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Tranz Rail advises shareholders to wait and see

For immediate release 27 June 2003

Tranz Rail advises shareholders to wait and see

Auckland-New Zealand. Tranz Rail Holdings Limited [NZX:TRH].

The Board of Tranz Rail today has asked shareholders to wait until they see the independent valuation, provided by Grant Samuel, and the director's final recommendation before making a decision about the Toll offer. The directors met today and also reviewed their recommendation in relation to the Crown transaction. The company has before it a conditional offer from Toll and a complex transaction with the Crown which still has a range of possible outcomes.

Board Chairman Wayne Walden says, in view of these issues, the directors have determined that is not possible to recommend either transaction ahead of receiving the independent valuation.

"Directors are conscious that shareholders have received the offer from Toll and will be looking for guidance from the company. We are waiting to see the independent valuation before making our final decision and recommend that shareholders do the same.

"The board is committed to a process that will enable shareholders to make informed decisions, in a timely manner, on both the Toll offer and the Crown transaction", says Mr Walden.

The director's final recommendation together with the independent valuation will be sent to shareholders on 7 July.


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