SCULLY ROYALTY ISSUES FURTHER UPDATE ON ANNUAL SHAREHOLDERS' MEETING AND COURT PROCEEDINGS

NEW YORK, Dec. 24, 2025 /PRNewswire/ -- Further to its news release dated December 22, 2025, Scully Royalty Ltd. (the "Company") (NYSE: SRL) announces that it has filed an appeal of the December 19, 2025 decision of the Grand Court of the Cayman Islands with respect to the notice of nomination of MILFAM LLC ("MILFAM") and its compliance with the timing requirements under the Memorandum and Articles of Association of the Company.

The Company further announces that its annual general meeting (the "Meeting"), originally scheduled for December 27, 2025, has been temporarily postponed for a short duration of time to allow a hearing before the Cayman Islands Court of Appeal to be heard as soon as practicable. The Company is inviting MILFAM to work collaboratively and in good faith with the Company in this endeavor.

The postponement was approved by the Company's board of directors, based on the recommendation of its Compensation, Nominating and Corporate Governance Committee. In determining to postpone the Meeting, such committee and the board considered various factors relating to the best interests of the Company and its shareholders and the circumstances of the Meeting, including, among other things, that a short postponement will assist in addressing the uncertainty created by the recent decision and appeal, the need to provide shareholders sufficient opportunity to assess the purported nominations of MILFAM pending the outcome of the court proceedings, and to allow the Meeting to take place in an orderly manner that promotes and is conductive of informed shareholder decision-making with full disclosure by each party of all material information.

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SOURCE Scully Royalty Ltd.