Offering Circular dated 19 January 2015 Gallant Venture Ltd. (incorporated with limited liability under the laws of the Republic of Singapore) (Company registration number: 200303179Z) U.S.$500,000,000 Euro Medium Term Note Programme On 15 November 2013, Gallant Venture Ltd. established a Euro Medium Term Note Programme with a programme limit of U.S.$500,000,000 and prepared an offering circular dated 15 November 2013. This Offering Circular supersedes all previous offering circulars and any supplement thereto. Any Notes (as defined below) issued under the Programme on or after the date of this Offering Circular are issued subject to the provisions described herein. The provisions described herein do not affect any notes issued under the Programme prior to the date of this Offering Circular. Under the Euro Medium Term Note Programme described in this Offering Circular (the “Programme”), Gallant Venture Ltd. (“Gallant”, the “Issuer” or the “Company”), subject to compliance with all relevant laws, regulations and directives, may from time to time issue medium term notes (the “Notes”). The aggregate principal amount of Notes outstanding will not at any time exceed U.S.$500,000,000 (or the equivalent in other currencies), subject to increases as described herein. The Notes may be issued by the Issuer on a continuing basis to one or more of the Dealers appointed under the Programme from time to time (each a “Dealer” and together the “Dealers”), which appointment may be for a specific issue or on an ongoing basis. References in this Offering Circular to the “relevant Dealer” shall, in the case of an issue of Notes being (or intended to be) subscribed for by more than one Dealer, be to all Dealers agreeing to subscribe for such Notes. Approval in-principle has been obtained from the Singapore Exchange Securities Trading Limited (the “SGX-ST”) for the establishment of the Programme and application will be made to the SGX-ST for permission to deal in and quotation for any Notes which are agreed at the time of issue thereof to be so listed and quoted on the SGX-ST. Such permission will be granted when such Notes have been admitted to the Official List of the SGX-ST. Unlisted Notes may also be issued pursuant to the Programme and Notes may also be listed on stock exchanges other than SGX-ST. The relevant Pricing Supplement (as defined herein) in respect of any issue of Notes will specify whether or not such Notes will be listed on the SGX-ST or on any other stock exchange. There is no assurance that an application to the Official List of the SGX- ST for the listing of the Notes will be approved. Approval in-principle from, admission to the Official List of, and listing and quotation of any Notes on, the SGX-ST are not to be taken as an indication of the merits of the Issuer, its subsidiaries (together with the Issuer, the “Group”or the “Gallant Group”), the Programme or such Notes. The SGX-ST assumes no responsibility for the correctness of any of the statements made, opinions expressed or reports contained in this Offering Circular. The Notes may be issued in bearer form (“Bearer Notes”) or in registered form (“Registered Notes”). The Notes of each Series to be issued in bearer form will be sold in an “offshore transaction” within the meaning of Regulation S (“Regulation S”) under the United States Securities Act of 1933 (the “Securities Act”) and will initially be represented on issue by a temporary global note in bearer form (each a “temporary Global Note”) or a permanent global note in bearer form (each a “permanent Global Note” and, together with the temporary Global Notes, the “Global Notes”). Interests in temporary Global Notes generally will be exchangeable for interests, in whole or in part, in permanent Global Notes, or if so stated in the relevant Pricing Supplement, definitive Notes (“Definitive Notes”), after the date falling 40 days after the later of the commencement of the offering and the relevant issue date of such Tranche of Notes, upon certification as to non-U.S. beneficial ownership. Interests in permanent Global Notes will be exchangeable for Definitive Notes in whole but not in part as described under “Summary of Provisions Relating to the Notes while in Global Form”. Notes in registered form will be represented by registered certificates (each a “Certificate”), one Certificate being issued in respect of each Noteholder’s entire holding of Registered Notes of one Series. The Notes of each Series to be issued in registered form and which are sold in an “offshore transaction” within the meaning of Regulation S will initially be represented by a permanent global certificate (each a “Global Certificate”) without interest coupons. The Global Notes and Global Certificates may be deposited on the relevant issue date (a) in the case of a Series