(22 September 2006. Pasay City, Philippines) SM Investments Corporation (“SM�?) announced today that its related companies opened another Department Store and
Supermarket in Lipa as its subsidiary SM Prime Holdings, Inc. launches SM City Lipa.

The SM Department Store in Lipa is the fourth to be opened this year and the 29th in the family of SM Department Stores nationwide. It has a gross floor area (GFA) of 19,164 square meters (sqm.) bringing the total GFA of all SM Department Stores to 737,161 sqm. Total department store sales in the first half of 2006 amounted to Php 19.4 billion.

The other SM Department Stores opened this year are located in SM Sta. Rosa, SM Clark, and SM Mall of Asia. Other SM Department Stores that are not located in SM malls include SM Quiapo, SM Makati, SM Cubao and SM Harrison.

Meanwhile, the SM Supermarket in Lipa is the second to be opened this year and the 27th in all of SM Supermarkets operating nationwide. Its gross floor area is 10,646 sqm bringing the total GFA of all SM Supermarkets to 158,356 sqm. The other SM Supermarket opened this year is located is SM City Sta. Rosa. Total Sales of Supervalue, Inc. in the first half of 2006 amounted to Php 14.4 billion.

–End–

For further information, please contact:
Corazon P. Guidote
Vice President for Investor Relations
SM Investments Corporation
Email address: [email protected]
Tel no.: 831-1000 loc. 1157