Scully Royalty's MILFAM Shareholder Intends To Proceed With Annual General Meeting On Dec. 27

MILFAM LLC ("MILFAM"), a large shareholder of Scully Royalty Ltd. (NYSE:SRL) (the "Company") has announced its intention to proceed with the Annual General Meeting of Shareholders of the Company (the "Annual Meeting") as scheduled on December 27, 2025.

The Company previously announced on December 24, 2025, that the Company's Board of Directors (the "Board") had resolved to temporarily postpone the Annual Meeting. However, the Articles of Association of the Company do not confer any power upon the Board to postpone the Annual Meeting. Therefore, MILFAM intends to attend the Annual Meeting as scheduled and proceed with the election of directors.

Based on proxies received as of today's date, there will be a quorum present at the Annual Meeting to conduct business.