Core Viewpoint - Tejon Ranch Co. is supported by Kern County leaders in opposition to Bulldog Investors' efforts that threaten the development of Tejon's Master Planned Communities, which are deemed essential for the region's economic growth and sustainability [1][2][13]. Company Overview - Tejon Ranch Co. is a diversified real estate development and agribusiness company with a principal asset of 270,000 acres located approximately 60 miles north of Los Angeles and 30 miles south of Bakersfield [4]. Economic Impact - The letter from Kern County leaders highlights the long-standing partnership between Tejon and Kern County, emphasizing the critical role of Tejon's Master Planned Communities for sustainable growth in the region [2][12]. - Tejon's leadership has been integral to Kern County's economic success for nearly two centuries, and any disruption to this relationship could undermine the stability of the local economy [3][13]. Community Engagement - Tejon is recognized as an engaged corporate citizen and a forward-thinking partner, demonstrating ingenuity in navigating California's regulatory environment for land use and development [3][12]. - The success of Tejon's Master Planned Communities is linked to the future economic growth and community development of Kern County, making the current proxy contest a public policy concern [13][14]. Future Outlook - The Tejon Board and management are focused on delivering value for shareholders while ensuring the long-term success of the company and the region, contrasting with Bulldog's adversarial approach which lacks a concrete plan [14][15].

Core Viewpoint - Tejon Ranch Co. is actively pursuing strategic initiatives to enhance growth and shareholder value, particularly through its real estate development and agribusiness operations [1][2]. Group 1: Company Strategy and Development - Tejon Ranch is executing its strategy by developing residential and industrial projects at Tejon Ranch Commerce Center (TRCC) and progressing with entitlements for Master-Planned Communities (MPCs) [2]. - The company has achieved significant industrial land price appreciation of nearly 1,500% since the inception of TRCC, generating over $110 million in cumulative cash flows from commercial and industrial development since 2000 [2]. - Tejon is strategically investing in its Mountain Village, Grapevine, and Centennial developments to sustain growth and long-term value creation [2]. Group 2: Leadership and Governance - In 2024, Tejon's Board implemented a succession planning process, resulting in the appointment of a new CEO and four new directors, enhancing the Board's expertise and strategic outlook [2]. - The company engaged a compensation consultant to evaluate its executive compensation program, improving transparency and disclosures [2]. Group 3: Shareholder Engagement - Tejon urges shareholders to vote for its 10 nominees on the WHITE proxy card, emphasizing the importance of their support for the company's long-term value creation and economic growth in California [3][4]. - The company criticizes Bulldog Investors for lacking the necessary skills and knowledge to drive Tejon's strategy, asserting that Bulldog's nominees would derail the company's value creation plan [2].

Core Viewpoint - Tejon Ranch Co. urges shareholders to vote exclusively for its own director nominees on the WHITE proxy card, emphasizing that Bulldog Investors' campaign poses risks to the company's long-term value and shareholder interests [1][2][3]. Company Strategy and Performance - Tejon Ranch has a proven history of success in real estate development and securing land use entitlements, which is crucial for maximizing the value of its unique assets [7][10]. - The company has successfully generated over $110 million in cumulative cash flow from its Tejon Ranch Commerce Center (TRCC) through strategic planning and execution [11]. - Tejon has reduced discretionary land use entitlement spending by 38% over the past five years, demonstrating prudent capital allocation while maintaining low debt levels [12]. Risks of Bulldog Investors' Nominees - Bulldog Investors' nominees lack meaningful experience in real estate and California-specific regulations, which are essential for overseeing Tejon's complex operations [4][6]. - Bulldog's focus on short-term gains could jeopardize the long-term value created by Tejon's strategic investments in master planned communities (MPCs) [14]. Importance of Shareholder Vote - The company emphasizes the importance of shareholder votes in maintaining its strategic direction and protecting long-term investments against Bulldog's short-sighted approach [3][15]. - Tejon's Board believes that electing its recommended nominees is critical for continuing the company's value creation strategy and ensuring future returns for shareholders [13][16].