<SUBMISSION>
<ACCESSION-NUMBER>0000950172-04-001020
<TYPE>SC 14D9/A
<PUBLIC-DOCUMENT-COUNT>3
<FILING-DATE>20040428
<SUBJECT-COMPANY>
<COMPANY-DATA>
<CONFORMED-NAME>GUCCI GROUP NV
<CIK>0001001576
<ASSIGNED-SIC>3100
<IRS-NUMBER>000000000
<FISCAL-YEAR-END>0131
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>SC 14D9/A
<ACT>34
<FILE-NUMBER>005-49533
<FILM-NUMBER>04761143
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>REMBRANDT TOWER
<STREET2>AMSTELPLEIN 1
<CITY>AMSTERDAM NETHERLANDS
<STATE>P8
<ZIP>HA1096
<PHONE>31204621700
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>REMBRANDT TOWER
<STREET2>AMSTELPLEIN 1
<CITY>AMSTERDAM NETHERLANDS
<STATE>P8
<ZIP>3120462170
</MAIL-ADDRESS>
</SUBJECT-COMPANY>
<FILED-BY>
<COMPANY-DATA>
<CONFORMED-NAME>GUCCI GROUP NV
<CIK>0001001576
<ASSIGNED-SIC>3100
<IRS-NUMBER>000000000
<FISCAL-YEAR-END>0131
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>SC 14D9/A
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>REMBRANDT TOWER
<STREET2>AMSTELPLEIN 1
<CITY>AMSTERDAM NETHERLANDS
<STATE>P8
<ZIP>HA1096
<PHONE>31204621700
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>REMBRANDT TOWER
<STREET2>AMSTELPLEIN 1
<CITY>AMSTERDAM NETHERLANDS
<STATE>P8
<ZIP>3120462170
</MAIL-ADDRESS>
</FILED-BY>
<DOCUMENT>
<TYPE>SC 14D9/A
<SEQUENCE>1
<FILENAME>gucci_am4.htm
<DESCRIPTION>AMENDMENT NO. 4
<TEXT>
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     <!-- Control Number: ny12797                                                          -->
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     <!-- Client Name:    GUCCI GROUP NV                                                   -->
     <!-- Project Name:   SC14d9/a                                                         -->
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<TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3><B>SECURITIES AND EXCHANGE COMMISSION</B></font><BR><FONT FACE="Times New Roman, Times, Serif" SIZE=2> <B>WASHINGTON, DC &nbsp;20549 </B></FONT></TD></TR>
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<TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4><B>SCHEDULE
14D-9/A</b></font><BR><BR> <FONT FACE="Times New Roman, Times, Serif" SIZE=2><b>SOLICITATION/RECOMMENDATION STATEMENT UNDER<BR>SECTION 14(d)(4) OF THE SECURITIES
EXCHANGE ACT OF 1934<BR>(AMENDMENT NO. 4) </B></FONT></TD></TR>
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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4>GUCCI GROUP N.V.</FONT></H1></TD></TR>
<TR><TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
</FONT><HR WIDTH="200" SIZE="1" ALIGN="Center"> </TD></TR>
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<TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(Name of Subject Company) </FONT></TD></TR>
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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4>GUCCI GROUP N.V. </FONT></H1></TD></TR>
<TR><TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
</FONT><HR WIDTH="200" SIZE="1" ALIGN="Center"> </TD></TR>
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<TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
(Name of Person(s) Filing Statement) </FONT></TD></TR>
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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>COMMON SHARES, NOMINAL VALUE  &#128;1.02 PER SHARE
    </FONT></H1></TD></TR>

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<TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT><HR WIDTH="200" SIZE="1" ALIGN="Center"> </TD></TR>
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<TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(Title of Class of Securities) </FONT></TD></TR>
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<TD><H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>401566104
  </FONT></H1></TD></TR>

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<TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(CUSIP Number of Class of Securities) </FONT></TD></TR>
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<TD><H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Allan A. Tuttle<BR>
Gucci Group N.V.<BR>
Rembrandt Tower Amstelplein 1 <BR>
HA 1096 Amsterdam<BR>
The Netherlands<BR>
011 31 20 462 1700<BR> ______________________ </FONT></H1></TD></TR>
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<TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(Name,
Address and Telephone Number of Person Authorized to Receive Notices and<BR>
          Communications on Behalf of the Person(s) Filing Statement) </FONT></TD></TR>
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<TD><H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
With a copy to:<BR><BR> Scott V. Simpson<BR>
Ann Beth Bejgrowicz <BR>Skadden, Arps, Slate,
Meagher &amp; Flom (UK) LLP<BR>
40 Bank Street<BR>Canary Wharf <BR>London E14 5DS, England<BR>
 011 44 20 7519 7000 </FONT></H1></TD></TR>
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<TD WIDTH=8%><font face="wingdings"> &#168;  </FONT></TD>
<TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Check the box if the filing relates solely to preliminary communications made before the
commencement of a tender offer.</FONT></TD>
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<TD WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><A HREF="#ITEMONE">Item 1.</A></FONT></TD>
<TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Subject Company Information</FONT></TD>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
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<TD WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><A HREF="#ITEMTWO">Item 2.</A></FONT></TD>
<TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Identity and Background of Filing Person</FONT></TD>
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<TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Past Contacts, Transactions, Negotiations and Agreements</FONT></TD>
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The Solicitation or Recommendation</FONT></TD>
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Persons/Assets Retained, Employed, Compensated or Used</FONT></TD>
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Interest in Securities of the Subject Company</FONT></TD>
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Purposes of the Transaction and Plans or Proposals</FONT></TD>
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<TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Additional Information to be Furnished.</FONT></TD>
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Exhibits</FONT></TD>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Amendment No. 4 amends and supplements the Solicitation/Recommendation Statement on
Schedule 14D-9 initially filed with the Securities and Exchange Commission on April 1,
2004, as subsequently amended, by Gucci Group N.V, a <I>naamloze vennootschap</I> organized
under the laws of The Netherlands, relating to the tender offer made by
Pinault-Printemps-Redoute S.A., a societe anonyme organized under the laws of the
Republic of France, as set forth in a combined Tender Offer Statement and Schedule 13E-3
Transaction Statement on Schedule&nbsp;TO filed by PPR with the SEC on April 1, 2004, as
subsequently amended.  </FONT></TD></TR>
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<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><A NAME="ITEMONE">Item 1.</A></B></FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<B>Subject Company Information</B></FONT></TD>
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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>(a)</B> </FONT></TD>
<TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<B><I>Name
and Address of the Subject Company</I></B> </FONT></TD>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
name of the subject company is Gucci Group N.V., a <I>naamloze vennootschap</I> organized
under the laws of The Netherlands (&#147;Gucci&#148; or the &#147;Company&#148;). The
Company is one of the world&#146;s leading multi-brand luxury goods companies. The
Company designs, produces and distributes high-quality personal luxury items, including
women&#146;s and men&#146;s ready-to-wear clothing, handbags, luggage, small leather
goods, shoes, timepieces, jewelry, ties and scarves, eyewear, perfume, cosmetics and
skincare products. The address and telephone number of the Company&#146;s principal
executive offices are Rembrandt Tower, Amstelplein 1, HA 1096 Amsterdam, The Netherlands,
011 31 20 462 1700. The Company&#146;s website address is www.guccigroup.com. The
information on the Company&#146;s website should not be considered a part of this
statement.  </FONT></TD></TR>
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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>(b)</B> </FONT></TD>
<TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<B><I>Securities</I></B> </FONT></TD>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
title of the class of equity securities to which this statement relates is the Company&#146;s
common shares, nominal value &#128;1.02 per share (the &#147;Shares&#148;). As of March
31, 2004, there were 101,106,921 Shares outstanding.  </FONT></TD></TR>
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<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><A NAME="ITEMTWO">Item 2.</A></B></FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<B> Identity and Background of Filing Person.</B></FONT></TD>
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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>(a)</B> </FONT></TD>
<TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<B><I>Name
and Address of Person Filing this Statement</I></B> </FONT></TD>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
name, business address and business telephone number of the Company, which is the person
filing this statement, are set forth in Item&nbsp;1(a) above, which information is
incorporated herein by reference.  </FONT></TD></TR>
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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>(b)</B> </FONT></TD>
<TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<I><B>Tender Offer</B></I> </FONT></TD>
</TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
statement relates to the offer by Pinault-Printemps-Redoute S.A., a societe anonyme
organized under the laws of the Republic of France (&#147;PPR&#148;), to purchase any and
all outstanding Shares that are not beneficially owned by PPR, at $85.52 per Share net to
the seller in cash (the &#147;Offer Price&#148;), upon the terms and subject to the
conditions set forth in the Offer to Purchase dated April 1, 2004 (the &#147;Offer to
Purchase&#148;), and in the related Letter of Transmittal, copies of which are attached
hereto as Exhibits (a)(1)(A) and (a)(1)(B), respectively (which, together with any
amendments or supplements thereto, collectively constitute the &#147;Offer&#148;).  </FONT></TD></TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Offer is disclosed in a combined Tender Offer Statement and Schedule 13E-3 Transaction
Statement on Schedule&nbsp;TO (as subsequently amended, the &#147;Schedule TO&#148;), filed by PPR with the
Securities and Exchange Commission, (the &#147;SEC&#148;) on April 1, 2004. The Schedule&nbsp;TO
states that the address and telephone number of PPR&#146;s principal executive offices
are 10, avenue Hoche, 75381 Paris Cedex 08, France, 011 33 1 45 64 61 00.  </FONT></TD></TR>
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<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><A NAME="ITEMTHREE">Item 3.</A></B></FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<B> Past Contacts, Transactions, Negotiations and Agreements.</B></FONT></TD>
</TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as described in this statement or the Offer to Purchase there are no material agreements,
arrangements, or understandings, or any actual or potential conflicts of interest between
Gucci or its affiliates and (1)&nbsp;its executive officers, directors or affiliates or
(2)&nbsp;PPR or any of its executive officers, directors or affiliates.  </FONT></TD></TR>
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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>(a)</B> </FONT></TD>
<TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<B><I>Conflicts of Interest</I></B> </FONT></TD>
</TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PPR
currently beneficially owns approximately 66.83% of the Shares of Gucci, representing
approximately 66.83% of the voting power of capital stock of Gucci. Under the terms of
the Amended and Restated Strategic Investment Agreement (the &#147;Restated SIA&#148;),
dated as of September 9, 2001, by and among the Company, PPR and Societe Civile de
Gestion Financiere Marothi (&#147;Marothi&#148;), and in light of the board&#146;s
current membership of eight individuals, until the consummation of the Offer, PPR is
entitled to appoint four members<B></B> of Gucci&#146;s Supervisory Board and, subject to
the Restated SIA, exert influence over certain of Gucci&#146;s affairs. Four members of
Gucci&#146;s Supervisory Board, Ms. Barbizet-Dussart and Messrs. Marteau, Fran&ccedil;ois
Henri Pinault and Weinberg, are directors and/or officers of PPR. In addition, each
member of Gucci&#146;s Supervisory Board beneficially owns Shares.  </FONT></TD></TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the members of the Company&#146;s Supervisory Board and Management Board and the
executive officers of the Company tender their shares in the Offer, they will receive the
Offer consideration for their shares on the same terms and conditions as the holders of
the Shares that PPR does not already directly or indirectly beneficially own (the &#147;Public
Shareholders&#148;). As of March 31, 2004, the members of the Supervisory Board and
Management Board and the Company&#146;s executive officers beneficially own in the
aggregate 3,123,927 Shares, including exercisable options to acquire Shares. Under Gucci&#146;s
Incentive Stock Option Plan, option holders will generally be entitled to exercise
options previously granted to them that have vested. As of January 31, 2004, members of
the Management Board and the Supervisory Board of Gucci held a total of 1,999,500 currently
exercisable stock options granted under the Incentive Stock Option Plan and the Amended
and Restated Incentive Stock Option Plan, with an average weighted exercise price of
$86.62, and will be entitled to exercise all such vested options not previously exercised
and to participate in the Offer. Other than payment for tendered Shares that are owned or
for Shares underlying options granted under Gucci&#146;s incentive stock option plans
that are tendered into the Offer, neither the members of the Supervisory Board or
Management Board of Gucci nor Gucci&#146;s executive officers will receive any additional
compensation or any other benefits in connection with the Offer that are not shared by
the Public Shareholders. Executive officers who will not be continuing in their positions
following the Offer have entered into termination agreements with Gucci that provide for
severance payments and for the vesting of unvested options.  </FONT></TD></TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Executive officers who will not be continuing in their positions
following the Offer have entered into termination agreements with Gucci that provide for
severance payments and for the vesting of unvested options.  </FONT></TD></TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gucci
and Brian Blake, Executive Vice President of Gucci Group and Chief Executive Officer of
Boucheron, have entered into a separation agreement pursuant to which Mr. Blake&#146;s
employment with Gucci will terminate May 1, 2004. Under the terms of the separation
agreement, Mr. Blake will receive as severance an amount equal to his base salary through
October 14, 2005, the expiration date of his employment contract, less applicable taxes
and withholdings. In addition, Mr. Blake will receive health insurance coverage upon
reaching the age of 55, and is entitled to receive a portion of his compensation on a
deferred basis. Pursuant to the separation agreement, all of Mr. Blake&#146;s unvested
options were deemed to have vested on April 1, 2004. Mr. Blake is entitled to exercise his
stock options during the Offer period and for 180 days following May 1, 2004. Any options
that are not exercised within such period will be cancelled and will no longer be
exercisable by Mr. Blake. </FONT></TD></TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gucci
and Robert Singer, Executive Vice President of Gucci Group and Chief Financial Officer,
have entered into a termination agreement pursuant to which Mr. Singer&#146;s employment
with Gucci will terminate April 30, 2004. In connection with the termination of his
employment, Mr. Singer will be paid an amount equal to 24 months of his base salary, two
times his average annual bonus based on the bonuses paid to him in the last three years,
two times the value of the average number of options granted to him in the last three
years, and his severance pay entitlement under Italian law. In addition, Gucci and Mr.
Singer have agreed that from May 1, 2004 to December 31, 2005, Mr. Singer will be
available to provide consulting services to Gucci. </FONT></TD></TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table sets forth the dollar value, assuming a cash-out price of $85.52 per
Share, of the outstanding options held by directors and executive officers as of March
31, 2004.  </FONT></TD></TR>
</TABLE>
<BR>


