy and

creating long-term shareholder value

ShareholderAlignment“Pay for performance”

long-term incentives

All staff are shareholdersand maximize participation

in Employee Stock Purchase Plan

Spuds on PrairieSky Lands – Q4 2019

19

Spuds on PrairieSky Lands – 2019

20

21

Quarterly Activity on PrairieSky Lands

*Wells on production for Q4 2019 will be reported in Q1 2020 when data is complete.LOR represents lessor interests on Fee Lands.RI - royalty interest

0

50

100

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300

2017Q1

2017Q2

2017Q3

2017Q4

2018Q1

2018Q2

2018Q3

2018Q4

2019Q1

2019Q2

2019Q3

2019Q4

Wells Spud

LOR GORR UNIT

0

50

100

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300

2017Q1

2017Q2

2017Q3

2017Q4

2018Q1

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Wells Rig Released

LOR GORR UNIT

0

50

100

150

200

250

300

2017 Q1 2017 Q2 2017 Q3 2017 Q4 2018 Q1 2018 Q2 2018 Q3 2018 Q4 2019 Q1 2019 Q2 2019 Q3

Wells on Production*

LOR GORR UNIT

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

0

50

100

150

200

250

300

2017Q1

2017Q2

2017Q3

2017Q4

2018Q1

2018Q2

2018Q3

2018Q4

2019Q1

2019Q2

2019Q3

2019Q4

Wells Spud

OIL GAS RI

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

0

50

100

150

200

250

300

2017Q1

2017Q2

2017Q3

2017Q4

2018Q1

2018Q2

2018Q3

2018Q4

2019Q1

2019Q2

2019Q3

2019Q4

Wells Rig Released

OIL GAS RI

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

0

50

100

150

200

250

300

2017Q1

2017Q2

2017Q3

2017Q4

2018Q1

2018Q2

2018Q3

2018Q4

2019Q1

2019Q2

2019Q3

Wells On Production*

OIL GAS RI

10 Year Free Cash Flow Generation

22

FX($US / $CAD)

AECO($/Mcf)

WTI($/bbl)

10 Year Average Annual Production (boe/d)

18,000 20,000 22,000 24,000

10 Year Free Cash Flow (Billions)

% Annual Growth Rate ~-2.5% ~-1.0% Flat ~2%

0.73 $2.00 $30.00 $1.0 $1.1 $1.2 $1.3

0.73 $2.00 $40.00 $1.3 $1.5 $1.6 $1.7

0.73 $2.00 $50.00 $1.6 $1.8 $1.9 $2.0

0.73 $2.00 $60.00 $1.9 $2.1 $2.3 $2.4

0.73 $2.00 $70.00 $2.2 $2.4 $2.6 $2.8

2019 Average Royalty Production

21,757 BOE/d

23

Why PrairieSky?

• 7.8 million acres of Fee Lands

• 7.8 million acres of GORR LandsVast Land Base

• Management and directors with an unparalleled understanding of the royalty business and are invested alongside shareholders

Experienced Team

• Upside from resource play development on emerging including the East Shale Duvernay, Clearwater and multi-zonal Deep Basin plays

Resource Play Upside

• Approximately 325 lessees producing from over 30 geologic horizons

• Exposure to both oil and natural gas pricesDiversification

• Technology, new pool discoveries, optimization of legacy production and secondary and tertiary recoveries all provide long-term option value

• Fee Simple land never expiresOptionality

• Conservative dividend payout ratio• No capital expenditures, operating costs, abandonment or environmental

liabilities• Strong balance sheet

Sustainability

• Trading at attractive FCF yield, no capital requirements to maintain current free cash flow generation

