First quarter results Gamma Holding

• Turnover: EUR 208 million (2007: EUR 194 million);
• EBITA: EUR 17.0 million (2007: EUR 17.4 million);
• Net group result: EUR 9.2 million (2007: EUR 10.0 million);

In the first quarter of 2008 Gamma Holding's turnover increased by 7% to EUR 208 million, including a 6% positive effect due to the acquisition of the Danish company uni-chains and a -5% effect of

currency movements. On a comparable basis, turnover increased by 6%.

EBITA amounted to EUR 17.0 million. Currency movements had an effect of -13%. On a comparable

basis EBITA rose by 11%.

Net group result decreased by EUR 0.8 million to EUR 9.2 million, mainly due to higher financing

expenses. Adjusted to take account for currency effects of EUR -1.4 million, net group result has risen by 6% compared to last year.

As indicated before, the acquisition of uni-chains is expected to positively contribute to the net result as from 2009.

Industrial Solutions

Turnover of the Industrial Solutions sector rose by 11% and amounted to EUR 124 million, including a

10% positive effect due to acquisitions. Currency movements had an effect of -5%. On a comparable basis turnover increased by 6%.

Belting's turnover increased on a comparable basis. The business unit saw rising demand in almost all product groups, particularly in the field of timing, endless woven and lightweight rubber belts. Turnover growth was posted mainly in Europe. As per 1 January 2008 the Danish company uni-chains A/S is officially part of the business unit. Uni-chains is specialized in modular belts - consisting of plastic links - for applications in the automotive, food, paper and print industries, among others. The company's performance came up to expectations. In the first quarter the integration of uni-chains into the total Ammeraal Beltech organisation was the main focus.

On a comparable basis, turnover of Filtration was stable. Positive developments in, among others, the United States, Australia and New Zealand were offset by disappointing results in Europe, with the exeption of Germany, where demand remained high.

Compared to the first quarter of 2007, turnover of Coating & Composites rose. Growth was posted in Western Europe, the Middle East and North America, among others. Particularly duraskin® (tents and roofing structures) and seemee® (printable media fabric) performed well. The business unit supplied fabric for the roofing structure of the new stadiums in Jakarta, Indonesia and Coquimbo, Chile, as well as for the airport in Alicante, Spain.

Lifestyle Fabrics

Turnover at the Lifestyle Fabrics sector rose by 2% and amounted to EUR 84 million. Currency

movements had an effect of -4%. On a comparable basis turnover increased by 6%.

Turnover at Exotic Fabrics increased sharply as a result of increasing demand for all brands. After the successful opening of a Vlisco flagship store in Benin, the top brand started a similar store in Togo. Uniwax benefited from larger export volumes and turnover of GTP rose as well, partly due to the undiminished demand for the cheaper GTP Nustyle. Woodin also performed well, with new stores planned in Benin and Côte d'Ivoire. Especially the recently opened store in the new Accra shopping mall in Ghana is successful.

Sleep Care Fabrics still has to contend with increased price pressure and lower volumes in Europe. Additionally, the business unit is hindered by the weaker economy in the United States caused by the stagnating housing market. In this regard a project has been set up within the business unit aimed at a more efficient sales organisation, further innovation of both products and services and optimisation of logistical and production processes. In order to meet the rising demand for knitted mattress fabrics, Sleep Care Fabrics increased its knitting capacity in Mexico and Australia.

On a comparable basis, turnover at Sailcloth rose slightly, among others caused by an increasing

demand for D4 sailcloth. The business unit distinguished itself in the important super yacht segment

with a specially designed booth at BOOT, an international boat exhibition held in Düsseldorf, Germany.

Portfolio changes

Gamma Holding wants to increase focus and scale in its portfolio of companies and in this regard is

looking for suitable buyers for both Verseidag Ballistic Protection, part of the Coating & Composites

business unit, and the Sailcloth business unit.

Verseidag Ballistic Protection is active in the area of anti-ballistic materials and armouring. In this

market the need for further globalisation and increase in scale is growing. Gamma Holding has decided not to play a leading role in these developments.

With Dimension-Polyant the Sailcloth business unit is world market leader in the field of innovative,

high-tech sailcloth for ships of all classes. Due to its high-quality technology it has excellent growth

potential in adjacent segments such as sports and recreation.

Outlook

The ‛Towards leadership 2010' strategy is designed to provide Gamma Holding with leading market

positions. In order to achieve or consolidate such positions, the focus in the coming three years will be on portfolio optimisation, growth and operational excellence. In this connection Gamma Holding has set itself a target of annual organic growth of 3 - 5% and a return on sales (EBITA/net turnover) of 8 - 10%. At the same time it should be possible to achieve a return on capital employed (EBITA/average capital employed) of
15 - 20%. The company aims for an annual increase of 8 - 10% in earnings per share.

Barring any unforeseen circumstances Gamma Holding expects to realise these targets in 2008.

Executive Board Gamma Holding N.V.

Helmond, The Netherlands, 23 April 2008

The figures mentioned in this trading update have not been audited. The investigation of the first-time recognition of uni-chains, based on IFRS 3, Business Combinations, has not been concluded yet, particularly with respect to the valuation of intangible assets.