Toll Holdings Limited ABN 25 006 592 089

Level 7/380 St Kilda Road Victoria 3004

Tel: 61 3 9694 2888 Fax: 61 3 9694 2880

25 March 2011

The Manager Australian Stock Exchange Company Announcement Office Level 4 20 Bridge Street Sydney NSW 2000 Lodged Through ASX On Line Total No. of Pages: 35

Dear Sir

PRESENTATION SLIDES – INTERNATIONAL ROADSHOW, INCLUDING UPDATE ON EARTHQUAKE IMPACT ON FOOTWORK EXPRESS

Please find attached for immediate release to the market, Presentation Slides for an International Roadshow commencing 28 March 2011.

The presentation includes an update on the Earthquake Impact on Footwork Express (refer slide 23), which identifies, based on current knowledge, the event is not expected to have a material impact on the 2011 results.

Yours faithfully TOLL HOLDINGS LIMITED

Bernard McInerney Company Secretary

Encl.

Toll Group International Roadshow

March-April 2011 Operating Divisions

Toll Group

Toll Toll Toll Toll Toll Toll Specialised Global Global Global Domestic & Domestic Resources Forwarding Global Express Forwarding Freight Provides logistics World class International Market leading Domestic freight Provides a services to the oil contract logistics freight forwarding express freight forwarding across comprehensive & gas, mining, and solutions provider and advanced operator in Australia and New suite of options government and in the Asia Pacific supply chain Australia providing Zealand Australia-wide for defence sectors in region management time sensitive palletised freight, Australia Asia and services freight distribution, liquids distribution, Africa and top ten through to express logistics relocation services provider in Japan

Toll Group 2 Toll Growth Pathways

. Secure and organically grow our valuable Australian market position . Build global scale and yield in the high growth global forwarding market . Increase exposure to large and growing resource logistics market . Leverage our Australian expertise to build a regional global express network . Grow market leading contract logistics offer in target geographies and market segments . Leverage Group scale to build competitive advantage

Toll Group 3 Toll Geographic & Divisional Revenue Split

Australian Revenue

Total Revenue Non Australian Revenues TDF TGX 20% 26% Japan 23% 40% 12% 60% US 12% TSDF China 10% 22% TGL 16% New Zealand 9% Other 34% Australia TGF TGR Offs hore 8% 8%

H1 = 51% H2 = 49%

Note: All of the above percentages are indicative of normalised trading volumes

Toll Group 4 Group Financial Year 2011 Interim Results

Toll Group 5 Highlights of Financial Year 2011 Interim Result

. Toll Global Forwarding – strategy rollout continued, earnings and margins improving . Toll Global Resources – ongoing growth in revenue and earnings, strong pipeline of opportunities, TOPS progressing well . Toll Global Express – improved margins in Australia, planned operational improvements in Footwork Express gaining traction . Toll Global Logistics – growth from Australian businesses, significant contract retention in Asia . Toll Domestic Forwarding and Toll Specialised and Domestic Freight – challenging conditions continue, good progress on cost reductions . Strong balance sheet supported by issue of notes in the US Private Placement market . Outstanding response from our people in dealing with the impact of recent natural disasters

Toll Group 6 Financial summary

6 months ended 31 December

2010 2011 Variance % Revenue $3,305m $4,239m  28% EBITDA* $319m $371m  16% EBIT** $211m $254m  20% Reported Profit (pre non $147m $173m  18% recurring items) Reported Profit $110m $175m  59% Gearing 22% 26%  4pp EPS* 22.1cps 25.5cps  15% Dividends 11.5cps 11.5cps -

* Pre acquisition accounting amortisation and investment writedowns / non recurring items ** Pre non recurring items

Toll Group 7 Organic revenue growth positive

$ Billion

Revenue for 6 months ended December 2009 3.3

- Acquisitions 0.7 - Foreign exchange impact -0.1 - Organic growth 0.3

Revenue for 6 months ended December 2010 4.2

. Significant benefit from acquisitions for Toll Global Forwarding . Footwork Express and Summit included for the full period . Contract wins and improved domestic volumes provide growth for Toll Specialised and Domestic Freight, Toll Global Resources and Toll Global Express

