3. Financial effects of the Proposed Share Buy-Back

3.1 Share Capital

Assuming the Proposed Share Buy-Back is exercised in full and the shares so purchased are cancelled, it will reduce the amount of issued and paid-up share capital of the Company as at 27 February 2009 by 52,590,755 from 525,907,550 to 473,316,795 (assuming none of the outstanding options are exercised prior to the implementation of the Proposed Share Buy-Back), or by 52,917,430 from 529,174,300 to 476,256,870 (assuming all the 3,266,750 outstanding options pursuant to the Company's employees' share option scheme are exercised prior to the implementation of the Proposed Share Buy-Back). However, there will be no effect on the issued and paid-up share capital of the Company if the shares so purchased are retained as treasury shares, resold or distributed to the shareholders.

3.2 Net Assets ("NA")

When the Company purchases its own shares, regardless of whether they are retained as treasury shares or subsequently cancelled, the NA per share of Bursa Group will decrease if the cost per share purchased exceeds the NA per share of Bursa Group at the relevant point in time. However, if the cost per share purchased is below the NA per share of Bursa Group at the relevant point in time, the NA per share of Bursa Group will increase.

In the case where the shares purchased pursuant to the Proposed Share Buy-Back are treated as treasury shares and subsequently resold on Bursa Securities, the NA per share of Bursa Group upon the resale will increase if the Company realises a gain from the resale and vice-versa. If the treasury shares are distributed as share dividends, the NA of Bursa Group will decrease by the cost of the treasury shares at the point of purchase.

3.3 Working Capital

The Proposed Share Buy-Back, as and when implemented, will reduce the working capital of Bursa Group, the quantum of which depends on, amongst others, the number of shares purchased and the purchase price(s) of the shares.

3.4 Earnings

The effects of the Proposed Share Buy-Back on the earnings of Bursa Group are dependent on the number of shares purchased, the effective funding cost to finance such purchases and/or loss in interest income to Bursa Group if internally generated funds are utilised. Further, the purchase of the shares pursuant to the Proposed Share Buy-Back will result in a lower number of shares being taken into account for purposes of EPS computation.

3.5 Dividends

Assuming the Proposed Share Buy-Back is implemented in full and the dividend quantum is maintained at historical levels, the Proposed Share Buy-Back will have an effect of increasing the dividend rate per ordinary share of the Company as a result of the reduction in the issued and paid-up share capital of the Company.

4. Directors' and/or Substantial Shareholders' Interests

Save for the proportionate increase in percentage of shareholdings and/or voting rights of shareholders of the Company as a result of the Proposed Share Buy-Back, none of the Directors and substantial shareholders of the Company and/or persons connected with them have any interest, direct or indirect in the proposed purchase of shares or resale of treasury shares, if any in the future.

5. Approvals required for the Proposed Share Buy-Back

The Proposed Share Buy-Back is subject to the approval of the shareholders of the Company at the forthcoming 32nd AGM.

6. Board's opinion

The Board after having considered all aspects of the Proposed Share Buy-Back is of the opinion that the Proposed Share Buy-Back is fair, reasonable and in the best interest of the Company and accordingly recommend that you vote in favour of the ordinary resolution for the Proposed Share Buy-Back to be tabled at the 32nd AGM.

7. Circular to the shareholders

Details of the Proposed Share Buy-Back will be set out in the Circular to the shareholders, which will be dispatched to the shareholders together with Notice of 32nd AGM and the Form of Proxy.

This announcement is dated 4 March 2009.