Attractive Free Cash Flow Yield

NW NE

SW SE

FINANCIALINFORMATION

25

Financial Highlights

$millions, unless otherwise noted

Q4 2019 Q3 2019 Q2 2019 Q1 2019 Q4 2018 Q3 2018

Year Ended December 31,

2019 2018

Production Volumes

Crude Oil (bbls/d) 8,884 8,011 8,740 8,904 9,163 9,018 8,633 9,004

NGLs (bbls/d) 2,819 2,334 2,690 2,586 2,676 2,503 2,607 2,463

Natural Gas (Mmcf/d) 63.0 61.0 65.2 63.1 70.0 71.5 63.1 71.3

Total Production (BOE/d)(1) 22,203 20,512 22,297 22,007 23,506 23,438 21,757 23,358

Financial Information

Royalty Production Revenue 63.4 51.9 63.1 66.5 42.4 71.4 244.9 248.0

Other Revenues 3.7 6.9 6.2 6.7 9.2 6.7 23.5 25.8

Total Revenues 67.1 58.8 69.3 73.2 51.6 78.1 268.4 273.8

Funds from Operations 55.8 48.8 58.0 57.8 48.5 67.0 220.4 229.7

per Share(2) $0.24 $0.21 $0.25 $0.25 $0.21 $0.29 $0.94 $0.98

per BOE $27.32 $25.86 $28.59 $29.18 $22.43 $31.07 27.75 $26.94

Net Earnings 24.3 16.7 44.0 26.4 6.0 28.5 111.4 79.4

per Share $0.10 $0.07 $0.19 $0.11 $0.03 $0.12 $0.48 $0.34

Working Capital at Period End (3.1) (7.4) (2.1) (6.2) (10.4) 10.6 (3.1) (10.4)

(1) See “Conversions of Natural Gas to boe”.(2) Per share calculation uses the weighted average (basic) number of shares outstanding.

PrairieSky no long-term debt, no operating expenses, no mandatory capital expenditures and no environmental liabilities.

26

Top Payers

Exposure to various operators with diverse expertise ranging from private companies to Majors

12 months of Revenue by Top 25 Companies ($ millions)

Top25 Payors

Top 10 payers represent 49%of product revenue, while the

Top 25 payers represent 69%of product revenue

APPENDICES

HIGH QUALITY ROYALTIES = OPTIONALITY

FUTURE OPTIONALITY

29

INDUSTRY CAPITAL ON PSK LANDS

Third-party operators invest capital on PrairieSky’s lands to develop and produce oil and natural gas.

30

2014 2015 2016 2017 2018 2019

Industry Capital(1) (billions) $46.9 $31.6 $23.0 $28.7 $27.4 $20.1(1)

Gross Capital on PSK Lands(2)

(billions)$1.9 $1.1 $0.7 $1.1 $1.3 $1.1

% of Gross Capital on PSK Lands 4.1% 3.5% 3.2% 4.0% 4.7% 5%

% of Gross Capital Oil Plays 72% 52% 69% 73% 78% 74%

% of Gross Wells on Oil Plays 74% 73% 90% 89% 94% 94%

Net Capital(2) (millions) $176 $84 $68 $74 $75 $58

(1) Source: Arc Energy Charts (January 27, 2020). 2019 industry capital is currently an estimate. Represents total capital spent on conventional oil and natural gas in Canada.

(2) Includes capital spending on oil sands. Gross capital represents the capital investment by a third-party operator. Net capital represents the gross capital multiplied by the PSK net royalty interest.

31

Multi-Zone Potential

Exploration and development has taken place since the

1950s in the form of new pool discoveries as well as

through redevelopment with evolving technology

1970’sHoadley Barrier

Glauc Gas

1980’sGlauc Gas, Banff,

Pekisko and Ellerslie Oil

1950’sHomeglen Rimbey

Leduc Oil

1960’sNordegg Natural

Gas

1990’sPekisko Oil, Leduc Oil

Infill, Glauc Oil

2000’sGlauc Oil and Gas,

first horizontal wells, CBM

Post 2010Glauc Oil and Gas,

multi-stage fracs, Leduc Infill

FutureDuvernay, Banff

horizontal, Nordegg, Ellerslie, Upper

Mannville

32

Saskatchewan Viking Continues to Attract Capital

Saskatchewan Viking remains a key play for many producers based on superior economics, short cycle times and low capital requirements

