EXHIBIT 99.3
TEJON RANCH CO.
____________ Common Shares
Initially Offered Pursuant to Rights
Distributed to Stockholders of
Tejon Ranch Co.
Dear Stockholders:
This letter is being distributed to all holders of Common Stock, par value
$.01 per share (the "Common Stock"), of record on ________________, 2000 (the
"Record Date"), of Tejon Ranch Co. (the "Company"), in connection with a
distribution of transferable rights ("Rights") to acquire the Common Stock at a
subscription price of $____ per share for each share of the Common Stock.
Each beneficial owner of the Common Stock is entitled to one Right for each
_____ shares of the Common Stock owned. All fractional Rights will be rounded
up to the nearest whole number.
Enclosed are copies of the following documents:
1. The Prospectus;
2. The Subscription Warrant;
3. The "Instructions as to Use of Tejon Ranch Co. Subscription Warrant"
(including Guidelines For Certification of Taxpayer Identification
Number on Substitute Form W-9);
4. A Notice of Guaranteed Delivery for Subscription Warrants issued by
Tejon Ranch Co.; and
5. A return envelope addressed to ChaseMellon Shareholder Services,
L.L.C., the Subscription Agent.
Your prompt action is requested. The Rights will expire at 5:00 P.M., New
York City time, on ____________, 2000, unless extended by the Company (the
"Expiration Date").
To exercise the Rights, a properly completed and executed Subscription
Warrant (unless the guaranteed delivery procedures are complied with) and
payment in full for all of the Rights exercised must be delivered to the
Subscription Agent as indicated in the Prospectus prior to 5:00 P.M., New York
City time, on the Expiration Date.
Additional copies of the enclosed materials may be obtained from
ChaseMellon Shareholder Services, L.L.C. Their toll-free telephone number is
(000) 000-0000.
Very truly yours,
TEJON RANCH CO.
