Planning Commission Recommends Approval For Tejon Mountain Village

Friday, September 11, 2009

FOR IMMEDIATE RELEASE

Kern County Planning Commission Votes to Recommend Approval for Tejon Mountain Village

Bakersfield, Calif. (September 11, 2009) – The Kern County Planning Commission will recommend to the Board of Supervisors that Tejon Mountain Village, a proposed mountain resort community on Tejon Ranch, be approved when it comes before the Board in the coming weeks. The recommendation comes as a result of a 3-2 vote by the Commission at last night’s public meeting. The new community is being proposed by Tejon Mountain Village LLC, a partnership between Tejon Ranch Company (NYSE: TRC) and DMB Associates.

“Tejon Mountain Village will bring new jobs, enhanced public services and expansion of a tourism economy, while creating a beautiful new gateway to Kern County,” said Robert A. Stine, President and CEO of Tejon Ranch Company. “We believe the Planning Commission recognized these benefits with its vote last night and we appreciate their thoughtful deliberation. Our focus now turns to presenting our plans to the Kern County Board of Supervisors in the coming weeks.”

Tejon Mountain Village is located approximately 40 miles south of Bakersfield and 60 miles north of Los Angeles.

“We believe that a high-quality mountain resort community located in close proximity to such a large population base will be a natural draw for those who are looking for a relaxing getaway in a beautiful natural setting,” Stine added.

A large number of people at the hearing spoke in support of the proposed mountain resort community. The public hearing was held at the Kern County Administrative Center in Bakersfield.

Community Details

Tejon Mountain Village is planned on 26,417 acres 40 miles south of Bakersfield in the Tehachapi Mountains. The plan proposes to preserve 80 percent of the land as open space; an area roughly one-third the size of Bakersfield. The developed portion of the community is proposed with: • Up to 3,450 new homes (ranging from resort condominiums to multi-acre custom lots) • 160,000 square feet of publicly accessible commercial space and new tourist and resort facilities • Recreational amenities, including golf and equestrian opportunities and about 75 miles of hiking, biking and equestrian trails

The community is expected to generate an estimated 3,100 new jobs, including 1,600 construction jobs during the expected 15- to 20-year build-out process and 1,500 permanent positions. The community will also provide funding for public services such as fire stations and equipment, Sheriff facilities, libraries and schools as well as provide improvements to local interchanges with Interstate 5.

The homes in Tejon Mountain Village will also help fund the Tejon Ranch Conservancy, an independent body established to guide the stewardship of up to 90 percent of the Ranch (240,000 acres) that will be conserved as open space.

Continued Public Process

Thursday’s Planning Commission hearing follows the May 27th release of the County’s Draft Environmental Impact Report for Tejon Mountain Village for public review. The Kern County Board of Supervisors is expected to consider the proposal in the coming weeks following the Planning Commission’s recommendation.

About Tejon Mountain Village

As a part of the Tejon Ranch Vision of conservation, continued ranching, and limited development, Tejon Ranch and DMB Associates are carefully planning the development of Tejon Mountain Village. With approximately 80 percent of its land preserved as natural open space, Tejon Mountain Village will be a remarkable, environmentally sensitive mountain resort community. www.TejonMountainVillage.com.

About DMB Associates

DMB Associates is Tejon Ranch’s partner in Tejon Mountain Village. DMB is one of the most respected real estate companies in the West, known for creating sustainable communities that thoughtfully and responsibly address the environment. DMB”s business practices are predicated on creating truly great places and on forging lasting, mutually beneficial partnerships with stakeholders, municipalities, landowners and communities. More information about DMB Associates can be found online at www.dmbinc.com.

About Tejon Ranch

Tejon Ranch Co. is listed on the New York Stock Exchange under the symbol TRC. Tejon Ranch is a diversified real estate development and agribusiness company, whose principal asset is its 270,000-acre land holding located approximately 60 miles north of Los Angeles and 30 miles south of Bakersfield. More information about Tejon Ranch Co. can be found online at www.tejonranch.com.

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