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<P align=center><font face="Times New Roman">UNITED STATES <BR>SECURITIES AND EXCHANGE
COMMISSION<BR>Washington, D.C. 20549</font></P>
<P align=center><font face="Times New Roman">FORM 8-K</font></P>
<P align=center><font face="Times New Roman">CURRENT REPORT</font></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 face="Times New Roman">Report as of April 27, 2005<br>
(Events as of April 27, 2005)</FONT></P><B>
<P align=center><font face="Times New Roman">GENERAL BINDING CORPORATION</font></B><FONT size=2><BR>(Exact name of
registrant as specified in its charter)</FONT></P><B>
<P align=center><font face="Times New Roman">Delaware</font></B><font face="Times New Roman"><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><FONT
size=2><font face="Times New Roman">Commission File Number)&nbsp;<BR></font></P>
</FONT><B>
<P align=center><font face="Times New Roman">36-0887470</font></B><FONT size=2><font face="Times New Roman"><BR>(I.R.S. employer identification
No.)</font></P></FONT><B>
<P align=center><font face="Times New Roman">One GBC Plaza,<BR>Northbrook, Illinois 60062</font></B><FONT
size=2><font face="Times New Roman"><BR>(Address of principal executive offices, including zip
code)</font></P></FONT><B>
<P align=center><font face="Times New Roman">(847) 272-3700</font></B><FONT size=2><BR>(Registrant's telephone
number, including area code)</FONT></P>
<P align=center><font face="Times New Roman"><b>Not Applicable<br>
</b><font size="2">(Former name or former address, if changed since last report)</font></font></P>
<P align=left><font size="2" face="Times New Roman">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" face="Times New Roman">[X] Written communications pursuant to Rule 425
under the Securities Act (17 CFR 230.425)</font></P>
<P align=left><font size="2" face="Times New Roman">[X] Soliciting material pursuant to Rule 14a-12
under the Exchange Act (17 CFR 240.14a-12)</font></P>
<P align=left><font size="2" face="Times New Roman">[ ] 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" face="Times New Roman">[ ] 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><font face="Times New Roman">Item 2.02. Results of Operations and Financial Conditions.</font></u></P></B>
<p><font face="Times New Roman">On April 27, 2005, General Binding Corporation issued a press release
announcing its earnings for the three months ended March
31, 2005.&nbsp; A
copy of that release is furnished as Exhibit 99.1 to this report.</font></p>
<p><font face="Times New Roman">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.</font></p>
</FONT>
<B><FONT size=2>
<P><font face="Times New Roman"><u>Item 9.01 Financial Statements and Exhibits.</u></font></FONT></B><FONT size=2><font face="Times New Roman"><BR><BR>(c)
Exhibits.</font></P><font face="Times New Roman">99.1&nbsp; Press release dated
April 27, 2005 of the Registrant.<BR></font>&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;
April 27, 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 April 27, 2005 of the Registrant.</font></p>
<p>&nbsp;</p>
</FONT>
<hr>
<P align=right><b>Exhibit 99.1</b> </P>
<FONT size=2>
<B>
<P align=center><font face="Times New Roman">GBC REPORTS 1<SUP>st</SUP> QUARTER 2005 RESULTS</font></P></B>
<P><font face="Times New Roman">Northbrook, IL, April 27, 2005 -- General Binding Corporation
(Nasdaq: GBND)
today announced results for the first quarter of 2005. Company sales totaled
$180.2 million, a 5.4% increase over the same period prior year. Net income was
negatively impacted by $2.5 million of special charges related to the pending
merger with a subsidiary of ACCO World Corporation as announced on March 16,
2005, and $1.1 million of restructuring charges. After these charges, the
Company reported a net loss of ($3.4) million, or ($0.21) per share.</font></P>
<P><font face="Times New Roman">&quot;GBC has started 2005 with good sales momentum," said Mr. Dennis Martin, the
Company's Chairman, President and CEO. "All three business units achieved
increased sales even after adjusting for changes in foreign exchange rates.
Driven by strong end-user demand, the Commercial and Consumer Group (&quot;CCG&quot;)
improved sales to several of its large office products reseller customers and
the Industrial and Print Finishing Group (&quot;IPFG&quot;) continued its impressive
growth trend with higher sales in both its global commercial films and digital
print finishing businesses."</font></P>
<P><font face="Times New Roman">"The pending merger with ACCO is progressing as planned," added Mr. Martin.
"We are still expecting a summer close."</font> </P><B><U>
<P><font face="Times New Roman">1st Quarter 2005 Results</font></P></U>
</B>
<P><font face="Times New Roman">Financial results for the quarter include the following highlights:</font></P>
<UL>
  <UL>
    <LI><font face="Times New Roman">Sales totaled $180.2 million, up $9.2 million or 5.4% from the first
    quarter of 2004. The Company reported increased sales in each of its
    business units, highlighted by continued double-digit growth in IPFG.
    International sales within all business groups were positively affected by
    exchange rate fluctuations.</font>
    <LI><font face="Times New Roman">The Company's gross profit margin decreased by 0.4 percentage points to
    37.8% compared to the first quarter of the prior year. The largest decrease
    in margin rate was in the Europe Group which has been subject to competitive
    pricing pressures.</font>
    <LI><font face="Times New Roman">Selling, service and administrative expenses were up $4.1 million due to
    a combination of several factors, the most significant of which was higher
    non-cash compensation expense tied to GBC's stock price, which increased
    considerably after the proposed merger announcement. In addition, selling,
    service and administrative expenses were unfavorably affected by increased
    medical costs, the translation of international expenses using the weakened
    US dollar, and higher variable selling expenses due to higher sales levels.</font>
    <LI><font face="Times New Roman">Total segment operating income was $8.0 million, down $0.9 million from
    the same period in 2004, as strong results in the business units as a whole
    were more than offset by increased corporate operating expenses as discussed
    above.</font>
    <LI><font face="Times New Roman">Current quarter special charges of $2.5 million were primarily
    professional fees incurred in connection with the pending merger.
    Restructuring expenses of $1.1 million primarily related to the costs of
    exiting a facility in the UK and a European workforce reduction. The Company
    recorded restructuring charges of $0.8 million in the first quarter of 2004.</font>

