GBC ANNOUNCES ORGANIZATION CHANGES

Northbrook, IL, April 21, 2004 -- General Binding Corporation (Nasdaq: GBND) today announced results for the first quarter of 2004. Sales increased modestly over the first quarter of 2003. Net income was $0.03 per share, an improvement over the $0.01 per share reported for the same period last year.

"I am encouraged by the signs of an improving sales environment which began in the fourth quarter of 2003 and continued into the first quarter of this year," said Dennis Martin, Chairman of the Board, President and Chief Executive Officer. "Although sales were up, GBC's first quarter results were hampered by pricing pressures in the Office Products and Commercial Films markets. Even in this competitive environment, our bottom line improved, helped by lower operating expenses attributable to the continuing success of our Operational Excellence Program, lower interest expense, lower restructuring charges and an impressive performance from the Europe Group."

On April 22, 2004, at 10:00 a.m. Central Time, GBC's management will host a conference call to discuss the Company's first quarter 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 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.

GENERAL BINDING CORPORATION
THREE MONTHS ENDED MARCH 31, 2004
(Amounts in Thousands except Per Share Amounts)
			Three Months Ended March 31,
CONSOLIDATED SUMMARY OF INCOME			2004	2003
			(Unaudited)	(Unaudited)
Net sales			$ 170,931	$169,435
Cost of sales:
	Product cost of sales, including development and engineering		105,606	101,965
Selling, service and administrative			56,199	57,549
Amortization of intangible assets			188	188
Restructuring			823	1,405
Interest expense			6,792	9,298
Other expense (income), net			345	(325)
		Income (loss) before taxes	978	(645)
Income taxes (benefit)			528	(728)
		Net income	$ 450 =======	$ 83 ======
Earnings per share:
	Basic and diluted		$ 0.03 =====	$ 0.01 =====
Avg. common shares outs. (basic)			16,111	15,951
Avg. common shares outs. (diluted)			16,881	16,206

GENERAL BINDING CORPORATION
SEGMENT INFORMATION
(Amounts in Thousands)
		Net Sales		Segment Operating Income (1)
		Three Months Ended March 31,		Three Months Ended March 31,
		2004	2003	2004	2003
		(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)
	Commercial and Consumer Group	$ 105,428	$109,570	$ 8,604	$ 11,626
	Industrial and Print Finishing Group	37,803	33,534	4,795	4,554
	Europe	27,700	26,331	2,150	1,288
	Unallocated corporate items	-	-	(6,611)	(7,735)
	Total	$ 170,931 =======	$169,435 =======	$ 8,938 ======	$ 9,733 =======

				Reconciliation of Segment Operating Income
				Three Months Ended March 31,
				2004	2003
				(Unaudited)	(Unaudited)
	Total segment operating income			$ 8,938	$ 9,733
	Interest expense			6,792	9,298
	Restructuring and other expenses			823	1,405
	Other expense (income)			345	(325)
	Income (loss) before taxes			$ 978 ======	$ (645) =======

SELECTED FINANCIAL INFORMATION
(Amounts in Thousands)
				Three Months Ended March 31,
				2004	2003
				(Unaudited)	(Unaudited)
	Depreciation and amortization expense			$6,225 =====	$6,863 =====
	Capital expenditures			$1,576 =====	$1,423 =====
Notes:
(1)	Segment operating income is defined as net sales less product cost of sales, selling, service and administrative expenses and amortization of intangibles. Inventory rationalization and write-down charges, restructuring and other expenses are not included in segment results. In addition, certain expenses of a corporate nature and certain shared expenses are not allocated to the business groups.

GENERAL BINDING CORPORATION
BALANCE SHEET
(Amounts in Thousands)
BALANCE SHEET SUMMARY			March 31, 2004	December 31, 2003
			(Unaudited)
Assets
Current assets:
	Cash and equivalents		$ 5,565	$ 9,568
	Receivables, net		129,370	128,391
	Inventories		93,897	86,240
	Other		33,951	33,914
		Total current assets	262,783	258,113
Capital assets, net			91,495	94,986
Other assets			177,324	176,251
		Total Assets	$ 531,602 =======	$ 529,350 =======

Liabilities and Stockholders' Equity
Current liabilities:
	Accounts payable		$ 52,355	$ 51,253
	Accrued liabilities		83,069	85,119
	Notes payable and current maturities		19,897	19,995
		Total current liabilities	155,321	156,367
Long-term debt less current maturities			283,576	282,019
Other long-term liabilities			33,525	33,347
Deferred tax liabilities			2,491	3,408
Total stockholders' equity			56,689	54,209
		Total Liabilities and Stockholders' Equity	$ 531,602 =======	$ 529,350 =======