Stratus Properties Inc. Reports Preliminary Results of 2021 Annual Meeting of Shareholders

Stratus Properties Inc. (NASDAQ: STRS) (“Stratus” or the “Company”) announced at its 2021 annual meeting of shareholders earlier today that, based on the preliminary vote count provided by the Company’s proxy solicitor, shareholders voted to elect Stratus’ director nominees, Jim Leslie and Neville Rhone, Jr., to its Board of Directors (“Board”). Shareholders also approved, as recommended by the Board, the shareholder proposal to expand the Board and appoint Laurie Dotter as a new director. Only approximately 13% of the outstanding shares (excluding Oasis Management Company Ltd.’s own shares) voted for one or both director candidates nominated by Oasis.

William H. Armstrong III, Chairman and Chief Executive Officer, stated: “Today our shareholders showed their strong support for the Stratus Board and management’s strategic vision. We are pleased that shareholders agree we have the right directors to continue pursuing our value creation efforts in the Texas real estate market, and to oversee our ongoing evaluation of a possible REIT conversion.”

“We value the feedback received from our shareholders over recent months and share their interest in adding fresh perspectives to our Board. We look forward to welcoming Ms. Dotter as our newest director, in addition to continuing to work with Ms. Henriksen and Mr. Rhone, who both joined our Board within the past year. On behalf of Stratus’ entire Board and management team, I would like to thank our shareholders for their continued confidence in Stratus.”

Preliminary results indicate that, in addition to electing Messrs. Leslie and Rhone to the Board and approving the shareholder proposal to increase the Board’s size and appoint Ms. Dotter as a director, Stratus’ shareholders also:

• Approved, on an advisory basis, the compensation of Stratus’ named executive officers;

• Ratified, on an advisory basis, the appointment of BKM Sowan Horan, LLP as Stratus’ independent registered public accounting firm for 2021; and

• Did not ratify, on an advisory basis, the rights agreement, as amended, dated as of September 22, 2020, by and between Stratus and Computershare Inc., as rights agent. Stratus’ Board intends to consider the shareholder vote on the rights agreement at its next regular Board meeting in August.

The preliminary vote count is subject to certification by the independent inspector of elections. Stratus will file final voting results with the U.S. Securities and Exchange Commission (“SEC”) in a Current Report on Form 8-K once they are certified.