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Gallant Venture Ltd CIRCULAR DATED 13 MARCH 2013 THIS CIRCULAR IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. IF YOU ARE IN ANY DOUBT AS TO THE COURSE OF ACTION YOU SHOULD TAKE, YOU SHOULD CONSULT YOUR STOCKBROKER, BANK MANAGER, SOLICITOR, ACCOUNTANT, TAX ADVISER OR OTHER PROFESSIONAL ADVISER IMMEDIATELY. Unless otherwise stated, the capitalised terms on this cover are defi ned in this Circular (as defi ned herein) under the section titled “DEFINITIONS”. The Singapore Exchange Securities Trading Limited (“SGX-ST”) assumes no responsibility for the correctness of any of the statements made, reports contained or opinions expressed in this Circular. Approval in-principle has been granted by the SGX- ST to Gallant Venture Ltd. (“Company” or “Gallant”) for the listing of and quotation for the Rights Shares and the Conversion Shares on the SGX-ST subject to certain conditions. The Company may in its absolute discretion waive any of the said conditions in the event that the SGX-ST waives compliance of the same. Approval in-principle granted by the SGX-ST to the Company for the admission, listing of and quotation for the Rights Shares and the Conversion Shares on the SGX-ST is not to be taken as an indication of the merits of the Proposed Rights Issue, the Proposed Acquisition, the Company and/or its subsidiaries. If you have sold or transferred all your Shares , you should immediately forward this Circular, the Notice of Extraordinary General Meeting and the attached Proxy Form immediately to the purchaser or transferee or to the bank, stockbroker or other agent through whom the sale or transfer was effected for onward transmission to the purchaser or transferee. YOUR ATTENTION IS DRAWN TO THE SECTIONS ENTITLED “RISK FACTORS” ON PAGES 37 AND A- 30 TO A- 47 OF THIS CIRCULAR WHICH YOU SHOULD REVIEW CAREFULLY. GALLANT VENTURE LTD. (Incorporated in the Republic of Singapore) (Company Registration No. 200303179Z) CIRCULAR TO SHAREHOLDERS in relation to A. THE PROPOSED ACQUISITION OF SHARES IN THE CAPITAL OF PT INDOMOBIL SUKSES INTERNASIONAL TBK. BY WAY OF: (1) THE ACQUISITION OF SHARES REPRESENTING APPROXIMATELY 52.35% OF THE ISSUED SHARE CAPITAL OF PT INDOMOBIL SUKSES INTERNASIONAL TBK. FROM PT CIPTA SARANA DUTA PERKASA FOR AN AGGREGATE CONSIDERATION OF APPROXIMATELY US$809.3 MILLION (EQUIVALENT TO APPROXIMATELY S$988.2 MILLION) (AND IN CONNECTION THEREWITH THE ISSUE BY THE COMPANY OF AN AGGREGATE OF APPROXIMATELY S$184.7 MILLION IN PRINCIPAL AMOUNT OF BONDS TO PT CIPTA SARANA DUTA PERKASA); AND (2) A MANDATORY TENDER OFFER BY THE COMPANY FOR ALL THE OUTSTANDING SHARES IN THE CAPITAL OF PT INDOMOBIL SUKSES INTERNASIONAL TBK. OTHER THAN SHARES HELD BY THE COMPANY, SUBJECT TO THE COMPLETION OF THE PROPOSED ACQUISITION OF THE SAID 52.35% OF THE ISSUED SHARE CAPITAL OF PT INDOMOBIL SUKSES INTERNASIONAL TBK. B. THE PROPOSED RENOUNCEABLE NON-UNDERWRITTEN RIGHTS ISSUE OF 2,412,482,556 NEW SHARES IN THE CAPITAL OF THE COMPANY (“RIGHTS SHARES”) AT AN ISSUE PRICE OF S$0.280 EACH, ON THE BASIS OF ONE (1) RIGHTS SHARE FOR EVERY ONE (1) EXISTING ORDINARY SHARE HELD BY SHAREHOLDERS OF THE COMPANY AS AT THE BOOKS CLOSURE DATE, FRACTIONAL ENTITLEMENTS, IF ANY, TO BE DISREGARDED. Joint Financial Advisers to the Company in respect of the Proposed Acquisition and Joint Managers for the Proposed Rights Issue (in alphabetical order) CIMB BANK BERHAD (13491-P) UOB KAY HIAN PRIVATE LIMITED SINGAPORE BRANCH (Incorporated in the Republic of Singapore) (Incorporated in Malaysia) (Company Registration No. 197000447W) IMPORTANT DATES AND TIMES Last date and time for lodgement of Proxy Form : 26 March 2013 at 10 .00 a.m. Date and time of Extraordinary General Meeting : 28 March 2013 at 10 .00 a.m. Place of Extraordinary General Meeting : Amara Singapore Hotel, Ballroom 1, Level 3 165 Tanjong Pagar Road, Singapore 088539 CONTENTS Page CORPORATE INFORMATION ......................................................................................................... 3 DEFINITIONS ................................................................................................................................... 5 GLOSSARY OF TECHNICAL TERMS ............................................................................................. 11 CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS .................................. 12 EXCHANGE RATES ........................................................................................................................ 13 INDICATIVE TIMETABLE ................................................................................................................ 14 LETTER TO SHAREHOLDERS 1 INTRODUCTION .................................................................................................................... 