accc steals thunder...., page-3

Hi Clark

ABNAmro maintained their buy recommendation on Monday for Toll. Target price for restucted entities
Toll Logistics $14.93 and Asciano $8.39. Good up side from existing $22.09

Timetable for the restructure proposal
�¡ 28 May – Shareholder vote (75% approval required)
�¡ 6 June – Trading of TOL shares ex-entitlement and ASX listing of Asciano
�¡ 15 June – Implementation date
�¡ 20 June – Commencement of normal trading in Asciano securities

Proforma distribution YR 08 for Asciano is 46c (36c tax deferred and 10c unfranked)
projected yeild of 5.5%

All looks good with Toll Logistics likely to expand into Asia