<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=600>
<TR VALIGN=Bottom>
      <TD WIDTH=50% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Name</U></FONT></Td>
     <TD WIDTH=50% ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Dollar Value of Outstanding Options</U></FONT></Td></TR>
</TABLE>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=600>
<TR VALIGN=Bottom>
     <TD WIDTH=50% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=22% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2> &nbsp;</FONT></TD>
     <TD WIDTH=28% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2> &nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=50% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Fran&ccedil;ois Jean Henri Pinault</FONT></TD>
     <TD WIDTH=25% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;119,930&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Reto F. Domeniconi</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>42,397&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Karel Vuursteen</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>27,391&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Adrian D.P. Bellamy</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10,416&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Patrice Marteau</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>268,105&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Serge Weinberg</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>268,105&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Patricia Barbizet-Dussart</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>268,105&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Aureliano Benedetti</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>316,076&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Aairt Cooiman</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>85,225&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Jacques-Philippe Auriol</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Domenico De Sole</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4,209,000&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Tom Ford</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Brian Blake</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,765,200&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Patrizio di Marco</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>35,694&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Mark Lee</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>273,425&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>James McArthur</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>24,384&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Claudio Paulich</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Renato Ricci</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>142,295&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Chantal Roos</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,057,148&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Giacommo Santucci</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>368,654&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Robert Singer</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,639,026&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>All Directors and Executive Officers as a Group</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21 persons)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;&nbsp;11,920,576</FONT></TD></TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
July 2002, Yves Saint Laurent s.a.s., an indirect subsidiary of Gucci, acquired certain
intellectual property rights in designs created by Mr. Yves Saint Laurent from Yves Saint
Laurent Haute Couture, S.A., a subsidiary of Art&eacute;mis S.A. (&#147;Art&eacute;mis&#148;)
and an affiliate of PPR. The purchase price was &#128;2.7 million. Also in July 2002,
Yves Saint Laurent Boutique S.A., an indirect subsidiary of Gucci, purchased from Yves
Saint Laurent Haute Couture S.A. a leasehold for Paris retail space, formerly occupied by
Yves Saint Laurent Haute Couture. The purchase price paid by Yves Saint Laurent S.A. was
&#128;3.2 million. These transactions were in connection with the retirement of Mr. Saint
Laurent and the winding up of the Yves Saint Laurent haute couture activities, which had
been conducted by Yves Saint Laurent Couture, S.A., an affiliate of PPR.  </FONT></TD></TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PPR
has agreed with Gucci to vote its Shares in favor of resolutions discharging the members
of the Supervisory and Management Boards of Gucci from liability arising from the
performance of their duties through April 30, 2004 in accordance with, and solely to the
extent permitted by Dutch law, and PPR has also agreed with Gucci to cause Gucci to honor
Gucci&#146;s current indemnification obligations to the members of the Supervisory and
Management Boards of Gucci. In addition, the Supervisory Board of Gucci has agreed to
procure the extension of Gucci&#146;s existing directors and officers&#146; liability insurance
coverage for a period of six years.  </FONT></TD></TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PPR
and Gucci enter into commercial transactions in the ordinary course of business. These
primarily involve wholesale product sales, ordinary course relationships with suppliers
and cooperative advertising purchases. Gucci and certain of its affiliates are also
party, together with PPR and certain of its affiliates, to agreements with third parties
relating to telecommunications and temporary employment services. These transactions, which
are conducted on an arm&#146;s-length basis, represented approximately 0.20% of Gucci&#146;s
consolidated revenues and approximately 0.10% of Gucci&#146;s consolidated operating
expenses, respectively, in 2003.  </FONT></TD></TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PPR
and certain of its affiliates also engage in ordinary course purchases of products of
Gucci and its affiliates as inventory to be sold at retail establishments owned by PPR
and its affiliates.  </FONT></TD></TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Directors
and officers of PPR and Gucci and their affiliates have and may continue to periodically
purchase products sold by Gucci and its subsidiaries for personal consumption and use.  </FONT></TD></TR>
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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>(b)</B> </FONT></TD>
<TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<B><I>Agreements
between the Company and PPR</I></B> </FONT></TD>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b>Settlement and Stock Purchase Agreement </b><BR><BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Offer is being made by PPR pursuant to the obligations of PPR under the Settlement and
Stock Purchase Agreement (the &#147;Settlement Agreement&#148;) dated as of September 9,
2001 by and among the Company, PPR and LVMH Mo&euml;t Hennessy &#150; Louis Vuitton S.A. (&#147;LVMH&#148;)
and the Restated SIA, which relate to the settlement among PPR, LVMH and Gucci, and to
the ongoing relationship between PPR and Gucci. The following is a summary of certain
material terms of the Settlement Agreement and the Restated SIA. This summary is
qualified in its entirety by reference to the Settlement Agreement and the Restated SIA,
each of which was filed by Gucci as exhibits to its Report of Foreign Issuer on Form 6-K,
filed with the SEC on September 12, 2001.  </FONT></TD></TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Acquisition of Shares from LVMH</U> </FONT></TD></TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the Settlement Agreement and subject to the terms and conditions set forth therein,
PPR agreed to purchase from LVMH 8,579,337 Shares for a price of $94 per Share. On
October 22, 2001, PPR completed the acquisition of these Shares. The parties to the
Settlement Agreement further agreed that on December 15, 2001, or, if the purchase of LVMH&#146;s
Shares did not precede that date, then on the first day immediately following the
purchase, Gucci would declare and pay a special cash dividend of $7 per Share, payable
with respect to all Shares outstanding other than those beneficially owned by PPR. PPR
waived the right to this dividend and was prohibited from transferring any Shares to a
transferee that did not waive its right to receive this dividend.  </FONT></TD></TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>The Offer</U> </FONT></TD></TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the Settlement Agreement, PPR agreed to commence the Offer at the initial offer price
of $101.50 per Share on March 22, 2004, with payment to be made on or before April 30,
2004 (the &#147;Offer Period&#148;). If, immediately prior to the expiration of the Offer
Period, the Shares not tendered in the Offer and the Shares issuable upon exercise of
outstanding options to purchase Shares constitute less than the greater of (1) 15% of the
then-outstanding Shares and (2) 15 million Shares, PPR will provide for a &#147;Subsequent
Offering Period&#148; (as contemplated by Rule 14d-11 under the Exchange Act of 1934, as
amended (the &#147;Exchange Act&#148;). The Settlement Agreement provides that the
initial offer price would not be adjusted to take account of any ordinary dividend
declared by Gucci prior to the commencement of the Offer. Any adjustment to the initial
offer price to take account of any special dividend declared by Gucci prior to the
commencement of the Offer would be determined in the sole discretion of the members of
Gucci&#146;s Supervisory Board who are unaffiliated with PPR (the &#147;Independent
Directors&#148;), but any such reduction in the initial offer price was not to exceed the
present value of the special dividend. Accordingly, the initial offer price was reduced
by the Independent Directors by $15.98, to the Offer Price of $85.52, due to the special
return of capital of &#128;13.50 approved at the shareholders meeting on July 16, 2003.  </FONT></TD></TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event that PPR does not consummate the Offer due to law or injunctions prohibiting
the commencement, making or consummation of the Offer (the absence of which is the only
condition to the Offer), then PPR will promptly implement an alternative transaction
having the same economic result as that which would have resulted from the consummation
of the Offer in accordance with the terms of the Settlement Agreement.  </FONT></TD></TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Continued
Listing of Shares</U> </FONT></TD></TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PPR
agreed in the Settlement Agreement that until the later of the expiration of the Offer
Period and the expiration of the Subsequent Offering Period and for so long as no less
than the greater of  </FONT></TD></TR>
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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>15%
of the outstanding Shares and</FONT></TD>
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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>15
million Shares </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>remain
outstanding, it will use its best efforts to cause Gucci to maintain the listing of the
Shares on the New York Stock Exchange and Euronext Amsterdam. PPR will not, however, be
obligated to procure the issuance of additional Shares or the sale of Shares in order to
meet the listing requirements of the New York Stock Exchange and/or Euronext Amsterdam.  </FONT></TD></TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Settlement and Release of Claims</U> </FONT></TD></TR>
</TABLE>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
the Settlement Agreement, the parties agreed to dismiss all pending litigation, claims
and actions with prejudice and to release each other from all claims and actions, in each
case relating to the shareholdings of LVMH or PPR in Gucci, the acquisitions thereof or
the granting of options to Gucci&#146;s management.  </FONT></TD></TR>
</TABLE>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>LVMH Restrictions</U> </FONT></TD></TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LVMH
further agreed that until December 31, 2009, it will act as a purely passive investor in
Gucci and will not exercise any rights as a shareholder other than to receive dividends
and to vote its Shares. In December 2001 LVMH sold to Cr&eacute;dit Lyonnais all of the
Shares that LVMH beneficially owned. Cr&eacute;dit Lyonnais thus succeeded LVMH with
respect to the LVMH restrictions described in this section.  </FONT></TD></TR>
</TABLE>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the Settlement Agreement, LVMH also agreed that, until the fifth anniversary of the
Settlement Agreement, LVMH will not vote any of its Shares against the recommendation of
the Independent Directors. Under certain specified circumstances, however, LVMH will be
permitted to bring certain claims in the future to protect the value of its investment in
Gucci.  </FONT></TD></TR>
</TABLE>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, LVMH has agreed that until December 31, 2009, it will not:  </FONT></TD></TR>
</TABLE>
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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>sell
more than 5% of the outstanding Shares to a competitor of Gucci,</FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2> sell
its Shares (other than into the Offer) during the period commencing four months prior to
the commencement of the Offer and ending on the date of expiration of the Offer Period
(the &#147;First Restricted Period&#148;), </FONT></TD>
</TR>
</TABLE>
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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2> take
any actions during the First Restricted Period which would reasonably be expected to
directly or indirectly influence the price of the Shares during the period commencing
four months prior to the commencement of the Offer and ending 30 days after the
expiration of the Offer Period (the &#147;Second Restricted Period&#148;), </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>at any time enter
into any hedging activities or forward contracts that unwind during the
Second Restricted Period, or</FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>at
any time make public announcements related to LVMH&#146;s intention with respect to its
ownership of Shares during the Second Restricted Period (other than an announcement of
its intention whether to tender into the Offer). </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Settlement Agreement further provides that, at any time prior to the expiration of the
Offer, LVMH is entitled to make a request to Gucci to sell a specified number of Shares
during the Second Restricted Period in a specified transaction which LVMH believes will
have no impact on the Shares&#146; trading price during the Second Restricted Period. To
the extent Gucci agrees with LVMH&#146;s determination (such agreement not to be
unreasonably withheld), LVMH will be permitted to engage in the specified transaction. In
addition, nothing will prohibit LVMH from issuing, prior to the First Restricted Period,
bonds, notes or other debt instruments convertible into or exchangeable for Shares, the
terms of which would (1) permit holders at their option to convert their instruments into
Shares during the Second Restricted Period or (2) require the conversion or exchange of
the instruments for Shares during the Second Restricted Period, so long as in any case
there is full public disclosure of the terms and conditions of the instruments at the
time of issuance.  </FONT></TD></TR>
</TABLE>
<BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event that LVMH establishes a special purpose vehicle to manage, hold and divest its
Shares, the transfer of the Shares to the special purpose vehicle will be valid only if
the vehicle agrees in writing to be bound by the provisions of the Settlement Agreement
as if it were LVMH.  </FONT></TD></TR>
</TABLE>
<BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
a standstill period expiring December 31, 2009, LVMH and its affiliates (other than its
independent directors) are subject to a prohibition on acquisitions of additional Shares
and shares of Gucci&#146;s subsidiaries (except for a tender offer by LVMH for 100% of
the Shares that is recommended to the shareholders of Gucci by a majority of the members
of the Supervisory Board of Gucci and a majority of the Independent Directors), and
certain limitations and restrictions regarding participation in the affairs of the
Supervisory Board and Management Board of Gucci and of Gucci itself.  </FONT></TD></TR>
</TABLE>
<BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Remedies</U> </FONT></TD></TR>
</TABLE>
<BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PPR,
LVMH and Gucci agreed that irreparable harm would occur in the event that any of the
provisions of the Settlement Agreement were breached. Accordingly, in addition to any
other available remedies, the parties will be entitled to court-ordered injunctions to
prevent breaches of the Settlement Agreement (which may include the right to require PPR
to purchase the Shares directly from a party to the Settlement Agreement at the Offer
Price pursuant to the terms of the Settlement Agreement if PPR does not commence or
consummate the Offer on and subject to the terms of the Settlement Agreement).  </FONT></TD></TR>
</TABLE>
<BR>


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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b>Amended and Restated Strategic Investment Agreement </b><BR><BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In connection with the Settlement Agreement, PPR, Gucci and Marothi entered into the
Restated SIA to replace the Strategic Investment Agreement then in force among the
parties. If, following the consummation of the Offer, the number of Shares not
beneficially owned by PPR is less than 15% of the then-outstanding Shares or 15 million
Shares, whichever is greater then the Restated SIA will terminate, and shareholders will
no longer be entitled to the minority shareholder safeguards included in the Restated
SIA.  </FONT></TD></TR>
</TABLE>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Restated SIA provides for the Settlement Agreement, the special cash dividend described
above and the Offer. In the event that PPR does not consummate the Offer due to laws or
injunctions prohibiting the commencement, making or consummation of the Offer (the
absence of which is the only condition to the Offer), then PPR will promptly implement an
alternative transaction having the same economic result as that which would have resulted
from the consummation of the Offer in accordance with the terms of the Restated SIA.  </FONT></TD></TR>
</TABLE>
<BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Continued
Listing of Shares</U> </FONT></TD></TR>
</TABLE>
<BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PPR
agreed that until the later of the expiration of the Offer Period and the expiration of
the Subsequent Offering Period and for so long as no less than the greater of (1) 15% of
the outstanding Shares and (2) 15 million Shares remain outstanding, it will use its best
efforts to cause Gucci to maintain the listing of the Shares on the New York Stock
Exchange and Euronext Amsterdam. PPR will not, however, be obligated to procure the
issuance of additional Shares or the sale of Shares in order to meet the listing
requirements of the New York Stock Exchange and/or Euronext Amsterdam.  </FONT></TD></TR>
</TABLE>
<BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Stock
Options</U> </FONT></TD></TR>
</TABLE>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PPR
and Gucci agreed that they will take all necessary and appropriate actions to adopt and
implement equitable arrangements for the benefit of the participants in Gucci&#146;s
stock option plan, including an appropriate adjustment to option exercise prices to take
account of the transactions contemplated in the Settlement Agreement and fair
participation in the Offer.  </FONT></TD></TR>
</TABLE>
<BR>

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<A NAME=A021></A>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Gucci&#146;s
Supervisory Board Prior to Consummation of the Offer</U> </FONT></TD></TR>
</TABLE>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
parties to the Restated SIA agreed that until the consummation of the Offer, the
Supervisory Board of Gucci would consist of ten members, comprised of five directors
nominated by PPR and the remaining members to be independent of any relationship with
PPR, one of whom would serve as the Chairman (subject to the prior approval of the
Supervisory Board&#146;s strategic and financial committee). There is no casting vote,
and the Chairman has no special powers or authority. Under the Restated SIA, PPR may
request the reduction of the number of members of Gucci&#146;s Supervisory Board to
eight, comprised of at least four Independent Directors and the remaining directors
nominated by PPR. Such request was made by PPR in 2002, and the Supervisory Board is
currently comprised of eight directors. PPR agreed to vote its Shares in favor of the
appointment of the Independent Directors in accordance with the nominations put forward
by the Independent Directors.  </FONT></TD></TR>
</TABLE>
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<A NAME=A022></A>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Gucci&#146;s
Supervisory Board Following Consummation of the Offer</U> </FONT></TD></TR>
</TABLE>
<BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Following
the consummation of the Offer and for the duration of the Restated SIA, the maximum size
of Gucci&#146;s Supervisory Board will be nine members. The Supervisory Board will be
comprised of four Independent Directors and four directors nominated by PPR. The chairman
will be nominated by the PPR directors and must be approved by a majority of the
Supervisory Board, including at least two Independent Directors. In the event that the
chairman so appointed is not a then-existing Independent Director, the Independent
Directors will be entitled to appoint a vice chairman of the Supervisory Board. The
chairman will be required to consult with the vice chairman from time to time, and in any
event, prior to each Supervisory Board meeting with respect to the agenda for such
meeting and during Supervisory Board meetings as appropriate.  </FONT></TD></TR>
</TABLE>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Restated SIA also provides that, following the consummation of the Offer, PPR will have
the ability to expand the Supervisory Board of Gucci by one member and nominate such
additional member following at least 15 days&#146; notice to the Independent Directors.
During the notice period, the chairman of the Supervisory Board will schedule a meeting
of the Supervisory Board, and PPR will consult with the Independent Directors. If the
decision is taken to expand the Supervisory Board, a shareholder meeting will be noticed
promptly and the matter will be submitted to shareholders of Gucci for a vote.  </FONT></TD></TR>
</TABLE>
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<TD ALIGN=LEFT>
<FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Potential Conflicts of Interest</U> </FONT></TD></TR>
</TABLE>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
so long as the Restated SIA remains in effect, with respect to a matter raised during a
Supervisory Board meeting that gives rise to a potential conflict of interest between
Gucci and PPR, any Independent Director may identify such a potential conflict of
interest for review by the Independent Directors. The determination of a conflict of
interest will be made solely by the Independent Directors acting with the advice of
counsel and through a majority vote to be held either during the meeting if the matter
has been noticed to the Supervisory Board at least 15 days prior to such meeting or
during the period commencing with the Supervisory Board meeting at which the matter is
first proposed and concluding as promptly as possible depending upon the urgency of the
matter and in any event not more than 15 days thereafter at the next Supervisory Board
meeting. If the Independent Directors reasonably conclude that there is a conflict of
interest, the PPR directors will abstain from voting on the matter. Any such
determination by the Independent Directors will be subject to PPR&#146;s ability to
dispute such determination in arbitration under the Restated SIA. If the Independent
Directors reasonably conclude that there is no conflict of interest, the PPR directors
may vote on the matter.  </FONT></TD></TR>
</TABLE>
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<A NAME=A024></A>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Quorum
and Action of Gucci&#146;s Supervisory Board</U> </FONT></TD></TR>
</TABLE>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the Restated SIA, a quorum of the Supervisory Board requires at least one Independent
Director and one PPR director. Approval of a resolution of the Supervisory Board requires
the affirmative vote of a majority of the members of the board. However, unless first
approved by the strategic and financial committee, any of the matters listed in the
second succeeding paragraph will only be approved by the Supervisory Board pursuant to a
supermajority vote supported by at least 75% of the members of the Supervisory Board.  </FONT></TD></TR>
</TABLE>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Strategic
and Financial Committee</U> </FONT></TD></TR>
</TABLE>
<BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the Restated SIA, the Supervisory Board&#146;s strategic and financial committee
consists of three PPR directors and two Independent Directors. A quorum of the strategic
and financial committee requires at least one Independent Director and one PPR director.
The Chief Executive Officer of Gucci is to be invited to attend the meetings and
participate as a non-voting ex officio member of the strategic and financial committee.  </FONT></TD></TR>
</TABLE>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following matters must be discussed in and approved by the strategic and financial
committee prior to submission to the full Supervisory Board for its approval:  </FONT></TD></TR>
</TABLE>
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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Gucci's
strategic plan,</FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>any
investment in another entity or any strategic acquisition or disposition, the
purchase/sale price of which exceeds $50               million,</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>any
change in Gucci's capital structure or increase or decrease in capital stock,</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>any
non-operating capital expenditure,</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>operating
capital expenditures of more than $80 million in the aggregate on an annual basis,</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>any
debt incurred outside of the ordinary course of business in excess of $50 million,</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>any
amendment to Gucci's Articles of Association,</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>any
legal mergers, demergers, spinoffs, dissolutions and applications related to a
reorganization, bankruptcy or suspension of payments,</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>any
changes to the Supervisory Board rules, and</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the
appointment of the Chairman.</FONT></TD>
</TR>
</TABLE>
<BR>

