..VICTORIAS MILLING COMPANY, INC.

V1CMICO Compound. Victorias City,Negros OccidentalTel. No_(034) 399-3380; Fax No. (034) 399-3675

November 15,2012

THE DISCLOSURE DEPARTMENTThe Philippine Stock Exchange, Inc.PSE Center, Exchange RoadOrtigas Center, Pasig City

Attention:

Gentlemen:

MS. JANET A. ENCARNACIONHead, Disclosure Department

Attached is a copy of the Manifestation and Motion dated 12 November 2012filed by Gabionza De Santos and Partners with the Securities and ExchangeCommission, in behalf of Victorias Milling Company, Inc.

Thank you.

Very truly yours,

EVj{A. VICENYtO-RODRIGUpliance%lnformation Officer

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iREPUlBUC OF THE PiI-llUPPilfllESSECUiRnJESA!MtD EXCHANGE COMMISSJON

• ' . SEC Bldg." E~SA,Gri?eTl:hjIJs, Mamlaluyonfj City i>f nftS)

IN TiHIE MA1TER OF THE PElITION , ~.,~~':¥~FOR DECLARATION OF A. STATE Of . ~:\ l:..L2 :' \~~ ! i!-'- \ 1~ \

SUSPENSION OF PAYMB':IT; fOR l 'l ," " >'''12 11\ \THE APPROVAL OF A i: :;~! , .' :.u, \\' \

R.E.H.AS. JUT.A.TION PLAN, AND THE . trlS'3~")U L..::.l.!-~APpm~TlIVlENT Of A MANAGEMENT -~-;,W'"

COMMJnEE,. .

SEC CASE NO.'07-97-5

VICTORJASfit,ILUNG COJVJPANY, INC.Petiiioner:

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MANifESTATION AtW MOTION

PETUlONER VICTORIAS MlLlING COMPANY, INC. r VMC"), in

the above-errlitled case, by its undersigned counsel, 10 this Honorable

Commission respectfully manifests thaI there was one {'I) Board seat

previously reserved lOT the Joinl Venture Partner under the Approved

RehabmtBt~on Plans r AiR?"), particularly the Proposed Alternative

Rehabiliiafion Plan, and the Debt Restructuring Agreement ("DHA") and

\formerly occupied by the nominee of Tanduay Holdings, Inc ("THl") as a

conseqeeoceot its ITnfLlslon of the amount of Three Hundred Milljon Pesos

(,R300;OOO,OOO.OD) into. VMC !lIhro'l.Jghi a :fivr: (5)·year term loan. This term

loan has been 1fllllly paid on 08 April 2008. Consequently, the Board seat

reserved for the joint Venture Partner under Par! IV(4) of the Proposed

Alternative Reihabilitajjo.l~ Plan has become functus officio.

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Under Part IV(4) of the Proposed Alternative Rehabilitation Plan, the

seat allocation for the Board of Directors are as follows :

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Existing VMC ShareholderSecured CreditorsCreditors with Debt ConversionJoint Venture Partner

3 seats1 seat

6 seats1 seat

Accordingly, with the seat for the Joint Venture Partner being functus

officio, it is respectfully moved that this Honorable Commission allow

petitioner VMC to have the same seat allocated as an additional seat for

Creditors with Debt Conversion, as follows:

Existing VMC ShareholderSecured CreditorsCreditors with Debt Conversion

3 seats1 seat7 seats

and, consequently . author ize the amendment of the ARP, and Section 21

of the ORA, as follows:

"Section 21

COMPOSITION OF THE BOARD OF DIRECTORS

VMC hereby undertakes to the SECURED CREDITORSand UNSECURED CREDITORS that immediately after VMChas secured the approval of the SEC for reduction of capitalstock, increase of capital stock, and exemption from registrationrequirements under the Revised Securities Act for the issuanceof shares under the capital infusion feature of the ApprovedRehabili tation Plan, VMC shall immediately call a specialstockholders' meeting for purposes of electing the new Board ofDirectors of VMC. which must be composed of eleven (11)members representing the following interests in VMC, to wit -

