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: WARREN JEFFREY (Vice President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-03-26	Tejon Ranch Co. Common Stock	A	2288	$35.87	Acquired	2288	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Tejon Ranch Co. Common Stock Options	$		Tejon Ranch Co. Common Stock (10000)	10000	Direct

Footnotes

F1: Restricted stock awarded under the 1998 Incentive Plan. 25% vest on each of the first through fourth anniveraries of the grant.

F2: Updating options only