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FOR IMMEDIATE RELEASE               CONTACT: Frederick N. Cooper (215) 938-8312
July 15, 2004,                                      fcooper@tollbrothersinc.com
                                                Joseph R. Sicree (215) 938-8045
                                                    jsicree@tollbrothersinc.com


         TOLL BROTHERS ANNOUNCES NEW $1.05 BILLION BANK CREDIT FACILITY
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Huntingdon Valley, PA, July 15, 2004 -- Toll Brothers, Inc. (NYSE:TOL), the
nation's leading builder of luxury homes, today announced the completion of a
new $1.05 billion unsecured bank revolving credit facility. The new facility,
which matures in 2009, replaces Toll Brothers' previous $575 million facility.
It has an accordion feature under which it can grow up to $1.2 billion, subject
to the availability of additional bank commitments.


J.P. Morgan Securities Inc. acted as Lead Arranger and Sole Bookrunner for the
new facility with Bank One, NA as Administrative Agent; Bank of America, N.A and
Wachovia Bank N.A. as Syndication Agents; The Royal Bank of Scotland plc as
Documentation Agent; BNP Paribas; CALYON New York Branch and Comerica Bank as
Managing Agents; Citicorp North America, Inc.; Mizuho Corporate Bank, Ltd.;
SunTrust Bank and Washington Mutual Bank, FA as Co-Agents; and PNC Bank,
National Association; Commerce Bank, N.A.; Fifth Third Bank; HSBC Bank USA,
N.A.; Manufacturers and Traders Trust Company; The Norinchukin Bank, New York
Branch; Wells Fargo Bank, National Association; Guaranty Bank; Mellon Bank,
N.A.; Cathay United Bank, Ltd.; KBC Bank NV; and Bank of Communications, New
York Branch as Participants.

Joel H. Rassman, Toll Brothers' Chief Financial Officer, stated, "We are very
pleased to have a new five-year revolving credit facility, which provides us
with a reliable source of bank growth capital for the foreseeable future. With
twenty-three institutions in our new line, our bank group is a well-diversified
team of international and U.S. institutions with business operations across the
many geographic regions of the United States in which we build."

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 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.

Toll Brothers builds luxury single-family and attached home communities and
master-planned luxury multi-product residential resort-style golf 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, anticipated income
      from joint ventures and the Toll Brothers Realty Trusts Group, 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 average delivered price of
      homes, the ability to secure materials and subcontractors, the ability to
      maintain the liquidity and capital necessary to expand and take advantage
      of future opportunities, 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, uncertainties created
      by terrorist attacks, 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, changes in tax laws and
      their interpretation, legal proceedings, the availability of adequate
      insurance at reasonable cost, the ability of customers to finance the
      purchase of homes, the availability and cost of labor and materials, and
      weather conditions.


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