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NYSE:SRL 8.39 +0.03 +0.36% Volume: 71 January 31, 2023

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August 31, 2016 Scully Letter to Shareholders
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Scully Subsidiaries (external links)

Merkanti Bank Ltd. 
Merkanti It is a fully licensed bank in Malta that is regulated by the European Central Bank and the Malta Financial Services Authority under the Banking Act. It is based in Sliema, Malta and was in founded in 2003. 
Royal Interest (Scully Iron Ore Mine)  
We derive revenue from a mining lease upon which the Scully iron ore mine is situated in Newfoundland and Labrador, Canada. The lease commenced in 1956 and expires in 2055. Pursuant to this lease, we hold a net revenues royalty interest on iron ore shipped from the mine. Under the terms of the lease, we will receive a quarterly minimum royalty payments of $3.25 million per year. The operator of the mine is Tacora Resources Inc. (“Tacora”).

In 2017, we amended the lease underlying our interest with Tacora. As a result, our royalty interest is now a 7% net revenue royalty interest on iron ore shipped from the mine. 
IEL Services China Ltd. (麦特瑞上海医疗技術发展有限公司) 
IEL Services China Ltd. served as a Scully’s platform for business activities in China, has more than 20 years of experience in China’s industry, some with direct ownership and some through cooperative joint ventures with government-controlled institutions. We have provided specialized equipment and supplies, training, supervision, marketing expertise and management services. 
CTF MEG Neuro Innovations Inc. (“CTF MEG”)  
For more than 25 years, CTF MEG has been the performance leader in MEG instrumentation for superior measurement of human brain function. CTF MEG instruments combined with robust CTF SQUID sensor technology, noise suppression methods, and instrument engineering have a well-earned reputation as the highest performing MEG systems available.

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