Investor Kit 2019This presentation is available online through www.smprime.com

Disclaimer

Investor Kit 20192

This presentation does not constitute a prospectus or other offering memorandum in whole or in part. This presentation does not constitute an offer to sell or the

solicitation of an offer to buy any securities of the Company. There shall be no sale of these securities in any state or jurisdiction in which such offer, solicitation or

sale would be unlawful prior to any qualification under the securities laws of such state or jurisdiction. This presentation has not been and will not be reviewed or

approved by any statutory or regulatory authority or any stock exchange in the Philippines or elsewhere. Prospective investors should undertake their own

assessment with regard to their investment and they should obtain independent advice on any such investment’s suitability, inherent risks and merits and any tax,

legal and accounting implications which it may have for them.

This presentation contains statements about future events and expectations that constitute “forward-looking statements.” These forward-looking statements

include words or phrases such as the Company or its management “believes”, “expects”, “anticipates”, “intends”, “may”, “plans”, “foresees”, “targets”, “aims”

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statements. All such forward-looking statements are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from

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become apparent.

Outline

I. The Company

▶ Company Profile

▶ Key Business Units

▶ Malls

▶ Residences

▶ Offices

▶ Hotels and Convention Centers

▶ Key Strategies

▶ Landbank

▶ Capex Program

II. Key Strategies

III. Financial Highlights

▶ FY2018 Results

IV. Investment Highlights

Company Profile

▶ One of the largest integrated

property developers in Southeast

Asia by market capitalization

▶ One of the largest listed real estate

developers on the PSE by market

capitalization and net income

▶ Consistently cited for excellence

in corporate governance, property

development, environmental

consciousness, and investor

relations programs

Investor Kit 20194

Market Capitalization

PSE Stock Symbol SMPH

Market Capitalization PHP1,123bn

Outstanding Shares 28,879mn

Last Traded Price

(February 21, 2019) Php38.50/share

Average Daily

Turnover (YTD) US$6.63mn

US$21.57bn

Key Business Units

Investor Kit 20195

► SM Supermalls

► SM Lifestyle Inc.

► Family Entertainment

Center Inc.

► SM Development

Corp. and its

subsidiaries

► Highlands Prime Inc.

► Costa Del Hamilo Inc.

Residences

► Offices and

warehouses

► Mall of Asia Complex

► Seaside City Cebu

Complex

Offices

► Radisson Blu

► Taal Vista

► Pico Sands

► Park Inn

► Conrad Manila

► SMX Convention

Centers

Hotels and

Convention CentersMalls

1,015 1,0751,229

1,510 1,510 1,588

0.0K0.2K0.4K0.6K0.8K1.0K1.2K1.4K1.6K1.8K

2013 2014 2015 2016 2017 2018

(Rooms)

CAGR = 7.75%

147K 189K

318K383K

456K

623K

0K

100K

200K

300K

400K

500K

600K

700K

2013 2014 2015 2016 2017 2018

(GFA in sqm)

6.0K8.0K

9.5K

13.5K16.2K 16.6K

0K2K4K6K8K

10K12K14K16K18K

2013 2014 2015 2016 2017 2018

(Units Sales)

0.8M 0.8M 0.9M 1.3M 1.3M 1.3

6.2M 6.5M 7.3M 7.7M 8.0M8.2M

0

2

4

6

8

10

2013 2014 2015 2016 2017 2018

(GFA in sqm)

