SM Development Corporation

March 21, 2000 PSE CIRCULAR FOR BROKERS NO. 732-00 SUBJECT : SM Development Corporation Further to Circular for Brokers No. 641-2000 dated March 13, 2000, SM Development Corporation ("SMDC") furnished the Exchange a copy of its SEC Form 34-C (Definitive Information Statement), including its Audited Financial Statements for the year ended December 31, 1999, in connection with its Annual Stockholders' Meeting which will be held on April 26, 2000 , at 4:00 p.m. at the Ballroom, Mandarin Oriental Hotel, Makati City. The agenda for the meeting are as follows: cHSIAC 1. Call to order 2. Certification of notice and quorum 3. Approval of minutes of annual meeting of stockholders held on April 28, 1999 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 2000-2001 7. Appointment of external auditors 8. Other matters 9. Adjournment As previously announced, only stockholders of record as of March 27, 2000 are entitled to notice of, and to vote at, said meeting. A copy of SMDC's Definitive Information Statement, including its 1999 Audited Financial Statements, is available for reference at the PSE Centre and PSE Plaza Libraries. For your information. (SGD.) MARIA ISABEL T. GARCIA OIC, Listings & Disclosure Group