SCULLY ROYALTY LTD. DECLARES CASH DIVIDEND

HONG KONG, Feb. 9, 2022 /PRNewswire/ -- Scully Royalty Ltd. (the "Company") (NYSE: SRL) is pleased to announce that its board of directors has declared a cash dividend of C$0.25 (US$0.18) per common share pursuant to its recently announced cash dividend policy. As previously announced, the cash dividend policy was implemented in connection with the Company's focus on enhancing shareholder value and maximizing earnings and dividends to its shareholders based upon its iron ore royalty.

The Company is pleased to announce the following details with respect to the first cash dividend of 2022:

The dividend of C$0.25 (US$0.18) per common share will be paid in US dollars on March 4, 2022 to shareholders of record on February 21, 2022.
The ex-dividend date will be February 18, 2022. In setting the amount of the dividend, the Company took into account gross fourth quarter royalty payments of approximately C$7.3 million on 807,601 tonnes shipped, before the application of a 20% mining tax, and the Company's general and administrative expenses for the period.

The declaration, timing and payment of future dividends will depend on, among other things, royalty payments received, the Company's financial condition and operating results.

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