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<A NAME=A026></A>
<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Sales
and Transfers of Shares by PPR</U> </FONT></TD></TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Restated SIA provides that prior to December 31, 2004, PPR may not sell or transfer any
Shares except with the prior consent of a majority of the Independent Directors, except
to its affiliates under certain conditions and except in connection with a public offer
for 100% of the Shares by a third party, if that offer has been recommended to Gucci&#146;s
shareholders by Gucci&#146;s Supervisory Board. After December 31, 2004, PPR may sell or
transfer Shares following due consultation with the Independent Directors.  </FONT></TD></TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event of sales or transfers by PPR of Shares following December 31, 2004, the
governance arrangements described above are subject to the following modifications:  </FONT></TD></TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>If
following a sale or transfer PPR does not own at least 50% of the then outstanding
Shares, then</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#150;</FONT></TD>
<TD WIDTH=76%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>PPR
will take all action to cause the Chairman appointed by the directors nominated by PPR to
resign and the Independent Directors will be entitled to appoint a new Chairman from
among the then-existing Independent Directors (if the Chairman nominated by the PPR
directors and serving at the time of the sale or transfer is an Independent Director,
then he or she will continue serving as Chairman); and  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#150;</FONT></TD>
<TD WIDTH=76%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>PPR
will forfeit its contractual right to expand Gucci&#146;s Supervisory Board by one member
and appoint an additional director. If PPR has exercised that right prior to the sale or
transfer of Shares, then PPR will take all action to cause one PPR director to resign,
and Gucci&#146;s Supervisory Board will be reduced to four directors nominated by PPR and
four Independent Directors.  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>If
following a sale or transfer of Shares PPR does not own at least 30% of the
then-outstanding Shares, then the Supervisory Board will have the option to dissolve the
strategic and financial committee or take all actions to procure that the Independent
Directors comprise a majority of that committee. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2> As
long as PPR owns at least 20% of the then-outstanding Shares, PPR will be entitled to
nominate one member of Gucci&#146;s Supervisory Board. </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang 1" FSL="Project" -->
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2> As
long as PPR owns at least 30% of the then-outstanding Shares, PPR will be entitled to
nominate three members of Gucci&#146;s Supervisory Board. </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang 1" FSL="Project" -->
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2> As
long as PPR owns at least 40% of the then-outstanding Shares, PPR will be entitled to
nominate four members of Gucci&#146;s Supervisory Board. </FONT></TD>
</TR>
</TABLE>
<BR>

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<A NAME=A027></A>
<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Standstill
Period Restrictions</U> </FONT></TD></TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
a standstill period lasting until the expiration of the Restated SIA, PPR and its
affiliates are prohibited from acquiring additional Shares, except in certain
circumstances described in the Restated SIA, including a tender offer by PPR for 100% of
the Shares (as long as that tender offer is recommended to the shareholders of Gucci by a
majority of the Independent Directors) and including if as a result of such acquisition
Gucci&#146;s shareholders (other than PPR and its affiliates) own no less than the
greater of:  </FONT></TD></TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>30%
of the then-outstanding Shares, and</FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang 1" FSL="Project" -->
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>30
million Shares.</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;However,
PPR and its affiliates are prohibited from purchasing Shares during the period beginning
four months prior to the commencement of the Offer and ending on the last day of the
Offer Period, other than Shares purchased pursuant to the Offer.  </FONT></TD></TR>
</TABLE>
<BR>

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<A NAME=A028></A>
<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Other
Commitments of PPR</U> </FONT></TD></TR>
</TABLE>
<BR>

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<A NAME=A029></A>
<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Restated SIA also includes: </FONT></TD></TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>certain
non-competition provisions,</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>assurances
of Gucci's independence,</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>a
commitment to support the existing manufacturing operations and employee base,</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>a
commitment not to solicit Gucci employees,</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>provisions
regarding the appointment of managing directors of Gucci, and</FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang 1" FSL="Project" -->
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;provisions
requiring PPR or its affiliates to present a competing business to Gucci in accordance
with the terms of the Restated SIA before pursuing that business. </FONT></TD>
</TR>
</TABLE>
<BR>

