February 20, 1998
Dear Stockholder:
The Performance Graph set forth below is to replace that which appears on
page 22 of the proxy statement relating to the Annual Meeting of Stockholders
of Toll Brothers, Inc. to be held on March 5, 1998. When we were preparing
the graph, we erroneously used the values for the five year period ended
October 31, 1996 instead of 1997. We apologize for any inconvenience this
error may have caused. We are enclosing an additional proxy card in the event
you either have not already cast your proxy or wish to change your vote.
<TABLE>
<CAPTION>
COMPARISON OF FIVE YEAR CUMULATIVE TOTAL RETURN*
AMONG TOLL BROTHERS, INC., THE S&P 500 INDEX AND
THE S&P HOMEBUILDING INDEX
Toll Brothers, Inc. S&P 500 Index S&P homebuilding
<S> <C> <C> <C>
1992 100 100 100
1993 175 115 147
1994 122 119 79
1995 199 151 110
1996 189 187 100
1997 246 247 177
</TABLE>
* $100 invested on 10/31/92 in Stock or Index - including reinvestment of
dividends. Fiscal year ended October 31.
