Scully Royalty Ltd. Provides Meeting Update and Responds to MILFAM Circular

Scully Royalty Ltd. (NYSE: SRL) issued an update regarding its upcoming annual general meeting and addressed alleged misrepresentations in a proxy circular from MILFAM LLC. The Company contends that MILFAM failed to meet the requirements for director nominations as stipulated by the Company's Articles. Despite a Grand Court of the Cayman Islands order declaring MILFAM's nomination notice valid, Scully Royalty intends to appeal this decision. The Company asserts that the MILFAM Circular omits critical information, making it misleading for shareholders. Specifically, Scully Royalty alleges that MILFAM has obscured the significant past ties and relationships between its nominees and the MILFAM group. Details provided include alleged undisclosed compensation and long-standing professional relationships of nominees Alan Howe and Skyler Wichers with MILFAM and its affiliates, such as Alimco. The Company also highlights undisclosed concurrent directorships and shared business dealings between MILFAM nominees and associated individuals like Neil Subin. Scully Royalty urges shareholders to exercise caution, review MILFAM's materials critically, and vote FOR the management nominees. The Company plans to file a supplement to its proxy statement concerning these matters.