PSE Circular for Brokers No. 405-99

March 4, 1999 PSE CIRCULAR FOR BROKERS NO. 405-99 March 3, 1999 SECURITIES AND EXCHANGE COMMISSION SEC FORM 11-C CURRENT REPORT UNDER SECTION 11 OF THE REVISED SECURITIES ACT (RSA) AND RSA RULE 11(a)-1(b)(3) THEREUNDER 1. DECEMBER 31,1998 Date of Report 2. SEC Identification Number 0000-88 3. BIR Tax Identification No. 003-058-789 4. SM PRIME HOLDINGS, INC. Exact name of registrant as specified in its charter 5. PHILIPPINES Province, country or other jurisdiction of incorporation 6. (SEC Use Only) Industry Classification Code: 7. RM. 323, MSE BLDG., AYALA AVE., MKTI. 1226 Address of principal office Postal Code 8. (632) 892-7724 ; (632) 893-2762 Registrant's telephone number, including area code 9. RM. 323. MSE BLDG., AYALA AVE., MKTI. Former name or former address, if changed since last report 10. Securities registered pursuant to Sections 4 and 8 of the RSA Title of Each Class Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding Common Stock , P1 PAR VALUE 9,935,294,157 11. Indicate the item numbers reported herein: ITEM # 9, LETTER B. SM Prime 1998 net income, up 20% SM Prime Holdings Inc., the Philippines' leading shopping mall chain owner, developer and operator, headed by Henry Sy, posted a net income of P2.72 billion in 1998, a hefty increase of 20% over the previous year's P2.26 billion. On the other hand, revenues of P5.31 billion in 1998 grew a strong 23% from P4.31 billion in 1997. LexLib The publicly listed company achieved these results in the face of the full year impact of the ongoing Asian financial crisis. The remarkable performance did not go unnoticed as institutional investors and fund managers worldwide voted SM Prime once again the best managed company in the Philippines in 1998, as they did in 1997. SM Prime continues to steadily forge ahead with its strategic plans. It is scheduled to open midyear its mall in Iloilo, the company's eighth. At the same time, it is constructing a mall in Manila, its ninth, which is planned for opening in the first half of the year 2000. These two malls will add 270,000 square meters of. gross floor area to its current 1.3 million square meters of mall space. It has also identified its next mall construction in Pampanga. The three sites are part of its land bank of eight properties totaling 158 hectares earmarked for mall development. The company maintains a web site at www.smprime.com.ph. SIGNATURES Pursuant to the requirements of the Revised Securities Act, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. SM PRIME HOLDINGS, INC. Registrant (SGD.) JEFFREY C. LIM VPFinance and Comptroller