Tejon Ranch Co. Successfully Executing Proven Value-Creation Strategy For Our Shareholders

Urges Shareholders to Vote “FOR” ONLY Tejon’s Highly Qualified Director Nominees on the Company’s WHITE Proxy Card TODAY

Bulldog’s Short-Sighted Campaign Risks Derailing Decades of Important Work and Shareholder Investment and is Not Aligned with the Best Interests of Shareholders

TEJON RANCH, Calif., April 18, 2025 (GLOBE NEWSWIRE) -- Tejon Ranch Co. (NYSE:TRC), (“Tejon” or the “Company”), a diversified real estate development and agribusiness company, today mailed a letter to shareholders in connection with its upcoming Annual Meeting of Shareholders (the “Annual Meeting”) to be held on May 13, 2025.

Tejon Ranch urges shareholders to vote “FOR” the Company’s director nominees only, which are located on the Company’s WHITE proxy card, and withhold votes from Bulldog Investors' nominees. The full text of the letter follows:

Dear Fellow Tejon Ranch Shareholders,

We are reaching out to you directly because your vote on the Company’s WHITE proxy card ONLY “FOR” Tejon’s 10 director nominees is critical to preserving the value of your investment.

By voting, you have the power to protect your investment from Bulldog Investors’ (“Bulldog”) short-sighted, self-serving and last second campaign. Despite attempting to take control of nearly 30% of the Tejon Board of Directors ("Board"), Bulldog has presented shareholders with nothing but questions. Even more concerning, Bulldog appears to have no plan beyond choking off investment to Tejon’s highly valuable residential development projects – putting at risk years of entitlement and execution progress by the Company on behalf of our shareholders. Bulldog's failure to articulate a value creation plan demonstrates a lack of the planning, analysis and thoughtfulness that is required to successfully oversee the execution of California real estate development, including the interconnected operations of Tejon.

Bulldog's nominees have no meaningful experience in real estate, land development, or California-specific regulation, which are disciplines essential to governing a company like Tejon. Bulldog’s nominees also lack understanding of the Company’s many separate business assets, unlike the Company’s recommended Board nominees. Phillip Goldstein and Andrew Dakos have built their careers in closed-end funds, not at operating companies or land-based businesses. Their track record, even in that narrow field, is mediocre, with the funds they oversee regularly trading at discounts to net asset value¹. Mr. Goldstein himself has publicly admitted that Bulldog's involvement at Emergent Capital was a failure.²