MILFAM LLC ANNOUNCES INTENTION TO PROCEED WITH ANNUAL GENERAL MEETING OF SCULLY ROYALTY LTD.

Core Viewpoint - MILFAM LLC, a significant shareholder of Scully Royalty Ltd., intends to proceed with the Annual General Meeting of Shareholders as scheduled on December 27, 2025, despite the Board's previous announcement to postpone it [1][2]. Group 1 - The Company's Board of Directors had resolved to temporarily postpone the Annual Meeting, but the Articles of Association do not grant the Board the authority to do so [2]. - MILFAM controls over 58% of the outstanding shares for the purposes of the Annual Meeting, positioning itself to elect its nominees to the Board and vote against the re-election of current Board members [4]. - A quorum will be present at the Annual Meeting to conduct business, based on proxies received as of the current date [3]. Group 2 - MILFAM has invited the Company to collaborate in good faith to ensure the proper conduct of the Annual Meeting and has warned that any physical obstruction will be seen as a breach of duty by the Board [4]. - The Company is urged to comply with its fiduciary duties and to respect the will of the majority of shareholders [4].