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<P align=center>UNITED STATES <BR>SECURITIES AND EXCHANGE
COMMISSION<BR>Washington, D.C. 20549</P>
<P align=center>FORM 8-K</P>
<P align=center>CURRENT REPORT</B><FONT size=2><br>
<b>Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934</b></FONT></P>
<P align=center><FONT size=2>Report as of February 11, 2005<br>
(Events as of February 9, 2005)</FONT></P><B>
<P align=center>GENERAL BINDING CORPORATION</B><FONT size=2><BR>(Exact name of
registrant as specified in its charter)</FONT></P><B>
<P align=center>Delaware</B><FONT size=2><BR>(State or other jurisdiction of
incorporation or organization)<B><BR></B></FONT><B><FONT size=3><br>
0-2604</FONT></B><FONT size=2><BR></FONT>(<FONT
size=2>Commission File Number)&nbsp;<BR></P>
</FONT><B>
<P align=center>36-0887470</B><FONT size=2><BR>(I.R.S. employer identification
No.)</P></FONT><B>
<P align=center>One GBC Plaza,<BR>Northbrook, Illinois 60062</B><FONT
size=2><BR>(Address of principal executive offices, including zip
code)</P></FONT><B>
<P align=center>(847) 272-3700</B><FONT size=2><BR>(Registrant's telephone
number, including area code)</FONT></P>
<P align=center><b>Not Applicable<br>
</b><font size="2">(Former name or former address, if changed since last report)</font></P>
<P align=left><font size="2">Check the appropriate box below if the Form 8-K
filing is intended to simultaneously satisfy the filing obligation of the
registrant under any of the following provisions:</font></P>
<P align=left><font size="2">[ ] Written communications pursuant to Rule 425
under the Securities Act (17 CFR 230.425)</font></P>
<P align=left><font size="2">[ ] Soliciting material pursuant to Rule 14a-12
under the Exchange Act (17 CFR 240.14a-12)</font></P>
<P align=left><font size="2">[ ] Pre-commencement communicaitons pursuant to Rule
14d-2(b) under the Exchange Act (17 CFR 240.140d-2(b))</font></P>
<P align=left><font size="2">[ ] Pre-commencement communications pursuant to Rule
13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></P><hr><FONT size=2>
<P><B><u>Item 2.02. Results of Operations and Financial Conditions.</u></P></B>
<p>On February 9, 2005, General Binding Corporation issued a press release
announcing its earnings for the three months and one year periods ended December 31, 2004.&nbsp; A
copy of that release is furnished as Exhibit 99.1 to this report.</p>
<p>The information in this Current Report on Form-8K is being furnished and
shall not be deemed &quot;filed&quot; for the purposes of Section 18 of the Securities
Exchange Act of 1934, as amended, or otherwise subject to the liabilities of
that Section.&nbsp; The information in this Current Report shall not be
incorporated by reference into any registration statement or other document
pursuant to the Securities Act of 1933, as amended, except as shall be expressly
set forth by specific referrence in such filing.</p>
</FONT>
<B><FONT size=2>
<P><u>Item 9.01 Financial Statements and Exhibits.</u></FONT></B><FONT size=2><BR><BR>(c)
Exhibits.</P>99.1&nbsp; Press release dated February 9, 2005 of the Registrant.<BR>&nbsp;</FONT><hr><P align=center>&nbsp;</P><FONT size=2>
<P align=center><B>SIGNATURES</P></B>
<P>Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on their behalf by the
undersigned thereunto duly authorized.</P>
<P><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
GENERAL BINDING CORPORATION</B></P>
<P><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</B>By: <U>/s/ Steven
Rubin&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR></U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Steven
Rubin<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp; Vice President, Secretary
&amp;<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
General
Counsel<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
February 11, 2005</P></FONT>
<P align=center>&nbsp;</P>
<hr><FONT face="Times,Times New Roman">
<p align="center"><b><font size="2">EXHIBIT INDEX</font></b></p>
<p>&nbsp;</p>
<p><b><u><font size="2">Exhibit No. </font></u><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font size="2">Exhibit Description</font></u></b></p>
<p><font size="2">99.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Press release dated February 9, 2005 of the Registrant.</font></p>
<p>&nbsp;</p>
</FONT>
<hr>
<P align=right><b>Exhibit 99.1</b> </P>
<B>
<P align=center>GBC REPORTS 4<SUP>th</SUP> QUARTER AND FULL YEAR 2004
RESULTS<br>
Improved Earnings and Debt Reductions</P>
</B>
<P>Northbrook, IL, February 9, 2005 -- General Binding Corporation (Nasdaq:
GBND) today announced results for the fourth quarter and full year 2004,
reflecting improvements in earnings and debt levels despite continued pricing
pressures.</P>
<P>Fourth quarter net sales totaled $191.2 million, an $8.9 million or 4.9%
increase over the fourth quarter of 2003. The 39.0% quarterly gross profit
margin was down 1.5% from the prior year, reflecting the impact of pricing
pressures and increased raw material costs. "The conditions we saw throughout
the first three quarters of 2004 continued into the last quarter," said Mr.
Dennis Martin, the Company's Chairman, President and CEO. "Several of our
businesses achieved strong results while others continued to experience pricing
pressures. The weak US dollar continued to positively impact our results on a
year over year basis." </P>
<P>Pretax income for the fourth quarter was $10.3 million, net of $0.9 million
restructuring and other charges, compared to pretax income in the fourth quarter
last year of $4.7 million which included $6.0 million restructuring and other
charges. Net earnings totaled $6.6 million for the quarter, or $0.39 per diluted
share, an improvement over the $(0.19) loss per share reported for the same
period of 2003. The Company reduced net debt by $9.5 million in the fourth
quarter.</P>
<P>For the year, the Company reported net sales of $712.3 million, up $14.4
million, or 2.1% from the prior year. In 2004, pretax income was $23.9 million,
net of $2.5 million restructuring and other charges, a significant improvement
over the $4.4 million of pretax income reported in 2003, which included
restructuring and other charges of $15.8 million. Net earnings totaled $14.8
million in 2004, or $0.88 per share compared to a $(0.20) per share net loss in
2003. During 2004, the Company reduced its net debt by $9.8 million to $282.6
million.</P>
<P>"This year's market environment was competitive, and it emphasized the
importance of our strong foundation," Mr. Martin said. "While it did not turn
out to be the exemplary year we had thought possible, we made significant
progress, most notably in our Industrial and Print Finishing Group ("IPFG").
From a historical perspective, GBC had its most profitable year since 1998 and
our year-end debt levels are the lowest they have been since 1996. Looking
ahead, we must continue to simplify and develop our company to be flexible in
order to make the most of our resources and be able to adjust to changing
markets." </P><U>
<B>
<P>4th Quarter and Full Year 2004 Results</P></B></U><U>
<B>
<P>4th Quarter 2004 Results</P></B></U>
<P>Financial results for the quarter include the following highlights:</P>
<UL>
  <UL>
    <LI>Sales totaled $191.2 million, up $8.9 million or 4.9% from the fourth
    quarter of 2003. Robust growth in IPFG was partially offset by decreased
    sales in the Commercial and Consumer Group ("CCG"). Favorable foreign
    exchange rates were responsible for the Europe Group's increased sales.
    International sales within CCG and IPFG were also positively affected by
    exchange rate fluctuations.
    <LI>The Company's gross profit margin decreased by 1.5 percentage points to
    39.0% compared to the fourth quarter of the prior year due to pricing
    pressures and increased raw material costs, particularly at CCG.
    <LI>Selling, service and administrative expenses were up $1.3 million,
    reflecting improvements that were more than offset by the unfavorable impact
    of foreign exchange rate changes on international expenses.
    <LI>Total segment operating income was $17.9 million, down 2.3% from the
    same period in 2003. Strong results at IPFG and the Europe Group were offset
    by a decrease in CCG operating income.
    <LI>Current quarter restructuring and other charges totaled $0.9 million,
    representing an impairment of the Company's remaining investment in GMP Co.,
    Ltd. ("GMP"). In 2003, fourth quarter restructuring and other charges
    totaled $6.0 million, related to a plant closing and reduction in force as
    well as a non-cash charge for impairment of the Company's investment in GMP.

    <LI>Interest expense totaled $5.8 million, down $1.5 million, a significant
    decrease from the prior year.
    <LI>Income tax expense was $3.8 million for the quarter.&nbsp;
    <LI>Net income totaled $6.6 million or $0.39 per share for the quarter,
    compared to a net loss last year of $(0.19) per share.
    <LI>Total net debt at the end of the year, adjusted for cash and
    equivalents, was $282.6 million, down $9.5 million from the amount
    outstanding at the end of the third quarter.</LI></UL></UL><U>
<B>
<P>Full Year 2004</P>
<UL>
  <UL></B></U>
    <LI>Sales for the year totaled $712.3 million, up $14.4 million, or 2.1%,
    from 2003. A sales decline in CCG due to pricing pressures was more than
    offset by strong growth in IPFG's digital print finishing and commercial
    films businesses. Increased Europe Group sales were primarily due to changes
    in foreign exchange rates.
    <LI>The Company's gross profit margin decreased by 1.1 percentage points in
    2004 to 38.9%. This decrease reflects the impact of pricing pressures in the
    office products and commercial films markets, as well as increased raw
    material costs.
    <LI>Selling, service and administrative expenses were roughly flat in 2004
    at $225.6 million. Reduced Corporate expenses offset increases within each
    of the three business groups attributable to the adverse effect of foreign
    exchange rates on international expenses and higher sales.
    <LI>Equity in earnings from joint ventures was $1.3 million in 2004,
    principally due to strong results from the Company's joint venture in
    Australia.
    <LI>Total segment operating income was $53.0 million, down $1.7 million, or
    3.0% compared to last year. Increased income in IPFG and Europe, and reduced
    Corporate operating expenses were more than offset by reduced operating
    income at CCG.
    <LI>The results for the year included restructuring and other charges of
    $2.5 million, compared to $15.8 million in 2003.
    <LI>Interest expense for the year was $25.9 million, down $8.5 million from
    2003 due to lower interest rates on the Company's borrowings as a result of
    the June 2003 debt refinancings, as well as lower average borrowings during
    the year.
    <LI>Income tax expense was $9.1 million for the year, compared to $7.6
    million in 2003.
    <LI>Net income of $0.88 per share was reported in 2004, compared to a net
    loss of $(0.20) per share in 2003.