< $1 million to bring

well on-stream and quick payouts

Wells produce > 50years

Over 10 Mmboe of oil

in place per section

~100 miles

33

Development of an Economic Resource Play Saskatchewan Viking

Wells Drilled Before 2010

2,650 vertical wells drilled (in this map area)

36 horizontal wells drilled

Horizontal lateral length 1 mile or 0.5 mile

Drilling density 4 to 8 wells per section

Most wells target vertical well development areas

Wells Drilled as of January 2013

800 total horizontal wells drilled

Horizontal lateral length mostly 0.5 miles

Drilling Density 8 to 16 wells per section

Development extends vertical pool boundaries

Wells Drilled as of December 2019

2,877 total horizontal wells drilled

Horizontal lateral length 0.5 to 1.5 mile

Drilling density 16 to 28 wells per section

Development is delineating new pool boundaries

PrairieSky Inventory Based on:

16 wellsper section in infill sections

8 wellsper section in offset sections

34

Central Alberta Duvernay

~900,000 acres of royalty lands

in the oil and volatile oil window of

an emerging shale resource play.

Duvernay is in early stages of contributing to PrairieSky’s revenues:

Potential for significant royalty production growth.

2019 average royalty production of

~340 BOE/d,

up from 20 BOE/d in 2016.

~120 miles

~180 m

iles

35

Alberta Viking – Growth in Activity

Activity continues to grow in the Alberta Viking.

In 2019 and 2018,

~35% of Viking activity has been in Alberta versus 26% in 2017 and 3% in 2016.

NW NE

SW SE

~240 miles

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

2014 2015 2016 2017 2018 2019

Gro

ss O

il P

rod

uctio

n (

bb

l/d

)

pre-2014 RR 2014 RR 2015 RR 2016 RR 2017 RR 2018 RR 2019 RR

36

Investing in Future Growth Opportunities

NW NE

SW SE

Over

850,000acres in Marten Hills, Godin, Nipisi and Ukalta(1)

areas.

An emerging capital efficient oil play, with scale and large OOIP reservoirs in the Clearwatergroup sands.

PrairieSky has re-invested its cash lease bonus consideration into new emerging oil resource play opportunities to provide liquids growth in the medium to long term.

(1)Ukalta not shown on map

37

Upper Montney Light Oil Exposure

GORR on ~90 sections of prospective Upper Montney light oil lands in Two Rivers region of British Columbia

PrairieSky will benefit from future development of play without capital expenditures, operating costs or abandonment and environmental liabilities

0 6 Miles

38

Enhanced Oil Recovery

Unit on single section of land first started producing in 1979

Production has increased dramatically with EOR scheme,

delivering ~$65,000 per month

in royalty revenue in Q4 2019

0 1Mile

0

200

400

600

800

1,000

1,200

1,400

1,600

1978 1983 1988 1993 1998 2003 2008 2013 2018

Gro

ss O

il P

rod

uct

ion

(b

bl/d

)

39

Multi-Zoned, Prolific Spirit River Exposure

Horizontal drilling and improved completion techniques have resulted in improved drilling results

IPs, EURs and costs make the Spirit River competitivewith the Marcellus and Utica

Well capitalized operators

0 24 Miles

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Gro

ss P

rod

uctio

n (

bo

e/d

)

Pre-2011 RR 2011 RR 2012 RR 2013 RR 2014 RR

2015 RR 2016 RR 2017 RR 2018 RR 2019 RR

40

Legacy Production

Unit was discovered in 1956 and developed vertically until 1965

Placed under a partial waterflood in 2003

Operator has an inventory of

166 net wells, 93 are booked locations(1)

First horizontal well drilled in 2011,

51 drilled to date (35 in 2012)

(1) Inventory as of December 31, 2017, not disclosed at December 31, 2018.

