DEFA14A 1 d937816ddefa14a.htm DEFA14A

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

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Tejon Ranch Co.

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Building the Future Investor Presentation APRIL 2025

Safe Harbor Statement Statements in or accompanying this presentation that relate to or are based on plans, projections, expectations, assumptions, future events and results are forward-looking statements that involve a number of risks and uncertainties. Words such as “anticipates,” “expects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “may,” “will,” “should,” and their variations identify forward-looking statements. Many factors could affect Tejon Ranch Co.’s (“TRC”) actual results, and variances from TRC’s current expectations regarding such factors that could cause actual results to differ materially from those expressed in these forward-looking statements. The potential risks and uncertainties include, but are not limited to, market and economic forces, availability of financing for land development activities, expectations about performance of real estate development projects, competition, and success in obtaining various governmental approvals and entitlements for land development activities. For a detailed description of risks and uncertainties that could cause differences, please refer to TRC’s periodic filings with the Securities and Exchange Commission. TRC disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Investors are cautioned not to unduly rely on these forward- looking statements. 2

Table of Contents Executive Summary 1 Value Creation Strategy 2 Corporate Governance 3 Appendices 3

EXECUTIVE SUMMARY

Tejon Ranch: A Unique California Land Asset • One Ranch, One Company: Tejon Ranch Company is a unique public company • We own one asset, the ranch: At 270,000 acres, we are California’s largest privately held contiguous land holding • One singular mission: Maximize the value of our land for long- term shareholder benefit • Our differentiated, competitive advantage: Proven ability to obtain valuable approvals in California’s complex regulatory landscape • Value creation strategy: Create recurring cash flow today, be strategic about timing/capital deployment to reinvest into a transformational upside Increased regulatory barriers of entry into California real estate development creates value with approved (entitled and litigated) real estate projects. 1. EXECUTIVE SUMMARY 5

Vision: Nexus Of Growth SAN JOAQUIN VALLEY Bakersfield Secular changes in demographics, housing SIERRA NEVADA MOUNTAINS and industrial support Tejon’s business strategy 90 Miles • Regional Demographic Migration Supports Demand: Los Angeles County and its population of ~10mm migrates North, Tejon the last remaining growth corridor. Furthermore, net migration Ranch HIGH DESERT south from Kern County supports additional growth 60 Miles ➢ Tejon Ranch in path of population migration SANTA MONICA MOUNTAINS • Planned Community Development Offers Key Solution to California’s Housing Crisis: California is undersupplied by an estimated 2.5mm homes according to the California Select Committee on Permitting Reform; TRC plays a key role in Santa Clarita 30 Miles solving that shortfall, providing ~35k housing units through its SAN GABRIEL MOUNTAINS MPC developments SAN Inland ➢ Sustained long-term demand for Tejon Ranch residential BERNARDINO Empire MOUNTAINS • Rise of Industrial Development: Tejon Ranch sits in a prime location to service a growing and active region, located SAN JACINTO MOUNTAINS adjacent to Interstate 5, California’s primary north-south PACIFIC OCEAN artery. E-commerce requires exponentially more space, and Tejon Ranch’s facilities are the hub serving the smaller regional Ports of Los Angeles and Long Beach or last mile facilities ➢ Tejon Ranch in path of industrial growth 1. EXECUTIVE SUMMARY 6

An Ecosystem Built for Economic Growth Tejon Ranch’s business units are vitally interconnected, generating near-term returns that create long-term value. Resort / Commercial / • Farming operations support long-term water contracts that Residential Industrial contribute to the water supply critical for 35k homes. (54% Total Assets) (16% Total Assets) • Grazing leases and hunting programs support the development projects through promotion of environmental stewardship, fire prevention and habitat balance across the ranch. • Strategic leasing - including energy, solar, rights-of-way, and Mineral Farming commercial/industrial real estate - monetizes underutilized Resources Operations land while preserving optionality. (9% Total Assets) (9% Total Assets) • Tejon Ranch Commerce Center (“TRCC”) cash flows fund investment, planning, permitting and infrastructure needed to advance developments. Ranch • Each business line serves a dual purpose: generating near- Operations term returns while enabling long-term value creation across (<1% Total Assets) our primary asset, the 270,000-acre Ranch. Interconnectedness Enhances Value of All Segments Note: Excludes ~10% Corporate Assets. 1. EXECUTIVE SUMMARY 7

Tejon Ranch’s Value Creation Strategy Maximizing Land Value. Monetizing Potential. Illustrative Land Value Creation $30,000 - $1,200,000 / acre • Scale Commercial and Industrial Cash +5 – 10x Flow at TRCC with development that meets the market $1,500 - $10,000 / acre • Monetize Legacy Land Uses and Unentitled Ranch Land Fully Entitled Commerical Retail, Commodity Businesses to Fund Industrial and Residential Land Growth TRCC (Commercial/Industrial): Value Creation Over Time (TRCC cumulative cash flows in $ in millions │Land value over time in $ per sq.ft) $10 • Advance Entitlements for High-Value Land Value Over Time $100 $8 TRCC Cumulative Cash Flows Master Planned Communities (MPCs) $9.00/SF $60 $6 $20 $4 • Activate Residential Development to ($20) $2 Drive Long-Term Cash Flow and $0.57/SF ($60) $0 Increase Net Asset Value 2000 2005 2010 2015 2020 2025 1. EXECUTIVE SUMMARY 8 TRCC Cumulative Cash Flows

TEJON RANCH’S VALUE CREATION STRATEGY

Tejon Ranch is a Master Planned Community Developer • Master Planned Community development is the large-scale planning, zoning and building of an entire community Irvine Ranch Master Planned Community in Southern California – Creation of a mixed-use project that integrates housing, amenities, and commercial space to create a self-sustaining living environment – In this capacity, an MPC developer serves in a quasi-municipal function, conserving, preserving and stewarding the land to enhance value • Business model requires long-term view, and development can take 25+ years • California MPCs must additionally comply with the state’s rigorous environmental reporting and protection laws, including CEQA, and must often overcome litigation • Several successful Southern California MPC's have followed a similar playbook – Irvine Ranch: 93k acres, began in 1977, home to 250K+ residents. Includes residential Rancho Mission Viejo villages, shopping centers, parks, schools and offices of several Fortune 500 companies Master Planned Community in Orange County, California – Rancho Mission Viejo: 23k acre ranch, home to 10K+ residents, broke ground in 2013 following 13-year entitlement and design process – Valencia/Newhall Ranch: 15k acres, up to 21,500 homes, completed first phase in 2019 after 25-year entitlement process and litigation, 11.5mm SF of commercial space, 50 miles of trails, 275 acres of parks and 10k acres of open space, Five Point Holdings • Value of public companies developing MPCs in capital markets is often not accurately reflected until active sales and construction is underway Valencia/Newhall Ranch Master Planned Community in Los Angeles County, California 2. VALUE CREATION STRATEGY 10

