TEJON RANCH CO — Director's Dealing 2004

Mar 30, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TEJON RANCH CO (TRC)
CIK: 0000096869
Period of Report: 2004-03-26

Reporting Person: METCALFE NORMAN J (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-03-26	Tejon Ranch Co Common Stock	A	1000	$39.23	Acquired	2797	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-03-26	Tejon Ranch Co. Restricted Stock	$39.23	A	484	Acquired		Tejon Ranch Co Common Stock (484)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Tejon Ranch Co. Common Stock	$		Tejon Ranch Co Common Stock ()	7760	Direct

Footnotes

F1: Restricted stock awarded under the Non-Employee Director Stock Incentive Plan. 333 shares vest on March 26, 2005, 333 shares vest on March 26, 2006, and 334 shares vest on March 26, 2007.

F2: Restricted stock units in the Tejon Ranch Nonqualified Deferred Compensation Plan, grants pursuant to the Non-Employee Director Stock Incentive Plan. 484 shares vest on March 26. 2005. Convertible Common Stock based on director election.

F3: No new stock options were granted. This is for information and update purposes only.