EXHIBIT 99.5


                                                           December 1, 2000

                                TEJON RANCH CO.

             IMPORTANT ANNOUNCEMENT TO THE HOLDERS OF COMMON STOCK
                               OF TEJON RANCH CO.

   This is to advise you that Tejon Ranch Co. (the "Company") intends to make a
fixed price rights offering (the "Rights Offering"), and has filed a
Registration Statement on Form S-3 (the "Registration Statement") in connection
therewith with the Securities and Exchange Commission. The Company proposes to
distribute to holders of its outstanding Common Stock, at no cost, transferable
subscription rights (the "Rights") to purchase additional shares of the Common
Stock, at a discount to the market price, in a public offering. It is proposed
that holders of the Common Stock will receive rights in proportion to the
number of shares of the Common Stock held by them as of the close of business
on the record date, which is expected to be on or around December 11, 2000, or
such later date as the Registration Statement becomes effective. Additional
information regarding the Rights Offering, including the subscription ratio,
the discount rate, the subscription price and the expiration date will be
communicated in a press release on the record date.

   As soon as practicable after the close of business on the record date, a
subscription warrant and a related set of instructions explaining the procedure
for exercising or selling the Rights, together with the Prospectus, will be
mailed to you. The terms of the Rights Offering will be more completely
described in the Prospectus. If these do not arrive within a reasonable time
after the record date, please notify ChaseMellon Shareholder Services, L.L.C.,
at 44 Wall Street, 7th Floor, New York, NY 10005 or telephone toll free at
(866) 293-6625. Banks and brokers may call collect at (212) 273-8080. The
Rights Offering has not yet commenced. Therefore, there is no action to take at
this time.

   The Registration Statement relating to the Rights and the underlying Common
Stock has not yet become effective. These securities may not be sold nor may
offers to buy be accepted prior to the time the Registration Statement becomes
effective. This notice shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of such Rights or
Common Stock in any state in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the securities laws of
any such state.

   Although you are not required to take any action at this time, you should be
prepared to act promptly or to have someone authorized to act for you when you
receive your subscription warrant. Whether you anticipate exercising or selling
your Rights, you should bear in mind that in order for an exercise to be valid,
the payment of the Subscription Price for rights being exercised must be
received by the Subscription Agent and such payments by uncertified check must
have cleared before the Rights Offering expires.

                                          Very truly yours,

                                          TEJON RANCH CO.