Toll Brothers
                       America's Luxury Home Builder(TM)


FOR IMMEDIATE RELEASE               CONTACT: Frederick N. Cooper  (215) 938-8312
March 26, 2003                                       fcooper@tollbrothersinc.com
                                                 Joseph R. Sicree (215) 938-8045
                                                     jsicree@tollbrothersinc.com


              TOLL BROTHERS INCREASES COMMON STOCK REPURCHASE PLAN

Huntingdon Valley, PA, March 26, 2003 -- Toll Brothers, Inc. (NYSE:TOL), the
nation's leading builder of luxury homes, today announced that its Board of
Directors has increased to 10,000,000 shares the Company's current authorization
to repurchase shares of its Common Stock, par value $.01, from time to time, in
open market transactions or otherwise, for purposes of providing shares for its
various employee benefit plans. Prior to such action, approximately 3.5 million
shares remained available for purchase under the previously announced plan. The
Company intends to use available cash to make such repurchases from time to
time. Since February 1, 2003, the commencement of the Company's second quarter,
the Company has repurchased approximately one million shares.

Toll Brothers, Inc. is the nation's leading builder of luxury homes. The Company
began business in 1967 and became a public company in 1986. Its common stock is
listed on the New York Stock Exchange and the Pacific Exchange under the symbol
"TOL". The Company serves move-up, empty-nester, active-adult and second-home
home buyers and operates in 22 states: Arizona, California, Colorado,
Connecticut, Delaware, Florida, Illinois, Massachusetts, Maryland, Michigan,
Nevada, New Hampshire, New Jersey, New York, North Carolina, Ohio, Pennsylvania,
Rhode Island, South Carolina, Tennessee, Texas, and Virginia.

Toll Brothers builds luxury single-family and attached home communities and
master-planned multi-product residential golf course communities principally on
land it develops and improves. The Company operates its own architectural,
engineering, mortgage, title, land development and land sale, golf course
development and management, home security, landscape, cable T.V. and broadband
Internet delivery subsidiaries. The Company also operates its own lumber
distribution, and house component assembly and manufacturing operations.

Toll Brothers is the only publicly traded national home building company to have
won all three of the industry's highest honors: America's Best Builder from the
National Association of Home Builders, the National Housing Quality Award and
Builder of the Year. For more information visit www.tollbrothers.com.

      Certain information included herein, in the Company's upcoming
      presentation, and in other Company reports, SEC filings, statements and
      presentations is forward-looking within the meaning of the Private
      Securities Litigation Reform Act of 1995, including, but not limited to,
      statements concerning anticipated operating results, financial resources,
      changes in revenues, changes in profitability, interest expense, growth
      and expansion, the ability to acquire land, the ability to secure
      governmental approvals and the ability to open new communities, the
      ability to sell homes and properties, the ability to deliver homes from
      backlog, the ability to secure materials and subcontractors, and stock
      market valuations. Such forward-looking information involves important
      risks and uncertainties that could significantly affect actual results and
      cause them to differ materially from expectations expressed herein and in
      other Company reports, SEC filings, statements and presentations. These
      risks and uncertainties include local, regional and national economic
      conditions, the demand for homes, domestic and international political
      events, the effects of governmental regulation, the competitive
      environment in which the Company operates, fluctuations in interest rates,
      changes in home prices, the availability and cost of land for future
      growth, the availability of capital, uncertainties and fluctuations in
      capital and securities markets, the availability and cost of labor and
      materials, and weather conditions.

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