SM Investments Corporation will be exercising its early redemption option of its Philippine Dealing Exchange-listed 10-year Series F Bonds due on 2024 (the Bonds). The early redemption will be exercised on May 19, 2021 (the 14th Interest Payment Date) at an early redemption price of 102% of the principal amount. The Trustee of the Bonds, Philippine National Bank ­ Trust Banking Group, has been notified of the exercise of the early redemption option in accordance with the "Description of the Bonds ­ Redemption and Purchase" of the final prospectus dated April 25, 2014.