We Have Made Significant Progress to Entitle the MPCs The entitlement process and successful defense against CEQA litigation in California takes time, but we have made substantial progress on activating each of the MPCs TRCC Mountain Village Grapevine Centennial ✓ Adopted Specific Plans and Certified EIRs ✓ Adopted Specific Plan and Certified EIR✓ Adopted Specific Plan and Certified EIR✓ Approval of Regional Area Plan/Zoning: (TRCC West and TRCC East) Antelope Valley Area Plan (AVAP); land uses ✓ Approved 30 year Development Agreement✓ Successful Kern County Superior Court approved for master plan ✓ Successful Appellate Court Litigation Defense Litigation Defense ✓ Successful Kern County Superior Court ✓ Adopted Specific Plan and Certified EIR ✓ Approved 10 year Development Agreement Litigation Defense✓ Approved 30 year Development Agreement ✓ Approved 30 year Development Agreement ✓ US Fish and Wildlife Service Permits✓ Successful Appellate Court Litigation Defense • Appellate Court Litigation Defense ✓ Parcel Maps✓ Successful Federal Court Litigation Defense (2) (1) Ongoing TUMSHCP ✓ Foreign Trade Zone established • SEIR (released for public review) ✓ CA Department of Fish and Wildlife Permits ✓ US Fish and Wildlife Service Permits ✓ CA Department of Water Resources Beartrap Turnout Permit ✓ US Army Corps of Engineers 404 Permit These milestones have already significantly increased ✓ FEMA Conditional Letter of Map Revision – land/asset value by a significant multiple, without these Floodplain Modification achievements, entitlement and further potential for ✓ Tentative Tract Map – 752 Dwelling Units increased future cash flow cannot happen ✓ Final Tract Map – 401 Dwelling Units ✓ Commercial Site Plan – Farm Village Phase 1 Activated and Ready to Capitalize Activated and Ready to Begin Activated and Under Development Appellate Court Defense Ongoing and Solicit JV Partners Mapping (1) Tehachapi Upland Multiple Species Habitat and Conservation Plan (2) Includes resolution of LA Superior Court’s decisions regarding Climate Resolve Settlement Agreement and LA County approval of AVAP 2. VALUE CREATION STRATEGY 11

TRCC – The Premier Rest Stop in California Opportunity: Leverage high traffic location along Interstate 5, the West Coast’s primary North-South corridor, to develop best in class real estate Prime logistics location: 2 hours from Ports of LA/Long Beach and 4 hours from Port of Oakland; near Highway 58 providing key East-West connectivity TRCC distribution centers can serve over 40 million customers in a single-day truck turn High traffic: nearly 100,000 vehicle trips per day Large population capture area: 6.2 million people live within 75 miles Retail/Commercial Industrial Residential • TA & Petro Travel Plazas, offering professional driver • 7mm sf of industrial space has been developed, with • Terra Vista: Phase 1 is set to open in May 2025 amenities and convenience stores 11.1mm sf remaining to be developed • Phase 1 is to include 228 units of 495 approved • Outlets at Tejon with nearly 60 retailers, including • Key Competitive Advantages: superior inbound and • Currently pre-leasing Polo, Tommy Hilfiger, Calvin Klein and Nike outbound logistics for the western US (includes • Amenities will include hard floors, stainless steel proximity to I-5)/ highly productive labor force / • 674,000 sf built, 282,000 sf remaining to develop appliances, washer/dryer, 1GB internet, clubhouse relative low operating cost pool & fitness, dog park, etc. • 95% occupied • 100% Occupancy • Leverages workforce currently employed at TRCC • World’s first Tesla Supercharging Station • Distribution centers for large multinationals industrial and retail sites, as well as proximity to • National retailers/commercial tenants including: • TRCC is Foreign Trade Zone #276, with IKEA as an Northern Los Angeles. The imminent opening of the active user Hard Rock Tejon Casino adding another job center close to TRCC. 2. VALUE CREATION STRATEGY 12

From Pioneering Opportunity to Institutional Real Estate • Lengthy entitlement processes and CEQA litigation defense (1997- TRCC: Industrial Land Value Over Time ($ per sq.ft.) 2007) have paved the way for future growth $10 $9.00/SF − Travel Plaza: 2 Years $9 $8 − TRCC-West: 3 Years $7 $6 − TRCC East: 7 Years $5 − Entitlement has only grown more complex, thereby creating even $4 $3 larger barriers to entry in CA $2 $0.57/SF • Since inception, industrial land prices have increased 1,479% $1 $0 • Today, thousands of people are employed at the Commerce Center 2000 2005 2010 2015 2020 2025 • Tejon is successful at execution: Admin member of outlets JV, delivering asset on time, on budget, on vision • Executing Terra Vista apartments on balance sheet without a partner • Prudently leveraged capital through joint ventures − Industrial: Majestic, Dedeaux − Retail: TravelCenters of America, Rockefeller • Opportunistic land sales to end users, including Ikea, Nestle and Caterpillar • Opportunities to increase recurring cash flow over time 2. VALUE CREATION STRATEGY 13

TRCC – Building Stable Long Term Recurring Cash Flow (2) TRCC Cumulative Cash Flows (commercial/industrial) • Cash flows reflect “hockey stick effect” as investments in ($ in mm) start-up period transition to recurring cash flow $120 (1) • Standalone NAV of TRCC of ~$14-20/share exceeds $100 $80 company market cap without including value of other $60 business units or undeveloped land $40 • TRCC has generated $110mm of cash flow from $20 commercial and industrial development to date $0 ($20) • Keys to TRCC's long-term success: ($40) − Tejon owns the vast majority of undeveloped land which 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 allows new supply to be effectively managed (1) Illustrative Impact of TRCC to Net Asset Value (NAV) / Share − In contrast, the Inland Empire, with fractured ownership, $20.11 +132.1x saw speculative supply growth and spiking vacancies − We limit new supply at TRCC which allows us to maintain High end of range low vacancy +96.3x − Future development is based on market demand, avoiding $14.65 Low end of range overbuilding $0.15 (1) TRCC Net Asset Value (NAV) Per Share is a non-GAAP financial measure. Please refer to Appendix for additional information. 2000 2024 (2) TRCC Cumulative Cash Flows includes distributions from commercial and industrial development. 2. VALUE CREATION STRATEGY 14

Replicating The Success of TRCC in Other MPCs Following the success of TRCC, we are in the process of developing our other three MPCs, which will be activated in the coming years Entitlement State + Federal permits Tract/final maps Construction Operations • Obtain necessary permits • Detailed map/ engineering • Obtain permitting • Cash Flow • Create a development from: level designs for: to commence Generating plan − State Department of Fish − Lot layouts construction • Prepare environmental and Wildlife− Grading• Develop impact report − Regional Water Quality − Amenities + infrastructure and • Obtain project approval Control Board infrastructure including real estate from the County Board of − US Army Corps of sewer + water systems Supervisors Engineers Grapevine Mountain Village TRCC North 19,333 units 12,000 units 3,450 units and 750 hotel rooms, 10.1mm sf commercial 5.1mm sf commercial Approved Tentative Tract Map for 752 lots and a Final Map for 401 lots Primary community Primary community serving Northern Los serving Southern Kern 160k sf commercial Angeles County County Primary/second home luxury community Note: CEQA litigation delays development within the state *Currently addressing remaining issues in litigation/entitlement process 2. VALUE CREATION STRATEGY 15

