TEJON RANCH CO — Director's Dealing 2003

Nov 18, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TEJON RANCH CO (TRC)
CIK: 0000096869
Period of Report: 2003-11-18

Reporting Person: MULLINS DENNIS (Vice President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2003-11-18	Tejon Ranch Co. Common Stock	M	5000	$20.25	Acquired	2755	Direct
2003-11-18	Tejon Ranch Co. Common Stock	S	5000	$37.04	Disposed	2755	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2003-11-18	Tejon Ranch Co. Stock Incentive Plan	$20.25	M	5000	Disposed	2008-11-30	Tejon Ranch Common Stock (5000)	Direct