    <LI><font face="Times New Roman">Interest expense totaled $6.7 million for the quarter, consistent with
    prior year levels.</font>
    <LI><font face="Times New Roman">The Company recorded income tax expense of $0.2 million for the
    quarter.&nbsp;</font>
    <LI><font face="Times New Roman">For the quarter, the Company reported a net loss of ($3.4) million, or
    ($0.21) per share, compared to net income of $0.03 per share in 2004.</font>
    <LI><font face="Times New Roman">Total net debt at the end of the quarter, adjusted for cash and
    equivalents, was $284.5 million, up $1.9 million from the amount outstanding
    at year-end.</font></LI></UL></UL><B><U>
<P><font face="Times New Roman">Conference Call</font></P></U>
</B>
<P><font face="Times New Roman">On April 28, 2005, at 10:00 a.m. Central Time, GBC's management will host a
conference call to discuss the Company's first quarter 2005 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.</font></P>
<P><font face="Times New Roman">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.</font></P><I>
<P><font face="Times New Roman">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, issues associated with the restructuring of certain
of GBC's operations, the ability of the Company's distributors to successfully
market the Company's products, the ability of GBC to obtain capital to finance
anticipated operating requirements, the availability and price of raw materials,
dependence on certain suppliers of manufactured products, the effect of
consolidation in the office products industry, 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.</font></P>
<P><font face="Times New Roman">This material is not a substitute for the registration statement ACCO and GBC
will file with the Securities and Exchange Commission in connection with the
transaction, or the proxy statement/prospectus-information statement to be
mailed to stockholders. Investors are urged to read the proxy
statement/prospectus-information statement which will contain important
information, including detailed risk factors, when it becomes available. The
proxy statement/prospectus-information statement and other documents which will
be filed by Fortune Brands, ACCO and GBC with the Securities and Exchange
Commission will be available free of charge at the SEC's website, www.sec.gov, or by directing a request when such a filing is made to ACCO World
Corporation, 300 Tower Parkway, Lincolnshire, IL, 60069, Attention: Investor
Relations; or by directing a request when such a filing is made to General
Binding Corporation, One GBC Plaza, Northbrook, IL, 60062, Attention: Investor
Relations.</font></P>
<P><font face="Times New Roman">GBC, its directors, and certain of its executive officers may be considered
participants in the solicitation of proxies in connection with the proposed
transaction. Information about the participants in the solicitation will be set
forth in the proxy statement/prospectus-information statement when it becomes
available.</font></P></I>
<P><font face="Times New Roman">Contact: Tony Giuliano, Treasurer and Director, Investor Relations<br>
(847) 291-5451<br>
inv-rel@gbc.com (E-mail)<br>
www.gbc.com (GBC's website)</font></P>
<P>&nbsp;</P>
<B>
<P align=right>
Exhibit A to<br>
2005 Q1 Earnings Release</P>
</B>
<div align="center">
  <center>
<TABLE borderColor=#000000 cellSpacing=0 cellPadding=0 width=618 border=0 height="150" style="border-collapse: collapse">
  <TR>
    <TD vAlign=top colSpan=6 height=21 width="583"><B>
      <P align=center>GENERAL BINDING CORPORATION</B></P></TD></TR>
  <TR>
    <TD vAlign=top colSpan=6 height=21 width="583"><B>
      <P align=center>THREE MONTHS ENDED MARCH 31, 2005</B></P></TD></TR>
  <TR>
    <TD vAlign=top colSpan=6 height=20 width="583">
      <P align=center>(Amounts in Thousands except Per Share
    Amounts)</P></TD></TR>
  <TR>
    <TD vAlign=top width="25" height=21>
      <P></P></TD>
    <TD vAlign=top width="51" height=21>
      <P></P></TD>
    <TD vAlign=top width="350" height=21>
      <P></P></TD>
    <TD vAlign=top width="174" colSpan=3 height=21><B>
      <P align=center>Three Months Ended<br>
      March 31,</B></P></TD></TR>
  <TR>
    <TD vAlign=top width="430" colSpan=3 height=21><B><U>
      <P>CONDENSED CONSOLIDATED INCOME STATEMENT</U></B></P></TD>
    <TD vAlign=top width="75" height=21><B>
      <P align=center><u>&nbsp;&nbsp; 2005&nbsp;&nbsp;&nbsp;</u> </B></P></TD>
    <TD vAlign=top width="13" height=21>
      <P></P></TD>
    <TD vAlign=top width="92" height=21><B>
      <P align=center><u>&nbsp;&nbsp;&nbsp; 2004&nbsp;&nbsp;&nbsp;</u> </B></P></TD></TR>
  <TR>
    <TD vAlign=top width="25" height=15>
      <P></P></TD>
    <TD vAlign=top width="51" height=15>
      <P></P></TD>
    <TD vAlign=top width="350" height=15>
      <P></P></TD>
    <TD vAlign=top width="75" height=15>
      <P align=center><FONT size=2>
      (Unaudited)</FONT></P></TD>
    <TD vAlign=top width="13" height=15>
      <P></P></TD>
    <TD vAlign=top width="92" height=15>
      <P align=center><FONT size=2>
      (Unaudited)</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="78" colSpan=2 height=21>
      <P>Net sales</P></TD>
    <TD vAlign=top width="350" height=21>
      <P></P></TD>
    <TD vAlign=top width="75" height=21>
      <P align=right>$ 180,152</P></TD>
    <TD vAlign=top width="13" height=21>
      <P></P></TD>
    <TD vAlign=top width="75" height=21>
      <P align=right>$ 170,931</P></TD>
    </TR>
  <TR>
    <TD vAlign=top width="430" colSpan=3 height=21>
      <P>Cost of sales:</P></TD>
    <TD vAlign=top width="75" height=21>
      <P></P></TD>
    <TD vAlign=top width="13" height=21>
      <P></P></TD>
    <TD vAlign=top width="75" height=21>
      <P></P></TD>
    </TR>
  <TR>
    <TD vAlign=top width="25" height=18>
      <P></P></TD>
    <TD vAlign=top width="403" colSpan=2 height=18>
      <P>Product cost of sales, including development and
    engineering</P></TD>
    <TD vAlign=top width="75" height=18>
      <p align="right">112,088</TD>
    <TD vAlign=top width="13" height=18>
      <P></P></TD>
    <TD vAlign=top width="75" height=18>
      <P align=right>
      105,606</P></TD>
    </TR>
  <TR>
    <TD vAlign=top width="430" colSpan=3 height=21>
      <P>Selling, service and administrative</P></TD>
    <TD vAlign=top width="75" height=21>
      <p align="right">60,612</TD>
    <TD vAlign=top width="13" height=21>
      <P></P></TD>
    <TD vAlign=top width="75" height=21>
      <p align="right">56,554</TD>
    </TR>
  <TR>
    <TD vAlign=top width="430" colSpan=3 height=21>
      Equity in (earnings) of joint ventures</TD>
    <TD vAlign=top width="75" height=21>
      <p align="right">(559)</TD>
    <TD vAlign=top width="13" height=21>
      <P></P></TD>
    <TD vAlign=top width="75" height=21>
      <p align="right">(167)</TD>
    </TR>
  <TR>
    <TD vAlign=top width="430" colSpan=3 height=21>
      Restructuring and other:</TD>
    <TD vAlign=top width="75" height=21 align="right">
      &nbsp;</TD>
    <TD vAlign=top width="13" height=21 align="right">
      &nbsp;</TD>
    <TD vAlign=top width="75" height=21 align="right">
      &nbsp;</TD>
    </TR>
  <TR>
    <TD vAlign=top width="430" colSpan=3 height=21>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructuring</TD>
    <TD vAlign=top width="75" height=21>
      <p align="right">1,103</TD>
    <TD vAlign=top width="13" height=21>
      &nbsp;</TD>
    <TD vAlign=top width="75" height=21>
      <p align="right">823</TD>
    </TR>
  <TR>
    <TD vAlign=top width="430" colSpan=3 height=21>
<FONT size=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>

