Scully Royalty Ltd.

We are a company organized under the Cayman Act that was incorporated on June 5, 2017. Our office is located at c/o Room 2103 Shanghai Mart Tower, 2299 Yan An Road West, Changning District, Shanghai China 200336, and its telephone number is +1 844 331 3343. Our registered office is located at P. O. Box 31119 Grand Pavilion, Hibiscus Way, 802 West Bay Road, Grand Cayman, KY1 1205 Cayman Islands. Our website address is www.scullyroyalty.com. Our core asset is a net revenues royalty interest in the Scully Mine located in the Province of Newfoundland and Labrador, Canada. The royalty rate under this interest is 7.0% on iron ore shipped from the mine and 4.2% on iron ore shipped from tailings and other disposed materials. See - B. Business Segments Royalty and D. Property, Plants and Equipment . We currently have two primary operating segments: (i) Royalty, which includes our interest in an iron ore mine; and (ii) Merchant Banking, sometimes referred to as financial services , which includes our merchant banking activities. We also have an All Other segment which includes other assets unrelated to our primary segments and otherwise not individually material. See All Other below for further information. The changes in segments resulted from dispositions of entities and businesses in previous years. Results for prior periods have been recast herein to reflect this change in presentation. 11 Table of Contents We file reports and other information with the Securities and Exchange Commission, referred to as the SEC .