Proxy Statement Supplement for Scully Royalty Ltd. Annual General Meeting

This filing is a supplement to the proxy statement of Scully Royalty Ltd. concerning its Annual General Meeting of Shareholders scheduled for December 27, 2025. The supplement addresses an advance notice matter where MILFAM LLC intended to nominate a slate of directors. The Company initially deemed MILFAM's notice invalid due to untimeliness, but a court later declared it valid. The Company intends to appeal this decision. The supplement further alleges that MILFAM's dissident proxy circular omits critical information regarding the relationships and ties between its nominees and the MILFAM group, potentially misleading shareholders. Specifically, it highlights undisclosed connections of nominees Alan Howe and Mark Holliday to MILFAM and affiliated entities, including directorships, executive roles, and financial interests. The Company urges shareholders to exercise caution, review the provided materials, and vote for the management nominees using the WHITE proxy, noting that prior votes can be superseded.