      Other</TD>
    <TD vAlign=top width="75" height=21>
      <p align="right">2,507</TD>
    <TD vAlign=top width="13" height=21>
      &nbsp;</TD>
    <TD vAlign=top width="75" height=21>
      <p align="right">-</TD>
    </TR>
  <TR>
    <TD vAlign=top width="430" colSpan=3 height=21>
      <P>Interest expense</P></TD>
    <TD vAlign=top width="75" height=21>
      <p align="right">6,694</TD>
    <TD vAlign=top width="13" height=21>
      <P></P></TD>
    <TD vAlign=top width="75" height=21>
      <P align=right>6,792</P></TD>
    </TR>
  <TR>
    <TD vAlign=top width="430" colSpan=3 height=21>
      <P>Other  expense, net</P></TD>
    <TD vAlign=top width="75" height=21>
      <p align="right"><u>&nbsp;991</u></TD>
    <TD vAlign=top width="13" height=21>
      <P></P></TD>
    <TD vAlign=top width="75" height=21>
      <P align=right><u>345</u></P></TD>
    </TR>
  <TR>
    <TD vAlign=top width="25" height=1>
      <P></P></TD>
    <TD vAlign=top width="51" height=1>
      <P></P></TD>
    <TD vAlign=top width="350" height=1>
      <P>(Loss) income before taxes </P></TD>
    <TD vAlign=top width="75" height=1>
      <p align="right">(3,284)</TD>
    <TD vAlign=top width="13" height=1>
      <P></P></TD>
    <TD vAlign=top width="75" height=1>
      <P align=right>978</P></TD>
    </TR>
  <TR>
    <TD vAlign=top width="430" colSpan=3 height=21>
      <P>Income taxes expense</P></TD>
    <TD vAlign=top width="75" height=21>
      <p align="right"><u>151</u></TD>
    <TD vAlign=top width="13" height=21>
      <P></P></TD>
    <TD vAlign=top width="75" height=21>
      <P align=right><u>528</u></P></TD>
    </TR>
  <TR>
    <TD vAlign=top width="25" height=21>
      <P></P></TD>
    <TD vAlign=top width="51" height=21>
      <P></P></TD>
    <TD vAlign=top width="350" height=21>
      <P>Net (Loss) income </P></TD>
    <TD vAlign=top width="75" height=21>
      <P align=right>$&nbsp; (3,435)&nbsp; <br>
      =======</P></TD>
    <TD vAlign=top width="13" height=21>
      <P></P></TD>
    <TD vAlign=top width="75" height=21>
      <P align=right>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 450<br>
      =======</P></TD>
    </TR>
  <TR>
    <TD vAlign=top width="430" colSpan=3 height=21>
      <P>(Loss) earnings per share:</P></TD>
    <TD vAlign=top width="75" height=21>
      <P></P></TD>
    <TD vAlign=top width="13" height=21>
      <P></P></TD>
    <TD vAlign=top width="75" height=21>
      <P></P></TD>
    </TR>
  <TR>
    <TD vAlign=top width="25" height=21>
      <P></P></TD>
    <TD vAlign=top width="403" colSpan=2 height=21>
      <P>Basic and diluted</P></TD>
    <TD vAlign=top width="75" height=21>
      <P align=right>$ (0.21)<br>
      =====</P></TD>
    <TD vAlign=top width="13" height=21>
      <P></P></TD>
    <TD vAlign=top width="75" height=21>
      <P align=right>$ 0.03<br>
      =====</P></TD>
    </TR>
  <TR>
    <TD vAlign=top width="430" colSpan=3 height=21>
      <P>Avg. common shares outstanding (basic)</P></TD>
    <TD vAlign=top width="75" height=21>
      <p align="right">16,300</TD>
    <TD vAlign=top width="13" height=21>
      <P></P></TD>
    <TD vAlign=top width="75" height=21>
      <P align=right>16,111 </P></TD>
    </TR>
  <TR>
    <TD vAlign=top width="430" colSpan=3 height=21>
      <P>Avg. common shares outstanding (diluted)</P></TD>
    <TD vAlign=top width="75" height=21>
      <p align="right">16,300</TD>
    <TD vAlign=top width="13" height=21>
      <P></P></TD>
    <TD vAlign=top width="75" height=21>
      <P align=right>16,881 </P></TD>
    </TR>
  <TR>
    <TD vAlign=top width="25" height=21>
      <P></P></TD>
    <TD vAlign=top width="51" height=21>
      <P></P></TD>
    <TD vAlign=top width="350" height=21>
      <P></P></TD>
    <TD vAlign=top width="75" height=21>
      <P></P></TD>
    <TD vAlign=top width="13" height=21>
      <P></P></TD>
    <TD vAlign=top width="92" height=21>
      <P></P></TD></TR>
  </TABLE>
  </center>
</div>
<P align="center">&nbsp;</P>
<P align="right"><b>Exhibit B to<br>
2005 Q1 Earnings Release</b></P>
<div align="center">
  <center>
<TABLE borderColor=#000000 cellSpacing=0 cellPadding=0 width=631 border=0 height="150" style="border-collapse: collapse">
  <TR>
    <TD vAlign=top colSpan=10 height=21 width="600"><B>
      <P align=center>GENERAL BINDING CORPORATION</B></P></TD></TR>
  <TR>
    <TD vAlign=top colSpan=10 height=21 width="600"><B>
      <P align=center>SEGMENT INFORMATION</B></P></TD></TR>
  <TR>
    <TD vAlign=top colSpan=10 height=20 width="600">
      <P align=center>(Amounts in Thousands)</P></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=23>
      <P></P></TD>
    <TD vAlign=top width="248" height=23>
      <P></P></TD>
    <TD vAlign=top width="164" height=23 colspan="3"><B>
      <P align=center><br>
      Net</B> <B>Sales</B></P></TD>
    <TD vAlign=top width="2" height=23>
      <P></P></TD>
    <TD vAlign=top width="3" height=23>
      <P></P></TD>
    <TD vAlign=top width="179" colSpan=3 height=23><B>
      <P align=center>Segment&nbsp;<br>
      Operating Income (1)</B></P></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=40>
      <P></P></TD>
    <TD vAlign=top width="248" height=40>
      <P></P></TD>
    <TD vAlign=top width="167" colSpan=3 height=40><B>
      <P align=center>Three Months Ended<br>
      March 31,</B></P></TD>
    <TD vAlign=top width="2" height=40>
      <P></P></TD>
    <TD vAlign=top width="3" height=40>
      <P></P></TD>
    <TD vAlign=top width="179" colSpan=3 height=40><B>
      <P align=center>Three Months&nbsp;Ended&nbsp;<br>
      March 31,</B></P></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=21>
      <P></P></TD>
    <TD vAlign=top width="248" height=21>
      <P></P></TD>
    <TD vAlign=top width="75" height=21><B>
      <P align=center><u>&nbsp;&nbsp; 2005&nbsp;&nbsp;</u> </B></P></TD>
    <TD vAlign=top width="10" height=21>
      <P></P></TD>
    <TD vAlign=top width="79" height=21><B>
      <P align=center><u>&nbsp;&nbsp; 2004&nbsp;&nbsp;&nbsp;</u> </B></P></TD>
    <TD vAlign=top width="2" height=21>
      <P></P></TD>
    <TD vAlign=top width="3" height=21>
      <P></P></TD>
    <TD vAlign=top width="86" height=21><B>
      <P align=center><u>&nbsp;&nbsp; 2005&nbsp;&nbsp;</u></B></P></TD>
    <TD vAlign=top width="1" height=21>
      <P></P></TD>
    <TD vAlign=top width="96" height=21><B>
      <P align=center><u>&nbsp;&nbsp; 2004&nbsp;&nbsp;</u></B></P></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=21>
      <P></P></TD>
    <TD vAlign=top width="248" height=21>
      <P></P></TD>
    <TD vAlign=top width="87" colSpan=2 height=21>
      <P align=center><FONT size=2>
      (Unaudited)</FONT></P></TD>
    <TD vAlign=top width="87" colSpan=3 height=21>
      <P align=center><FONT size=2>
      (Unaudited)</FONT></P></TD>
    <TD vAlign=top width="86" height=21>
      <P align=center><FONT size=2>
      (Unaudited)</FONT></P></TD>
    <TD vAlign=top width="1" height=21>
      <P></P></TD>
    <TD vAlign=top width="96" height=21>
      <P align=center><FONT size=2>
      (Unaudited)</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=21>
      <P></P></TD>
    <TD vAlign=top width="248" height=21>