As a Land Developer, We Create Value Over Time through Entitlement and Approval Processes A Raw Land E Construction Entitlement/ Groundbreaking B F Litigation Defense C State & Federal Permits G Homesite Closings D Tract/Final Maps H Home Closings Up Front Investments Lead to Cash Flows in Later Years A B Represents Cumulative Cash Flow Year 25+ C H Year 0 D E F G 2. VALUE CREATION STRATEGY 16

Land Development Process: Adding Value To Land Retail Home Finished Home Purchase Profit Margin Sale Price Homebuilding Custom Lot Sale to Costs A Buyer Custom Lot B Sale Price Additional Profit Homebuilder Margin Purchases Finished Pad Sale Price Profit Margin 5-10x or more Step-up in Value MPC Infrastructure Finished Lots Can Either Be Sold: Master Developer and Amenities A. To Custom Home Buyers on a Improvements A retail basis Entitled Land B. To Homebuilders on a Value B wholesale basis Profit Margin 5-10x or more Step-up in Value Master Developer Entitles Remaining Costs to Entitle Unentitled Ranch Land Value Unentitled Ranch Land Value Entitled Land Finished Pads Finished Home Homebuilding Activities: Tejon Ranch Company Activities: High Margin, Lower Price Higher Price, Low Margin 2. VALUE CREATION STRATEGY 17

Value Creation Through Successful Entitlements Resources, strategy and expertise in obtaining approvals to transform raw land into a monetizable real estate asset to drive shareholder value Commercial/retail land ~$260,000 - ~$1.2mm/acre $6.00 - $27.00 per sq. ft.* Industrial land ~$390,000/acre $9.00 per sq. ft.* (1) Unentitled ranch land Post Entitlement Developable Land $1,500- Residential land 5-10x or more ~$30,000-105,000/acre 10,000/acre Step-up in Value Entitled, Unimproved Land Finished Pads/Lots $770k-2.5mm/acre* *Prices quoted in the marketplace and dependent on the size of the lot and final use (1) Range of values includes unentitled ranch land through agricultural land with water contract. 2. VALUE CREATION STRATEGY 18

Fully Entitled, Activated Land Sells at a Premium Preparing land for development adds significant value, recent comparable examples include: Unentitled Ranch Land Entitled Unimproved Land Entitled Land with Finished Pads/Lots $1,500 -10,000 $30,308 $83,333 $105,000 $770,000 $2,500,000 per acre per acre per acre per acre per acre per acre Mesa Verde Estates Located in Calimesa 618-acre, 1,932 unit Located in Castaic 37,000-acre 15,000-acre Limited economic (Inland Empire) development in (40 mi from Ranch) development near development in opportunities Rancho Mirage, CA Shopoff Realty Phoenix, AZ Northern LA County Williams Homes Extremely limited purchased 1,463 In 2018, Canadian PE Owned by Howard purchased 497 acres market for sales Developed by acres in 2021 for $45M firm purchased Hughes Company, of entitled, FivePoint Holdings unimproved land for 3,650 residences with two other unimproved land in and 250,000 sf DMB is master investors 493 lots sold on 54.4 2020 for $36M commercial developer, licensed 811 finished lots sold acres 432 homes with Disney 15 years from 24 years from original 25 years to complete 20 years from entitlements through 13 years from concept through entitlements and entitlements through finished homes entitlements through groundbreaking defend litigation groundbreaking finished homes 5-10x+ step 5-10x+ step up in value up in value 2. VALUE CREATION STRATEGY 19

CORPORATE GOVERNANCE

Governance: Responsible Board Succession and New CEO have Positioned Tejon Well to Oversee its Strategic Plan 1. TRC deeply values shareholder input. Leadership engages with all shareholders seeking dialogue and has a track record of responsiveness. Last year, the Company met with investors representing approximately 53% of shares outstanding. 2. Shareholder communication has included calls and face-to-face meetings upon request, investor days at the Ranch and enhanced disclosures to provide greater transparency. 3. In 2024, the Board initiated a Board succession planning process culminating in four new directors and the appointment of a new CEO, with extensive industry experience. TRC requested that Bulldog submit Board candidates through Tejon’s formal process, but Bulldog instead filed a proxy 4. With 40% of directors added in the last six months, the refreshed Board brings decades of senior-level experience across banking, finance, law, accounting, and real estate development (many of whom also have experience in the California market). Tejon Nominees Have the Right Experience and Expertise to Oversee Next Phase of Growth 3. CORPORATE GOVERNANCE 21

TRC Features a Shareholder-Friendly Board • Shareholder engagement is an important component of our corporate 90% of directors are independent (9 out of Independence governance program and outreach has included calls and face-to-face 10) meetings upon request, investor days at the Ranch and other communications • Considering the future needs of the business and based on the results of robust shareholder engagement in 2024, the Board initiated a succession planning process culminating in four new directors and the 40% of directors were added in the last 6 Refreshment appointment of a new CEO months (4 out of 10) • These new directors bring decades of senior-level experience across banking, finance, law, accounting, and real estate development (many of whom also have California experience), and can further our commitment to sustainable development and diversified cash flow 20% of directors are either shareholder- Shareholder growth affiliated or were identified by a Representation shareholder (2 out of 10) • Importantly, our Board has significant shareholder representation, our largest shareholder, TowerView, is represented on our Board (Daniel Tisch) 90% of the board has real estate • Board removed classified director terms to be responsive to Industry experience (9 out of 10) shareholder feedback Experience 70% of the board has California-specific • Existing board members in aggregate have significantly higher real estate experience (7 out of 10) economic interest than Bulldog, and higher vested interest in Company's success 3. CORPORATE GOVERNANCE 22

Board Succession Has Been Thoughtful and Deliberate • The Board and Nominating & Corporate Governance Committee (the “Nominating Committee”) began a process to refresh the Board and plan for succession in 2023, which continued throughout 2024 • Board succession planning is part of the company’s disclosed governance framework, and included planning for Board retirements, one of which occurred in 2024 (former Director Stack) and one of which was recently announced (Director Morgan) • Board succession planning included significant shareholder outreach and input, including from the company’s larger investors and evaluation of skillsets needed to enhance the Board’s already robust expertise in core company business sectors • The succession process started well in advance of the 2024 Annual Meeting, and long before the support agreement with Nitor Capital Management • Jeff McCall, Denise Gammon and Ken Yee were identified through Board and Nominating Committee outreach • Mr. Speron was identified through the collaboration and cooperation of Nitor Capital Management, pursuant to a support agreement entered in November 2024 and completed an interview process which included review of Mr. Speron’s qualifications and recommendation by the Nominating Committee to serve on the board 3. CORPORATE GOVERNANCE 23

Robust Board Refreshment Four New Directors Added in Last Six Months by the Company, All Prior to Engagement with Bulldog November 2024 December 2024 Kenneth G. Denise Jeffrey J. Eric H. Yee Gammon McCall Speron Committees: Compensation, Committees: Audit, Compensation Committees: Audit, Nominating Committees: Nominating and Real Estate and Real Estate Audit, Compensation and Real and Real Estate Age: 61 Age: 53 Age: 45 Estate Experience: Experience: Experience: Age: 65 Experience: The new directors bring decades of senior-level experience across banking, finance, law, accounting, and real estate development, further advancing the Company’s commitment to sustainable development and diversified cash flow growth 3. CORPORATE GOVERNANCE 24