VMC's existing stockho ldersSecured CreditorsUnsecured Creditors

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- Three (3) Directors- One (1) Director- Seven (7) Directors

While the Secured Loans are outstanding , all partiesagree that the Secured Creditors shall be entitled to one (1)Board seat.n

The foregoing amendments to the ARP and ORA are necessary to

achieve petitioner VMC's desired targets and goals, prevent a leadership

vacuum and ensure the rehabilitation of petitioner VMC consistent with

Section 4-23 of the Rules of Corporate Recovery which provides that

"Section 4-23. Alteration or modification of theRehabilitation Plan. - An approved Rehabilitation Plan may, onmotion, be altered or modified if, in the jUdgment of theCommission, such alteration or modification is necessary toachieve the desired targets or goals set forth therein. Noalteration or modification of an approved Rehabilitation Planshall be allowed if opposed by a majority of any class ofcreditors unless such opposition is manifestly unreasonable."

Verily, the proposed amendment stands to provide ample

representation for petitioner VMC's Creditors with Debt Conversion who

have the most exposure to the debt obligations of petitioner VMC. The

proposed amendment is likewise aligned with petitioner VMC's By-Laws

which provides for the election of eleven (11) members of the board of

directors.

In the meantime, pending approval of the proposed amendment.

petitioner VMC will allocate the one (1) Board seat reserved to the Joint

Venture Partner to the Creditors with Debt Conversion in the forthcoming

Annual Stockholders Meeting on 05 February 2013.

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PRAYER

WHEREFORE, it is respectfully moved that this Honorable

Commission authorize the amendment to the Part IV(4) of petitioner VMC's

Proposed Alternative Rehabilitation Plan and Section 21 of the Debt

Restructuring Agreement by allocating the Board seat previously reserved

to the Joint Venture Partner as an additional Board seat for Creditors with

Debt Conversion.

Petitioner further prays for such other measures of relief as this

Honorable Commission may deem just and equitable under the premises.

Makati City for Mandaluyong City, 12 November 2012.

GABIONZA DE SANTOS & PARTNERSCounsel for the Petitioner

20th Floor 139 Corporate Center139 Valero Street, Salcedo Village,

Makati City,Metro Manila

By:

SANTIAGO T. GABIONZA, JR.Roll of Attorneys No. 31646

P.T.R. No. 3175656,01/02/2012, Makati Cityl.B.P. Lifetime Member No. 00191, Makati Chapter

M.C.L.E. Compliance No. 111 -0012437,04/20/10

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ALEXA ER C. DYRoll of Attoreys No. 44593

P.T.R. No. 3175659 b1/0212012, Makati CityI.B.P. No. Lifetime Mem r No. 05420, Maka!i Chapter

M.C.L.E. Complian No. 111-0011826,04113/10

CARMINE ELIZA T. SERRANORoll of Attorneys No. 50784

P.T.R. No.3175668, 01/0212012, Makati CityI.B.P. No. 869598, 01/0412012, Makati ChapterM.C.L.E. Compliance No. 111-0009295,03/08110

VINCENT PA~I~ R. CRUZRoll of Attorneys ~o. 59794

P.T.R. No.3175666, 01/0212012, Makati CityI.B.P. No.869600, 01/0412012, Makati Chapter

Admitted to the Bar 04/19/2011

ATTY. LUIS MA. G. URANZARehabilitation ReceiverVICTORIAS MILLING CO., INC.cia Rm 400-0 Delta BUildingWest Avenue, Quezon City

THE CLERKSECURITIES AND EXCHANGE COMMISSIONSEC Building, EDSA, Greenhills,Mandaluyong City

LISTINGS AND DISCLOSURE GROUPPHILIPPINE STOCK EXCHANGE, INC.PSE Center, Exchange RoadOrtigas Center, Pasig City

