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GBC Names George Bayly as Presiding Independent Director

Press release from the issuing company

NORTHBROOK, Ill.--March 19, 2003--General Binding Corporation announced today that George V. Bayly has been named Presiding Independent Director, a newly-created position on its Board of Directors. Mr. Bayly, a principal in Whitehall Investors LLC, has been a GBC director for more than four years. In addition to his responsibilities as a Director, Mr. Bayly will coordinate information and activities to help the Company's independent directors perform their roles effectively and responsibly. In this role, he may request additional information on behalf of independent directors or ask that specific items be added to the Board's agenda. Mr. Bayly also will counsel the Chairman on issues of interest or concern to the independent directors. "We are pleased that Mr. Bayly has agreed to accept this important new position," said Dennis Martin, GBC's Chairman, President and CEO. "Mr. Bayly's extensive business experience across a variety of corporate environments, strong leadership skills, and knowledge of our business complements the many strengths of our Board of Directors."