California- Years of Real Estate Operating & Business Collectively, Nominees Specific real Relevant Financial Experience Investment Development estate Experience Master-planned communities, Our Board Steven A. Betts multi-family and commercial Y 40+ Y Y Y development Master-planned communities, Y 35+ Y Y Y Gregory S. Bielli Has the Right executive leadership, operations Agricultural land, commercial, Anthony L. Leggio residential development and Y 40+ Y Y Y Combination investment management Master-planning and community Y 45+ Y Y Norman J. Metcalfe development of Skills & Daniel R. Tisch Commercial and office 40+ Y Y investment management (Largest Ind. Shareholder) Expertise Master-planned communities, multi-family and commercial Y 40+ Y Y Michael H. Winer development and investment management Master-planned communities and Y ~40 Y Y Y Denise Gammon multi-family development Multi-strategy residential and Jeffrey J. McCall Y 25+ Y Y construction Eric H. Speron 20+ Y Y (From Shareholder Engagement/Feedback) Real estate capital markets, debt placement, and asset-backed Y ~35 Y Y Kenneth G. Yee transactions New Directors added In last six months 3. CORPORATE GOVERNANCE 25

A Successful CEO Transition: Matt Walker Brings Tremendous Relevant Experience For Next Phase of TRC Growth Lowe is a private real estate company, with 53 years of real estate investment, development and management experience. The company creates commercial properties, hotel properties, multifamily properties, and retail properties. Property Snapshot: SUNCADIA Relevant Experience Includes Location: 83 miles east of Seattle on I-90 Gregory Bielli Matthew (Matt) Walker President and CEO: December President and CEO: April 1, 2025 - 4,378 2003 6,300 2013 - March 2025 Present Total Residences Lowe Acquired Acres Age: 64 Age: 54 Planned Experience: 35+ years Experience: 24+ years' experience as 2 1,500 3 experience in real estate, land a trained architect working in resort Hotels acquisition, development, and and residential development, Residences Sold Golf Courses financing residential sales and marketing, to Date master planned community entitlement and development, capital development, joint venture formation as well as resort value add investment and expansion Source: Company Website. 3. CORPORATE GOVERNANCE 26

Governance: Bulldog Lacks Credibility, Analytical Solutions, and Relevant Expertise We Believe Bulldog Has Not Engaged We Believe Bulldog Does Not Have a We Believe Bulldog’s Slate Does Not Have Seriously or Constructively with TRC Credible, or Actionable, Set of Ideas the Requisite Skills to Advance the Interest About Creating Shareholder Value of TRC Shareholders • Andrew Dakos, Managing Member of • Outside of indicating interest for a board • Two of the three nominees work at Bulldog Bulldog, reached out to TRC in February seat, Dakos's only idea has been to • Neither Bulldog nor its three nominees have any 2025. discontinue activity on master planned prior history of operating or managing a land- • Mr. Dakos toured TRC with various members communities in favor of TRCC development company like TRC, with NO land of the executive leadership team• Bulldog failed to provide any detailed development, entitlement, CEQA or land use • Mr. Dakos, for the first time expressed a plans or other means to benefit all litigation experience in CA desire to obtain a board seat shareholders• Bulldog’s third nominee, Aaron Morris, has no • Management invited Mr. Dakos to submit relevant real-estate development experience names and go through Company nominating • Aaron Morris is not independent of Bulldog as process his firm has represented Bulldog in several • Two days later, he sent a letter regarding his litigations intent to nominate three directors • Bulldog has had no subsequent dialogue regarding strategy or operations with the Company The Bulldog nominees have NO land development experience in California, NO real estate operational expertise, NO relevant capital market or financing acumen, and NO project development expertise 3. CORPORATE GOVERNANCE 27

Bulldog’s Assertions on Capital Allocation Conflict With Reality • Bulldog’s assertions suggest it doesn’t understand TRC’s business and the path to value creation – Bulldog Suggests: capital should be used for TRCC and not MPCs – Reality: 85% of 2025 capital investments are already focused on enhancing cash-generating assets (e.g. TRCC). Furthermore, Tejon has reduced discretionary MPC spending by 38% over the past 5 years, now representing less than 6% of total real estate investing activities • Tejon Ranch publicly discloses its capital allocation. Clearly, Bulldog failed to perform due diligence and research into this matter • The Board is already highly focused on capital allocation and strategically directs capital to the highest and best use Source: Company filings. 3. CORPORATE GOVERNANCE 28

MPC Spending Has Been Declining After Entitlements We Have Prudently Invested In Our MPCs As We Work Towards Approvals • Disciplined approach to investments: A portion of investments are nondiscretionary (e.g. taxes), whereas others are discretionary and increase the value of our landholdings • MPC Discretionary Spending has Dropped: Discretionary spending in MPCs has dropped 38% over the past five years, as MPCs have advanced through the entitlement stage of development • MPCs are a Smaller Share of Investing Spend: MPC discretionary spending now represents less than 6% of total real estate investing activities, demonstrating Tejon’s responsible stewardship of shareholder capital • Efficient Staffing: Reduced FTE count from 155 to 82 over 10 years • Prudent Capital Allocation Strategy: Tejon also maintains extremely conservative debt levels (29.5% adjusted debt to market cap) which provide maximum flexibility ($146mm of liquidity as of YE2024) for future capital (1) allocation (1) Adjusted debt to market cap is a non-GAAP financial measure. Please refer to Appendix for additional information. 3. CORPORATE GOVERNANCE 29

The Choice Is Clear: Bulldog Nominees: Wrong Choice for Tejon Ranch Nominees: Right Choice for Shareholders Shareholders Phillip Goldstein Andrew Dakos Aaron Morris Real estate operational 9 out of 10 8 out of 10 X X X experience or MPC Current Directors have Current Directors have experience Relevant Real Estate California-specific California-specific project Experience in master real estate experience X X X development/entitlement planned communities, experience multi-family, commercial, Independent of Bulldog X X X residential areas, banking, Relevant public board and finance X X X experience We Believe Bulldog is the Wrong Choice: • Bulldog lacks the experience or understanding of Tejon’s Business Plan or development fundamentals • Tejon has reduced discretionary MPC spending 38% over 5 years & staffing by nearly 50% over 10 years • Bulldog wants to sacrifice long term compounding value creation for finite short term individual gain • Tejon’s Board has responsibly managed balance sheet with low debt (29.5%) and high liquidity ($146mm) Vote on the White Proxy Card for ALL Tejon Nominees 3. CORPORATE GOVERNANCE 30

