Victorias Milling Company, Inc.

February 7, 2000 PSE CIRCULAR FOR BROKERS NO. 278-00 SUBJECT : Victorias Milling Company, Inc . Victorias Milling Company, Inc. ("VMC") furnished the Exchange a copy of the "Manifestation" dated February 3, 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. In the said document, the Management Committee of VMC ("VMC MANCOM") stated that VMC MANCOM, during its meeting held last February 2, 2000, formally closed the pre-qualification process for the bidding of 53.35% of the capital stock of VMC declaring Cargill Philippines, Inc. and RCBC Capital Corporation, in consortium with Central Azucarera Don Pedro, as pre-qualified bidders after submission of pre-qualification documents and compliance with the Terms of Reference for Pre-qualification in accordance with the Bidding Guidelines of the Approved Rehabilitation Plan. LibLex Said bidders have been notified of their pre-qualification and of the requirements for them to proceed with the conduct of a due diligence of VMC upon payment of P50,000.00 due diligence fee and upon submission of a duly signed Confidentiality Agreement. 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