      <P>Commercial and Consumer Group</P></TD>
    <TD vAlign=top width="75" height=21>
      <P align=right>$ 108,276</P></TD>
    <TD vAlign=top width="10" height=21>
      <P></P></TD>
    <TD vAlign=top width="75" height=21>
      <P align=right>$ 105,428</P></TD>
    <TD vAlign=top width="2" height=21>
      <P></P></TD>
    <TD vAlign=top width="3" height=21>
      <P></P></TD>
    <TD vAlign=top width="86" height=21>
      <P align="right">$ 8,840</P></TD>
    <TD vAlign=top width="1" height=21>
      <P></P></TD>
    <TD vAlign=top width="86" height=21>
      <P align="right">$ 8,652</P></TD>
    </TR>
  <TR>
    <TD vAlign=top width="20" height=21>
      <P></P></TD>
    <TD vAlign=top width="248" height=21>
      <P>Industrial and Print Finishing Group</P></TD>
    <TD vAlign=top width="75" height=21>
      <p align="right">41,998</TD>
    <TD vAlign=top width="10" height=21>
      <P></P></TD>
    <TD vAlign=top width="75" height=21>
      <P align=right>37,803</P></TD>
    <TD vAlign=top width="2" height=21>
      <P></P></TD>
    <TD vAlign=top width="3" height=21>
      <P></P></TD>
    <TD vAlign=top width="86" height=21>
      <p align="right">5,756</TD>
    <TD vAlign=top width="1" height=21>
      <P></P></TD>
    <TD vAlign=top width="86" height=21>
      <p align="right">4,858</TD>
    </TR>
  <TR>
    <TD vAlign=top width="20" height=21>
      <P></P></TD>
    <TD vAlign=top width="248" height=21>
      <P>Europe</P></TD>
    <TD vAlign=top width="75" height=21>
      <p align="right">29,878</TD>
    <TD vAlign=top width="10" height=21>
      <P></P></TD>
    <TD vAlign=top width="75" height=21>
      <P align=right>27,700</P></TD>
    <TD vAlign=top width="2" height=21>
      <P></P></TD>
    <TD vAlign=top width="3" height=21>
      <P></P></TD>
    <TD vAlign=top width="86" height=21>
      <p align="right">1,805</TD>
    <TD vAlign=top width="1" height=21>
      <P></P></TD>
    <TD vAlign=top width="86" height=21>
      <P align=right>2,150</P></TD>
    </TR>
  <TR>
    <TD vAlign=top width="20" height=21>
      <P></P></TD>
    <TD vAlign=top width="248" height=21>
      <P>Unallocated corporate items</P></TD>
    <TD vAlign=top width="75" height=21>
      <P align=right><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      -&nbsp;</u></P></TD>
    <TD vAlign=top width="10" height=21>
      <P></P></TD>
    <TD vAlign=top width="75" height=21>
      <P align=right><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      -&nbsp;</u></P></TD>
    <TD vAlign=top width="2" height=21>
      <P></P></TD>
    <TD vAlign=top width="3" height=21>
      <P></P></TD>
    <TD vAlign=top width="86" height=21>
      <P align=right><u>&nbsp;(8,390)</u></P></TD>
    <TD vAlign=top width="1" height=21>
      <P></P></TD>
    <TD vAlign=top width="86" height=21>
      <P align=right><u>&nbsp;(6,722)</u></P></TD>
    </TR>
  <TR>
    <TD vAlign=top width="20" height=21>
      <P></P></TD>
    <TD vAlign=top width="248" height=21>
      <P>&nbsp;&nbsp;&nbsp;&nbsp; Total</P></TD>
    <TD vAlign=top width="75" height=21>
      <P align=right>$ 180,152<br>
      =======</P></TD>
    <TD vAlign=top width="10" height=21>
      <P></P></TD>
    <TD vAlign=top width="75" height=21>
      <P align=right>$ 170,931<br>
      =======</P></TD>
    <TD vAlign=top width="2" height=21>
      <P></P></TD>
    <TD vAlign=top width="3" height=21>
      <P></P></TD>
    <TD vAlign=top width="86" height=21>
      <P align="right">$ 8,011<br>
      ======</P></TD>
    <TD vAlign=top width="1" height=21>
      <P></P></TD>
    <TD vAlign=top width="86" height=21>
      <P align="right">$ 8,938<br>
      ======</P></TD>
    </TR>
  <TR>
    <TD vAlign=top width="20" height=11>
      </TD>
    <TD vAlign=top width="248" height=11>
      </TD>
    <TD vAlign=top width="75" height=11>
      </TD>
    <TD vAlign=top width="10" height=11>
      </TD>
    <TD vAlign=top width="79" height=11>
      </TD>
    <TD vAlign=top width="2" height=11>
      </TD>
    <TD vAlign=top width="3" height=11>
      </TD>
    <TD vAlign=top width="179" colSpan=3 height=11></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=11>
      </TD>
    <TD vAlign=top width="248" height=11>
      </TD>
    <TD vAlign=top width="75" height=11>
      </TD>
    <TD vAlign=top width="10" height=11>
      </TD>
    <TD vAlign=top width="79" height=11>
      </TD>
    <TD vAlign=top width="2" height=11>
      </TD>
    <TD vAlign=top width="3" height=11>
      </TD>
    <TD vAlign=top width="179" colSpan=3 height=11>
    <p align="center"><b>Reconciliation of Segment Operating Income</b></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=40>
      <P></P></TD>
    <TD vAlign=top width="248" height=40>
      <P></P></TD>
    <TD vAlign=top width="75" height=40>
      <P></P></TD>
    <TD vAlign=top width="10" height=40>
      <P></P></TD>
    <TD vAlign=top width="79" height=40>
      <P></P></TD>
    <TD vAlign=top width="2" height=40>
      <P></P></TD>
    <TD vAlign=top width="3" height=40>
      <P></P></TD>
    <TD vAlign=top width="179" colSpan=3 height=40><B>
      <P align=center>Three Months Ended<br>
      March 31,</B></P></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=21>
      <P></P></TD>
    <TD vAlign=top width="248" height=21>
      <P></P></TD>
    <TD vAlign=top width="75" height=21>
      <P></P></TD>
    <TD vAlign=top width="10" height=21>
      <P></P></TD>
    <TD vAlign=top width="79" height=21>
      <P></P></TD>
    <TD vAlign=top width="2" height=21>
      <P></P></TD>
    <TD vAlign=top width="3" height=21>
      <P></P></TD>
    <TD vAlign=top width="86" height=21><B>
      <P align=center><u>&nbsp;&nbsp;&nbsp; 2005&nbsp;&nbsp;&nbsp;</u> </B></P></TD>
    <TD vAlign=top width="1" height=21>
      <P></P></TD>
    <TD vAlign=top width="96" height=21><B>
      <P align=center><u>&nbsp;&nbsp;&nbsp; 2004&nbsp;&nbsp;&nbsp;</u> </B></P></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=21>
      <P></P></TD>
    <TD vAlign=top width="248" height=21>
      <P></P></TD>
    <TD vAlign=top width="75" height=21>
      <P></P></TD>
    <TD vAlign=top width="10" height=21>
      <P></P></TD>
    <TD vAlign=top width="79" height=21>
      <P></P></TD>
    <TD vAlign=top width="2" height=21>
      <P></P></TD>
    <TD vAlign=top width="3" height=21>
      <P></P></TD>
    <TD vAlign=top width="86" height=21>
      <P align=center><FONT size=2>
      (Unaudited)</FONT></P></TD>
    <TD vAlign=top width="1" height=21>
      <P></P></TD>
    <TD vAlign=top width="96" height=21>
      <P align=center><FONT size=2>
      (Unaudited)</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=21>
      <P></P></TD>
    <TD vAlign=top width="248" height=21>
      <P>Total segment operating income</P></TD>
    <TD vAlign=top width="75" height=21>
      <P></P></TD>
    <TD vAlign=top width="10" height=21>
      <P></P></TD>
    <TD vAlign=top width="79" height=21>
      <P></P></TD>
    <TD vAlign=top width="2" height=21>
      <P></P></TD>
    <TD vAlign=top width="3" height=21>
      <P></P></TD>
    <TD vAlign=top width="86" height=21>
      <P align="right">$&nbsp; 8,011</P></TD>
