Bangkok--18 Oct--Ogilvy Public Relations Worldwide Major Development, Thailand’s high-end real estate developer, announced a joint venture with AIG Global Real Estate, the real estate investment arm of American International Group, Inc. (“AIG”), to pioneer the upper-upscale sector in the Thailand property market. The new joint venture, MJAI Development Co., Ltd, will be building a new super-luxury condominium tower in Bangkok’s prime location. According to Mr. Suriyon Poolvoralaks, President, Major Development Public Co., Ltd., “forming a business alliance with AIG Global Real Estate is a major achievement for both our company and Thailand property industry. We have a truly high-end property portfolio and established reputation in the local market. Moreover, all our projects have gained outstanding sales success and optimal customer satisfaction.” The joint venture represents a synergy of the core competencies of both companies. MJAI Development Co., Ltd., the new company formed by the joint venture, is positioned to become Thailand’s new leading real estate developer in the luxury property sector, pursuing a diverse range of projects. MJAI Development’s board of directors comprises members from both organizations. The first project of the company is a super-luxury condominium tower in Sukhumvit 31, a prime location in the heart of Bangkok, expected to launch in the beginning of 2008. Currently Major Development has eight ongoing property projects, with a total value of Baht 13,800 million, comprising: Hampton Thonglor 10, Fulllerton Sukhumvit, Watermark Chaophraya River, Manhattan Chidlom, Wind Sukhumvit 23, Wind Ratchayothin, Aguston Sukhumvit 22 and Mykonos Hua Hin. Its main focus for future projects is Thailand’s prime vacation destinations like Pattaya and Hua Hin. AIG Global Real Estate Investment (Asia) L.L.C., is a part of AIG Global Real Estate, a group of international real estate companies that actively invests in and manages real estate for clients and American International Group, Inc. (“AIG”) member companies in over 50 countries around the world. AIG Global Real Estate owns, manages, or has under development approximately US $14.3 billion in equity * under management in more than 53 million square feet of all property types in major global markets. AIG Global Real Estate is affiliated with AIG Investments. Additional information on the company can be found at www.aigglobalrealestate.com * As of 30 June 2007 Issued on behalf of : Major Development Public Company Limited For more information : Ruanrudee Taweepol ([email protected]) Ogilvy Public Relations Worldwide Tel. 0 2205 6620