Toll Brothers
                       America's Luxury Home Builder(TM)




FOR IMMEDIATE RELEASE                CONTACT: Frederick N. Cooper (215) 938-8312
July 1, 2003                                         fcooper@tollbrothersinc.com
                                                 Joseph R. Sicree (215) 938-8045
                                                     jsicree@tollbrothersinc.com



                 TOLL BROTHERS INCREASES BANK CREDIT FACILITIES
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Huntingdon Valley, PA, July 1, 2003 -- Toll Brothers, Inc. (NYSE:TOL), the
nation's leading builder of luxury homes, today announced that The Royal Bank of
Scotland plc (RBS) has joined its revolving and term loan credit facilities.
With RBS' $50 million commitment, $35 million of which is to the revolver and
$15 million of which is to the term loan, these facilities now total $575
million and $222.5 million respectively.

Toll Brothers' revolving credit facility now includes: Bank One, NA as Agent and
Arranger for the facility; Bank of America NT&SA; Wachovia Bank; and Credit
Lyonnais as Co-Agents, and Comerica Bank; Washington Mutual Bank, NA; Guaranty
Federal Bank, F.S.B.; SunTrust Bank; BNP Paribas; Citibank; Wells Fargo Bank;
Mellon Bank, N.A.; KBC Bank; The Norinchukin Bank; Commerce Bank, N.A.; Mizuho
Corporate Bank and The Royal Bank of Scotland plc as participants. The revolving
credit facility extends through March, 2006. Toll Brothers' term loan extends
through July, 2005. It includes: Bank One, NA as Agent and Arranger; Bank of
America NT&SA; Guaranty Federal Bank, F.S.B.; Wachovia Bank; Washington Mutual
Bank, NA; BNP Paribas; CommerceBank; KBC Bank; The Norinchukin Bank; SunTrust
Bank and The Royal Bank of Scotland plc.

Joel H. Rassman, Toll Brothers' chief financial officer, stated, "We welcome The
Royal Bank of Scotland plc into our diversified group of U.S. and
internationally-based lending institutions. We look forward to working with them
and appreciate the support of all our banks as key players in our dramatic
growth of the past decade and our future growth on the horizon."

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
buyers and operates in 21 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, Texas, and Virginia.

                                     *more*


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Toll Brothers builds luxury single-family and attached home communities and
master-planned luxury 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 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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