    <TD vAlign=top width="1" height=21>
      <P></P></TD>
    <TD vAlign=top width="86" height=21>
      <P align="right">$&nbsp; 8,938</P></TD>
    </TR>
  <TR>
    <TD vAlign=top width="20" height=21>
      <P></P></TD>
    <TD vAlign=top width="248" height=21>
      <P>Interest expense</P></TD>
    <TD vAlign=top width="75" height=21>
      <P></P></TD>
    <TD vAlign=top width="10" height=21>
      <P></P></TD>
    <TD vAlign=top width="79" height=21>
      <P></P></TD>
    <TD vAlign=top width="2" height=21>
      <P></P></TD>
    <TD vAlign=top width="3" height=21>
      <P></P></TD>
    <TD vAlign=top width="86" height=21>
      <p align="right">6,694</TD>
    <TD vAlign=top width="1" height=21>
      <P></P></TD>
    <TD vAlign=top width="86" height=21>
      <P align=right>6,792</P></TD>
    </TR>
  <TR>
    <TD vAlign=top width="20" height=18>
      <P></P></TD>
    <TD vAlign=top width="297" colSpan=2 height=18>
      <P>Restructuring and other expenses</P></TD>
    <TD vAlign=top width="10" height=18>
      <P></P></TD>
    <TD vAlign=top width="79" height=18>
      <P></P></TD>
    <TD vAlign=top width="2" height=18>
      <P></P></TD>
    <TD vAlign=top width="3" height=18>
      <P></P></TD>
    <TD vAlign=top width="86" height=18>
      <p align="right">3,610</TD>
    <TD vAlign=top width="1" height=18>
      <P></P></TD>
    <TD vAlign=top width="86" height=18>
      <P align=right>823</P></TD>
    </TR>
  <TR>
    <TD vAlign=top width="20" height=21>
      <P></P></TD>
    <TD vAlign=top width="248" height=21>
      <P>Other expense  </P></TD>
    <TD vAlign=top width="75" height=21>
      <P></P></TD>
    <TD vAlign=top width="10" height=21>
      <P></P></TD>
    <TD vAlign=top width="79" height=21>
      <P></P></TD>
    <TD vAlign=top width="2" height=21>
      <P></P></TD>
    <TD vAlign=top width="3" height=21>
      <P></P></TD>
    <TD vAlign=top width="86" height=21>
      <p align="right"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 991</u></TD>
    <TD vAlign=top width="1" height=21>
      <P></P></TD>
    <TD vAlign=top width="86" height=21>
      <p align="right"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 345</u></TD>
    </TR>
  <TR>
    <TD vAlign=top width="20" height=38>
      <P></P></TD>
    <TD vAlign=top width="386" colSpan=4 height=38>
      <P>Income (loss) before taxes</P></TD>
    <TD vAlign=top width="2" height=38>
      <P></P></TD>
    <TD vAlign=top width="3" height=38>
      <P></P></TD>
    <TD vAlign=top width="86" height=38 align="right">
      <P>
      $&nbsp;&nbsp;(3,284)<br>
      ======</P></TD>
    <TD vAlign=top width="1" height=38 align="right">
      <P></P></TD>
    <TD vAlign=top width="86" height=38 align="right">
      <P>
      $&nbsp;&nbsp;&nbsp;&nbsp; 978<br>
      ======</P></TD>
    </TR>
  <TR>
    <TD vAlign=top width="20" height=21>
      <P></P></TD>
    <TD vAlign=top width="248" height=21>
      <P></P></TD>
    <TD vAlign=top width="75" height=21>
      <P></P></TD>
    <TD vAlign=top width="10" height=21>
      <P></P></TD>
    <TD vAlign=top width="79" height=21>
      <P></P></TD>
    <TD vAlign=top width="2" height=21>
      <P></P></TD>
    <TD vAlign=top width="3" height=21>
      <P></P></TD>
    <TD vAlign=top width="86" height=21>
      <P align=right></P></TD>
    <TD vAlign=top width="1" height=21>
      <P></P></TD>
    <TD vAlign=top width="96" height=21>
      <P align=right></P></TD></TR>
  <TR>
    <TD vAlign=top width="270" colSpan=2 height=21><U>
      <P>Note:</U></P></TD>
    <TD vAlign=top width="75" height=21>
      <P></P></TD>
    <TD vAlign=top width="10" height=21>
      <P></P></TD>
    <TD vAlign=top width="79" height=21>
      <P></P></TD>
    <TD vAlign=top width="2" height=21>
      <P></P></TD>
    <TD vAlign=top width="3" height=21>
      <P></P></TD>
    <TD vAlign=top width="86" height=21>
      <P></P></TD>
    <TD vAlign=top width="1" height=21>
      <P></P></TD>
    <TD vAlign=top width="96" height=21>
      <P></P></TD></TR>
  <TR>
    <TD vAlign=top width="20" height=128>
      <P>(1)</P></TD>
    <TD vAlign=top width="578" colSpan=9 height=128>
      <P>Segment operating income is defined as net sales less product cost of
      sales, selling, service and administrative expenses and equity in earnings
      of joint ventures. Restructuring and other expenses are not included in segment results.
      Additionly, certain expenses of a corporate nature and certain shared
      expenses are not allocated to the business groups.</P>
      </TD></TR>
  </TABLE></center>
</div>
<P align="right"><b>Exhibit C to<br>
2004 Q1 Earnings Release</b></P>
<div align="center">
  <center>
<TABLE borderColor=#000000 cellSpacing=0 cellPadding=0 width=617 border=0 height="573">
  <TR>
    <TD vAlign=top colSpan=6 height=21 width="615"><B>
      <P align=center>GENERAL BINDING CORPORATION</B></P></TD></TR>
  <TR>
    <TD vAlign=top colSpan=6 height=21 width="615"><B>
      <P align=center>BALANCE SHEET </B></P></TD></TR>
  <TR>
    <TD vAlign=top colSpan=6 height=19 width="615">
      <P align=center>(Amounts in Thousands)</P></TD></TR>
  <TR>
    <TD vAlign=top width="380" colSpan=3 height=38><B><U>
      <P><br>
      CONDENSED CONSOLIDATED BALANCE SHEET </U></B></P></TD>
    <TD vAlign=top width="110" height=38><B>
      <P align=center>&nbsp;&nbsp;&nbsp; March 31,&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u><br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2005&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>&nbsp;&nbsp;</B></P></TD>
    <TD vAlign=top width="5" height=38>
      <P></P></TD>
    <TD vAlign=top width="114" height=38><B>
      <P align=center>&nbsp;&nbsp;December 31,&nbsp;&nbsp;&nbsp;<u><br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2004 &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;</u> </B></P></TD></TR>
  <TR>
    <TD vAlign=top width="56" colSpan=2 height=19></TD>
    <TD vAlign=top width="322" height=19>
      </TD>
    <TD vAlign=top width="110" height=19>
      <p align="center"><font size="2">&nbsp;(Unaudited)</font></TD>
    <TD vAlign=top width="5" height=19>
      </TD>
    <TD vAlign=top width="114" height=19>
      </TD></TR>
  <TR>
    <TD vAlign=top width="56" colSpan=2 height=19><B><U>
      <P>Assets</U></B></P></TD>
    <TD vAlign=top width="322" height=19>
      <P></P></TD>
    <TD vAlign=top width="110" height=19>
      <P></P></TD>
    <TD vAlign=top width="5" height=19>
      <P></P></TD>
    <TD vAlign=top width="114" height=19>
      <P></P></TD></TR>
  <TR>
    <TD vAlign=top width="380" colSpan=3 height=19>
      <P>Current assets:</P></TD>
    <TD vAlign=top width="110" height=19>
      <P></P></TD>
    <TD vAlign=top width="5" height=19>
      <P></P></TD>
    <TD vAlign=top width="114" height=19>
      <P></P></TD></TR>
  <TR>
    <TD vAlign=top width="31" height=19>
      <P></P></TD>
    <TD vAlign=top width="347" colSpan=2 height=19>
      <P>Cash and equivalents</P></TD>
    <TD vAlign=top width="110" height=19>
      <P align=right>$ 7,717</P></TD>
    <TD vAlign=top width="5" height=19>
      <P></P></TD>
    <TD vAlign=top width="114" height=19>
