Transition to New Leadership

The board's decision comes as part of a larger effort to consolidate control following the Annual General Meeting of Shareholders held on December 27, 2025. During this meeting, Jerrod Freund, Mark Holliday, Alan Howe, Nimesh Patel, and Skyler Wichers were elected to the board (referred to as the New Board), replacing the Former Board whose members were not reelected.

As of now, the New Board will manage day-to-day operations while actively searching for new executive leadership. This strategic change is deemed necessary after Mr. Morrow and the Former Board's refusal to engage meaningfully with the New Board’s initiatives.

Details of the Termination

Mr. Morrow was provided multiple opportunities to cooperate with the New Board but failed to comply with even basic requests. Instead, there are claims that he continued to facilitate the agenda of the Former Board, undermining the majority shareholder interests which supported the New Board.

Skyler Wichers, the newly appointed Chairman of the Board, commented on the situation: “Since MILFAM submitted its notice of nomination on November 25, the Former Board members have openly attempted to entrench themselves and deny the will of the overwhelming majority of shareholders. However, the New Board commands the support of approximately 59% of the outstanding shares. We are committed to taking all necessary actions, including potential litigation, to uphold the results of this shareholder vote.”

Future Outlook and Shareholder Engagement

Looking ahead, the New Board plans to review various operations, including ongoing litigation with Raiffeisen Bank International AG, to ensure the protection of shareholders' interests. They have urged all stakeholders to reach out with any questions or concerns.

Mr. Wichers expressed optimism about the future, stating, “We look forward to putting this transition behind us and driving improved performance and accountability for the benefit of Scully Royalty Ltd. (NYSE: SRL).”

Contact Information

For any inquiries, the New Board can be reached via email at SRL-Board@outlook.com.

Forward-Looking Statements

All statements made in this communication that do not reflect historical fact are considered forward-looking statements. Such statements can generally be recognized by terms such as “anticipate,” “expect,” “estimate,” and “plan.” These statements involve risks and uncertainties that could cause actual results to differ materially from those expressed. Investors should not rely solely on these projections as indicators of future performance.