Toll Group 8 Recent acquisitions and contracts Underpinning further growth

Acquisitions DPEX TGX July 2010 Genesis Forwarding TGF July 2010 WT Sea Air TGF Aug 2010 North Queensland Couriers TGX Sep 2010 Truck Gleam TGL Oct 2010 Magpie Couriers TGX Nov 2010 McLaughlin Freightlines TDF Dec 2010 SAT Albatros TGF Feb 2011

Major Contract Wins/Renewals Coles (Australia) Ingram Micro (Australia) Woolworths (Australia) Ford (Australia) BHP Billiton (Australia) National Foods (Australia) Nike (Australia) Fosters (Australia) Johnson & Johnson (China) Cadbury (Australia) Australian Defence OneSteel (Australia) SC Johnson (China) Unilever (Singapore) Proctor & Gamble (India, and ) Toll Group 9 Strategic acquisitions Building on existing strength

McLaughlin Freightlines completed 8 December 2010 . Well developed business in the rapidly expanding poultry sector . Adds strength to existing Toll Refrigerated, Toll SPD and Toll QRX businesses

SAT Albatros completed 1 February 2011 . Dubai based provider of Sea-Air services . Further cements Toll’s strategic position in the Middle East and in the Asia to Europe (particularly Germany) trade lane . Unique integrated offering provides customers significant cost savings . Well established customer base principally in fashion, electronics and consumer goods

Mitchell Corporation announced 11 March 2011 . Western Australia’s second largest mining services provider is a strategic addition to Toll Global Resources . Strong base in WA resources market complimenting Toll mining services operations in other States . Mitchells provides its customers with transport services in bulk resources, hydrocarbons and dangerous goods market segments

Toll Group 10 Safety Performance Continuing to build on past gains

Lost Time Injury Frequency Rate . Continuation of long term improvement in LTIFR to 2.9 at December 2010 compared 60 with 4.4 at December 2009 (a 34% improvement) 50 . Improvements in performance across all Divisions, including acquired businesses 40 . Safety leadership training provided for senior executives 30 . Additional focus and resources applied to 20 most common causes - manual handling and motor vehicle incidents

10

0

1 2 3 4 5 6 7 8 9 0 0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -1 -1 un un un un un un un un un un ec J J J J J J J J J J D Toll Group 11 Toll and the Environment

. Toll is tackling environmental issues across its operations . In the short term this means improving efficiency in the use of non renewable resources such as diesel, gas and electricity which reduces greenhouse gas emissions . In the long term this means increased focus on renewable energy sources . Smarter Green is Toll’s environmental program managing these environmental risks and opportunities . Measuring environmental impacts and reducing green house has intensity . Target reductions ↓ 10% by 2013-14 ↓ 20% by 2019-20 . Inclusion in short term incentives

Toll Group 12 Divisional 2011 Interim Results

Toll Group 13 Toll Global Resources Marine, Mining, TOPS, Energy, Remote Logistics, Perkins

Revenue – $ million

$M . Strong contribution from Toll Energy, including 400 ongoing ramp up of the Gorgon contract

200 . Focus on new opportunities from LNG and CSG developments 0 1H09 1H10 1H11 . Toll Remote Logistics generated strong results EBITA – $ million with a number of changes to key contracts $M 50 . Marine Logistics significantly affected by bad weather in Indonesia 25 . Perkins experienced solid revenue growth 0 1H09 1H10 1H11 . TOPS development in line with plan. Imminent EBITA Margin * completion of new wharf facility will create a

16% valuable revenue stream

12%

8%

4%

0% * Excludes PPA amortisation and profits from associates 1H09 1H10 1H11 Toll Group 14 Toll Offshore Petroleum Services base (TOPS)

. Strategically positioned deep water facility in Singapore, servicing offshore oil and gas sector . Development is progressing in line with plan . Capital expenditure for the period was $36 million – total capital expenditure to date of $100 million . Increased business development to better utilise the ramp up warehouse . Imminent completion of new wharf facility will create a valuable revenue stream . Significant progress with tenants . Full take up of design specific buildings