AGCAOILI & ASSOCIATESCounsel for Australia & New ZealandBanking Corporation, LTO.Counsel for Banque Nationale De Paris7TH Floor, Citibank CenterPaseo de Roxas, Makati City

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BENEDICTO VERZOSAGEALOGY & BURKLEYCounsel for BPI11th Floor, BPI Building, Ayala Avenuecor. Paseo de Roxas, Makati City

ATTY. MARTIN B. BUENVENTURACounsel far Philippine Commercial Capital, Inc.118 L P. Leviste si,Salcedo Village, Makati City

CAMERON GRANDVILLE ASSET MANAGEMENTclo Ferrier Hodgson Corporate ServicesKarport Bldg.. 32nd StreetBonifacio Global CityTaguig City

ONA PAMFILO IMON AGOSTADURAN LIM & DE JESUS LAW OFFICESCounsel for East West Banking Corporatian2/F Salustiana D. Ty Tower104 Paseo de Roxas, Legaspi VillageMakati City

CVCLAWCounsel for Dao Heng BankCVCLAW Center11th Avenue corner 39th Street,Bonifacio TriangleBonifacio Global City

CASTRO & ASSOCIATESCaunsel for Security BankCastro Law Center1353 Kalayaan Ave. Candelariacor. Nicanor Garcia (formerly Reposo)Santiago Village , Makati City

CHINA BANKING CORPORATIONCSC Building8745 Paseo de Raxas corner. Villar St.,Makati City

LIM VIRGILIA ORENCIA & ASSOCIATESCounsel for China Banking Corporationt t" Floor, CBC Building8745 Paseo de Roxas cor. Villar St.,Makati City

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ATTY. EFREN N. OElA CRUZCounsel for Bandila Construction &Development CorporationRm. 206, BPI Office CondominiumPlaza Cervantes, Binondo, Manila

ATTY. GREGORIO S. OliiloCounsel for United Coconut PlantersLife Assurance Corporetlon6744 Ayala Avenue, Makali City

GOVERNMENT SERVICE INSURANCE SYSTEM (GSIS)Legal Services GroupGSIS Headquarters, Financial CenlerRoxas Blvd., Pasay City

ENCANTO GASPARILCATAPANG & GUZMANCounsel for United Coconut Planters Bank (UCPB)9"' Floor, UCPB Building. Makati Ave .,Makati City

ATTY. ALBERT B. GUEVARA, JRCounsel for AITOR DE CORTABITARTEGUEVARA LAW OFFICESuite 605 Catlleya Condominium235 Salcedo St., Legaspi Village, Makati City

ISON & NAVARROCounsel for Penta Capital10lh Floor, ACT Tower135 Sen. Gil J. Puyat Avenue,Salcedo Village, Makali City

NATlONAL FOOD AUTHORITYNFA Building, -101 E. Rodriguez Sf.Quezon City

LAND BANK OF THE PHILIPPINESLand Bank Bldg., IV,319 Sen. Gil PuyatAve., Extn. Makali City

ATTY. ARNEL L. LAPOREDiAl & l APORECounsel for Negros Merchants Enterprises, Inc.and Edell CommercialRoom 8 , 41h Floor, Villa AngelaMetro Plaza. Araneta 51., Bacolod City

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ATTY. JOSE GERMAN M. lICUPCounsel for Hangkang and ShanghaiBanking Corporation4'h Floor, Royal Match Building6780 Ayala Avenue, Makati CityDEUTSCHE BANK20th Floor, Tower I, Ayala Avenue,Makati City

ATTYS. AMADOR M. MONTEIRO ANDERNESTO G. GAstSCounsel for Creditor Social Security SystemSSS Building , East AvenueQuezon City

OFFICE OF THE LEGAL COUNSEL10th Floor , DBP Bldg ..Sen. Gil J. Puyat Ave., Makati City

