Tejon Ranch Co. (Tejon) is a diversified real estate development and agribusiness company. Tejon operates in three business segments: commercial/industrial real estate development and services; resort/residential real estate development; and farming. The Company’s operations consist of land planning and entitlement, land development, commercial sales and leasing, leasing of land for mineral royalties, grazing leases, income portfolio management, and farming. Its prime asset is approximately 270,000 acres of contiguous, largely undeveloped land that, at its southerly border, is 60 miles north of Los Angeles and, at its northerly border, is 15 miles east of Bakersfield. The Company is involved in several joint venture agreements which facilitate the development of portions of its land. The Company is also actively engaged in land planning, land entitlement, and conservation projects.