Tejon Ranch : Investor Presentation – May 202

FROM VISION TO EXECUTION

UNLOCKING VALUE

May 2024

Tejon Ranch Co. at a Glance

Diversified real estate development and agribusiness company

• Owns 270,000 acres of contiguous land in prime Southern California market (along heavily trafficked I-5 north/south corridor)
• Commercial/industrial/multifamily real estate development currently in execution phase
• Large-scale,long-term master planned real estate development to address substantial housing shortage
• Current recurring revenue and cash generation to fund development activities:
• • Mineral resources (water, oil/gas, cement, rock aggregate)
  • Farming
  • Ranch operations
• Responsible steward of land and natural resources

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Investment in a California Legacy

Assets, strategy and team to drive meaningful long-term shareholder value

Track record of success

• Execution stage in commercial/industrial/multifamily real estate development
• Secured all necessary entitlements in high barrier-to-entry market, paving way for future master planned community development
• Unlocking asset value to drive ongoing profitable growth

Uniquely positioned to significantly improve and monetize tens of thousands of acres of raw land in prime Southern California market - located just 30 minutes north of Santa Clarita Valley in NW LA County

• Ownership of largest contiguous piece of private land in California, strategically located in path of growth evidenced by recent commencement of new home sales in Valencia development just to the south
• ~ 47,500 acres already entitled; ~ 8.9 million square feet already absorbed

Clear strategic vision to create significant value as a fully integrated real estate development company

• Strong foundation supported by diversified operations producing recurring revenue

Committed, experienced executive team to drive shareholder value

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Clear Strategic Vision

Positioned to deliver significant value as a fully integrated real estate development company

35+ million sf commercial

35,000+ houses

Tejon Ranch Commerce Center

Mountain Village

Centennial

Grapevine

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Monetizing our Assets

Strategy: Hold assets to drive recurring revenue and cash flow to fund development activities

Execution Stage Assets

Tejon Ranch Commerce Center

• 11.1 mm sq. ft. of monetizable industrial space remaining (8.2 mm sq. ft. already absorbed)
• 282k sq. ft. of monetizable commercial/retail space remaining (674k sq. ft. already absorbed)
• Up to 495 multi-family units under construction
• Developed alone or with culturally aligned JV partners

Mineral Resources

• Water, oil/gas, cement, rock aggregate

Farming

• Pistachios - 932 total acres
• Almonds - 2,108 total acres
• Wine grapes - 1,036 total acres

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Improving and Monetizing our Largest Asset

Strategy: Combine land ownership with substantial entitlement and development

expertise to help lessen California's housing crisis

Planned Development Assets

Large-Scale Master Planned Mixed-Use Development

• Four master planned mixed-use residential communities in various phases of the development process
• In path of growth up the I-5 corridor from Southern California
• All relevant local legislative approvals secured
• Expected legal and funding activities planned into development timeline
• Building 35,000+ houses; additional 15.4 mm sq. ft. of commercial space
• Considering self funding or use of JV partners for development

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ASSETS

EXECUTION PHASE

Tejon Ranch Commerce Center (TRCC)

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Tejon Ranch Commerce Center

Industrial Real Estate Development

11.1 mm sq. ft. of monetizable industrial space remaining (8.2 mm sq. ft. already absorbed)

Major Distribution Centers

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Tejon Ranch Commerce Center

Commercial/Retail Real Estate Development

282k sq. ft. of monetizable commercial/retail space remaining (674k sq. ft. already absorbed)

Major Retail Operations

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