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<A NAME=A030></A>
<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination
of Restated SIA</U> </FONT></TD></TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Indent 0" FSL="Project" -->
<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Restated SIA terminates on the earliest of:  </FONT></TD></TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang 1" FSL="Project" -->
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>March
19, 2009,</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>such
date on which as a result of the Offer fewer than the greater of</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#150;</FONT></TD>
<TD WIDTH=76%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>15%
of the then-outstanding Shares and </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang 2" FSL="Project" -->
<A NAME=A031></A>
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#150;</FONT></TD>
<TD WIDTH=76%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>15
million Shares  </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Indent 0" FSL="Project" -->
<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;are
held by shareholders other than PPR and its affiliates,  </FONT></TD></TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang 1" FSL="Project" -->
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the
time prior to March 19, 2009, when PPR consummates a tender offer for 100% of the
then-outstanding Shares, if that tender offer is recommended to the shareholders by a
majority of the Independent Directors, and </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang 1" FSL="Project" -->
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the time when the Settlement Agreement ceases to be in full force and effect other than
pursuant to the terms thereof (in which case the initial SIA among PPR, Gucci and Marothi
will bind the parties). </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Indent 0" FSL="Project" -->
<A NAME=A032></A>
<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Remedies</U> </FONT></TD></TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
parties agreed that irreparable damage would occur in the event that any of the
provisions of the Restated SIA were breached. Accordingly, the parties will be entitled
to court-ordered injunctions to prevent breaches of the Restated SIA and to enforce
specifically the terms and provisions of the Restated SIA (including with respect to the
Offer), in addition to the remedy described below and any other available remedies.  </FONT></TD></TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition to any other remedies that may be available to Gucci, in the event of a breach
by PPR of its obligation to commence and complete the Offer in accordance with the terms
set forth in the Restated SIA, a majority of the Independent Directors will have the
right  </FONT></TD></TR>
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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>to
compel PPR to commence and consummate the Offer, or, alternatively,</FONT></TD>
</TR>
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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2> to
cause Gucci to distribute a stock dividend with respect to each issued and outstanding
Share not beneficially owned by PPR, such that as a result of the stock dividend, PPR&#146;s
ownership of Shares will be reduced to 42% of the outstanding Shares. </FONT></TD>
</TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Independent Directors cause Gucci to distribute the stock dividend:  </FONT></TD></TR>
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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the
number of Supervisory Board members that PPR is otherwise entitled to nominate will be
reduced by one;</FONT></TD>
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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the
composition of the strategic and financial committee will be modified to include three
Independent Directors and two               directors nominated by PPR; and</FONT></TD>
</TR>
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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;PPR
will be prohibited from acquiring additional Shares unless it does so pursuant to a
public offer for all of the outstanding Shares which is recommended to the Public
Shareholders by a majority of the Independent Directors. </FONT></TD>
</TR>
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<A NAME=A033></A>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Incorporation
of Provisions in Articles of Association and Supervisory Board Rules</U> </FONT></TD></TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Restated SIA provides that the relevant provisions of the Restated SIA will to the extent
practicable be incorporated in the Articles of Association and Supervisory Board Rules of
Gucci.  </FONT></TD></TR>
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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>(c)</B> </FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><I>Arrangements
Concerning the Common Shares</I></B></FONT></TD>
</TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
of March 31, 2004, Gucci held 2,971,176 Shares in treasury, which it repurchased with the
specific purpose of meeting its obligations to deliver Shares to selected employees under
Gucci&#146;s Incentive Stock Option Plan. As discussed below, Gucci expects that if less
than the greater of 15 million Shares and 15% of the outstanding Shares remain
outstanding after the Offer is completed, unvested options will be converted into stock
appreciation rights (&#147;SARs&#148;). Pursuant to the unanimous approval of the
Independent Directors, Gucci and Scholefield Goodman B.V., a wholly owned subsidiary of
PPR (&#147;Scholefield&#148;) agreed by letter agreement dated December 9, 2003, that,
effective November 1, 2003, if the unvested options are converted into SARs, or if for
any other reason Gucci ceases to hold the treasury Shares for the specific purpose of
meeting its obligations under Gucci&#146;s stock option plans, Scholefield will purchase
the treasury Shares within three months at a price equal to the lesser of the Offer Price
and the treasury Shares&#146; fair market value. The fair market value of the treasury
Shares will be determined using the formula applied to determine the exercise date value
under options issued after September 10, 2001 (without reducing EBITA to reflect the cost
of the SARs). The above summary is qualified in its entirety by reference to the letter
agreement between Scholefield and Gucci, which is attached hereto as Exhibit (e)(1).  </FONT></TD></TR>
</TABLE>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain
Italian employees of Gucci hold an aggregate of 25,343 Shares pursuant to an employee
shareholding plan for which the Associazione dei Dipendenti Azionisti del Gruppo
Gucci-A.D.A.G. acts as custodian. In order to qualify for favorable capital gains
treatment of the taxable amount resulting from a sale of these Shares and according to
the terms and prohibitions of the plan document (<I>Verbale d&#146;Intesa</I>), these
employees must hold the Shares awarded to them for at least three years except in certain
limited hardship cases provided under Italian law. To allow these employees to receive
this favorable tax treatment, PPR has agreed to purchase, and these employees have agreed
to sell, these Shares during a period after July 1, 2004, beginning on the third
anniversary of the employee&#146;s receipt of the relevant Shares and ending ninety days
thereafter. PPR will pay these employees an amount equal to the Offer Price. However, if
at the date of the sale, the Shares are listed on one of more stock exchanges at a price
that is higher than $85.52 (or the equivalent in Euros), the employees will be permitted
to sell their Shares on the securities market at such higher price. The above summary is
qualified in its entirety by reference to the form of letter agreement between PPR and
the Italian employees, which was filed with the SEC as an exhibit to PPR&#146;s Schedule
TO.  </FONT></TD></TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as described above and as otherwise set forth in the Offer to Purchase (including as
described in &#147;Special Factors &#151; Agreements Relating to the Settlement&#148; and
&#147;The Offer &#151; Source and Amount of Funds&#148;), none of PPR, Art&eacute;mis,
Scholefield, Marothi or any of their directors or executive officers is a party to any
agreement, arrangement, understanding or relationship with any other person with respect
to any securities of Gucci (including, without limitation, any contract, arrangement,
understanding or relationship concerning the transfer or the voting of any such
securities, joint ventures, loan or option arrangements, puts or calls, guarantees of
loans, guarantees against loss or the giving or withholding of proxies, consents or
authorizations).  </FONT></TD></TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as described above and as otherwise set forth in the Offer to Purchase (including as
described in &#147;Special Factors &#151; Background of the Offer&#148; and in &#147;Special
Factors &#151; Agreements Relating to the Settlement&#148;), since the third calendar
year preceding the date of the Offer to Purchase, no contracts or negotiations,
transactions or material contacts concerning a merger, consolidation, or acquisition, a
tender offer for or other acquisition of any securities of Gucci, an election of
directors of Gucci, or a sale or other transfer of a material amount of assets of Gucci,
have been entered into or have occurred between PPR (including its subsidiaries), Art&eacute;mis
or any of their directors or executive officers and Gucci or any of its affiliates or
between any affiliates of Gucci or between Gucci or any of its affiliates and any
unaffiliated person.  </FONT></TD></TR>
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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>(d)</B> </FONT></TD>
<TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<I><B>Effect of the Tender Offer on Gucci Stock Options</B></I> </FONT></TD>
</TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Gucci anticipates that if less than the greater of:  </FONT></TD></TR>
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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=76%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>15 million Shares and</FONT></TD>
</TR>
</TABLE>
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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=76%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>15%
of Gucci&#146;s outstanding Shares </FONT></TD>
</TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>remain
outstanding after completion of the Offer, unvested and unexercised options issued under
Gucci&#146;s Amended and Restated Incentive Stock Option Plan (the &#147;Amended Gucci
Option Plan&#148;) and (if agreed by option holders) unexercised options issued under
Gucci&#146;s previous incentive stock option plan (the &#147;Old Gucci Option Plan&#148;)
will be converted into SARs, which would convert to cash payments by Gucci when the SARs
are exercised. The SARs would have the same vesting period as the options, and the cash
amounts payable upon exercise of the SARs would be determined based on a formula that
would measure the value of Gucci as compared to other stock exchange listed companies in
the luxury goods industry. For options under the Old Gucci Option Plan, if the option
holder consents to the conversion of his options into SARs, each unvested option to
purchase one Share will be converted into an SAR with respect to 1.1 Shares. For options
under the Amended Gucci Option Plan, each unvested option to purchase one Share will be
converted into an SAR with respect to one Share. The form of the Share Option and Share
Appreciation Rights Agreement setting forth the conversion into SARs of options issued
under the Amended Gucci Option Plan and the form of agreement between Gucci and certain
option holders regarding the treatment of unvested options under the Old Gucci Option
Plan are attached hereto as Exhibit (e)(2) and Exhibit (e)(3), respectively.  </FONT></TD></TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vested
options under the Old Gucci Option Plan will not convert into SARs. Holders of such
options may exercise their options and tender the resulting Shares into the Offer.
Holders of such options who do not exercise their options and tender into the Offer will
continue to have the right to purchase Shares in accordance with the terms of their
option agreements under the Old Gucci Option Plan. However, there may not be an active
public trading market for the Shares obtained through the exercise of options after
completion of the Offer.  </FONT></TD></TR>
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<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<B><A NAME="ITEMFOUR">Item 4.</A></B></FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<B>The Solicitation or Recommendation</B></FONT></TD>
</TR>
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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>(a)</B> </FONT></TD>
<TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<B><I>Solicitation/Recommendation</I></B> </FONT></TD>
</TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
March 29, 2004 the Independent Directors met together with the Management Board of Gucci
in an informational meeting, at which Morgan Stanley and UBS each presented its opinion
with respect to the Offer Price to be paid by PPR in the Offer. In its presentation,
Morgan Stanley reviewed the events leading up to the Offer, Gucci&#146;s corporate
governance arrangements, potential risks surrounding Gucci, including management
uncertainty, the performance of the Shares since the date of the Restated SIA and
research analysts&#146; views on Gucci&#146;s valuation. Morgan Stanley described the
methodologies which it applied to determine whether the Offer Price was fair to the
shareholders of Gucci and presented its opinion that based upon and subject to certain
considerations and assumptions, the Offer Price to be received by the Public Shareholders
was fair from a financial point of view to such shareholders as a whole. UBS, in its
presentation, reviewed its key assumptions, the performance of the Shares since the date
of the Restated SIA, and the analyses performed by it in order to determine whether the
Offer Price is fair to the Public Shareholders, and presented its opinion that based upon
and subject to certain considerations and assumptions, the Offer Price to be received by
the Public Shareholders is fair from a financial point of view to such shareholders as a
whole. Copies of the Morgan Stanley and UBS presentation materials were filed by PPR with
the SEC on April 1, 2004 as exhibits to PPR&#146;s Schedule TO and are available for
inspection and copying at Gucci&#146;s principal executive offices.  </FONT></TD></TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Independent Directors, who are unaffiliated with PPR, are Adrian Bellamy, Reto
Domeniconi, Karel Vuursteen and Aureliano Benedetti. On March 29, 2004, following the
presentations by Morgan Stanley and UBS, the Independent Directors met separately with
all Independent Directors other than Karel Vuursteen in attendance. At that meeting, the
Independent Directors:  </FONT></TD></TR>
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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>determined
that the Offer is fair to the Public Shareholders who are not affiliated with Gucci or
PPR, and</FONT></TD>
</TR>
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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>recommended
that Gucci&#146;s Supervisory Board and Management Board resolve to recommend that the
Public Shareholders accept the Offer and tender their Shares. </FONT></TD>
</TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
March 30, 2004, following the recommendation of the Independent Directors, Gucci&#146;s
Supervisory Board and Management Board:  </FONT></TD></TR>
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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>determined
that the Offer is fair to the Public Shareholders who are not affiliated with Gucci or
PPR, and</FONT></TD>
</TR>
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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>recommend
that the Public Shareholders accept the Offer and tender their Shares.</FONT></TD>
</TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
members of the Supervisory Board other than Karel Vuursteen and Fran&ccedil;ois Jean
Henri Pinault were present at the March 30, 2004 Supervisory Board meeting.  </FONT></TD></TR>
</TABLE>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
the March 30, 2004 meeting of the Supervisory Board, each of Morgan Stanley and UBS
presented its opinion with respect to the Offer Price to be paid by PPR in the Offer, and
the content of such presentations was substantially similar to the presentations made the
previous day by Morgan Stanley and UBS to the Independent Directors and Management Board.
Patricia Barbizet-Dussart, Patrice Marteau and Serge Weinberg, each members of Gucci&#146;s
Supervisory Board, recused themselves from voting on this matter in light of their
positions. Ms. Barbizet-Dussart is the Chairman of the Supervisory Board of PPR and Chief
Executive Officer of Art&eacute;mis, the controlling shareholder of PPR; Mr. Marteau is
the Chief Financial Officer of PPR; and Mr. Weinberg is the Chief Executive Officer and
Chairman of the Management Board of PPR.  </FONT></TD></TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
of the members of Gucci&#146;s Supervisory Board who are unaffiliated with PPR who were
present at the meeting of the Supervisory Board, and all of the members of Gucci&#146;s
Management Board, voted in favor of this determination and recommendation.  </FONT></TD></TR>
</TABLE>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Independent Directors and PPR believe that the Offer is procedurally fair to the Public
Shareholders who are not affiliated with PPR or Gucci because, among other things:  </FONT></TD></TR>
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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the
Independent Directors met separately to consider the Offer and the interests of the
Public Shareholders who are not affiliated with Gucci or PPR;</FONT></TD>
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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the
Independent Directors were separately advised by legal counsel;</FONT></TD>
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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the
Independent Directors were separately advised by Morgan Stanley and UBS to assist them in
evaluating the fairness of a potential transaction with PPR; </FONT></TD>
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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the
Independent Directors carefully evaluated the Offer and the requirements of the Restated
SIA and the Settlement Agreement; and</FONT></TD>
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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the
$85.52 per Shares Offer Price resulted from negotiations among representatives of Gucci,
the Independent Directors, PPR and LVMH, as adjusted through a determination of the
Independent Directors. </FONT></TD>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There
will be no vote of Gucci&#146;s shareholders in connection with the Offer, and
accordingly the Offer will not be subject to the approval of a majority of the
shareholders unaffiliated with PPR or Gucci. The Independent Directors noted that a
majority of the outstanding Shares not owned by PPR must be tendered before the Shares
may be delisted and the Restated SIA terminated. See the Offer to Purchase, &#147;Special
Factors &#151;Agreements Relating to the Settlement &#151; Amended and Restated Strategic
Investment Agreement.&#148; The Supervisory Board, acting through the Independent
Directors, retained Morgan Stanley, Skadden, Arps, Slate, Meagher and Flom LLP and
DeBrauw Blackstone Westbroek in 2001 to negotiate the terms of the Offer on behalf of
Gucci and its stakeholders, including the shareholders unaffiliated with PPR or Gucci,
and engaged Morgan Stanley and UBS in March 2004 to provide opinions as to whether the
Offer Price to be paid by PPR is fair from a financial point of view to the shareholders
of Gucci unaffiliated with PPR and Gucci. The Offer was approved by a majority of the
members of the Supervisory Board who are unaffiliated with PPR or Gucci.  </FONT></TD></TR>
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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>(b)</B> </FONT></TD>
<TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<B><I>Reasons for the Recommendation</I></B> </FONT></TD>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>
The Independent Directors</U> </FONT></TD></TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
described above, the Independent Directors determined that the Offer is fair to the
Public Shareholders who are not affiliated with PPR or Gucci and recommended that Gucci&#146;s
Supervisory Board and Management Board resolve to recommend that the Public Shareholders
accept the Offer and tender their Shares, following which Gucci&#146;s Supervisory Board
and Management Board resolved to recommend the Offer.  </FONT></TD></TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
reaching their determination, the Independent Directors considered a number of factors,
including the following:  </FONT></TD></TR>
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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>Terms
and Conditions of the Offer.</I> The Independent Directors considered the general terms
and conditions of the Offer, including that (a) tendering shareholders would be able to
liquidate their investment in Gucci for cash, (b) the Offer is not subject to any
significant conditions, (c) PPR generally may not terminate or extend the Offer, and (d)
PPR is obligated to provide a subsequent offering period if, immediately prior to the
expiration of the Offer, the Shares not tendered in the Offer and the Shares issuable
upon exercise of outstanding Gucci options constitute less than the greater of (1) 15% of
the then-outstanding Shares and (2) 15 million Shares. </FONT></TD>
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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2> <I>
Morgan Stanley and UBS Fairness Opinions</I>. &nbsp; The
Independent Directors took into account presentations from Morgan Stanley and UBS to the
Independent Directors, and the opinions of Morgan Stanley and UBS, each dated March 29,
2004, to the effect that, based upon and subject to certain considerations and
assumptions, the Offer Price to be received by the Public Shareholders in the Offer was
fair from a financial point of view to the Public Shareholders as a whole. A copy of the
opinions rendered by Morgan Stanley and UBS, including the assumptions made by Morgan
Stanley and UBS in arriving at their respective opinions, are attached hereto as Annexes A
and B, respectively, and are incorporated herein by reference. Shareholders are urged to
read these opinions in their entirety. Following receipt of the opinions of each of Morgan
Stanley and UBS and following presentations by each of Morgan Stanley and UBS, the
Independent Directors adopted the conclusions of, and analysis performed by each of Morgan
Stanley and UBS and that, based upon and subject to the considerations and assumptions
contained in the opinions of Morgan Stanley and UBS, the Offer Price to be received by the
Public Shareholders that are unaffiliated with PPR and Gucci was fair from a financial
point of view to such shareholders as a whole. The Independent Directors were aware that
Morgan Stanley was paid a fee of &#128;1.0 million and that UBS was paid a fee of $1.0
million upon the delivery of their respective written fairness opinions, that Morgan
Stanley and UBS may be entitled to certain other fees and expenses and that Morgan Stanley
had provided advice to Gucci during the negotiations that culminated in the Settlement
Agreement. The payment of fees to Morgan Stanley and UBS upon delivery of their written
fairness opinions did not impact the Independent Directors&#146; decision to rely on the
opinions of Morgan Stanley and UBS. </FONT></TD>
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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2> <I>Process
for Determination of the Offer Price</I>.&nbsp; The Independent Directors took into account the
fact that the initial offer price of $101.50 per Share, as set forth in the Settlement
Agreement and the Restated SIA, was determined in 2001 through arm&#146;s length
negotiations among Gucci, the Independent Directors, PPR and LVMH with reference to the
price received by LVMH for Shares sold to PPR under the Settlement Agreement. They also
noted that Gucci shareholders had received a special &#128;13.50 return of capital in
2003. </FONT></TD>
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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2> <I>Liquidity
of Shares</I>. The Independent Directors considered that the reduction in the number of
Shares following the consummation of the Offer could adversely affect the liquidity and
market value of the remaining Shares held by shareholders other than PPR. The Independent
directors considered that a non-tendering shareholder may in the future hold an illiquid
investment with no assurance as to the timing of any opportunity for disposition. </FONT></TD>
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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2> <I>Potential
Lack of Active Public Trading Market for Shares</I>. The Independent Directors considered
that PPR is not obligated to maintain the listing of the Shares after the consummation of
the Offer if less than 15% of the outstanding Shares or 15 million Shares, whichever is
greater, remain outstanding, and accordingly, there may not be an active public trading
market, or possibly any public trading market, for the Shares. </FONT></TD>
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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>Independence</I>.
The Independent Directors considered the provisions of the Restated SIA, and in
particular the expiration of certain arrangements with respect to the continued
independence of Gucci&#146;s management. </FONT></TD>
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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>
Control of Gucci Supervisory Board</I>. The Independent Directors also considered that following
the consummation of the Offer, PPR would be entitled to expand the size of Gucci&#146;s
Supervisory Board by one member and designate a PPR nominee to fill such newly-created
board seat, giving PPR nominees a majority of the seats on the Supervisory Board of
Gucci. </FONT></TD>
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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>
Reduction in Minority Protections</I>. The Independent Directors considered the potential reduction
of minority shareholder protections if sufficient Shares tender into the Offer and the
Restated SIA terminates in accordance with its terms. </FONT></TD>
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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<I>Continuity of Management</I>. The Independent Directors considered the expiration of the employment
agreements between Gucci and each of Domenico De Sole and Tom Ford and the uncertainty
associated with new management of Gucci&#146;s business. </FONT></TD>
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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>Possible
Conflicts of Interest</I>. The Independent Directors also took into account the possible
conflicts of interest of certain directors and members of management of both Gucci and
PPR discussed in Item 3. </FONT></TD>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Independent Directors considered whether the Offer Price constitutes fair value in
relation to current market prices, historical market prices and prices paid by PPR and
its affiliates for Shares since March 31, 2001. The Independent Directors noted that
Shares had recently traded at prices higher than the Offer Price and that in October 2003
affiliates of PPR may have purchased up to 10,000 Shares at prices higher than the Offer
Price. The Independent Directors concluded that current market prices, historical market
prices and prices paid by PPR and its affiliates for Shares were not relevant factors in
their determination because the Offer Price had been agreed in September 2001 in
connection with the settlement of litigation with LVMH, and because the purpose of the
Restated SIA and the Settlement Agreement was to provide Gucci shareholders with an
opportunity for liquidity, at a price substantially similar to that paid to LVMH in 2001,
and accordingly, did not include a price adjustment mechanism for increases in the market
price of the Shares.  </FONT></TD></TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There
have been no other firm offers by third parties to acquire Gucci within the last two
years with which to compare the Offer. The Independent Directors were of the view that
the best measure of Gucci&#146;s value would be based on the continuing operation of
Gucci as a going concern. Therefore, the Independent Directors believe that neither the
book value nor the liquidation value of Gucci is a meaningful measure of the fair market
value of the Shares, and no appraisal or liquidation value was sought for purposes of
valuing the Shares. However, the Offer Price of $85.52 is significantly in excess of Gucci&#146;s
net book value per Share of &#128;47.25 at January 31, 2003.  </FONT></TD></TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>The
Gucci Supervisory Board and Management Board</U> </FONT></TD></TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
reaching its determinations referred to above, Gucci&#146;s Supervisory Board and
Management Board considered the following factors, each of which, in the view of Gucci&#146;s
Supervisory Board and Management Board, supported such determinations: </FONT></TD></TR>
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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the
conclusions and recommendations of the Independent Directors; </FONT></TD>
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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2> the
factors referred to above as having been taken into account by the Independent Directors,
including the receipt by Gucci&#146;s Supervisory Board of the opinions of UBS and Morgan
Stanley, respectively, to the effect that, based upon and subject to the assumptions
stated therein, the Offer Price to be received by the Public Shareholders in the Offer is
fair from a financial point of view to the Public Shareholders as a whole, and the
analysis presented by UBS and Morgan Stanley to the Independent Directors and Gucci&#146;s
Supervisory Board. Each of the Management Board and the Supervisory Board concluded that
it adopted the conclusions of and analysis performed by the Independent Directors; and </FONT></TD>
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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2> the
fact that the Offer Price and the terms and conditions of the Offer were the result of arm&#146;s-length
negotiations in 2001 among representatives of Gucci, the Independent Directors, PPR and
LVMH, and their respective advisors. </FONT></TD>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
members of Gucci&#146;s Supervisory Board and Management Board, including the Independent
Directors, evaluated the Offer in light of their knowledge of the business, financial
condition and prospects of Gucci, and based upon the advice of financial and legal
advisors.  </FONT></TD></TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gucci&#146;s
Supervisory Board and Management Board, including the Independent Directors, believe that
the Offer is procedurally fair because, among other things:  </FONT></TD></TR>
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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the
Independent Directors met separately to consider the Offer and the interests of the
Public Shareholders who are not               affiliated with PPR or Gucci;</FONT></TD>
</TR>
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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the
Independent Directors were separately advised by legal counsel;</FONT></TD>
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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2> the
Independent Directors were separately advised by Morgan Stanley and UBS, to assist them
in evaluating the fairness of a potential transaction with PPR; </FONT></TD>
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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the
Independent Directors carefully evaluated the Offer and the requirements of the Restated
SIA and the Settlement               Agreement; and</FONT></TD>
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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2> the
$85.52 per Share Offer Price resulted from arm&#146;s-length bargaining in 2001 among
representatives of Gucci, the Independent Directors, PPR and LVMH, as adjusted through a
determination of the Independent Directors. </FONT></TD>
</TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
view of the wide variety of factors considered in connection with their evaluation of the
Offer, neither Gucci&#146;s Supervisory Board (including the Independent Directors) nor
Gucci&#146;s Management Board found it practicable to, and did not, quantify or otherwise
attempt to assign relative weights to the specific factors they considered in reaching
their determinations.  </FONT></TD></TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
foregoing discussion of the information and factors considered by the Independent
Directors and Gucci&#146;s Supervisory Board and Management Board is not intended to be
exhaustive but is believed to include all material factors considered by the Independent
Directors and Gucci&#146;s Supervisory Board.  </FONT></TD></TR>
</TABLE>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Following
the recommendation of the Independent Directors, Gucci&#146;s Supervisory Board and
Management Board:  </FONT></TD></TR>
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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>determined
that the Offer is fair to the Public Shareholders who are not affiliated with PPR or
Gucci, and</FONT></TD>
</TR>
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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>recommend
that the Public Shareholders accept the Offer and tender their Shares.</FONT></TD>
</TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
described above, in light of their positions, Ms. Patricia Barbizet-Dussart and Messrs.
Marteau and Weinberg recused themselves from voting on the matter. All the members of
Gucci&#146;s Supervisory Board who are unaffiliated with PPR that were present at the
meeting, and all of the members of Gucci&#146;s Management Board, voted in favor of this
determination and recommendation.  </FONT></TD></TR>
</TABLE>
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<A NAME=A042></A>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Fairness
Opinion of Morgan Stanley and UBS</U> </FONT></TD></TR>
</TABLE>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Opinion of Morgan Stanley</I> </FONT></TD></TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
an engagement letter, dated March 24, 2004, Gucci, at the instruction of the Independent
Directors, has asked Morgan Stanley to provide its opinion to Gucci&#146;s Supervisory
Board and Management Board as to whether the Offer Price to be offered by PPR to the
Public Shareholders of Gucci, pursuant to the terms of the Offer, was fair from a
financial point of view to such Public Shareholders as a whole as of March 29, 2004. The
Independent Directors selected Morgan Stanley to act as financial advisor to Gucci&#146;s
Supervisory Board and Management Board based on Morgan Stanley&#146;s qualifications,
expertise and reputation.  </FONT></TD></TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan
Stanley advised Gucci in connection with the negotiation of the Settlement Agreement and
the Restated SIA. Morgan Stanley, acting on behalf of Gucci, participated in meetings
with representatives of PPR, during which the terms of the Settlement Agreement and the
Restated SIA were agreed among the parties. Representatives of Morgan Stanley attended a
meeting of the Independent Directors on September 5, 2001 and provided an update to the
Independent Directors on the status of negotiations among LVMH, PPR and Gucci. Morgan
Stanley noted that a resolution with respect to the LVMH shareholder litigation would
remove Gucci&#146;s principal competitor from its stock register and free Gucci to pursue
its multi-brand strategy without interference from LVMH. Representatives of Morgan
Stanley attended a meeting of the Independent Directors on September 9, 2001 and were
asked at that meeting to present their views on the settlement arrangements.
Representatives of Morgan Stanley noted, among other things, that the terms of the
settlement arrangements had several advantages for Gucci and its shareholders, including
the reduction in overhang in Gucci shares, the premium that would be available to
shareholders over the then-unaffected price of Gucci shares, the fact that a special cash
dividend would be paid to shareholders excluding PPR, the fact that shareholders would
have the opportunity to receive substantially similar value to that received by LVMH, the
fact that shareholders would have downside protection with respect to the price of their
Shares and the fact that Gucci management would be free to focus on the Gucci businesses
without the distraction of the LVMH shareholder litigation.  </FONT></TD></TR>
</TABLE>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
the meeting of the Independent Directors and Gucci&#146;s Management Board on March 29,
2004, and at the meeting of Gucci&#146;s Supervisory Board on March 30, 2004, Morgan
Stanley rendered its oral opinion, subsequently confirmed in writing in an opinion letter
dated March 29, 2004, to the effect that, as of March 29, 2004, and subject to and based
upon the assumptions and other considerations set forth in its opinion, the Offer Price
to be received by the Public Shareholders, pursuant to the terms of the Offer, was fair
from a financial point of view to such Public Shareholders as a whole.  </FONT></TD></TR>
</TABLE>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>The
full text of the written opinion of Morgan Stanley, dated April 22, 2004, and reflecting
its conclusion regarding the fairness, as of March 29, 2004, of the Offer Price from a
financial point of view to the Public Shareholders as a whole, is attached as Annex A.
The opinion sets forth, among other things, the assumptions made, procedures followed,
matters considered and limitations on the scope of the review undertaken by Morgan
Stanley in rendering its opinion. Morgan Stanley urges you to read the entire opinion
carefully. No limitations were imposed by the Supervisory Board or the Management Board
upon Morgan Stanley with respect to the investigations made or procedures followed by it
in rendering its opinion. Morgan Stanley provides in its opinion that it did not have
access to the new management and creative team that has replaced or will replace Outgoing
Management. Morgan Stanley&#146;s opinion is directed to Gucci&#146;s Management Board
and Supervisory Board and addresses only the fairness from a financial point of view of
the Offer Price to be received by the Public Shareholders as a whole pursuant to the
terms of the Offer, as of March 29, 2004. It does not address any other aspects of the
Offer and does not constitute a recommendation to any Public Shareholder as to whether
such holder should tender its Shares in the Offer or exercise or convert any options to
purchase Shares that it may have. The summary of the opinion of Morgan Stanley set forth
in this document is qualified in its entirety by reference to the full text of the
opinion.</B> </FONT></TD></TR>
</TABLE>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
connection with rendering its opinion, Morgan Stanley, among other things:  </FONT></TD></TR>
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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(a) </FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2> reviewed
the Settlement Agreement and the Restated SIA (the<B></B> &#147;Agreements&#148;); </FONT></TD>
</TR>
</TABLE>
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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(b) </FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2> reviewed
the Offer to Purchase prepared by PPR in connection with the Offer,
substantially in the form of the draft Schedule TO dated March 25, 2004
(the &#147;Offer Document&#148;), and Morgan Stanley notes that PPR may
seek to delist the Shares depending on the outcome of the Offer and has no
intention to seek an exemption from the AFM under Dutch law to launch a
second offer or otherwise acquire the Shares on more favorable terms than
the Offer (except through regular stock exchange purchases and certain
limited permitted exemptions); </FONT></TD>
</TR>
</TABLE>
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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(c) </FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2> reviewed
certain publicly available financial statements and other business and
financial information of Gucci; </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(d) </FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2> reviewed
draft unaudited accounts prepared in accordance with International
Accounting Standards for Gucci for the year ended January 31, 2004
provided to us by the Outgoing Management (as defined below); </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(e) </FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2> reviewed
certain internal financial statements and other financial and operating
data concerning Gucci on a stand-alone basis prepared by the Outgoing
Management; </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(f) </FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2> reviewed
certain financial projections for Gucci on a stand-alone basis prepared by
the Outgoing Management; </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(g) </FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2> reviewed
and discussed Gucci&#146;s business and financial results and the
prospects for Gucci&#146;s business with the senior management, including
the Outgoing Management; </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(h) </FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2> discussed
the prospects for Gucci&#146;s business with the management of PPR; </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(i) </FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2> discussed
the prospects for Gucci&#146;s business with the Chairman of the
Supervisory Board of Gucci; </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(j) </FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2> reviewed
the reported trading prices and trading activities for the Shares; </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(k) </FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2> reviewed
certain equity research reports prepared by a number of investment banks
relating to Gucci and the Shares; </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(l) </FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2> compared
the financial performance and trading statistics of Gucci with that of
certain other comparable publicly-traded companies and their securities; </FONT></TD>
</TR>
</TABLE>
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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(m) </FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2> reviewed
the financial terms, to the extent publicly available, of certain recent
comparable transactions deemed relevant for this analysis; </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(n) </FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2> performed
a discounted cash flow analysis taking into account the most recent
business plans of Gucci prepared by the Outgoing Management; </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(o) </FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2> considered
the consequences of any outstanding Shares becoming less liquid if the
Offer is successful; and </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(p) </FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2> reviewed
such other information, performed such other analyses and considered such
other factors as Morgan Stanley has deemed necessary or appropriate. </FONT></TD>
</TR>
</TABLE>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan
Stanley has been advised by Gucci that the current Chief Executive Officer, Creative
Director and Chief Financial Officer (together the &#147;Outgoing Management&#148;) have
each communicated their intention to terminate their employment with Gucci on or about
May 1, 2004. Morgan Stanley has considered the potential consequences of such
terminations including the resultant uncertainty for Gucci&#146;s business.  </FONT></TD></TR>
</TABLE>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan
Stanley has assumed and relied upon, without independent verification, the accuracy and
completeness of the information reviewed by Morgan Stanley as of March 29, 2004 for the
purposes of its opinion. Morgan Stanley has also relied upon Gucci&#146;s senior
management&#146;s assessment of the current business plan of Gucci as of March 29, 2004.
Morgan Stanley has not performed any legal due diligence, carried out any accounting or
tax review (or given any advice in relation thereto) or made any technical assessment of
the assets of Gucci and does not assume any liability in respect thereof.  </FONT></TD></TR>
</TABLE>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With
respect to internal financial statements, the financial projections and other financial
data, Morgan Stanley has assumed that they have been reasonably prepared on bases
reflecting the best currently available estimates and judgments of the future financial
performance of Gucci as of March 29, 2004. With respect to draft unaudited accounts
prepared in accordance with International Accounting Standards for the year ended January
31, 2004, Morgan Stanley has assumed that such unaudited accounts reflect the results
that will ultimately be reported in Gucci&#146;s audited financial statements for such
period. Morgan Stanley has not had access to the new management and creative team that
has replaced or will replace the Outgoing Management of Gucci. The business plan prepared
by the Outgoing Management is the only set of projections which was made available to
Morgan Stanley by Gucci, and Morgan Stanley was advised by Gucci and PPR that no other
set of forecasts for Gucci had been prepared and was available as of March 29, 2004.
Therefore, Morgan Stanley has necessarily relied upon the business plan prepared by the
Outgoing Management when conducting its valuation analysis of Gucci.  </FONT></TD></TR>
</TABLE>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan
Stanley has not made any independent valuation or appraisal of the assets or liabilities
of Gucci. The valuation of securities is inherently imprecise and is subject to certain
uncertainties and contingencies, all of which are difficult to predict and are beyond
Morgan Stanley&#146;s control. In connection with legal and tax matters relating to the
Offer, Morgan Stanley has relied upon the information provided by and judgments made by
Gucci and PPR and their respective legal and tax advisors.  </FONT></TD></TR>
</TABLE>
<BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan
Stanley has assumed that the Offer will be made and consummated on the terms set forth in
the draft Offer Document. Morgan Stanley&#146;s opinion is necessarily based on
financial, economic, market and other conditions as in effect on, and the information
made available to Morgan Stanley as of March 29, 2004. Morgan Stanley has assumed that in
connection with the receipt of all necessary regulatory approvals for the Offer, no
restrictions will be imposed that would have a material adverse effect on the
contemplated benefits expected to be derived from the transaction. Morgan Stanley has not
been authorized to and has not solicited any interest from any third party with respect
to a transaction involving the sale or purchase of all or part of the Shares. Morgan
Stanley assumes no obligation to update its opinion at any future date.  </FONT></TD></TR>
</TABLE>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan
Stanley&#146;s opinion does not address the merits of the underlying rationale for the
Offer, and, in addition, Morgan Stanley expresses no opinion or recommendation to any
Public Shareholder of Gucci as to whether such Public Shareholder should tender its
Shares in the Offer or exercise or convert any options to purchase Shares that it may
have. Furthermore, if not all of the Shares are acquired by PPR in the Offer, its opinion
should not be taken as addressing in any manner the prices at which the Shares will trade
following commencement or completion of the Offer.  </FONT></TD></TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following is a summary of the material financial analyses performed by Morgan Stanley in
connection with its oral opinion and the preparation of its written opinion, dated April
22, 2004. Morgan Stanley has not updated, nor has it been requested to update, any of its
analyses to reflect the passage of time since March 29, 2004. Some of these summaries of
financial analyses include information presented in tabular format. In order to fully
understand the financial analyses used by Morgan Stanley, the tables must be read
together with the text of each summary. The tables alone do not constitute a complete
description of the financial analyses.  </FONT></TD></TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Historical
Trading Range</I>. Morgan Stanley reviewed the range of closing prices of the Shares of
Gucci on Euronext Amsterdam and the New York Stock Exchange for different time periods,
ended March 26, 2004. Morgan Stanley observed the following:  </FONT></TD></TR>
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<TR VALIGN=Bottom>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Euronext<BR>Amsterdam</FONT><HR WIDTH="95%" SIZE="1" COLOR="BLACK" ALIGN="LEFT"></TH>
     <TH COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>NYSE</FONT><HR WIDTH=92% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT> </TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT> </TH></TR>

