TEJON RANCH CO — Director's Dealing 2004

Nov 2, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TEJON RANCH CO (TRC)
CIK: 0000096869
Period of Report: 2004-11-01

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-11-01	Tejon Ranch Co. Common Stock	M	10000	$20.25	Acquired	32265	Direct
2004-11-01	Tejon Ranch Co. Common Stock	S	10000	$36.03	Disposed	32265	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-11-01	Tejon Ranch Co. Incentive Stock Option	$20.25	M	10000	Disposed	2008-11-30	Tejon Ranch Common Stock (10000)	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.