China Philippines

7.0M8.2M

Key Achievements

Malls

CAGR = 5.22%

Offices

Residences

Hotels

CAGR = 18.48%

CAGR = 27.21%

M

M

M

M

M

0

7.3M

9.0M9.3M

Investor Kit 20196

9.5M

At a Glance

Investor Kit 20197

FY2018 Operating

Highlights

► Total Revenues reached

PHP59.3 billion, up by 11%

from PHP53.2 billion

► Operating Income grew

by 13% to PHP32.2 billion

from PHP28.4 billion

► Total Investment

Properties of PHP243.7

billion

FY2018 Operating

Highlights

► Total Real Estate

Revenues expanded by

22% to PHP35.9 billion

from PHP29.4 billion

► Operating Income rose

by 39% to PHP12.3

billion from PHP8.9 billion

► Total Assets amounted to

PHP186.1 billion

FY2018 Operating

Highlights

► Total Revenues

increased by 17%

to PHP3.6 billion

from PHP3.1 billion

► Operating Income went

up by 17% to PHP2.9

billion from PHP2.5

billion

► Total Investment

Properties amounted

to PHP39.5 billion

FY2018 Operating

Highlights

► Total Revenues jumped

by 1% to PHP4.9

billion from PHP4.8 billion

► Operating Income went

down by 3% to PHP1,078

million from PHP1,116

million

► Total Investment

Properties of PHP10.3

billion

REVENUE

PHP59.3bn

OPERATING INCOME

PHP32.2bn

GROSS FLOOR AREA

9.5M sqm

MALLS

72 in PH & 7 in CH

(as of FY2018)

Key Business Units

Investor Kit 20199

SM Prime is the largest mall operator/developer in the Philippines.

PHILIPPINES

72

8.3M sqm

18,567

3.6M

340

88,702

Cinema Screens

Malls

Total GFA

Tenants

Average Daily

Pedestrian Count

Parking Slots

CHINA

7

1.3M sqm

1,936

0.2M

58

15,534

Malls

Total GFA

Tenants

Average Daily

Pedestrian Count

Cinema Screens

Parking Slots

Malls

Key Business Units

Philippine Malls

▶ In terms of GFA, Metro Manila

malls account for 41%, Luzon is

37%, Visayas is 14% and

Mindanao is 8%

▶ Average mature mall

occupancy rate is 96%

▶ Same-Mall-Sales-Growth

(SMSG) is 8% year-on-year

(YoY)

Investor Kit 201910

Philippine Population: 101M

Luzon:

45M People

Visayas:

19M People

Mindanao:

24M People

NCR:

13M People

Malls

Existing Sites

Future Sites

Untapped Area

Malls

▶ SMPH malls covered almost all of the key cities in Metro Manila and adjoining towns and municipalities, accounting for 41% of the company’s total gross floor area in the Philippines.

▶ SMPH mall expansion is geared towards the provinces. The focus is to cover most of Northern Luzon, Visayas and the progressive cities in Mindanao.

Quezon City(5 malls)

Caloocan(North)

Valenzuela(1 mall)

MalabonNavotas

Caloocan(1 mall)

Manila(2 malls) San Juan

Mandaluyong(2 malls)

MakatiPasay(2 malls)

Parañaque(3 malls)

Las Piñas(2 malls)

Muntinlupa(1 mall)

Taguig(1 mall)

Pateros

Pasig(2 malls)

Marikina(1 mall)

Investor Kit 201913

Key Business UnitsMall Coverage in PH

Key Business Units

China Malls

▶ Operating in China since 2001 and

became part of SM Prime

in 2007

▶ Contributed 6% of the overall revenues

and 5% of consolidated operating income

▶ Operates 7 malls with a total GFA of

1.3m sqm

▶ Future expansions will focus in Fujian

province

Investor Kit 201912

SM Xiamen Lifestyle

SM City Tianjin

SM City Suzhou

Malls

Key Business UnitsMalls’ Expansion Program

▶ This year, SM Prime’s mall launches will all be in the provinces.

▶ Available landbank of almost 198 hectares which is good for over the next 5 to 7 years

13

Name GFA

SM Center Dagupan 23,000

SM City Olongapo Central 72,000

SM City Butuan 48,000

SM Mindpro Citimall 53,000

SM City Baguio (expansion) +32,000

SM City Fairview (expansion) +46,000

2018

New Malls

2019

New Malls

Malls

Name GFA

SM Center Imus 13,000

SM City Urdaneta Central 59,000

SM City Telabastagan 55,000

SM City Legazpi 87,000

SM Center Ormoc 33,000

Investor Kit 2019

SM City Olongapo CentralSM City Legazpi

Malls

Investor Kit 201913

Key Business Units

▶ SM Prime is building the first IKEA store in the Philippines and this will be launched at the end of 2020.

