Change composition Executive Board Gamma Holding

Following the publication of the annual results 2008 of Gamma Holding N.V., the Supervisory Board has decided to change the management model of Gamma Holding N.V. from a two-man collegue model into that of an CEO with final responsibility and a CFO, in combination with a group council.

Under the current economic circumstances, Gamma Holding N.V. has decided not to pursue the growth strategy as set earlier. The Company's management will concentrate on recovery of the financial position.

It is for this reason that Mr Frequin, at the request of the Supervisory Board, will step down as member of the Executive Board.

The Company will be headed by Mr Meint Veninga, CEO. The Supervisory Board has the intension to - after the Annual Meeting of Shareholders - appoint the current group controller, Mr Leendert van Reeuwijk, as CFO. The group council will consist of the CEOs of the business units Belting, Filtration, Sleep Cfare Fabrics and Exotic Fabrics.

Supervisory Board Gamma Holding

Helmond, the Netherlands, 20 February 2009