SM Development Corporation

March 25, 1999 PSE CIRCULAR FOR BROKERS NO. 595-99 SUBJECT : SM Development Corporation Further to Circular for Brokers No. 479-99 dated March 15, 1999, SM Development Corporation ("SMDC") furnished the Exchange a copy of its SEC Form 34-C (Definitive Information Statement) in connection with its Annual Stockholders' Meeting which will be held on April 28, 1999 , at 4:00 P.M. at Ballroom, Mandarin Oriental Hotel, Makati City. The agenda for the meeting shall be as follows: LibLex 1. Call to Order 2. Certification of notice and quorum 3. Approval of minutes of annual meeting of stockholders held on April 20, 1998 4. Report of officers and management-Approval of audited consolidated financial statements 5. General ratification of the acts of Board of Directors and the management from the date of the last stockholders' meeting up to the present stockholders' meeting. 6. Election of directors for 1999-2000 7. Appointment of external auditors 8. Other matters 9. Adjournment As previously announced, stockholders of record as of March 29, 1999 are entitled to notice of, and to vote at, said meeting and any adjournment thereof. A copy of SMDC's Definitive Information Statement is available for reference at the PSE Library and PSE-Plaza Administration Office. For your information. (SGD.) JOSE LUIS U. YULO, JR. President and CEO