Media Release

8 May 2002

  "Toll Establishes New Zealand Growth Platform"

Toll Holdings, Australia's leading logistics provider today announced the establishment of its New Zealand growth platform.

Toll's managing director, Mr Paul Little said "Our presence in New Zealand will allow us to better service our customers in that region and enable them to achieve greater leverage from Toll's fully integrated service offering."

"The expansion provides an excellent growth platform to seek profitable opportunities within the region," said Mr. Little.

The expansion includes the acquisition of BHP Stevedoring and BHP Transport and Logistics (New Zealand) from BHP Billiton, which has been finalised today and the 'in principal agreement' for a majority equity position in Southern Distribution Centre Ltd (SDC) to be transacted by mid May 2002.

"As well as advancing Toll's plans to be a major supplier of stevedoring services in Australian and New Zealand Ports, the greater strategic benefit of this BHP acquisition, is creating the network of port facilities to enable Toll to leverage road, rail and logistics services.

"The SDC business, a leading quality contract logistics provider operating in New Zealand, and together with Toll, was recently awarded the warehousing and distribution contract to service Lion Nathan throughout New Zealand. The SDC business will form a growth platform for Toll in contract logistics" said Mr Little.

Mr Little said "Toll's trading levels continue to remain strong within the second half of the year and we are confident we will achieve our forecasts."

ENDS

For further information please contact:

Paul Little
Managing Director
Toll Holdings Limited
Telephone: 03 9694 2820
Mobile: 0418 335 053