SEC Form DEFA14A filed by Tejon Ranch Co

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On May 6, 2025, Tejon Ranch Co.’s new President & CEO Matthew Walker presented at Oppenheimer’s 20th Annual Industrial Growth Conference. The presentation and transcript from this presentation are included below.

MATTHEW WALKER: Good afternoon and good morning, everyone. This is Tyler Latori from Oppenheimer. Thanks for joining us for our next session. We have Matthew Walker. He’s gonna go through a presentation, and then we’ll have Q&A, but I want to encourage everyone in the audience if you have a questions there should be a chat box on your screen so you could put those in the box? You also can email me and be sure that you get posts handled. So, with that, I’m going to turn the floor over to Matt to go through the presentation.

Great. Thanks a lot, Tyler. My name’s, Matt Walker, and I am the president and CEO of the Tejon Ranch Company. Thanks to everyone for joining in today’s presentation, I’d like to introduce you to our company and connect the dots to the various parts of our business, from macro to micro, from the past to the future, to help clarify our overall business model and growth strategy. Let me start with my background. I’m a fifth generation Californian, I’m an architect by training, and I’ve been at the company since early March, and I’ve been CEO since April 1^st. Prior to joining Tejon, I spent the previous 24 years at Los Angeles based Lowe Enterprises, where I managed the Master Plan Community Development business and our hospitality investment platform. It was a great experience, and I was fortunate to work on a series of once-in-a-lifetime projects, both inside and outside of California. One of these was SUNCADIA. Over 20 years, SUNCADIA became the largest master plan community in the state of Washington. It’s located about 75 miles east of Seattle, which is coincidentally, the same distance as Tejon Ranch is from downtown Los Angeles. There are a lot of similarities between the two. So that’s a little bit about my background.

Let’s talk about the company and my vision for the future. As you know, we are a publicly traded company, so before I get into the meat of my presentation, I want to mention that some of our material includes forward-looking statements that are based on current expectations, estimates, and assumptions. And such statements aren’t guarantees and are, therefore, subject to various risks and uncertainties and as noted in the presentation, our annual report on Form 10K and other publicly filed documents will provide more detailed information about these risks and uncertainties.

With that out of the way, I’d like to start off by sharing some of my thoughts about what makes Tejon Ranch unique in the public equities market. So, unlike a REIT which owns a portfolio of discrete income producing assets across some geographic markets, our entire company is contained in one single property at one single location. That is our 270,000 acre ranch. So, our one and only goal is to find any and every way to extract value out of our one single asset. It’s no surprise that doing business in California can be extremely challenging. So, our competitive advantage at Tail Branch is our proven ability in this challenging environment to secure valuable land use approvals for our master plan

communities. In the real estate industry, we call those approvals entitlements. And in California, in particular, we then defend those entitlements against litigation, which is part of the process, and is typically related to the California environment. That process can take years or even decades to achieve, but once we’ve obtained those approvals, we’ve created an immense amount of value for that land. In California, because the regulatory environment, the barriers to entry for new master plan communities is incredibly high. However, those barriers create scarcity, and that scarcity drives tremendous value. Location is everything in the real estate industry. The ranch is in a very unique location to California, at the northern edge of Los Angeles County and the southern edge of Kern County, with interstate 5 running along our western edge of our property. The five freeway is the primary North/South artery in the state, and there are 100,000 cars that pass through the ranch every day. Our unique location takes advantage of three major secular changes in California, which are driving that growth.

The first is population migration, the population in southern California is moving away from the crowded neighborhoods in Central Los Angeles and out to the suburban periphery. Communities like Santa Clarita or Lancaster or Palmdale, they’ve seen huge population increases, and that growth is headed north. We also see large population increases in southern San Joaquin Valley, places like Bakersfield, and that population is moving south. Tejon Ranch sits right smack in the middle of this path of migration. In fact, we couldn’t be in a better location to capture the growth headed north and the growth headed south.

Second, we’re simply not building enough new homes in California. The state estimates that there’s a housing shortage of two and a half million homes, and that number is growing every year. The lack of new supply is driving prices higher, and the homes are becoming more unaffordable than ever. What this means is that there will be a tremendous, sustained demand for the 35,000 homes that we are planning to build. Frankly, the market can’t get them soon enough.

