TEJON RANCH CO — Director's Dealing 2003

Sep 24, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TEJON RANCH CO (TRC)
CIK: 0000096869
Period of Report: 2003-09-23

Reporting Person: STINE ROBERT A (Director, President / CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2003-09-23	Tejon Ranch Co. Common Stock	M	2448	$16.00	Acquired	546435	Direct
2003-09-23	Tejon Ranch Co. Common Stock	S	2000	$35.50	Disposed	21927	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2003-09-23	Tejon Ranch Co. Incentive Stock Option	$16.00	M	2448	Disposed	2006-04-30	Tejon Ranch Common Stock (2448)	Direct

Footnotes

F1: These shares are in the name of Robert A. and Betty C. Stine, as trustees for the Stine Family Trust.

F2: Transaction occurred per a 10b5-1 trading plan.