TEJON RANCH CO — Director's Dealing 2004

Apr 22, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TEJON RANCH CO (TRC)
CIK: 0000096869
Period of Report: 2004-04-22

Reporting Person: CADWALADER CRAIG (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-04-22	Tejon Ranch Co Restricted Stock	$39.23	A	1357	Acquired		Tejon Ranch Common Stock (1357)	Direct

Footnotes

F1: Restricted stock units in the Tejon Ranch Nonqualied Deferred Compensation Plan, grants pursuant to the Non-Employee Director Stock Incentive Plan. 690 shares vest on March 26. 2005, 333 shares vest on March 26, 2006, and 334 shares vest on March 26, 2007. Convertible Common Stock based on director election.