Media Release

31 October 2002

Toll Acquires Brambles Shipping

Toll Holdings, Australia's leading provider of integrated transportation and logistics services, today announced that it had reached agreement for the purchase of Brambles Industries Australian cargo shipping operations.

Toll Managing Director, Mr Paul Little, said "The purchase involves the operations of the vessels, 'Tasmania Achiever' and 'Victorian Reliance' operating on the service between Melbourne and Burnie Tasmania.

"This business is the premium service provider on the Bass Strait trade and provides Toll with an excellent opportunity to fully integrate its national logistics operations," said Mr Little.

The business generates revenues in excess of $100 million and employs over 250 people. Total cash purchase price is $73 million, and the purchase is effective on 1 November 2002. The transaction will be earnings per share accretive immediately.

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