SMIC Successfully Launched Convertible Bond

(02 February 2012. Pasay City, Philippines) SM Investments Corporation (“SMIC”) successfully launched and priced a 5-year US$250 million convertible bond (“CB”).

The issue was offered in a Reg-S format and was structured as an accelerated bookbuild. The CB offering attracted high quality investors from across Asia and Europe. The bonds feature a coupon of 1.625% and yield to maturity of 2.875% per annum with a conversion premium of 20%.

This landmark transaction provides SMIC with attractive, low cost financing, while achieving a conversion price at a premium to the current share price.

The transaction is the first CB issuance by a Philippine company in 2012 and SM’s second in its corporate history, after its maiden issuance in 2007. SMIC will use the proceeds of the offering for general corporate purposes and the refinancing of existing debt.

Joint bookrunners of the issue are Citigroup and J.P. Morgan.

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For further information, please contact:

Ms. Corazon P. Guidote
Vice President for Investor Relations
SM Investments Corporation
Tel. No. 857-0117

Date: Friday, February 3, 2012