Board and Management Remain Unchanged Following Cayman Court Ruling Against MILFAM Group

NEW YORK, July 7, 2026 /PRNewswire/ -- Scully Royalty Ltd. (the "Company") (NYSE: SRL) announced today that the Grand Court of the Cayman Islands has ruled that the MILFAM Group never held authority to act on the Company's behalf, confirming that the Company's Board of Directors and management remain unchanged.

The Grand Court's judgment rejected MILFAM's attempt to unilaterally chair and complete a purported shareholders' meeting, finding that the resolutions the group claimed to have adopted are invalid and legally ineffective. The court further found that MILFAM's nomination notice and proxy statement failed to disclose material information about its nominees' financial ties to the group.

As a result of MILFAM's actions, the Company was unable to file its 2025 Annual Report on Form 20-F on time, leading the NYSE to suspend trading in the Company's shares on May 12, 2026. The Company is now working to engage a new auditor and file the overdue report as soon as practicable, with the goal of curing the delinquency and resuming trading.

Further:

• any shareholder, customer, supplier or other party contacted by or on behalf of the MILFAM Group claiming to act for the Company is asked to reach out directly to verify any such claims; and
• stakeholders with questions about the ruling or the Company's plans are encouraged to contact the Company at its North American toll-free line at 1 (844) 331 3343 or by email at info@scullyroyalty.com.

‍