    <LI>Total net debt decreased by $9.8 million in 2004.</LI></UL></UL><U>
<B>
<P>Conference Call</P></B></U>
<P>On February 10, 2004, at 10:00 a.m. Central Time, GBC's management will host
a conference call to discuss the Company's fourth quarter and full year 2004
results. The live presentation and an archived replay will be available via an
internet webcast and can be accessed from the investor relations section of
GBC's website at http://www.gbc.com or from
www.streetevents.com.</P>
<P>GBC is a world leader in products that bind, laminate, and display
information enabling people to accomplish more at work, school and home. GBC's
products are marketed in over 100 countries under the GBC, Quartet, and Ibico
brands. These products are designed to help people enhance printed materials and
organize and communicate ideas.</P><FONT size=2>
<I>
<P>This press release includes forward-looking statements involving
uncertainties and risks, and there can be no assurance that actual results will
not differ from the Company's expectations. The words "should," "believes,"
"anticipates," "plans," "may," "expects" and other expressions that indicate
future events and trends identify forward-looking statements. Factors that could
cause materially-different results include, among other things, competition
within the office products and lamination film products markets, effects of
general economic conditions, the restructuring activities associated with the
integration and go-to-market strategies of the Company's business units, the
ability of the Company's distributors to successfully market the Company's
products and other risks described in the Company's filings with the S.E.C. The
Company assumes no obligation to update its forward-looking statements.</P></I>
</FONT>
<FONT size=2>
<p>Contact: Tony Giuliano, Treasurer and Director, Investor Relations <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(847) 291-5451 <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
inv-rel@gbc.com (E-mail) <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
www.gbc.com (GBC's website) </p>
<p></p>
<P>&nbsp;</P>
</FONT>
<div align="center">
  <center>
<div align="center">
  <center>
<TABLE borderColor=#000000 cellSpacing=0 cellPadding=0 width=660 border=0 height="806">
  <TR>
    <TD vAlign=top width="24" height=1>
      <P></P></TD>
    <TD vAlign=top width="18" height=1>
      <P></P></TD>
    <TD vAlign=top width="277" height=1>
      <P></P></TD>
    <TD vAlign=top width="80" height=1>
      <P></P></TD>
    <TD vAlign=top width="9" height=1>
      <P></P></TD>
    <TD vAlign=top width="78" height=1>
      <P></P></TD>
    <TD vAlign=top width="6" height=1>
      <P></P></TD>
  </center>
    <TD vAlign=top width="152" colSpan=3 height=1>
      <p align="right"><b>Exhibit A to</b></TD></TR>
  <center>
  <TR>
    <TD vAlign=top width="24" height=21>
      <P></P></TD>
    <TD vAlign=top width="18" height=21>
      <P></P></TD>
    <TD vAlign=top width="277" height=21>
      <P></P></TD>
    <TD vAlign=top width="80" height=21>
      <P></P></TD>
    <TD vAlign=top width="9" height=21>
      <P></P></TD>
    <TD vAlign=top width="240" colSpan=5 height=21><FONT face=Arial size=2>
      <B>
      <P align=right>2004 Q4 Earnings Release</B></FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="24" height=29>
      <P></P></TD>
    <TD vAlign=top width="18" height=29>
      <P></P></TD>
    <TD vAlign=top width="277" height=29>
      <P></P></TD>
    <TD vAlign=top width="80" height=29>
      <P></P></TD>
    <TD vAlign=top width="9" height=29>
      <P></P></TD>
    <TD vAlign=top width="78" height=29>
      <P></P></TD>
    <TD vAlign=top width="6" height=29>
      <P></P></TD>
    <TD vAlign=top width="73" height=29>
      <P></P></TD>
    <TD vAlign=top width="10" height=29>
      <P></P></TD>
    <TD vAlign=top width="65" height=29>
      <P></P></TD></TR>
  <TR>
    <TD vAlign=top colSpan=10 height=18 width="655"><FONT face=Arial size=2>
      <B>
      <P align=center>GENERAL BINDING CORPORATION</B></FONT></P></TD></TR>
  <TR>
    <TD vAlign=top colSpan=10 height=18 width="655"><B><FONT face=Arial size=2>
      <P align=center>THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2004</FONT></B></P></TD></TR>
  <TR>
    <TD vAlign=top colSpan=10 height=18 width="655"><FONT face=Arial size=2>
      <P align=center>(Amounts in Thousands except Per Share
    Amounts)</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="24" height=21>
      <P></P></TD>
    <TD vAlign=top width="18" height=21>
      <P></P></TD>
    <TD vAlign=top width="277" height=21>
      <P></P></TD>
    <TD vAlign=top width="80" height=21>
      <P></P></TD>
    <TD vAlign=top width="9" height=21>
      <P></P></TD>
    <TD vAlign=top width="78" height=21>
      <P></P></TD>
    <TD vAlign=top width="6" height=21>
      <P></P></TD>
    <TD vAlign=top width="73" height=21>
      <P></P></TD>
    <TD vAlign=top width="10" height=21>
      <P></P></TD>
    <TD vAlign=top width="65" height=21>
      <P></P></TD></TR>
  <TR>
    <TD vAlign=top width="24" height=21>
      <P></P></TD>
    <TD vAlign=top width="18" height=21>
      <P></P></TD>
    <TD vAlign=top width="277" height=21>
      <P></P></TD>
    <TD vAlign=top width="170" colSpan=3 height=21><FONT face=Arial size=2>
      <B>
      <P align=center>Three Months Ended</B></FONT></P></TD>
    <TD vAlign=top width="6" height=21>
      <P></P></TD>
    <TD vAlign=top width="152" colSpan=3 height=21><FONT face=Arial size=2>
      <B>
      <P align=center>Twelve Months Ended</B></FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="24" height=21>
      <P></P></TD>
    <TD vAlign=top width="18" height=21>
      <P></P></TD>
    <TD vAlign=top width="277" height=21>
      <P></P></TD>
    <TD vAlign=top width="170" colSpan=3 height=21>
      <p align="center"><u><b>December 31,</b></u></TD>
    <TD vAlign=top width="6" height=21>
      <P></P></TD>
    <TD vAlign=top width="152" colSpan=3 height=21>
    <p align="center"><u><b>December 31,</b></u></TD></TR>
  <TR>
    <TD vAlign=top width="323" colSpan=3 height=21><FONT face=Arial
      size=2>
      <U><B>
      <P>CONSOLIDATED SUMMARY OF INCOME</B></U></FONT></P></TD>
    <TD vAlign=top width="80" height=21><B><FONT face=Arial size=2>
      <P align=center><u>2004</u></FONT></B></P></TD>
    <TD vAlign=top width="9" height=21>
      <P></P></TD>
    <TD vAlign=top width="78" height=21><B><FONT face=Arial size=2>
      <P align=center><u>2003</u></FONT></B></P></TD>
    <TD vAlign=top width="6" height=21>
      <P></P></TD>
    <TD vAlign=top width="73" height=21><B><FONT face=Arial size=2>
      <P align=center><u>2004</u></FONT></B></P></TD>
    <TD vAlign=top width="10" height=21>
      <P></P></TD>
    <TD vAlign=top width="65" height=21><B><FONT face=Arial size=2>
      <P align=center><u>2003</u></FONT></B></P></TD></TR>
  <TR>
    <TD vAlign=top width="24" height=21>
      <P></P></TD>
    <TD vAlign=top width="18" height=21>
      <P></P></TD>
    <TD vAlign=top width="277" height=21>
      <P></P></TD>
    <TD vAlign=top width="80" height=21><FONT face=Arial size=2>
      <P align=center>(Unaudited)</FONT></P></TD>
    <TD vAlign=top width="9" height=21>
      <P></P></TD>
    <TD vAlign=top width="78" height=21><FONT face=Arial size=2>
      <P align=center>(Unaudited)</FONT></P></TD>
    <TD vAlign=top width="6" height=21>
      <P></P></TD>
    <TD vAlign=top width="73" height=21>
      <P><FONT face=Arial size=2>
      (Unaudited)</FONT></P></TD>
    <TD vAlign=top width="10" height=21>
      <P></P></TD>
    <TD vAlign=top width="65" height=21>
      <P><FONT face=Arial size=2>
      (Unaudited)</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="24" height=21>
      <P></P></TD>
    <TD vAlign=top width="18" height=21>
      <P></P></TD>
    <TD vAlign=top width="277" height=21>
      <P></P></TD>
    <TD vAlign=top width="80" height=21>
      <P></P></TD>
    <TD vAlign=top width="9" height=21>
      <P></P></TD>
    <TD vAlign=top width="78" height=21>
      <P></P></TD>
    <TD vAlign=top width="6" height=21>
      <P></P></TD>
    <TD vAlign=top width="73" height=21>
      <P></P></TD>
    <TD vAlign=top width="10" height=21>
      <P></P></TD>
    <TD vAlign=top width="65" height=21>
      <P></P></TD></TR>
  <TR>
    <TD vAlign=top width="323" colSpan=3 height=21><FONT face=Arial size=2>
      <P>Net sales</FONT></P></TD>
    <TD vAlign=top width="80" height=21><FONT face=Arial size=2>
      <P align=right>$ 191,164</FONT></P></TD>
    <TD vAlign=top width="9" height=21>
      <P></P></TD>
    <TD vAlign=top width="78" height=21>
    <p align="right"><font size="2" face="Arial">$&nbsp;182,231</font></TD>
    <TD vAlign=top width="6" height=21>
      <P></P></TD>
    <TD vAlign=top width="73" height=21><FONT face=Arial size=2>
      <P align=right>$ 712,318</FONT></P></TD>
    <TD vAlign=top width="10" height=21>
      <P></P></TD>
    <TD vAlign=top width="65" height=21><FONT face=Arial size=2>
      <P align=right>$697,908</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="323" colSpan=3 height=22><FONT face=Arial size=2>
      <P>Cost of sales:</FONT></P></TD>
    <TD vAlign=top width="80" height=22>
      <P></P></TD>
    <TD vAlign=top width="9" height=22>
      <P></P></TD>
    <TD vAlign=top width="78" height=22>
      <P></P></TD>
    <TD vAlign=top width="6" height=22>
      <P></P></TD>
    <TD vAlign=top width="73" height=22>
      <P></P></TD>
    <TD vAlign=top width="10" height=22>
      <P></P></TD>
    <TD vAlign=top width="65" height=22>
      <P></P></TD></TR>
  <TR>
    <TD vAlign=top width="24" height=21>
      <P></P></TD>
    <TD vAlign=top width="297" colSpan=2 height=21><FONT face=Arial size=2>
      <P>Product cost of sales, including development</FONT></P></TD>
    <TD vAlign=top width="80" height=21>
      <P></P></TD>
    <TD vAlign=top width="9" height=21>
      <P></P></TD>
    <TD vAlign=top width="78" height=21>
      <P></P></TD>
    <TD vAlign=top width="6" height=21>
      <P></P></TD>
    <TD vAlign=top width="73" height=21>
      <P></P></TD>
    <TD vAlign=top width="10" height=21>
      <P></P></TD>
    <TD vAlign=top width="65" height=21>
      <P></P></TD></TR>
  <TR>
    <TD vAlign=top width="24" height=21>
      <P></P></TD>
    <TD vAlign=top width="18" height=21>
      <P></P></TD>
    <TD vAlign=top width="277" height=21><FONT face=Arial size=2>
      <P>and engineering</FONT></P></TD>
    <TD vAlign=top width="80" height=21>
    <p align="right"><font face="Arial" size="2">116,621</font></TD>
    <TD vAlign=top width="9" height=21>
      <P></P></TD>
    <TD vAlign=top width="78" height=21>
    <p align="right"><font face="Arial" size="2">108,468</font></TD>
    <TD vAlign=top width="6" height=21>
      <P></P></TD>
    <TD vAlign=top width="73" height=21>
    <p align="right"><font face="Arial" size="2">434,908</font></TD>
    <TD vAlign=top width="10" height=21>
      <P></P></TD>
    <TD vAlign=top width="65" height=21>
    <p align="right"><font face="Arial" size="2">418,665</font></TD></TR>
  <TR>
    <TD vAlign=top width="323" colSpan=3 height=21><FONT face=Arial size=2>
      <P>Selling, service and administrative</FONT></P></TD>
    <TD vAlign=top width="80" height=21>
    <p align="right"><font face="Arial" size="2">56,188</font></TD>
    <TD vAlign=top width="9" height=21>
      <P></P></TD>
    <TD vAlign=top width="78" height=21>
    <p align="right"><font face="Arial" size="2">54,873</font></TD>
    <TD vAlign=top width="6" height=21>
      <P></P></TD>
    <TD vAlign=top width="73" height=21>
    <p align="right"><font face="Arial" size="2">225,631</font></TD>
    <TD vAlign=top width="10" height=21>
      <P></P></TD>
    <TD vAlign=top width="65" height=21>
    <p align="right"><font face="Arial" size="2">224,552</font></TD></TR>
  <TR>
    <TD vAlign=top width="323" colSpan=3 height=21><font face="Arial" size="2">
    Equity (earnings) losses from joint ventures</font></TD>
    <TD vAlign=top width="80" height=21>
      <p align="right"><font face="Arial" size="2">483</font></TD>
    <TD vAlign=top width="9" height=21>
      &nbsp;</TD>
    <TD vAlign=top width="78" height=21>
    <p align="right"><font face="Arial" size="2">593</font></TD>
    <TD vAlign=top width="6" height=21>
      <P></P></TD>
    <TD vAlign=top width="73" height=21>
      <p align="right"><font face="Arial" size="2">(1,267)</font></TD>
    <TD vAlign=top width="10" height=21>
      <P></P></TD>
    <TD vAlign=top width="65" height=21>
    <p align="right"><font face="Arial" size="2">(12)</font></TD></TR>
  <TR>
    <TD vAlign=top width="323" colSpan=3 height=21><FONT face=Arial size=2>
      <P>Restructuring&nbsp;and other:</FONT></P></TD>
    <TD vAlign=top width="80" height=21>
      <p align="right"><font face="Arial" size="2">&nbsp;</font></TD>
    <TD vAlign=top width="9" height=21>
      <P></P></TD>
    <TD vAlign=top width="78" height=21>
      <p align="right"><font face="Arial" size="2">&nbsp;</font></TD>
    <TD vAlign=top width="6" height=21>
      <P></P></TD>
    <TD vAlign=top width="73" height=21>
      <p align="right"><font face="Arial" size="2">&nbsp;</font></TD>
    <TD vAlign=top width="10" height=21>
      <P></P></TD>
    <TD vAlign=top width="65" height=21>
      <p align="right"><font face="Arial" size="2">&nbsp;</font></TD></TR>
  <TR>
    <TD vAlign=top width="323" colSpan=3 height=21><font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    Restructuring</font></TD>
    <TD vAlign=top width="80" height=21>
      <p align="right"><font face="Arial" size="2">-</font></TD>
    <TD vAlign=top width="9" height=21>
