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


        TOLL BROTHERS FINANCE CORP. TO ISSUE $250 MILLION OF SENIOR NOTES
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                        GUARANTEED BY TOLL BROTHERS, INC.
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Huntingdon Valley, PA, August 26, 2003 -- Toll Brothers, Inc. (NYSE: TOL), today
announced that the Company intends to sell $250 million principal amount of
Senior Notes due 2013 in a private placement. The Notes will be issued by Toll
Brothers Finance Corp., a wholly-owned subsidiary, and will be guaranteed on a
senior basis by Toll Brothers, Inc. and all of its subsidiaries that guarantee
its current bank credit facilities and its Senior Notes due 2012.

The private placement is expected to close in early September, 2003. Subject to
closing of the private placement, a portion of the net proceeds will be used to
retire all of the Company's existing $100 million 7 3/4% Senior Subordinated
Notes due 2007. The balance will be used for general corporate purposes,
including working capital requirements.

The Notes will be sold to qualified institutional buyers in reliance on Rule
144A. The Notes have not and will not be registered under the Securities Act of
1933, as amended (the "Securities Act"), and unless so registered, may not be
offered or sold in the United States except pursuant to an exemption from, or in
a transaction not subject to, the registration requirements of the Securities
Act and applicable state securities laws. This press release shall not
constitute an offer to sell or the solicitation of an offer to buy, nor shall
there be any sale of the Notes in any state in which such offer, solicitation or
sale would be unlawful prior to registration or qualification under the
securities laws of any such state. This notice is being issued pursuant to and
in accordance with Rule 135c under the Securities Act.