Victorias Milling Company, Inc.

March 9, 2000 PSE CIRCULAR FOR BROKERS NO. 616-00 SUBJECT : Victorias Milling Company, Inc . Victorias Milling Company, Inc. ("VMC") furnished the Exchange a copy of the "Manifestation" dated February 29, 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 in the VMC MANCOM meeting held on February 22, 2000, the VMC MANCOM Chairman, Mr. Isidro C. Alcantara, formally informed the VMC MANCOM of his resignation from Equitable PCI Bank, one of the secured creditors of VMC effective February 29, 2000. The VMC MANCOM, however, unanimously voted in favor of allowing Mr. Alcantara to serve as Chairman of the VMC MANCOM during the critical stage of VMC's implementation of the bidding process under the approved Rehabilitation at least until April 5, 2000. LexLib A 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