<SEC-DOCUMENT>0001193125-25-109350.txt : 20250501
<SEC-HEADER>0001193125-25-109350.hdr.sgml : 20250501
<ACCEPTANCE-DATETIME>20250501103511
ACCESSION NUMBER:		0001193125-25-109350
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250501
DATE AS OF CHANGE:		20250501

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TEJON RANCH CO
		CENTRAL INDEX KEY:			0000096869
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE [6500]
		ORGANIZATION NAME:           	05 Real Estate & Construction
		EIN:				770196136
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-07183
		FILM NUMBER:		25900325

	BUSINESS ADDRESS:	
		STREET 1:		4436 LEBEC ROAD
		STREET 2:		PO BOX 1000
		CITY:			LEBEC
		STATE:			CA
		ZIP:			93243
		BUSINESS PHONE:		6612483000

	MAIL ADDRESS:	
		STREET 1:		4436 LEBEC RD
		STREET 2:		PO BOX 1000
		CITY:			LEBEC
		STATE:			CA
		ZIP:			93243
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEFA14A
<SEQUENCE>1
<FILENAME>d146764ddefa14a.htm
<DESCRIPTION>DEFA14A
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</DIV><DIV STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C. 20549 </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center><DIV STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</DIV></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SCHEDULE 14A </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Proxy
Statement Pursuant to Section&nbsp;14(a) of the </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Securities Exchange Act of 1934 </B></P>
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<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Filed by the Registrant&#8194;&#9746;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195;&#8195; Filed by a Party other than the Registrant&#8194;&#9744;</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Check the appropriate box: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom">Preliminary Proxy Statement</TD></TR>
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<TD VALIGN="bottom"><B>Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</B></TD></TR>
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<TD VALIGN="bottom">Definitive Proxy Statement</TD></TR>
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<TD VALIGN="bottom">Soliciting Material Pursuant to &#167;240.14a-12</TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:22pt; font-family:Times New Roman" ALIGN="center"><B>Tejon
Ranch Co. </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Name of Registrant as Specified In Its Charter) </B></P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Name of Person(s) Filing Proxy Statement, if other than the Registrant)
</B></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">Payment of Filing Fee (Check all boxes that apply): </P>
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<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules <FONT
STYLE="white-space:nowrap">14a-6(i)(1)</FONT> and <FONT STYLE="white-space:nowrap">0-11</FONT></P></TD></TR>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Tejon Ranch Co. Emphasizes Commitment to Execution, Oversight and Transparency </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>Bulldog&#146;s Apparent Lack of Understanding of Tejon&#146;s Business Risks Significant Value Destruction at Tejon </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>Urges Shareholders to Vote &#147;FOR&#148; ALL of Tejon Ranch&#146;s 10 Highly Qualified Director Nominees on the WHITE Proxy Card </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">May 01, 2025 09:15 ET </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>TEJON RANCH, Calif.,
May</B><B></B><B>&nbsp;1, 2025</B> &#150; Tejon Ranch Co. (NYSE:TRC), (&#147;Tejon&#148; or the &#147;Company&#148;), a diversified real estate development and agribusiness company, today announced that it has mailed a letter to shareholders in
connection with its upcoming Annual Meeting of Shareholders (the &#147;Annual Meeting&#148;) to be held on May&nbsp;13, 2025. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The full text of the letter
follows: </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>The May&nbsp;13, 2025, Tejon Ranch Annual Meeting is a few weeks away. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>You have a critical decision to make regarding the future of your investment. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Support Tejon <U>TODAY</U> by voting &#147;FOR&#148; ONLY Tejon&#146;s highly qualified director nominees </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>on the Company&#146;s WHITE proxy card. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Dear Fellow Tejon Ranch Shareholders, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">We value your investment and trust in the Tejon Board of Directors. We ask you to continue supporting our Board, which has continued to deliver
for you and remains committed to generating long-term shareholder value. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Our value creation strategy, aimed at unlocking the full
potential of Tejon&#146;s unique assets, is informed by disciplined capital allocation and discretionary spending under the oversight of our deeply experienced and highly qualified Board. We have a demonstrated track record of acting in
shareholders&#146; best interests &#150; regularly engaging with investors and fortifying our corporate governance practices to help ensure shareholder representation, accountability and, ultimately, shareholder returns. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">On the contrary, Bulldog Investors (&#147;Bulldog&#148;), a New Jersey-based hedge fund and serial proxy agitator, is running a campaign to
derail our progress and install three unqualified director nominees on your Board, despite only just recently purchasing shares in TRC. <B>Make no mistake, Bulldog&#146;s nominees lack the requisite experience in real estate, land development
and</B><B></B><B>&nbsp;California-specific regulation needed to govern a company like Tejon.</B>&nbsp;A vote in favor of Bulldog&#146;s uninformed and <FONT STYLE="white-space:nowrap">ill-conceived</FONT> ideas risks unravelling the purposeful work
of Tejon&#146;s Board and management team over several decades. Bulldog has yet to provide any reasoned or articulate approaches to realize enhanced value for shareholders. In fact, we believe Bulldog&#146;s agenda would forego significant long-term
gains for, if anything, a modest short-term return. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Don&#146;t be misled. Tejon has engaged with Bulldog in good faith since learning of their
