Picanol Establishes Indian Subsidiary

Citing recent developments and anticipated growth of its Indian market, Belgium-based weaving
machine manufacturer Picanol NV has opened a subsidiary in India to serve its customers in that
country. Picanol India Pvt. Ltd. — headquartered in New Delhi and having branch offices in Mumbai
and Coimbatore — replaces the company’s long-time Indian agent, Engineering & Agencies.

Services offered include: sales of Picanol weaving machinery and spare parts as well as GTP
accessories including Steel Heddle, Burcklé and Te Strake products; in New Delhi, repair of
electronic circuit boards for Picanol weaving machinery; and complete service including
installation, commissioning and trouble-shooting for Picanol weaving machines.

P. Kasiviswanathan heads the Indian operations.

March 11, 2008