Toll Brothers Announces Completion of Employee Stock Option Exchange Program - July 24, 2008

Source: Toll Brothers, Inc.

Toll Brothers Announces Completion of Employee Stock Option Exchange Program

HORSHAM, Pa., July 24, 2008 (PRIME NEWSWIRE) -- Toll Brothers, Inc. (NYSE:TOL) (www.tollbrothers.com),
the nation's leading builder of luxury homes, today announced the
completion of its employee stock option exchange program, which expired
at 5:00 p.m. EDT on July 17, 2008. All outstanding eligible options
that were properly tendered for exchange by eligible employees have
been accepted. The Company believes the program, which reduced the
number of shares subject to outstanding stock options by 914,266
shares, will have a positive effect on the retention and motivation of
participating employees.

Toll Brothers has accepted for exchange and cancellation options to
purchase 2,515,275 shares of its common stock, representing
approximately 97% of the shares underlying all eligible options.
Options held by eligible employees with an exercise price equal to or
greater than $27.24 per share were eligible for exchange in the
program. Of the 467 Company employees who were eligible, 403, or
approximately 86%, participated in the program. The Company's directors
and its chief executive officer, chief operating officer and chief
financial officer were not eligible to participate in the program. The
program was approved by the Company's stockholders at the March 2008
Annual Meeting of Stockholders.

Subject to the terms and conditions of the program, in exchange for
the eligible options that were accepted for exchange and cancellation,
Toll Brothers issued replacement options to purchase an aggregate of
1,601,009 shares of its common stock. The replacement options were
issued on July 18, 2008 and have an exercise price of $18.92 per share,
the closing price of the Company's stock on the New York Stock Exchange
on that date.

The full terms and conditions of the stock option exchange program
are set forth in a Tender Offer Statement on Schedule TO, as amended,
that Toll Brothers has filed with the SEC.

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 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, Georgia,
Illinois, Maryland, Massachusetts, Michigan, Minnesota, Nevada, New
Jersey, New York, North Carolina, Pennsylvania, South Carolina, Texas,
Virginia and West Virginia.

Toll Brothers builds luxury single-family detached and attached home
communities, master planned luxury residential resort-style golf
communities and urban low-, mid- and high-rise 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 and landscape
subsidiaries. The Company also operates its own lumber distribution,
and house component assembly and manufacturing operations.

Toll Brothers, a FORTUNE 500 Company, 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. Toll Brothers proudly supports the communities in which it
builds; among other philanthropic pursuits, the Company sponsors the
Toll Brothers - Metropolitan Opera International Radio Network,
bringing opera to neighborhoods throughout the world. For more
information, visit tollbrothers.com.

Certain information included herein and in other Company reports,
SEC filings, verbal or written statements and presentations is
forward-looking within the meaning of the Private Securities Litigation
Reform Act of 1995, including, but not limited to, information related
to anticipated operating results, financial resources, changes in
revenues, changes in profitability, changes in margins, changes in
accounting treatment, interest expense, inventory write-downs, effects
of home buyer cancellations, growth and expansion, anticipated income
to be realized from our investments in unconsolidated entities, the
ability to acquire land, the ability to gain approvals and 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, the ability to produce the liquidity and capital
necessary to expand and take advantage of opportunities in the future,
industry trends, 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 and sales activity in the
markets where the Company builds homes, the availability and cost of
land for future growth, adverse market conditions that could result in
substantial inventory write-downs, 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 obtain adequate and affordable financing for the purchase
of homes, the ability of home buyers to sell their existing homes, the
ability of the participants in our various joint ventures to honor
their commitments, the availability and cost of labor and building and
construction materials, the cost of oil, gas and other raw materials,
construction delays and weather conditions.

CONTACT:  Toll Brothers, Inc.
          Frederick N. Cooper
            (215) 938-8312
            fcooper@tollbrothersinc.com
          Joseph R. Sicree
            (215) 938-8045
            jsicree@tollbrothersinc.com