Toll Group 15 Toll Global Logistics AutoLogs, SE Asia, Sing/, North Asia, Contract Logistics, Government Business Group, in2store, Chemical Logistics

Revenue – $ million

$M . Strong performance from in2store, Chemical 800 Logistics and Contract Logistics driven by new

400 contract wins and cost improvements

0 . Rebranding in China complete. Awarded ‘Best 1H09 1H10 1H11 3PL Supply Chain Provider in Asia’ EBITA – $ million . Asian logistics activities progressing well $M 60 generating new contract wins and increased

40 opportunities with multinational companies 20 . Result reflected scheduled reduced scope of 0 1H09 1H10 1H11 services provided to Singapore Government, prior period sale of investment in Pacorini Toll EBITA Margin * and Cambodian railway commencement costs

10% 8% 6% 4% 2% 0% * Excludes PPA amortisation and profits from associates 1H09 1H10 1H11 Toll Group 16 Toll Global Forwarding Asia, ANZ, Americas, Africa, Europe & Middle East, Projects

Revenue – $ million

$M . Revenue growth both organic and from 1000 acquisitions 800 600 400 . Improving margin reflects benefits of scale and 200 mix as business grows into its cost base 0 1H09 1H10 1H11 . Acquisitions of Genesis Forwarding (UK) and EBITA – $ million WT Sea Air (UK Asia) completed in period; $M SAT Albatros (Dubai) completed in Feb 2011 30 20 . Weather disruptions in Europe late in period 10 . Freight volumes well up in both sea freight and 0 1H09 1H10 1H11 air freight -10 EBITA Margin * . Ongoing investment in management, sales and IT resources to support growth strategy 4%

2%

0% 1H09 1H10 1H11 * Excludes PPA amortisation and profits from associates -2% Toll Group 17 Toll Global Forwarding Acquisitions drive growth and scale benefits

Air Volume Kg Sea Volume Millions 300TEU’s ‘000s 90

80 250

70 200 60

50 150 40

30 100

20 50 10

0 0 1H10 2H10 1H11 1H10 2H10 1H11

Toll Group 18 Attracting Global Forwarding’s Best

Name Previous Company Toll Position Mark Wardman DHL Head Air Freight EME Jason Wilson DHL Ops Analyst Global Air Freight Stefan Holmqvist Scan Global Head of Tradelane Asia Torben Bengsston Scan Global MD North China Anthony Pedleton Warehouse Group Head of Supply Chain Asia Corey Mahjoubian CEVA Global Head Airfreight John Goff Diageo Divisional HR Manager Peter Sprogis Schenker Divisional Commercial Director Martin Eberle K+N Head of Finance EME Joe Cipolla Expeditors Head of Airfreight Americas Hakan Bicil K+N MD Europe & Middle East Paul Coutts DHL & Danzas-AEI Head of Sales & Marketing Peter Winslow UPS MD Asia Chris Fahy DHL Network Development Director Tom Thompson Exel CIO TGF Todd Anelli K+N Head of Strategic Sales USA Oliver Conzelmann K+N VP Strategic Sales Europe Cedric Faivre Geodis Head of German Operations

Toll Group 19 Toll Global Express IPEC, Priority, Fast, Toll People, Footwork Express

Revenue – $ million $M Footwork Express . Margin benefit reflects operational leverage in TGX (excl Footwork) 1200 Australian businesses 800 . Toll Priority saw volume increases across 400 Australia driven by strength in banking and 0 1H09 1H10 1H11 government sectors

EBITA – $ million . Integration of DPEX a key focus for Toll Priority $M Footwork Express in the period TGX (excl Footwork) 100 80 . Toll IPEC benefitted from strong volumes in 60 40 Western Australia driven by the Mining sector 20 0 . Toll Fast benefitted from improved activity from 1H09 1H10 1H11 major contract customers EBITA Margin * TGX (excl Footwork) . Toll People increased revenue and earnings on Footwork Express 12% the back of higher volumes

8%

4%

0% * Excludes PPA amortisation and profits from associates Toll Group 1H 0 9 1H10 1H 11 20 Footwork Express

