SUBIN NEIL S → Scully Royalty Ltd. SRL

Item 4 of the Original Schedule 13D is amended as follows: On December 27, 2025, the shareholders of the Issuer elected each of Jerrod Freund, Mark Holliday, Alan Howe, Nimesh Patel, and Skyler Wichers to the Board of the Issuer. Skyler Wichers currently serves as Vice President of Milfam and as a member of the board of directors of Alimco Financial Corporation ("Alimco"), the parent company of Alimco Re Ltd., a Bermuda reinsurance company ("Alimco Re"). Mr. Wichers disclaims beneficial ownership of any Common Shares, par value $0.0001 (the "Common Shares"), of the Issuer held by Milfam and Alimco Re. Alan Howe serves as a member of the board of directors of Alimco and disclaims beneficial ownership of the Common Shares of the Issuer held by Alimco Re.