Toll NZ buys back full share in Tranz Scenic

20 May 2004

Toll NZ buys back full share in Tranz Scenic

Auckland, New Zealand -Toll NZ Limited [NZSX: TRH]

Toll NZ announced today that the company has regained full ownership of the long distance rail passenger service, Tranz Scenic. In 2001, Tranz Rail sold a fifty per cent share in Tranz Scenic to two Australian rail enthusiasts, Don Gibson and Gary McDonald.

Toll NZ chief executive officer David Jackson says, "the decision to return to full ownership of Tranz Scenic follows a full review of all the interests Toll Holdings acquired following the partial take over of Tranz Rail last year.

"Our assessment was that it made sound strategic and operational business sense to regain full ownership of Tranz Scenic," says Mr Jackson. Tranz Scenic consists of The Northerner and Overlander between Auckland and Wellington, the Capital Connection between Wellington and Palmerston North, the Tranz Coastal between Picton and Christchurch and the Tranz Alpine between Christchurch and the West Coast. Management will continue to review all these services.

ENDS

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