8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20509

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(D)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported) October 4, 2018

Tejon Ranch Co.

(Exact Name of Registrant as Specified in Charter)

Delaware	1-7183	77-0196136
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)
P. O. Box 1000, Lebec, California		93243
(Address of Principal Executive Offices)		(Zip Code)

Registrant’s telephone number, including area code 661 248-3000

Not applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company  ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

Item 7.01 Regulation FD Disclosure

On October 4, 2018, Tejon Ranch Co. (the “Company”) hosted an investor day at its corporate headquarters in Lebec, California at 9:00a.m. Pacific time. The Company is furnishing as Exhibit 99.1 to this Current Report on Form 8-K the presentation materials provided to and discussed with attendees at the investor day. Interested persons will be able to access the webcast of the investor day and the presentation discussed by the Company’s executive management team at www.tejonranch.com.

The information in this Current Report on Form 8-K (including the presentation materials attached as Exhibit 99.1 hereto, and the webcast) is being furnished pursuant to Item 7.01 of Form 8-K and shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference in any filing under the Securities Act (including the presentation materials attached as Exhibit 99.1 hereto, and the webcast).

Item 9.01 Financial Statements and Exhibits

d.    Exhibits.

Exhibit 99.1 Investor Day October 4, 2018 Slide Presentation.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: October 4, 2018	TEJON RANCH CO.
	By:	/s/ ALLEN E. LYDA
	Name:	Allen E. Lyda
	Title:	Executive Vice President, and Chief Financial Officer

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EX-99.1

Exhibit 99.1 TEJON RANCH HISTORYExhibit 99.1 TEJON RANCH HISTORY

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 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, 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. 2Safe 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 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, 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

Tejon Ranch at a Glance Diversified real estate development and agribusiness company operating in five business segments Large-scale master planned residential real estate development Commercial/industrial real estate development Mineral resources (oil & gas, minerals, water sales) Farming Ranch operations 3Tejon Ranch at a Glance Diversified real estate development and agribusiness company operating in five business segments Large-scale master planned residential real estate development Commercial/industrial real estate development Mineral resources (oil & gas, minerals, water sales) Farming Ranch operations 3

Tejon Ranch History Landholding consisting of four Mexican land grants, dating back to November 13, 1843 Rancho El Tejon Rancho La Liebre Rancho De Castac Rancho Los Alamos Y Agua Caliente 4Tejon Ranch History Landholding consisting of four Mexican land grants, dating back to November 13, 1843 Rancho El Tejon Rancho La Liebre Rancho De Castac Rancho Los Alamos Y Agua Caliente 4

Tejon Ranch History Landholding consisting of four Mexican land grants, dating back to November 13, 1843 After the Treaty at Guadalupe Hidalgo ended the Mexican American War, the land grants were federalized and recognized as US territory 5Tejon Ranch History Landholding consisting of four Mexican land grants, dating back to November 13, 1843 After the Treaty at Guadalupe Hidalgo ended the Mexican American War, the land grants were federalized and recognized as US territory 5

Tejon Ranch History Edward Fitzgerald Beale War hero Dispatch – first to make it to the east coast bringing news of the gold discovery in California Superintendent of Indian Affairs Surveyor General Brigadier General in California Militia Surveyed first transcontinental wagon road Ambassador to Austria-Hungary 6Tejon Ranch History Edward Fitzgerald Beale War hero Dispatch – first to make it to the east coast bringing news of the gold discovery in California Superintendent of Indian Affairs Surveyor General Brigadier General in California Militia Surveyed first transcontinental wagon road Ambassador to Austria-Hungary 6

Tejon Ranch History Fort Tejon Founded in 1854 at Beale’s urging Third most-populated area in Southern California at the time Abandoned in 1863 due to the Civil War 7Tejon Ranch History Fort Tejon Founded in 1854 at Beale’s urging Third most-populated area in Southern California at the time Abandoned in 1863 due to the Civil War 7