▶ This project will occupy 121,000 sqm of GFA in the Mall of Asia Complex in Pasay City.

▶ IKEA will occupy 65,000 sqm of the GFA to house a two-level shop area, a large warehouse, an e-commerce facility and

an integrated call center - making it the world’s largest IKEA store.

Latest Project: First IKEA Store in the Philippines

REVENUE

PHP36.5bn

OPERATING INCOME

PHP12.3bn

RESIDENTAL UNITS

(since 2003)

122,652

RESERVATION SALES

PHP72.3bn

(as of FY2018)

Key Business Units*

Primary Homes

▶ A leading residential developer of high-

rise buildings (HRBs) mid-rise buildings

(MRBs) and single-detached house and

lots

▶ Accounts to 35% of the consolidated

revenues

▶ Reservation sales value of PHP72.3

billion in FY2018, up by 25% from

PHP57.8 billion.

▶ Total landbank: 463.3 hectares

Investor Kit 201916

Bloom Residences Amenity Area

Cheerful Homes Amenity Area

Green 2 Residences Study Area

Residences

* Data as of 9M2018

Key Business Units

Primary Homes

Investor Kit 201917

Coast Residences, Pasay City

Projects Overview (as of FY2018)

Ready-for-Occupancy (RFO)

(Unsold Units)2,736

Ongoing Construction (Unsold Units) 13,265

Estimated Inventory Value

FY2018 Reservation Sales (value)

PHP74.84bn

PHP72.3bn

FY2018 CAPEX PHP57.0bn

Landbank (hectares)

Metro Manila 81.1

Outside Metro Manila 382.2

Residences

Key Business UnitsLatest Project: The Estate

Investor Kit 201918

Residences

▶ The Estate is a joint venture between SMDC and Federal Land

▶ Dubbed as ultra luxury residential project, The Estate is designed by international architectural firm, Foster + Partners.

▶ This was launched last quarter of 2018 and is located along Ayala Avenue in Makati City.

The Estate

Quezon City(12 projects)

Caloocan(North)

Valenzuela

Malabon

Navotas

Caloocan

Manila(1 project)

San Juan

Mandaluyong(2 projects)

Makati(3 projects)Pasay

(8 projects)

Parañaque(5 projects)

Las Piñas(1 project)

Muntinlupa

Taguig(1 project)

Pateros

Pasig(1 project)

Marikina

Residential Coverage

▶ SMPH fairly covered Metro Manila with high-rise condominium projects with majority of its residential projects located in the

cities of Quezon, Pasay, Paranaque and Makati.

▶ As of FY2018, 35 out of the 44 SMDC projects in the country are located in Metro Manila.

Residences

Existing Sites

Future Sites

Untapped Areas

Investor Kit 201917

Key Business Units

Leisure Homes

▶ Have 2 large-scale tourism projects –

Tagaytay Highlands and Pico de Loro

▶ Tagaytay Highlands is an exclusive

mountain resort, golf club and residential

complex, covering some areas of Cavite,

Laguna and Batangas provinces

▶ The 40-hectare Pico de Loro is the

Phase 1 of Hamilo Coast project,

a premier and sustainable leisure

destination in Nasugbu, Batangas

▶ Landbank of 538 hectares

Investor Kit 201920

Pico de Loro at Hamilo Coast

Woodridge Place’s Mahogany and Linden buildings

The Aspenhills Village Hall

Residences

Key Business Units

Latest Project: Tagaytay Highlands – Woodlands Point & Vireya

Investor Kit 201921

Residences

Horizon Terraces Vireya

▶ Horizon Terraces is the first integrated development within Tagaytay Highlands featuring a 3.2-hectare Asian contemporary residences comprised 114 units occupying eight buildings of low-rise Garden Suites and Garden Villas.