. Footwork Express transition progressing with underlying earnings at breakeven . Extensive restructuring of the sales and marketing activity to create focus on specific industry sectors . Extensive focus on freight and customer profiling . Procedures implemented to remove surplus fleet and review property portfolio . Introduction of check, weigh and cube, and increased line haul efficiencies . Extensive property and fleet repair and maintenance programme undertaken . Improvement in company-wide OH&S results and culture

Toll Group 21 Footwork Express Development

performance

INTEGRATION PHASE OPPORTUNITIES

BACKGROUND COMPLETED UNDERWAY NEAR TERM FUTURE • Top ten road express • Experienced Toll • Check, weigh and cube • Linehaul productivity • Global forwarding operator in Japan management team • Freight and customer • PUD fleet efficiency • Market share growth • A$800m revenue • P+L responsibility profiling • Further training • B2C market decentralised • 5000 employees • Restructuring of sales opportunity • New technology • Extensive property and marketing • 100+ sites and fleet maintenance • OHS culture program • Property portfolio review • Freight damage reduction • Fleet review and upgrade • Introduction of materials handling equipment • Fuel surcharge • Uprating

time Toll Group 22 Earthquake Impact on Footwork Express

. Most severely affected regions are those serviced by agents, significantly limiting the direct impact . All Footwork Express employees are physically safe . The company is doing all it can to support those impacted in other ways . Relatively minor damage to company plant and equipment as a result of the earthquake and tsunami . At least one agent is reported to have suffered major loss of life and property as a result of the tsunami . Overall volumes and revenues have held up well albeit the situation in Japan is far from “normal” . While it is too early to estimate the final financial impact, based on current knowledge it is not expected to have a material impact on the Toll Group 2011 results

Toll Group 23 Toll Domestic Forwarding SPD, QRX, Refrigerated, Toll , Shipping, NZ

Revenue – $ million . Revenue growth from improved trading, $M 800 partially offset by impact of natural disasters

400 . Toll SPD and QRX both increased revenues and earnings 0 1H09 1H10 1H11 . Toll Refrigerated affected by site relocation EBITA – $ million costs and reduced produce volumes

$M 60 . Toll NZ improved earnings despite ongoing challenging economic conditions and natural 40 disasters 20

0 . Toll Shipping and Toll Tasmania affected by 1H09 1H10 1H11 customer closures in Tasmania, eg. PaperlinX EBITA Margin *

12%

8%

4%

0% 1H09 1H10 1H11 * Excludes PPA amortisation and profits from associates Toll Group 24 Toll Specialised & Domestic Freight Express, NQX, Liquids, Fleet, Transitions

Revenue – $ million . Benefits from strong volumes in resources $M 800 sector while retailing, auto and manufacturing remain flat 400 . Strong contribution from expanded scope of 0 the Toll Transitions contact with Australian 1H09 1H10 1H11 Department of Defence EBITA – $ million

$M . NQX had a strong half with leverage to the 60 growing resources sector 40

20 . The integration of Toll Express and Concord Park is continuing with further synergies 0 1H09 1H10 1H11 expected EBITA Margin *

10% 8% 6% 4% 2% 0% * Excludes PPA amortisation and profits from associates 1H09 1H10 1H11

Toll Group 25 Financials

Toll Group 26 Earnings statement

Half year ended 31 December $ million 2009 2010 Revenue 3,305 4,239 EBITA 224 268 PPA Amortisation (13) (14) EBIT 211 254 Net Interest (14) (18) Tax (50) (63) NPAT (Continuing Operations) 147 173 Non-recurring Items * (37) 2 Reported NPAT 110 175 Minority Interest (3) (11) Reported NPAT attributable to owners 107 164

* Non-recurring items in 2009 reflects Footwork Express remeasurement charge and in 2010 relates to the sale of the Company’s interest in the Shenzhen Chiwan Petroleum Supply Base Toll Group 27 Cash Flow

Half year ended 31 December $million 2009 2010

EBITDA (incl. dividends rec’d) 318 381

Working Capital Movement (44) (121)