intended to be cleared through Euroclear Bank S.A./N.V. (“Euroclear”) and/or Clearstream Banking, société anonyme (“Clearstream, Luxembourg”), with a common depositary on behalf of Euroclear and Clearstream, Luxembourg or, in the case of a Series of Notes intended to be cleared through The Central Depository (Pte) Limited (“CDP”), with, and registered in the name of, CDP and (b) in the case of a Series intended to be cleared through a clearing system other than, or in addition to, Euroclear and/or Clearstream, Luxembourg and/ or CDP or delivered outside a clearing system, as agreed between the Issuer and the relevant Dealer. The Notes have not been and will not be registered under the Securities Act or with any securities regulatory authority of any state or other jurisdiction of the United States, and the Notes may include Bearer Notes that are subject to U.S. tax law requirements. Subject to certain exceptions, the Notes may not be offered, sold, or, in the case of Bearer Notes, delivered within the United States. Registered Notes are subject to certain restrictions on transfer, see “Subscription and Sale”. In relation to any Tranche, the aggregate principal amount of the Notes of such Tranche, the interest (if any) payable in respect of the Notes of such Tranche, the issue price and any other terms and conditions not contained herein which are applicable to such Tranche will be set out in a Pricing Supplement which, with respect to Notes to be listed on the SGX-ST, will be delivered to the SGX-ST on or before the date of issue of the Notes of such Tranche. Unless otherwise stated in a relevant Pricing Supplement, Tranches of Notes to be issued under the Programme will be unrated. An investment in Notes issued under the Programme involves certain risks. Prospective investors should have regard to the factors described under the heading “Risk Factors” in this Offering Circular. This Offering Circular is an advertisement and is not a prospectus for the purposes of EU Directive 2003/71/EC. Arranger DBS Bank Ltd. Dealers CIMB Bank Berhad DBS Bank Ltd. Standard Chartered Bank The Issuer, having made all reasonable enquiries, confirms that the statements contained in this Offering Circular relating to the Issuer and the Group are true and accurate in all material respects and are not misleading in any material respect, that the opinions and intentions expressed in this Offering Circular are honestly held and that there are no other facts the omission of which would make any statement in this Offering Circular misleading in any material respect. The Issuer accepts responsibility accordingly. Each Tranche of Notes will be issued on the terms set out herein under “Terms and Conditions of the Notes”as amended and/or supplemented by a document specific to such Tranche called a pricing supplement (a “Pricing Supplement”). This Offering Circular must be read and construed together with any amendments or supplements hereto and with any information incorporated by reference herein and, in relation to any Tranche of Notes, must be read and construed together with the relevant Pricing Supplement. This Offering Circular is to be read in conjunction with all documents which are deemed to be incorporated by reference in this Offering Circular (see “Documents Incorporated by Reference”). This Offering Circular shall be read and construed on the basis that such documents are incorporated in, and form part of, this Offering Circular. No person is or has been authorised by the Issuer to give any information or to make any representation other than those contained in this Offering Circular and the relevant Pricing Supplement in connection with any issue or sale of Notes and, if given or made, such information or representation must not be relied upon as having been authorised by the Issuer, the Arranger, any Dealer, the Trustee or any Agent (as defined in this Offering Circular). Neither this Offering Circular nor any other information supplied in connection with the Programme or any Notes (i) is intended to provide the basis of any credit or other evaluation of the Issuer or the Group or (ii) should be considered as a recommendation by the Issuer, the Arranger, any of the Dealers, the Trustee or any of the Agents that any recipient of this Offering Circular or any other information supplied in connection with the Programme or any Notes should subscribe for or purchase any Notes. This Offering Circular does not take into account the objectives, financial situation or needs of any potential investor or purchaser. Each potential investor or purchaser of Notes should make its own independent investigation of the Programme, the Notes and the financial condition and affairs of the Issuer and the Group, and its own appraisal of the creditworthiness of the Issuer and the Group.