▶ Vireya, on the other hand, offers a modern, tropical-themed community located at the heart of Tagaytay Highlands. This developments spreads over 20.8 hectares of land and offers exclusive, gated community. This community, which is composed of 301 available lots, is the closest to the Midland Golf Club

Key Business Units

Latest Project: Pico de Loro - Freia

Investor Kit 201922

Residences

Freia

▶ Freia is the latest and most prime beachfront condominium development in Hamilo Coast.

▶ This contemporary tropical architectural development offers 223 units offering a mix of 2-BR units and 3-BR Penthouses.

REVENUE

PHP3.6bn

OPERATING INCOME

PHP2.9bn

GROSS FLOOR AREA

0.6M sqm

OFFICE BUILDINGS

11

(as of FY2018)

Key Business Units

Offices

▶ Have 11 office buildings with a combined

GFA of 637,525 sqm

▶ SM Prime launched in 2018 the ThreeE-

ComCenter (GFA of 130,000 sqm), with

100% of its space leased out

▶ NU Tower will be launched this 2019 with

46,000 sqm of GFA; FourE-ComCenter

(GFA of 192,000 sqm) is currently under

construction and is scheduled to launch

in 2020

▶ Have an available landbank of 74

hectares

Investor Kit 201924

Completed Projects

TwoE-comCenter

FiveE-comCenter

ThreeE-comCenter

Offices

Key Business Units

Investor Kit 201925

Offices

▶ SM Prime will launch NU Tower this 2019 with 46,000 sqm of GFA.

▶ While the three-tower FourE-Com Center will be launched in 2020 with 192,000 sqm of GFA.

▶ Both are located in Mall of Asia Complex, Pasay City.

NU Tower

Latest Projects: NU Tower and FourE-Com Center

FourE-Com Center

REVENUE

PHP4.9bn

OPERATING INCOME

PHP1.1bn

HOTELS

6CONVENTION CENTERS

& TRADE HALLS

7

(as of FY2018)

Key Business Units

Hotels and Convention Centers

▶ Operating 6 hotels with over 1,500

rooms; 4 SMX Convention Centers,

and 3 Megatrade Halls with more

than 37,000 sqm of leasable space

▶ The most recent hotel opened is the

348-room Conrad Manila in Mall of Asia

Complex, Pasay City in 2016

▶ To launch two new hotels this 2019 –

Park Inn by Radisson – Iloilo and Park

Inn by Radisson – North EDSA.

Investor Kit 201927

Radisson Blu Hotel Pico Sands Hotel Park Inn by Radisson

Park Inn ClarkConrad Manila

SMX Convention Center

Hotels and

Convention Centers

Key Business Units

Investor Kit 201928

Hotels and

Convention Centers

Latest Projects: Park Inn by Radisson Iloilo &

Park Inn by Radisson North EDSA

Park Inn by Radisson - Iloilo SMX Clark

▶ Park Inn by Radisson Iloilo and Park Inn by Radisson North EDSA are both set to be launched this 2019, offering 200 and

239 vibrant rooms respectively.

▶ Park Inn by Radisson Iloilo will be situated right next to SM City Iloilo in Mandurriao, Iloilo, while Park Inn by Radisson North

EDSA will be connected to SM North EDSA in Quezon City.

Park Inn by Radisson – North EDSA

LANDBANK

1,330ha

PROJECTED 2019 CAPEX

PHP80bn

NET DEBT TO EQUITY

40:60

Key Strategies

Investor Kit 201930

Key Strategies

1

Leverage on world-class malls to anchor lifestyle city strategy

Continue the rollout of offices, hotels and convention centers as part of Integrated

Development

Maintain strong balance sheet, prudent risk & capital management and good governance

Increase acquisition of large-scale strategic landbank to develop more lifestyle cities

2

3

4

5

Ensure excellence in delivering residential projects

Landbank

Investor Kit 201931

No. of Sites

Area

(in hectares) % of Total

Area by Region (in hectares)

Metro

Manila Provincial

42 198 16% 17 180

86 463 36% 81 382

4 538 42% - 538

16 74 6% 6 68

Total 148 1,273 100% 104 1,168

Malls

Primary

Homes

Commercial

Leisure

Homes

▶ SM Prime’s landbank is good for the next 5 to 7 years, these are located in emerging progressive cities across the country