And third, the way that goods and materials move from supplier to consumer has been changing dramatically, but in a way that directly impacts the range. The two largest ports in the country in terms of cargo are the Port of Los Angeles and the Port of Long Beach. Goods leave those ports, and they are distributed to industrial facilities throughout the region. As a result, the inland empire is now the epicenter of industrial activity in the nation. On top of this, the rise of e commerce has created even more demand for industrial space because e commerce requires three times the industrial space as traditional retail. As the Inland Empire has expanded farther and farther from the ports, it’s been limited by geographic boundaries, by mountains to the north and to the east, by the Pacific Ocean, to the south, and the west, so the only practical place for industrial to expand with any meaningful scale

has been to the Northwest, along Interstate 5, right into the hands of Tejon Ranch. We’ve capitalized on being in this path of growth, and it’s overseeing the development of 7 million square feet of new industrial space at the Tejon Ranch Commerce Center, or TRCC. And we’re not even halfway built yet. That growth has created thousands of jobs between the warehouses and the retail, jobs, which, by the way, are looking for a place to live nearby, and now we’re capitalizing on that. So, combining these three trends, population migration, housing shortage, and increased industrial demand, have created an irreplaceable nexus of an opportunity for people to work, to live, and to play, whether that’s dining, shopping, or recreating, all right here on the ranch. So, these are the simple macro bets that form the foundation of our business strategy.

Now that we’ve taken a look at the macro drivers of the business, let’s understand the micro side. After spending the last two months on the ranch, it’s been immediately apparent to me just how interconnected the various parts are. What’s more impressive is that the benefit of the interconnectedness is more than just a diversification of risk. These parts form a highly symbiotic ecosystem. Let me explain. Let’s take our farming operations. We’ve got wine grapes, almonds, pistachios, and as a few weeks ago, 120,000 new olive trees. These crops play an important role supporting our extensive water contracts whose ultimate benefit is to provide a reliable, long term source of water for 35,000 homes. Likewise, are grazing leases and our hunting operations are critical to supporting the ongoing upkeep and maintenance of our ranch, which is a big undertaking since the ranch is half the size of Rhode Island. We also have a number of leases, royalties, and commodity businesses, oil and gas, cement, solar, or water contracts, which, by the way, become increasingly valuable during time to drill, which is increasingly more frequent. So, all of these parts of the business, they resemble what you might see in a land company, or perhaps an ag or a tanker company. These types of companies throw off lots of cash with high margins, and it allows us to maintain long term optionality on our land. There’s a second part of our business, which includes all of the operating assets in TRCC like industrial, retail, or outlets, and our new multifamily. Some we’ve developed with JV partners, some we’ve developed ourselves. Again, these are operating assets with stable, predictable cash flows. It’s important to note that when you’re developing these communities, one of the hardest things to do is to create a job base. We’ve been incredibly fortunate to start with the job base, because that critical mass of thousands of onsite jobs will be driving the residential demand going forward. So collectively [these] both support the master plan community development business, which is the source of our long term growth. We’re almost halfway through the buildout of our first Master Planned community, which is the Tejon Ranch Commerce Center. We have three more communities on the way.

In the mid 1990s, the company saw an opportunity to extract value from the land and turn from an agricultural focus into a diversified real estate company. We recognize that the 100,000 cars per day along Interstate 5 showed huge potential for industrial expansion, and from that realization came the idea for TRCC. The company understood that there was a shortage of large, deep industrial sites in the Inland Empire, so we envisioned super regional distribution center with ample parking that would offer a range of building sizes from 233,000 square feet up to a million seven square feet. It was ideally located close to the ports of Los Angeles and Long Beach and the port of Oakland with easy access to Interstate 15 and points eastward. The property entitlement process, including our successful litigation, took 10 years from start to finish. Today, our Industrial Center remains 100% occupied with international companies like IKEA and Nestle. There have been 7 million square feet of industrial developed so far with 11 million square feet still to go. TRCC began with a joint venture for a travel center that serves professional drivers and travelers. Now our JD includes two travel centers, and our gas stations and convenience stores sell over a million gallons of fuel per month. Then the restaurants that we built started gaining traction, and they expanded to more than 20 that we have today. We later added an output center with nearly 60 stores, and we sold several hotel pads to provide a hub for travelers. Today, the retail operates at 95% occupancy. Residential flowed naturally from the housing demand from the thousands of people who worked on site. This prompted our vision for Terra Vista, which will have 495 multifamily residences at buildout. This month, we began delivering the first phase with 228 units. TRCC has been transformed into a vibrant master planned community with full time residents. When you put all this together, it showcases not only our extraordinary landholdings, but in the strategic flywheel that we’ve been steadily building, where land use approvals unlocked development opportunities, where industrial and retail growth generate jobs and fuel residential demand, and where residential development, in turn attracts neighborhood, retail, and services. Together, these repeating cycles create sustained, compounding land value. This flywheel has been in motion, creating value for many years at TRCC. A high priority for me in leading Tejon Ranch is to leverage that momentum to fully unlock the economic potential of our remaining land assets for our shareholders.