<TR VALIGN=Bottom>
     <Td ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Period Ended March 26, 2004</B></FONT><HR WIDTH=55% SIZE=1 COLOR=BLACK NOSHADE></Td>
    <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Low</FONT><HR WIDTH=90% SIZE=1 COLOR=BLACK NOSHADE></Td>
     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>High</FONT><HR WIDTH=90% SIZE=1 COLOR=BLACK NOSHADE></Td>
    <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Low</FONT><HR WIDTH=90% SIZE=1 COLOR=BLACK NOSHADE></Td>
 <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>High</FONT><HR WIDTH=90% SIZE=1 COLOR=BLACK NOSHADE></Td></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=50% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Last 30 Days</FONT></TD>
     <TD WIDTH=10% ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#128;68.65</FONT></TD>
     <TD WIDTH=10% ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#128;70.80</FONT></TD>
     <TD WIDTH=10% ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;85.43&nbsp;</FONT></TD>
     <TD WIDTH=10% ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;85.70&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Last Six Months</FONT></TD>
      <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#128;66.65</FONT></TD>
    <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#128;75.20</FONT></TD>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;84.05&nbsp;</FONT></TD>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;86.48&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Last Twelve Months</FONT></TD>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#128;66.65</FONT></TD>
  <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#128;92.05</FONT></TD>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;84.05&nbsp;</FONT></TD>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$&nbsp;99.74&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
  <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD></TR>

