Gallant Venture : Repurchase Of 5.90 Per Cent. Notes Due 2017

PER CENT. NOTES DUE 2017 (ISIN: SG6VE3000000) COMPRISED IN SERIES 003 OF NOTES (COLLECTIVELY, THE "NOTES") ISSUED UNDER THE US$500,000,000 EURO MEDIUM TERM NOTE PROGRAMME (THE "PROGRAMME") OF GALLANT VENTURE LTD. (THE "COMPANY")

- PROPOSED REPURCHASE OF UP TO S$30,000,000 IN AGGREGATE PRINCIPAL AMOUNT OF NOTES IN SERIES 002 AND UP TO S$15,000,000 IN AGGREGATE PRINCIPAL AMOUNT OF NOTES IN SERIES 003 IN CASH

Reference is made to the Company's announcement dated 19 January 2017 in relation to the Proposed Repurchase (the "Announcement") and the announcement dated 23 January 2017 in relation to the repurchase of the Notes in Series 002.

Unless otherwise defined, all capitalised terms and references used in this announcement shall have the meanings ascribed to them in the Announcement.

As of today, the Company has repurchased S$30,000,000 in principal aggregate amount of Notes in Series 002 (the "Repurchased Series 002 Notes") pursuant to the Proposed Repurchase and payment for the Repurchased Series 002 Notes has been settled. In addition, the Company has repurchased S$13,250,000 in principal aggregate amount of Notes in Series 003 (the "Repurchased Series 003 Notes") pursuant to the Proposed Repurchase and payment for the Repurchased Series 003 Notes will be fully settled by 1 February 2017.

The Company wishes to announce that the Repurchased Series 002 Notes and the Repurchased Series 003 Notes will be cancelled in accordance with the terms and conditions of the Notes in due course and an announcement will be made by the Company when the cancellation of the Repurchased Series 002 Notes and Repurchased Series 003 Notes has taken place.

Following the cancellation of the Repurchased Notes:

1. the aggregate outstanding principal amount of the Notes in Series 002 will be S$120,000,000; and

2. the aggregate outstanding principal amount of the Notes in Series 003 will be S$61,750,000. BY ORDER OF THE BOARD

GALLANT VENTURE LTD.

Choo Kok Kiong

Executive Director and Company Secretary 26 January 2017

securities in any jurisdiction in which such offer or (as the case may be) solicitation would be unlawful. This announcement and any materials relating to the Proposed Repurchase do not constitute, and may not be used in connection with, any form of offer or solicitation in any place where such offers or solicitations are not permitted by law. The distribution of this announcement in certain jurisdictions may be restricted by law. Persons into whose possession this announcement comes are required to inform themselves about, and to observe, any such restrictions.