As I mentioned, we create value in three ways. We talked about the land company part of our business, which are high margin, low cost fee streams. We talked about recurring cash flow from operating assets that are stable and predictable. And third, we have our master planned community development business. This is where we create value in the land through our entitlements. Here, we’re in the business of converting unentitled ranch land, which isn’t worth very much, and through decades of effort, we convert that land into highly valuable master plan community land, which is worth potentially five to ten times more

than that branch land is worth. We then improve that land with roads and utilities and infrastructure and amenities so that we’re in the position to sell it to home builders and to developers or end users. And that land is again, worth five to ten times more. In total, we’ve created potentially 25 to 100x in value as a result of our entitlement and development process. And we ultimately created these operating assets with stable recurring compounding cash flow. So, when you look at this, over 25 years, you’re able to harvest your investment, and you get this J curve effect in terms of accelerated compounded growth. But you can see from the chart on the bottom right, we’ve generated more than 110 million in cumulative cash flow from commercial and industrial development at TRCC. During that time, the price of our industrial land has increased from 57 cents a foot to $9 a foot on a price per acre basis. That’s the meaningful compounding. So, we have one J curve at TRCC, but let’s remember that we have multiple J curves in play by supporting the value creation effort in our other communities. For me, it’s about focusing on compounding long term value instead of the finite, short term value. Yes, it takes patience, and I appreciate that it could be a hard business for the market to understand, but it’s a winning strategy over the long term, and we’re right at the inflection point.

So, let’s put all the pieces together. Let’s consider the recurring cash flow that comes out of TRCC with the industrial, the retail and the outlets, and not factoring in any future contribution from our multifamily, which’s opened this month. As I’ve said, this cash flow is stable and predictable. We estimate that the net asset value from TRCC provides a meaningful measure of how our overall valuation can be understood, factoring in a range of calculary assumptions. This suggests that our market value is captured just in the NAV of our first activated master planned community. Now, the market tends to undervalue land until it’s put to use. However, I contend that, especially in California, there is significant value for entitled land for 16,000 units, and ongoing efforts to secure approvals on another 19,000, plus all of the commercial density. So, let’s say that unentitled ranch land is worth somewhere between $1,500 and $10,000 an acre, with the right ag use and water rights, it might be worth two or three times more. After that, after that land is entitled, it would sell anywhere from $260,000 an acre to $1.2 million an acre based on our financial disclosures of historical land sales at TRCC. And then you look at any number of public historical land comps for entitled but unimproved Master Plan Community residential land here in Southern California, or in the Southwest, and that would represent a significant increase in value. But when I consider our 16,000 units, which are already entitled, I see a compelling, long-term value proposition. Sure, it’s incredibly difficult to get anything approved in California, but there are two ways to look at that. I take our 16,000 units, and for me, that’s a moat the size of Manhattan for our long-term business. The scale of the approvals is massive, especially in a high barrier state like California. And by the way, what I definitely

wouldn’t do is to just sell off all that density for pennies on the dollar. I’d be chopping off all of those compounding J curves right before the inflection points. I’ve been in the institutional real estate investment industry for the past 25 years. I understand investor expectations and am in the business of astutely allocating capital to drive our value, and more than anything, I’m in the business of building things with a compelling investment thesis, and it’s clear to me that the market has been waiting for us to do just that. The plan development business is a long game. That doesn’t always translate well into a quarterly earnings story. But that’s why we must keep the J curves in mind. What’s important to realize is that we have been successful. We have won 16,000 residential units fully entitled and defended against litigation in California. That accomplishment has taken us 10, 15, 20 years. That’s well within the same time frame of other master planned communities in California. Take the Irvine Company or Rancho Michigan Viejo, in Orange County, take what Five Point is doing in Valencia, just 30 miles to the south of us in the same growth corridor. All of those master plan communities took decades to go from the entitlement to the ultimate sale of homes. In California, this land has real value. Let me be clearer, we have four master planned committees. Three of them are entitled. One of them, TRCC, is halfway built out. One of them, Grapevine, is preparing for mapping and completing permits, and one of them, Mountain Village, already has 401 subdivided lot. And you have a new CEO who’s ready to build on several decades of entitlement success and transform the company into the future. Yes, these are challenging times, and yes, there’s a lot of noise out there, but when you cut through it all, and you look at the drivers of our long term value, and you look at the tailwinds to support our underlying business, and the massive moat, which supports our 16,000 approved residential units, I couldn’t be more excited about the future. And with that, I’m happy to take some questions.