OCAMPO, QUIROZ, PESAYCO & ASSOCIATESCounsel for Allied Banking Corporeiion2"d Floor . Allied Bank Center6754 Ayala Avenue, Makati City

PHILIPPINE NATIONAL BANI(Financial Center, RoxasBlvd., Pasay City

PICAZO BUYCO TAN FIDER & SANTOSCounsel for Asia Bank Corporation181/'. 19th Floors Liberty Center104 HV Dela Costa StreetSalcedo Village, Makati City

PLATON MARTINEZ FLORESSAN PEDRO & LEANOCounsel for Citibanl<6 1h Floor, Tuscan Building114 Herrera SI., Legaspi Village,Makati City

PONCE ENRILE REYES & MANALASTASCounsel for Manufacturer's Life Insurance Co. (Phils.), Inc,3'd Floor, Vern ida IV Bldg.L.P. Leviste Street (formerly Alfaro SI.)Salcedo Village, Makati City

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QUIASON MAI{ALINTAL BAROTTORRES & IBARRACounsel for Metropolitan Bankand Trust Company2151 Floor, Robinsons-PCIBank TowerADB Ave., cor. Pedro Poveda Road1600 Ortigas Center, Pasig City

QUISUMBING FERNANDO & JAVELLANACounsel for Rolando C. RodriguezlAJAVE Center, R. Alvero cor. E. Abada Sts..Loyola Heights , Quezon City

ROMULO MABANTA, BUENAVENTURASAYOC & DE LOS ANGELESCounsel for Deulsche Bank AG30th Floor, Citibank Tower

. 8741 Paseo de Roxas, Makati City

ATTYS. MA. NERIZA O. SAN JUAN ANDCARLOS ROMAN Z. UBARRETACounsel for Asiettust Development Bank2nd Floor. ATB Building1424 Quezon Avenue, Quezon City

SANTIAGO CORPUZ & EJERCITOLAW OFFICES6'" Floor, Pacific Center Bldg.San Miguel Ave.. Ortigas Center, Pasig City

SIGUION REYNA. MONTECILLO& ONGSIAKOCounsel for PC/Bankgill & 100h Floors , Philcom Building .8755 Paseo de Roxas, Makati City

ATTYS. WILFREDO I. UNTALANFEDERICO A. MANALOREY I. MADRONOCounsel for Phil. Veterans BankPVB Bldg., 101 Herrera comerDela Rosa Sts., Legaspi VillageMakati City

EXPORT INDUSTRY BANK (formerly URBAN BAmqUrban Bank Plaza, Urban Ave.,Makati City

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MR. EFREN ZAPANTAADVENT CAPITAL AND FINANCE CORPORATION(formerly All Asia Capital and Trust Corporation)6/F SSHG Law Center105 Paseo de Roxas,Makati City

GREETINGS:

Please take notice that on 20 November 2012, Tuesdav at 2:00o'clock in the afternoon or soon thereafter as matter and counsel may beheard, the undersigned will submit the foregoing motion to the HonorableCommission's Special Hearing Panel for its consideration and approval.

Makati City for Mandaluyong City, 12 November 2012.

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VIN~~;;.;:-;;~..;gCK R~RUZ

EXPLANATION(Pursuantto Section 11, Rule 13 oflhe

1997 Rules of Civil Procedure)

Due to the nature of the pleading and the lack of personnel to effectpersonal service, service was made by registered mail upon the parties asherein below indicated by the corresponding attached registry receipts .

