Toll has reviewed the ASX release made by Patrick Corporation today in relation to its expectation of Pacific National results for the six months to December 31, 2005, and considers this release to be premature and unconfirmed.

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Whilst we do not foresee any major reduction in fuel prices in the medium term, at present the company, and the industry in general, appears to be coping satisfactorily with the exposure to a high fuel cost environment.

205

The business suffered from industrial disputation and disrupted grain shipping schedules. In addition, the proposal by Patrick to break up the business has created a challenging environment.

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