0

500

1,000

1,500

2,000

2,500

3,000

2000 2003 2006 2009 2012 2015 2018

Gro

ss P

rod

uct

ion

(b

oe

/d)

41

Technology

Unit started producing in the 1950s.

Horizontal, multi-stage fracture development started in ~2012 increasing production to levels not seen since the 1960s.

Increased horizontal drilling activity on a number of units across PrairieSky lands.

Provides significant development opportunity.

NW NE

SW SE

0

2,000

4,000

6,000

8,000

10,000

12,000

1963 1967 1971 1975 1979 1983 1987 1991 1995 1999 2003 2007 2011 2015 2019

Gro

ss O

il P

rod

uct

ion

(b

bl/d

)

42

New Pool Discovery and Development

The pool encompasses 32 sections of

Fee Land, currently under natural gas flood

Production began in early 2012 and reached

peak production of over 4,000 bbls/d

Over $100 million in royalty production

revenue on this pool since 2012

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

2012 2013 2014 2015 2016 2017 2018 2019

Gro

ss O

il P

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ion

(b

bl/d

)

UNDERSTANDINGROYALTIES

44

History of PrairieSky’s Fee Lands

1676King Charles II of England granted 948 million acres of mineral title land to the Hudson’s Bay Company, later ceded to the Dominion of Canada.

1958CPR creates Canadian Pacific Oil and Gas, to which all mineral title was conveyed.

1971PanCanadian Petroleum Limited (predecessor to PanCanadian Energy Corporation) created by the amalgamation of Canadian Pacific Oil and Gas And Central –Del Rio Oils.

2002Encana created through merger of PanCanadian Energy Corporation and Alberta Energy Company.

2014PrairieSky Royalty acquires fees simple mineral title lands from Encana and completes initial public offering.

1887Dominion of Canada stops granting mines and mineral rights as part of land sales –no more Fee lands are created.

PresentPrairieSky is the largest fee simple mineral title landowner in Western Canada, including 7.8 million acres of fee simple mineral title lands with petroleum and/or natural gas rights. These rights are held in perpetuity.

2014PrairieSky completes acquisition of Range Royalty Limited Partnership in December 2014, a best in class private royalty company with 3.5 million acres of royalty lands.

2015PrairieSky acquires substantially all of Canadian Natural Resources royalty assets, gaining unparalleled fee simple mineral title exposure in the Viking light oil play in Western Saskatchewan and royalty interests in multiple resource plays in the Deep Basin of Alberta and British Columbia.

1905CPR initiates irrigation projects, checkerboard selection abandoned in exchange for building a large irrigation system.

1881 25 million acres of Fee lands granted to the Canadian Pacific Railway (CPR) in consideration for completing the national railway.

CPR able to select lands from the odd numbered sections in a belt of land 24 miles wide on each side of the railway creating the checkerboard pattern still seen today.

45

Types of Royalties

The following figure

outlines the royalty

hierarchy. As you

move down the

royalty hierarchy,

costs increase and

duration decreases.

Crown Royalties

Fee Simple Mineral Title -PrairieSky owns

7.8 million acres

Gross Overriding Royalties -

PrairieSky owns 7.8 million acres

Streams

Net Profit Interest

Volumetric Production Payment

Working Interest

46

Active Management of Land Base

PrairieSky actively manages its Fee Lands:

PrairieSky’s Seismic CoverageMeeting with operators and providing updates on available lands

Providing seismic to lessors and generating prospects internally

Posting prospects on PrairieSky’s website and advertising to industry

Proactively monitoring and managing producer commitments

License to ~13,000 km2 of 3D

seismic over 3.3 million acres &

~46,000 km of 2D seismic

47

Leadership Team

Executive Team

Board of Directors

James M. Estey, Chair of the BoardCorporate Director, Retired Chairman of UBS Securities Canada Inc., and has more than 30 years of experience in financial markets

Chairman of Gibson Energy Inc.