CONCLUSION 31

Conclusion • Tejon is transforming raw land into monetizable assets by expertly navigating the lengthy California approval process Developing a • Tejon sits in a prime location to address Northern migration of Los Angeles population and California’s housing shortage, while capitalizing on the rise of the e-commerce sector through industrialization Unique Asset • Tejon’s business units are vitally interconnected • Enhancing value of our assets is our competitive advantage. We have a distinguished track record of entitling land in California. The process takes many years, but there is significant value created Clear Value- • Tejon Ranch Commerce Center (“TRCC”) is our model for future growth, and after 10 years of securing entitlements has now produced $110M of cumulative cash flows cash flows to date for commercial and industrial development Creation Strategy • We are entering the next phase of development, where we harvest the benefits of land entitlement. The best way to generate long term shareholder value is to implement the master plans. We are poised for future success. • Tejon’s Board and Management Team are the right team to maximize long-term shareholder value Strong • The Board is uniquely positioned to oversee the Company’s deliberate long-term strategy Governance • The Board proactively initiated refreshment process, which resulted in appointment of four new directors and a CEO in 2024 • The Board has been responsive to shareholder feedback. The largest shareholder is on the Board and a second director was Record appointed following investor feedback in 2024 • Bulldog has not engaged seriously or constructively with Tejon, and has run a misguided campaign Bulldog’s Views are • Bulldog does not appear to have a credible, or actionable, set of ideas for creating shareholder value Uninformed and • Bulldog’s nominees lack the necessary skills and expertise needed to create value for Tejon’s shareholders − Nominees have NO land development experience in California, NO real estate operations experience NO relevant capital Misguided markets or financing acumen and NO project development expertise Vote on the White Proxy Card for ALL Tejon Nominees 32

APPENDIX

Appendix Table of Contents Master Planned Communities 1 Background to Engagement With Bulldog & Tejon’s Views on Bulldog’s 2 Assertions Executive Compensation 3 Financials & Reconciliations 4 34

MASTER PLANNED COMMUNITIES

Tejon Ranch Addresses California’s Housing Shortage California Housing Market is Structurally Undersupplied with Cumulative Undersupply of ~2.5mm Homes Housing Production and Undersupply Since 2018 (CA Annual New Private Housing Units Completed) Tejon Ranch is uniquely positioned 375k to deliver housing to Los Angeles CA Housing Needs: ~315k County and Kern County residents 300k through independently positioned Current 225k master planned communities Undersupply: Historic Housing Production: ~90k Annual Units ~2.5mm Units 150k Each year the state fails to produce 75k enough new housing which 112.8k 98.3k 99.4k 84.8k 76.1k 69.9k exacerbates affordability issues for 0k California residents 2018 2019 2020 2021 2022 2023 “Fewer people, more homes but an acute housing “In this coastal California county, it can take two “Rebuilding Los Angeles is California’s Economic shortage in California” decades to save up for a home (Los Angeles Co.)” Moment of Truth” September 2023 March 2025 March 2025 Source: U.S. Census Bureau, California Department of Housing and Community Development. 36

Tejon Ranch Commerce Center Achievements to Date Tejon Ranch Commerce Center case is a “gem”* harvested after lengthy entitlement/litigation defense 1 Retail/Outlets 2 Industrial 3 Residential 674,000 sf of commercial retail built, with a total 7mm sf of industrial built to date, with 11.1mm Terra Vista will include up to 495 units, with the 282,000 sf remaining to build. sf of remaining entitlement first 228 units delivered in 2025 Investment thesis: Capture highly active I-5 traffic Investment thesis: Leverage 7mm sf located 2 Investment thesis: Provide much needed housing with premier rest stop in California. I-5 has ~20k hours from Port of LA and 4 hours from Port of for thousands of workers at TRCC and growing vehicles exit a day on average Oakland on prime N/S corridor with unique ability bed base in Bakersfield/Kern County to distribute goods throughout State Tenants include Nike, Polo, Tommy Hilfiger National representation includes IKEA, Caterpillar, Nestle, Famous Footwear, etc. 95% Occupancy Rate 100% Occupancy Rate Opening May 2025 10 years of securing entitlements at TRCC have produced $110 million of cumulative cash flows to date *The Company’s booming Tejon Ranch Commerce Center, which Bulldog Principal Land entitled for an additional 1.1mm sf of industrial space TRCC Cumulative Cash Flows includes distributions from commercial and Andrew Dakos called a “gem”, Bakersfield Californian, March 2, 2025 was sold to a third party industrial development 37

One Asset, One Ranch. There is considerable value of our master planned community land. Tejon strongly advocates its long-term value creation strategy of developing the ranch in lieu of selling off individual parcels. While Tejon will always consider opportunities, there are several reasons why a hold and develop strategy is superior to a sell approach: • There is significant value creation in developing finished pads. The process of building infrastructure and amenities and delivering pads to home builders and custom lot builders results in exceptional margins. Selling land now leaves a lot on the table. • Current market conditions are not optimal for master planned community land sales. • Selling unentitled land makes no sense. There is immense potential value in completing the entitlements for Centennial. Given Tejon’s track record, there is no reason to abandon decades of effort. • Selling land is a one-time transaction that doesn’t create recurring cash flow. Tejon’s goal is to create sustainable recurring cash flow for the foreseeable future. Selling off unimproved land does not achieve this. • Land sales proceeds won't accelerate TRCC. TRCC is not capital constrained. TRCC’s development is driven by market forces. Tejon has carefully controlled the undeveloped land at TRCC to develop based on demand, resulting in 100% occupancy of our industrial and 95% occupancy of our retail with almost no competition. • Don’t break up the ranch. There are huge complexities within the ranch in terms of water, land use and existing agreements. By far the most efficient way to harvest the value of the ranch and remain responsible stewards of the land is with Tejon serving as master developer. 38

Investing In Long-Term Mountain Village 3,450 units and 750 hotel rooms, with Strategic Assets approved Tentative Tract Map for 752 lots and a Final Map for 401 lots Tejon Ranch Has A Strong Track Record of 160k sf commercial Obtaining Land Use Approvals and Creating Primary/second home luxury community Cash Flow Producing Assets and Shareholder Value Grapevine 12,000 units • Future MPCs: A robust entitlement process has advanced 5.1mm sf commercial MPC approvals and leveraged Tejon’s expertise Primary community serving Southern Kern County • Cost Vigilance: Tejon has reduced discretionary MPC spending by 38% over the past 5 years, now representing less than 6% of total real estate investing activities Centennial 19,333 units • Value Creation Through Entitlements: Land use approvals 10.1mm sf commercial and successful defense of CEQA litigation have converted Primary community serving unentitled ranch land into highly valuable resources, which Northern Los Angeles County will fuel company’s future growth 39

Residential real estate development Kern County Mountain Village • Location: 70 miles north of Los Angeles off Interstate 5 • Entitlements: 3,450 residential units, 750 hotel keys (guestrooms), 160k sq.ft. of commercial space − Prevailed in state California Environmental Quality Act (CEQA) and federal challenges − First final tract map & commercial site plan approved − Approved tentative tract map for 752 lots and Final Tract Map for 401 lots − 53k initial phase Farm Village commercial center • Positioning: Initially a drive-to second home resort community for Southern Californian market, evolving to mix of primary and second home ownership • Next steps: Having implemented capital preservation after successful entitlements, complete capitalization and solicitation of JV partners and commence development Entitlement State + Federal permits Tract/final Maps Construction Permits Operations Mountain Village 40

