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Managing InvestmentsCreating Value

GALLANT VENTURE LTD.

371 Beach Road#13-08 KeyPointSingapore 199597

Tel: +65 6389 3535Fax: +65 6396 7758 www.gallantventure.com

(Company Registration Number: 200303179Z)

PT Bintan Resort CakrawalaLj. Raja Haji Teluk SebongLagoi, Bintan UtaraIndonesiaTel: (62-770) 691 915/16/17Fax: (62-770) 691 920Website: www.bintan-resorts.com

Bintan Resort Ferries Private Limited371 Beach Road#25-01 KeyPointSingapore 199597Tel: (65) 6294 6008Fax: (65) 6294 6208Website: www.brf.com.sg

BRF Holidays Pte Ltd371 Beach Road#25-01 KeyPointSingapore 199597Tel: (65) 6293 3191Fax: (65) 6293 3375Website: www.brfholidays.com.sg

Verizon Resorts LimitedLot 2 and 3, Level 3Wisma LazendaJalan Kemajuan87000 FT LabuanMalaysiaTel: (65) 6389 3535Fax: (65) 6396 7758

PT Buana MegawisatamaWisma Indosemen, 11th Floor Jl. Jend. Sudirman Kav. 70-71Setiabudi, South JakartaIndonesiaTel: (62-21) 522 3976Fax: (62-21) 251 0141

PT Surya Bangun PertiwiWisma Indosemen, 11th FloorJl. Jend. Sudirman Kav. 70-71Setiabudi, South JakartaIndonesiaTel: (62-21) 522 3976Fax: (62-21) 251 0141

Subsidiaries

PT Batamindo Investment CakrawalaWisma Batamindo Jl. Rasamala 1MukakuningBatam 29433IndonesiaTel: (62-770) 611 222Fax: (62-770) 611 432Website: www.sembpark.com.sg

PT Bintan Inti Industrial EstateBintan Industrial EstateLobamBintan 29154IndonesiaTel: (62-770) 696 833Fax: (62-770) 696 832Website: www.sembpark.com.sg

PT Batamindo Executive VillageJalan Gajah Mada 9 km 5kp. Sei Ladi Sekupang Batam, IndonesiaTel: (62-778) 324 128/168Fax: (62-778) 323 288Website: www.southlinksgolf.com

Contents 1 Gallant Venture Ltd.23 Our Businesses at a Glance

47 Strong Foundations

Investment Merits

Our Directors

Our Management Team

89 Utilities

1011 Industrial Parks

1213 Resort Operations

1415 Property Development

16 Plans for the Future

We are a commercial development and management group in Riau Archipelago and an integrated

master planner for industrial parks and resorts in Batam and Bintan. Since the early 1990s, we have

operated in four key areas; utilities, industrial parks, resort operations and property developments.

In 2004, our operating revenues totalled approximately S$202.0 million while our total assets were

valued at approximately S$1.5 billion. Our principal shareholders include the Salim Group,

the Parallax Group, SembCorp Industries Ltd and the Ascendas Group.

Our businesses take advantage of the strategic proximity of Singapore and the close economic

cooperation between the Singapore and Indonesian governments to promote investment in the

Riau Province. Headquartered in Singapore, our location is one of our key assets given Singapores

reputation for multinational management due to its infrastructure, proven legal system and good

corporate governance environment. Our investment portfolio is a good mix between stable cash flow

in the utility and industrial park businesses, promising growth potential in the resort and property

development businesses in Bintan, and strong balance sheet with low gearing.

1

GALLANT VENTURE LTD.

An investment holding companywith focus on regional growth opportunities

Singapore

BatamBatamindoIndustrial

Park

An investment holding company

Bintan

Bintan Resorts

BintanIndustrialEstate

UtilitiesWe are a private provider of utilities in Batam and

Bintan, supplying electricity, telecommunications,

water and waste management services to our

industrial parks and Bintan Resorts. We have

invested approximately S$409 million to construct

our utilities infrastructure and resources for power

generation and distribution, and potable water

treatment facilities including a reservoir,

wastewater treatment facilities and landfills.

