Excerpt from non-exec chairman's letter to shareholders

http://info.sgx.com/listprosp.nsf/4f925e50089e98bf48256dad001425f5/a0a5e32c784ae63a482572b9002f8c0d/$FILE/GVG_AR_01-108_low.pdf

Read excerpt below with highlights from me where there is a lot of optimism, a lot of signals of a great year to come! I consider the chairman to be a man of great credibility, so I would take those words at face value. In particular, note that he said shareholders will be rewarded for their loyalty. I tell you this is a thinly veiled signal that the company will report a good jump in profits - good enough to drive the stock price up substantially.

Stock price now at 18.5 cts potentially could be 100% higher over the near term. Look out for Q1 financial results next month. Just my 2 cts' worth

Lieutenant-General (Retired) Ng Jui Ping:

Non-exec chairman

2006 has seen a marked shift in the shareholder base of

your Company with increased institutional investment

from funds in Singapore, London and New York, such as

ABN Amro and Peter Cundhill and Associates. This

renewed interest in GVG is driven by a global resurgence

of the telecommunications market and an

acknowledgement that many telecoms assets, bought

out of distress, are now severely undervalued. The Board

believes that this investment ethos will continue to

gather momentum as the demand for high capacity

solutions explodes driven by corporates, carriers and

service providers alike. In support of this, the Board and

Management are aggressively growing the profile of the

Company with investors and analysts, and having already

completed an Investor Roadshow in Singapore will now

conduct same in Europe and the US during April and May.

The telecommunications environment is on the threshold

of a major transformation and in 2007 we have already

experienced a surge in demand for high capacity, mission

critical solutions - all of which can only be delivered on

fiber. Our network acquisition differentiates us from all

our competitors, enabling GVG with an expansion of fiber

assets, network reach and an expansion of our product

offerings. This proposition coupled with our lean

operating model, an experienced team in situ and a

healthy pipeline, positions us for an exciting year in 2007

where we expect to deliver improved returns for our

shareholders.

I believe that we have shaped the future of GVG over the

last 12 months and created a platform from which to

position your Company for great success and growth in

the coming years. Your Company is now the owner of a

network with an original build cost of in excess of

billion, and a unique proposition to the customer of a

single network provider seamlessly providing

communications solutions end-to-end across Europe.

I would like to thank you, the shareholders, for the

continued support and trust you have placed in your

Board. We remain committed to the best practices in

corporate governance and will continue to review our

corporate governance procedures and policies throughout

2007 to protect the interests of our shareholders.

I believe that all our shareholders will be repaid for their

loyalty and I look forward to welcoming you all to our

Annual General Meeting on April 23rd, 2007.