      <P></P></TD>
    <TD vAlign=top width="78" height=21>
    <p align="right"><font face="Arial" size="2">1,313</font></TD>
    <TD vAlign=top width="6" height=21>
      <P></P></TD>
    <TD vAlign=top width="73" height=21>
      <p align="right"><font face="Arial" size="2">851</font></TD>
    <TD vAlign=top width="10" height=21>
      <P></P></TD>
    <TD vAlign=top width="65" height=21>
    <p align="right"><font face="Arial" size="2">11,102</font></TD></TR>
  <TR>
    <TD vAlign=top width="323" colSpan=3 height=21>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other</TD>
    <TD vAlign=top width="80" height=21>
      <p align="right"><font face="Arial" size="2">850</font></TD>
    <TD vAlign=top width="9" height=21>
      <P></P></TD>
    <TD vAlign=top width="78" height=21>
    <p align="right"><font face="Arial" size="2">4,679</font></TD>
    <TD vAlign=top width="6" height=21>
      <P></P></TD>
    <TD vAlign=top width="73" height=21>
      <p align="right"><font face="Arial" size="2">1,690</font></TD>
    <TD vAlign=top width="10" height=21>
      <P></P></TD>
    <TD vAlign=top width="65" height=21>
    <p align="right"><font face="Arial" size="2">4,697</font></TD></TR>
  <TR>
    <TD vAlign=top width="323" colSpan=3 height=21><FONT face=Arial size=2>
      <P>Interest expense</FONT></P></TD>
    <TD vAlign=top width="80" height=21>
    <p align="right"><font face="Arial" size="2">5,848</font></TD>
    <TD vAlign=top width="9" height=21>
      <P></P></TD>
    <TD vAlign=top width="78" height=21>
    <p align="right"><font face="Arial" size="2">7,317</font></TD>
    <TD vAlign=top width="6" height=21>
      <P></P></TD>
    <TD vAlign=top width="73" height=21>
    <p align="right"><font face="Arial" size="2">25,923</font></TD>
    <TD vAlign=top width="10" height=21>
      <P></P></TD>
    <TD vAlign=top width="65" height=21>
    <p align="right"><font face="Arial" size="2">34,408</font></TD></TR>
  <TR>
    <TD vAlign=top width="323" colSpan=3 height=21><FONT face=Arial size=2>
      <P>Other  expense, net</FONT></P></TD>
    <TD vAlign=top width="80" height=21>
    <p align="right"><u><font face="Arial" size="2">834</font></u></TD>
    <TD vAlign=top width="9" height=21>
      <P></P></TD>
    <TD vAlign=top width="78" height=21>
    <p align="right"><u><font face="Arial" size="2">275</font></u></TD>
    <TD vAlign=top width="6" height=21>
      <P></P></TD>
    <TD vAlign=top width="73" height=21>
    <p align="right"><u><font face="Arial" size="2">706</font></u></TD>
    <TD vAlign=top width="10" height=21>
      <P></P></TD>
    <TD vAlign=top width="65" height=21>
    <p align="right"><u><font face="Arial" size="2">156</font></u></TD></TR>
  <TR>
    <TD vAlign=top width="24" height=21>
      <P></P></TD>
    <TD vAlign=top width="18" height=21>
      <P></P></TD>
    <TD vAlign=top width="277" height=21><FONT face=Arial size=2>
      <P>Income before taxes</FONT></P></TD>
    <TD vAlign=top width="80" height=21>
    <p align="right"><font face="Arial" size="2">10,340</font></TD>
    <TD vAlign=top width="9" height=21>
      <P></P></TD>
    <TD vAlign=top width="78" height=21>
    <p align="right"><font face="Arial" size="2">4,713</font></TD>
    <TD vAlign=top width="6" height=21>
      <P></P></TD>
    <TD vAlign=top width="73" height=21>
    <p align="right"><font face="Arial" size="2">23,876</font></TD>
    <TD vAlign=top width="10" height=21>
      <P></P></TD>
    <TD vAlign=top width="65" height=21>
      <p align="right"><font face="Arial" size="2">4,368</font></TD></TR>
  <TR>
    <TD vAlign=top width="323" colSpan=3 height=21><FONT face=Arial size=2>
      <P>Income tax expense</FONT></P></TD>
    <TD vAlign=top width="80" height=21>
    <p align="right"><u><font face="Arial" size="2">3,788</font></u></TD>
    <TD vAlign=top width="9" height=21>
      <P></P></TD>
    <TD vAlign=top width="78" height=21>
    <p align="right"><u><font face="Arial" size="2">7,820</font></u></TD>
    <TD vAlign=top width="6" height=21>
      <P></P></TD>
    <TD vAlign=top width="73" height=21>
    <p align="right"><u><font face="Arial" size="2">9,114</font></u></TD>
    <TD vAlign=top width="10" height=21>
      <P></P></TD>
    <TD vAlign=top width="65" height=21>
      <P align=right><u><font face="Arial" size="2">7,630</font></u></P></TD></TR>
  <TR>
    <TD vAlign=top width="24" height=34>
      <P></P></TD>
    <TD vAlign=top width="18" height=34>
      <P></P></TD>
    <TD vAlign=top width="277" height=34><FONT face=Arial size=2>
      <P>Net  income (loss) </FONT></P></TD>
    <TD vAlign=top width="80" height=34><FONT face=Arial size=2>
      <P align=right>$ 6,552<br>
      ======</FONT></P></TD>
    <TD vAlign=top width="9" height=34>
      <P></P></TD>
    <TD vAlign=top width="78" height=34><FONT face=Arial size=2>
      <P align=right>$ (3,107)<br>
      ===== </FONT></P></TD>
    <TD vAlign=top width="6" height=34>
      <P></P></TD>
    <TD vAlign=top width="73" height=34><FONT face=Arial size=2>
      <P align=right>$&nbsp; 14,762<br>
      ======</FONT></P></TD>
    <TD vAlign=top width="10" height=34>
      <P></P></TD>
    <TD vAlign=top width="65" height=34><FONT face=Arial size=2>
      <P align=right>$&nbsp; (3,262)<br>
      =======</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="323" colSpan=3 height=21><FONT face=Arial size=2>
      <P>Earnings (loss) per share:</FONT></P></TD>
    <TD vAlign=top width="80" height=21>
      <P></P></TD>
    <TD vAlign=top width="9" height=21>
      <P></P></TD>
    <TD vAlign=top width="78" height=21>
      <P></P></TD>
    <TD vAlign=top width="6" height=21>
      <P></P></TD>
    <TD vAlign=top width="73" height=21>
      <P></P></TD>
    <TD vAlign=top width="10" height=21>
      <P></P></TD>
    <TD vAlign=top width="65" height=21>
      <P></P></TD></TR>
  <TR>
    <TD vAlign=top width="24" height=34>
    </TD>
    <TD vAlign=top width="297" colSpan=2 height=34>Basic</TD>
    <TD vAlign=top width="80" height=34><FONT face=Arial size=2>
      <P align=right>$&nbsp;&nbsp; 0.40<br>
      =====</FONT></P></TD>
    <TD vAlign=top width="9" height=34>
      <P></P></TD>
    <TD vAlign=top width="78" height=34><FONT face=Arial size=2>
      <P align=right>$&nbsp;( 0.19)<br>
      ====</FONT></P></TD>
    <TD vAlign=top width="6" height=34>
      <P></P></TD>
    <TD vAlign=top width="73" height=34><FONT face=Arial size=2>
      <P align=right>$&nbsp; 0.91<br>
      =====</FONT></P></TD>
    <TD vAlign=top width="10" height=34>
      <P></P></TD>
    <TD vAlign=top width="65" height=34><FONT face=Arial size=2>
      <P align=right>$ (0.20)<br>
      =====</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="24" height=25>
      <P></P></TD>
    <TD vAlign=top width="297" colSpan=2 height=25><font face="Arial" size="2">Diluted</font></TD>
    <TD vAlign=top width="80" height=25><FONT face=Arial size=2>
      <P align=right>$&nbsp;&nbsp; 0.39<br>
      =====</FONT></P></TD>
    <TD vAlign=top width="9" height=25>
      <P></P></TD>
    <TD vAlign=top width="78" height=25><FONT face=Arial size=2>
      <P align=right>$&nbsp; (0.19)<br>
      ====</FONT></P></TD>
    <TD vAlign=top width="6" height=25>
      <P></P></TD>
    <TD vAlign=top width="73" height=25><FONT face=Arial size=2>
      <P align=right>$&nbsp; 0.88<br>
      =====</FONT></P></TD>
    <TD vAlign=top width="10" height=25>
      <P></P></TD>
    <TD vAlign=top width="65" height=25><FONT face=Arial size=2>
      <P align=right>$ (0.20)<br>
      =====</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="24" height=12>
    </TD>
    <TD vAlign=top width="18" height=12>
    </TD>
    <TD vAlign=top width="277" height=12></TD>
    <TD vAlign=top width="80" height=12></TD>
    <TD vAlign=top width="9" height=12>
    </TD>
    <TD vAlign=top width="78" height=12></TD>
    <TD vAlign=top width="6" height=12>
    </TD>
    <TD vAlign=top width="73" height=12></TD>
    <TD vAlign=top width="10" height=12>
    </TD>
    <TD vAlign=top width="65" height=12></TD></TR>
  <TR>
    <TD vAlign=top width="323" colSpan=3 height=21><FONT face=Arial size=2>
      <P>Avg. common shares outstanding (basic)</FONT></P></TD>
    <TD vAlign=top width="80" height=21><FONT face=Arial size=2>
      <P align=right>16,210</FONT></P></TD>
    <TD vAlign=top width="9" height=21>
      <P></P></TD>
    <TD vAlign=top width="78" height=21><FONT face=Arial size=2>
      <P align=right>16,013</FONT></P></TD>
    <TD vAlign=top width="6" height=21>
      <P></P></TD>
    <TD vAlign=top width="73" height=21><FONT face=Arial size=2>
      <P align=right>16,171</FONT></P></TD>
    <TD vAlign=top width="10" height=21>
      <P></P></TD>
    <TD vAlign=top width="65" height=21><FONT face=Arial size=2>
      <P align=right>15,978</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="323" colSpan=3 height=21><FONT face=Arial size=2>
      <P>Avg. common shares outstanding (diluted)</FONT></P></TD>
    <TD vAlign=top width="80" height=21><FONT face=Arial size=2>
      <P align=right>16,804</FONT></P></TD>
    <TD vAlign=top width="9" height=21>
      <P></P></TD>
    <TD vAlign=top width="78" height=21><FONT face=Arial size=2>
      <P align=right>16,013</FONT></P></TD>
    <TD vAlign=top width="6" height=21>
      <P></P></TD>
    <TD vAlign=top width="73" height=21><FONT face=Arial size=2>
      <P align=right>16,839</FONT></P></TD>
    <TD vAlign=top width="10" height=21>
      <P></P></TD>
    <TD vAlign=top width="65" height=21><FONT face=Arial size=2>
      <P align=right>15,978</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="24" height=21></TD>
    <TD vAlign=top width="629" colSpan=9 height=21></TD></TR>
  <TR>
    <TD vAlign=top width="24" height=21>&nbsp;</TD>
    <TD vAlign=top width="629" colSpan=9 height=21>&nbsp;</TD></TR>
 </TABLE></center>
</div>
<P align="center">&nbsp;</P>
  </center>
</div>
<div align="center">
  <center>
<TABLE cellSpacing=0 cellPadding=0 width=634 border=0 height="943">
  <TR>
    <TD vAlign=top width="20" height=1>
      <P></P></TD>
    <TD vAlign=top width="197" height=1>
      <P></P></TD>
    <TD vAlign=top width="1" height=1>
      <P></P></TD>
    <TD vAlign=top width="15" height=1>
      <P></P></TD>
    <TD vAlign=top width="97" height=1>
      <P></P></TD>
    <TD vAlign=top width="15" height=1>
      <P></P></TD>
    <TD vAlign=top width="81" height=1>
      <P></P></TD>
    <TD vAlign=top width="4" height=1>
      <P></P></TD>
    <TD vAlign=top width="186" height=1 colspan="3">
      <FONT face=Arial>
      <P align=right><b><font size="2">Exhibit B to</font></b></FONT></P></TD>
  </TR>
  <TR>
    <TD vAlign=top width="20" height=16>
      <P></P></TD>
    <TD vAlign=top width="197" height=16>
      <P></P></TD>
    <TD vAlign=top width="1" height=16>
      <P></P></TD>
    <TD vAlign=top width="15" height=16>
      <P></P></TD>
    <TD vAlign=top width="97" height=16>
      <P></P></TD>
    <TD vAlign=top width="15" height=16>
      <P></P></TD>
    <TD vAlign=top width="275" height=16 colspan="5">
      <FONT face=Arial>
      <P align=right><b><font size="2">2004 Q4 Earnings Release</font></b></FONT></P></TD>
  </TR>
  <TR>
    <TD vAlign=top width="20" height=21>
      <P></P></TD>
    <TD vAlign=top width="197" height=21>
      <P></P></TD>
    <TD vAlign=top width="1" height=21>
      <P></P></TD>
    <TD vAlign=top width="15" height=21>
      <P></P></TD>
    <TD vAlign=top width="97" height=21>
      <P></P></TD>
    <TD vAlign=top width="15" height=21>
      <P></P></TD>
    <TD vAlign=top width="81" height=21>
      <P></P></TD>
    <TD vAlign=top width="4" height=21>
      <P></P></TD>
    <TD vAlign=top width="93" height=21>
      <P></P></TD>
    <TD vAlign=top width="16" height=21>
      <P></P></TD>
    <TD vAlign=top width="73" height=21>
      <P></P></TD></TR>
  <TR>
    <TD vAlign=top colSpan=11 height=19 width="632"><B><FONT face=Arial>
      <P align=center><font size="2">GENERAL BINDING CORPORATION</font></FONT></B></P></TD></TR>
  <TR>
    <TD vAlign=top colSpan=11 height=19 width="632"><B><FONT face=Arial>
      <P align=center><font size="2">SEGMENT INFORMATION</font></FONT></B></P></TD></TR>
  <TR>
    <TD vAlign=top colSpan=11 height=18 width="632"><FONT face=Arial>
      <P align=center><font size="2">(Amounts in Thousands)</font></FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=21>
      <P></P></TD>
    <TD vAlign=top width="197" height=21>
      <P></P></TD>
    <TD vAlign=top width="1" height=21>
      <P></P></TD>
    <TD vAlign=top width="15" height=21>
      <P></P></TD>
    <TD vAlign=top width="197" height=21 align="center" colspan="3"><B><FONT face=Arial>
      <P align=center><font size="2">Net Sales</font></P></FONT></B></TD>
    <TD vAlign=top width="4" height=21>
      <P></P></TD>
    <TD vAlign=top width="186" height=21 colspan="3"><B><FONT face=Arial>
      <P align=center><font size="2">Net Sales</font></P></FONT></B></TD>
  </TR>
  <TR>
    <TD vAlign=top width="20" height=21>
      <P></P></TD>
    <TD vAlign=top width="197" height=21>
      <P></P></TD>
    <TD vAlign=top width="1" height=21>
      <P></P></TD>
    <TD vAlign=top width="15" height=21>
      <P></P></TD>
    <TD vAlign=top width="197" colSpan=3 height=21><B><FONT face=Arial>
      <P align=center><font size="2">Three Months Ended</font></FONT></B></P></TD>
    <TD vAlign=top width="4" height=21>
      <P></P></TD>
    <TD vAlign=top width="186" colSpan=3 height=21><B><FONT face=Arial>
      <P align=center><font size="2">Twelve Months Ended</font></FONT></B></P></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=21>
      <P></P></TD>
    <TD vAlign=top width="197" height=21>
