1 EXHIBIT 21 THE NEWHALL LAND AND FARMING COMPANY SUBSIDIARIES The following subsidiaries are included in the Registrant's December 31, 1996 consolidated financial statements: Newhall Depositary Company (a California corporation) Valencia Water Company (a California corporation) McDowell Mountain Ranch (1) Limited Partnership (an Arizona limited partnership) Valencia Town Center Associates Limited Partnership (a California limited partnership) (1) Partnership sold April 17, 1996