TYLER BATORY: Okay, great, thank you for that a lot of your detail. If you have questions in the audience, feel free to put them in the chat box or you can email me. I think the first thing that I do, I’m going to ask here, I think there’s a well published sized proxy fight that’s going on. So, I don’t know if you want to make it in general comments or address that more specifically.

MATTHEW WALKER: Sure, thanks for asking, glad you asked. Yes, we’re going through a contested election. We have what we believe is an opportunistic, short-term shareholder who’s taking advantage of our cumulative voting rules, and they’re trying to put up three nominees on our board. After that, we don’t really know, because they’ve admitted they don’t have a plan. Their candidates aren’t qualified, and they’re over-boarded and ISS and Glass Lewis and Egan Jones all agree with us. From the little that they’ve said and without any sincere dialogue, it seems they want us to shut down most of our master plan community efforts. Sounds like what they want to do is take away all that interconnected

synergy that I just spoke about, all that R&D effort that goes into those 25 year plans that have these huge upsides. You want to break all of our j curves and do it just before our inflection points. So, I’m confident that if they sat down [with us] and truly tried to listen and understand our plan, they’d come to a similar conclusion that our growth strategy is. That’s what I’ll say about the contested election.

TYLER BATORY: Okay, I appreciate that comment there. To take a step back, I guess a little bit more about what attracted to you to this opportunity, you know, and kind of how you’re thinking about, what you’ve learned over the past month or so as you’ve been the CEO.

MATTHEW WALKER: Sure, there are two primary things that attracted me to the opportunity. The first was the opportunity to work with a great team who cares deeply about the ranch, and they’re committed to adding value, any and every way they possibly can. So, the team here is outstanding. And then the second, when you look at the value creation opportunity, it’s extraordinary. I mean, it’s a phenomenal piece of land, it’s a strategic location that’s three hours from 20 million people, and there are just an endless number of opportunities for creating value. So, the combination of those two things is what attracted me to come and join the team here, and lead Tejon Ranch into the future. I touched on some of the things that I initially observed when getting here. The complexity of the property and the way their pieces are all interconnected, you can’t really appreciate until you get involved. And then, alongside that are the incredible opportunities to create value in both a micro and macro-basis. And then, finally, as I’ve gotten into understanding our master plan community efforts, I’m really excited about the future, and I’ve been in, as I’ve mentioned, I’ve been in this business for 25 years. I’ve developed master plan communities all over the country, including in California. And I really believed that what we can create here can be one of the great places to live and to work and to play that there is here in the country. So, I’m excited.

TYLER BATORY: So, I’m sticking to the business a little bit more on some follow up questions and you actually got questions from the audience here that’ll start out with. So, you have four master planned communities, three are entitled, one is 50% built out. One of the communities that’s entitled is Mountain Village. I think you mentioned there’s a number of plots approved for residential. Just talk a little bit more about, you have a process we’re starting construction there, when might start to see a little bit more movement in terms of development on that one specifically.

MATTHEW WALKER: Sure. As I mentioned and as you reiterated Mountain Village is fully entitled that’s gone through a litigation process. We’ve gone through a tentative map process, and we actually have a final map and subdivided box on 401 So we are the farthest along with that master plan community. My goal and objective and priority moving

forward is to work to capitalize that and then move through the final permitting process of the building permit process and then break ground and build the infrastructure that is necessary to bring water and power to the site, create foot roads and utilities and amenities and then start selling residential real estate. There’ll be a hospitality component as part of that, so I look forward to drawing on my two decades of hospitality experience to help make that a phenomenal place.