Industrial Parks We own and manage Batamindo Industrial Park in

Batam and Bintan Industrial Estate in Bintan, two

self-contained industrial parks of international

standards. These parks have a total net lettable

area of approximately 630,000 sqm. The

industrial parks owned by us are valued by Colliers

International at approximately S$442 million*.

Our proximity to Singapore providing access

to Singapores infrastructure and logistics,

air and sea port facilities have attracted

multinational investors.

Our Businesses at a Glance

Resort Operations We provide integrated support facilities and

services to the 4 resorts and 7 hotel properties in

Bintan Resorts, an integrated resort development

and international tourist destination, which spans

over 3,000 ha of land.

Property Development We own land and act as a master planner for

industrial park and resort development

opportunities. We own a total of about 18,200 ha

of land in northern and western Bintan, which

are valued at approximately S$541 million*.

Our land bank is earmarked for sale and for

resort, industrial, commercial and residential

development. Since 1990, we have sold four

major sites totalling over 1,200 ha to investors

for the development of Nirwana Garden Resort,

Laguna Bintan Resort, Ria Bintan Resort and

Bintan Lagoon Resort.

*As at 1 February, 20062-3

A Balanced Asset Portfolio

Our current investment portfolio provides a

balanced mix of stable cash flow in the utility and

industrial park businesses, promising profit and

growth capabilities in the resort and property

development businesses in Bintan, and a strong

balance sheet with low gearing.

Strong Management Team

Our strong management team has the relevant

experience and qualifications to manage the

different functions of our businesses.

A Unique Market Position as an Integrated

Master Planner

As the integrated master planner for industrial

parks and resorts totalling approximately

18,200 ha in size, and as a private provider of

utilities in Batam and Bintan, we place emphasis

on the quality of our developments and the

infrastructure and support services. We have

attracted the presence of internationally known

brands including Club Med and Banyan Tree.

Significant Economies of Scale and Barriers

to Entry

Through our large pool of tenants and investors,

we enjoy significant economies of scale to our

industrial parks business, which in turn allow us

to offer investors a competitive advantage. The

barriers to entry for industrial parks businesses

are high and our ability to provide a wide

range of comprehensive services may not be

easily replicated.

Batam and Bintan as Investment Destinations

We leverage on our strategic location in Batam

and Bintan by providing investors with ready

access to Singapore and Changi International

Airport, access to an abundant workforce at

all levels and labour cost advantage relative to

Singapore. We also market Bintan Resorts to

tourists as a twin resort holiday destination to

Singapore and Bintan, with its scenic beauty with

100km of shoreline.

Good Government Support

We benefit from close economic ties between

Indonesia and Singapore and from various

investment incentives and privileges to develop

Batam and Bintan, such as the Generalised System

of Preferences, Bonded Zone Plus status and

absence of foreign exchange controls in Indonesia.

Strong Financial Position

Our strong balance sheet with low gearing and

a stable cash flow enables us to explore new

business opportunities, strategic partnerships

and investments.

Strong Foundations

Our Investment MeritsRecognised for our international standards in industrial park and

resorts master-planning, we have established:

4-5

Mr Lim Hock San

Non-Executive Chairman and

Independent Director

Mr Lim is presently the President and Chief

Executive Officer of United Industrial Corporation

Limited as well as Singapore Land Limited. Mr Lim

has also held the position of Director-General of

the Civil Aviation Authority of Singapore. He is a

fellow of The Chartered Institute of Management

Accountants (UK) and is a recipient of the

Singapore Government Public Administration

Medal (Gold) and Public Service Medal.