Residential real estate development Kern County Grapevine • Location: 30 miles south of Bakersfield • Entitlements: 12,000 residential units/5.1 mm sq. ft. of commercial and industrial development − Successfully defended CEQA challenge with respect to approved Specific Plan − Active in advancing Federal and State permitting − Negotiating with Caltrans on new I-5 freeway interchange • Positioning: Primarily family-oriented and active adult market-rate homes supporting San Joaquin Valley and LA County growth • Next steps: Finalize initial phase site plan and begin mapping process Entitlement State + Federal permits Tract/final Maps Construction Permits Operations Mountain Village 41

Residential real estate development Los Angeles County Centennial • Location: 70 miles north of Los Angeles off SR 138 • Program: 19,333 residential units/10.1mm sq.ft. of commercial space • Positioning: Large-scale residential and mixed-use community to help address region’s housing needs, while embracing sustainability and conservation • Entitlement Status: − The Antelope Valley Area Plan, providing base-level zoning for Centennial, was approved by LA County in 2015 and upheld by the appellate court in 2018 − April 2019 LA County Board of Supervisors approves specific plan and development agreement − Currently addressing remaining issues in litigation/entitlement process Entitlement State + Federal permits Tract/final Maps Construction Permits Operations Mountain Village 42

TBU Company – New Photo SETTING THE RECORD STRAIGHT BACKGROUND TO ENGAGEMENT WITH BULLDOG & TEJON’S VIEWS ON BULLDOG’S ASSERTIONS 43

Our Engagement With Bulldog • Despite the recent Board succession and refreshment, which included adding a director recommended by shareholders, and the appointment of a new CEO, Bulldog Investors nominated three candidates for the 2025 Shareholder Meeting without any credible effort to engage constructively • TRC's good faith efforts to be responsive were met with blatant opportunism by Bulldog’s Managing Partner Andrew Dakos: − Mr. Dakos was engaged by the executive team via phone within days of his initial outreach − Mr. Dakos was granted a tour of operations led by senior executives shortly thereafter − During the tour, he requested a CEO meeting and met with both outgoing and incoming executives, an extraordinary opportunity − After the tour, Mr. Dakos not only endorsed the current development strategy and execution around Tejon Ranch Commerce Center, but suggested that all other projects be discontinued in favor of TRCC − Without any further exchange of ideas, Mr. Dakos disclosed his interest in a board seat 44

Setting the Record Straight on Bulldog's Agenda Bulldog has identified four areas of focus. Here's what you need to know: • Capital allocation − Selling Tejon’s entitled land at Mountain Village is imprudent for many reasons − Walking away from Centennial entitlements is throwing away decades of investment and huge future value − Bulldog has no appreciation for the step in value as a result of obtaining entitlements (5-10x or more) or delivering finished pads (5-10x or more) − Allocating more capital to TRCC is misguided since TRCC’s growth isn’t capital constrained, it’s defined by the market, and our prudent development strategy and control of the remaining land has resulted in 0% industrial vacancy, 95% retail occupancy and a 1,456% increase in land prices − Bulldog hasn’t actually laid out any plan; they have no understanding of the business or its complexity • Executive compensation − New CEO’s transition pay package is aligned with shareholders as it is heavily weighted toward equity with a significant portion of the equity performance-based − Retiring CEO’s actual pay is significantly less than reported pay − All NEO’s have compensation tied to share price appreciation − Have retained third party consultant to help design new long term incentive comp beginning 2026 • Communication and transparency − Increased reporting disclosures with increased transparency − Communicated clear succession plan with CEO which is now complete − Implemented clear succession plan with board which resulted in 4 new board members with real estate experience − Hiring of Nicholas (Nick) Ortiz as Senior Vice President, Corporate Communications and Public Affairs to improve market outreach and communications • Excessive expenses − Discretionary MPC costs reduced 38% over last 5 years, and from 20% of real estate investing activities to 6% − FTE count reduced nearly 50% over past 10 years 45

Our Concerns with Bulldog Nominees Adding Bulldog Nominees to the Board Risks Significant Disruption to Planning and Execution Nominee Experience Public Boards Served On • Special Opportunities Fund We believe Bulldog has a short- • Total Return Securities Fund • Age: 80 • Managing Partner of Bulldog Investors, LLP term focus, which can kill long- • BNY Mellon Municipal Income • Experience in closed-end mutual fund space. No • High Income Securities Fund term value creation in real estate land-management or operating business • The Mexico Equity & Income Fund experience • No specific management experience of real • Serves on five mutual fund company boards Phillip estate in California • Likely to be considered over-boarded according to BlackRock Goldstein and Vanguard voting guidelines Lack of experience and misguided • Age: 59 • Special Opportunities Fund approach likely to disrupt • Managing Partner of Bulldog Investors, LLP • Total Return Securities Fund • Experience focus instead of exclusivelyy in continued execution of value- closed-end mutual fund space. No land-• BNY Mellon Municipal Income creating strategy management, or operating business experience • High Income Securities Fund Andrew • No specific management experience of real Dakos • Serves on four mutual fund company boards estate in California Lack of familiarity with California • Age: 38 • Co-founder and Partner of Morris Kandinov LLP regulations and real-estate • Experience in real estate is more litigation- development could be a drag on focused than management experience • No specific management experience of real overall progress, especially as it • None estate in California pertains to TRCC and MPC • Morris Kandinov represented Bulldog Investors in several litigations and hence, in our view, should Aaron T. developments be considered as affiliated with Bulldog (see Morris appendix for details) 46

Aaron Morris is NOT Independent of Bulldog Investors Source: Press Releases. 47

Aaron Morris Has NO Relevant Experience and His Firm Represented Bulldog Investors in Litigation 48

We Question the Motivation Behind Nominating Aaron Morris, Who Has a History of Litigating for Bulldog 49

The Downside Impact of Cumulative Voting Support for Bulldog Would Likely Have Unintended Consequences Potential election of unqualified Bulldog Outsized Influence and Representation Complexity and 1 2 3 nominee(s) Disproportionate with Ownership Voter Confusion • Cumulative voting was designed to amplify the voice of • Candidates elected through concentrated bloc voting may not • The Company’s proxy has provided extensive shareholders by allowing minority holders to aggregate votes represent broader shareholder interests instructions and examples of how cumulative voting for a single qualified director will work to allow shareholders to be fully informed on • Unequal representation gives outsized influence to special interest how to cast their vote • Bulldog’s nominees are not qualified to serve on our board group(s) who may dominate disproportionately and lack requisite real estate development experience and • Comparatively, Bulldog’s proxy lacks clarity, familiarity with the California market; the end result could be information and examples of how cumulative voting the election of unqualified directors to the Board works or how they will cumulate votes • TRC’s shareholder engagement and succession planning • Cumulative voting is extremely rare efforts have been extremely productive resulting in significant − More than 97% of the companies in the S&P 500 change already in the last 6 months: do not employ cumulative voting • 40% of the Board is comprised of directors having joined the Board in November and December of 2024 (including • Increases the cognitive burden on voters a shareholder recommended director) − If a beneficial owner (who does not have access • In April 2025, Matt Walker assumed the CEO role, with to ProxyEdge) wishes to cumulate its vote, that former CEO agreeing to remain on the Board for shareholder would have to request a “legal continuity and support proxy” and vote by ballot at the annual meeting • Supporting an opportunistic shareholder who only bought into • Can result in lower turnout or invalid proxies the stock in September 2024, and whose interests are clearly short-term, will jeopardize the long-term value creation associated with our strategic plan 50