      <P></P></TD>
    <TD vAlign=top width="1" height=21>
      <P></P></TD>
    <TD vAlign=top width="15" height=21>
      <P></P></TD>
    <TD vAlign=top width="197" colSpan=3 height=21><B><FONT face=Arial>
      <P align=center><font size="2"><u>December 31,</u></font></FONT></B></P></TD>
    <TD vAlign=top width="4" height=21>
      <P></P></TD>
    <TD vAlign=top width="186" colSpan=3 height=21><B><FONT face=Arial>
      <P align=center><font size="2"><u>December 31,</u></font></FONT></B></P></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=21>
      <P></P></TD>
    <TD vAlign=top width="197" height=21>
      <P></P></TD>
    <TD vAlign=top width="1" height=21>
      <P></P></TD>
    <TD vAlign=top width="15" height=21>
      <P></P></TD>
    <TD vAlign=top width="97" height=21><B><FONT face=Arial>
      <P align=center><font size="2"><u>2004</u></font></FONT></B></P></TD>
    <TD vAlign=top width="15" height=21>
      <P></P></TD>
    <TD vAlign=top width="81" height=21><B><FONT face=Arial>
      <P align=center><font size="2"><u>2003</u></font></FONT></B></P></TD>
    <TD vAlign=top width="4" height=21>
      <P></P></TD>
    <TD vAlign=top width="93" height=21><B><FONT face=Arial>
      <P align=center><font size="2"><u>2004</u></font></FONT></B></P></TD>
    <TD vAlign=top width="16" height=21>
      <P></P></TD>
    <TD vAlign=top width="73" height=21><B><FONT face=Arial>
      <P align=center><font size="2"><u>2003</u></font></FONT></B></P></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=21>
      <P></P></TD>
    <TD vAlign=top width="197" height=21>
      <P></P></TD>
    <TD vAlign=top width="1" height=21>
      <P></P></TD>
    <TD vAlign=top width="15" height=21>
      <P></P></TD>
    <TD vAlign=top width="97" height=21>
      <P align=center><FONT face=Arial size=2>
      (Unaudited) </FONT></P></TD>
    <TD vAlign=top width="15" height=21>
      <P></P></TD>
    <TD vAlign=top width="81" height=21>
      <P align=center><FONT face=Arial size=2>
      (Unaudited) </FONT></P></TD>
    <TD vAlign=top width="4" height=21>
      <P></P></TD>
    <TD vAlign=top width="93" height=21>
      <P align=center><FONT face=Arial size=2>
      (Unaudited) </FONT></P></TD>
    <TD vAlign=top width="16" height=21>
      <P></P></TD>
    <TD vAlign=top width="73" height=21>
      <P align=center><FONT face=Arial size=2>
      (Unaudited) </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=21>
      <P></P></TD>
    <TD vAlign=top width="197" height=21>
      <P></P></TD>
    <TD vAlign=top width="1" height=21>
      <P></P></TD>
    <TD vAlign=top width="15" height=21>
      <P></P></TD>
    <TD vAlign=top width="97" height=21>
      <P></P></TD>
    <TD vAlign=top width="15" height=21>
      <P></P></TD>
    <TD vAlign=top width="81" height=21>
      <P></P></TD>
    <TD vAlign=top width="4" height=21>
      <P></P></TD>
    <TD vAlign=top width="93" height=21>
      <P></P></TD>
    <TD vAlign=top width="16" height=21>
      <P></P></TD>
    <TD vAlign=top width="73" height=21>
      <P></P></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=21>
      <P></P></TD>
    <TD vAlign=top width="213" height=21 colspan="3"><FONT face=Arial>
      <P><font size="2">Commercial and Consumer Group</font></P></FONT></TD>
    <TD vAlign=top width="97" height=21><FONT face=Arial>
      <P align=right><font size="2">$ 118,675</font></FONT></P></TD>
    <TD vAlign=top width="15" height=21>
      <P></P></TD>
    <TD vAlign=top width="81" height=21><FONT face=Arial>
      <P align=right><font size="2">$ 120,388</font></FONT></P></TD>
    <TD vAlign=top width="4" height=21>
      <P></P></TD>
    <TD vAlign=top width="93" height=21><FONT face=Arial>
      <P align=right><font size="2">$ 447,011</font></FONT></P></TD>
    <TD vAlign=top width="16" height=21>
      <P></P></TD>
    <TD vAlign=top width="73" height=21><FONT face=Arial>
      <P align=right><font size="2">$ 460,243</font></FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=21>
      <P></P></TD>
    <TD vAlign=top width="213" height=21 colspan="3"><FONT face=Arial>
      <P><font size="2">Industrial and Print Finishing Group</font></P></FONT></TD>
    <TD vAlign=top width="97" height=21>
    <p align="right"><font face="Arial" size="2">42,471</font></TD>
    <TD vAlign=top width="15" height=21>
      <P></P></TD>
    <TD vAlign=top width="81" height=21>
    <p align="right"><font face="Arial" size="2">34,973</font></TD>
    <TD vAlign=top width="4" height=21>
      <P></P></TD>
    <TD vAlign=top width="93" height=21>
    <p align="right"><font face="Arial" size="2">157,447</font></TD>
    <TD vAlign=top width="16" height=21>
      <P></P></TD>
    <TD vAlign=top width="73" height=21>
    <p align="right"><font face="Arial" size="2">137,064</font></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=21>
      <P></P></TD>
    <TD vAlign=top width="213" height=21 colspan="3"><FONT face=Arial>
      <P><font size="2">Europe</font></P></FONT></TD>
    <TD vAlign=top width="97" height=21>
    <p align="right"><u><font face="Arial" size="2">30,018</font></u></TD>
    <TD vAlign=top width="15" height=21>
      <P></P></TD>
    <TD vAlign=top width="81" height=21>
    <p align="right"><u><font face="Arial" size="2">26,870</font></u></TD>
    <TD vAlign=top width="4" height=21>
      <P></P></TD>
    <TD vAlign=top width="93" height=21>
    <p align="right"><u><font face="Arial" size="2">107,860</font></u></TD>
    <TD vAlign=top width="16" height=21>
      <P></P></TD>
    <TD vAlign=top width="73" height=21>
    <p align="right"><u><font face="Arial" size="2">100,601</font></u></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=34>
      <P></P></TD>
    <TD vAlign=top width="197" height=34><FONT face=Arial>
      <P><font size="2">Total</font></FONT></P></TD>
    <TD vAlign=top width="1" height=34>
      <P></P></TD>
    <TD vAlign=top width="15" height=34>
      <P></P></TD>
    <TD vAlign=top width="97" height=34><FONT face=Arial>
      <P align=right><font size="2">$ 191,164<br>
      =======</font> </FONT></P></TD>
    <TD vAlign=top width="15" height=34>
      <P></P></TD>
    <TD vAlign=top width="81" height=34><FONT face=Arial>
      <P align=right><font size="2">$ 182,231<br>
      =======</font> </FONT></P></TD>
    <TD vAlign=top width="4" height=34>
      <P></P></TD>
    <TD vAlign=top width="93" height=34><FONT face=Arial>
      <P align=right><font size="2">$ 712,318<br>
      =======</font> </FONT></P></TD>
    <TD vAlign=top width="16" height=34>
      <P></P></TD>
    <TD vAlign=top width="73" height=34><FONT face=Arial>
      <P align=right><font size="2">$ 697,908<br>
      =======</font> </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=21>
      <P></P></TD>
    <TD vAlign=top width="197" height=21>
      <P></P></TD>
    <TD vAlign=top width="1" height=21>
      <P></P></TD>
    <TD vAlign=top width="15" height=21>
      <P></P></TD>
    <TD vAlign=top width="97" height=21>
      <P></P></TD>
    <TD vAlign=top width="15" height=21>
      <P></P></TD>
    <TD vAlign=top width="81" height=21>
      <P></P></TD>
    <TD vAlign=top width="4" height=21>
      <P></P></TD>
    <TD vAlign=top width="93" height=21>
      <P></P></TD>
    <TD vAlign=top width="16" height=21>
      <P></P></TD>
    <TD vAlign=top width="73" height=21>
      <P></P></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=21>
      <P></P></TD>
    <TD vAlign=top width="197" height=21>
      <P></P></TD>
    <TD vAlign=top width="1" height=21>
      <P></P></TD>
    <TD vAlign=top width="15" height=21>
      <P></P></TD>
    <TD vAlign=top width="197" colSpan=3 height=21><B><FONT face=Arial>
      <P align=center><font size="2">Segment</font></FONT> </B></P></TD>
    <TD vAlign=top width="4" height=21>
      <P></P></TD>
    <TD vAlign=top width="186" colSpan=3 height=21><B><FONT face=Arial>
      <P align=center><font size="2">Segment</font></FONT> </B></P></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=21>
      <P></P></TD>
    <TD vAlign=top width="197" height=21>
      <P></P></TD>
    <TD vAlign=top width="1" height=21>
      <P></P></TD>
    <TD vAlign=top width="15" height=21>
      <P></P></TD>
    <TD vAlign=top width="197" colSpan=3 height=21><B><FONT face=Arial>
      <P align=center><font size="2">Operating Income (1)</font></FONT></B></P></TD>
    <TD vAlign=top width="4" height=21>
      <P></P></TD>
    <TD vAlign=top width="184" colSpan=3 height=21><B><FONT face=Arial>
      <P align=center><font size="2">Operating Income (1)</font></P></FONT></B></TD>
  </TR>
  <TR>
    <TD vAlign=top width="20" height=21>
      <P></P></TD>
    <TD vAlign=top width="197" height=21>
      <P></P></TD>
    <TD vAlign=top width="1" height=21>
      <P></P></TD>
    <TD vAlign=top width="15" height=21>
      <P></P></TD>
    <TD vAlign=top width="197" colSpan=3 height=21><B><FONT face=Arial>
      <P align=center><font size="2">Three Months Ended</font></FONT></B></P></TD>
    <TD vAlign=top width="4" height=21>
      <P></P></TD>
    <TD vAlign=top width="186" colSpan=3 height=21><B><FONT face=Arial>
      <P align=center><font size="2">Twelve Months Ended</font></FONT></B></P></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=21>
      <P></P></TD>
    <TD vAlign=top width="197" height=21>
      <P></P></TD>
    <TD vAlign=top width="1" height=21>
      <P></P></TD>
    <TD vAlign=top width="15" height=21>
      <P></P></TD>
    <TD vAlign=top width="197" colSpan=3 height=21>
    <p align="center"><u><b><font face="Arial" size="2">December 31,</font></b></u></TD>
    <TD vAlign=top width="4" height=21>
      <P></P></TD>
    <TD vAlign=top width="186" colSpan=3 height=21>
    <p align="center"><u><b><font face="Arial" size="2">December 31,</font></b></u></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=21>
      <P></P></TD>
    <TD vAlign=top width="197" height=21>
      <P></P></TD>
    <TD vAlign=top width="1" height=21>
      <P></P></TD>
    <TD vAlign=top width="15" height=21>
      <P></P></TD>
    <TD vAlign=top width="97" height=21><B><FONT face=Arial>
      <P align=center><font size="2"><u>2004</u></font></FONT></B></P></TD>
    <TD vAlign=top width="15" height=21>
      <P></P></TD>
    <TD vAlign=top width="81" height=21><B><FONT face=Arial>
      <P align=center><font size="2"><u>2003</u></font></FONT></B></P></TD>
    <TD vAlign=top width="4" height=21>
      <P></P></TD>
    <TD vAlign=top width="93" height=21><B><FONT face=Arial>
      <P align=center><font size="2"><u>2004</u></font></FONT></B></P></TD>
    <TD vAlign=top width="16" height=21>
      <P></P></TD>
    <TD vAlign=top width="73" height=21><B><FONT face=Arial>
      <P align=center><font size="2"><u>2003</u></font></FONT></B></P></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=21>
      <P></P></TD>
    <TD vAlign=top width="197" height=21>
      <P></P></TD>
    <TD vAlign=top width="1" height=21>
      <P></P></TD>
    <TD vAlign=top width="15" height=21>
      <P></P></TD>
    <TD vAlign=top width="97" height=21>
      <P align=center><FONT face=Arial size=2>
      (Unaudited) </FONT></P></TD>
    <TD vAlign=top width="15" height=21>
      <P></P></TD>
    <TD vAlign=top width="81" height=21>
      <P align=center><FONT face=Arial size=2>
      (Unaudited) </FONT></P></TD>
    <TD vAlign=top width="4" height=21>
      <P></P></TD>
    <TD vAlign=top width="93" height=21>
      <P align=center><FONT face=Arial size=2>
      (Unaudited) </FONT></P></TD>
    <TD vAlign=top width="16" height=21>
      <P></P></TD>
    <TD vAlign=top width="73" height=21>
      <P align=center><FONT face=Arial size=2>
      (Unaudited) </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=21>
      <P></P></TD>
    <TD vAlign=top width="197" height=21>
      <P></P></TD>
    <TD vAlign=top width="1" height=21>
      <P></P></TD>
    <TD vAlign=top width="15" height=21>
      <P></P></TD>
    <TD vAlign=top width="97" height=21>
      <P></P></TD>
    <TD vAlign=top width="15" height=21>
      <P></P></TD>
    <TD vAlign=top width="81" height=21>
      <P></P></TD>
    <TD vAlign=top width="4" height=21>
      <P></P></TD>
    <TD vAlign=top width="93" height=21>
      <P></P></TD>
    <TD vAlign=top width="16" height=21>
      <P></P></TD>
    <TD vAlign=top width="73" height=21>
      <P></P></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=21>
      <P></P></TD>
    <TD vAlign=top width="213" height=21 colspan="3"><FONT face=Arial>
      <P><font size="2">Commercial and Consumer Group</font></P></FONT></TD>
    <TD vAlign=top width="97" height=21><FONT face=Arial>
      <P align=right><font size="2">$ 13,822</font></FONT></P></TD>
    <TD vAlign=top width="15" height=21>
      <P></P></TD>
    <TD vAlign=top width="81" height=21><FONT face=Arial>
      <P align=right><font size="2">$ 17,778</font></FONT></P></TD>
    <TD vAlign=top width="4" height=21>
      <P></P></TD>
    <TD vAlign=top width="93" height=21><FONT face=Arial>
      <P align=right><font size="2">$ 48,142</font></FONT></P></TD>
    <TD vAlign=top width="16" height=21>
      <P></P></TD>
    <TD vAlign=top width="73" height=21><FONT face=Arial>
      <P align=right><font size="2">$ 59,211</font></FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=21>
      <P></P></TD>
    <TD vAlign=top width="213" height=21 colspan="3"><FONT face=Arial>
      <P><font size="2">Industrial and Print Finishing Group</font></P></FONT></TD>
    <TD vAlign=top width="97" height=21>
    <p align="right"><font face="Arial" size="2">5,815</font></TD>
    <TD vAlign=top width="15" height=21>
      <P></P></TD>
    <TD vAlign=top width="81" height=21>