Net operating cash flows 274 260 Net investing cash flows - Capital expenditure (192) (286) - Sale of PPE 39 50 - Acquisitions (253) (192) - Sale of investments 0 70 Net cash flow before financing and tax (132) (98) Net interest payments (15) (20)

Tax payments (98) (43) Dividend payments (net of DRP) (63) (71)

Cashflow before movements in net debt (308) (232)

Toll Group 28 Debt profile at 31 December 2010

. Debt Maturity profile: FY2011 FY2012 FY2013+ Total $32 million $989 million $484 million $1,505 million

. Strong Balance Sheet position: . Net debt position $987 million . $849 million headroom in existing facilities . $539 million in cash

. Successful issuance of US$275 million in the US Private Placement market . Average duration of debt extended to 2.1 years . Focus is on renegotiation of facilities due to mature in 2011

Toll Group 29 Currency Exposures

% of revenue in A$ % of revenue in other currencies

Toll Global Resources 60% 40% Primarily Singapore $. A range of other currencies

Toll Global Logistics 65% 35% Primarily Singapore $. A range of other currencies, with growing exposure to RMB and INR

Toll Global Forwarding 25% 75% Primarily HK $. A range of other currencies including US$, £ and €

Toll Global Express 65% 35% Primarily ¥

Toll Domestic 80% 20% Other is NZ$ Forwarding

Toll Specialised and 100% 0% Domestic Freight

Toll Group 30 Outlook

Toll Group 31 Outlook – momentum builds

. Positioned to take advantage of improvement in Australian economy . Two speed economy . Banking and government sectors solid . Toll Global Forwarding and Toll Global Logistics to build further off existing base . Improving returns . Strategic growth opportunities . Operational improvements at Footwork Express gaining traction – medium term impact of earthquake being assessed . Exciting opportunities for Toll Global Resources across Australia and offshore . Increased business diversity provides both leverage and balance

Toll Group 32 For further information

David Shirer +61 3 8689 3226 Group General Manager +61 407 512 521 Investor Relations [email protected] Toll Group Toll Group 33 Disclaimer

This presentation includes “forward-looking statements.” These can be identified by words such as “may”, “should”, “anticipate”, “believe”, “intend”, “estimate” and “expect”. Statements which are not based on historic or current facts may be forward-looking statements.

Forward-looking statements are based on assumptions regarding Toll’s financial position, business strategies, plans and objectives of management for future operations and development and the environment in which Toll will operate.

Forward-looking statements are based on current views, expectations and beliefs as at the date they are expressed and which are subject to various risks and uncertainties. Actual results, performance or achievements of Toll could be materially different from those expressed in, or implied by, these forward-looking statements. The forward-looking statements contained in this presentation are not guarantees or assurances of future performance and involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of Toll, which may cause the actual results, performance or achievements of Toll to differ materially from those expressed or implied by the forward-looking statements. For example, the factors that are likely to affect the results of Toll include general economic conditions in Australia and Globally; exchange rates; competition in the markets in which Toll does and will operate; weather and climate conditions; and the inherent regulatory risks in the businesses of Toll. The forward-looking statements contained in this presentation should not be taken as implying that the assumptions on which the projections have been prepared are correct or exhaustive.

Toll disclaims any responsibility for the accuracy or completeness of any forward-looking statement. Toll disclaims any responsibility to update or revise any forward-looking statement to reflect any change in Toll’s financial condition, status or affairs or any change in the events, conditions or circumstances on which a statement is based, except as required by law.

The projections or forecasts included in this presentation have not been audited, examined or otherwise reviewed by the independent auditors of Toll. Unless otherwise stated, all amounts are based on A-IFRS and are in Australian Dollars. Certain figures may be subject to rounding differences. Any market share information in this presentation is based on management estimates based on internally available information unless otherwise indicated.

You must not place undue reliance on these forward-looking statements.

This presentation is not an offer or invitation for subscription or purchase of, or a recommendation of securities. The securities referred to in these materials have not been and will not be registered under the United States Securities Act of 1933 (as amended) and may not be offered or sold in the United States absent registration or an exemption from registration.

Toll Group 34