Limoneira Company Enters into Agreement with Leading Land Developer, The Lewis Group of Companies, to Develop Santa Paula Gateway

Limoneira Company (the "Company" or "Limoneira")

announced today that is has entered into a Contribution Agreement as the initial step that will facilitate a joint venture with The Lewis Group of Companies (the "Lewis Group"), a leading residential real estate investment company, for the planned development of Santa Paula Gateway ("Gateway Project" or "Project"). Limoneira received a deposit of $2.0 million from the Lewis Group upon entering into the Contribution Agreement. Upon the completion of certain conditions to close the transaction, which is anticipated in November 2015 and includes the contribution of the property to the joint venture, Limoneira expects to receive an additional $18 million from the Lewis Group for a 50% interest in the joint venture. The Company expects to receive approximately $100 million of net cash flow over the seven to ten year life of the Project. The Project is expected to begin selling developed lots to home builders during the fourth quarter of 2017. Santa Paula Gateway Joint Venture Project: The Project represents a significant portion of single-family detached homes expected to be built in Ventura County in the next several years; Limoneira to receive $20 million from the Lewis Group for a 50% interest in the joint venture; Limoneira expects to receive approximately $100 million of net cash flow over the estimated 7 to 10 year life of project; Project costs are expected to be shared equally by the joint venture partners until loan proceeds and or project revenues are sufficient to fund the project; Project funding requirements are currently estimated to total $10M to $15M for each joint venture partner for the first two years of the project; The Project is expected to begin selling developed lots to builders during the fourth quarter of 2017; Range of residential unit selling prices expected to be between $300,000 and $750,000; Project does not include an additional 500,000 square feet of commercial and 150,000 square feet of light industrial future development opportunities. In addition to the residential, commercial and light industrial facilities, the Santa Paula Gateway Project is expected to include an elementary school, a 38 acre community park and other master planned community amenities. "We are extremely excited to partner with one of the leading land development companies on the west coast," stated Harold Edwards, President and Chief Executive Officer of Limoneira. "The Lewis Group is a 60-year-old multi-generation company that has a proven track record of developing highly successful and sought after residential projects throughout Southern California. We have great respect for the significant accomplishments the Lewis Group has enjoyed over its history and we believe the shared heritage, culture and values of our companies will help make the Gateway Project a success for both of our organizations and the City of Santa Paula. We will leverage the expertise and strong reputation of our combined companies to meet the growing demand for high-quality homes in Ventura County." Mr. Edwards continued, "The Gateway Project is a great example of Limoneira unlocking the value of its extensive real estate assets. We believe that over time, this project this will result in significant cash flows, which will allow us to significantly increase the operating results of our global agribusiness. We are confident this will enhance the long-term value of our company for our shareholders and deliver on our stated goal of becoming one of the leading citrus agribusinesses in the world." Mr. Randall Lewis, Executive Vice President of The Lewis Group of Companies commented, "We are delighted to partner with Limoneira on the Santa Paula Gateway project which represents a tremendous opportunity to meet the growing demand for single-family homes in Ventura County. The beauty of the Gateway Project offers a unique and highly desirable location by combining reasonably priced homes that are only fourteen miles from the Pacific Ocean and accessible to several major highways and the greater Los Angeles area."