Scully Royalty Board of Directors and Management Remain Unchanged

Scully Royalty Ltd. (the “Company”) (NYSE: SRL) today announced that following a judgement by the Grand Court of the Cayman Islands (the “Grand Court") (the “Judgment”), the Company’s Board of Directors (the “Board”) and management remain unchanged and that MILFAM LLC, its principals and its director nominees (the "Milfam Group") never had authority to act on behalf of the Company. In the Judgement, the Grand Court rejected efforts by the Milfam Group to unilaterally chair and complete a purported shareholders’ meeting and ruled that the resolutions purportedly adopted by the Milfam Group are invalid and legally ineffective. As a result, the constitution of the Company’s Board and management has not changed. The Grand Court also held that Milfam Group's “nomination notice and proxy statement failed to disclose relevant and material” matters concerning its relationship with, and the positions held by, certain of its Board nominees. Among other things, the Grand Court noted that the Milfam Group failed to disclose to investors that certain of its Board nominees had long-standing business and financial relationships with the Milfam Group. The Grand Court's decision is expected to be available shortly at https://judicial.ky/judgments/unreported-judgments-advanced-search. Any shareholder, customer, supplier or other party who was contacted by or on behalf of any member of the Milfam Group and purporting to act on behalf of the Company is immediately requested to contact the Company at [email protected]. The Board and management team remain focused on acting in the best interests of the Company and...