MILFAM Plans to Hold Scully Royalty Shareholders Meeting as Scheduled

MILFAM, a large shareholder of Scully Royalty, announced its intention to proceed with the Annual General Meeting of Shareholders of the Company as scheduled on December 27. The Company previously announced on December 24, that the Company's Board of Directors had resolved to temporarily postpone the Annual Meeting. However, the Articles of Association of the Company do not confer any power upon the Board to postpone the Annual Meeting. Therefore, MILFAM intends to attend the Annual Meeting as scheduled and proceed with the election of directors. Based on proxies received as of today's date, there will be a quorum present at the Annual Meeting to conduct business. The frim said, " MILFAM invites the Company to work collaboratively and in good faith to ensure that the business of the Annual Meeting is conducted properly, that the venue remains accessible and that a Company representative will be present to record the minutes of the Annual Meeting. Any attempt to physically obstruct the conduct of the Annual Meeting, will be viewed as a further breach of duty by the Board. MILFAM itself and through its proxies currently controls over 58% of the outstanding shares of the Company for the purposes of the Annual Meeting and is in a position to elect its slate of nominees to the Board and vote against the re-election of the current members of the Board. MILFAM urges the Board to comply with its fiduciary duties and to stop blocking the will of the majority of the shareholders of the Company."