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COPY FURNISHED:

Any. LUIS MA. G. URANZARehabilitation ReceiverVICTORIAS MILLING CO., INC.c/o Rm 400-0 Delta BuildingWest Avenue, Quezon City

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THE CLERKSECURITIES AND EXCHANGE COMMISSIONSEC Building, EDSA, Greenhills,Mandaluyong City

LISTINGS AND DISCLOSURE GROUPPHILIPPINE STOCK EXCHANGE, INC.PSE Center, Exchange RoadOrtigas Center, Pasig City

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AGCAOILI & ASSOCIATESCounsel for Australia &New ZealandBanking Corporation, LTD.Counsel for Banque Nationale De Paris7TH Floor, Citibank CenterPaseo de Roxas, Makati City

BENEDICTO VERZOSAGEALOGY & BURI{LEYCounsel (or BPI11'" Floor, BPI Building, Ayala Avenuecor. Paseo de Roxas , Makat i City

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ATTY. MARTIN B. BUENVENTURA ,....Counsel for Philippine Commercial Capital, Inc. 0~nt118 L. P. Leviste SI.,Salcedo Village. Makati City

CAMERON GRANDVILLE ASSET MANAGEMENT f\ I. h(~cia Ferrier Hodgson Corporate Services V l\"1I1fKarpor! Bldg., 32"" StreetBonifacio Global CityTaguig City

ONA PAMFILO IMON ACOSTADURAN LIM & DE JESUS LAW OFFICES 0+0rCounsel for East West Banking Corporation2JF Salustiana D. Ty Tower104 Paseo de Roxas , Legaspi VillageMakati City

CVC LAWCounsel for Daa Heng Bank f1 1 or)CVCLAW Center V 'I' 't.1HI1Avenue corner 39th Street,Bonifacio TriangleBonifacio Global City

CASTRO & ASSOCIATESCounsel {or Security Bank 'V 41J OJCastro Law Center . ,1353 Kalayaan Ave. Candelariacor. Nicanor Garcia (formerly Reposo)Santiago Village, Maka!i City

CHINA BANKING CORPORATION 11.10eBC Building 't8745 Paseo de Roxas corner. Villar SI.,Makati City

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LIM VIRGILIA ORENCIA & ASSOCIATESCounsel for China Banking Corporation111h Floor, CBC Building8745 Paseo de Roxas cor. Villar St.,Makati City

ATTY. EFREN N. DELA CRUZCounsel for Bandila Conslruction &Development CorporationRm. 206, BPI Office CondominiumPlaza Cervantes, Binondo, Manila

ATTY. GREGORIO S. DINOCounsel for United Coconut PlantersLIfe Assurance Corporation6744 Ayala Avenue, Makati City

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'- GOVERNMENT SERVICE INSURANCE SYSTEM (GSIS)Legal Services Group8SIS Headquarters, Financial Center V&\4Roxas Blvd " Pasay City

ENCANTO GASPARILCATAPANG & GUZMANCounsel for United Coconut Planters Bank (UCPB)glh Floor, UCPB BUilding, Makati Ave "Makati City

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ATTY. ALBERT B. GUEVARA, JR.Counsel for AlTaR DE CORTABITARTEGUEVARA LAW OFFICESuite 605 Cattleya Condominium235 Salcedo St., Legaspi Village, Makati City

ISON & NAVARROCounsel for Penta CapitallO[h Floor, ACT Tower135 Sen. Gil J. PuyatAvenue,Salcedo Village. Makati City

NATIONAL FOOD AUTHORITYNFA Building, 101 E. Rodriguez Sr.Quezon City

LAND BANK OF THE PHILIPPINESLand Bank Bldg ., IV,319 Sen. Gil Puyat Ave., Extn. Makati City

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ATTY. ARNEL L. LAPOREDIAZ & LAPORE \Counsel for Negros Merchants Enterprises, Inc. 04 'Loand Edell CommercialRoom 8, 4th Floor, Villa AngelaMetro Plaza, Araneta St., Bacolod City

ATTY. JOSE GERMAN M. LlCUPCounsel for Hongkong and Shanghai b411Banking Corporation4'h Floor, Royal Match Building6780 Ayala Avenue, Makati City

DEUTSCHE BANKzo" Floor, Tower I, Ayala Avenue, b~ 12Makati City

ATTYS. AMADOR M. MONTEIRO ANDERNESTO G. GASIS ICounsel for Creditor Social SecUlity System bl\: 1?SSS Building, East AvenueQuezon City

