Victorias Milling Company, Inc.

November 15, 1999 PSE CIRCULAR FOR BROKERS NO. 2913-99 SUBJECT : Victorias Milling Company, Inc . Victorias Milling Company, Inc. ("VMC") submitted to the Exchange the attached Manifestation dated November 10, 1999 in SEC Case No. 07-97-5693 captioned, "IN THE MATTER OF THE PETITION FOR THE DECLARATION OF A STATE OF SUSPENSION OF PAYMENTS, FOR THE APPROVAL OF THE REHABILITATION PLAN, AND THE APPOINTMENT OF A MANAGEMENT COMMITTEE," with VMC as the petitioner. LexLib For your information. (SGD.) MARIA ISABEL T. GARCIA OIC, Listings & Disclosure Group REPUBLIC OF THE PHILIPPINES DEPARTMENT OF FINANCE SECURITIES AND EXCHANGE COMMISSION SECURITIES INVESTIGATION AND CLEARING DEPARTMENT SEC BLDG., EDSA, GREENHILLS, CITY OF MANDALUYONG SEC CASE NO. 07-97-5693 IN THE MATTER OF THE PETITION FOR THE DECLARATION OF A STATE OF SUSPENSION OF PAYMENTS, FOR THE APPROVAL OF THE REHABILITATION PLAN, AND THE APPOINTMENT OF A MANAGEMENT COMMITTEE, VICTORIAS MILLING COMPANY, INC., petitioner, MANIFESTATION THE MANAGEMENT COMMITTEE OF THE VICTORIAS MILLING COMPANY, INC. ("VMC MANCOM") , by its undersigned counsel, and to this Honorable Commission respectfully manifests the following information for disclosure purposes: 1. Partial Result of Subscription Rights' Offering llcd Between the period 08 September 1999 to 05 October 1999, only a total of Five Hundred Seventeen Thousand Four Hundred Eight Six (517,486) shares of stock out of the Five Hundred Sixty Seven Million Seventy Eight Thousand Thirty Eight (567,078,038) shares of stock offered under the subscription rights' offering have been subscribed by stockholders of record. The remaining unsubscribed portion of the offered shares have been offered to other stockholders up to 05 November 1999, in accordance with the terms of the Notice of Subscription Rights' Offering duly approved by this Honorable Commission. The final result of the subscription rights' offering shall be submitted to this Honorable Commission upon official receipt by the VMC MANCOM from VMC's stock transfer agent, Fidelity Stock Transfers, Inc. 2. Offer of Jardine Davies, Inc . During its executive session held on 27 October 1999, the VMC MANCOM received an offer from Jardine Davies, Inc. for possible merger between VMC and Hawaiian Philippines Company, Inc., which is owned by Jardine Davies, Inc. The terms of the offer are still subject of further discussions by the VMC MANCOM. LexLib PRAYER WHEREFORE, it is respectfully prayed that this Honorable Commission take note of the foregoing and consider this Manifestation as part of the records of the instant case. llcd Makati City for Mandaluyong City, 10 November 1999. VILLANUEVA BERNARDO & GABIONZA Counsel for EMC Management Committee 1202 Antel Corporate Center 139 Valero St., Salcedo Village Makati City By: SANTIAGO T. GABIONZA, JR. PTR No. 0466810H, 01/14/99, Makati City IBP Lifetime Member No. 00191, Makati City Chapter MARILOU S. DUMADAG PTR No. 0466815H, 01/14/99 Makati City IBP O.R. No. 473907, 01/14/99, Makati Chapter