PSE Circular for Brokers No. 065-00

January 12, 2000 PSE CIRCULAR FOR BROKERS NO. 065-00 SM Prime voted 1999 Top Philippine Company SM Prime Holdings, Inc., the shopping mall chain of taipan Henry Sy, Sr., was voted the Best Philippine Company in Euromoney's latest brokers' poll of Asia's Best Companies (December 1999). The prestigious Euromoney , published in the UK, is the acknowledged journal of the world's capital and money markets. Euromoney's survey polled leading analysts at major banks and research institutes worldwide. Criteria used for the top picks were market strength, profitability, growth potential and quality of management and earnings. The company was also voted the Best Philippine Company in both Overall Strategy and Reliable Forecasting categories in Asiamoney (December 1999/January 2000), a Hongkong-based subsidiary of Euromoney . The magazine described SM Prime as the company "held in perhaps even higher respect within the Philippines' analyst community. Return on equity has been consistently high, and management is low key, accessible and has a strong reputation for treating minorities and business partners well. Says Deutsche Securities Asia's head of sales: 'In terms of focus, Henry Sy is way ahead of the game. He has locked up a lot of the best locations.' Adds Salomon Smith Barney's analyst: 'If you see the track record in terms of earnings, it has reflected management's ability to handle the operations very well.'" SM Prime has also been consistently cited over the years as one of the best managed companies in the Philippines by various international magazines such as Far Eastern Economic Review, Asiaweek, Asian Business, Finance Asia, The Asset, and Time, among others. LexLib