Mr Eugene Cho Park

Executive Director and Chief Executive Officer

Responsible for the overall management of

Gallant, Mr Park is a founder of Parallax Capital

Management Group. He has also spent more than

15 years as an investment banker with Credit

Suisse First Boston in London, Chase Manhattan

Asia Ltd in Hong Kong and Banque Paribas

in Singapore.

Ms Low Sin Leng

Non-Executive Director

Ms Low is the Executive Chairman of SembCorp

Parks Holdings Ltd and SembCorp Parks

Management Pte Ltd. She is also the Senior

Executive Director of SembCorp Industries Ltd,

Vice-President Director of PT BIC and PT BIIE and

Chairman of SemHotel Management Pte Ltd. Prior

to joining SembCorp Industries Ltd in 2000 as

Group Chief Operating Officer, she was Executive

Vice President of Singapore Power Ltd and

Managing Director in SP Telecommunications Pte

Ltd between 1998 and 2000.

BG (Ret) Chin Chow Yoon

Non-Executive Director

BG (Ret) Chin is the Vice-President Director of PT

BRC and Chief Executive Officer of Bintan Resort

Development Corporation Pte Ltd. He is also an

Executive Director of Singapore Discovery Centre

Ltd. BG (Ret) Chin has served as Chairman of

BRF and as a director on the boards of Chartered

Firearms Industries Private Limited from 1994 to

1996, Singapore Commuter Private Limited from

1991 to 1993, Vickers Capital Limited from 1984

to 1990. He was also the Chairman of Singapore

Pools (Private) Limited from 2002 to 2004.

Our Board of Directors

Mr Rivaie Rachman

Independent Director

Mr Rachman has been a Consultant for the Riau

Economic Development Board since 1970. He

was also the Vice Governor of Riau Province

from 1994 to 1999, Head of the Riau Investment

Coordination Board from 1988 to 1994, Head

of the Riau Economic Development Board from

1978, President Director of the Development

Bank of Riau from 1965 to 1968 and the Head of

Finance in the Riau Governors Office from

1963 to 1965.

Mr Foo Ko Hing

Independent Director

Mr Foo is currently the Chief Financial Officer and

a director of Biovate Corp Bhd. He has also held

positions as Executive Director and Chairman

of the Exco of CAM International Holdings Ltd.

During his 14 years tenure in HSBC, he has held

positions such as Executive Director in HSBC

Investment Group Private Banking and Trust

Services, Executive Director of the HSBC Jersey

Branch in the Channel Islands, and Head of

Business Development in HSBC.

OUR MANAGEMENT TEAM

Our strong and reliable management team has

the relevant experience and qualifications to

manage the different functions of our businesses.

Mr Choo Kok Kiong

Chief Financial Officer

Mr Elfast Goh Eng PhengCorporate Human Resource Manager

Mr Gunawan Adiwibowo Director of PT Bintan Resort Cakrawala

Mr Albel SinghGeneral Manager of PT Bintan Resort Cakrawala

Mr Kuharajahsingam s/o Karalasingam General Manager of Bintan Resort Ferries Private Limted

Mr Johannes Sulistijawan Surjaatmadja General Manager (Corporate) of PT Batamindo Investment Cakrawala

Mr Malcolm Alphonso General Manager of PT Bintan Inti Industrial Estate

L/LTC (Ret) Wee Guan YakExecutive Director and General Manager of PT Batamindo Executive Village 6-7

OUR BUSINESSES Utilities

We supply power, water, telecommunications and waste management services to Batamindo Industrial

Park, Bintan Industrial Estate and Bintan Resorts.

8-9

Power

We own power generation facilities in both

industrial parks and Bintan Resorts that are

designed with system redundancy to cope with

potential surges in electricity consumption. To

provide our customers 24-hour uninterrupted

power supply, we have:

16 diesel fired generators and 3 dual fuel

fired generators at Batamindo Industrial Park,

4 generators at Bintan Industrial Estate, and

4 generators at Bintan Resorts handling peak

loads of approximately 81MW, 11MW and

8.2MW respectively

Standby generating capacity amounting to 30%

of installed capacity;

Maintain an adequate reserve supply of fuel,

sufficient for 15 to 60 days; and

24-hour security and regular inspections.