OFFICE OF THE LEGAL COUNSEL 4() I.10'h Floor, DBP Bldg., V litSen. Gil J . Puyat Ave., Makati Cily

OCAMPO, QUIROZ, PESAYCO & ASSOCIATESCounsel for AI.liedBanking Corporation I.2nd Floor, Allied Bank Center '0 't tr6754 Ayala Avenue, Makati City

PHILIPPINE NATIONAL BANI{Financial Center, Roxas 041~Blvd., Pasay City

PICAZO BUYCO TAN FIDER & SANTOSCounsel for Asia Bank Corporation h f. 11"'l18'h, 19'h Floors Liberty Center u'" 'L 1104 HV Dela Costa StreetSalcedo Village, Makati City

PLATON MARTINEZ FLORES A rlSAN PEDRO & LEANO '0 ~ ~ 'tCounsel for Cltibenk6th Floor, Tuscan Building114 Herrera 51.. Legaspi Village,Makati City

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PONCE ENRILE REYES & MANALASTASCounsel for Manufacturer's Life Insurance Co. (Phils .), IIlC,

3'd Floor, Vern ida IV Bldg .L.P. Leviste Street (formerly Alfaro SI.) MlOjSalcedo Village, Makati City

QUIASON MAKALINTAL BAROTTORRES & IBARRACounsel for Metropolitan Bankand Trust Company21s' Floor, Robinsons-PCIBank TowerADB Ave. , cor. Pedro Poveda Road1600 Ortigas Center, Pasig City

QUISUMBING FERNANDO & JAVELLANACounsel for Rolando C. RodriguezLAJAVE Center, R. Alvero cor. E. Abada Sts.,Loyola Heights, Quezon City

ROMULO MABANTA, BUENAVENTURASAYOe & DE LOS ANGELESCounsel for Deutsche Bank AGso" Floor, Citibank Tower8741 Paseo de Roxas, Makati City

ATTYS. MA. NERIZA O. SAN JUAN ANDCARLOS ROMAN Z. UBARRETACounsel for Asiatrust Development Bank2nd Floor , ATB Building1424 Quezon Avenue, Quezon City

SANTIAGO CORPUZ & EJERCITOLAW OFFICES6'h Floor , Pacific Center Bldg.San Miguel Ave., Ortigas Center, Pasig City

SIGUION REYNA, MONTECILlO& ONGSIAI<OCounsel for PCIBank91h & 10lh Floors, Philcom Building,8755 Paseo de Roxas, Makati City

ATTYS. WllFREDO I. UNTALANFEDERICO A. MANALOREY I. MADRONOCounsel for Phil. Veterans BankPVB Bldg., 101 Herrera cornerDela Rosa Sts., Legaspi VillageMakati City

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EXPORT INDUSTRY BANK (formerly URBAN BANK)Urban Bank Plaza, Urban Ave.,Makati City

MR. EFREN ZAPANTAADVENT CAPITAL AND FINANCE CORPORATION(totmetty All Asia Capital and Trust Corporation)6/F SSHG law Center105 Paseo de Roxas,Makati City

CTS Sh arMNMC 2 1 95Ir"'EtroMEhl rSl ~,otitln 10 ame<ldNslull(uNi !If><'l) doc.

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Manifestation and Motion ---------- Forwarded message ---------- From: <no-reply@pse.com.ph> Date: Fri, Nov 16, 2012 at 4:17 PM Subject: ODiSy - Disclosure Status To: disclosure@pse.com.ph Dear Sir/Madam: We would like to inform you that as of NOV 16, 2012 08:17:15 AM today, Reference Number: WLIST__2012000018183 Company Name: Victorias Milling Company, Inc. Disclosure Subject: Manifestation and Motion filed with SEC re: proposed amendments to Alternative Rehabilitation Plan and of Debt Restructuring Agreement on composition of Board of Directors Status: APPROVED Should you need further assistance, please e-mail us at odisy@pse.com.ph.