Neil S. Subin Disposes of Common Shares of Scully Royalty Ltd.

STUART, Fla., Sept. 17, 2021 /CNW/ - Neil S. Subin announced the disposition of control or direction over 24,100 Common Shares (the "Shares") of Scully Royalty Ltd. ("Scully"), which together with prior dispositions of Shares since the last early warning report filed, represents a decrease in Mr. Subin's securityholding percentage of approximately 2.14% of the issued and outstanding Shares. Mr. Subin disposed of the Shares through various entities and family trusts.

Following the disposition, Mr. Subin's securityholding percentage decreased from 16.30% of the Shares as previously reported, to 14.16% of the Shares.

The transactions that resulted in the issuance of this release were completed through the facilities of the New York Stock Exchange and Alternative Trading Systems at an average price of US$12.55 (CDN$15.88) per Share for total consideration of US$302,455 (CDN$382,708).

The disposition was part of Mr. Subin's and the above entities normal investment activities. Depending on the evolution of Scully's business, financial condition, the market, if any, for  Scully's securities, general economic conditions and other factors, Mr. Subin and his joint actors may acquire additional securities of Scully or  sell some or all of the securities they hold, in the open market, by private agreement or otherwise, subject to their availability at attractive prices, market conditions and other relevant factors.

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

SOURCE Neil S. Subin

Neil S. Subin, 2336 S.E. Ocean Boulevard, Suite 400, Stuart, FL, USA 34996, [email protected]