EXECUTIVE Executive Compensation COMPENSATION 51

Executive Compensation – Core Pay Program Design Balanced program that reinforces pay for performance and shareholder alignment Core Executive Pay Program Overview Key Leadership Transitions: Pay Positioning and Peer Group ▪ Target competitive pay mix and levels vs. comparable public companies Tejon has been planning for a CEO transition in ▪ Peers are real estate companies based on business activities, revenues, and market caps recent years and related pay approaches have ▪ Pay levels consider experience, company impact, and performance differed somewhat from the core Annual Cash Incentives ▪ Pay for performance, with a significant portion of total compensation to be ▪ Adjusted EBITDA achievement Gregory Bielli’s pay program was shortened to performance-based, balancing short-, mid-, and long-term performance. Reflect ▪ Short-term milestones corporate objectives financial, strategic, and individual performance align with his direct contribution period ▪ Individual performance objectives Matt Walker’s pay program as go-forward CEO is Long-Term Incentives (LTI) performance-based, long-term oriented, and ▪ 2023 – 2025 Development Milestones consistent with the key principles of Tejon’s pay ▪ Price-Vested Units (require absolute TSR growth to be earned from 2025-2027) strategy ▪ Time-Vested RSUs with 3-year annual vesting 52

Recent And Go-Forward Pay Program Structures Targeted Pay Approaches with Leadership Transition 2023 2024 2025 2026 and Beyond • CEO and COO (Bielli and Lyda) contemplate • Gregory Bielli announces formal retirement • Matt Walker joins as President and COO, • To define new pay strategies, retirements, formal plans not defined as of end of 2024 transitioning to CEO on March 31 maintaining alignment to principles • Transitional pay strategy Annual Cash Incentives • Adjusted EBITDA• Adjusted EBITDA• Adjusted EBITDA• Financial and strategic metrics • Short-term milestones• Short-term milestones• Short-term milestones• Details TBD • Individual performance• Individual performance• Individual performance Long-Term Incentives (LTI) Broader Leadership Team 2023 – 2025 Milestone-Based PSUs Annual Price-Vested Unit Grants Annual RSU Grants Long-Term Incentives • PSUs at 50% or greater of target CEO Awards During Transition Period award for at least the CEO • No Milestone-Based PSUs (received $600k cash award)• Milestone PSUs (2/3 not earned)• G. Bielli: Base salary, Cash bonus (based on pr- • RSUs with 3-year vesting rata portion of target annual cash incentive), No • 2023 Price-Vested Units (not earned)• 2024 Price-Vested Units (not earned) • Details TBD LTI awards • RSU Grants• RSU Grants • M. Walker: Initial new hire CEO awards • 55% of target grant value earned • 2025 Milestone PSUs with 3-year vest if earned (50% of annual weight) • RSUs (3-year vest, 50% of annual) 53 • Sign-on RSUs and PSUs 53

2024 CEO Reported Compensation Exceeds What Was Actually Earned Actual 2024 CEO Pay is Lower As Earned As Reported The grant date fair value of equity awards with performance conditions includes the estimated With CEO Bielli’s retirement at the end of March 2025, his 2024 equity compensation was 3 1 probable outcome of the performance condition. structured to reflect the short remaining duration in his tenure as CEO; actual equity awards earned in 2024 were 55% of target. Grant Date Fair Value of Equity Actual Value of Equity That estimated value for performance-based equity flows through to the 2 reported Summary Compensation Table. Summary Compensation Table CEO Total Actual Pay was significantly lower than Total Reported Pay for 2024. 4 Pro Forma Summary Compensation Table Non-Equity Change in Stock Incentive Pension All Name and Principal Position Year Salary Bonus Awards Plan Value Other Total Gregory S. Bielli 2024 824,000– 1,831,362 1,171,396– 16,022 3,842,780 Total Actual Pay Total Reported Pay 3,842,780 5,414,528 54 54

FINANCIALS & RECONCILIATIONS

Recent Total Shareholder Return In-Line With Peers 30.7% Total Shareholder Return Total Shareholder Return 1-Year 3-Year 5-Year (Pre-Covid)* Tejon Ranch 6.5% (9.2%) 1.0% Land Companies (Median) 6.8% (12.2%) (6.0%) Proxy Peers (Median) 10.3% (12.1%) 4.0% Russell 2000 (1.0%) 3.9% 30.7% 10.3% 6.8% 6.5% 4.0% 3.9% 1.0% (1.0%) (6.0%) (9.2%) (12.1%) (12.2%) 1-Year 3-Year 5-Year Source: Factset. Data as of March 27, 2025 (1-day before filing of preliminary proxy statement by Bulldog). Note: Land Peers based companies with similar business model and market cap between $200 million and $1.2 billion. Includes: ALCO, ALEX, FOR, FPH *5-Year TSR based on the starting date of Feb 19, 2020. 56

Analyst’s View of TRC And The Board DEMAND FOR INDUSTRIAL / WAREHOUSE SPACE – TRCC ATTRACTIVE DISTRIBUTION We like his [Matt Walker, CEO] apparently strong real estate HUB background. TRC also has had a strong recent track record of pre-leasing planned new industrial space even before construction has begun. We believe this reflects the strength of market The substantial need for industrial, commercial and residential demand and the strategic location and building amenities at the TRCC, including access to space near TRC’s land -- likely heightened by the upcoming a solid labor pool, according to management. For instance, Sunrise Brands, a California- opening of the nearby Hard Rock Hotel & Casino Tejon -- based producer, distributor and retailer of branded (such as Rebecca Minkoff) and private- underscores the attractiveness of TRC’s property, in our view. label apparel, leased an entire building before it was built. During construction, Sunrise took temporary space at TRCC and once it vacated the temporary space and relocated to the new 446,400 square foot building in January 2024, TRC signed a new lease for that View recently named directors as a positive 240,000 square feet of space that Sunrise had occupied with RectorSeal, a manufacturer Among the most significant recent steps the company has taken, and distributor of industrial components. After a land sale, construction also began on a we believe, have been the addition of four new members to its new distribution facility for Nestlé USA that will total more than 700,000 square feet at board. Denise Gammon, Kenneth Yee, Jeff McCall and Eric TRCC east. Speron will serve as directors on the Tejon Ranch board of directors. They have extensive board experience, including with companies involved in the real estate space, as well as in finance, law, accounting and real estate development. HIGH DEMAND FOR RESIDENTIAL UNITS On the residential front, there is a severe statewide shortage of residential property, which is likely only to be exacerbated by the opening of the nearby Hard Rock Hotel & Casino Tejon. … we are optimistic that recent actions by the company could TRC is the only major area close to Los Angeles where infrastructure is possible and one of signal TRC’s improved commitment to monetizing its asset the few real estate development companies with scale. portfolio and delivering value to shareholders. Source: Zacks Investment Research dated February 13, 2025. 57