<TR VALIGN=Bottom>
  <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>__________________<BR>
(Source: Factset)</FONT></TD></TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Note
that the above trading ranges may not be considered indicative of the stand-alone trading
value of Gucci due to the existence of PPR&#146;s obligation to make an offer to the
Public Shareholders at $85.52 per Share as described above. Accordingly, Morgan Stanley
used the historical trading range as a point of reference only and used as a valuation
methodology. The trading range for the past 12 months includes a period before the
distribution by Gucci of a return of capital of $15.78 or &#128;13.50 per share to its
shareholders on October 2, 2003 (with an ex-dividend date of September 26, 2003).  </FONT></TD></TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Comparable
Company Analysis.</I> Morgan Stanley compared financial information of Gucci with
publicly available information for selected publicly traded luxury companies which in its
judgment are comparable to the business or businesses of Gucci (the &#147;Comparable
Companies&#148;). The following table shows the Comparable Companies selected:  </FONT></TD></TR>
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     <TD WIDTH=50% ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Bulgari S.p.A</FONT></TD>
     <TD WIDTH=50% ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>LVMH Mo&euml;t Hennessy-Louis Vuitton</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Burberry Group PLC</FONT></TD>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Tiffany &amp; Co.</FONT></TD></TR>
<TR VALIGN=Bottom>
    <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Herm&egrave;s International</FONT></TD>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Compagnie Financi&egrave;re </FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Coach Inc.</FONT></TD>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2> Richemont AG</FONT></TD></TR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan
Stanley calculated the multiples of aggregate value (&#147;AV&#148;, defined as market
capitalization, plus net financial debt, plus minority interests and adjusted as
appropriate to exclude associate investments) of the Comparable Companies to estimated
2004 and 2005 earnings before interest, tax, depreciation and amortization (&#147;EBITDA&#148;)
and earnings before interest, tax and amortization (&#147;EBITA&#148;), and the multiples
of equity value of these companies to estimated 2004 and 2005 earnings, pre-goodwill
amortization and exceptional items (&#147;P/E&#148;), based on equity research estimates,
financial information publicly available and the closing share prices as at March 26,
2004. The high, low, average and median of the multiples are shown in the table below:  </FONT></TD></TR>
</TABLE>
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     <TH ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Trading Multiples </FONT><HR WIDTH=95% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Low</FONT><HR WIDTH=90% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2>High</FONT><HR WIDTH=90% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Average</FONT><HR WIDTH=90% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Median</FONT><HR WIDTH=90% SIZE=1 COLOR=BLACK NOSHADE></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=48% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2004E AV/EBITDA</FONT></TD>
     <TD WIDTH=13% ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9.5</FONT></TD>
     <TD WIDTH=13% ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>15.7</FONT></TD>
     <TD WIDTH=13% ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13.0</FONT></TD>
     <TD WIDTH=13% ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12.6</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2005E AV/EBITDA</FONT></TD>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8.4</FONT></TD>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13.8</FONT></TD>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11.1</FONT></TD>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11.0</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2004E AV/EBITA</FONT></TD>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11.0</FONT></TD>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>22.0</FONT></TD>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>16.0</FONT></TD>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>15.2</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2005E AV/EBITA</FONT></TD>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9.8</FONT></TD>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>17.2</FONT></TD>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13.8</FONT></TD>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13.7</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2004E P/E</FONT></TD>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>16.9</FONT></TD>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>31.1</FONT></TD>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>23.2</FONT></TD>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>23.9</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2005E P/E</FONT></TD>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>15.2</FONT></TD>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>28.1</FONT></TD>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>20.2</FONT></TD>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>19.5</FONT></TD></TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
company utilized in the comparable company analysis is identical to Gucci. In evaluating
the Comparable Companies, Morgan Stanley made judgments and assumptions with regard to
industry performance, general business, economic, market and financial conditions and
other matters, many of which are beyond the control of Gucci, such as the impact of
competition on the businesses of Gucci and the industry in general, industry growth and
the absence of any material adverse change in the financial condition and prospects of
Gucci or the industry or in the financial markets in general. Mathematical analysis, such
as determining the average or median, is not in itself a meaningful method of using
comparable company data.  </FONT></TD></TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
conducting its analysis, Morgan Stanley applied the most relevant financial multiples of
the Comparable Companies to the Gucci financial projections, as provided by Gucci, for
EBITDA, EBITA and earnings (pre-goodwill amortization and exceptional items) for fiscal
years 2004 and 2005. To promote comparability of the Comparable Companies, all companies&#146; financial
information, including that of Gucci, was calendarized, as the case may be, to reflect a
year end of December 31.  </FONT></TD></TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan
Stanley estimated the implied value per Share based on the comparable company analysis as
of March 26, 2004 at $64 - $71.  </FONT></TD></TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan
Stanley considered the announcement by the Outgoing Management of its departure from
Gucci and the uncertainty associated with the appointment of new management for Gucci&#146;s
business. After such announcement, some research analysts have revised downward their
views on the intrinsic value of Gucci to reflect this uncertainty. Morgan Stanley noted
that the downward revisions to value ranged between 7% and 28%.  </FONT></TD></TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan
Stanley has retained a discount of 5% to 10% (at the low end of research analyst downward
revisions to value) and applied it to the valuation range derived from the comparable
company analysis to estimate an implied value per Share reflecting the uncertainty faced
by Gucci going forward. The resulting estimated range of value per Share as of March 26,
2004 is $58 &#150; $68.  </FONT></TD></TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Precedent
Transaction Analysis</I>. Precedent transaction analysis compares the price paid in
precedent transactions to the market price of the target company prior to the launch of
an offer. Morgan Stanley reviewed 54 transactions which Morgan Stanley deemed reasonably
comparable to the Offer. Pursuant to the terms of the Agreements, irrespective of the
outcome of the Offer, following completion of the Offer, PPR would be entitled to obtain
a majority of the seats on the Supervisory Board of Gucci. As such, Morgan Stanley
reviewed transactions where a controlling shareholder (holding less than 90% of the
outstanding shares) of a listed company sought to purchase the remaining shares it did
not already own in this company. The transactions that Morgan Stanley reviewed included
34 transactions in Europe and 18 transactions in the United States that have occurred
since 1998, in which the consideration offered was cash and the transaction size was
larger than &#128;200 million or $200 million. In this set of comparable transactions,
the median and average premia built into the offer price over the target&#146;s share
price 30 days before announcement of the transaction were 22% and 25%, respectively.  </FONT></TD></TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan
Stanley estimated the implied value per Share based on the precedent transaction analysis
and the per Share value range derived from the comparable company trading analysis before
considering the impact of uncertainty, as of March 26, 2004, at $74 &#150; $92.  </FONT></TD></TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan
Stanley estimated the implied value per Share based on the precedent transaction analysis
and the per Share value range derived from the comparable company trading analysis
reflecting the uncertainty faced by Gucci going forward, as of March 26, 2004, at $66
&#150; $88.  </FONT></TD></TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
company or transaction utilized in the comparable transactions analysis is identical to
Gucci or the Offer, respectively.  </FONT></TD></TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Discounted
Cash Flow Analysis</I>. A discounted cash flow analysis values a business based on
calculating the present value of a stream of projected cash flows of such business over a
forecast period and the present value of a stream of cash flows in perpetuity thereafter.
Since this valuation methodology assumes entitlement to all of the cash flows of the
business, it is generally considered an appropriate method for determining the value of
the business as a whole to the totality of its owners, and also for a purchaser acquiring
the entire business including access to and control of all of its cash flows.  </FONT></TD></TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan
Stanley used the following sources of data to perform a discounted cash flow analysis
over a period, including the fiscal years 2004 through to 2013:  </FONT></TD></TR>
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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>financial
projections prepared by the Outgoing Management for fiscal years 2004, 2005 and 2006;</FONT></TD>
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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>projections
provided by the Outgoing Management for all brands, excluding the Gucci brand, for the
periods ending up                 to January 31, 2014;</FONT></TD>
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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>discussions
with senior management including the Outgoing Management and the management of PPR to
establish a                 reasonable set of financial projections for the Gucci brand;
and</FONT></TD>
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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2> discussions
with senior management, including the Outgoing Management and PPR of the consolidated set
of projections for the 10-year period for fiscal years 2004 through 2013. </FONT></TD>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan
Stanley discounted forecasted unlevered free cash flows from March 26, 2004, through
January 31, 2014 applying discount rates of 8.6% to 9.6% reflecting the weighted average
cost of capital of Gucci as estimated by Morgan Stanley. This weighted average cost of
capital was calculated based on the average unlevered beta of the Comparable Companies of
1.3, a market risk premium of 4.0%, a risk free rate of 3.9% and a debt-free capital
structure. A perpetual growth rate of 2.0% to 3.0% was applied to the final year of
unlevered free cash flow.  </FONT></TD></TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan
Stanley estimated the implied value per Share derived from the discounted cash flow
analysis as of March 26, 2004 based on the financial projections prepared by the Outgoing
Management and the projections prepared by Morgan Stanley for the Gucci brand after
discussions with the Outgoing Management and PPR at $73 &#150; $95. This valuation range
was obtained using the discount rate of 8.6% to 9.6% and the perpetual growth rate range
of 2.0% to 3.0% and does not consider the increased uncertainty and other potential
effects created at Gucci by the departure of the Outgoing Management.  </FONT></TD></TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan
Stanley performed a sensitivity analysis to estimate the potential impact of a disruption
impacting the financial performance of the Gucci brand following the departure of the
Outgoing Management. Morgan Stanley estimated the impact of reduced sales growth and
EBITA margin projections for the Gucci divisions in 2005 and 2006, relative to the
financial projections provided by the Outgoing Management. This analysis was included for
illustrative purposes, is necessarily a matter of judgment, and therefore provides
limited guidance. Morgan Stanley estimated the implied value per share based on the
financial projections prepared by Morgan Stanley and reflecting a possible disruption in
the business of Gucci at $62 &#150; $80.  </FONT></TD></TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan
Stanley made certain adjustments to calculate the equity value ranges determined using
the methodologies described above, such as adding in the value of cash and subtracting
the value of net interest bearing debt and minority interests as reported in the draft
unaudited accounts of Gucci for the fiscal year ended January 31, 2004 to derive a range
of total equity values of the company. The equity value per Share ranges are then
determined by dividing the total equity value ranges by the Company&#146;s fully diluted
shares outstanding.  </FONT></TD></TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
connection with the review of the Offer by Gucci&#146;s Management Board and Supervisory
Board, Morgan Stanley performed a variety of financial and comparative analyses for the
purposes of rendering its opinion. The preparation of a financial opinion is a complex
process and is not necessarily susceptible to a partial analysis or summary description.
In arriving at its opinion, Morgan Stanley considered the results of all of its analyses
as a whole and did not attribute any particular weight to any analysis or factor it
considered. Morgan Stanley believes that selecting any portion of its analyses, without
considering all analyses as a whole, would create an incomplete view of the process
underlying its analyses and opinion. In addition, Morgan Stanley may have given various
analyses and factors more or less weight than other analyses and factors, and may have
deemed various assumptions more or less probable than other assumptions. As a result, the
ranges of valuations resulting from any particular analysis described above should not be
taken to be Morgan Stanley&#146;s view of the actual value of Gucci. In performing its
analyses, Morgan Stanley made numerous assumptions with respect to industry performance,
general business and economic conditions and other matters. Many of these assumptions are
based on factors beyond the control of Gucci. Any estimates contained in Morgan Stanley&#146;s
analyses are not necessarily indicative of future results or actual values, which may be
significantly more or less favorable than those suggested by such estimates.  </FONT></TD></TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan
Stanley conducted the analyses described above solely as part of its analysis of the
fairness, as of March 29, 2004 from a financial point of view, of the consideration to be
received by the Public Shareholders as a whole pursuant to the Offer and in connection
with the delivery of its written opinion dated April 22, 2004 to Gucci&#146;s Management
Board and Supervisory Board. These analyses do not purport to be appraisals or to reflect
the prices at which the Shares might actually trade. Morgan Stanley did not recommend any
specific consideration to Gucci&#146;s Management Board and Supervisory Board or that any
given consideration constituted the appropriate consideration for the Offer.  </FONT></TD></TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, as described elsewhere in this Statement, Morgan Stanley&#146;s opinion and its
presentation to Gucci&#146;s Management Board and Supervisory Board was one of many
factors taken into consideration by Gucci&#146;s Management Board and Supervisory Board
in reaching their recommendation with regard to the Offer. Consequently, the analyses as
described above should not be viewed in any way as determinative of the opinion of Gucci&#146;s
Supervisory Board and Management Board.  </FONT></TD></TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan
Stanley is an internationally recognized investment banking and advisory firm. Morgan
Stanley, as part of its investment banking and financial advisory business, is
continuously engaged in the valuation of businesses and securities in connection with
mergers and acquisitions, negotiated underwritings, competitive biddings, secondary
distributions of listed and unlisted securities, private placements and valuations for
corporate, estate and other purposes. In the ordinary course of its trading, brokerage,
investment banking, investment management, financing and principal investing activities,
Morgan Stanley and/or its affiliates may at any time hold long or short positions, and
may trade or otherwise effect transactions, for its own account or the accounts of its
customers, in debt or equity securities or senior loans of Gucci or PPR. In the past,
Morgan Stanley and/or its affiliates have provided financial advisory and financing
services for Gucci and PPR and have received fees from each of them respectively for the
rendering of those services. Morgan Stanley and its affiliates maintain banking and other
business relationships with PPR and its affiliates, for which they receive customary
fees. In the past two years, Gucci paid Morgan Stanley approximately $6.8 million in fees
in respect of financial advisory and financing services, including services to Gucci in
connection with the Settlement Agreement and the Restated SIA; all such services having
been provided to Gucci in 2000 and 2001. Morgan Stanley and/or its affiliates may also,
from time to time, engage in transactions and perform services for Gucci and/or PPR in
the ordinary course of their business.  </FONT></TD></TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to a letter agreement, dated March 24, 2004, between Gucci and Morgan Stanley, Gucci
engaged Morgan Stanley at the instruction of the independent directors of the Supervisory
Board of Gucci to carry out such work as Morgan Stanley deemed necessary to enable it to
give advice to the Management Board and the Supervisory Board of Gucci in connection with
evaluating whether the Offer Price to be received by the Public Shareholders from PPR
pursuant to the terms of the Offer is fair from a financial point of view to such Public
Shareholders as a whole, including by providing its written opinion as to whether the
Offer Price to be received by the Public Shareholders from PPR pursuant to the terms of
the Offer is fair from a financial point of view to such Public Shareholders as a whole.
Pursuant to its engagement, Morgan Stanley was paid a fee of &#128;1 million on March 29,
2004 in connection with the delivery of its written fairness opinion. If Morgan Stanley&#146;s
role is expanded beyond issuing a written fairness opinion, the engagement provides that
separate fee arrangements will be agreed between Gucci and Morgan Stanley in respect
thereof. Gucci has also agreed to reimburse Morgan Stanley for its expenses as incurred
in connection with its engagement, including any fees and disbursements of Morgan Stanley&#146;s
legal and other professional advisors. In addition, Gucci has agreed to indemnify Morgan
Stanley and certain related persons against certain liabilities and expenses arising out
of Morgan Stanley&#146;s engagement.  </FONT></TD></TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Opinion of UBS</I> </FONT></TD></TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
an engagement letter, dated March 23, 2004, Gucci, at the instruction of the Independent
Directors, has asked UBS to provide its opinion to Gucci&#146;s Supervisory Board and
Management Board as to whether the Offer Price to be offered by PPR to the Public
Shareholders of Gucci, pursuant to the terms of the Offer, is fair from a financial point
of view to the Public Shareholders as a whole. Gucci, at the instruction of the
Independent Directors, selected UBS to act as financial advisor to Gucci&#146;s
Supervisory Board and Management Board based on UBS&#146;s qualifications, expertise and
reputation. The Independent Directors also believed that it was prudent to appoint, in
addition to Morgan Stanley, a second financial advisor that had not been involved in the
negotiation or structuring of the Offer.  </FONT></TD></TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
the meeting of the Independent Directors and Management Board on March 29, 2004, and at
the meeting of the full Supervisory Board on March 30, 2004, UBS delivered its oral
opinion, subsequently confirmed in writing, to the effect that, as of March 29, 2004, and
subject to and based on the assumptions and other considerations and limitations set
forth in the opinion, the Offer Price to be received by the Public Shareholders pursuant
to the terms of the Offer is fair from a financial point of view to the Public
Shareholders as a whole.  </FONT></TD></TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>The
full text of UBS&#146;s opinion describes the assumptions made, procedures followed,
matters considered and limitations on the review undertaken by UBS. UBS&#146;s opinion is
attached as Annex B. UBS&#146;s opinion is directed only to the fairness, from a
financial point of view, of the Offer Price per Share as of the date of the opinion and
does not address any other aspects of the Offer. No limitations were imposed by the
Supervisory Board or the Management Board upon UBS with respect to the investigations
made or procedures followed by it in rendering its opinion. The opinion does not
constitute a recommendation to any Public Shareholder as to whether such holder should
tender its Shares in the Offer. You are encouraged to read the opinion carefully in its
entirety. The summary of UBS&#146;s opinion below is qualified in its entirety by
reference to the full text of UBS&#146;s opinion.</B> </FONT></TD></TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
arriving at UBS&#146;s opinion, UBS has, among other things:  </FONT></TD></TR>
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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(a) </FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>reviewed
the Restated SIA and the draft dated March 25, 2004 of the Offer to Purchase; </FONT></TD>
</TR>
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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(b) </FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2> reviewed
certain publicly available business and historical financial information
relating to Gucci; </FONT></TD>
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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(c) </FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2> reviewed
certain internal financial information and other data relating to the
stand-alone business and financial prospects of Gucci, including estimates
and financial forecasts prepared by management of Gucci, which were
provided to UBS by Gucci and are not publicly available; </FONT></TD>
</TR>
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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(d) </FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2> reviewed
current and historical market prices of the shares of Gucci; </FONT></TD>
</TR>
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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(e) </FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2> reviewed
certain publicly available financial and stock market data with respect to
certain companies that UBS deemed comparable to Gucci; </FONT></TD>
</TR>
</TABLE>
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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(f) </FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2> compared
the financial terms of the Offer with the publicly available terms of
               certain other transactions that UBS deemed relevant for its analysis; </FONT></TD>
</TR>
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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(g) </FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2> participated
in certain discussions with members of senior management of Gucci and PPR;
and </FONT></TD>
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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(h) </FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2> conducted
such other financial studies, analysis and investigations and considered
such other information as UBS deemed necessary or appropriate for the
purposes of its opinion. </FONT></TD>
</TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with its review, with Gucci&#146;s consent, UBS has not assumed any
responsibility for independent verification of any of the information reviewed by UBS for
the purpose of its opinion and has, with Gucci&#146;s consent, relied on such information
being complete and accurate in all material respects. In addition, at Gucci&#146;s
direction, UBS has not made any independent evaluation or appraisal of any of the assets
or liabilities (contingent or otherwise) of Gucci, nor has UBS been furnished with any
such evaluation or appraisal. With respect to draft unaudited financial statements
covering periods ending prior to and dates prior to the date of this opinion, we have
assumed that such unaudited statements reflect the results that will ultimately be
reported in Gucci&#146;s audited financial statements for such periods and dates. With
respect to the internal financial forecasts and estimates referred to above, UBS has
assumed, at Gucci&#146;s direction, that they were reasonably prepared on a basis
reflecting the best currently available estimates and judgment of the Supervisory and
Management Boards and management of Gucci as to the future performance of Gucci. In
addition, UBS has assumed with Gucci&#146;s approval that the future financial results
referred to above will be achieved at the times and in the amounts projected by the
management of Gucci. However, UBS notes that estimates of future performance are not
necessarily indicative of future results, which may differ materially. UBS has assumed
that all governmental, regulatory or other consents and approvals necessary for the
consummation of the Offer have been received, and that no restrictions have been imposed
that would have a material adverse effect on Gucci or the Offer. UBS&#146;s opinion is
necessarily based on economic, monetary, market and other conditions as in effect on, and
the information made available to UBS as of, the date of its opinion.  </FONT></TD></TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
analysis performed by UBS relates to Gucci as of March 29, 2004 and, therefore, the
analysis does not take into account any changes in circumstances relating to Gucci that
may occur after the date of the opinion.  </FONT></TD></TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
performing its valuation analysis, UBS used methodologies it deemed necessary or
appropriate for the purposes of its opinion. The following is a summary of the material
analyses used by UBS but is not a complete description of the analyses or data considered
by UBS. The preparation of a fairness opinion is a complex process and involves various
judgments and determinations as to the most appropriate and relevant assumptions and
financial analyses and the application of these methods to the particular circumstances
involved. UBS believes that its valuation analysis and the summary below must be
considered as a whole and that selecting portions of its analyses and factors or focusing
on information presented in tabular form, without considering the full analysis as a
whole, would create an incomplete or misleading view of the processes underlying the
analysis and rendering of the opinion. In arriving at its opinion, UBS considered the
results of each element of the analysis as a whole. No single factor or analysis was
determinative of UBS&#146;s fairness determination, nor were any relative weightings
assigned to the various analyses undertaken. Rather, the totality of the factors
considered and each element of the analyses performed operated collectively to support
its determination.  </FONT></TD></TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>The
financial analyses summarized below include information presented in tabular format. In
order to understand fully UBS&#146;s financial analyses, the tables must be read together
with the text of each summary. The tables alone do not constitute a complete description
of the financial analyses. Considering the data below without considering the full
narrative description of the financial analyses, could create a misleading or incomplete
view of UBS&#146;s financial analyses.</B> </FONT></TD></TR>
</TABLE>
<BR>



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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b>Comparative Share Price Performance</b><BR><BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
part of its analysis, UBS reviewed the historic share price performance of Gucci in the
period since September 9, 2001 and compared this performance with that of selected
publicly traded luxury goods companies that UBS deemed comparable to Gucci. The group of
publicly traded luxury goods companies included the following (together, the &#147;Comparable
Company Universe&#148;):  </FONT></TD></TR>
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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Bulgari S.p.A.;</FONT></TD>
</TR>
</TABLE>
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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Coach Inc.;</FONT></TD>
</TR>
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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Compagnie Financi&egrave;re Richemont AG;</FONT></TD>
</TR>
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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Herm&egrave;s International;</FONT></TD>
</TR>
</TABLE>
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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>LVMH Mo&euml;t Hennessy-Louis Vuitton;</FONT></TD>
</TR>
</TABLE>
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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Tiffany &amp; Co.; and</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Tod&#146;s S.p.A.</FONT></TD>
</TR>
</TABLE>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS
observed that over the period September 9, 2001 to March 26, 2004, the closing market
prices performed as set forth below:  </FONT></TD></TR>
</TABLE>
<BR>



<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=600>
<TR VALIGN=Bottom>
     <TH ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Company</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Currency</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Share price<BR>
at close 7-Sep-01</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Share price<BR>
at close 26-Mar-04</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Change<BR>
(%)</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=35% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Gucci (NYSE)</FONT></TD>
     <TD WIDTH=13% ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=1>EUR</FONT></TD>
     <TD WIDTH=18% ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=1>85.00</FONT></TD>
     <TD WIDTH=18% ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=1>85.45</FONT></TD>
     <TD WIDTH=13% ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=1>0.5</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Gucci (Euronext)</FONT></TD>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=1>EUR</FONT></TD>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=1>92.00</FONT></TD>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=1>69.30</FONT></TD>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(23.4)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Bulgari</FONT></TD>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=1>EUR</FONT></TD>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=1>11.77</FONT></TD>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=1>6.80</FONT></TD>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(42.2)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Coach</FONT></TD>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=1>USD</FONT></TD>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=1>8.54</FONT></TD>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=1>41.55</FONT></TD>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=1>386.5</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Herm&egrave;s</FONT></TD>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=1>EUR</FONT></TD>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=1>154.50</FONT></TD>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=1>161.10</FONT></TD>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=1>4.3</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>LVMH</FONT></TD>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=1>EUR</FONT></TD>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=1>49.15</FONT></TD>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=1>57.85</FONT></TD>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=1>17.7</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Richemont</FONT></TD>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=1>CHF</FONT></TD>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=1>37.30</FONT></TD>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=1>31.70</FONT></TD>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(15.0)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Tiffany</FONT></TD>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=1>USD</FONT></TD>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=1>27.75</FONT></TD>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=1>38.43</FONT></TD>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=1>38.5</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Tod's</FONT></TD>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=1>EUR</FONT></TD>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=1>48.35</FONT></TD>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=1>27.62</FONT></TD>
     <TD ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(42.9)</FONT></TD></TR>
</TABLE>
<BR>