Tejon Ranch History Beale’s Cut Commissioned to improve the route out of Southern California Cut a pass through the mountains in the northern part of the San Fernando Valley – now Santa Clarita area Responsible for keeping California from being divided into two states – north and south 8Tejon Ranch History Beale’s Cut Commissioned to improve the route out of Southern California Cut a pass through the mountains in the northern part of the San Fernando Valley – now Santa Clarita area Responsible for keeping California from being divided into two states – north and south 8

Tejon Ranch History Transition Beale died in 1893 His son Truxtun Beale served as an absentee owner 9Tejon Ranch History Transition Beale died in 1893 His son Truxtun Beale served as an absentee owner 9

Tejon Ranch History Transition Tejon Ranch sold in 1912 to Chandler-Sherman syndicate, which totaled 70 members Led by Harry Chandler, publisher of the Los Angeles Times, who owned the largest real estate empire in the US Incorporated as a company in 1936 with 108,000 shares of stock outstanding 10Tejon Ranch History Transition Tejon Ranch sold in 1912 to Chandler-Sherman syndicate, which totaled 70 members Led by Harry Chandler, publisher of the Los Angeles Times, who owned the largest real estate empire in the US Incorporated as a company in 1936 with 108,000 shares of stock outstanding 10

Tejon Ranch History American Stock Exchange – 1974 Oil Agriculture Ranching 11Tejon Ranch History American Stock Exchange – 1974 Oil Agriculture Ranching 11

Tejon Ranch History New York Stock Exchange – 1999 Real Estate Oil Agriculture Ranching 12Tejon Ranch History New York Stock Exchange – 1999 Real Estate Oil Agriculture Ranching 12

1999-Today Assets, strategy and team to drive meaningful long-term shareholder value Track record of success Navigating development process/securing entitlements Unlocking asset value to drive profitable growth and cash flow Uniquely positioned to significantly monetize tens of thousands of acres of raw land in California Ownership of largest contiguous piece of private land in California, strategically located in the path of growth Clear strategic vision to create significant value as a fully integrated real estate development company Strong foundation supported by diversified operations Committed, experienced executive team to drive shareholder value 131999-Today Assets, strategy and team to drive meaningful long-term shareholder value Track record of success Navigating development process/securing entitlements Unlocking asset value to drive profitable growth and cash flow Uniquely positioned to significantly monetize tens of thousands of acres of raw land in California Ownership of largest contiguous piece of private land in California, strategically located in the path of growth Clear strategic vision to create significant value as a fully integrated real estate development company Strong foundation supported by diversified operations Committed, experienced executive team to drive shareholder value 13

BUSINESS STRATEGYBUSINESS STRATEGY

Location of Master Planned Developments 15Location of Master Planned Developments 15

Clear Strategic Vision Positioned to deliver significant value as a fully integrated real estate development company 5.0 MM sq. ft. already developed Additional 14.4 MM sq. ft. of commercial/ industrial space available for development Tejon Ranch Commerce Center Together expected to include 34,783 residential units and 35+ MM sq. ft. of commercial space ranch-wide Mountain Village Centennial Grapevine 16Clear Strategic Vision Positioned to deliver significant value as a fully integrated real estate development company 5.0 MM sq. ft. already developed Additional 14.4 MM sq. ft. of commercial/ industrial space available for development Tejon Ranch Commerce Center Together expected to include 34,783 residential units and 35+ MM sq. ft. of commercial space ranch-wide Mountain Village Centennial Grapevine 16

Tejon Ranch Commerce Center (TRCC) 17Tejon Ranch Commerce Center (TRCC) 17

Tejon Ranch Commerce Center Industrial Real Estate Development 14.1 MM sq. ft. of monetizable industrial space Major Distribution Centers 18Tejon Ranch Commerce Center Industrial Real Estate Development 14.1 MM sq. ft. of monetizable industrial space Major Distribution Centers 18

