TEJON RANCH CO — Director's Dealing 2004

Aug 25, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TEJON RANCH CO (TRC)
CIK: 0000096869
Period of Report: 2004-08-25

Reporting Person: MULLINS DENNIS (Vice President, Sec'y, Gen.Cou)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-08-25	Tejon Ranch Co. Common Stock	M	3200	$20.25	Acquired	7332	Direct
2004-08-25	Tejon Ranch Co. Common Stock	S	3200	$35.26	Disposed	7332	Direct
2004-08-25	Tejon Ranch Co. Common Stock	M	1800	$20.32	Acquired	7332	Direct
2004-08-25	Tejon Ranch Co. Common Stock	S	1800	$35.26	Disposed	7332	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-08-25	Tejon Ranch Co. Stock Incentive Plan	$20.25	M	3200	Disposed	2008-11-30	Tejon Ranch Common Stock (3200)	Direct
2004-08-25	Tejon Ranch Co. Stock Incentive Plan	$20.32	M	1800	Disposed	2011-01-23	Tejon Ranch Common Stock (1800)	Direct