SCULLY ROYALTY PROVIDES MEETING UPDATE

Core Viewpoint - Scully Royalty Ltd. is preparing for its annual general meeting on December 27, 2025, and is contesting the validity of director nominations made by MILFAM LLC, citing material misrepresentations in MILFAM's proxy circular [1][2]. Group 1: Legal Proceedings and Compliance - The Company asserts that MILFAM did not adhere to the nomination requirements outlined in the Company's Articles of Association, particularly regarding the timeline for submissions [2]. - The Grand Court of the Cayman Islands ruled on December 19, 2025, that MILFAM's notice of nomination was valid, a decision the Company plans to appeal [2]. Group 2: Misleading Information in MILFAM Circular - The Company claims that the MILFAM Circular contains significant omissions that mislead shareholders, preventing them from making informed voting decisions [3]. - The Circular inaccurately presents MILFAM nominees as "independent" while failing to disclose their substantial ties to the MILFAM group [4][6]. Group 3: Specific Omissions and Relationships - Notable omissions include the undisclosed relationships of Mr. Howe, who has held significant positions within the MILFAM group, including serving as CEO of Alimco from 2016 to 2019 [5][8]. - The Circular does not mention Mr. Howe's long-standing service to the MILFAM group, nor does it disclose his compensation from MILFAM or its affiliates [8][10]. Group 4: Call to Action for Shareholders - The Company urges shareholders to carefully review MILFAM's proxy materials and consider the implications of MILFAM's actions on the Company's operations, particularly its regulated banking activities [10]. - A supplemental proxy statement is being filed to provide shareholders with important information and encourage them to vote for the management nominees [11].