Also, veteran infielder Chad Tracy has agreed to a minor league deal.
Freese will make $5.05 million in his first season with the Angels, who acquired the former World Series MVP from St. Louis in the offseason. He asked for $6 million, and Los Angeles offered $4.1 million.
Jepsen will make $1,462,500 this season after pitching in 45 games for Los Angeles in 2013. He asked for $1,625,000, and the Angels offered $1.3 million.
Tracy has hit .274 in nine big league seasons, most recently with Washington for the past two years. He also spent six seasons with Arizona.