    <p align="right"><font face="Arial" size="2">3,968</font></TD>
    <TD vAlign=top width="4" height=21>
      <P></P></TD>
    <TD vAlign=top width="93" height=21>
    <p align="right"><font face="Arial" size="2">21,563</font></TD>
    <TD vAlign=top width="16" height=21>
      <P></P></TD>
    <TD vAlign=top width="73" height=21>
    <p align="right"><font face="Arial" size="2">17,965</font></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=21>
      <P></P></TD>
    <TD vAlign=top width="197" height=21><FONT face=Arial>
      <P><font size="2">Europe</font></FONT></P></TD>
    <TD vAlign=top width="1" height=21>
      <P></P></TD>
    <TD vAlign=top width="15" height=21>
      <P></P></TD>
    <TD vAlign=top width="97" height=21>
    <p align="right"><font face="Arial" size="2">3,638</font></TD>
    <TD vAlign=top width="15" height=21>
      <P></P></TD>
    <TD vAlign=top width="81" height=21>
    <p align="right"><font face="Arial" size="2">3,406</font></TD>
    <TD vAlign=top width="4" height=21>
      <P></P></TD>
    <TD vAlign=top width="93" height=21>
    <p align="right"><font face="Arial" size="2">6,880</font></TD>
    <TD vAlign=top width="16" height=21>
      <P></P></TD>
    <TD vAlign=top width="73" height=21>
    <p align="right"><font face="Arial" size="2">6,085</font></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=21>
      <P></P></TD>
    <TD vAlign=top width="197" height=21><FONT face=Arial>
      <P><font size="2">Unallocated corporate items</font></FONT></P></TD>
    <TD vAlign=top width="1" height=21>
      <P></P></TD>
    <TD vAlign=top width="15" height=21>
      <P></P></TD>
    <TD vAlign=top width="97" height=21><FONT face=Arial>
      <P align=right><font size="2"><u>&nbsp; (5,403)</u></font></FONT></P></TD>
    <TD vAlign=top width="15" height=21>
      <P></P></TD>
    <TD vAlign=top width="81" height=21><FONT face=Arial>
      <P align=right><font size="2"><u>&nbsp; (6,855</u></font></FONT></P></TD>
    <TD vAlign=top width="4" height=21>
      <P></P></TD>
    <TD vAlign=top width="93" height=21><FONT face=Arial>
      <P align=right><font size="2"><u>&nbsp;(23,539</u></font></FONT></P></TD>
    <TD vAlign=top width="16" height=21>
      <P></P></TD>
    <TD vAlign=top width="73" height=21><FONT face=Arial>
      <P align=right><font size="2"><u>&nbsp;(28,548)</u></font></FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=34>
      <P></P></TD>
    <TD vAlign=top width="197" height=34><FONT face=Arial>
      <P><font size="2">Total</font></FONT></P></TD>
    <TD vAlign=top width="1" height=34>
      <P></P></TD>
    <TD vAlign=top width="15" height=34>
      <P></P></TD>
    <TD vAlign=top width="97" height=34><FONT face=Arial>
      <P align=right><font size="2">$ 17,872<br>
      ======</font> </FONT></P></TD>
    <TD vAlign=top width="15" height=34>
      <P></P></TD>
    <TD vAlign=top width="81" height=34><FONT face=Arial>
      <P align=right><font size="2">$ 18,297<br>
      ======</font> </FONT></P></TD>
    <TD vAlign=top width="4" height=34>
      <P></P></TD>
    <TD vAlign=top width="93" height=34><FONT face=Arial>
      <P align=right><font size="2">$ 53,046<br>
      ======</font> </FONT></P></TD>
    <TD vAlign=top width="16" height=34>
      <P></P></TD>
    <TD vAlign=top width="73" height=34><FONT face=Arial>
      <P align=right><font size="2">$ 54,713<br>
      ======</font> </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=21>
      <P></P></TD>
    <TD vAlign=top width="197" height=21>
      <P></P></TD>
    <TD vAlign=top width="1" height=21>
      <P></P></TD>
    <TD vAlign=top width="15" height=21>
      <P></P></TD>
    <TD vAlign=top width="97" height=21>
      <P></P></TD>
    <TD vAlign=top width="15" height=21>
      <P></P></TD>
    <TD vAlign=top width="81" height=21>
      <P></P></TD>
    <TD vAlign=top width="4" height=21>
      <P></P></TD>
    <TD vAlign=top width="93" height=21>
      <P></P></TD>
    <TD vAlign=top width="16" height=21>
      <P></P></TD>
    <TD vAlign=top width="73" height=21>
      <P></P></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=21>
      <P></P></TD>
    <TD vAlign=top width="197" height=21>
      <P></P></TD>
    <TD vAlign=top width="1" height=21>
      <P></P></TD>
    <TD vAlign=top width="15" height=21>
      <P></P></TD>
    <TD vAlign=top width="97" height=21>
      <P></P></TD>
    <TD vAlign=top width="15" height=21>
      <P></P></TD>
    <TD vAlign=top width="81" height=21>
      <P></P></TD>
    <TD vAlign=top width="4" height=21>
      <P></P></TD>
    <TD vAlign=top width="93" height=21>
      <P></P></TD>
    <TD vAlign=top width="16" height=21>
      <P></P></TD>
    <TD vAlign=top width="73" height=21>
      <P></P></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=21>
      <P></P></TD>
    <TD vAlign=top width="197" height=21>
      <P></P></TD>
    <TD vAlign=top width="1" height=21>
      <P></P></TD>
    <TD vAlign=top width="15" height=21>
      <P></P></TD>
    <TD vAlign=top width="391" colSpan=7 height=21><B><FONT face=Arial>
      <P align=center><font size="2"><u>Reconciliation of Segment Operating
    Income</u></font></FONT></B></P></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=21>
      <P></P></TD>
    <TD vAlign=top width="197" height=21>
      <P></P></TD>
    <TD vAlign=top width="1" height=21>
      <P></P></TD>
    <TD vAlign=top width="15" height=21>
      <P></P></TD>
    <TD vAlign=top width="197" colSpan=3 height=21><B><FONT face=Arial>
      <P align=center><font size="2">Three Months Ended</font></FONT></B></P></TD>
    <TD vAlign=top width="4" height=21>
      <P></P></TD>
    <TD vAlign=top width="186" colSpan=3 height=21><B><FONT face=Arial>
      <P align=center><font size="2">Twelve Months Ended</font></FONT></B></P></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=21>
      <P></P></TD>
    <TD vAlign=top width="197" height=21>
      <P></P></TD>
    <TD vAlign=top width="1" height=21>
      <P></P></TD>
    <TD vAlign=top width="15" height=21>
      <P></P></TD>
    <TD vAlign=top width="197" colSpan=3 height=21>
    <p align="center"><u><b><font face="Arial" size="2">December 31,</font></b></u></TD>
    <TD vAlign=top width="4" height=21>
      <P></P></TD>
    <TD vAlign=top width="186" colSpan=3 height=21>
    <p align="center"><u><b><font face="Arial" size="2">December 31,</font></b></u></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=21>
      <P></P></TD>
    <TD vAlign=top width="197" height=21>
      <P></P></TD>
    <TD vAlign=top width="1" height=21>
      <P></P></TD>
    <TD vAlign=top width="15" height=21>
      <P></P></TD>
    <TD vAlign=top width="97" height=21><B><FONT face=Arial>
      <P align=center><font size="2"><u>2004</u></font></FONT></B></P></TD>
    <TD vAlign=top width="15" height=21>
      <P></P></TD>
    <TD vAlign=top width="81" height=21><B><FONT face=Arial>
      <P align=center><font size="2"><u>2003</u></font></FONT></B></P></TD>
    <TD vAlign=top width="4" height=21>
      <P></P></TD>
    <TD vAlign=top width="93" height=21><B><FONT face=Arial>
      <P align=center><font size="2"><u>2004</u></font></FONT></B></P></TD>
    <TD vAlign=top width="16" height=21>
      <P></P></TD>
    <TD vAlign=top width="73" height=21><B><FONT face=Arial>
      <P align=center><font size="2"><u>2003</u></font></FONT></B></P></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=21>
      <P></P></TD>
    <TD vAlign=top width="197" height=21>
      <P></P></TD>
    <TD vAlign=top width="1" height=21>
      <P></P></TD>
    <TD vAlign=top width="15" height=21>
      <P></P></TD>
    <TD vAlign=top width="97" height=21>
      <P align=center><FONT face=Arial size=2>
      (Unaudited) </FONT></P></TD>
    <TD vAlign=top width="15" height=21>
      <P></P></TD>
    <TD vAlign=top width="81" height=21>
      <P align=center><FONT face=Arial size=2>
      (Unaudited) </FONT></P></TD>
    <TD vAlign=top width="4" height=21>
      <P></P></TD>
    <TD vAlign=top width="93" height=21>
      <P align=center><FONT face=Arial size=2>
      (Unaudited) </FONT></P></TD>
    <TD vAlign=top width="16" height=21>
      <P></P></TD>
    <TD vAlign=top width="73" height=21>
      <P align=center><FONT face=Arial size=2>
      (Unaudited) </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=21>
      <P></P></TD>
    <TD vAlign=top width="197" height=21><FONT face=Arial>
      <P><font size="2">Total segment operating income</font></FONT></P></TD>
    <TD vAlign=top width="1" height=21>
      <P></P></TD>
    <TD vAlign=top width="15" height=21>
      <P></P></TD>
    <TD vAlign=top width="97" height=21><FONT face=Arial>
      <P align=right><font size="2">$ 17,872</font></FONT></P></TD>
    <TD vAlign=top width="15" height=21>
      <P></P></TD>
    <TD vAlign=top width="81" height=21><FONT face=Arial>
      <P align=right><font size="2">$ 18,297</font></FONT></P></TD>
    <TD vAlign=top width="4" height=21>
      <P></P></TD>
    <TD vAlign=top width="93" height=21><FONT face=Arial>
      <P align=right><font size="2">$ 53,046</font> </FONT></P></TD>
    <TD vAlign=top width="16" height=21>
      <P></P></TD>
    <TD vAlign=top width="73" height=21><FONT face=Arial>
      <P align=right><font size="2">$ 54,713</font></FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=21>
      <P></P></TD>
    <TD vAlign=top width="197" height=21><FONT face=Arial>
      <P><font size="2">Interest expense</font></FONT></P></TD>
    <TD vAlign=top width="1" height=21>
      <P></P></TD>
    <TD vAlign=top width="15" height=21>
      <P></P></TD>
    <TD vAlign=top width="97" height=21>
    <p align="right"><font face="Arial" size="2">5,848</font></TD>
    <TD vAlign=top width="15" height=21>
      <P></P></TD>
    <TD vAlign=top width="81" height=21>
    <p align="right"><font face="Arial" size="2">7,317</font></TD>
    <TD vAlign=top width="4" height=21>
      <P></P></TD>
    <TD vAlign=top width="93" height=21>
    <p align="right"><font face="Arial" size="2">25,923</font></TD>
    <TD vAlign=top width="16" height=21>
      <P></P></TD>
    <TD vAlign=top width="73" height=21>
    <p align="right"><font face="Arial" size="2">34,408</font></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=21>
      <P></P></TD>
    <TD vAlign=top width="213" height=21 colspan="3"><FONT face=Arial>
      <P><font size="2">Restructuring and other expenses</font></P></FONT></TD>
    <TD vAlign=top width="97" height=21>
      <p align="right"><font face="Arial" size="2">850</font></TD>
    <TD vAlign=top width="15" height=21>
      <P></P></TD>
    <TD vAlign=top width="81" height=21>
    <p align="right"><font face="Arial" size="2">5,992</font></TD>
    <TD vAlign=top width="4" height=21>
      <P></P></TD>
    <TD vAlign=top width="93" height=21>
    <p align="right"><font face="Arial" size="2">2,541</font></TD>
    <TD vAlign=top width="16" height=21>
      <P></P></TD>
    <TD vAlign=top width="73" height=21><FONT face=Arial>
      <P align=right><font size="2">15,781</font></FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=21>
      <P></P></TD>
    <TD vAlign=top width="197" height=21><FONT face=Arial>
      <P><font size="2">Other  expense</font></FONT></P></TD>
    <TD vAlign=top width="1" height=21>
      <P></P></TD>
    <TD vAlign=top width="15" height=21>
      <P></P></TD>
    <TD vAlign=top width="97" height=21>
    <p align="right"><u><font face="Arial" size="2">834</font></u></TD>
    <TD vAlign=top width="15" height=21>
      <P></P></TD>
    <TD vAlign=top width="81" height=21>
    <p align="right"><u><font face="Arial" size="2">275</font></u></TD>
    <TD vAlign=top width="4" height=21>
      <P></P></TD>
    <TD vAlign=top width="93" height=21>
    <p align="right"><u><font face="Arial" size="2">706</font></u></TD>
    <TD vAlign=top width="16" height=21>
      <P></P></TD>
    <TD vAlign=top width="73" height=21>
    <p align="right"><u><font face="Arial" size="2">156</font></u></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=34>
      <P></P></TD>
    <TD vAlign=top width="197" height=34><P><font size="2" face="Arial">Income

      before taxes</font></P></TD>
    <TD vAlign=top width="1" height=34>
      <P></P></TD>
    <TD vAlign=top width="15" height=34>
      <P></P></TD>
    <TD vAlign=top width="97" height=34><FONT face=Arial>
      <P align=right><font size="2">$ 10,340<br>
      =====</font></FONT></P></TD>
    <TD vAlign=top width="15" height=34>
      <P></P></TD>
    <TD vAlign=top width="81" height=34><FONT face=Arial>
      <P align=right><font size="2">$ 4,713<br>
      =====</font> </FONT></P></TD>
    <TD vAlign=top width="4" height=34>
      <P></P></TD>
    <TD vAlign=top width="93" height=34><FONT face=Arial>
      <P align=right><font size="2">$ 23,876<br>
      =====</font> </FONT></P></TD>
    <TD vAlign=top width="16" height=34>
      <P></P></TD>
    <TD vAlign=top width="73" height=34><FONT face=Arial>
      <P align=right><font size="2">$&nbsp; 4,368<br>
      =====</font> </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="219" colSpan=2 height=21><U><FONT face=Arial>
      <P><font size="2">Notes:</font></FONT></U></P></TD>
    <TD vAlign=top width="1" height=21>
      <P></P></TD>
    <TD vAlign=top width="15" height=21>
      <P></P></TD>
    <TD vAlign=top width="97" height=21>
      <P></P></TD>
    <TD vAlign=top width="15" height=21>
      <P></P></TD>
    <TD vAlign=top width="81" height=21>
      <P></P></TD>
    <TD vAlign=top width="4" height=21>
      <P></P></TD>
    <TD vAlign=top width="93" height=21>
      <P></P></TD>
    <TD vAlign=top width="16" height=21>
      <P></P></TD>
