TEJON RANCH, CA—The board of directors of Tejon Ranch Co. has approved a detailed business plan that will guide the ultimate development and marketing of Tejon Mountain Village, the company's upscale mountain residential/resort community that will be located in the westernmost high country of Tejon Ranch. The board has also authorized the management team to move forward with the creation of tentative tract maps.

"We have made outstanding progress towards making our vision of Tejon Mountain Village a reality, and today's announcement is another exciting step forward," said Gregory Bielli, president and CEO. "We have already secured entitlements, permits and consumer and market research for Tejon Mountain Village, and we now have a board-approved business plan showing the project's financial viability."

The tentative tract map process consists of a series of discrete steps, reports and studies that are expected to take up to two years to complete, including:

• Lot Feasibility Study

• Drainage and Water Quality Report

• Title Report

• Geotechnical Report

• Engineering and Systems Design

Once complete, the tract maps for Tejon Mountain Village, which will be based on the County-approved Special Plan, are required to be reviewed and approved by the Kern County Planning Commission.

Bielli continued, "Tejon Mountain Village will be an upscale retreat from the city in a beautiful natural setting with exceptional resort facilities, lodging, and primary and second home offerings. We believe starting the Tentative Tract Map process sends a positive signal to the marketplace as a whole that we are ready, willing and able to bring this project to market with a clear path to execution."

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

A high-quality mountain residential/resort community located just a short drive from the large and affluent Southern California market is expected to be a natural draw for people who want to live in a beautiful natural setting, or for those who will use the community's exceptional resort facilities, lodging, and primary and second home offerings for a relaxing respite from the hustle and bustle of urban life.

Tejon Mountain Village will feature:

• Significant open space – 80% of the community will remain in its natural state;

• Resort and recreational facilities, including up to 750 hotel rooms, spa, dining, outdoor adventure, and equestrian opportunities and about 130 miles of hiking, biking and equestrian trails;

• Up to 3,450 new homes (ranging from resort condominiums to multi-acre custom lots); and

• A 160,000-square foot publicly accessible Farm Village at the entrance to the community.

Tejon Ranch Company is a growth-oriented, 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 25 miles south of Bakersfield. Tejon Ranch is positioned for growth with its fully operational commercial/industrial real estate development and three master planned communities on the horizon.