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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>SOURCE: </FONT></TD>
<TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Datastream </FONT></TD>
</TR>
<TR VALIGN=TOP>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>NOTE: </FONT></TD>
<TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Gucci share prices are unadjusted for the return of capital in October 2003 </FONT></TD>
</TR>
</TABLE>
<BR>


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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b>Historical Public Market Trading Value</b><BR><BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS
performed an analysis of the trading volume of Gucci&#146;s common shares traded on
Euronext Amsterdam and the New York Stock Exchange from the time that the Settlement
Agreement and the Restated SIA were announced, as set out below:  </FONT></TD></TR>
</TABLE>
<BR>

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<TD>
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Euronext Amsterdam as at March 26, 2004 </FONT></H1></TD></TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><IMG SRC="vtp27.jpg"> </FONT></TD></TR>
</TABLE>
<BR>
<BR>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=600>
<TR VALIGN=Bottom>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT> </TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9-Sep-01 to 2-Oct-03</FONT><HR WIDTH="75%" SIZE="1" COLOR="Black"></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2-Oct-03 to 26-Mar-04</FONT><HR WIDTH="75%" SIZE="1" COLOR="Black"></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=5% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2> &nbsp;</FONT></TD>
     <TD WIDTH=30% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;VWAP (US$)</FONT></TD>
     <TD WIDTH=30% ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>89.72</FONT></TD>
     <TD WIDTH=30% ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>85.39</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD WIDTH="5%" ALIGN="LEFT" COLSPAN="4"><HR WIDTH="100%" SIZE="2" ALIGN="left"></TD>
     <TD WIDTH=30% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
     <TD WIDTH=20% ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=20% ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2> &nbsp;</FONT></TD></TR>
</TABLE><BR>

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<TR VALIGN=TOP>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>SOURCE:</FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Datastream </FONT></TD></TR>
<tr>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>NOTE: </FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Share price converted to US$
at the prevailing exchange rate on the close of each trading day </FONT></TD>
</TR>
<tr>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>NOTE: </FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Not adjusted for the return of Capital in October 2003
</FONT></TD>
</TR>

</TABLE>
<BR>
<BR>


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<TR VALIGN=TOP>
<TD>
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>New York Stock Exchange as at March 26, 2004 </FONT></H1></TD></TR>
</TABLE>
<BR>



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<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><IMG SRC="vtgraphp28.jpg"> </FONT></TD></TR>
</TABLE>
<BR><BR>

<BR>
<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=600>
<TR VALIGN=Bottom>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT> </TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9-Sep-01 to 2-Oct-03</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2-Oct-03 to 26-Mar-04</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=5% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2> &nbsp;</FONT></TD>
     <TD WIDTH=30% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;VWAP (US$)</FONT></TD>
     <TD WIDTH=30% ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2> 90.20 </FONT></TD>
     <TD WIDTH=30% ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>85.50</FONT></TD></TR>
<TR VALIGN=Bottom>
     <Td><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></Td>
     <Td><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></Td>
     <Td><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></Td>
     <Td><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></Td></TR>
</TABLE>



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<TR VALIGN=TOP>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>SOURCE:</FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Datastream </FONT></TD>
</TR>
</TABLE>
<BR>


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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS
observed the proportion of Gucci&#146;s common shares trading above the Offer Price
(adjusted where appropriate for the return of capital of &#128;13.50 per share returned
on October 2, 2003) over selected periods, as set out in the table below:  </FONT></TD></TR>
</TABLE>
<BR>




<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=600>
<TR VALIGN=Bottom>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT> </TH>
     <TH ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;(%)</FONT><HR WIDTH=100% SIZE=2 COLOR=BLACK NOSHADE></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9-Sep-01 to 2-Oct-03</FONT><HR WIDTH=100% SIZE=2 COLOR=BLACK NOSHADE></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2-Oct-03 to 26-Mar-04</FONT><HR WIDTH=100% SIZE=2 COLOR=BLACK NOSHADE></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=5% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2> &nbsp;</FONT></TD>
     <TD WIDTH=30% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;Euronext</FONT></TD>
     <TD WIDTH=30% ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2> 0.0 </FONT></TD>
     <TD WIDTH=30% ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>46.8</FONT></TD></TR>
<TR VALIGN=Bottom>
     <Td><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></Td>
     <Td><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></Td>
     <Td><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></Td>
     <Td><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></Td></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=5% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2> &nbsp;</FONT></TD>
     <TD WIDTH=30% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;NYSE</FONT></TD>
     <TD WIDTH=20% ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2> 0.0 </FONT></TD>
     <TD WIDTH=20% ALIGN=center><FONT FACE="Times New Roman, Times, Serif" SIZE=2>49.3</FONT></TD></TR>
<TR VALIGN=Bottom>
     <Td><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></Td>
     <Td><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT><HR WIDTH=100% SIZE=2 COLOR=BLACK NOSHADE></Td>
     <Td><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT><HR WIDTH=100% SIZE=2 COLOR=BLACK NOSHADE></Td>
     <Td><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT><HR WIDTH=100% SIZE=2 COLOR=BLACK NOSHADE></Td></TR>
</TABLE>

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<TR VALIGN=TOP>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>SOURCE:</FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Datastream </FONT></TD>
</TR>
</TABLE>

<BR>



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<TR VALIGN=TOP>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b>Comparable Company Analysis</b> <BR><BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
comparable company analysis compares the trading multiples of a company with the trading
multiples of companies deemed to be comparable with such company for valuation purposes
as a publicly quoted investment.  </FONT></TD></TR>
</TABLE>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
valuation is determined by reference to the comparable companies&#146; trading multiples,
while taking into consideration the differences between the subject company and the
comparable companies. UBS performed a comparable company analysis to compare the
valuation of Gucci implied by the Offer to the valuations of luxury goods companies UBS
deemed to be comparable with Gucci.  </FONT></TD></TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
luxury goods companies considered by UBS to be comparable to Gucci for valuation purposes
were included in the Comparable Companies Universe. Based on (i) the closing prices of
each comparable company&#146;s shares on March 26, 2004, (ii) publicly available
historical financial results of each comparable company and (iii) the financial forecasts
for each comparable company contained in published brokers&#146; reports available as at
March 26, 2004 selected by UBS, UBS calculated for each comparable company:  </FONT></TD></TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>each
company&#146;s enterprise value (i.e., fully diluted market capitalization based on the
Treasury method, plus net financial debt, plus the market value, if available, or book
value of minority interests, and adjusted as appropriate to exclude associate
investments) as a multiple of its: </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2> - </FONT></TD>
<TD WIDTH=76%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>sales
for the financial years 2004/2005 (1-year forward) and 2005/2006 (2-years forward); </FONT></TD>
</TR>
</TABLE>
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<TR VALIGN=TOP>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2> - </FONT></TD>
<TD WIDTH=76%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>EBITDA
(earnings before interest, tax, depreciation and amortization) for the financial year
2004/2005 (1-year forward) and 2005/2006 (2-years forward);  </FONT></TD>
</TR>
</TABLE>
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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2> - </FONT></TD>
<TD WIDTH=76%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>EBITA
(earnings before interest, tax and amortization) for the financial year 2004/2005 (1-year
forward) and                        2005/2006 (2-years forward); and </FONT></TD>
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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2> each
company&#146;s market equity value as a multiple of its earnings pre-amortization and
exceptional items (commonly referred to as a company&#146;s price/earnings or P/E ratio)
for the financial year 2004/2005 (1-year forward) and 2005/2006 (2-years forward). </FONT></TD>
</TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
promote comparability with Gucci, the financial data for the Comparable Companies
Universe was adjusted as appropriate to reflect a January 31 financial year-end. UBS made
such adjustments to the financial information as UBS deemed appropriate subject to the
information being publicly available to facilitate the adjustments.  </FONT></TD></TR>
</TABLE>
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<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=600>
<TR VALIGN=Bottom>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TH>
     <TH COLSPAN="3"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>2005E EV/</FONT><HR WIDTH=90% SIZE=2 COLOR=BLACK NOSHADE></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT> </TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TH>
    <TH COLSPAN="3"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>2006E EV/</FONT><HR WIDTH=90% SIZE=2 COLOR=BLACK NOSHADE></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH></TR>

<TR VALIGN=Bottom>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT><HR WIDTH=100% SIZE=2 COLOR=BLACK NOSHADE></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Sales<BR>(x)</FONT><HR WIDTH=100% SIZE=2 COLOR=BLACK NOSHADE></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=1>EBITDA<BR> (x)</FONT><HR WIDTH=100% SIZE=2 COLOR=BLACK NOSHADE></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=1>EBITA<BR> (x)</FONT><HR WIDTH=100% SIZE=2 COLOR=BLACK NOSHADE></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=1>2005E<BR> P/E<BR> (x)</FONT><HR WIDTH=100% SIZE=2 COLOR=BLACK NOSHADE></TH>
<TH><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT><HR WIDTH=100% SIZE=2 COLOR=BLACK NOSHADE></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Sales<BR> (x)</FONT><HR WIDTH=100% SIZE=2 COLOR=BLACK NOSHADE></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=1>EBITDA<BR> (x)</FONT><HR WIDTH=100% SIZE=2 COLOR=BLACK NOSHADE></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=1>EBITA<BR> (x)</FONT><HR WIDTH=100% SIZE=2 COLOR=BLACK NOSHADE></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=1>2006E<BR> P/E<BR> (x)</FONT><HR WIDTH=100% SIZE=2 COLOR=BLACK NOSHADE> </TH></TR>

<TR VALIGN=Bottom>
     <TD WIDTH=9% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>High</FONT></TD>
     <TD WIDTH=9% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;5.32&nbsp;</FONT></TD>
     <TD WIDTH=9% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=1>15.5</FONT></TD>
     <TD WIDTH=9% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=1>19.8</FONT></TD>
     <TD WIDTH=9% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=1>37.9</FONT></TD>
     <TD WIDTH=5% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD WIDTH=5% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD WIDTH=9% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>High</FONT></TD>
     <TD WIDTH=9% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=1>3.82</FONT></TD>
     <TD WIDTH=9% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=1>13.0</FONT></TD>
     <TD WIDTH=9% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=1>14.8</FONT></TD>
     <TD WIDTH=9% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=1>28.0</FONT></TD></TR>
<TR>
  <TD><HR WIDTH="100%" SIZE="1" COLOR="BLACK"></TD>
  <TD><HR WIDTH="100%" SIZE="1" COLOR="BLACK"></TD>
    <TD><HR WIDTH="100%" SIZE="1" COLOR="BLACK"></TD>
  <TD><HR WIDTH="100%" SIZE="1" COLOR="BLACK"></TD>
   <TD><HR WIDTH="100%" SIZE="1" COLOR="BLACK"></TD>
   <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
   <TD><HR WIDTH="100%" SIZE="1" COLOR="BLACK"></TD>
  <TD><HR WIDTH="100%" SIZE="1" COLOR="BLACK"></TD>
   <TD><HR WIDTH="100%" SIZE="1" COLOR="BLACK"></TD>
    <TD><HR WIDTH="100%" SIZE="1" COLOR="BLACK"></TD>
   <TD><HR WIDTH="100%" SIZE="1" COLOR="BLACK"></TD>
</TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Low</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=1>2.00</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;9.1 </FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=1>10.4</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=1>14.9</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=1> &nbsp;</FONT></TD>
      <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=1> &nbsp;</FONT></TD>
     <TD ALIGN=lEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Low</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=1>1.80</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;7.5</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;&nbsp;8.6</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=1>12.6</FONT></TD></TR>
<TR>
  <TD><HR WIDTH="100%" SIZE="1" COLOR="BLACK"></TD>
  <TD><HR WIDTH="100%" SIZE="1" COLOR="BLACK"></TD>
    <TD><HR WIDTH="100%" SIZE="1" COLOR="BLACK"></TD>
  <TD><HR WIDTH="100%" SIZE="1" COLOR="BLACK"></TD>
   <TD><HR WIDTH="100%" SIZE="1" COLOR="BLACK"></TD>
   <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
   <TD><HR WIDTH="100%" SIZE="1" COLOR="BLACK"></TD>
  <TD><HR WIDTH="100%" SIZE="1" COLOR="BLACK"></TD>
   <TD><HR WIDTH="100%" SIZE="1" COLOR="BLACK"></TD>
    <TD><HR WIDTH="100%" SIZE="1" COLOR="BLACK"></TD>
   <TD><HR WIDTH="100%" SIZE="1" COLOR="BLACK"></TD>
</TR>



<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Mean</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=1>3.08</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=1>12.8</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=1>15.5</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=1>24.5</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=1> &nbsp;</FONT></TD>

     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Mean</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=1>2.49</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=1>10.7</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=1>13.0</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=1>20.4</FONT></TD></TR>
<TR>
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  <TD><HR WIDTH="100%" SIZE="1" COLOR="BLACK"></TD>
    <TD><HR WIDTH="100%" SIZE="1" COLOR="BLACK"></TD>
  <TD><HR WIDTH="100%" SIZE="1" COLOR="BLACK"></TD>
   <TD><HR WIDTH="100%" SIZE="1" COLOR="BLACK"></TD>
   <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
   <TD><HR WIDTH="100%" SIZE="1" COLOR="BLACK"></TD>
  <TD><HR WIDTH="100%" SIZE="1" COLOR="BLACK"></TD>
   <TD><HR WIDTH="100%" SIZE="1" COLOR="BLACK"></TD>
    <TD><HR WIDTH="100%" SIZE="1" COLOR="BLACK"></TD>
   <TD><HR WIDTH="100%" SIZE="1" COLOR="BLACK"></TD>
</TR>


