Toll Brothers extends to March 2 early participation date in exchange offer for certain outstanding debt securities

HORSHAM, Pennsylvania , February 17, 2012 (press release) – Toll Brothers Finance Corp., a wholly-owned subsidiary of Toll Brothers, Inc. (NYSE:TOL) (www.tollbrothers.com), announced today that it has extended the early participation date relating to its registered offer to exchange new 5.875% Senior Notes due February 15, 2022 (the “New Notes”) for any and all of its currently outstanding 6.875% Senior Notes due 2012 (the “2012 Notes”) and 5.95% Senior Notes due 2013 (the “2013 Notes” and, together with the 2012 Notes, the “Outstanding Notes”) to 12:00 midnight, New York City time, on March 2, 2012, the same time as the expiration date for the exchange offer.

No other changes have been made to the terms and conditions of the exchange offer, which are set forth in the Registration Statement on Form S-4, filed by Toll Brothers with the Securities and Exchange Commission on February 3, 2012 (the “Registration Statement”). The condition that Toll Brothers has completed an offering of $300 million in aggregate principal amount of New Notes was satisfied on February 7, 2012. Holders who validly tender and do not validly withdraw their notes before the early participation date will be eligible to receive the early exchange premium in addition to the exchange consideration, as described in the Registration Statement.

The early participation date had been 5:00 p.m., New York City time, on February 16, 2012. As of such time, approximately $34 million in aggregate principal amount, or 24%, of the currently outstanding 2012 Notes and approximately $37 million in aggregate principal amount, or 26%, of the currently outstanding 2013 Notes, had been validly tendered to the exchange agent by the holders thereof.

Toll Brothers has retained Citigroup, Deutsche Bank Securities Inc. and RBS Securities Inc. to serve as dealer managers for the exchange offer and has retained D.F. King & Co., Inc. to serve as the exchange and information agent for the exchange offer.

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