On April 18, 2024, Nitor Capital Management LLC announced that it has issued a letter to shareholders of Tejon Ranch Company, stating that it has attempted to engage constructively with the Company?s management and board of directors to better understand their overall strategy and offer potential solutions to the issues plaguing the Company, including by providing recommendations on how we believe the Company could dramatically improve its reporting of certain metrics to facilitate the market?s understanding of the business and more appropriately value the Company, and the Company?s management and Board have been unwilling to meaningfully engage with Nitor Capital Management and Company?s share price has continued to languish. In addition, Nitor Capital stated that it intended to withhold its vote for Steven A. Betts, Norman J. Metcalfe, Geoffrey L. Stack, Michael H. Winer, and vote against approval of executive officer compensation, and encourage the Shareholders of the Company to Nitor Capital Management joint at the Company?s 2024 Annual Meeting of Stockholders scheduled to be held on May 14, 2024.