Victorias Milling Company, Inc.

November 26, 1999 PSE CIRCULAR FOR BROKERS NO. 3024-99 SUBJECT : Victorias Milling Company, Inc . Victorias Milling Company, Inc. ("VMC") furnished the Exchange a copy of the "Manifestation" dated November 16, 1999 in its 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, docketed as SEC Case No. 07-97-5693. In the said Manifestation, the Management Committee of VMC ("VMC MANCOM") declared the subscription rights' offering to stockholders of record a failure since only a total of 22,882,892 shares of stock out of 567,078,038 shares of stock offered under the subscription rights' offering have been subscribed. In view of this, VMC MANCOM has resolved to proceed to the bidding of said shares to interested parties, in accordance with the terms of the Bidding Guidelines under the approved Rehabilitation Plan. A copy of said document is available for reference at the PSE Centre and PSE-Plaza Libraries. For your information. prcd (SGD.) MARIA ISABEL T. GARCIA OIC, Listings & Disclosure Group