Tejon Ranch Commerce Center Commercial/Retail Real Estate Development 324,000 sq. ft. of monetizable commercial/retail space Major Retail Operations 19Tejon Ranch Commerce Center Commercial/Retail Real Estate Development 324,000 sq. ft. of monetizable commercial/retail space Major Retail Operations 19

Mountain Village at Tejon Ranch 20Mountain Village at Tejon Ranch 20

Mountain Village at Tejon Ranch Residential Real Estate Development Entitled for 3,450 homes, 750 hotel keys, 160,000 sq. ft. of commercial Tentative tract map & commercial site plan approved Covers first 752 lots (first three phases of development) Phase One of 160K sq. ft. commercial center at entrance 21Mountain Village at Tejon Ranch Residential Real Estate Development Entitled for 3,450 homes, 750 hotel keys, 160,000 sq. ft. of commercial Tentative tract map & commercial site plan approved Covers first 752 lots (first three phases of development) Phase One of 160K sq. ft. commercial center at entrance 21

Centennial at Tejon Ranch 22Centennial at Tejon Ranch 22

Centennial at Tejon Ranch Residential Real Estate Development Large-scale residential and mixed-use community in LA County that will address region’s housing and local needs, while embracing sustainability and conservation 19,333 residential units Received LA County Planning Next steps: Board of and 10.1MM sq. ft. Board of Supervisors Commission Supervisors approval of commercial space approval in 2015, recommended approval (targeting late 2018) providing land use of Specific Plan designations and zoning environmental stewardship ~ economic vitality ~ community life ~ smart growth principles 23Centennial at Tejon Ranch Residential Real Estate Development Large-scale residential and mixed-use community in LA County that will address region’s housing and local needs, while embracing sustainability and conservation 19,333 residential units Received LA County Planning Next steps: Board of and 10.1MM sq. ft. Board of Supervisors Commission Supervisors approval of commercial space approval in 2015, recommended approval (targeting late 2018) providing land use of Specific Plan designations and zoning environmental stewardship ~ economic vitality ~ community life ~ smart growth principles 23

Grapevine at Tejon Ranch 24Grapevine at Tejon Ranch 24

Grapevine at Tejon Ranch Residential Real Estate Development Located adjacent to TRCC at base of foothills in the San Joaquin Valley, will support and expand economic development activity taking place at TRCC Half hour from Bakersfield; less than hour from Northern LA County, Santa Clarita and Valencia 12,000 residential units and 5.1MM sq. ft. of commercial development Entitlements approved by Kern County Board of Supervisors in December 2016 25Grapevine at Tejon Ranch Residential Real Estate Development Located adjacent to TRCC at base of foothills in the San Joaquin Valley, will support and expand economic development activity taking place at TRCC Half hour from Bakersfield; less than hour from Northern LA County, Santa Clarita and Valencia 12,000 residential units and 5.1MM sq. ft. of commercial development Entitlements approved by Kern County Board of Supervisors in December 2016 25

California Development Process Path Progress can be impacted by regulatory changes, litigation and market conditions TRCC Grapevine Detailed Maps/Engineering Level Designs for: ü Create Development Plan ü Lot Layouts ü Prepare Environmental Impact Plan ü Grading ü Obtain Project Approval from ü Amenities & Infrastructure, including Sewer and Water Systems County Board of Supervisors STATE & FEDERAL PERMITS ENTITLEMENT TRACT/FINAL MAPS CONSTRUCTION PERMITS OPERATIONS Obtain necessary permits from: ü Obtain Permitting to ü State Department of Fish and Wildlife Commence Construction ü Regional Water Quality Control Board ü US Army Corps of Engineers Centennial Mountain Village 26California Development Process Path Progress can be impacted by regulatory changes, litigation and market conditions TRCC Grapevine Detailed Maps/Engineering Level Designs for: ü Create Development Plan ü Lot Layouts ü Prepare Environmental Impact Plan ü Grading ü Obtain Project Approval from ü Amenities & Infrastructure, including Sewer and Water Systems County Board of Supervisors STATE & FEDERAL PERMITS ENTITLEMENT TRACT/FINAL MAPS CONSTRUCTION PERMITS OPERATIONS Obtain necessary permits from: ü Obtain Permitting to ü State Department of Fish and Wildlife Commence Construction ü Regional Water Quality Control Board ü US Army Corps of Engineers Centennial Mountain Village 26