Telecommunications

To provide our investors and tenants of our

industrial parks and Bintan Resorts with

uninterrupted, quality telecommunication

services, we have:

14,000 lines for broadband, IDD, fax, local and

dedicated lease lines;

a 100m high microwave tower that

supplements local authoritys optical fibre

networks; and

an additional 3,000 lines to PT Bintan

Inti Industrial Estate and PT Bintan Resort

Cakrawala.

Water

We provide treated water from third parties

or from our facilities to our industrial parks

and Bintan Resorts. Water is sourced from two

government owned reservoirs at Muka Kuning and

Duriangkang in Batam, as well as our own water

resources at Lake Java for Bintan Industrial Estate

and a reservoir for Bintan Resorts.

Waste Management

Our waste management business is comprised

of sewage treatment plants and wastewater

treatment facilities. We have designated sanitary

landfills for the disposal of solid wastes and

dedicated ponds at our industrial parks for the

discharge of treated sewage to ensure that the

treatment of sewage and wastewater adheres to

the local authoritys environmental standards.

Our facilities and services include:

A range of ready-built factories for rental

or sale, customisable to investors unique

specifications taking into consideration space

and loading requirements.

Logistics services with ready access to

Singapores air and sea-port facilities such as:

Daily shipping for containerised,

conventional and light to heavy cargoes to

and from Singapore

Transshipment for inbound and outbound

cargo via Singapore;

Warehousing, distribution and relocation

Owned and managed port and ferry terminal

at Bintan

Residential, recreational and medical amenities

for tenants and workers:

Executives in Batam and Bintan are provided

condominiums and bungalows in Bintan

Inti Executive Village and resort style

accommodation in Batamindo Executive

Village, which provide recreational facilities

including membership privileges at the

SouthLinks Country Club for residents of

Batamindo Executive Village

Dormitories for factory workers

Larger quarters for supervisors

Community centre and facilities for workers

Utilities infrastructure

Other support services include residential,

recreational and medical amenities, security

and commercial centres in the industrial parks.

Industrial Parks

Our industrial parks, Batamindo Industrial Park in Batam and Bintan Industrial Estate in Bintan, provide

self-contained environments to tenants (which include multinational corporations) representing a range

of industries and their supporting industries.

Batamindo Industrial Park Bintan Industrial Estate

Net Lettable Area 530,000m2 104,000m2

Industries Represented Mostly manufacturing Mostly light industries

products such as: such as:

Electronic and Electronics Manufacturing

Electrical Products, Garment Manufacturing

Pharmaceuticals,

Plastic Moulds, and

Precision Parts

Accessibility One International Airport Own Ferry Terminal

2 Seaports Own Seaports

5 Ferry Terminals

10-11

Our services include:

Ferry Services and Ferry Terminal Operations:

Ferry services from Singapore to Bintan

Three modern catamaran ferries with a

maximum seating capacity of approximately

860 passengers

Travel Agency:

Marketing of travel packages

Travel-related services such as incentive tour

and seminar packages, eco-tourism tours,

team building and leadership courses

Property Rental and Workers acommodations:

Market and retail space

Provide staff housing in Bintan Resorts

Other Services and Conservancy

Other services included are fire fighting,

security, vector monitoring, environment

and medical support. We also provide estate

and township maintenance such as road and

drainage and have a 24-hour crisis centre

Accolades

Bintan Resorts boasts numerous awards

including:

2003 PATA Gold Award for Ecotourism/Travel-

Related Project

Best Weekend Getaway By I-S Magazine,

Singapore (2001)

Best Weekend Getaway By I-S Magazine,

Singapore (1999)

Featured as one of the 50 international island

destinations in Conde Naste Traveler (1997)

Resort Operations

Bintan Resorts is an integrated lifestyle resort development and international tourist destination with

100km of shoreline. With its proximity to Singapore, Bintan Resorts has been marketed as a twin resort

holiday destination to complement the city-state of Singapore. Current developed site spans over 3,000

ha of land on the northern coast of Bintan and houses international brands such as Club Med Ria Bintan

and Banyan Tree Bintan.