TYLER BATORY: And I’m sure we have some folks on the line from California. There’s probably a lot of others that are not from California, so talk a little bit more about permit backdrop, the entitlement process. Why is it so challenging? Why is it so difficult in California? And then speak to your experience you’ve been in this business for a number of years, you know, how it’s a competitive advantage for your company in terms of dealing with the process and being in California?

MATTHEW WALKER: Sure, I mean, you are right, California is a very challenging place to get entitlements. It really is driven CEQA. And the bar for challenging approvals under CEQA is very, very low. We’ve been very fortunate to have, and to develop strong support at the local and community and county level. So, you look at our master plan communities in Kern County, which would be the Tejon Ranch Commerce Center and Grapevine and Mountain Village. We’ve had outstanding support from the county supervisors there. We’re also in the process of getting the entitlements on Grapevine, which sits in Los Angeles County. Los Angeles County is a different environment than Kern County, but we have not had any county supervisors there vote against us. I think that says a lot in today’s environment that we’ve got support from both sides of the aisle. So it’s not really an issue with the county and the public jurisdictions. It’s managing our way through this entitlement process. We’ve been successful. We’ve been successful at three out of the four master plan committees. We’re still working through Centennial, but as I mentioned, we’ve got 16,000 units of density approved. That’s a lot of real estate that we’ve got to focus on, and we are doing just that. It’s a long process in addition to just obtaining your entitlements, you have to go through, you know, extensive permitting through state and federal agencies. We’re at various stages throughout our projects and doing that. We’re excited for the future.

TYLER BATORY: How much of a competitive advantage is that, I would imagine it’s fairly complex and a lot of heavy lifting behind the scenes to get the necessary approval to move forward.

MATTHEW WALKER: It really has been, and it’s, there’s an art and science to it. On the art side, we have developed extremely deep and extensive relationships at all levels of the state and with all the major stakeholders. You have to get people to trust you and to explain to them that you’ve got a plan that is beneficial to as many people as possible. My

predecessor, Greg, has been extraordinary and his ability to get those approvals and work with all the all the relevant parties, and I’ve been fortunate to have continuity in the CEO role, as I’ve started off. You need to understand all the jurisdictions and the different rules that make California different, at the end of the day. You need to find out what’s important to your stakeholders and have your communities address those issues. Now you’ve got to be patient. And you’ve got to be in it for the long haul, which we are, having a long term perspective to whether the ups and downs is very important.

TYLER BATORY: I think you talked about some of the shortage of industrial space in the Inland Empire, one that’s potentially a competitive advantage. Just talk a little bit more about the demand that your seeing on the industrial side of things and I guess more broadly, just interested in some of the general macro or the general economic factors that impact the industrial space specifically.

MATTHEW WALKER: Sure. I think I covered pretty well the macro story that we have for industrial. We’ve got an outstanding site that provides us with scale that’s allowed us to develop a world class industrial complex. That proximity puts us closer to northern California, so you cut down on transportation cost, and it’s really convenient to get onto interstate 15 and head east from there. The industrial business has changed dramatically following COVID, there was a huge run up in new supply in the Inland Empire, and most of Metropolitan Los Angeles. We’ve been very fortunate because we control most of the remaining land, we can control the buildout and the development of new supplies. So, we’ve been very careful to see that we aren’t overbuilt. And that’s one of the reasons why our industrial is 100% occupied right now. I’d be remiss if I didn’t talk about the impact of tariffs right now. It’s definitely caused an uncertainty in the overall industrial investment market, but during times like these, we really do rely upon our competitive advantages, like I mentioned you’ve got a strategic location, a world class facility. We think our value proposition for tenets and for people looking to do build suits is really attractive. We’ve got very attractive industrial labor costs in Kern County, and then we also are a designated foreign trade zone in what that allows us to do if tenants opt into it, and we’ve had some who have to opt into a program that allows them to defer, and in some cases, reduce their overall impact of the tariffs. We think that all of those are some of the reasons why we’ve been able to be successful with Blue Chip tennis and partners, like IKEA and Nestle. Finally, I will say that we’ve been pleasantly surprised at the amount of rental inquiries that we’ve had in the current environment. We think we’ve got one of the most competitive logistics platforms in California and I guess at the end of the day, I’m focused on skating to where the pucks’s going to be, not where it is, so we’re looking forward.