Case Study Development Process 1998 2003 2005 350-acre 2007 1100-acre expansion Kern County Board of development 1997 5th District Court approved by Kern County 2006 approved by Supervisors certify Public of Appeals affirms Board of Supervisors Judge rules SEIR SEIR and reapprove Kern County announcement of judge’s decision satisfies his order; Board of project expansion development Approval challenged decision is Supervisors by Center for Biological appealed by CBD Diversity; judge orders preparation of Supplemental Environmental Impact Report 2010 2018 1995 2000 2005 2015 2014 2012 Outlets at Caterpillar Tejon opens 2001 2009 Distribution IKEA Distribution Famous Footwear 1997 Center opens Center opens Distribution Center Petro Travel 2018 Dollar General opens Plaza opens 2002 Majestic Realty JV Distribution Dermondy Partners JV TA Travel Center spec building Center opens spec building opens opens on East completed and leased Side to Dollar General 27Case Study Development Process 1998 2003 2005 350-acre 2007 1100-acre expansion Kern County Board of development 1997 5th District Court approved by Kern County 2006 approved by Supervisors certify Public of Appeals affirms Board of Supervisors Judge rules SEIR SEIR and reapprove Kern County announcement of judge’s decision satisfies his order; Board of project expansion development Approval challenged decision is Supervisors by Center for Biological appealed by CBD Diversity; judge orders preparation of Supplemental Environmental Impact Report 2010 2018 1995 2000 2005 2015 2014 2012 Outlets at Caterpillar Tejon opens 2001 2009 Distribution IKEA Distribution Famous Footwear 1997 Center opens Center opens Distribution Center Petro Travel 2018 Dollar General opens Plaza opens 2002 Majestic Realty JV Distribution Dermondy Partners JV TA Travel Center spec building Center opens spec building opens opens on East completed and leased Side to Dollar General 27

Case Study Development Process Resources and strategy to transform raw land into a monetizable real estate asset to drive shareholder value Industrial Land Commercial/Retail Land Post Entitlement Developable Land $261,360 - $1,176,120/acre $130,680 - $261,360/acre OR $6.00 - $27.00 per sq. ft.* OR $3.00 - 6.00 per sq. ft.* Raw land * Prices quoted in marketplace and dependent on size of lot and final use. $1,500/acre 28Case Study Development Process Resources and strategy to transform raw land into a monetizable real estate asset to drive shareholder value Industrial Land Commercial/Retail Land Post Entitlement Developable Land $261,360 - $1,176,120/acre $130,680 - $261,360/acre OR $6.00 - $27.00 per sq. ft.* OR $3.00 - 6.00 per sq. ft.* Raw land * Prices quoted in marketplace and dependent on size of lot and final use. $1,500/acre 28