      <P align=right>$ 6,259</P></TD></TR>
  <TR>
    <TD vAlign=top width="31" height=19>
      <P></P></TD>
    <TD vAlign=top width="347" colSpan=2 height=19>
      <P>Receivables, net</P></TD>
    <TD vAlign=top width="110" height=19>
      <p align="right">146,973</TD>
    <TD vAlign=top width="5" height=19>
      <P></P></TD>
    <TD vAlign=top width="114" height=19>
      <p align="right">141,445</TD></TR>
  <TR>
    <TD vAlign=top width="31" height=19>
      <P></P></TD>
    <TD vAlign=top width="347" colSpan=2 height=19>
      <P>Inventories, net</P></TD>
    <TD vAlign=top width="110" height=19>
      <p align="right">100,359</TD>
    <TD vAlign=top width="5" height=19>
      <P></P></TD>
    <TD vAlign=top width="114" height=19>
      <p align="right">97,996</TD></TR>
  <TR>
    <TD vAlign=top width="31" height=19>
      <P></P></TD>
    <TD vAlign=top width="347" colSpan=2 height=19>
      <P>Other</P></TD>
    <TD vAlign=top width="110" height=19>
      <p align="right"><u>&nbsp;&nbsp; 25,936</u></TD>
    <TD vAlign=top width="5" height=19>
      <P></P></TD>
    <TD vAlign=top width="114" height=19>
      <p align="right"><u>&nbsp;&nbsp; 26,480</u></TD></TR>
  <TR>
    <TD vAlign=top width="31" height=19>
      <P></P></TD>
    <TD vAlign=top width="23" height=19>
      <P></P></TD>
    <TD vAlign=top width="322" height=19>
      <P>Total current assets</P></TD>
    <TD vAlign=top width="110" height=19>
      <p align="right">280.985</TD>
    <TD vAlign=top width="5" height=19>
      <P></P></TD>
    <TD vAlign=top width="114" height=19>
      <p align="right">272,180</TD></TR>
  <TR>
    <TD vAlign=top width="380" colSpan=3 height=19>
      <P>Capital assets, net</P></TD>
    <TD vAlign=top width="110" height=19>
      <p align="right">77,965</TD>
    <TD vAlign=top width="5" height=19>
      <P></P></TD>
    <TD vAlign=top width="114" height=19>
      <p align="right">84,693</TD></TR>
  <TR>
    <TD vAlign=top width="380" colSpan=3 height=19>
      <P>Other assets</P></TD>
    <TD vAlign=top width="110" height=19>
      <p align="right"><u>186,248</u></TD>
    <TD vAlign=top width="5" height=19>
      <P></P></TD>
    <TD vAlign=top width="114" height=19>
      <p align="right"><u>183,541</u></TD></TR>
  <TR>
    <TD vAlign=top width="31" height=38>
      <P></P></TD>
    <TD vAlign=top width="23" height=38>
      <P></P></TD>
    <TD vAlign=top width="322" height=38><B>
      <P>Total Assets</B></P></TD>
    <TD vAlign=top width="110" height=38>
      <P align=right>$ 545,198<br>
      =======</P></TD>
    <TD vAlign=top width="5" height=38>
      <P></P></TD>
    <TD vAlign=top width="114" height=38>
      <P align=right>$ 540,414<br>
      =======</P></TD></TR>
  <TR>
    <TD vAlign=top width="31" height=18>
      <P></P></TD>
    <TD vAlign=top width="23" height=18>
      <P></P></TD>
    <TD vAlign=top width="322" height=18>
      <P></P></TD>
    <TD vAlign=top width="110" height=18>
      <P></P></TD>
    <TD vAlign=top width="5" height=18>
      <P></P></TD>
    <TD vAlign=top width="114" height=18>
      <P></P></TD></TR>
  <TR>
    <TD vAlign=top width="380" colSpan=3 height=19><B><U>
      <P>Liabilities and Stockholders' Equity</U></B></P></TD>
    <TD vAlign=top width="110" height=19>
      <P></P></TD>
    <TD vAlign=top width="5" height=19>
      <P></P></TD>
    <TD vAlign=top width="114" height=19>
      <P></P></TD></TR>
  <TR>
    <TD vAlign=top width="380" colSpan=3 height=19>
      <P>Current liabilities:</P></TD>
    <TD vAlign=top width="110" height=19>
      <P></P></TD>
    <TD vAlign=top width="5" height=19>
      <P></P></TD>
    <TD vAlign=top width="114" height=19>
      <P></P></TD></TR>
  <TR>
    <TD vAlign=top width="31" height=19>
      <P></P></TD>
    <TD vAlign=top width="347" colSpan=2 height=19>
      <P>Accounts payable</P></TD>
    <TD vAlign=top width="110" height=19>
      <P align=right>$ 50,710</P></TD>
    <TD vAlign=top width="5" height=19>
      <P></P></TD>
    <TD vAlign=top width="114" height=19>
      <P align=right>$ 49,758</P></TD></TR>
  <TR>
    <TD vAlign=top width="31" height=19>
      <P></P></TD>
    <TD vAlign=top width="347" colSpan=2 height=19>
      <P>Accrued liabilities</P></TD>
    <TD vAlign=top width="110" height=19>
      <p align="right">93,641</TD>
    <TD vAlign=top width="5" height=19>
      <P></P></TD>
    <TD vAlign=top width="114" height=19>
      <p align="right">90,205</TD></TR>
  <TR>
    <TD vAlign=top width="31" height=19>
      <P></P></TD>
    <TD vAlign=top width="347" colSpan=2 height=19>
      <P>Notes payable and current maturities</P></TD>
    <TD vAlign=top width="110" height=19>
      <p align="right"><u>&nbsp;&nbsp; 28,417</u></TD>
    <TD vAlign=top width="5" height=19>
      <P></P></TD>
    <TD vAlign=top width="114" height=19>
      <p align="right"><u>&nbsp; 33,713</u></TD></TR>
  <TR>
    <TD vAlign=top width="31" height=19>
      <P></P></TD>
    <TD vAlign=top width="23" height=19>
      <P></P></TD>
    <TD vAlign=top width="322" height=19>
      <P>Total current liabilities</P></TD>
    <TD vAlign=top width="110" height=19>
      <p align="right">172,768</TD>
    <TD vAlign=top width="5" height=19>
      <P></P></TD>
    <TD vAlign=top width="114" height=19>
      <p align="right">173,676</TD></TR>
  <TR>
    <TD vAlign=top width="380" colSpan=3 height=19>
      <P>Long-term debt less current maturities</P></TD>
    <TD vAlign=top width="110" height=19>
      <p align="right">263,807</TD>
    <TD vAlign=top width="5" height=19>
      <P></P></TD>
    <TD vAlign=top width="114" height=19>
      <p align="right">255,165</TD></TR>
  <TR>
    <TD vAlign=top width="380" colSpan=3 height=19>
      <P>Other long-term liabilities</P></TD>
    <TD vAlign=top width="110" height=19>
      <p align="right">33,617</TD>
    <TD vAlign=top width="5" height=19>
      <P></P></TD>
    <TD vAlign=top width="114" height=19>
      <p align="right">33,727</TD></TR>
  <TR>
    <TD vAlign=top width="380" colSpan=3 height=19>
      <P>Total stockholders' equity</P></TD>
    <TD vAlign=top width="110" height=19>
      <p align="right"><u>&nbsp;75,006</u></TD>
    <TD vAlign=top width="5" height=19>
      <P></P></TD>
    <TD vAlign=top width="114" height=19>
      <p align="right"><u>&nbsp;77,846</u></TD></TR>
  <TR>
    <TD vAlign=top width="31" height=38>
      <P></P></TD>
    <TD vAlign=top width="23" height=38>
      <P></P></TD>
    <TD vAlign=top width="322" height=38><B>
      <P>Total Liabilities and Stockholders' Equity</B></P></TD>
    <TD vAlign=top width="110" height=38>
      <P align=right>$ 545,198<br>
      =======</P></TD>
    <TD vAlign=top width="5" height=38>
      <P></P></TD>
    <TD vAlign=top width="114" height=38>
      <P align=right>$ 540,414<br>
      =======</P></TD></TR>
  <TR>
    <TD vAlign=top width="31" height=38>
      &nbsp;</TD>
    <TD vAlign=top width="23" height=38>
      &nbsp;</TD>
    <TD vAlign=top width="322" height=38>&nbsp;</TD>
    <TD vAlign=top width="110" height=38>
      &nbsp;</TD>
    <TD vAlign=top width="5" height=38>
      &nbsp;</TD>
    <TD vAlign=top width="114" height=38>
      &nbsp;</TD></TR></TABLE>
  </center>
</div>

