ALJ/MFG/lil Date of Issuance 3/2/2010

Decision 10-02-015 February 25, 2010

BEFORE THE PUBLIC UTILITIES COMMISSION OF THE STATE OF CALIFORNIA

In the Matter of the Application of Newhall Holding Company, LLC, Newhall Intermediary Holding Company, LLC, LandSource Holding Company, LLC, and Valencia Water Company (U342W) for Authority for Newhall Holding Company, LLC, Newhall Intermediary Holding Company, LLC and LandSource Holding Company, LLC, to Acquire Indirect Control Over Valencia Water Company.

Application 09-10-024 (Filed October 19, 2009)

DECISION APPROVING A TRANSFER OF INDIRECT
CONTROL OF VALENCIA WATER COMPANY

1. Summary

This decision authorizes Newhall Holding Company, LLC, Newhall Intermediary Holding Company, LLC, and LandSource Holding Company, LLC to acquire indirect control of Valencia Water Company in connection with a Chapter 11 reorganization of Newhall Land Development, LLC, and 20 of its related entities.