Compelling Macro Trends 200% POPULATION GROWTH 171% 160% 120% Expected to continue 85% 84% 80% rising, buoyed by 40% diversified California 61% economy 0% 1980 2015 2035 Kern County 479,000 886,000 1,300,000 LA Basin 11,100,000 17,900,000 20,400.000 Source: US Census Bureau; Moody’s Analytics (values are approximate) 500% MEDIAN HOUSING 455% 400% PRICE GROWTH 408% 300% 200% Expected to continue 100% rising due to scarcity of entitleable land 0% 1980 2017 in California Kern County $43,700 $222,000 LA Basin $99,700 $553,300 Source: National Association of Realtors; Moody’s Analytics (values are approximate) 29Compelling Macro Trends 200% POPULATION GROWTH 171% 160% 120% Expected to continue 85% 84% 80% rising, buoyed by 40% diversified California 61% economy 0% 1980 2015 2035 Kern County 479,000 886,000 1,300,000 LA Basin 11,100,000 17,900,000 20,400.000 Source: US Census Bureau; Moody’s Analytics (values are approximate) 500% MEDIAN HOUSING 455% 400% PRICE GROWTH 408% 300% 200% Expected to continue 100% rising due to scarcity of entitleable land 0% 1980 2017 in California Kern County $43,700 $222,000 LA Basin $99,700 $553,300 Source: National Association of Realtors; Moody’s Analytics (values are approximate) 29

Uniquely Positioned to Significantly Monetize Tens of Thousands of Acres of Raw California Land Tejon Ranch is a select location where large-scale development can and will occur Largest contiguous piece of private land in California Extensive development regulations create high barriers to entry, limiting players who can engage in real estate activity at this scale 30Uniquely Positioned to Significantly Monetize Tens of Thousands of Acres of Raw California Land Tejon Ranch is a select location where large-scale development can and will occur Largest contiguous piece of private land in California Extensive development regulations create high barriers to entry, limiting players who can engage in real estate activity at this scale 30

DIVERSE OPERATIONSDIVERSE OPERATIONS

Strong Foundation Supported by Diversified Operations Steady cash flow generated from diversified operations enables investment in entitlement and development of real estate assets AGRICULTURE MINERAL RESOURCES 32Strong Foundation Supported by Diversified Operations Steady cash flow generated from diversified operations enables investment in entitlement and development of real estate assets AGRICULTURE MINERAL RESOURCES 32

Farmland by Crop Crop Acres Wine grapes 1,180 Almonds 1,982 Pistachios 1,053 Total 4,215 33Farmland by Crop Crop Acres Wine grapes 1,180 Almonds 1,982 Pistachios 1,053 Total 4,215 33

Mineral Rights Offering Oil & Gas Total acres available for lease 61,000 Acres currently under lease 8,824 Active wells 310 34Mineral Rights Offering Oil & Gas Total acres available for lease 61,000 Acres currently under lease 8,824 Active wells 310 34

Minerals Minerals Acres National Cement 2,438 Aggregate Leases 523 35Minerals Minerals Acres National Cement 2,438 Aggregate Leases 523 35

