New acting CFO at Tranz Rail

For immediate release
29 September 2003

New acting CFO at Tranz Rail

Auckland, New Zealand - Tranz Rail Holdings Limited [NZSX: TRH]

Tranz Rail Chairman Wayne Walden today announced that John Loughlin would step down as Chief Financial Officer of Tranz Rail from 30 September 2003 and return to being a non-executive director for the company.

"John stepped in to the role as acting Chief Financial Officer in April on a temporary basis and the project work he has undertaken is largely completed. Also the ownership of the company is becoming increasingly clear as the takeover bid from Toll Holdings gains momentum."

"John is keen to get back to focusing on his other business interests and to give more time to his Hawkes Bay based family.

"The Board is grateful for John's contribution in what have been extremely challenging times. We are pleased that John has indicated that he will continue to be available to assist the company and to overview its progress.

" In the meantime Group Financial Controller Brian Fouhy, will act as Chief Financial Officer pending the final outcome of the Toll takeover bid," said Mr Walden.

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