Philippine Stock Exchange

February 4, 1998 PSE CIRCULAR FOR BROKERS NO. 041-98 February 3, 1998 PHILIPPINE STOCK EXCHANGE Phil. Stock Exchange Centre Exchange Road, Ortigas Center Pasig City Attention : Ms . Isabel T . Garcia Head, Listing Department RE : Picop Resources, Inc . Gentlemen : In compliance with the Continuing Listing Requirements of the Philippine Stock Exchange and as provided for under Sec. 36, Chapter IV of the Revised Securities Act, we wish to inform you that as a result of the acquisition by TP Holdings, Inc. from Far East Cement Corporation of a controlling block of shares in PICOP Resources, Inc. ("PRI"), there were certain officers and directors of PRI who resigned and replacement directors and officers were elected to serve the remainder of the terms of office of their predecessors and until the qualification and election of their successors. The following officers and directors resigned effective upon the election and qualification of their successors. 1. Maj. Gen. Ramon E. Montao (ret.) who resigned as Chairman but remaining as director; 2. Mr. Ramon S. Ang who resigned as Vice Chairman but remaining as director; 3. Mr. Pedrito M. Aragon who resigned as President but remaining as director; 4. Mr. Yuen Po Seng 5. Mr. Manuel N. Tordesillas 6. Atty. Jose Perpetuo M. Lotilla 7. Atty. Virgilio S. Jacinto 8. Mr. Francis Chua 9. Mr. Siy Yap Chua 10. Atty. Daisy L. Parker Corporate Secretary 11. Atty. Rizal V. Katalba Assistant Corporate Secretary At the special meeting of the Board of Directors of PRI held on February 3, 1998, at which a quorum was at all times present and acting, there was a series of resignations and unanimous election of replacement directors and effectively, the following are now the current Directors of PRI: 1. Atty. Leonardo Siguion Reyna 2. Mr. Teodoro G. Bernardino 3. Mr. Joost Pekelharing 4. Mrs. Eleanore B. Gutierrez 5. Mr. Roberto A. Atendido 6. Mr. Michael G. Bernardino 7. Maj. Gen. Ramon E. Montao (ret.) 8. Mr. Ramon S. Ang 9. Mr. Pedrito M. Aragon 10. Mr. Louis S. Coson 11. Mr. Jeronimo U. Kilayko In the said meeting, the following officers were elected unanimously by the Board: 1. Atty. Edgardo G. Balois Corporate Secretary 2. Atty. Lincoln L. Tan, Jr. Assistant Corporate Secretary At the organizational meeting of the now current Board held immediately after the said special board meeting, the following were unanimously elected to the position indicated after their names: a) Officers: 1. Atty. Leonardo Siguion Reyna Chairman 2. Mr. Joost Pekelharing Vice Chairman 3. Mr. Teodoro G. Bernardino President 4. Mrs. Eleanore B. Gutierrez Treasurer 5. Ms. Aurora T. Calderon Chief Finance Officer b) Executive Committee: 1. Mr. Joost Pekelharing Chairman 2. Mr. Teodoro G. Bernardino Member 3. Mrs. Eleanore B. Gutierrez Member 4. Mr. Pedrito M. Aragon Member 5. Ms. Aurora T. Calderon Member The said Board confirmed and ratified the continuance in office of the other officers not otherwise affected by the foregoing. Very truly yours, PICOP RESOURCES, INC. By: (SGD.) EDGARDO G. BALOIS Corporate Secretary