Paul Hastings Represents Newhall Land and Farming Company in Land Use Victory

August 21, 2006

Paul Hastings Represents Newhall Land and Farming Company in Land Use Victory

Los Angeles, CA (August 21, 2006) - Representing real estate developer Newhall Land and Farming Company, Paul, Hastings, Janofsky & Walker LLP (Paul Hastings), a leading real estate and land use firm, defeated a challenge to the city of Santa Clarita' s approval of its 1,083-unit housing development bordering the Santa Clara River.

The judge found that the city of Santa Clarita acted in compliance with the California Environmental Quality Act, and refuted the petitioners' assertion that the city's decision did not adequately consider the project's impact on the environment. The petitioners contended the project would have a negative impact on the bordering Santa Clara River, as well as plant and animal species indigenous to the region.

The petitioners also contended that the city could not rely on a transfer of State Water Project water to the local State Water Project wholesaler, but the Court rejected those claims, too, finding that the water transfer could be relied upon for planning purposes. The ruling gives Newhall approval to begin development of the land.

The decision was issued on August 14, 2006 against petitioners Sierra Club, Center for Biological Diversity, Friends of the Santa Clara River and the California Water Impact Network.

The Paul Hastings team, representing Newhall, was led by Los Angeles partner Robert McMurry, of counsel A. Catherine Norian and associate Edgar Khalatian.

About Newhall Land and Farming Company: The Newhall Land and Farming Company, a Lennar/LNR company, is a real estate developer of master-planned, mixed-communities, primarily north of Los Angeles.

About Paul Hastings' Real Estate Department: With over 170 attorneys, Paul Hastings has one of the largest real estate practices of any international law firm. Recognized for its excellence, the firm's partners' cumulative experience extends to the lending, acquisition, leasing and investment of and in real estate assets on a national and international scale. The department has been at the forefront of the introduction of international standards and practices to the acquisition, financing and workout of non-performing secured and unsecured real estate and corporate loans and assets.

Paul Hastings Janofsky & Walker LLP, founded in 1951, is a leading international law firm with over 1,000 attorneys in 17 offices. The firm serves a diverse client base including many of the top financial institutions and Fortune 500 companies, supports clients in all of their legal needs and offers deep capabilities in Banking and Finance, Capital Markets, Corporate/M+A, Litigation and Dispute Resolution, Intellectual Property, Project Finance, Investment Management, Real Estate, Labor and Employment and Tax Advisory Services. For additional information, please visit our website at www.paulhastings.com.