SCULLY ROYALTY PROVIDES UPDATE ON ANNUAL GENERAL MEETING

Core Points - Scully Royalty Ltd. is facing a challenge from MILFAM LLC, which has filed a dissident proxy circular to nominate five individuals to the Company's board of directors for the upcoming annual general meeting scheduled for December 27, 2025 [1][2] - The Company has deemed MILFAM's nominations invalid due to non-compliance with the Company's advance notice provisions, which are mandatory for all shareholders [2][3] - The Company encourages shareholders to vote for the management nominees listed in its proxy statement dated November 28, 2025, and clarifies that any votes cast for MILFAM's nominees will not be effective [3] Company Actions - The Company has contested MILFAM's application filed with the Cayman Island Grand Court, seeking a declaration that its notice was valid [2] - The Company has advised shareholders to read its proxy statement and vote using the WHITE proxy for management nominees [3] - Shareholders who have already voted using the gold proxy can still submit their votes using the management WHITE proxy [3]