▶ Leisure projects are for medium-term development

Key Strategies

CAPEX Program

Investor Kit 201932

▶ We will spend an average of PHP80bn for 2019 to support our provincial expansion and

landbanking

▶ The CAPEX program will be funded by the combination of local borrowings and internal

funds

57%65%

55%

41%32%

37%28%

33%

51%62%

6% 7%12%

8% 6%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2014A 2015A 2016A 2017A 2018A

Malls Residences Others

Key Strategies

PHP91bnPHP58bnPHP44bnPHP59bnPHP54bn

Maintain Conservative Balance Sheet

Investor Kit 201933

68% 68%62% 63% 64%

60%

32% 32%38% 37% 36%

40%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2013 2014 2015 2016 2017 2018

Net debt to Equity**

Equity Debt Net Debt

*Total interest-bearing liabilities

Total equity attributable to equity holders of the parent +

Total interest-bearing liabilities

**Total interest-bearing liabilities- cash & cash equivalents

and investment securities

Total equity attributable to equity holders of the parent +

Total interest-bearing liabilities- cash & cash equivalents

and investment securities

Key Strategies

61% 61% 58% 58% 57% 55%

39% 39% 42% 42% 43% 45%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2013 2014 2015 2016 2017 2018

Debt to Equity*

Equity Debt Debt to Equity

CONSOLIDATED NET INCOME

PHP32.2bn

CONSOLIDATED REVENUE

PHP104.1bn

CONSOLIDATED

OPERATING INCOME

PHP48.3bn

Consolidated FinancialsRevenue Segment Contribution

Investor Kit 201935

▶ Malls accounts for 57% of SM Prime’s consolidated revenues.

▶ Residences accounts for 35%.

▶ Other Businesses covers the rest.

61% 62% 61% 58% 57%

34% 32% 32%33% 35%

5% 6% 7% 9% 8%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2014 2015 2016 2017 2018

Malls Residences Other Businesses

Financial Highlights

74% 72% 67% 65% 62%

25% 24%24% 25% 29%

1% 4% 9% 10% 10%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2014 2015 2016 2017 2018

Malls Residences Other Businesses

Consolidated FinancialsNet Income Segment Contribution

Investor Kit 201936

▶ 69% of the consolidated net income is recurring while the 31% comes from developmental

income.

▶ Malls contribute the most among key business units, followed by Residences.

▶ The contribution from these Business units should be sustained over the medium term.

Financial Highlights

▶ Recorded a 17% net income growth to PHP32.2bn in FY2018 from PHP27.6bn, while

operating income registered a 19% growth to PHP48.3bn in 2018 from PHP40.6bn.

Consolidated revenues likewise grew by 14% to PHP104.1bn from PHP90.9bn.

▶ Expansion of mall operations in the provinces and continuous high-demand for high-rise

residential projects contributed to the overall growth of the company.

Consolidated Financials

Investor Kit 201937

(In PHP Billion) FY2018 FY2017 % Chg

Revenues 104.1 90.9 14%

EBITDA 57.2 49.0 17%

Operating Income 48.3 40.6 19%

Net Income 32.2 27.6 17%

Financial Highlights

▶ Rental Income went up by 10% in 2018 to PHP45bn from PHP41bn due to the additional

rentals from new and expanded malls.

▶ Same-mall-sales growth increased to 8% YoY.

▶ Operating income moved up by 12% to PHP30bn from PHP27bn, while operating margin

moved up to 56% from 55%.

FinancialsMalls: PH

Investor Kit 201938

(In PHP Billion) 2018 2017 % Chg

Revenues 53.5 48.4 10%

- Rent Income 44.9 40.7 10%

- Cinema and Event Ticket Sales

and others8.6 7.8 11%

EBITDA 36.0 32.6 10%

Operating Income 29.8 26.7 12%

Financial Highlights

▶ Revenues went up by 22% to PHP5.8bn in 2018 from PHP4.8bn of the previous year.

▶ SM City Tianjin continues to contribute to rental revenues.

