PICOP Resources, Inc. Clarification on Report of Strike

March 26, 1998 PSE CIRCULAR FOR BROKERS NO. 485-98 SUBJECT : PICOP Resources, Inc. Clarification on Report of Strike Picop Resources, Inc. ("PICOP") confirmed to the Exchange, in a letter dated March 23, 1998, that the workers have been on strike. PICOP in said letter explained that: ". . . We gathered from Atty. Romero Boniel, the legal officer of PICOP at its Bislig, Surigao del Sur Plant that the workers have, indeed, been on strike since March 8, 1998. The on-going strike is, however, in defiance of the Assumption of Jurisdiction Order of the Department of Labor and Employment (DOLE) dated January 28, 1998, which was reiterated by DOLE in its Order dated March 11, 1998. The Orders required the striking employees to return to work. cdlex While the striking workers are primarily composed of former personnel in the Plywood Plant, some employees of PICOP and a few members and officers of the union are also participating in the strike. Lastly, we confirm that all business and operational activities of PICOP in the Forest, Plant Plantation and the Paper Plant are operating normally with understandable minimal restrictions." The said confirmation was done in view of the article appearing in the March 15, 1998 issue of Today. For your information. (SGD.) MARIA ISABEL T. GARCIA Head, Listing & Disclosures Group