investment mere months ago. Despite this, Bulldog has chosen to pursue an opportunistic proxy contest, taking advantage of our shareholder-friendly cumulative voting structure in an attempt to obtain outsized influence over the Board and direction
of this company. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Bulldog&#146;s Sparse Proxy Materials Demonstrate a Lack of Effort and Understanding of Our Business </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Bulldog has offered only surface-level commentary that ignores the reality of driving value in real estate development at Tejon. We believe
shareholders deserve to know the truth and are providing the following facts in response to Bulldog&#146;s assertions: </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><U>Capital
Allocation </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>Tejon has a deliberate capital allocation strategy that enables growth and prevents overextension of the
balance sheet.</B> This is the same strategy that drove the highly successful development of <U>Tejon Ranch Commerce Center</U> (&#147;TRCC&#148;). </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Capital allocated to future master-planned communities (&#147;MPCs&#148;) (discretionary and <FONT
STYLE="white-space:nowrap">non-discretionary)</FONT> has dropped from 51% of total capital expenditures to 15% since 2019. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Due to disciplined deployment of capital and securing entitlements,<B> the value of Tejon&#146;s entitled and <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">yet-to-be-developed</FONT></FONT></FONT> master-planned land has increased by an estimated <FONT STYLE="white-space:nowrap">5x-10x</FONT></B>.
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>TRCC&#146;s growth is not capital constrained</B> but rather is defined by market dynamics (demand) and
Tejon&#146;s development plans (supply). </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>Joint ventures are an important way to leverage third-party capital and diversify risk, and Tejon has used
them in the past, but they must be pursued at the right stage of the project to maximize value.</B> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B><U>Mountain Village</U></B><B> and </B><B><U>Grapevine</U></B><B> are already entitled</B>. Incremental
investments into these MPCs would translate into significant revenue and land appreciation benefits, particularly for Mountain Village, which is at near-execution stage. </P></TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><U>Executive Compensation </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>Our executive compensation program is aligned with shareholder value creation priorities, industry standards
and corporate governance best practices</B>. It is regularly reviewed by our Compensation Committee, in conjunction with third party consultants, to help ensure that this continues to be the case. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>Our target executive compensation opportunities are market-aligned and
<FONT STYLE="white-space:nowrap">in-line</FONT> with our peers</B> to help ensure we maintain a competitive compensation program. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Compensation for Tejon&#146;s newly appointed CEO, Matt Walker, is performance-based, long-term oriented, and
directly tied to measurable outcomes that drive shareholder value. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">All named executive officers have compensation tied to share price appreciation. </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">We have outlined the potential of Tejon&#146;s assets so our investors can understand the significant value
potential. However, we recognize that improvements can be made, and <B>we have been proactively making them long before Bulldog&#146;s investment.</B> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>We value investor feedback. In 2024, Tejon met with investors representing approximately 53% of shares
outstanding.</B> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Following this engagement, we updated our disclosures, and we are refining how we present asset-level economics
and long-term potential in a more investor-friendly and transparent way. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">In connection with his appointment by Tejon&#146;s Board, our new CEO has committed to focusing on<B> increasing
transparency and accessibility in order to better communicate our strategy to investors and the broader capital markets</B>. </P></TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><U>Expense Management </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>Tejon did not initiate or ask for this costly and distracting proxy contest, but it is the Board&#146;s
fiduciary duty to protect investors and the Company&#146;s assets. The Board and management team have been highly focused on expense management.</B> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>As the entitlement process advances, discretionary investment in MPCs has decreased by 38% over the last 5
years</B>, now representing less than 6% of total real estate investing activities in 2024. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>Total headcount in our Company declined nearly 50% </B>over the last decade,<B> </B>with the Company retaining
a nimble and energetic workforce. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>Tejon&#146;s Board has made considerable effort to avoid a contested election.</B> We even offered to formally
consider potential director candidates if Bulldog were to provide names, but Bulldog declined to engage. </P></TD></TR></TABLE>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Bulldog&#146;s Campaign Highlights that its Nominees Lack the Commitment Required to Provide Strategic Oversight at Tejon </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In addition to introducing misleading commentary regarding Tejon and our value-creating strategy, Bulldog has deprived shareholders of vital
details necessary to inform their decisions on how to vote in this election. <B>Bulldog&#146;s proxy materials demonstrate a lack of diligence and willingness to provide complete disclosure to shareholders. </B>On the other hand,<B> </B>Tejon has
presented considerable and detailed information about our plans and value creation strategy. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Bulldog has repeatedly rejected requests to
