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Public Utility Commission Issues Decision On Valencia Water Company Expansion Request.

Business Editors

VALENCIA, Calif.--(BUSINESS WIRE)--Oct. 20, 2000

The Newhall Land and Farming Company (NYSE:NHL)(PSE:NHL) today announced the results of the Public Utility Commission ruling on Valencia Water Company's request for service expansion. Valencia Water Company is a public utility wholly-owned by Newhall Land.

Thomas L. Lee, chairman and chief executive officer, said, "The Commission has determined that environmental studies on water availability should be submitted for Valencia Water Company's expansion areas which include Newhall Land's remaining undeveloped residential properties in Valencia, excluding Westridge and River Park. Under the ruling, Valencia Water Company will be filing a response within the next 30 to 60 days, after which the Commission will determine the scope of necessary environmental review needed. We expect that this process will delay lot sales in the affected areas well into next year. However, the length of time of the Commission's review and decision are difficult to predict, which could further delay the service expansion request.

"As previously reported, Valencia Westridge, the Company's golf course community planned for 1,200 homes and 500 apartments, is not affected by the PUC ruling and land development work has commenced. We expect to begin marketing on this exciting new project next year."

Newhall Land is a developer of new towns and master-planned communities in north Los Angeles County. Its primary activity is building the new town of Valencia, California. Newhall Ranch, its next new town, and Valencia together form one of the nation's most valuable landholdings. They are located on the Company's 36,000 acres, 30 miles north of downtown Los Angeles.

The Company maintains a web site at http://www.newhall.com.

Safe Harbor Statement under the Private Securities Litigation Act of 1995:

The forward-looking statements made in this release are based on present trends the Company is experiencing. Also, Newhall Land's success in obtaining entitlements, governmental and environmental approvals, including litigation relating to these approvals, timing and ability to close escrows due to market and other conditions, and marketplace acceptance of its business strategies are factors that could affect results. The forward-looking statements may involve the known risks described in the Company's Form 10-K, and unknown risks, uncertainties and other factors that may cause the Company's actual results and performance in future periods to be materially different from any future results or performance suggested by the forward-looking statements in this release. The Company expressly disclaims any obligations to update or revise any forward-looking statements found herein to reflect any change in Company expectations or results or any change in events.
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Publication:Business Wire
Date:Oct 20, 2000
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