Chairman's Statement

CPL Resources PLC
24 October 2001


                              CPL RESOURCES plc

                   CHAIRMAN'S STATEMENT ON TRADING FOR AGM


In common with many businesses in Ireland and around the world, CPL is
operating currently in a difficult and uncertain trading environment. The
recent terrorist attacks have greatly increased the prevailing level of
uncertainty and economists are now forecasting a continued global downturn and
a recession in the United States and elsewhere of some significant duration.

Of course the events of 11th of September and since then have affected
business and consumer confidence adversely. However, the Irish economy in
general, and the technology sector in particular, were already experiencing a
noticeable downturn before then. Inward investment into Ireland has slowed
very significantly and major employers continue to reduce their workforces,
reflecting reduced demand for goods and services.

CPL's core business is the placement of permanent and contract staff, and the
sector of greatest significance to our business is the information technology
industry. Inward investment and expansion of indigenous businesses have been
key drivers of our very successful and profitable growth in the recent past.
Our business has therefore been affected significantly in recent months by the
trends already described and these effects are continuing. Most forecasters
expect the downturn to continue well into 2002, and perhaps beyond.

It is already clear that, in line with the disappearance of buoyant growth in
the Irish economy, CPL's financial performance in the current financial year
is likely be significantly lower than last year's excellent results. However,
we still remain profitable and we have taken steps to manage our cost base
effectively without losing our ability to compete in, and lead, our market.
CPL's diversification into non-technology areas, including financial, sales
and engineering recruitment, in recent years has also helped cushion the group
from the full effects of the IT downturn.

Difficult times present opportunities as well as challenges. CPL will take
full advantage of any market opportunities that present themselves and we
intend to emerge from this difficult period as an even stronger leader in our
industry. Our ability to achieve this is assured by the top quality people in
our organisation, whose efforts in the present environment are already
demonstrating CPL's ability to perform effectively in adversity.


24 OCTOBER 2001