<P>&nbsp;</P>
</FONT>

<div align="center">
  <center>
<TABLE borderColor=#000000 cellSpacing=0 cellPadding=0 width=631 border=0 height="150" style="border-collapse: collapse">
  <TR>
    <TD vAlign=top colSpan=10 height=21 width="600"><B>
      <P align=center>SELECTED FINANCIAL INFORMATION</B></P></TD></TR>
  <TR>
    <TD vAlign=top colSpan=10 height=20 width="600">
      <P align=center>(Amounts in Thousands)</P></TD></TR>
  <TR>
<FONT size=2>
    <TD vAlign=top width="20" height=40>
      <P></P></TD>
    <TD vAlign=top width="248" height=40>
      <P></P></TD>
    <TD vAlign=top width="75" height=40>
      <P></P></TD>
    <TD vAlign=top width="10" height=40>
      <P></P></TD>
    <TD vAlign=top width="79" height=40>
      <P></P></TD>
    <TD vAlign=top width="2" height=40>
      <P></P></TD>
    <TD vAlign=top width="3" height=40>
      <P></P></TD>
</FONT>

    <TD vAlign=top width="179" colSpan=3 height=40><B>
      <P align=center>Three Months Ended<br>
      March 31,</B></P></TD></TR>
  <TR>
<FONT size=2>
    <TD vAlign=top width="20" height=21>
      <P></P></TD>
    <TD vAlign=top width="248" height=21>
      <P></P></TD>
    <TD vAlign=top width="75" height=21>
      <P></P></TD>
    <TD vAlign=top width="10" height=21>
      <P></P></TD>
    <TD vAlign=top width="79" height=21>
      <P></P></TD>
    <TD vAlign=top width="2" height=21>
      <P></P></TD>
    <TD vAlign=top width="3" height=21>
      <P></P></TD>
</FONT>

    <TD vAlign=top width="86" height=21><B>
      <P align=center><u>&nbsp;&nbsp; 2005&nbsp;&nbsp;&nbsp;</u> </B></P></TD>
<FONT size=2>
    <TD vAlign=top width="1" height=21>
      <P></P></TD>
</FONT>

    <TD vAlign=top width="96" height=21><B>
      <P align=center><u>&nbsp;&nbsp;&nbsp; 2004&nbsp;&nbsp;&nbsp;</u> </B></P></TD></TR>
  <TR>
<FONT size=2>
    <TD vAlign=top width="20" height=21>
      <P></P></TD>
    <TD vAlign=top width="248" height=21>
      <P></P></TD>
    <TD vAlign=top width="75" height=21>
      <P></P></TD>
    <TD vAlign=top width="10" height=21>
      <P></P></TD>
    <TD vAlign=top width="79" height=21>
      <P></P></TD>
    <TD vAlign=top width="2" height=21>
      <P></P></TD>
    <TD vAlign=top width="3" height=21>
      <P></P></TD>
</FONT>

    <TD vAlign=top width="86" height=21>
      <P align=center>(Unaudited)</P></TD>
<FONT size=2>
    <TD vAlign=top width="1" height=21>
      <P></P></TD>
</FONT>

    <TD vAlign=top width="96" height=21>
      <P align=center>(Unaudited)</P></TD></TR>
  <TR>
<FONT size=2>
    <TD vAlign=top width="20" height=20>
      <P></P></TD>
</FONT>

    <TD vAlign=top width="386" colSpan=4 height=20>
      <P>Depreciation and amortization expense&nbsp;</P></TD>
<FONT size=2>
    <TD vAlign=top width="2" height=20>
      <P></P></TD>
    <TD vAlign=top width="3" height=20>
      <P></P></TD>
</FONT>

    <TD vAlign=top width="86" height=20>
      <P align=right>$5,932<br>
      =====</P></TD>
<FONT size=2>
    <TD vAlign=top width="1" height=20>
      <P></P></TD>
</FONT>

    <TD vAlign=top width="86" height=20>
      <P align=right>$6,225<br>
      =====</P></TD>
</FONT>

  </TR>
  <TR>
<FONT size=2>
    <TD vAlign=top width="20" height=21>
      <P></P></TD>
</FONT>

    <TD vAlign=top width="412" height=21 colspan="4">
      <P>Capital expenditures</P></TD>
<FONT size=2>
    <TD vAlign=top width="2" height=21>
      <P></P></TD>
    <TD vAlign=top width="3" height=21>
      <P></P></TD>
</FONT>

    <TD vAlign=top width="86" height=21>
      <P align=right>$1,450<br>
      =====</P></TD>
<FONT size=2>
    <TD vAlign=top width="1" height=21>
      <P></P></TD>
</FONT>

    <TD vAlign=top width="86" height=21>
      <P align=right>$1,576<br>
      =====</P></TD>
</FONT>

