Sports Toto Msia Trust

Sports Toto Msia Trust (STMT): the upcoming IPO may be slightly delayed from the original targeted completion timeline of end Jan ’13, as it is still pending approvals from the Singapore authorities. Post listing, Berjaya Sports Toto’s (BST) effective stake in STMT is expected to fall from 100% to ~79.54%. BST has indicated that it may eventually (after fulfilling all the listing terms and conditions) distribute part or its entire remaining 80% stake in the business trust to BST shareholders at the appropriate time, and undertake a dual listing exercise on the Msia stock exchange.