Conservative Balance Sheet with Significant Liquidity TRC maintains a conservative balance sheet with the right capital markets tools that provide liquidity to be opportunistic and flexible • Total capitalization and low leverage. Including pro rata share (“PRS”) of unconsolidated joint venture (“UJV”) debt, total ($ in millions) 2024 2023 2022 2021 market capitalization at year end 2024 was $605.4mm, consisting of $426.5mm of equity market capitalization and Cash and Marketable Securities $53.7 $64.5 $72.6 $47.2 $178.9mm of debt, for an adjusted debt to total market (1) capitalization of 29.5% . • High Liquidity. At year end 2024, cash and securities totaled $53.7mm with availability on the credit facility of $93.1mm for Total Assets 608.0 577.5 566.8 546.0 total liquidity of $146.8 million. 2017 Rights Offering, which is a mechanism the company has used to raise additional liquidity, was 2.5x oversubscribed. (1,2) • Low net debt to adjusted EBITDA . The ratio of total debt, Total Debt 66.9 47.9 49.9 52.6 including PRS of UJV debt, net of cash and marketable securities, including PRS of UJV cash and marketable securities (“Net Debt”), of $113.9mm, to 12/31/2024 adjusted EBITDA of $23.4mm was 4.9x. Shareholders' Equity 473.6 467.7 462.2 441.1 • Unencumbered balance sheet. No secured debt provides ultimate flexibility with assets. Source: 2024 & 2022 Form 10-K. (1) Adjusted Debt, Net Debt, and Net Debt to Adjusted EBITDA are non-GAAP measures that we present because we believe they provide useful information regarding our liquidity, capital structure, and ability to service our debt. Please refer to Appendix for additional information. (2) Adjusted EBITDA is a non-GAAP financial measure. Please refer to Appendix for additional information. 58

Operating Segment Revenue Revenues ($ in millions) : 2024 2023 2022 2021 Real estate - commercial/ industrial $23.4 $18.6 $48.3 $28.7 (Incl Joint Ventures) Mineral resources $10.2 $14.5 $21.6 $21.0 Farming $13.9 $14.0 $13.0 $11.0 Ranch operations $5.2 $4.5 $4.1 $4.1 Investment/ Gain $2.3 $2.6 $0.6 $0.1 Total Revenues $55.0 $54.2 $87.6 $64.9 Net Income $2.7 $3.3 $15.8 $5.3 Source: 2024 & 2023 Form 10-K. 59

Non-GAAP Adjusted EBITDA Reconciliation ($ in thousands) 2024 2023 2022 2021 Net income $2,688 $3,265 $15,810 $5,342 Net Income (loss) attributed to non-controlling interest (2) -- 2 (6) Interest, net Consolidated, interest income (2,273) (2,557) (634) (57) Our share of interest expense from unconsolidated joint ventures 6,165 4,879 2,974 1,708 Total interest, net 3,892 2,322 2,340 1,651 Income taxes 976 2,323 7,393 3,821 Depreciation and amortization Consolidated 4,885 4,806 4,628 4,594 Our share of depreciation and amortization from unconsolidated joint ventures 6,753 5,418 4,618 4,639 Total depreciation and amortization 11,638 10,224 9,246 9,233 EBITDA 19,196 18,134 34,787 20,053 Stock compensation expense 4,182 3,252 2,877 4,271 Asset abandonment charges -- -- -- -- Adjusted EBITDA $23,378 $21,386 $37,664 $24,324 Data source: Company data. 60

Non-GAAP Net Debt / Adjusted EBITDA Reconciliation GAAP Reconciliations Non-GAAP Reconciliations As of December 31, 2024 ($ in millions) 2024 As of December 31, 2024 ($ in millions) 2024 Net Debt (GAAP) Debt TRC Debt $66.94 Pro Rata Share of JV Debt $111.91 Less: TRC Cash and Marketable Securities (53.71) TRC Debt 66.94 Net Debt (GAAP) $13.24 Total Adjusted Debt (Non-GAAP) $178.85 Net Income 2.69 Cash and Marketable Securities Net Debt/Net Income (GAAP) 4.9x Pro Rata Share of JV Cash and Marketable Securities $11.20 TRC Cash and Marketable Securities 53.71 Total Adjusted Cash and Marketable Securities (Non-GAAP) $64.91 Net Debt (Non-GAAP) Total Adjusted Debt (Non-GAAP) $178.85 Less: Total Adjusted Cash and Marketable Securities (Non-GAAP) (64.91) Net Debt (Non-GAAP) $113.95 Adjusted EBITDA (Non-GAAP) 23.38 Net Debt/Adjusted EBITDA (Non-GAAP) 4.9x Data source: Company data. 61

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. Non-GAAP Financial Measures Adjusted EBITDA: We use Adjusted EBITDA to assess the performance of our core operations, for financial and operational decision making, and as a supplemental or additional means of evaluating period-to-period comparisons on a consistent basis. Adjusted EBITDA is calculated as EBITDA (earnings before interest, taxes, depreciation, and amortization), excluding stock compensation expense. We believe Adjusted EBITDA provides investors relevant and useful information because it permits investors to view income from our operations on an unleveraged basis, before the effects of taxes, depreciation and amortization, and stock compensation expense. By excluding interest expense and income, EBITDA and Adjusted EBITDA allow investors to measure our performance independent of our capital structure and indebtedness and, therefore, allow for a more meaningful comparison of our performance to that of other companies, both in the real estate industry and in other industries. We believe that excluding charges related to share-based compensation facilitates a comparison of our operations across periods and among other companies without the variances caused by different valuation methodologies, the volatility of the expense (which depends on market forces outside our control), and the assumptions and the variety of award types that a company can use. Quantitative reconciliation of historical measures of Adjusted EBITDA to net income, which is the most directly comparable GAAP measure, is provided on a previous slide. TRCC Net Asset Value (NAV) Per Share: The inputs used in calculating NAV are derived from publicly available disclosures and third-party market data. Tejon Ranch Co.’s share of depreciation and interest expense for unconsolidated joint ventures, as disclosed in the Company’s SEC filings, was used to estimate Net Operating Income (“NOI”) attributable to its 50/50 joint ventures, excluding the TA/Petro investments. Cap rates applied to the NOI are based on average market rates for industrial and retail assets published in the most recent PwC Real Estate Investor Survey. Land value assumptions, including the $1,500 per acre estimate, reflect legacy benchmarks historically applied to quality grazing land. Due to the aggregation of NOI for outlet and industrial assets in the disclosures, a uniform cap rate was applied across both asset types for valuation purposes. We believe TTRCC NAV Per Share is useful to shareholders because it illustrates the current value of our strategic assets, and management uses this measure to evaluate contribution of TRCC relative to overall company NAV. Other companies may calculate NAV and measures associated with it differently. We do not believe there is a directly comparable GAAP measure to TRCC NAV Per Share. Net Debt / Adjusted EBITDA: We use Net Debt / Adjusted EBITDA as a non-GAAP financial measure to evaluate our capital structure and ability to service our debt. Management believes this ratio provides useful insight into leverage trends and capital efficiency. Net debt includes TRC debt and the company’s pro rata share of debt held at unconsolidated joint ventures, offset by consolidated and pro rata cash. Adjusted EBITDA is used as a proxy for core operating performance. There is no directly comparable GAAP measure to Net Debt; a reconciliation is provided above. 62