  </TR>
  </TABLE></center>
</div>

</BODY></HTML>
[{"type": "8-K", "sequence": "1", "filename": "press_release.htm", "description": "GBC Q1 PRESS RELEASE", "secsgml_size_bytes": 54858}]
{"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": "05777386"}, "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 April 27, 2005
(Events as of April 27, 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:
[X] Written communications pursuant to Rule 425
under the Securities Act (17 CFR 230.425)
[X] 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 April 27, 2005, General Binding Corporation issued a press release
announcing its earnings for the three months ended March
31, 2005.  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
April 27, 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
April 27, 2005
EXHIBIT INDEX
Exhibit No.
Exhibit Description
99.1                   
Press release dated April 27, 2005 of the Registrant.
Exhibit 99.1
GBC REPORTS 1
st
QUARTER 2005 RESULTS
Northbrook, IL, April 27, 2005 -- General Binding Corporation
(Nasdaq: GBND)
today announced results for the first quarter of 2005. Company sales totaled
$180.2 million, a 5.4% increase over the same period prior year. Net income was
negatively impacted by $2.5 million of special charges related to the pending
merger with a subsidiary of ACCO World Corporation as announced on March 16,
2005, and $1.1 million of restructuring charges. After these charges, the
Company reported a net loss of ($3.4) million, or ($0.21) per share.
"GBC has started 2005 with good sales momentum," said Mr. Dennis Martin, the
Company's Chairman, President and CEO. "All three business units achieved
increased sales even after adjusting for changes in foreign exchange rates.
Driven by strong end-user demand, the Commercial and Consumer Group ("CCG")
improved sales to several of its large office products reseller customers and
the Industrial and Print Finishing Group ("IPFG") continued its impressive
growth trend with higher sales in both its global commercial films and digital
print finishing businesses."
"The pending merger with ACCO is progressing as planned," added Mr. Martin.
"We are still expecting a summer close."
1st Quarter 2005 Results
Financial results for the quarter include the following highlights:
Sales totaled $180.2 million, up $9.2 million or 5.4% from the first
    quarter of 2004. The Company reported increased sales in each of its
    business units, highlighted by continued double-digit growth in IPFG.
    International sales within all business groups were positively affected by
    exchange rate fluctuations.
The Company's gross profit margin decreased by 0.4 percentage points to
    37.8% compared to the first quarter of the prior year. The largest decrease
    in margin rate was in the Europe Group which has been subject to competitive
    pricing pressures.
Selling, service and administrative expenses were up $4.1 million due to
    a combination of several factors, the most significant of which was higher
    non-cash compensation expense tied to GBC's stock price, which increased
    considerably after the proposed merger announcement. In addition, selling,
    service and administrative expenses were unfavorably affected by increased
    medical costs, the translation of international expenses using the weakened
    US dollar, and higher variable selling expenses due to higher sales levels.
Total segment operating income was $8.0 million, down $0.9 million from
    the same period in 2004, as strong results in the business units as a whole
    were more than offset by increased corporate operating expenses as discussed
    above.
Current quarter special charges of $2.5 million were primarily
    professional fees incurred in connection with the pending merger.
    Restructuring expenses of $1.1 million primarily related to the costs of
    exiting a facility in the UK and a European workforce reduction. The Company
    recorded restructuring charges of $0.8 million in the first quarter of 2004.
Interest expense totaled $6.7 million for the quarter, consistent with
    prior year levels.
The Company recorded income tax expense of $0.2 million for the
    quarter.
For the quarter, the Company reported a net loss of ($3.4) million, or
    ($0.21) per share, compared to net income of $0.03 per share in 2004.
Total net debt at the end of the quarter, adjusted for cash and
    equivalents, was $284.5 million, up $1.9 million from the amount outstanding
    at year-end.
Conference Call
On April 28, 2005, at 10:00 a.m. Central Time, GBC's management will host a
conference call to discuss the Company's first quarter 2005 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, issues associated with the restructuring of certain
of GBC's operations, the ability of the Company's distributors to successfully
market the Company's products, the ability of GBC to obtain capital to finance
anticipated operating requirements, the availability and price of raw materials,
dependence on certain suppliers of manufactured products, the effect of
consolidation in the office products industry, 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.
This material is not a substitute for the registration statement ACCO and GBC
will file with the Securities and Exchange Commission in connection with the
transaction, or the proxy statement/prospectus-information statement to be
mailed to stockholders. Investors are urged to read the proxy
statement/prospectus-information statement which will contain important
information, including detailed risk factors, when it becomes available. The
proxy statement/prospectus-information statement and other documents which will
be filed by Fortune Brands, ACCO and GBC with the Securities and Exchange
Commission will be available free of charge at the SEC's website, www.sec.gov, or by directing a request when such a filing is made to ACCO World
Corporation, 300 Tower Parkway, Lincolnshire, IL, 60069, Attention: Investor
Relations; or by directing a request when such a filing is made to General
Binding Corporation, One GBC Plaza, Northbrook, IL, 60062, Attention: Investor
Relations.
GBC, its directors, and certain of its executive officers may be considered
participants in the solicitation of proxies in connection with the proposed
transaction. Information about the participants in the solicitation will be set
forth in the proxy statement/prospectus-information statement when it becomes
available.
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
2005 Q1 Earnings Release
GENERAL BINDING CORPORATION
THREE MONTHS ENDED MARCH 31, 2005
(Amounts in Thousands except Per Share
    Amounts)
Three Months Ended
March 31,
CONDENSED CONSOLIDATED INCOME STATEMENT
2005
2004
(Unaudited)
(Unaudited)
Net sales
$ 180,152
$ 170,931
Cost of sales:
Product cost of sales, including development and
    engineering
112,088
105,606
Selling, service and administrative
60,612
56,554
Equity in (earnings) of joint ventures
(559)
(167)
Restructuring and other:
Restructuring
1,103
823
Other
2,507
-
Interest expense
6,694
6,792
Other  expense, net
991
345
(Loss) income before taxes
(3,284)
978
Income taxes expense
151
528
Net (Loss) income
$  (3,435)
=======
$       450
=======
(Loss) earnings per share:
Basic and diluted
$ (0.21)
=====
$ 0.03
=====
Avg. common shares outstanding (basic)
16,300
16,111
Avg. common shares outstanding (diluted)
16,300
16,881
Exhibit B to
2005 Q1 Earnings Release
GENERAL BINDING CORPORATION
SEGMENT INFORMATION
(Amounts in Thousands)
Net
Sales
Segment
Operating Income (1)
Three Months Ended
March 31,
Three Months Ended
March 31,
2005
2004
2005
2004
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
Commercial and Consumer Group
$ 108,276
$ 105,428
$ 8,840
$ 8,652
Industrial and Print Finishing Group
41,998
37,803
5,756
4,858
Europe
29,878
27,700
1,805
2,150
Unallocated corporate items
-
-
(8,390)
(6,722)
Total
$ 180,152
=======
$ 170,931
=======
$ 8,011
======
$ 8,938
======
Reconciliation of Segment Operating Income
Three Months Ended
March 31,
2005
2004
(Unaudited)
(Unaudited)
Total segment operating income
$  8,011
$  8,938
Interest expense
6,694
6,792
Restructuring and other expenses
3,610
823
Other expense
991
345
Income (loss) before taxes
$  (3,284)
======
$     978
======
Note:
(1)
Segment operating income is defined as net sales less product cost of
      sales, selling, service and administrative expenses and equity in earnings
      of joint ventures. Restructuring and other expenses are not included in segment results.
      Additionly, certain expenses of a corporate nature and certain shared
      expenses are not allocated to the business groups.
Exhibit C to
2004 Q1 Earnings Release
GENERAL BINDING CORPORATION
BALANCE SHEET
(Amounts in Thousands)
CONDENSED CONSOLIDATED BALANCE SHEET
March 31,
2005
December 31,
2004
(Unaudited)
Assets
Current assets:
Cash and equivalents
$ 7,717
$ 6,259
Receivables, net
146,973
141,445
Inventories, net
100,359
97,996
Other
25,936
26,480
Total current assets
280.985
272,180
Capital assets, net
77,965
84,693
Other assets
186,248
183,541
Total Assets
$ 545,198
=======
$ 540,414
=======
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable
$ 50,710
$ 49,758
Accrued liabilities
93,641
90,205
Notes payable and current maturities
28,417
33,713
Total current liabilities
172,768
173,676
Long-term debt less current maturities
263,807
255,165
Other long-term liabilities
33,617
33,727
Total stockholders' equity
75,006
77,846
Total Liabilities and Stockholders' Equity
$ 545,198
=======
$ 540,414
=======
SELECTED FINANCIAL INFORMATION
(Amounts in Thousands)
Three Months Ended
March 31,
2005
2004
(Unaudited)
(Unaudited)
Depreciation and amortization expense
$5,932
=====
$6,225
=====
Capital expenditures
$1,450
=====
$1,576
=====