    <TD vAlign=top width="73" height=21>
      <P></P></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=66><FONT face=Arial>
      <P><font size="2">(1)</font></FONT></P></TD>
    <TD vAlign=top width="610" colSpan=10 height=66>
      <P>Segment operating income is defined as net sales less product cost of
      sales, selling, service and adminstrative exepenses and equity in earnings
      of joint ventures.&nbsp; Restructuring and other expenses are not included
      in segment results.&nbsp; Additionally, certain expeneses of a corporate
      nature and certain shared expenses are not allocated to the business
      groups.</P></TD></TR>
  </TABLE></center>
</div>
<div align="center">
  <center>
<p>&nbsp;</p>
  </center>
</div>
<div align="center">
  <center>
<div align="center">
  <center>
<TABLE borderColor=#000000 cellSpacing=0 cellPadding=0 width=642 border=0 height="732">
  <TR>
    <TD vAlign=top width="647" height=16 colspan="10">
      <P></P>
      <P></P>
      <P></P>
      <P></P>
      <P></P>
      <P></P>
      <P></P>
      <FONT face=Arial>
      <P align=right><font size="2"><b>Exhibit C to</b></font></FONT></P></TD>
  </TR>
  <TR>
    <TD vAlign=top width="649" height=16 colspan="10">
      <P></P>
      <P></P>
      <P></P>
      <P></P>
      <P></P>
      <P></P>
      <FONT face=Arial>
      <P align=right><font size="2"><b>2004 Q4 Earnings Release</b></font></FONT></P></TD>
  </TR>
  <TR>
    <TD vAlign=top width="17" height=28>
      <P></P></TD>
    <TD vAlign=top width="17" height=28>
      <P></P></TD>
    <TD vAlign=top width="244" height=28>
      <P></P></TD>
    <TD vAlign=top width="78" height=28>
      <P></P></TD>
    <TD vAlign=top width="18" height=28>
      <P></P></TD>
    <TD vAlign=top width="112" height=28>
      <P></P></TD>
    <TD vAlign=top width="13" height=28>
      <P></P></TD>
    <TD vAlign=top width="114" height=28>
      <P></P></TD>
    <TD vAlign=top width="9" height=28>
      <P></P></TD>
    <TD vAlign=top width="66" height=28>
      <P></P></TD></TR>
  <TR>
    <TD vAlign=top colSpan=10 height=18 width="661"><B><FONT face=Arial>
      <P align=center><font size="2">GENERAL BINDING CORPORATION</font></FONT></B></P></TD></TR>
  <TR>
    <TD vAlign=top colSpan=10 height=19 width="661"><B><FONT face=Arial>
      <P align=center><font size="2">BALANCE SHEET</font></FONT> </B></P></TD></TR>
  <TR>
    <TD vAlign=top colSpan=10 height=16 width="661"><FONT face=Arial>
      <P align=center><font size="2">(Amounts in Thousands)</font></FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="17" height=16>
      <P></P></TD>
    <TD vAlign=top width="17" height=16>
      <P></P></TD>
    <TD vAlign=top width="244" height=16>
      <P></P></TD>
    <TD vAlign=top width="78" height=16>
      <P></P></TD>
    <TD vAlign=top width="18" height=16>
      <P></P></TD>
    <TD vAlign=top width="112" height=16>
    <p align="center"><b><font face="Arial" size="2">December 31,</font></b></TD>
    <TD vAlign=top width="13" height=16>
      <P></P></TD>
    <TD vAlign=top width="114" height=16><B><FONT face=Arial>
      <P align=center><font size="2">December 31,</font></FONT></B></P></TD>
    <TD vAlign=top width="9" height=16>
      <P></P></TD>
    <TD vAlign=top width="66" height=16>
      <P></P></TD></TR>
  <TR>
    <TD vAlign=top width="282" colSpan=3 height=16><B><U><FONT face=Arial>
      <P><font size="2">CONDENSED BALANCE SHEET</font></FONT></U></B></P></TD>
    <TD vAlign=top width="78" height=16>
      <P></P></TD>
    <TD vAlign=top width="18" height=16>
      <P></P></TD>
    <TD vAlign=top width="112" height=16><B><FONT face=Arial>
      <P align=center><font size="2"><u>2004</u></font></FONT></B></P></TD>
    <TD vAlign=top width="13" height=16>
      <P></P></TD>
    <TD vAlign=top width="114" height=16><B><FONT face=Arial>
      <P align=center><font size="2"><u>2003</u></font></FONT></B></P></TD>
    <TD vAlign=top width="9" height=16>
      <P></P></TD>
    <TD vAlign=top width="66" height=16>
      <P></P></TD></TR>
  <TR>
    <TD vAlign=top width="282" colSpan=3 height=19><B><U><FONT face=Arial>
      <P><font size="2">Assets</font></FONT></U></B></P></TD>
    <TD vAlign=top width="78" height=19>
      <P></P></TD>
    <TD vAlign=top width="18" height=19 align="center">
      <P></P></TD>
    <TD vAlign=top width="112" height=19 align="center">
      <P>(Unaudited)</P></TD>
    <TD vAlign=top width="13" height=19>
      <P></P></TD>
    <TD vAlign=top width="114" height=19>
      <P></P></TD>
    <TD vAlign=top width="9" height=19>
      <P></P></TD>
    <TD vAlign=top width="66" height=19>
      <P></P></TD></TR>
  <TR>
    <TD vAlign=top width="282" colSpan=3 height=16><FONT face=Arial>
      <P><font size="2">Current assets:</font></FONT></P></TD>
    <TD vAlign=top width="78" height=16>
      <P></P></TD>
    <TD vAlign=top width="18" height=16>
      <P></P></TD>
    <TD vAlign=top width="112" height=16>
      <P></P></TD>
    <TD vAlign=top width="13" height=16>
      <P></P></TD>
    <TD vAlign=top width="114" height=16>
      <P></P></TD>
    <TD vAlign=top width="9" height=16>
      <P></P></TD>
    <TD vAlign=top width="66" height=16>
      <P></P></TD></TR>
  <TR>
    <TD vAlign=top width="17" height=18>
      <P></P></TD>
    <TD vAlign=top width="263" colSpan=2 height=18><FONT face=Arial>
      <P><font size="2">Cash and equivalents</font></FONT></P></TD>
    <TD vAlign=top width="78" height=18>
      <P></P></TD>
    <TD vAlign=top width="18" height=18>
      <P></P></TD>
    <TD vAlign=top width="112" height=18><FONT face=Arial>
      <P align=right><font size="2">$ 6,259</font> </FONT></P></TD>
    <TD vAlign=top width="13" height=18>
      <P></P></TD>
    <TD vAlign=top width="114" height=18><FONT face=Arial>
      <P align=right><font size="2">$&nbsp;&nbsp; 9,568</font></FONT></P></TD>
    <TD vAlign=top width="9" height=18>
      <P></P></TD>
    <TD vAlign=top width="66" height=18>
      <P></P></TD></TR>
  <TR>
    <TD vAlign=top width="17" height=16>
      <P></P></TD>
    <TD vAlign=top width="263" colSpan=2 height=16><FONT face=Arial>
      <P><font size="2">Receivables, net</font></FONT></P></TD>
    <TD vAlign=top width="78" height=16>
      <P></P></TD>
    <TD vAlign=top width="18" height=16>
      <P></P></TD>
    <TD vAlign=top width="112" height=16>
    <p align="right"><font face="Arial" size="2">141,445</font></TD>
    <TD vAlign=top width="13" height=16>
      <P></P></TD>
    <TD vAlign=top width="114" height=16><FONT face=Arial>
      <P align=right><font size="2">128,391</font></FONT></P></TD>
    <TD vAlign=top width="9" height=16>
      <P></P></TD>
    <TD vAlign=top width="66" height=16>
      <P></P></TD></TR>
  <TR>
    <TD vAlign=top width="17" height=18>
      <P></P></TD>
    <TD vAlign=top width="263" colSpan=2 height=18><FONT face=Arial>
      <P><font size="2">Inventories, net</font></FONT></P></TD>
    <TD vAlign=top width="78" height=18>
      <P></P></TD>
    <TD vAlign=top width="18" height=18>
      <P></P></TD>
    <TD vAlign=top width="112" height=18>
    <p align="right"><font face="Arial" size="2">97,996</font></TD>
    <TD vAlign=top width="13" height=18>
      <P></P></TD>
    <TD vAlign=top width="114" height=18><FONT face=Arial>
      <P align=right><font size="2">86,240</font> </FONT></P></TD>
    <TD vAlign=top width="9" height=18>
      <P></P></TD>
    <TD vAlign=top width="66" height=18>
      <P></P></TD></TR>
  <TR>
    <TD vAlign=top width="17" height=16>
      <P></P></TD>
    <TD vAlign=top width="263" colSpan=2 height=16><FONT face=Arial>
      <P><font size="2">Other</font></FONT></P></TD>
    <TD vAlign=top width="78" height=16>
      <P></P></TD>
    <TD vAlign=top width="18" height=16>
      <P></P></TD>
    <TD vAlign=top width="112" height=16>
    <p align="right"><u><font face="Arial" size="2">29,629</font></u></TD>
    <TD vAlign=top width="13" height=16>
      <P></P></TD>
    <TD vAlign=top width="114" height=16><FONT face=Arial>
      <P align=right><font size="2"><u>33,914</u></font></FONT></P></TD>
    <TD vAlign=top width="9" height=16>
      <P></P></TD>
    <TD vAlign=top width="66" height=16>
      <P></P></TD></TR>
  <TR>
    <TD vAlign=top width="17" height=16>
      <P></P></TD>
    <TD vAlign=top width="17" height=16>
      <P></P></TD>
    <TD vAlign=top width="244" height=16><FONT face=Arial>
      <P><font size="2">Total current assets</font></FONT></P></TD>
    <TD vAlign=top width="78" height=16>
      <P></P></TD>
    <TD vAlign=top width="18" height=16>
      <P></P></TD>
    <TD vAlign=top width="112" height=16>
    <p align="right"><font face="Arial" size="2">275,329</font></TD>
    <TD vAlign=top width="13" height=16>
      <P></P></TD>
    <TD vAlign=top width="114" height=16><FONT face=Arial>
      <P align=right><font size="2">258,113</font></FONT></P></TD>
    <TD vAlign=top width="9" height=16>
      <P></P></TD>
    <TD vAlign=top width="66" height=16>
      <P></P></TD></TR>
  <TR>
    <TD vAlign=top width="282" colSpan=3 height=16><FONT face=Arial>
      <P><font size="2">Capital assets, net</font></FONT></P></TD>
    <TD vAlign=top width="78" height=16>
      <P></P></TD>
    <TD vAlign=top width="18" height=16>
      <P></P></TD>
    <TD vAlign=top width="112" height=16>
    <p align="right"><font face="Arial" size="2">84,693</font></TD>
    <TD vAlign=top width="13" height=16>
      <P></P></TD>
    <TD vAlign=top width="114" height=16><FONT face=Arial>
      <P align=right><font size="2">94,986</font></FONT></P></TD>
    <TD vAlign=top width="9" height=16>
      <P></P></TD>
    <TD vAlign=top width="66" height=16>
      <P></P></TD></TR>
  <TR>
    <TD vAlign=top width="282" colSpan=3 height=16><FONT face=Arial>
      <P><font size="2">Other assets</font></FONT></P></TD>
    <TD vAlign=top width="78" height=16>
      <P></P></TD>
    <TD vAlign=top width="18" height=16>
      <P></P></TD>
    <TD vAlign=top width="112" height=16>
    <p align="right"><u><font face="Arial" size="2">177,013</font></u></TD>
    <TD vAlign=top width="13" height=16>
      <P></P></TD>
    <TD vAlign=top width="114" height=16><FONT face=Arial>
      <P align=right><font size="2"><u>&nbsp;&nbsp; 176,251</u></font></FONT></P></TD>
    <TD vAlign=top width="9" height=16>
      <P></P></TD>
    <TD vAlign=top width="66" height=16>
      <P></P></TD></TR>
  <TR>
    <TD vAlign=top width="17" height=34>
      <P></P></TD>
    <TD vAlign=top width="17" height=34>
      <P></P></TD>
    <TD vAlign=top width="244" height=34><B><FONT face=Arial>
      <P><font size="2">Total Assets</font></FONT></B></P></TD>
    <TD vAlign=top width="78" height=34>
      <P></P></TD>
    <TD vAlign=top width="18" height=34>
      <P></P></TD>
    <TD vAlign=top width="112" height=34><FONT face=Arial>
      <P align=right><font size="2">$ 537,035<br>
      =======</font> </FONT></P></TD>
    <TD vAlign=top width="13" height=34>
      <P></P></TD>
    <TD vAlign=top width="114" height=34><FONT face=Arial>
      <P align=right><font size="2">$ 529,350<br>
      =======</font> </FONT></P></TD>
    <TD vAlign=top width="9" height=34>
      <P></P></TD>
    <TD vAlign=top width="66" height=34>
      <P></P></TD></TR>
  <TR>
    <TD vAlign=top width="17" height=15>
      <P></P></TD>
    <TD vAlign=top width="17" height=15>
      <P></P></TD>
    <TD vAlign=top width="244" height=15>
      <P></P></TD>
    <TD vAlign=top width="78" height=15>
      <P></P></TD>
    <TD vAlign=top width="18" height=15>
      <P></P></TD>
    <TD vAlign=top width="112" height=15>
      <P></P></TD>
    <TD vAlign=top width="13" height=15>
      <P></P></TD>
    <TD vAlign=top width="114" height=15>
      <P></P></TD>
    <TD vAlign=top width="9" height=15>
      <P></P></TD>
    <TD vAlign=top width="66" height=15>
      <P></P></TD></TR>
  <TR>
    <TD vAlign=top width="282" colSpan=3 height=16><B><U><FONT face=Arial>
      <P><font size="2">Liabilities and Stockholders' Equity</font></FONT></U></B></P></TD>
    <TD vAlign=top width="78" height=16>
      <P></P></TD>
    <TD vAlign=top width="18" height=16>
      <P></P></TD>
    <TD vAlign=top width="112" height=16>
      <P></P></TD>
    <TD vAlign=top width="13" height=16>
      <P></P></TD>
    <TD vAlign=top width="114" height=16>
      <P></P></TD>
    <TD vAlign=top width="9" height=16>
      <P></P></TD>
    <TD vAlign=top width="66" height=16>
      <P></P></TD></TR>
  <TR>
    <TD vAlign=top width="282" colSpan=3 height=16><FONT face=Arial>
      <P><font size="2">Current liabilities:</font></FONT></P></TD>
    <TD vAlign=top width="78" height=16>
      <P></P></TD>
    <TD vAlign=top width="18" height=16>
      <P></P></TD>
    <TD vAlign=top width="112" height=16>
      <P></P></TD>
    <TD vAlign=top width="13" height=16>
      <P></P></TD>
    <TD vAlign=top width="114" height=16>
      <P></P></TD>
    <TD vAlign=top width="9" height=16>
      <P></P></TD>
    <TD vAlign=top width="66" height=16>
      <P></P></TD></TR>
  <TR>
    <TD vAlign=top width="17" height=16>
      <P></P></TD>
    <TD vAlign=top width="263" colSpan=2 height=16><FONT face=Arial>
      <P><font size="2">Accounts payable</font></FONT></P></TD>
    <TD vAlign=top width="78" height=16>
      <P></P></TD>
    <TD vAlign=top width="18" height=16>
      <P></P></TD>
    <TD vAlign=top width="112" height=16><FONT face=Arial>
      <P align=right><font size="2">$ 49,758</font></FONT></P></TD>
    <TD vAlign=top width="13" height=16>
      <P></P></TD>
    <TD vAlign=top width="114" height=16><FONT face=Arial>
      <P align=right><font size="2">$ 51,253</font></FONT></P></TD>
    <TD vAlign=top width="9" height=16>
