TRC Tejon Ranch Co

Nitor Capital Management LLC (together with its affiliates, “Nitor Capital Management” or “we”), a significant stockholder of Tejon Ranch Company (NYSE: TRC) (“Tejon Ranch” or the “Company”) which beneficially owns approximately 1.8% of Tejon Ranch’s outstanding shares, today commented on the Company’s upcoming annual meeting of stockholders scheduled to be held on May 14, 2024.

“We wanted to commend our fellow stockholders, California State Teachers' Retirement System (CalSTRS) and Calvert Research and Management for joining us in taking an important first step to hold the Board accountable for the Company’s over 20 year history of abysmal performance, lack of tangible stockholder value creation and questionable compensation practices by WITHHOLDING their votes for the election of certain of the Company’s directors and voting AGAINST the approval of executive compensation at the Company’s 2024 annual meeting of stockholders.¹

Nitor Capital Management was also pleased by leading independent proxy advisory firms ISS and Glass Lewis recommending stockholders to WITHHOLD votes for the election of Nominating Committee Chair Michael H. Winer, and Glass Lewis’ further recommendation to vote AGAINST the Company’s say-on-pay proposal at the upcoming annual meeting. We believe these recommendations provide further validation for our views on the need for accountability in the boardroom and our concerns regarding the poor compensation practices at Tejon Ranch.

We continue to urge our fellow stockholders to join Nitor Capital Management in sending a clear message to the Board that the status quo will no longer be tolerated by WITHHOLDING support for the election of Compensation Committee Chair Steven A. Betts, Chairman of the Board Norman J. Metcalfe, Real Estate Committee Chair Geoffrey L. Stack and Nominating Committee Chair Michael H. Winer, and voting AGAINST approval of executive compensation.”

About Nitor Capital Management LLCNitor Capital Management LLC is an investment management firm based in Englewood Cliffs, New Jersey that manages capital on behalf of institutional and high-net worth investors. The firm manages Nitor Capital LLC, an investment fund that makes long-term, concentrated investments in companies that own unique, high-caliber, businesses and assets.

THIS IS NOT A SOLICITATION OF AUTHORITY TO VOTE YOUR PROXY. DO NOT SEND US YOUR PROXY CARD. NITOR CAPITAL MANAGEMENT LLC IS NOT ASKING FOR YOUR PROXY CARD AND WILL NOT ACCEPT PROXY CARDS IF SENT. NITOR CAPITAL MANAGEMENT LLC IS NOT ABLE TO VOTE YOUR PROXY, NOR DOES THIS COMMUNICATION CONTEMPLATE SUCH AN EVENT.

ContactDavid J. SpierNitor Capital Management LLCdspier@nitorcapital.com

_________________________¹ Per Bloomberg, (i) CalSTRS withheld support for all incumbent directors and voted against approval of executive compensation, and (ii) Calvert Research and Management withheld support for Steven A. Betts, Norman J. Metcalfe, Daniel R. Tisch and Michael H. Winer and voted against approval of executive compensation.