SM Land Issues Tender Offer; To Acquire 100% Shares of Common Stock of SMDC

Makati—(PHStocks)—Further to Circular No. 4523-2013 dated May 31, 2013, SM Development Corporation (SMDC) furnished the Exchange a copy of SEC Form 19-1 (Tender Offer Report) filed by SM Land, Inc. (SM Land) with the Securities and Exchange Commission.

As stated in the Tender Offer Report, SM Land intends to acquire one hundred percent (100%) of the outstanding shares of common stock of SMDC. The subject of the Tender Offer is 3,228,056,161 shares representing 34.82% of SMDC shares, in exchange for shares of common stock of SM Prime Holdings, Inc. (SMPH) at an exchange ratio of .472 share of common stock of SMPH for every share.

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