In a poll conducted by the prestigious Euromoney Magazine, SM Prime Holdings, Inc. was awarded the “Most Convincing and Coherent Strategy�? in the Retail Sector in Asia. SM Prime garnered an overwhelming vote of 52%. Second in rank is a Singapore-based Company which garnered only 17%.

One of the criteria used by the analysts in selecting the Best Managed companies in Asia is the ability to adopt clear strategies appropriate to their particular markets and the ability to execute that strategy efficiently. The companies were also measured according to their standards of governance and their determination to deliver value for all shareholders.

In addition to the citation from Euromoney Magazine, SM Prime Holdings, Inc. will also be one of the recipients of the “Corporate Governance Asia Annual Recognition Awards for 2006.The award to be given on November 22, 2006 is in recognition of SM Prime’s continuing commitment to the development of Corporate Governance in the Asian region. SM Prime is among only five Philippine companies who will be given such honor. There are 30 others from different Asian countries.

Mr. Hans Sy, President of SM Prime Holdings said, “We warmly accept the recognitions given to SM Prime. This reflects the commitment and drive of the SM family to uphold management excellence and the highest standards of business ethics. These awards also motivate us to do better each year.

SM Prime Holdings, Inc. is the largest shopping mall owner, developer and operator in the Philippines with 27 malls in operation nationwide.

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For further information, please contact:

Jeffrey C. Lim
Executive Vice President
SM Prime Holdings, Inc. 
831-1000 loc. 1406
[email protected]