Composition of Board of Managing Directors

The chairman of the Board of Managing Directors of Gamma Holding N.V., Mr J.G.M. van Oijen, will retire by the end of May 2003 after nine years with the company. Mr Van Oijen joined Gamma Holding on 1 September 1994 and became chairman on 1 June 1995.

As a result of this, the Supervisory Board has decided that Mr M. Veninga, currently a member of the Board of Managing Directors, will succeed Mr Van Oijen as chairman of the Board of Managing Directors after the General Meeting of Shareholders on 6 May 2003.

The Supervisory Board also intends to appoint Mr M.H. Zegger, who will join Gamma Holding N.V. on 1 October 2002, as a member of the Board of Managing Directors of Gamma Holding N.V. after the General Meeting of Shareholders on 6 May 2003.

Mr Zegger (45 years of age) joined Akzo Nobel in 1982, holding various positions in the Netherlands, Singapore, Russia and Germany. In his current position, within the now independent fibre group Acordis, he has been Chief Executive Officer of Membrana GmbH since the end of 1997. Membrana GmbH is the global leader in the field of membranes for medical and industrial applications.

Board of Managing Directors, Gamma Holding N.V.

Helmond, 14 June 2002