TEJON RANCH CO — Director's Dealing 2005

Jan 13, 2005

SEC Form 4 — Statement of Changes in Beneficial Ownership

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

Reporting Person: METCALFE NORMAN J (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2005-01-11	Tejon Ranch Co. Restricted Stock Units	$41.52	A	494	Acquired		Tejon Ranch Co Common Stock (494)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Tejon Ranch Co Common Stock	2797	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Tejon Ranch Co. Common Stock Options	$		Tejon Ranch Co Common Stock (0)	7760	Direct

Footnotes

F1: Restricted stock units in the Tejon Ranch Nonqualified Deferred Compensation Plan granted pursuant to the Non-Employee Director Stock Incentive Plan. 494 shares vest on December 15, 2005. Convertible to common stock based on Director election.

F2: No new stock options were granted. This is for information and update purposes only.