FinancialsMalls: CH

Investor Kit 201939

(In PHP Billion) 2018 2017 % Chg

Revenues 5.8 4.8 22%

- Rent Income 5.6 4.6 22%

- Others 0.19 0.15 27%

EBITDA 4.0 3.0 31%

Operating Income 2.5 1.7 42%

Financial Highlights

▶ Revenues grew by 22% to PHP37bn in 2018 from PHP30bn last year due to high demand

on high-rise residential projects launched in 2015 to 2017.

▶ Gross profit margin improved to 50% from 49%, whereas net income margin also increased

to 25% from 24% of last year.

▶ Reservation sales grew by 25% to PHP72.3bn from PHP57.8bn last year.

FinancialsResidences

Investor Kit 201940

(In PHP Billion) 2018 2017 % Chg

Revenues 36.5 30.0 22%

EBITDA 12.5 9.0 38%

Operating Income 12.3 8.9 39%

Financial Highlights

▶ Revenues from Commercial Properties Group and Hotels and Convention Centers covered

8% of the overall consolidated revenues.

▶ The Commercial Properties Group and the Hotels and Convention Centers businesses

reported a revenue growth of 17% and 1%, respectively, in 2018.

FinancialsOther Businesses

Investor Kit 201941

(In PHP Billion) 2018 2017 % Chg

Revenues 8.4 7.9 7%

EBITDA 5.0 4.5 9%

Operating Income 4.0 3.6 10%

Financial Highlights

▶ Continue to maintain a very conservative balance sheet

▶ More than half of our assets are in the investment properties while our interest bearing debt

accounts for 37%

Consolidated Balance Sheet

Investor Kit 201942

(In PHP Million (except % data) 2018 % to Assets 2017 % to Assets

Assets

Cash and cash equivalents 38,766 6% 44,372 8%

Available-for-sale investments 23,532 4% 31,106 6%

Receivables 35,229 6% 33,991 6%

Investment Properties 293,575 49% 273,084 51%

Land and development 79,331 13% 58,666 11%

Condominium and residential units for sale 8,088 1% 8,733 2%

Other Assets 125,612 21% 88,466 16%

Total Assets 604,134 100% 538,417 100%

Liabilities and Stockholders’ Equity

Interest bearing debt 222,811 37% 193,598 36%

Accounts payable and others 102,245 17% 81,945 15%

Total Liabilities 325,056 54% 275,543 51%

Total Equity 279,078 46% 262,874 49%

Financial Highlights

(In PHP millions) 2018 2017 2016 2015 2014 2013

Cash Flows from Operating Activities

Operating Income before Working Capital

Changes54,149 53,385 37,678 36,362 33,568 29,670

Net Cash provided by (used in) operations 45,964 45,777 31,491 31,938 6,751 23,542

Net Cash flows from Investing Activities (64,078) (41,012) (27,080) (55,230) (29,389) (30,366)

Net Cash Flows from Financing Activities 12,633 14,176 (5,604) 14,015 30,750 12,636

Net Increase (Decrease) Cash and Cash

Equivalents5,605 19,171 (669) (9,375) 8,104 5,843

Cash and Cash Equivalents at Beginning

of Year 44,371 25,201 25,870 35,245 27,142 21,299

Cash and Cash Equivalents at End of Year 38,766 44,372 25,201 25,870 35,245 27,142

▶ Net gearing is equivalent to 40:60 in 2018, well below the management target of keeping

50:50 net debt to equity ratio

▶ Cash flow mostly come from malls, residential operations and increasing contribution from

other businesses.

Cash Flow

Investor Kit 201943

Financial Highlights

Investment Highlights

Investor Kit 201944

▶ Establish strong brand equity

▶ Leading integrated real estate platform

with strong track record across full

suite of asset classes

▶ World-class mall business, which will

anchor future lifestyle city projects

▶ Significant growth opportunities from

landbank optimization and future

acquisitions

▶ Strong balance sheet supported by

strong recurring income

▶ Highly experienced management team

and strong corporate governance

Thank You.This presentation is available online through www.smprime.com