Toll NZ & Crown Sign Agreements

1 July 2004

Toll NZ & Crown Sign Agreements

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

After months of complex negotiations, Toll and the Crown last night reached agreement covering the terms for the sale of the National Rail network back to public ownership.

Toll will continue to manage the network for an interim transition period, expected to be two months while the Crown will continue to appropriately resource a new entity.

In line with prior commitments Toll and the Crown will invest significant capital towards upgrading the rail infrastructure and rolling stock.

Chairman of Toll NZ, Mark Rowsthorn said "the deal provides a strong foundation to enable rail transport to be more competitive in the future. We are satisfied that we have reached an acceptable framework for a strong relationship with the Crown"

ENDS

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