Andrew M. Phillips, President & CEO / Director

P. Jane Gavan President, Asset Management of Dream Unlimited Corp.

More than 30 years of executive business and leadership experience, including acting as a senior legal advisor. Currently sits on the Board of Directors of Dream Unlimited Corp. and on the Board of Trustees of Dream Global REIT.

Margaret A. McKenzieCorporate Director, Former VP, Finance and Chief Financial Officer of Range Royalty and prior thereto was VP, Finance and Chief Financial Officer of Profico Energy Management Ltd.

Director of Encana Corporation and Inter Pipeline Ltd.

Myron M. StadnykPresident and Director of ARC Resources Ltd.

Prior to announcing his pending retirement, President and Chief Executive Officer of ARC Resources Ltd. Currently serves as a Governor of the Canadian Association of Petroleum Producers.

Sheldon SteevesCorporate Director, Previously President & CEO of EchoEx; Executive Vice President & COO at Renaissance Energy Ltd.

Director of Enerplus Corporation and NuVista Energy Ltd.

Senior leadership team offers unique expertise managing royalty assets, significant technical capabilities and broad, long-standing industry relationships.

Andrew M. Phillips, President & CEO / DirectorPreviously, President, CEO & Director of Home Quarter Resources (acquired by a public oil and gas company in 2014)

Extensive experience in the oil & gas industry with past senior roles at Evolve Exploration, Profico Energy Management and Renaissance Energy

Cameron M. Proctor, Chief Operating OfficerPreviously, EVP, Chief Legal Officer and Director of Sinopec Canada and prior thereto VP, General Counsel and Corporate Secretary of Daylight Energy

Former lawyer with Blake, Cassels & Graydon LLP

Pamela Kazeil, VP Finance & Chief Financial OfficerPreviously, EVP and Chief Financial Officer of Sinopec Canada and prior thereto VP, Finance of Daylight Energy

Formerly VP Finance of Sword Energy Ltd. and held increasingly senior roles at its predecessor, Thunder Energy Trust, including VP Finance and CFO

Robert RobottiFounder and Chief Investment Officer Robotti & Company Advisors, LLC

On the board of directors of Pulse Seismic Inc., Panhandle Oil and Gas Inc. and AMREP Corporation

Grant A. ZawalskyManaging Partner of Burnet, Duckworth & Palmer LLP (Barristers and Solicitors)

On the board of directors of a number of private and public companies , including NuVista Energy Ltd. and Whitecap Resources Inc.

