Major Development Public Company Limited (MJD) convened the Bondholders’ Meeting No. 1/2025 for MJD263A and MJD265A bond series on 21 October 2025. The meeting failed to meet the quorum requirement for certain agenda items under the terms and conditions. Therefore, the company will reconvene the meeting electronically on 30 October 2025 at 14.00 hours. The matters for consideration are as follows:   

          (1) Granting approval for the followings actions:   

                (1.1) Extending the redemption maturity period by additional three years from the original due date of each bond series;      
                (1.2) Increasing the interest rate by 0.30 percent per year from the original interest rate of each bond series throughout the extended maturity periods; 
                 (1.3) Revising the principal repayment conditions to divide the repayment into three installments, as follows: 
                        1st Installment: not less than 20 percent of the principal value as of the bond issuance date; 
                        2nd Installment: not less than 30 percent of the principal value as of the bond issuance date;  
                        3rd Installment: the entire remaining amount

                    In any case, the principal repayment installments above will not be deemed early redemption of the bond series.     
                  (1.4) Granting an exemption from an event of default under the terms and conditions for the bond issuer’s proposal for the bondholders’ meeting to revise the bond debt repayment terms on this occasion and/or to enter into negotiations with financial institutions or other creditors to seek a debt restructuring for the total aggregate debt amount exceeding 400 million baht or the equivalent amount in other currencies.   

          (2) Revising the conditions for exercising the right to redeem the bond series prior to the maturity dates, with details as follows:    

                  (2.1) Requesting to revise the provisions related to the minimum principal amount for each repayment so that any amount may be repaid, without minimum amount required; 
                 (2.2) Requesting to cancel the early redemption fee for MJD25OA, MJD25OB, MJD263A, MJD265A and MJD26OA bond series.  

The SEC requires that the bondholders’ representative analyzes the benefits and shortcomings as well as the potential impacts on the bondholders both in cases of approval and decline of approval for the above matters with respective supporting reasons and the opinions of the bondholders’ representative. The bondholders are, therefore, encouraged to thoroughly review the information and exercise their rights to protect their own interests. They should also make necessary inquiries to the bondholders’ representative to obtain comprehensive information before making a voting decision at the bondholders’ meeting.      

Note:
(1) Bluebell Securities Co., Ltd. serves as the bondholders’ representative for both bond series, as follows: 

        - MJD263A bond series, to be due on 29 March 2026    
        - MJD265A bond series, to be due on 10 May 2026

(2) The agenda item requesting approval to remove the bond issuer’s obligation to arrange for a credit rating throughout the term of the bond series, including the consideration and approval of revisions to the terms and conditions and related documents to be consistent with such removal, was approved by the Bondholders’ Meeting No. 1/2025 held on 21 October 2025.