TOL - SPLIT - HELP!!!, page-5

EARLY REDEMPTION OF CONVERTIBLE NOTES

Toll today announced that an early redemption event has occurred in
relation to its Convertible Notes and that Toll now proposes to
redeem the Convertible Notes on or about 4 December 2002.

As Toll's ordinary shares have traded, on a daily volume weighted
average basis, above $23.00 for the 20 consecutive business days
ending 30 October 2002, Toll intends to despatch early redemption
notices to Noteholders on or about 6 November 2002.

Noteholders will then have until on or about 27 november 2002 to
elect to convert some or all of their Convertible Notes into one
fully paid ordinary share for each convertible note held. Conversion
notices will be provided to noteholders together with the early
redemption notice.

Assuming the proposed subdivision of capital is approved by Toll's
shareholders at today's Annual General Meeting, each Convertible Note
will also be subdivided into four, and any Convertible Notes which
are not converted will be redeemed by Toll for $4.25 per Note. If the
subdivision of capital is not approved, any Convertible Notes which
are not converted will be redeemed by Toll for their original face
value of $17.00.

Noteholders will be entitled to receive a pro rata interest payment
for the period from 1 October 2002 until the date of redemption or
conversion - ie. on or about 4 December 2002. The record date for
this interest payment is expected to be on or about 22 November 2002.