TEJON RANCH CO — Director's Dealing 2007

Feb 13, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TEJON RANCH CO (TRC)
CIK: 0000096869
Period of Report: 2006-02-21

Reporting Person: Wesley Capital Partners, LLC (10% Owner)
Reporting Person: Khoury John (10% Owner)
Reporting Person: WRUBEL ARTHUR (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-02-21	Common Stock	S	757229	$39.00	Disposed	1110642	Indirect
2006-02-21	Common Stock	P	757229	$39.00	Acquired	1122588	Indirect

Footnotes

F1: These securities are held in the accounts of unregistered private investment funds over which the Reporting Persons have
investment discretion. These securities may be deemed to be beneficially owned by Wesley Capital Partners, LLC, the general
partner of such unregistered private investment funds, John Khoury and Arthur Wrubel, each a managing member of Wesley
Capital Partners, LLC. Such Reporting Persons disclaim beneficial ownership of the reported securities except to the extent
of their pecuniary interest therein, and this report shall not be deemed an admission that such Reporting Persons are the
beneficial owners of the securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for
any other purpose.

F2: These securities are held in the accounts of unregistered private investment funds over which the Reporting Persons may be
deemed to have investment discretion. These securities may be deemed to be beneficially owned by John Khoury and Arthur
Wrubel, each a managing member of the unregistered private investment funds' investment manager. Such Reporting Persons
disclaim beneficial ownership of the reported securities except to the extent of their pecuniary interest therein, and this
report shall not be deemed an admission that such Reporting Persons are the beneficial owner of the securities for purposes
of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose.

F3: These transactions reflect intercompany transfers of the Common Stock of the Issuer.