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VALLEY BUSINESS | BUSINESS ROUNDUP

Newhall Land to Pay 10 Cents Per Partnership Unit

May 25, 1999

The Newhall Land & Farming Co. of Valencia declared a regular quarterly cash distribution of 10 cents per partnership unit, payable on June 14 to unit holders of record on June 4.

Newhall has paid uninterrupted quarterly dividends and distributions for 63 years. This distribution represents the 254th consecutive payment.

Newhall is a developer of new towns and master-planned communities, including Valencia. Newhall Ranch, a planned development that recently received final approval, and Valencia are located on the company's 36,000 acres, 30 miles north of downtown Los Angeles.

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