48

Disclaimer & Cautionary Statements

Cautionary Statement on Forward Looking Information

This presentation contains “forward looking information” and “forward looking statements” within the meaning of applicable securities laws, which may include, but are not limited to: statements with respectto future events or future performance; management’s expectations regarding PrairieSky’s growth and realization of future value from the Royalty Properties; results of operations of third parties active onthe Royalty Properties; expectations that the number of wells reported as on production in the current quarter will increase in the following quarter when data is updated; estimated future revenues; futuredividends and share buybacks; production estimates; costs and revenue; future demand for and prices of commodities; business prospects; future application of EOR schemes and other secondary andtertiary recovery methods to improve recovery factors on the Royalty Properties; expectations regarding downspacing and infill drilling; expectations regarding continued improvement in technology andapplication of new drilling and completion techniques, including application of horizontal drilling in areas otherwise largely delineated with vertical wells; expectations regarding ongoing and continued activitylevels on the Royalty Properties; estimated historical capital spent on the Royalty Properties and capital efficiencies related thereto, and future capital spend on the Royalty Properties; expectationsregarding new discoveries and the contribution to the reserves, production and financial results of the Company; expectations regarding historical and future optimization efforts on certain plays and theresulting effect on declines in production; PrairieSky’s ability to lease large amounts of land, and its corresponding ability to attract associated bonus consideration revenue and capital spent on the RoyaltyProperties; expectations that data from drilling activities will lead to exploitation of additional zones and substances that were not otherwise targeted; and expectations regarding the future development onthe Company’s lands, including the Duvernay and Clearwater land positions, including expectations that they will add significant growth to royalty revenue and production over time; and the prospectivity oflands that are not included in this presentation and the Company’s expectations regarding the same. Such forward looking statements reflect management’s current beliefs and are based on informationcurrently available to management. Often, but not always, forward looking statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budgets”, “scheduled”, “estimates”,“forecasts”, “predicts”, “projects”, “intends”, “targets”, “aims”, “anticipates” or “believes” or variations (including negative variations) of such words and phrases or may be identified by statements to theeffect that certain actions “may”, “could”, “should”, “would”, “might” or “will” be taken, occur or be achieved. Forward looking statements involve known and unknown risks, uncertainties and other factors,which may cause the actual results, performance or achievements of PrairieSky to be materially different from any future results, performance or achievements expressed or implied by the forward-lookingstatements. A number of factors could cause actual events or results to differ materially from any forward looking statement, including, without limitation: fluctuations in the prices of crude oil, natural gasand NGL that drive royalty revenue; changes in national, provincial and local government legislation and regulations, including permitting and licensing regimes and taxation policies and the enforcementthereof; regulatory and political or economic developments in any of the jurisdictions where properties in which PrairieSky holds a royalty interest are located; risks related to the operators of the propertiesin which PrairieSky holds a royalty interest, including changes in the ownership and control of such operators; influence of macroeconomic developments; business opportunities that become available to,or are pursued by PrairieSky; reduced access to debt and equity capital; litigation; title, permit or license disputes related to interests on any of the properties in which PrairieSky holds a royalty interest;excessive cost escalation as well as development, permitting, infrastructure, operating or technical difficulties on any of the properties in which PrairieSky holds a royalty interest; actual hydrocarbon contentmay differ from the reserves and resources contained in technical reports; rate and timing of production differences from resource estimates and other technical reports; risks and hazards associated withthe business of exploration and development on any of the properties in which PrairieSky holds a royalty interest, including, but not limited to unusual or unexpected geological conditions, natural disasters,terrorism, civil unrest or a political change; and the integration of acquired assets. The statements contained in presentation are based upon assumptions management believes to be reasonable, including,without limitation: the ongoing operation of the properties in which PrairieSky holds a royalty interest by the owners or operators of such properties in a manner consistent with good oilfield practices and allapplicable regulations; the availability of capital to such operators to further develop such properties; the accuracy of public statements and disclosures made by the operators on the Royalty Properties; nomaterial adverse change in the market price of the commodities that underlie the asset portfolio; no material changes to existing tax treatment; no adverse development in respect of any significant propertyin which PrairieSky holds a royalty interest; the accuracy of publicly disclosed expectations for the development of underlying properties that are not yet in production; integration of acquired assets; theaccuracy of assumptions and information used in PrairieSky’s internal assessments of its Royalty Properties and the prospectivity thereof, including with respect to acquired assets; and the absence of anyother factors that could cause actions, events or results to differ from those anticipated, estimated or intended. However, there can be no assurance that forward-looking statements will prove to beaccurate, as actual results and future events could differ materially from those anticipated in such statements and investors are cautioned that forward looking statements are not guarantees of futureperformance. PrairieSky cannot assure investors that actual results will be consistent with these forward-looking statements. Accordingly, investors should not place undue reliance on forward lookingstatements due to the inherent uncertainty therein. For additional information with respect to risks, uncertainties and assumptions, please refer to the “Risk Factors” section of our most recent AIF filed withthe Canadian securities regulatory authorities available at www.sedar.com and on our website at www.prairiesky.com. The forward-looking statements herein are made as of December 31, 2019 only andPrairieSky does not assume any obligation to update or revise them to reflect new information, estimates or opinions, future events or results or otherwise, except as required by applicable law.

