Tejon Ranch urges shareholders to vote for company’s director nominees

Tejon Ranch (TRC) mailed a letter to shareholders in connection with its upcoming Annual Meeting of Shareholders, which read in part, “You still have time to protect the value of your investment in Tejon. Our Annual Meeting of Shareholders is only 5 days away – on May 13, 2025. Bulldog Investors, a New Jersey-based hedge fund and serial proxy agitator who only recently became a Tejon shareholder, is running a campaign to install three unqualified individuals to our Board. Bulldog does not seem to care about Tejon and our shareholders enough to engage with us constructively, conduct any meaningful diligence on our company, or articulate a plan to create value. Conversely, our Board values shareholder engagement and is continuing to enhance our practices in this area. Tejon has committed to: Holding an Investor Day at least once per year, beginning in the fall of 2025 at the New York Stock Exchange. Holding an investor event at the ranch in 2026. Ongoing engagement between our Board and management team aimed at implementing additional potential enhancements to our shareholder communications, including our quarterly earnings efforts. Engaging with shareholders around compensation and other corporate governance practices. Bulldog’s Nominees Would Inject Instability and Disruption Into Tejon’s Boardroom at a Critical Moment for the Company Their lack of experience – not just in real estate, but in running or contributing constructively to an operating business – would conflict with the careful balance of expertise Tejon’s Board brings to bear across capital allocation, land use, and California regulatory strategy. This would negatively impact the disciplined approach that is required to execute long-term master-planned communities. Do not be misled by Bulldog’s obscure and surface-level commentary. Tejon’s Board believes that Bulldog is running a campaign to derail our progress and is a significant threat to the future of our company. We urge you to support Tejon’s fit-for-purpose Board that is focused on driving shareholder value. Tejon’s highly qualified, engaged and accomplished Board stands in stark contrast to Bulldog’s exceptionally unqualified and self-interested nominees. Bulldog has put forth three individuals with no meaningful experience in any area that would support Tejon’s continued growth, but most importantly in the management of land-development companies and California real estate.”