Blackstone Finalizes PGI Acquisition

Scorpio Acquisition Corp. — an affiliate of Blackstone Capital Partners V LP, New York City — has
acquired Charlotte-based nonwovens producer Polymer Group Inc. (PGI). PGI announced last October
that it had agreed to be purchased by Blackstone
(See ”
Blackstone To
Acquire PGI
,”, Oct. 5, 2010)
. The acquisition was funded through a
combination of new senior secured notes and a substantial equity contribution by affiliates of

“The sale to Blackstone is the culmination of our strategic review process and we believe
that this transaction represents the best value alternative available to our stockholders,” said
Veronica “Ronee” M. Hagen, CEO, PGI. “Blackstone is committed to supporting our strategy of
continued growth and investment in proprietary capabilities in our markets around the globe. The
leadership team and all of the employees of PGI are excited to begin the next chapter at PGI and to
maintain our position as a global industry leader.”

“Blackstone is excited to close on the acquisition of Polymer Group,” said Anjan Mukherjee,
a senior managing director of Blackstone. “We look forward to working with the management team to
further enhance the company’s already strong global position and reputation and to extend its reach
into new products and markets.”

February 1, 2011