SCULLY ROYALTY PROVIDES UPDATE ON ANNUAL GENERAL MEETING

Scully Royalty Ltd. has issued an important update regarding its upcoming annual general meeting (AGM), scheduled for December 27, 2025. The company responded to MILFAM LLC's recent move to disrupt the meeting by filing a dissident proxy circular on December 8, 2025. This circular aimed to nominate five individuals to the board of directors; however, Scully Royalty deemed these nominations invalid due to MILFAM's failure to adhere to the company's advance notice provisions, which outline the necessary requirements for such nominations.

Despite the invalidation of its director nominations, MILFAM has proceeded to file the circular as a means to create confusion among shareholders. In an effort to legitimize its actions, MILFAM has also sought a declaration from the Cayman Islands Grand Court regarding the validity of its notice, a move that Scully Royalty is contesting vigorously. The company firmly stated that any votes cast in favor of MILFAM's candidates will not be recognized, and only the management nominees detailed in the company’s proxy statement from November 28, 2025, will be eligible for election.

Scully Royalty is urging its shareholders to review the company’s proxy statement carefully and to vote in favor of the management nominees by using the WHITE proxy. Notably, shareholders who have already submitted votes using the gold proxy from MILFAM can still exercise their right to submit votes using the WHITE proxy to support management’s slate.

This update underscores Scully Royalty's commitment to upholding its governance procedures and ensuring a smooth and orderly AGM. Shareholders are encouraged to stay informed and participate actively in the upcoming meeting.

Scully Royalty Ltd. (NYSE: SRL) has provided an important update regarding its upcoming annual general meeting (AGM) scheduled for December 27, 2025. The context of this meeting has been complicated by MILFAM LLC's attempt to nominate its slate of directors, which has been deemed invalid according to the company's established governance procedures.

Key points to consider in light of this development include the firm stance taken by Scully Royalty against MILFAM's actions. The company's assertion that MILFAM's nominations do not comply with advance notice requirements is a cornerstone of its governance policy. This could instill confidence among investors, suggesting that Scully is committed to maintaining orderly operations and sound corporate governance.

As Scully's management is encouraging shareholders to vote in favor of their nominees, it is crucial for investors to pay close attention to their communications. The situation with MILFAM certainly raises questions about shareholder engagement and the potential for internal dissent. However, the company's clear directive to reject the dissident circular marks a robust defense against perceived attempts at disruption.

For shareholders and potential investors, this AGM could serve as a pivotal moment. If the management nominees are successfully elected, it may bolster confidence in the company's leadership and strategic direction. On the other hand, if MILFAM's influence were to grow, even without valid nominations, it could lead to heightened volatility and uncertainty in SRL's share performance.

In the foreseeable term, it might be prudent for investors to adopt a cautious approach. Monitoring developments surrounding the AGM and the ongoing legal proceedings with MILFAM can offer insights into Scully's governance health and its long-term stability. A vote for the management nominees, as advised by Scully, could align investors with a more stable operational framework in the months ahead.