      <P></P></TD>
    <TD vAlign=top width="66" height=16>
      <P></P></TD></TR>
  <TR>
    <TD vAlign=top width="17" height=16>
      <P></P></TD>
    <TD vAlign=top width="263" colSpan=2 height=16><FONT face=Arial>
      <P><font size="2">Accrued liabilities</font></FONT></P></TD>
    <TD vAlign=top width="78" height=16>
      <P></P></TD>
    <TD vAlign=top width="18" height=16>
      <P></P></TD>
    <TD vAlign=top width="112" height=16>
    <p align="right"><font face="Arial" size="2">88,734</font></TD>
    <TD vAlign=top width="13" height=16>
      <P></P></TD>
    <TD vAlign=top width="114" height=16><FONT face=Arial>
      <P align=right><font size="2">85,119</font></FONT></P></TD>
    <TD vAlign=top width="9" height=16>
      <P></P></TD>
    <TD vAlign=top width="66" height=16>
      <P></P></TD></TR>
  <TR>
    <TD vAlign=top width="17" height=16>
      <P></P></TD>
    <TD vAlign=top width="263" colSpan=2 height=16><FONT face=Arial>
      <P><font size="2">Notes payable and current maturities</font></FONT></P></TD>
    <TD vAlign=top width="78" height=16>
      <P></P></TD>
    <TD vAlign=top width="18" height=16>
      <P></P></TD>
    <TD vAlign=top width="112" height=16>
    <p align="right"><u><font face="Arial" size="2">33,713</font></u></TD>
    <TD vAlign=top width="13" height=16>
      <P></P></TD>
    <TD vAlign=top width="114" height=16><FONT face=Arial>
      <P align=right><font size="2"><u>19,995</u></font></FONT></P></TD>
    <TD vAlign=top width="9" height=16>
      <P></P></TD>
    <TD vAlign=top width="66" height=16>
      <P></P></TD></TR>
  <TR>
    <TD vAlign=top width="17" height=16>
      <P></P></TD>
    <TD vAlign=top width="17" height=16>
      <P></P></TD>
    <TD vAlign=top width="244" height=16><FONT face=Arial>
      <P><font size="2">Total current liabilities</font></FONT></P></TD>
    <TD vAlign=top width="78" height=16>
      <P></P></TD>
    <TD vAlign=top width="18" height=16>
      <P></P></TD>
    <TD vAlign=top width="112" height=16>
    <p align="right"><font face="Arial" size="2">172,205</font></TD>
    <TD vAlign=top width="13" height=16>
      <P></P></TD>
    <TD vAlign=top width="114" height=16><FONT face=Arial>
      <P align=right><font size="2">156,367</font></FONT></P></TD>
    <TD vAlign=top width="9" height=16>
      <P></P></TD>
    <TD vAlign=top width="66" height=16>
      <P></P></TD></TR>
  <TR>
    <TD vAlign=top width="282" colSpan=3 height=16><FONT face=Arial>
      <P><font size="2">Long-term debt less current maturities</font></FONT></P></TD>
    <TD vAlign=top width="78" height=16>
      <P></P></TD>
    <TD vAlign=top width="18" height=16>
      <P></P></TD>
    <TD vAlign=top width="112" height=16>
    <p align="right"><font face="Arial" size="2">255,165</font></TD>
    <TD vAlign=top width="13" height=16>
      <P></P></TD>
    <TD vAlign=top width="114" height=16><FONT face=Arial>
      <P align=right><font size="2">282,019</font></FONT></P></TD>
    <TD vAlign=top width="9" height=16>
      <P></P></TD>
    <TD vAlign=top width="66" height=16>
      <P></P></TD></TR>
  <TR>
    <TD vAlign=top width="282" colSpan=3 height=16><FONT face=Arial>
      <P><font size="2">Other long-term liabilities</font></FONT></P></TD>
    <TD vAlign=top width="78" height=16>
      <P></P></TD>
    <TD vAlign=top width="18" height=16>
      <P></P></TD>
    <TD vAlign=top width="112" height=16>
    <p align="right"><font face="Arial" size="2">35,578</font></TD>
    <TD vAlign=top width="13" height=16>
      <P></P></TD>
    <TD vAlign=top width="114" height=16><FONT face=Arial>
      <P align=right><font size="2">36,755</font></FONT></P></TD>
    <TD vAlign=top width="9" height=16>
      <P></P></TD>
    <TD vAlign=top width="66" height=16>
      <P></P></TD></TR>
  <TR>
    <TD vAlign=top width="282" colSpan=3 height=16><FONT face=Arial>
      <P><font size="2">Total stockholders' equity</font></FONT></P></TD>
    <TD vAlign=top width="78" height=16>
      <P></P></TD>
    <TD vAlign=top width="18" height=16>
      <P></P></TD>
    <TD vAlign=top width="112" height=16>
    <p align="right"><u><font face="Arial" size="2">74,087</font></u></TD>
    <TD vAlign=top width="13" height=16>
      <P></P></TD>
    <TD vAlign=top width="114" height=16><FONT face=Arial>
      <P align=right><font size="2"><u>&nbsp;&nbsp;&nbsp; 54,209</u></font></FONT></P></TD>
    <TD vAlign=top width="9" height=16>
      <P></P></TD>
    <TD vAlign=top width="66" height=16>
      <P></P></TD></TR>
  <TR>
    <TD vAlign=top width="17" height=34>
      <P></P></TD>
    <TD vAlign=top width="17" height=34>
      <P></P></TD>
    <TD vAlign=top width="340" height=34 colspan="3"><B><FONT face=Arial>
      <P><font size="2">Total Liabilities and Stockholders' Equity</font></P></FONT></B></TD>
    <TD vAlign=top width="112" height=34><FONT face=Arial>
      <P align=right><font size="2">$ 537,035<br>
      =======</font> </FONT></P></TD>
    <TD vAlign=top width="13" height=34>
      <P></P></TD>
    <TD vAlign=top width="114" height=34><FONT face=Arial>
      <P align=right><font size="2">$ 529,350<br>
      =======</font> </FONT></P></TD>
    <TD vAlign=top width="9" height=34>
      <P></P></TD>
    <TD vAlign=top width="66" height=34>
      <P></P></TD></TR>
  <TR>
    <TD vAlign=top width="17" height=15>
      <P></P></TD>
    <TD vAlign=top width="17" height=15>
      <P></P></TD>
    <TD vAlign=top width="244" height=15>
      <P></P></TD>
    <TD vAlign=top width="78" height=15>
      <P></P></TD>
    <TD vAlign=top width="18" height=15>
      <P></P></TD>
    <TD vAlign=top width="112" height=15>
      <P></P></TD>
    <TD vAlign=top width="13" height=15>
      <P></P></TD>
    <TD vAlign=top width="114" height=15>
      <P></P></TD>
    <TD vAlign=top width="9" height=15>
      <P></P></TD>
    <TD vAlign=top width="66" height=15>
      <P></P></TD></TR>
  <TR>
    <TD vAlign=top width="17" height=14>
      <P></P></TD>
    <TD vAlign=top width="17" height=14>
      <P></P></TD>
    <TD vAlign=top width="244" height=14>
      <P></P></TD>
    <TD vAlign=top width="78" height=14>
      <P></P></TD>
    <TD vAlign=top width="18" height=14>
      <P></P></TD>
    <TD vAlign=top width="112" height=14>
      <P></P></TD>
    <TD vAlign=top width="13" height=14>
      <P></P></TD>
    <TD vAlign=top width="114" height=14>
      <P></P></TD>
    <TD vAlign=top width="9" height=14>
      <P></P></TD>
    <TD vAlign=top width="66" height=14>
      <P></P></TD></TR>
  <TR>
    <TD vAlign=top width="17" height=14>
      <P></P></TD>
    <TD vAlign=top width="17" height=14>
      <P></P></TD>
    <TD vAlign=top width="244" height=14>
      <P></P></TD>
    <TD vAlign=top width="78" height=14>
      <P></P></TD>
    <TD vAlign=top width="18" height=14>
      <P></P></TD>
    <TD vAlign=top width="112" height=14>
      <P></P></TD>
    <TD vAlign=top width="13" height=14>
      <P></P></TD>
    <TD vAlign=top width="114" height=14>
      <P></P></TD>
    <TD vAlign=top width="9" height=14>
      <P></P></TD>
    <TD vAlign=top width="66" height=14>
      <P></P></TD></TR>
  <TR>
    <TD vAlign=top colSpan=10 height=18 width="661"><B><FONT face=Arial>
      <P align=center><font size="2">SELECTED FINANCIAL INFORMATION</font></FONT></B></P></TD></TR>
  <TR>
    <TD vAlign=top colSpan=10 height=16 width="661"><FONT face=Arial>
      <P align=center><font size="2">(Amounts in Thousands)</font></FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="17" height=17>
      <P></P></TD>
    <TD vAlign=top width="17" height=17>
      <P></P></TD>
    <TD vAlign=top width="244" height=17>
      <P></P></TD>
    <TD vAlign=top width="212" colSpan=3 height=17><B><FONT face=Arial>
      <P align=center><font size="2">Three Months Ended</font></FONT></B></P></TD>
    <TD vAlign=top width="13" height=17>
      <P></P></TD>
    <TD vAlign=top width="148" colSpan=3 height=17><B><FONT face=Arial>
      <P align=center><font size="2">&nbsp;Twelve Months Ended</font></FONT></B></P></TD></TR>
  <TR>
    <TD vAlign=top width="17" height=17>
      <P></P></TD>
    <TD vAlign=top width="17" height=17>
      <P></P></TD>
    <TD vAlign=top width="244" height=17>
      <P></P></TD>
    <TD vAlign=top width="212" colSpan=3 height=17>
    <p align="center"><u><b><font face="Arial" size="2">December 31,</font></b></u></TD>
    <TD vAlign=top width="13" height=17>
      <P></P></TD>
    <TD vAlign=top width="148" colSpan=3 height=17>
    <p align="center"><u><b><font face="Arial" size="2">December 31,</font></b></u></TD></TR>
  <TR>
    <TD vAlign=top width="17" height=17>
      <P></P></TD>
    <TD vAlign=top width="17" height=17>
      <P></P></TD>
    <TD vAlign=top width="244" height=17>
      <P></P></TD>
    <TD vAlign=top width="78" height=17><B><FONT face=Arial>
      <P align=center><font size="2"><u>2004</u></font></FONT></B></P></TD>
    <TD vAlign=top width="18" height=17>
      <P></P></TD>
    <TD vAlign=top width="112" height=17><B><FONT face=Arial>
      <P align=center><font size="2"><u>2003</u></font></FONT></B></P></TD>
    <TD vAlign=top width="13" height=17>
      <P></P></TD>
    <TD vAlign=top width="114" height=17><B><FONT face=Arial>
      <P align=center><font size="2"><u>2004</u></font></FONT></B></P></TD>
    <TD vAlign=top width="9" height=17>
      <P></P></TD>
    <TD vAlign=top width="66" height=17><B><FONT face=Arial>
      <P align=center><font size="2"><u>2003</u></font></FONT></B></P></TD></TR>
  <TR>
    <TD vAlign=top width="17" height=17>
      <P></P></TD>
    <TD vAlign=top width="17" height=17>
      <P></P></TD>
    <TD vAlign=top width="244" height=17>
      <P></P></TD>
    <TD vAlign=top width="78" height=17>
      <P align=center><FONT face=Arial size=2>
      (Unaudited) </FONT></P></TD>
    <TD vAlign=top width="18" height=17>
      <P></P></TD>
    <TD vAlign=top width="112" height=17>
      <P align=center><FONT face=Arial size=2>
      (Unaudited) </FONT></P></TD>
    <TD vAlign=top width="13" height=17>
      <P></P></TD>
    <TD vAlign=top width="114" height=17>
      <P align=center><FONT face=Arial size=2>
      (Unaudited) </FONT></P></TD>
    <TD vAlign=top width="9" height=17>
      <P></P></TD>
    <TD vAlign=top width="66" height=17>
      <P align=center><FONT face=Arial size=2>
      (Unaudited) </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="282" colSpan=3 height=32><FONT face=Arial>
      <P><font size="2">Depreciation and amortization expense</font></FONT></P></TD>
    <TD vAlign=top width="78" height=32><FONT face=Arial>
      <P align=right><font size="2">$ 4,447<br>
      =====</font></FONT></P></TD>
    <TD vAlign=top width="18" height=32>
      <P></P></TD>
    <TD vAlign=top width="112" height=32><FONT face=Arial>
      <P align=right><font size="2">$ 5,256<br>
      =====</font></FONT></P></TD>
    <TD vAlign=top width="13" height=32>
      <P></P></TD>
    <TD vAlign=top width="114" height=32><FONT face=Arial>
      <P align=right><font size="2">$ 21,549<br>
      ======</font></FONT></P></TD>
    <TD vAlign=top width="9" height=32>
      <P></P></TD>
    <TD vAlign=top width="66" height=32><FONT face=Arial>
      <P align=right><font size="2">$ 25,162<br>
      ======</font></FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="282" colSpan=3 height=32><FONT face=Arial>
      <P><font size="2">Capital expenditures</font></FONT></P></TD>
    <TD vAlign=top width="78" height=32><FONT face=Arial>
      <P align=right><font size="2">$ 1,575<br>
      =====</font></FONT></P></TD>
    <TD vAlign=top width="18" height=32>
      <P></P></TD>
    <TD vAlign=top width="112" height=32><FONT face=Arial>
      <P align=right><font size="2">$ 2,518<br>
      =====</font></FONT></P></TD>
    <TD vAlign=top width="13" height=32>
      <P></P></TD>
    <TD vAlign=top width="114" height=32><FONT face=Arial>
      <P align=right><font size="2">$&nbsp; 7,347<br>
      ======</font></FONT></P></TD>
    <TD vAlign=top width="9" height=32>
      <P></P></TD>
    <TD vAlign=top width="66" height=32><FONT face=Arial>
      <P align=right><font size="2">$&nbsp; 8,468<br>
      ======</font></P></FONT></TD></TR>
  <TR>
    <TD vAlign=top width="282" colSpan=3 height=32>&nbsp;</TD>
    <TD vAlign=top width="78" height=32>&nbsp;</TD>
    <TD vAlign=top width="18" height=32>
      &nbsp;</TD>
    <TD vAlign=top width="112" height=32>&nbsp;</TD>
    <TD vAlign=top width="13" height=32>
      &nbsp;</TD>
    <TD vAlign=top width="114" height=32>&nbsp;</TD>
    <TD vAlign=top width="9" height=32>
      &nbsp;</TD>
    <TD vAlign=top width="66" height=32>&nbsp;</TD></TR>
</TABLE></center>
</div>
  </center>
</div>

</BODY></HTML>
[{"type": "8-K", "sequence": "1", "filename": "press_release.htm", "description": "GBC Q4 2004 PRESS RELEASE", "secsgml_size_bytes": 97423}]
{"company-data": {"conformed-name": "GENERAL BINDING CORP", "cik": "0000040461", "assigned-sic": "3579", "irs-number": "360887470", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-02604", "film-number": "05596461"}, "business-address": {"street1": "ONE GBC PLZ", "city": "NORTHBROOK", "state": "IL", "zip": "60062", "phone": "8472723700"}, "mail-address": {"street1": "ONE GBC PLZ", "city": "NORHBROOK", "state": "IL", "zip": "60062"}}
GBC ANNOUNCES ORGANIZATION CHANGES
UNITED STATES
SECURITIES AND EXCHANGE
COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
Report as of February 11, 2005
(Events as of February 9, 2005)
GENERAL BINDING CORPORATION
(Exact name of
registrant as specified in its charter)
Delaware
(State or other jurisdiction of
incorporation or organization)
0-2604
(
Commission File Number)
36-0887470
(I.R.S. employer identification
No.)
