(13 April 2012. Pasay City, Philippines) SM Investments Corporation (SM) announced today that its Board of Directors approved the issuance of Fixed Rate Peso Retail Bonds worth Php10 billion with an option for oversubscription by another Php5 billion. The bonds will be offered in two tranches with tenors of 10 and 15 years.

SM has appointed BDO Capital and Investment Corp. and First Metro Investment Corp. as co-lead managers for the offering. The proceeds of the bonds will be used for general corporate purposes.

The Board of Directors also authorized the management to negotiate and finalize the terms and conditions, including pricing and any increase in issuance amount, and execute any and all documents necessary, to implement the retail bond issue.

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For further information, please contact:

Ms. Corazon P. Guidote 
Vice President for Investor Relations
SM Investments Corporation
E-mail: cora.guidote@sminvestments.com
Tel. No. 857-0117

Date: Friday, April 13, 2012