Water TEJON RANCH COMPANY OVERVIEW OF CURRENT WATER RESOURCES - JUNE 2018 SOURCES OF WATER ACRE FEET STATE WATER PROJECT: WHEELER RIDGE-MARICOPA WATER DISTRICT 15,547 TULARE WATER DISTRICT 1, 451 DUDLEY-RIDGE WATER DISTRICT 1, 993 TEJON-CASTAC WATER DISTRICT 5, 749 TOTAL STATE WATER PROJECT WATER (1) 24, 740 NICKEL WATER CONTRACT - ANNUAL WATER SUPPLY 6, 693 6,693 WATER AVAILABLE EACH YEAR BUT NOT RECURRING: (2) WATER BANK INVENTORY-KERN COUNTY 49,184 TEJON WATER BANK-ANTELOPE VALLEY 33,634 TRANSFERABLE WATER 6, 082 PARTICIPATION AVEK WATER BANK 13,033 101,933 TOTAL WATER RESOURCES THROUGH JUNE 2018 (100% SWP CONTRACT AMOUNT) 133,366 TOTAL WATER RESOURCES THROUGH JUNE 2018 (60% SWP CONTRACT AMOUNT) 123,470 TOTAL WATER RESOURCES THROUGH JUNE 2018 (50% SWP CONTRACT AMOUNT) 120,996 NOTES: (1) STATE WATER PROJECT WATER SHOWN AT 100% ALLOCATION. ANNUAL ALLOCATION WILL VARY. (2) WHEN USED THIS WATER MUST BE REPLACED NOT AN ANNUAL RECURRING AMOUNT. 36Water TEJON RANCH COMPANY OVERVIEW OF CURRENT WATER RESOURCES - JUNE 2018 SOURCES OF WATER ACRE FEET STATE WATER PROJECT: WHEELER RIDGE-MARICOPA WATER DISTRICT 15,547 TULARE WATER DISTRICT 1, 451 DUDLEY-RIDGE WATER DISTRICT 1, 993 TEJON-CASTAC WATER DISTRICT 5, 749 TOTAL STATE WATER PROJECT WATER (1) 24, 740 NICKEL WATER CONTRACT - ANNUAL WATER SUPPLY 6, 693 6,693 WATER AVAILABLE EACH YEAR BUT NOT RECURRING: (2) WATER BANK INVENTORY-KERN COUNTY 49,184 TEJON WATER BANK-ANTELOPE VALLEY 33,634 TRANSFERABLE WATER 6, 082 PARTICIPATION AVEK WATER BANK 13,033 101,933 TOTAL WATER RESOURCES THROUGH JUNE 2018 (100% SWP CONTRACT AMOUNT) 133,366 TOTAL WATER RESOURCES THROUGH JUNE 2018 (60% SWP CONTRACT AMOUNT) 123,470 TOTAL WATER RESOURCES THROUGH JUNE 2018 (50% SWP CONTRACT AMOUNT) 120,996 NOTES: (1) STATE WATER PROJECT WATER SHOWN AT 100% ALLOCATION. ANNUAL ALLOCATION WILL VARY. (2) WHEN USED THIS WATER MUST BE REPLACED NOT AN ANNUAL RECURRING AMOUNT. 36

Operating Segment Revenue ($ in thousands) 2015 2016 2017 Real Estate $14,596 $16,536 $13,630 Commercial/Industrial (Including Joint Ventures) Mineral Resources $15,116 $14,153 $5,983 Farming $23,836 $18,648 $16,434 Ranch Operations $3,923 $3,338 $3,837 Investment/Gain on Sale/Other $909 $1,659 $615 Total Revenue $58,380 $54,334 $40,499 Adjusted EBITDA (Non GAAP) $16,385 $14,650 $12,112 37Operating Segment Revenue ($ in thousands) 2015 2016 2017 Real Estate $14,596 $16,536 $13,630 Commercial/Industrial (Including Joint Ventures) Mineral Resources $15,116 $14,153 $5,983 Farming $23,836 $18,648 $16,434 Ranch Operations $3,923 $3,338 $3,837 Investment/Gain on Sale/Other $909 $1,659 $615 Total Revenue $58,380 $54,334 $40,499 Adjusted EBITDA (Non GAAP) $16,385 $14,650 $12,112 37

Investment in a California Legacy Assets, strategy and team to drive meaningful long-term shareholder value Track record of success Navigating development process/securing entitlements Unlocking asset value to drive profitable growth and cash flow Uniquely positioned to significantly monetize tens of thousands of acres of raw land in California Ownership of largest contiguous piece of private land in California, strategically located in the path of growth Clear strategic vision to create significant value as a fully integrated real estate development company Strong foundation supported by diversified operations Committed, experienced executive team to drive shareholder value 38Investment in a California Legacy Assets, strategy and team to drive meaningful long-term shareholder value Track record of success Navigating development process/securing entitlements Unlocking asset value to drive profitable growth and cash flow Uniquely positioned to significantly monetize tens of thousands of acres of raw land in California Ownership of largest contiguous piece of private land in California, strategically located in the path of growth Clear strategic vision to create significant value as a fully integrated real estate development company Strong foundation supported by diversified operations Committed, experienced executive team to drive shareholder value 38