Radici Becomes Sole Owner Of FIM Textile

The previously announced joint acquisition of Italy-based FIM Textile by Picanol, Belgium, and the
Italy-based Radici Group has been called off. Radici is now the sole owner of FIM Textile.It
appeared that the expected synergies related to the double-shareholder structure by Picanol and
Radici would be difficult to materialize in practice. Therefore, both parties agreed that Picanol
will not enter the capital of FIM Textile.

December 2000