Toll Holdings Quotations

Whilst we do not foresee any major reduction in fuel prices in the medium term, at present the company, and the industry in general, appears to be coping satisfactorily with the exposure to a high fuel cost environment.

Toll has reviewed the ASX release made by Patrick Corporation today in relation to its expectation of Pacific National results for the six months to December 31, 2005, and considers this release to be premature and unconfirmed.

The outlook for the group is very positive and the company remains committed and focussed on delivering superior shareholder value in the long term.

The business suffered from industrial disputation and disrupted grain shipping schedules. In addition, the proposal by Patrick to break up the business has created a challenging environment.