Toll Group acquires New Zealand’s United Carriers

Toll Holdings signed a conditional purchase agreement for the business
of United Carriers a Northland trucking company with an annual turnover of
approximately NZD 50 million.

United Carriers employs 360 staff and has a fleet of 220 trucks. It has businesses
in a range of logistics sectors including general freight, livestock, logging,
warehousing and international freight forwarding.

“United is a very complimentary acquisition for Toll. It expands our existing
businesses in New Zealand into Northland where our presence was previously
limited,” said Toll Holdings Managing Director Mr Paul Little.

“While Toll now has a presence in 44 countries around the world, this acquisition
will further boost our presence in New Zealand. It also reaffirms our commitment
to the New Zealand market following Monday’s announcement of the sale of the
rail operating business to the New Zealand Government.

“The purchase will be funded from working capital and is another demonstration
of Toll’s capacity to acquire quality assets as opportunities present themselves.

“United Carriers will especially add significant value to Toll’s inter-modal road and
rail business,” Mr Little said.

The New Zealand Overseas Investment Commission has cleared the purchase
which is expected to be completed next month.

1 NZD = 0.756255 USD

Toll Holdings signed a conditional purchase agreement for the business
of United Carriers a Northland trucking company with an annual turnover of
approximately NZD 50 million.

United Carriers employs 360 staff and has a fleet of 220 trucks. It has businesses
in a range of logistics sectors including general freight, livestock, logging,
warehousing and international freight forwarding.

“United is a very complimentary acquisition for Toll. It expands our existing
businesses in New Zealand into Northland where our presence was previously
limited,” said Toll Holdings Managing Director Mr Paul Little.

“While Toll now has a presence in 44 countries around the world, this acquisition
will further boost our presence in New Zealand. It also reaffirms our commitment
to the New Zealand market following Monday’s announcement of the sale of the
rail operating business to the New Zealand Government.

“The purchase will be funded from working capital and is another demonstration
of Toll’s capacity to acquire quality assets as opportunities present themselves.

“United Carriers will especially add significant value to Toll’s inter-modal road and
rail business,” Mr Little said.

The New Zealand Overseas Investment Commission has cleared the purchase
which is expected to be completed next month.

1 NZD = 0.756255 USD