Tejon Ranch Agreement May 2008

The New York Times

San Francisco Chronicle

The Sacramento Bee

Los Angeles Times

The Agreement

Negotiation Process

Negotiation Process Development applications on hold Entire Ranch on the table Scientific input to identify and rank conservation values Assessment and ranking of development values Focus discussion on areas of overlap

Goals: Tejon Ranch Partners Ensure long-term shareholder value Minimize obstacles to development activities Maintain intact Ranch ownership Maintain existing business operations Use conserved lands for mitigation

Goals: Resource Groups Maximize permanent conservation of Ranch land Ensure oversight of conserved lands by independent third parties Provide public access to conserved lands Maintain current levels of stewardship on conserved lands Allow for restoration and enhancement activities on conserved lands Allow for scientific research and educational programs on conserved lands

Key Components Permanent Conservation Governance and Funding Public Access Ranch Management, Development

Key Components Permanent Conservation 135,000 acres under conservation easements 33,000 acres dedicated open space 10,000 acres for Pacific Crest Trail 62,000 acres to be acquired Total: 240,000 acres

Key Components Governance and Funding Established an independent conservancy $800,000 per year for 7 to 14 years Permanent funding source

Key Components Public Access Pacific Crest Trail Commitment to establish state park Tejon Ranch Conservancy-managed public access program UC Reserve

Key Components Ranch Management and Development Ranch-Wide Management Plan 30,000 acres potential development Resource Groups’ non-opposition