GALLANT VENTURE LTD

Registration Number: 200303179Z

3 HarbourFront Place

#16-01 HarbourFront Tower Two Singapore 099254

Tel +65 63893535

Fax +65 63967758 www.gallantventure.com

ENTRY INTO A JOINT VENTURE AGREEMENT WITH PACIFICLIGHT POWER PTE LTD AND PT MEDCO POWER INDONESIA

The Board of Directors (the "Board") of Gallant Venture Ltd. (the "Company" and together with its subsidiaries, the "Group") wishes to announce that the Company had on 25 October 2021, entered into a joint venture agreement ("the Joint Venture Agreement") with Pacificlight Power Pte Ltd ("Pacificlight"), a company related to Salim Group 1 and PT Medco Power Indonesia ("Medco") ("Joint Venture"). The consortium plans to develop, manage, finance, build, engineer, procure, construct, commission, operate and maintain a Solar PV plant at Pulau Bulan, Indonesia and connect to the Singapore Power Grid network at Pacificlight's existing site at Jurong Island to supply renewable energy to Singapore. The Joint Venture has been granted a 100MW conditional Import Licence by the Energy Market Authority ("EMA") of the Republic of Singapore.

The Joint Venture is not expected to have any material impact on the earnings per share or net tangible assets per share of the Group for the current financial year ending 31 December 2021.

The Company will make further announcements to update its shareholders on any material developments of the Joint Venture as may be necessary or appropriate.

Save as disclosed above, none of the Directors or controlling shareholders of the Company has any interest, direct or indirect, in the abovementioned transaction (other than through their interests in the shares of the Company).

BY ORDER OF THE BOARD

GALLANT VENTURE LTD.

Choo Kok Kiong

Executive Director and Company Secretary

25 October 2021

1 Mr Anthoni Salim and the group of companies controlled by him or, if the context requires, Mr Anthoni Salim.

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Gallant Venture Ltd. published this content on 25 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 October 2021 10:33:08 UTC.