Grant Samuel Report now available

For immediate release 28 July 2003

Grant Samuel Report now available

Auckland, New Zealand - Tranz Rail Holdings Limited {NZX-TRH}

Tranz Rail said today that the independent appraisal carried out by Grant Samuel and Associates relating to the proposed second offer by Toll has now been released and copies are available on the Tranz Rail Website, http://www.tranzrail.co.nz

It is understood that the formal offer to shareholders by Toll will be mailed to shareholders today.

The Tranz Rail board of directors has yet to send out their final recommendation and advise shareholders that they should not make any decision until they have received this.

The Tranz Rail board meets on Thursday of this week to consider its recommendation.

A full copy of the Grant Samuel Report together with the Target Company Statement will be mailed to shareholders once a final recommendation has been reached.

ENDS

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