complete the Company&#146;s standard director nominee questionnaire, which would help ensure shareholders have appropriate information about Bulldog&#146;s nominees&#146; potential conflicts of interest and stock ownership. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Bulldog&#146;s haphazard campaign stands in stark contrast to the efforts Tejon is making to provide shareholders with clear, comprehensive
information about the future of their investment. <B>If Bulldog&#146;s proxy filing is indicative of its approach to corporate oversight and management, their nominees pose a serious threat to Tejon and our shareholders. </B> </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Vote for Tejon&#146;s Highly Qualified Nominees and Safeguard your Investment </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>It is unclear why Bulldog and its nominees believe they can apply their irrelevant experience of waging proxy contests at <FONT
STYLE="white-space:nowrap">closed-end</FONT> funds into overseeing a complex and multi-faceted real-estate and land development business in California&#146;s specialized environment.</B> Regardless, if Bulldog truly understood real estate, its
commentary would reflect that material changes in land-development companies are incremental, and thus, there is little benefit to hasty monetization at this stage. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Bulldog&#146;s campaign to install three unqualified directors on Tejon&#146;s Board is an overreach.</B> Two of Bulldog&#146;s nominees,
Phillip Goldstein and Andrew Dakos, are current Bulldog employees while its third nominee, Aaron Morris, has repeatedly acted as Bulldog&#146;s litigation counsel. These individuals are seemingly not focused on shareholders&#146; best interests.
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">While Bulldog pursues its short-term focused campaign with no concrete plan for meaningful long-term value creation, <B>the Tejon Board
and management team remain focused on maximizing value for all shareholders.</B> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>We strongly recommend that you vote your shares
&#147;FOR&#148; ONLY Tejon&#146;s nominees on the Company&#146;s WHITE proxy card</B>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Thank you for your continued support. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Sincerely, </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Tejon Ranch Co.
Board of Directors </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>YOUR VOTE IS IMPORTANT, NO MATTER HOW MANY SHARES YOU OWN.</B></P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">YOU MAY VOTE BY THE INTERNET OR MAIL BY FOLLOWING THE
INSTRUCTIONS ON THE <B></B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>WHITE</B> PROXY CARD. <B>WE URGE YOU TO VOTE TODAY!</B></P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">If you have any questions or require any assistance with
voting your shares, please contact:</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">D.F. King&nbsp;&amp;
Co., Inc.</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">48 Wall Street</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">New
York, NY 10005</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Banks and Brokers: (212) <FONT STYLE="white-space:nowrap">390-0450</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">All Others: (866) <FONT STYLE="white-space:nowrap">796-7184</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Email: TRC@dfking.com</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Vestra Advisors is serving as financial advisor to Tejon and Gibson, Dunn&nbsp;&amp; Crutcher LLP is serving as the
Company&#146;s legal advisor. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>About Tejon Ranch Co. (NYSE: TRC) </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Tejon Ranch Co. is a diversified real estate development and agribusiness Company whose principal asset is its
<FONT STYLE="white-space:nowrap">270,000-acre</FONT> land holding located approximately 60 miles north of Los Angeles and 30 miles south of Bakersfield. For more information on the Company, please go to <U>www.tejonranch.com</U>. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Forward Looking Statements </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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&#146;s plans, strategies, prospects and
expectations regarding its business and industry are forward-looking statements. They reflect Tejon&#146;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&#146;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&#146;s business
results, refer to Tejon&#146;s Annual Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the fiscal year ended December&nbsp;31, 2024 and subsequent filings with the U.S. Securities and Exchange Commission. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Additional Information and Where to Find It </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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&#146;s website at <U>www.sec.gov</U>. Copies of the
documents filed by Tejon are also available free of charge by accessing Tejon&#146;s website at <U>www.tejonranch.com</U>. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Participants </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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&#146;s <B>definitive proxy statement filed with the SEC on
April</B><B></B><B>&nbsp;3, 2025 under </B><B>&#147;</B><B>Supplemental Information Regarding Participants in the Solicitation</B><B>&#148;</B><B> in Appendix A,</B> which is available free of charge at the SEC&#146;s website at <U>www.sec.gov</U>.
</P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Contacts: </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Investors </I></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Nicholas Ortiz </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Tejon Ranch Co., Senior Vice
President,&nbsp;Corporate Communications&nbsp;&amp; Public Affairs </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">661-663-4212</FONT></FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>nortiz@tejonranch.com</U> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Media </I></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Eric Brielmann / Jed Repko </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Joele Frank, Wilkinson Brimmer
Katcher </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">212-355-4449</FONT></FONT> </P>
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