15 2 SUMMARY OF PROPOSALS ............................................................................................... 15 3 CERTAIN PROFORMA FINANCIAL EFFECTS OF THE PROPOSED TRANSACTIONS ... 17 4 APPROVALS FROM THE SGX-ST ....................................................................................... 21 5 ACQUISITION OF IMAS SHARES ........................................................................................ 22 6 PROPOSED RIGHTS ISSUE ................................................................................................ 31 7 RISK FACTORS ..................................................................................................................... 37 8 DISCLOSURE OF SHAREHOLDINGS ................................................................................. 38 9 INTERESTS OF THE DIRECTORS AND CONTROLLING SHAREHOLDERS ................... 39 10 DIRECTORS’ RECOMMENDATION ...................................................................................... 39 11 EXTRAORDINARY GENERAL MEETING ............................................................................ 39 12 ACTION TO BE TAKEN BY SHAREHOLDERS .................................................................... 40 13 RESPONSIBILITY STATEMENTS OF THE DIRECTORS OF THE COMPANY, THE VENDOR AND THE DIRECTORS OF IMAS ......................................................................... 40 14 FINANCIAL ADVISERS’ RESPONSIBILITY STATEMENTS ................................................ 40 15 CONSENTS ........................................................................................................................... 41 16 DOCUMENTS AVAILABLE FOR INSPECTION ................................................................... 42 17 ADDITIONAL INFORMATION ............................................................................................... 42 APPENDIX A: INFORMATION RELATING TO THE TARGET GROUP 1 BACKGROUND AND HISTORY ............................................................................................ A- 1 2 BUSINESS ............................................................................................................................. A- 2 3 RISK FACTORS ..................................................................................................................... A- 30 4A MANAGEMENT OF THE ENLARGED GROUP .................................................................... A- 48 4B MANAGEMENT OF THE TARGET GROUP .......................................................................... A- 49 5 PRINCIPAL SHAREHOLDERS ............................................................................................. A- 55 6 MATERIAL AGREEMENTS ................................................................................................... A- 56 7 DIVIDEND POLICY ................................................................................................................ A- 61 8 EXCHANGE RATES AND EXCHANGE CONTROLS .......................................................... A- 62 9 PRICE RANGE OF IMAS SHARES ...................................................................................... A- 63 1 CONTENTS Page 10A SHARE CAPITAL IN RELATION TO THE TARGET COMPANY ........................................... A- 63 10B MATERIAL FIXED ASSETS .................................................................................................. A- 64 11 SELECTED FINANCIAL INFORMATION.............................................................................. A- 66 12 MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS ................................................................................................ A- 69 13 CAPITALISATION AND INDEBTEDNESS ............................................................................ A- 93 14 RELATED PARTY TRANSACTIONS ..................................................................................... A- 94 15 REGULATORY OVERVIEW ................................................................................................... A- 104 16 DESCRIPTION OF IMAS SHARES ...................................................................................... A- 116 17 INDONESIAN CAPITAL MARKETS...................................................................................... A-121 18 TAXATION .............................................................................................................................. A- 132 19 SUMMARY OF DIFFERENCES BETWEEN INDONESIAN GAAP AND SFRS................... A- 134 20 CORPORATE SOCIAL RESPONSIBILITY ........................................................................... A-139 APPENDIX B: REPORT ON EXAMINATION OF UNAUDITED PROFORMA COMBINED FINANCIAL INFORMATION OF THE ENLARGED GROUP FOR FY2009,
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