Victorias Milling Company, Inc.

February 1, 2000 PSE CIRCULAR FOR BROKERS NO. 232-00 SUBJECT : Victorias Milling Company, Inc . Victorias Milling Company, Inc. ("VMC") furnished the Exchange a copy of the "Manifestation" dated January 28, 2000 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. LibLex In the said document, the Management Committee of VMC ("VMC MANCOM") stated that VMC MANCOM, in its meeting held last January 25, 2000, formally created a Bidding Committee, composed of three (3) members, with Mr. Gerardo B. Anonas as Chairman, and Mr. Manuel Manalac and Prof. Gavino C. Jacinto, Jr. as members. The Bidding Committee acts as sub-committee of the VMC MANCOM and has been given by the latter the authority to oversee the actual implementation of the Bidding Guidelines and of any directive of the VMC MANCOM with regard to the bidding of 53.35% of the capital stock, of VMC. The Bidding Committee shall exercise recommendatory functions to the VMC MANCOM on the pre- qualification of prospective bidders, on rules and regulations in the conduct of the Due Diligence Review, review of compliance with the terms of the Bidding Guidelines, and perform such other duties and functions as may be directed by the VMC MANCOM. The actual opening, tabulation, and selection of the winning bidder shall also be handled by the Bidding Committee. A complete copy of VMC's Manifestation is available for reference at the PSE Centre and PSE-Plaza Libraries. For your information. (SGD.) MARIA ISABEL T. GARCIA OIC, Listings & Disclosure Group