One GBC Plaza,
Northbrook, Illinois 60062
(Address of principal executive offices, including zip
code)
(847) 272-3700
(Registrant's telephone
number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K
filing is intended to simultaneously satisfy the filing obligation of the
registrant under any of the following provisions:
[ ] Written communications pursuant to Rule 425
under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12
under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communicaitons pursuant to Rule
14d-2(b) under the Exchange Act (17 CFR 240.140d-2(b))
[ ] Pre-commencement communications pursuant to Rule
13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 2.02. Results of Operations and Financial Conditions.
On February 9, 2005, General Binding Corporation issued a press release
announcing its earnings for the three months and one year periods ended December 31, 2004.  A
copy of that release is furnished as Exhibit 99.1 to this report.
The information in this Current Report on Form-8K is being furnished and
shall not be deemed "filed" for the purposes of Section 18 of the Securities
Exchange Act of 1934, as amended, or otherwise subject to the liabilities of
that Section.  The information in this Current Report shall not be
incorporated by reference into any registration statement or other document
pursuant to the Securities Act of 1933, as amended, except as shall be expressly
set forth by specific referrence in such filing.
Item 9.01 Financial Statements and Exhibits.
(c)
Exhibits.
99.1  Press release dated February 9, 2005 of the Registrant.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on their behalf by the
undersigned thereunto duly authorized.
GENERAL BINDING CORPORATION
By:
/s/ Steven
Rubin
Steven
Rubin
Vice President, Secretary
&
General
Counsel
February 11, 2005
EXHIBIT INDEX
Exhibit No.
Exhibit Description
99.1                   
Press release dated February 9, 2005 of the Registrant.
Exhibit 99.1
GBC REPORTS 4
th
QUARTER AND FULL YEAR 2004
RESULTS
Improved Earnings and Debt Reductions
Northbrook, IL, February 9, 2005 -- General Binding Corporation (Nasdaq:
GBND) today announced results for the fourth quarter and full year 2004,
reflecting improvements in earnings and debt levels despite continued pricing
pressures.
Fourth quarter net sales totaled $191.2 million, an $8.9 million or 4.9%
increase over the fourth quarter of 2003. The 39.0% quarterly gross profit
margin was down 1.5% from the prior year, reflecting the impact of pricing
pressures and increased raw material costs. "The conditions we saw throughout
the first three quarters of 2004 continued into the last quarter," said Mr.
Dennis Martin, the Company's Chairman, President and CEO. "Several of our
businesses achieved strong results while others continued to experience pricing
pressures. The weak US dollar continued to positively impact our results on a
year over year basis."
Pretax income for the fourth quarter was $10.3 million, net of $0.9 million
restructuring and other charges, compared to pretax income in the fourth quarter
last year of $4.7 million which included $6.0 million restructuring and other
charges. Net earnings totaled $6.6 million for the quarter, or $0.39 per diluted
share, an improvement over the $(0.19) loss per share reported for the same
period of 2003. The Company reduced net debt by $9.5 million in the fourth
quarter.
For the year, the Company reported net sales of $712.3 million, up $14.4
million, or 2.1% from the prior year. In 2004, pretax income was $23.9 million,
net of $2.5 million restructuring and other charges, a significant improvement
over the $4.4 million of pretax income reported in 2003, which included
restructuring and other charges of $15.8 million. Net earnings totaled $14.8
million in 2004, or $0.88 per share compared to a $(0.20) per share net loss in
2003. During 2004, the Company reduced its net debt by $9.8 million to $282.6
million.
"This year's market environment was competitive, and it emphasized the
importance of our strong foundation," Mr. Martin said. "While it did not turn
out to be the exemplary year we had thought possible, we made significant
progress, most notably in our Industrial and Print Finishing Group ("IPFG").
From a historical perspective, GBC had its most profitable year since 1998 and
our year-end debt levels are the lowest they have been since 1996. Looking
ahead, we must continue to simplify and develop our company to be flexible in
order to make the most of our resources and be able to adjust to changing
markets."
4th Quarter and Full Year 2004 Results
4th Quarter 2004 Results
Financial results for the quarter include the following highlights:
Sales totaled $191.2 million, up $8.9 million or 4.9% from the fourth
    quarter of 2003. Robust growth in IPFG was partially offset by decreased
    sales in the Commercial and Consumer Group ("CCG"). Favorable foreign
    exchange rates were responsible for the Europe Group's increased sales.
    International sales within CCG and IPFG were also positively affected by
    exchange rate fluctuations.
The Company's gross profit margin decreased by 1.5 percentage points to
    39.0% compared to the fourth quarter of the prior year due to pricing
    pressures and increased raw material costs, particularly at CCG.
Selling, service and administrative expenses were up $1.3 million,
    reflecting improvements that were more than offset by the unfavorable impact
    of foreign exchange rate changes on international expenses.
Total segment operating income was $17.9 million, down 2.3% from the
    same period in 2003. Strong results at IPFG and the Europe Group were offset
    by a decrease in CCG operating income.
Current quarter restructuring and other charges totaled $0.9 million,
    representing an impairment of the Company's remaining investment in GMP Co.,
    Ltd. ("GMP"). In 2003, fourth quarter restructuring and other charges
    totaled $6.0 million, related to a plant closing and reduction in force as
    well as a non-cash charge for impairment of the Company's investment in GMP.
Interest expense totaled $5.8 million, down $1.5 million, a significant
    decrease from the prior year.
Income tax expense was $3.8 million for the quarter.
Net income totaled $6.6 million or $0.39 per share for the quarter,
    compared to a net loss last year of $(0.19) per share.
Total net debt at the end of the year, adjusted for cash and
    equivalents, was $282.6 million, down $9.5 million from the amount
    outstanding at the end of the third quarter.
Full Year 2004
Sales for the year totaled $712.3 million, up $14.4 million, or 2.1%,
    from 2003. A sales decline in CCG due to pricing pressures was more than
    offset by strong growth in IPFG's digital print finishing and commercial
    films businesses. Increased Europe Group sales were primarily due to changes
    in foreign exchange rates.
The Company's gross profit margin decreased by 1.1 percentage points in
    2004 to 38.9%. This decrease reflects the impact of pricing pressures in the
    office products and commercial films markets, as well as increased raw
    material costs.
Selling, service and administrative expenses were roughly flat in 2004
    at $225.6 million. Reduced Corporate expenses offset increases within each
    of the three business groups attributable to the adverse effect of foreign
    exchange rates on international expenses and higher sales.
Equity in earnings from joint ventures was $1.3 million in 2004,
    principally due to strong results from the Company's joint venture in
    Australia.
Total segment operating income was $53.0 million, down $1.7 million, or
    3.0% compared to last year. Increased income in IPFG and Europe, and reduced
    Corporate operating expenses were more than offset by reduced operating
    income at CCG.
The results for the year included restructuring and other charges of
    $2.5 million, compared to $15.8 million in 2003.
Interest expense for the year was $25.9 million, down $8.5 million from
    2003 due to lower interest rates on the Company's borrowings as a result of
    the June 2003 debt refinancings, as well as lower average borrowings during
    the year.
Income tax expense was $9.1 million for the year, compared to $7.6
    million in 2003.
Net income of $0.88 per share was reported in 2004, compared to a net
    loss of $(0.20) per share in 2003.
Total net debt decreased by $9.8 million in 2004.
Conference Call
On February 10, 2004, at 10:00 a.m. Central Time, GBC's management will host
a conference call to discuss the Company's fourth quarter and full year 2004
results. The live presentation and an archived replay will be available via an
internet webcast and can be accessed from the investor relations section of
GBC's website at http://www.gbc.com or from
www.streetevents.com.
GBC is a world leader in products that bind, laminate, and display
information enabling people to accomplish more at work, school and home. GBC's
products are marketed in over 100 countries under the GBC, Quartet, and Ibico
brands. These products are designed to help people enhance printed materials and
organize and communicate ideas.
This press release includes forward-looking statements involving
uncertainties and risks, and there can be no assurance that actual results will
not differ from the Company's expectations. The words "should," "believes,"
"anticipates," "plans," "may," "expects" and other expressions that indicate
future events and trends identify forward-looking statements. Factors that could
cause materially-different results include, among other things, competition
within the office products and lamination film products markets, effects of
general economic conditions, the restructuring activities associated with the
integration and go-to-market strategies of the Company's business units, the
ability of the Company's distributors to successfully market the Company's
products and other risks described in the Company's filings with the S.E.C. The
Company assumes no obligation to update its forward-looking statements.
Contact: Tony Giuliano, Treasurer and Director, Investor Relations
(847) 291-5451
inv-rel@gbc.com (E-mail)
www.gbc.com (GBC's website)
Exhibit A to
2004 Q4 Earnings Release
GENERAL BINDING CORPORATION
THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2004
(Amounts in Thousands except Per Share
    Amounts)
Three Months Ended
Twelve Months Ended
December 31,
December 31,
CONSOLIDATED SUMMARY OF INCOME
2004
2003
2004
2003
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
Net sales
$ 191,164
$ 182,231
$ 712,318
$697,908
Cost of sales:
Product cost of sales, including development
and engineering
116,621
108,468
434,908
418,665
Selling, service and administrative
56,188
54,873
225,631
224,552
Equity (earnings) losses from joint ventures
483
593
(1,267)
(12)
Restructuring and other:
Restructuring
-
1,313
851
11,102
Other
850
4,679
1,690
4,697
Interest expense
5,848
7,317
25,923
34,408
Other  expense, net
834
275
706
156
Income before taxes
10,340
4,713
23,876
4,368
Income tax expense
3,788
7,820
9,114
7,630
Net  income (loss)
$ 6,552
======
$ (3,107)
=====
$  14,762
======
$  (3,262)
=======
Earnings (loss) per share:
Basic
$   0.40
=====
$ ( 0.19)
====
$  0.91
=====
$ (0.20)
=====
Diluted
$   0.39
=====
$  (0.19)
====
$  0.88
=====
$ (0.20)
=====
Avg. common shares outstanding (basic)
16,210
16,013
16,171
15,978
Avg. common shares outstanding (diluted)
16,804
16,013
16,839
15,978
Exhibit B to
2004 Q4 Earnings Release
GENERAL BINDING CORPORATION
SEGMENT INFORMATION
(Amounts in Thousands)
Net Sales
Net Sales
Three Months Ended
Twelve Months Ended
December 31,
December 31,
2004
2003
2004
2003
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
Commercial and Consumer Group
$ 118,675
$ 120,388
$ 447,011
$ 460,243
Industrial and Print Finishing Group
42,471
34,973
157,447
137,064
Europe
30,018
26,870
107,860
100,601
Total
$ 191,164
=======
$ 182,231
=======
$ 712,318
=======
$ 697,908
=======
Segment
Segment
Operating Income (1)
Operating Income (1)
Three Months Ended
Twelve Months Ended
December 31,
December 31,
2004
2003
2004
2003
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
Commercial and Consumer Group
$ 13,822
$ 17,778
$ 48,142
$ 59,211
Industrial and Print Finishing Group
5,815
3,968
21,563
17,965
Europe
3,638
3,406
6,880
6,085
Unallocated corporate items
(5,403)
(6,855
(23,539
(28,548)
Total
$ 17,872
======
$ 18,297
======
$ 53,046
======
$ 54,713
======
Reconciliation of Segment Operating
    Income
Three Months Ended
Twelve Months Ended
December 31,
December 31,
2004
2003
2004
2003
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
Total segment operating income
$ 17,872
$ 18,297
$ 53,046
$ 54,713
Interest expense
5,848
7,317
25,923
34,408
Restructuring and other expenses
850
5,992
2,541
15,781
Other  expense
834
275
706
156
Income

      before taxes
$ 10,340
=====
$ 4,713
=====
$ 23,876
=====
$  4,368
=====
Notes:
(1)
Segment operating income is defined as net sales less product cost of
      sales, selling, service and adminstrative exepenses and equity in earnings
      of joint ventures.  Restructuring and other expenses are not included
      in segment results.  Additionally, certain expeneses of a corporate
      nature and certain shared expenses are not allocated to the business
      groups.
Exhibit C to
2004 Q4 Earnings Release
GENERAL BINDING CORPORATION
BALANCE SHEET
(Amounts in Thousands)
December 31,
December 31,
CONDENSED BALANCE SHEET
2004
2003
Assets
(Unaudited)
Current assets:
Cash and equivalents
$ 6,259
$   9,568
Receivables, net
141,445
128,391
Inventories, net
97,996
86,240
Other
29,629
33,914
Total current assets
275,329
258,113
Capital assets, net
84,693
94,986
Other assets
177,013
176,251
Total Assets
$ 537,035
=======
$ 529,350
=======
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable
$ 49,758
$ 51,253
Accrued liabilities
88,734
85,119
Notes payable and current maturities
33,713
19,995
Total current liabilities
172,205
156,367
Long-term debt less current maturities
255,165
282,019
Other long-term liabilities
35,578
36,755
Total stockholders' equity
74,087
54,209
Total Liabilities and Stockholders' Equity
$ 537,035
=======
$ 529,350
=======
SELECTED FINANCIAL INFORMATION
(Amounts in Thousands)
Three Months Ended
Twelve Months Ended
December 31,
December 31,
2004
2003
2004
2003
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
Depreciation and amortization expense
$ 4,447
=====
$ 5,256
=====
$ 21,549
======
$ 25,162
======
Capital expenditures
$ 1,575
=====
$ 2,518
=====
$  7,347
======
$  8,468
======