We provide integrated master planning and support services to the four major integrated resorts:

Bintan Resorts Resort Properties

Nirwana Gardens Nirwana Resort Hotel, Mayang Sari Beach Resort, Mana Mana Beach

Club and Cabanas, Indra Maya Villas, and Banyu Biru Villa

Laguna Bintan Banyan Tree Bintan, Laguna Bintan Golf Club (18 hole golf course

designed by Greg Norman), Angsana Resort Spa

Ria Bintan Club Med Ria Bintan and Ria Bintan golf course

Bintan Lagoon Resort Bintan Lagoon Hotel and Villas, and two 18-hole golf courses

designed by Jack Nicklaus and Ian Baker-Finch

12-13

Integrated Master Planning

We undertake integrated master planning through

PT Bintan Resort Cakrawala (which is also the

master planner for Bintan Resorts) and are also

involved in:

the management of development consultants,

such as planners, architects, landscape

architects, environmental specialists

and engineers;

the development of infrastructure and support

facilities;

investment and destination marketing; and

the operation of infrastructure and support

facilities and community development.

Property Development

Development and Sale of Lands

Our property development and sale activities are focused in Bintan where we own a sizeable inventory of

approximately 18,200 ha of land. Our lands in the north are divided into approximately 66 land parcels

with various levels of infrastructure already in place. The Lagoi Bay area and its vicinity are earmarked

for our next phase of development for hotels and attractions.

Land Location Designated Use Approximate Approximate Market

Area (ha) Value (S$ million)

North of Bintan Resort, Commercial, Residential 14,400 434

and Supporting Facilities

West of Bintan Industrial, Commercial, Residential 3,800 107

and Supporting Facilities

14-15

Utilities:

Expand our utilities services beyond our

current customer base

Acquisition of three dual fuel fired generators

and conversion of twelve generators to dual

fuel fired so to allow our Batam power plant to

provide services at more competitive rates by

operating on either fuel or gas, thus reducing

fuel dependency

Industrial Parks:

Increase the capacity of our Bintan Industrial

Estate and create higher value rentable area

Expand Bintan Industrial Estate using our

existing land bank

Diversify our tenant base and mix, and target

niche industries such as pharmaceuticals

and medical supplies, and investors or

tenants whose businesses are similar to or

complementary with our existing tenants

Raise the profile and visibility of our

industrial parks

Resort Operations:

Maintain and strengthen our existing major

markets

Target new emerging tourist markets in

Indonesia, Malaysia and China

Property Development:

Our property investment opportunities include:

approximately 14,400 ha for resort,

commercial and residential development

in the northern parts of Bintan

approximately 3,800 ha for industrial,

commercial and residential development

in the western parts of Bintan

immediate development potential in

Lagoi Beach Village, an area in northern

Bintan, earmarked for development

of resorts, entertainment and

lifestyle destinations

Going forward, we intend to explore new business opportunities, strategic partnerships and

investments; and organically grow our four businesses as outlined:

Plans for the Future

Important NoticeAnyone wishing to acquire placement shares in the capital of Gallant Venture Ltd. will need to make an application in the manner set out in the prospectus dated 28 April 2006 (the Prospectus). The Prospectus is available for collection during office hours from Asian Corporate Advisors Pte. Ltd. (80 Robinson Road, #10-01A, Singapore 068898), Genesis Capital Pte. Ltd. (16 Raffles Quay, #27-05/06, Hong Leong Building, Singapore 048581) and UOB Kay Hian Private Limited (80 Raffles Place, #30-01 UOB Plaza 1, Singapore 048624).