NEIL S. SUBIN ANNOUNCES FILING OF AMENDED EARLY WARNING REPORT REGARDING INTENTION OF MILFAM TO NOMINATE BOARD MEMBERS TO SCULLY ROYALTY LTD.

STUART, Fla., Nov. 26, 2025 /CNW/ - Neil S. Subin announced today that he has filed an amended early warning report to disclose that MILFAM LLC ("MILFAM"), of which Mr. Subin is the manager, has given notice to Scully Royalty Ltd. ("Scully" or "Company") that MILFAM is nominating five persons (the "Nominees") for election as a Director of the Company at the annual general meeting of the shareholders of the Company to be held on Saturday, December 27, 2025, and at any adjourned, postponed, continued or rescheduled meeting thereof and intends to solicit proxies to elect the Nominees to the board of directors (the "Board") of the Company. In the amended early warning report, Mr. Subin also amends and updates certain information contained in the early warning report previously filed by Mr. Subin on September 17, 2021 relating to his control and direction of common shares ("Common Shares") in the capital of Scully.

Mr. Subin intends to cause all of the Common Shares owned and/or controlled by him to be voted at the Meeting in favour of the election of the Nominees and against the current members of the Board.

MILFAM plans to continue communicating with the Company and with other shareholders regarding these and similar matters. Depending upon, among other things, the outcome of these communications, the financial condition, results of operations and prospects of the Company, conditions in the securities markets, general economic conditions and other factors that MILFAM and Mr. Subin deem relevant, MILFAM may take other steps seeking to bring about changes to the Board and/or the Company that it believes would increase shareholder value and Mr. Subin and his joint actors, including MILFAM, may pursue other plans or proposals that relate to or would result in any of the matters set forth in Item 4 of Schedule 13D filed by Mr. Subin on November 26, 2025 with the U.S. Securities and Exchange Commission.

This press release is being issued pursuant to section 5.2 of National Instrument 62-104 – Take-Over Bids and Issuer Bids. 

SOURCE Neil S. Subin

For inquiries or a copy of the related early warning reports for the above-named company, copies of which are filed on www.sedar.com, please contact: Neil S. Subin, 2336 S.E. Ocean Boulevard, Suite 400, Stuart, FL, USA 34996, [email protected]