TYLER BATORY: So expand on that a little bit more. So the inquiries that you received more recently, have those picked up, perhaps because of the tariff side of things? Are people or some potential partners looking to move away from the inland Empire or I’m just trying to get a sense of kind of like, what the inbound demand potentially is something like?

MATTHEW WALKER: You know, I think most people who are inquiring are taking a much longer term view of what’s going on, so you’re coming to TRCC because you see the value of this strategic location for the Western region, right? Whether that’s California, whether that’s the entire Western part of the United States. So, these aren’t decisions about what’s going to happen the next six months. And I think that’s part of the reason why we continued to see inquiries as we move forward. I think it’s been pretty well publicized about it too, in terms of the housing shortage in the country overall, so many housing shortages in California.

TYLER BATORY: In terms of the potential demand for residential where you’re building, are there any, like, specific drivers, I don’t know if there’s any sort of additional development that might drive some extra demand, or are you thinking it’s more if people relocating or just can’t find a place that’s affordable to live in other areas with California, than you might choose to live kind of where you you’re building.

MATTHEW WALKER: I guess I put residential demand on a spectrum, right? So, at one end of the spectrum are people looking for a multifamily apartment, right? Those people want convenience to where they want to work. They want access to onsite amenities, and they want a place where they can build and grow and hopefully move up into something new. So we are addressing that with our Terra Vista apartments, and we think over the long term, the people that move into our apartments today will hopefully be buying a home from us into the future. Beyond that, for our master planned communities, it’s a macro play. The numbers, I mean, the numbers are daunting, right? We are so undersupplied in terms of new residential supply, we really can’t get the residential out there fast enough. So there’s yes, there’s demand as demand moves from Los Angeles County to the northwest, and as areas like Santa Clarita, Lancaster, Palmdale, get more and more built out, people are looking for what’s next. And how can I can I find a place to live? And how can I do it at any scale? Because again, unless we build more housing, um, prices are going to continue to rise, and we believe that we can be an attractive alternative for people in the future, whether that’s people expanding to the northwest from LA and as I mentioned also, there’s growth in the San Joaquin Valley, and people looking for the next community in, you know, south of Bakersfield, what we ultimately have to offer people is to own a piece of the ranch and we’ve got a spectacular set of natural amenities as you’re going to find, certainly any place within a metropolitan area of scale of Los Angeles. So we think you’ve got a lot to offer.

TYLER BATORY: All right, so we’re right up against it in terms of time, so, thank you for joining us. One of thank you one of the audience as well. I’m and enjoy the rest of the day. Great. Thanks a lot, Tyler. Thanks to everyone.

Forward Looking Statements

This communication contains forward-looking statements about future events and circumstances. Generally speaking, any statement not based upon historical fact is a forward-looking statement. In particular, statements regarding Tejon’s plans, strategies, prospects and expectations regarding its business and industry are forward-looking statements. They reflect Tejon’s expectations, are not guarantees of performance and speak only as of the date hereof. Except as required by law, Tejon does not undertake to update such forward-looking statements. You should not rely unduly on forward-looking statements. Tejon’s business results are subject to a variety of risks, including business conditions and the general economy, future commodity prices and yields, market forces, the ability to obtain various governmental entitlements and permits, interest rates and other risks inherent in real estate and agriculture businesses. For further information on factors that could affect Tejon’s business results, refer to Tejon’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024 and subsequent filings with the U.S. Securities and Exchange Commission.

Additional Information and Where to Find It

Tejon has filed a definitive proxy statement on Schedule 14A and WHITE proxy card with the SEC in connection with its solicitation of proxies for its 2025 Annual Meeting of Shareholders.

SHAREHOLDERS ARE URGED TO READ THE PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) FILED BY TEJON AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC AS THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION. Shareholders may obtain copies of these documents and other documents Tejon files with the SEC free of charge at the SEC’s website at www.sec.gov. Copies of the documents filed by Tejon are also available free of charge by accessing Tejon’s website at www.tejonranch.com.

Participants

Tejon, its directors, certain of its executive officers, and other members of management and employees may be deemed to be participants in the solicitation of proxies with respect to a solicitation by Tejon. The identity of individual participants and information about their direct and indirect interests in the solicitation is available in Tejon’s definitive proxy statement filed with the SEC on April 3, 2025 under “Supplemental Information Regarding Participants in the Solicitation” in Appendix A, which is available free of charge at the SEC’s website at www.sec.gov.