Cautionary Statement Regarding Future-Oriented Financial Information

This presentation also contains future-oriented financial information and financial outlook information (collectively, "FOFI") about our prospective results, funds from operations, future development of theRoyalty Properties, future drilling locations, future reserve additions and in each case values associated therewith, all of which are subject to the same assumptions, risk factors, limitations, andqualifications as set forth above. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to beimprecise and, as such, undue reliance should not be placed on FOFI and forward-looking statements. PrairieSky’s actual results, performance, realization or achievement of anticipated values could differmaterially from those expressed in, or implied by, these forward-looking statements and FOFI, or if any of them do so, what benefits PrairieSky will derive therefrom. PrairieSky has included the forward-looking statements and FOFI in this presentation in order to provide readers with a more complete perspective on PrairieSky’s future value proposition and future development potential and suchinformation may not be appropriate for other purposes. PrairieSky disclaims any intention or obligation to update or revise any forward-looking statements or FOFI, whether as a result of new information,future events or otherwise, except as required by law.

49

Other Disclosure

NON-GAAP MEASURES

Certain measures in this presentation do not have any standardized meaning as prescribed by IFRS and therefore, are considerednon-GAPP measures. These measures may not be comparable to similar measures presented by other issuers. These measuresare commonly used in the oil and gas industry and by the Company to provide potential investors with additional informationregarding the Company’s liquidity and its ability to generate funds to finance its operations. This presentation includes thefollowing Non-GAAP measures: 1) Free Cash Flow which is defined as Funds from Operations, a GAAP measure used inPrairieSky’s audited consolidated financial statements for the year ended December 31, 2019; 2) Operating Netback which isdefined in PrairieSky’s management discussion & analysis for the year ended December 31, 2019; and 3) Operating Margin whichis PrairieSky’s royalty revenue less production and mineral taxes. This measure is used to demonstrate the comparability betweenPrairieSky and production and exploration companies in the crude oil and natural gas industry as it shows the revenue generationfrom field operations. Further information on Non-GAAP measures can be found in PrairieSky Royalty’s management discussion &analysis and audited consolidated financial statements and notes thereto for the year ended December 31, 2019, which areavailable on SEDAR at www.sedar.com or PrairieSky Royalty’s website at www.prairiesky.com.

CONVERSIONS OF NATURAL GAS TO BOE

To provide a single unit of production for analytical purposes, natural gas production and reserves volumes are convertedmathematically to equivalent barrels of oil (boe). We use the industry-accepted standard conversion of six thousand cubic feet ofnatural gas to one barrel of oil (6 Mcf = 1 bbl). The 6:1 boe ratio is based on an energy equivalency conversion method primarilyapplicable at the burner tip. It does not represent a value equivalency at the wellhead and is not based on either energy content orcurrent prices. While the boe ratio is useful for comparative measures and observing trends, it does not accurately reflectindividual product values and might be misleading, particularly if used in isolation. As well, given that the value ratio, based on thecurrent price of crude oil to natural gas, is significantly different from the 6:1 energy equivalency ratio, using a 6:1 conversion ratiomay be misleading as an indication of value.

CURRENCY AND REFERENCES TO PRAIRIESKY ROYALTY

All information included in this presentation is shown on a Canadian dollar basis.

For convenience, references in this document to the “Company”, “we”, “us”, “our”, and “its” may, where applicable, refer only toPrairieSky Royalty.

PRAIRIESKY ROYALTY LTD.

1700, 350 – 7 Avenue SW

Calgary, AB T2P 3N9

T 587.293.4000E Investor.relations@prairiesky.com

CONTACT INFORMATION

WWW.PRAIRIESKY.COM