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Toll Brothers City Living Announces First Closings at The Touraine Luxury Boutique Condo Building Located at 65th Street and

Toll Brothers City Living Announces First Closings at The Touraine Luxury
Boutique Condo Building Located at 65th Street and Lexington Avenue

HORSHAM, Pa., July 18, 2013 (GLOBE NEWSWIRE) -- Toll Brothers, Inc. (NYSE:TOL)
(www.tollbrothers.com), the nation's leading builder of luxury homes, today
announced its first closings and an update to its schedule of projected
closings of condominium units at The Touraine, its ultra-luxury 22-story
residential building at 135A East 65^th Street off Lexington Avenue on
Manhattan's Upper East Side in New York City. The building includes twenty-two
spectacular residences with one to five bedrooms, and one to five-and-a-half
baths. To date, 21 of the 22 condominiums in the building are under contract
and the first 15 have been delivered to residents this fiscal quarter. Toll
Brothers now expects that by July 31, 2013, its third-quarter end, a total of
16 units representing approximately $50.7 million of revenues, will have been
delivered to residents. The remaining 5 units under contract, representing
approximately $38.3 million of revenues, along with the associated earnings,
are now expected to be delivered early in its fourth quarter, which ends
October 31, 2013.

House with white balcony

Douglas C. Yearley, chief executive officer of Toll Brothers, stated: "We
continue to expand our offerings throughout New York City and across the
Hudson River on the Northern New Jersey Gold Coast. Toll Brothers City Living
is currently offering condominiums at 160 E. 22^nd Street in Manhattan's
Gramercy neighborhood, and at both our Maxwell Place and Hudson Tea
communities, our multi-building Hudson River waterfront complexes in Hoboken.

"We will soon open for sale at 400 Park Avenue South at 28^th Street in
Manhattan's NoMad neighborhood, where our condominiums, which start at the
22^nd floor of this 40-story tower, will have amazing unobstructed views of
mid-town Manhattan in all directions. Also in our pipeline are luxury
condominiums at Pierhouse at Brooklyn Bridge Park overlooking the New York
Harbor, Wall Street and the Brooklyn Bridge; 1110 Park Avenue at 89^th Street,
an 11-unit, 16-story boutique condominium building that will mirror the
elegance of The Touraine; and 961 First Avenue at 52nd Street, where luxury
living is within walking distance of Manhattan's core mid-town employment
centers. And we have several other exciting projects in our pipeline."

"As we grow our City Living presence in New York City, Northern New Jersey,
Philadelphia, and the urban Metro DC area, and explore expansion opportunities
in San Francisco, Boston and elsewhere, we see a tremendous future for Toll
Brothers' City Living brand in the years to come."

About Toll Brothers City Living

Toll Brothers City LivingĀ® is the urban development division of Toll Brothers,
Inc. (NYSE:TOL), the nation's premier builder of luxury homes. Toll Brothers
City Living is bringing the same quality, value and service familiar to luxury
home buyers throughout the country, to some of the most dynamic urban markets
including Manhattan, Brooklyn and Queens in New York City; Hoboken and Jersey
City, New Jersey; Philadelphia, Pennsylvania; and Greater Washington, D.C.
metro area. Since entering the urban metro New York City market in 2003, Toll
Brothers has completed 16 buildings of approximately 2,800 units, of which
nearly all have been sold; and is currently in construction on five buildings
of 510 units with seven more buildings of approximately 1,200 units in
planning. Toll Brothers City Living communities combine the energy of an urban
lifestyle with unparalleled amenities, spectacular architecture,
energy-efficient home design, and the expertise of the nation's leading
builder of luxury homes. Additional information is available at
www.TollBrothersCityLiving.com and www.TollBrothers.com.

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 buyers and
operates in 19 states: Arizona, California, Colorado, Connecticut, Delaware,
Florida, Illinois, Maryland, Massachusetts, Michigan, Minnesota, Nevada, New
Jersey, New York, North Carolina, Pennsylvania, Texas, Virginia, and
Washington.

Toll Brothers builds an array of luxury residential communities, principally
on land it develops and improves: single-family detached and attached home
communities, master planned resort-style golf communities, and urban low-,
mid- and high-rise communities. The Company operates its own architectural,
engineering, mortgage, title, land development and land sale, golf course
development and management, home security, and landscape subsidiaries. The
Company also operates its own lumber distribution, house component assembly,
and manufacturing operations.The Company acquires and develops commercial
properties through Toll Commercial and its affiliate, Toll Brothers Realty
Trust, and purchases distressed loan and real estate asset portfolios through
its wholly owned subsidiary, Gibraltar Capital and Asset Management.

Toll Brothers, A FORTUNE 1000 Company, is honored to have won the three most
coveted awards in the homebuilding industry: America's Best Builder from the
National Association of Home Builders, the National Housing Quality Award and
Builder of the Year.Toll Brothers was awarded Builder of the Year for 2012
and is the only two-time recipient.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 www.tollbrothers.com.

Certain information included in this release 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;
anticipated financial performance, resources and condition; selling
communities; home deliveries; average home prices; consumer demand and
confidence; contract pricing; business and investment opportunities; and
market and industry trends.

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, among others: local, regional, national and international economic
conditions; fluctuating consumer demand and confidence; interest and
unemployment rates; changes in sales conditions, including home prices, in the
markets where we build homes; conditions in our newly entered markets and
newly acquired operations; the competitive environment in which we operate;
the availability and cost of land for future growth; conditions that could
result in inventory write-downs or write-downs associated with investments in
unconsolidated entities; the ability to recover our deferred tax assets; the
availability of capital; uncertainties in the capital and securities markets;
liquidity in the credit markets; changes in tax laws and their interpretation;
effects of governmental legislation and regulation; the outcome of various
legal proceedings; the availability of adequate insurance at reasonable cost;
the impact of construction defect, product liability and home warranty claims,
including the adequacy of self-insurance accruals, and the applicability and
sufficiency of our insurance coverage; the ability of customers to obtain
financing for the purchase of homes; the ability of home buyers to sell their
existing homes; the ability of the participants in various joint ventures to
honor their commitments; the availability and cost of labor and building and
construction materials; the cost of raw materials; construction delays;
domestic and international political events; and weather conditions. For a
more detailed discussion of these factors, see the information under the
captions "Risk Factors" and "Management's Discussion and Analysis of Financial
Condition and Results of Operations" in our most recent annual report on Form
10-K and our subsequent quarterly reports on Form 10-Q filed with the
Securities and Exchange Commission.

Any or all of the forward-looking statements included in this release are not
guarantees of future performance and may turn out to be inaccurate.
Forward-looking statements speak only as of the date they are made. The
Company undertakes no obligation to publicly update any forward-looking
statements, whether as a result of new information, future events or
otherwise.

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

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