Scully Royalty Ltd. Board of Directors Adopts Advance Notice Policy for Director Nominations

Scully Royalty Ltd. (NYSE: SRL) (the “Company”) today announced that its Board of Directors (the “Board”) has adopted a supplemental Advance Notice Policy (the “Policy”), effective immediately. The Policy has been adopted in furtherance of, and pursuant to the authority granted under, the Company’s Amended and Restated Memorandum and Articles of Association (the “Articles”).

The Policy establishes a transparent, orderly and structured process for shareholder nominations of directors, consistent with the Articles and applicable law. The Policy is intended to ensure that the Company and its shareholders receive timely, complete and accurate information regarding any person proposed for election to the Board and the shareholder or shareholders proposing such nominee. Among other things, the Policy requires nominating shareholders and proposed nominees to provide information necessary for the Company to assess compliance with the Company’s governing documents and applicable law, the eligibility and qualifications of proposed nominees, and matters that may be material to shareholders’ understanding of a nominee’s experience, independence or suitability to serve as a director.

The full text of the Policy will be made available on the Company’s website and filed with the Company’s public disclosure documents. The Policy may be amended, modified or repealed by the Board at any time, subject to the Articles and applicable law. The Board may waive any requirement of the Policy only to the extent permitted by the Articles and applicable law.

Scully Royalty Ltd. (NYSE: SRL) holds a net revenues royalty interest on the Scully Iron Ore Mine located in Newfoundland and Labrador, Canada. It also holds various merchant banking and industrial interests globally. For more information, visit www.scullyroyalty.com.