A transfer case is provided for a vehicle having front and rear axles. The transfer case includes first and second input clutches connected with an input member, and first and second transfer chains having different chain ratios operably connectable between the input member and the front and rear axles. A four wheel drive clutch is connected between one of the transfer chains and one of the axles. The first and second input clutches and the four wheel drive clutch are selectively engageable to provide two wheel drive high and low ratios, and four wheel drive high and low ratios.