<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Median</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=1>2.59</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=1>12.8</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=1>15.7</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=1>22.5</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=1>&nbsp;</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=1> &nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Median</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=1>2.34</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=1>11.1</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=1>13.8</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=1>19.5</FONT></TD></TR>
<TR>
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  <TD><HR WIDTH="100%" SIZE="1" COLOR="BLACK"></TD>
    <TD><HR WIDTH="100%" SIZE="1" COLOR="BLACK"></TD>
  <TD><HR WIDTH="100%" SIZE="1" COLOR="BLACK"></TD>
   <TD><HR WIDTH="100%" SIZE="1" COLOR="BLACK"></TD>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD><HR WIDTH="100%" SIZE="1" COLOR="BLACK"></TD>
  <TD><HR WIDTH="100%" SIZE="1" COLOR="BLACK"></TD>
   <TD><HR WIDTH="100%" SIZE="1" COLOR="BLACK"></TD>
    <TD><HR WIDTH="100%" SIZE="1" COLOR="BLACK"></TD>
   <TD><HR WIDTH="100%" SIZE="1" COLOR="BLACK"></TD>
</TR>
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<TD>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>NOTE: &nbsp;&nbsp;2005 represents the year ended January 31, 2005; 2006 represents the year ended
January 31, 2006</FONT></P></TD></TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS
noted that the multiples implied in the Offer represented an EV/EBITDA multiple of 15.0x
and 12.7x for 2005 and 2006, respectively, and an EV/EBITA multiple of 21.4x and 17.1x
for 2005 and 2006, respectively. Gucci&#146;s low effective tax rate relative to the
Comparable Company Universe reduces the comparability and usefulness of P/E based
analysis.  </FONT></TD></TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None
of the companies used in the comparable company analysis is identical to Gucci. In
evaluating the results of the comparable companies analysis, UBS made judgments and
assumptions with regard to industry performance, general business, economic, market and
financial conditions and other matters, many of which are beyond the control of Gucci,
such as the impact of competition on Gucci and the luxury goods industry generally, the
growth of the luxury goods industry generally, the absence of any material adverse change
affecting Gucci or the luxury goods industry generally and the condition of the financial
markets generally. These considerations are necessary because mathematical analysis is
not in itself a meaningful method of using comparable company data.  </FONT></TD></TR>
</TABLE>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b>Comparable Transaction Analysis</b><BR><BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
comparable transaction analysis compares the implied transaction multiples of a
transaction with the implied transaction multiples of transactions deemed comparable to
such transaction. The implied transaction multiples of such comparable transactions are
calculated based on publicly available information on purchase prices and historical
financial data. The purchase price in many of these transactions, however, is based on,
among other things, financial information that is not disclosed or otherwise publicly
available. Thus, comparable transaction analysis will not result in precise comparability
with the transaction in question.  </FONT></TD></TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS
reviewed several transactions which occurred prior to March 29, 2004 involving companies
that UBS deemed reasonably comparable to Gucci. UBS performed a comparable transaction
analysis to compare the valuation of Gucci in the Offer to the valuations of transactions
involving companies deemed to be comparable with Gucci. The transactions, with their
corresponding announcement dates, reviewed included:  </FONT></TD></TR>
</TABLE>
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<TR VALIGN=Bottom>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=50% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Ebel/Movado (December 2003)</FONT></TD>
     <TD WIDTH=50% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Calvin Klein/Apax-van Heusden (December 2002)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Fendi/LVMH (July 2002)</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Gianfranco Ferre/IT Holding (March 2002)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Valentino/Marzotto (March 2002)</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Fendi/LVMH (November 2001)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Gucci/PPR (September 2001)</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Bottega Veneta/Gucci (February 2001)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Donna Karan/LVMH (December 2000)</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Les Manufactures Horlogeres/Richemont (July 2000)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Boucheron/Gucci (May 2000)</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Zenith/LVMH (November 1999)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Sergio Rossi/Gucci (November 1999)</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>YSL/Gucci (November 1999)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Ebel/LVMH (October 1999)</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Chaumet/LVMH (October 1999)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Fendi/LVMH/Prada (October 1999)</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Church &amp; Co/Prada (September 1999)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Breguet/Swatch (September 1999)</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Tag Heuer/LVMH (September 1999)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Bally/Texas Pacific (August 1999)</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Jil Sander/Prada (August 1999)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Van Cleef &amp; Arpels/Richemont (May 1999)</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Gucci/PPR (March 1999)</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Gucci/LVMH (January 1999)</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Vendome/Richemont (November 1997)</FONT></TD></TR>
</TABLE>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
each selected transaction, when available data permitted, UBS calculated:  </FONT></TD></TR>
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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the
target company&#146;s equity value (implied by the purchase price in such selected
transaction) as a multiple of its net income for the most recent financial year prior to
the announcement date of such selected transaction; and </FONT></TD>
</TR>
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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the
target company&#146;s enterprise value (implied by the purchase price in such selected
transaction), as a multiple of its sales, EBIT (earnings before interest and tax) and
EBITDA (earnings before interest, tax, depreciation and amortization) for the most recent
financial year prior to the announcement date of such selected transaction. </FONT></TD>
</TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
each case, all multiples calculated by UBS were based on publicly available information
at the time of announcement of the selected transaction. This analysis indicated the
following multiples for the comparable transactions:  </FONT></TD></TR>
</TABLE>
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<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=600>
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     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
      <TH COLSPAN="3"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Historic year EV/</FONT><HR WIDTH=80% SIZE=2 COLOR=BLACK NOSHADE></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
</TR>
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     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Sales<BR>
(x)</FONT><HR WIDTH=40% SIZE=2 COLOR=BLACK NOSHADE></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2>EBITDA<BR>
(x)</FONT><HR WIDTH=40% SIZE=2 COLOR=BLACK NOSHADE></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE=2>EBIT<BR>
(x)</FONT><HR WIDTH=40% SIZE=2 COLOR=BLACK NOSHADE></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=11% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=22% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>High</FONT></TD>
     <TD WIDTH=22% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8.0</FONT></TD>
     <TD WIDTH=22% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>181.4</FONT></TD>
     <TD WIDTH=22% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>44.3</FONT></TD></TR>

<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Low</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0.1</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;6.8</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12.7</FONT></TD></TR>

<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Mean</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.6</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;31.2</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>22.6</FONT></TD></TR>

<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN="LEFT" VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Median</FONT></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.1</FONT><HR WIDTH=40% SIZE=2 COLOR=BLACK NOSHADE></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;15.0</FONT><HR WIDTH=40% SIZE=2 COLOR=BLACK NOSHADE></TD>
     <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>18.5</FONT><HR WIDTH=40% SIZE=2 COLOR=BLACK NOSHADE></TD></TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS
noted that the multiples implied in the Offer represented a historic (year ended January
31, 2004) EV/Sales multiple of 2.80x and a historic EV/EBITDA multiple of 19.1x. Gucci&#146;s
low effective tax rate relative to the companies included in the comparable transactions
analysis reduces the comparability and usefulness of P/E based analysis.  </FONT></TD></TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS
observed that a number of the transactions either occurred a number of years ago and/or
during a time of consolidation in the luxury goods sector and/or during a period of
relatively high share prices and/or involved the acquisition of 100% of the target
company. None of the transactions involved companies going private through the purchase
of the remaining public ownership interest by a controlling shareholder. As a result, UBS
noted that the comparable transactions were of limited significance.  </FONT></TD></TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b>Discounted Cash Flow Analysis </b><BR><BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
discounted cash flow analysis values a business based on calculating the present value
(using an assumed discount rate) of a stream of projected annualized cash flows of such
business over a forecast period and the present value of a stream of annualized cash
flows of such business in perpetuity thereafter. Since the valuation methodology assumes
entitlement to all of the cash flows of the business in question, it is generally
considered an appropriate method for determining the value of the business as a whole to
the totality of its owners and also for a purchaser acquiring the entire business
including access to and control of all of its cash flows. The analysis performed by UBS
did not include potential synergies which may accrue to individual purchasers.  </FONT></TD></TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS
performed a discounted cash flow analysis to compare the valuation of Gucci in the Offer
to the valuation implied by this analysis. UBS used the following assumptions and the
following sources of data in the discounted cash flow analysis:  </FONT></TD></TR>
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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>  &#149;       </FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>management
furnished financial projections for Gucci for the years ending January 31, 2005, 2006 and
2007;</FONT></TD>
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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>financial
projections for the brands acquired by Gucci prepared for the purpose of asset impairment
tests, which detailed projections for 5-10 years depending on the brand; </FONT></TD>
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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>no
data beyond January 31, 2007 was available for the Gucci division. Projections for Gucci
division beyond that date were prepared by UBS and discussed with the management of
Gucci. </FONT></TD>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS
calculated the present value of estimated projected and terminal year cash flows of Gucci
applying discount rates of 9.8-10.8% and carried out sensitivity analysis, as UBS deemed
appropriate. This sensitivity analysis was considered by UBS in forming its opinion but
not quantified in the valuation ranges. The discount rate represents the calculated
weighted average cost of capital of Gucci as estimated by UBS. The calculation was based
on average unlevered betas (betas had the subject company been debt free) of the
Comparable Companies Universe of 1.05 and 1.15, a market risk premium of 5.4-5.8%, a risk
free rate of 3.9% and a debt-free capital structure, in line with industry peers. As the
management projections supplied were for a limited number of years, the discounted cash
flow analysis was necessarily subject to limitations.  </FONT></TD></TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS
derived the value of Gucci beyond the ten-year projection period assuming a perpetual
growth rate range of 2.5 to 3.5%. This terminal value represented between 49% and 57% of
the calculated enterprise value for Gucci.  </FONT></TD></TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based
on the discounted cash flow analysis, UBS calculated a range of equity values of US$73 to
US$90 per share of Gucci. UBS noted that these values were relevant to transactions
involving the acquisition of, access to, and control of, all the cash flows.  </FONT></TD></TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b>Other Factors Considered</b><BR><BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
forming its opinion, UBS considered a number of other factors which were not quantified.
These factors included, but were not limited to, the impact of management and creative
team changes at Gucci, the impact of exchange rate movements and potential changes that
PPR may make to Gucci following the offer. UBS is of the opinion that irrespective of the
minority shareholders tendering their Shares into the Offer, control over Gucci will be
transferred to PPR following the closing of the Offer and therefore considers that
control is not being sold by the minority shareholders.  </FONT></TD></TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to its engagement, UBS was paid a fee of $1 million at the time its written fairness
opinion was delivered. Gucci has also agreed to reimburse UBS for its expenses as
incurred in connection with its engagement, including any fees and disbursements of UBS&#146;s
legal and other professional advisors. In addition, Gucci has agreed to indemnify UBS and
certain related persons against certain liabilities and expenses arising out of UBS&#146;s
engagement.  </FONT></TD></TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS
has performed various commercial banking services for Gucci in the past two years,
including deposits, letters of credit and other borrowing facilities, and foreign
exchange services. Gucci paid UBS interest and fees in connection with such services of
approximately &#128;0.30 million in each of 2002 and 2003. In the ordinary course of its
business, UBS may actively trade the debt and equity securities of PPR or Gucci for its
own accounts or for the accounts of customers, and, accordingly, it may at any time hold
long or short positions in such securities.  </FONT></TD></TR>
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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>(c)</B> </FONT></TD>
<TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<B><I>Intent
to Tender</I></B> </FONT></TD>
</TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
the best of Gucci&#146;s knowledge, after reasonable inquiry, all of the directors and
executive officers of Gucci intend to exercise all vested, in-the-money Gucci options
held by them and tender any and all Shares held by them at the end of the Offer Period.
Certain directors and officers of Gucci have indicated that they may sell Shares in the
market prior to the completion of the Offer.  </FONT></TD></TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2><A NAME="ITEMFIVE"><b>Item 5.</b></A>&nbsp;&nbsp;&nbsp;  <b>Persons/Assets Retained, Employed, Compensated or Used. </b><BR><BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gucci
retained Morgan Stanley to provide a fairness opinion to the Supervisory Board and
Management Board in connection with the Offer. Because Morgan Stanley had been involved
in the original structuring and negotiation of the Offer, the Independent Directors also
directed Gucci&#146;s officers to appoint a second financial institution, in addition to
Morgan Stanley, to provide a fairness opinion to the Supervisory Board and the Management
Board. In accordance with the instructions of the Independent Directors, UBS was engaged
by Gucci to provide a second fairness opinion in connection with the Offer.  </FONT></TD></TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Independent Directors did not receive additional compensation for their role in
evaluating the Offer.  </FONT></TD></TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither
Gucci nor any person acting on its behalf has directly or indirectly employed, retained
or compensated, or currently intends to employ, retain or compensate, any person to make
solicitations.  </FONT></TD></TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2><A NAME="ITEMSIX"><b>Item 6.</B></A>
&nbsp;&nbsp;&nbsp;<b>Interest in Securities of the Subject Company.</b>
 <BR><BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as set forth in the Offer to Purchase or notified to the Dutch Authority for the
Financial Markets (<I>Autoriteit Financi&euml;le Markten</I>) in accordance with Dutch
securities laws, other than ordinary course purchases or sales under Gucci&#146;s
Incentive Stock Option Plan and the Amended and Restated Incentive Stock Option Plan, to
the knowledge of Gucci, there have been no transactions in the subject securities during
the past 60 days by Gucci or its executive officers, directors, affiliates or associates
or majority owned subsidiaries or any executive officer or director of any subsidiary or
any pension, profit-sharing or similar plan of Gucci.  </FONT></TD></TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<A NAME="ITEMSEVEN"><b>Item 7.</b></A>&nbsp;&nbsp;&nbsp;<b>Purposes of the Transaction and Plans or Proposals.</b><BR><BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as disclosed in this statement or in the Offer to Purchase, Gucci is not currently
undertaking or engaged in any negotiations in response to the Offer that relate to: (i) a
tender offer for or other acquisition of Gucci&#146;s securities by Gucci, any of
subsidiary of Gucci, or any other person; (ii) an extraordinary transaction, such as a
merger, reorganization or liquidation, involving Gucci or any subsidiary of Gucci; (iii)
a purchase, sale or transfer of a material amount of assets of Gucci or any subsidiary of
Gucci; or (iv) any material change in the present dividend rate or policy, or
indebtedness or capitalization of Gucci.  </FONT></TD></TR>
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<A NAME="ITEMEIGHT"><b>Item 8.</b></A>&nbsp;&nbsp;&nbsp;<b>Additional Information to be Furnished.</b><BR><BR>
<I>Incorporation by Reference</I> <BR><BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
information contained in the Exhibits referred to in Item 9 below is incorporated by
reference herein.  </FONT></TD></TR>
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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><A NAME="ITEMNINE">Item 9.</A>&nbsp;&nbsp;&nbsp; Exhibits. </FONT></H1></TD></TR>
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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Exhibit No.</U> </FONT></H1></TD></TR>
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<TD WIDTH=12%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(a)(1)(A) </FONT></TD>
<TD WIDTH=88%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Offer to Purchase, dated April 1, 2004, incorporated by reference to Exhibit
(a)(1) of the Schedule TO. </FONT></TD>
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<TD WIDTH=12%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(a)(1)(B) </FONT></TD>
<TD WIDTH=88%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Letter
of Transmittal, incorporated by reference to Exhibit (a)(2) of the
               Schedule TO. </FONT></TD>
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<TD WIDTH=12%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(a)(1)(E) </FONT></TD>
<TD WIDTH=88%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Letter
to Brokers, Dealers, Commercial Banks, Trust Companies and Other                Nominees,
incorporated by reference to Exhibit (a)(4) of the Schedule TO. </FONT></TD>
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<TD WIDTH=12%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(a)(1)(F) </FONT></TD>
<TD WIDTH=88%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Letter
to Clients for use by Brokers, Dealers, Commercial Banks, Trust Companies
and Other Nominees, incorporated by reference to Exhibit (a)(5) of the
Schedule TO. </FONT></TD>
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<TD WIDTH=12%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(a)(1)(G) </FONT></TD>
<TD WIDTH=88%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Guidelines
for Certification of Taxpayer Identification Number on Substitute Form
W-9, incorporated by reference to Exhibit (a)(6) of the Schedule TO. </FONT></TD>
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<TD WIDTH=12%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(a)(1)(H) </FONT></TD>
<TD WIDTH=88%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Summary
of advertisement dated April 1, 2004, incorporated by reference to Exhibit
(a)(7) of the Schedule TO. </FONT></TD>
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<TD WIDTH=12%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(a)(1)(I) </FONT></TD>
<TD WIDTH=88%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Dutch
advertisement dated April 1, 2004, incorporated by reference to Exhibit
(a)(8) of the Schedule TO. </FONT></TD>
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<TD WIDTH=12%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(a)(1)(J) </FONT></TD>
<TD WIDTH=88%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Application Form, Deed of Transfer (for holders of Dutch Registered Shares),
incorporated by reference to Exhibit (a)(9) of the Schedule TO. </FONT></TD>
</TR>
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<TD WIDTH=12%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(a)(5)(A) </FONT></TD>
<TD WIDTH=88%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Press release issued by PPR dated July 3, 2002, incorporated by reference to
Exhibit (a)(10) of the Schedule TO. </FONT></TD>
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<TD WIDTH=12%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(a)(5)(B) </FONT></TD>
<TD WIDTH=88%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Press release issued by Gucci dated July 16, 2002, incorporated by reference to
               Exhibit (a)(11) of the Schedule TO. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=12%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(a)(5)(C) </FONT></TD>
<TD WIDTH=88%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Press release issued by Gucci dated January 24, 2003, incorporated by reference to
Exhibit (a)(12) of the Schedule TO. </FONT></TD>
</TR>
</TABLE>
<BR>





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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=12%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(a)(5)(D) </FONT></TD>
<TD WIDTH=88%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Press release issued by PPR dated January 24, 2003, incorporated by reference to
               Exhibit (a)(13) of the Schedule TO. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=12%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(a)(5)(E) </FONT></TD>
<TD WIDTH=88%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Press
release issued by PPR dated May 2, 2003, incorporated by reference to
               Exhibit (a)(14) of the Schedule TO. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=12%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(a)(5)(F) </FONT></TD>
<TD WIDTH=88%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Press
release issued by PPR dated May 9, 2003, incorporated by reference to
               Exhibit (a)(15) of the Schedule TO. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=12%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(a)(5)(G) </FONT></TD>
<TD WIDTH=88%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Press
release issued by Gucci dated May 28, 2003, incorporated by reference to
               Exhibit (a)(16) of the Schedule TO. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=12%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(a)(5)(H) </FONT></TD>
<TD WIDTH=88%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Press
release issued by PPR dated July 23, 2003, incorporated by reference to
               Exhibit (a)(17) of the Schedule TO. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=12%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(a)(5)(I) </FONT></TD>
<TD WIDTH=88%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Press release issued by PPR dated August 22, 2003, incorporated by reference to
Exhibit (a)(18) of the Schedule TO. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=12%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(a)(5)(J) </FONT></TD>
<TD WIDTH=88%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Press
release issued by PPR dated September 25, 2003, incorporated by reference
               to Exhibit (a)(19) of the Schedule TO. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=12%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(a)(5)(K) </FONT></TD>
<TD WIDTH=88%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Press
release issued by PPR dated October 3, 2003, incorporated by reference to
               Exhibit (a)(20) of the Schedule TO. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=12%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(a)(5)(L) </FONT></TD>
<TD WIDTH=88%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Press release issued by Gucci and PPR dated November 4, 2003, incorporated by
reference to Exhibit (a)(21) of the Schedule TO. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=12%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(a)(5)(M) </FONT></TD>
<TD WIDTH=88%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Press release issued by Gucci dated February 16, 2004, incorporated by reference
to Exhibit (a)(22) of the Schedule TO. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=12%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(a)(5)(N) </FONT></TD>
<TD WIDTH=88%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Press
release issued by Gucci dated March 3, 2004, incorporated by reference to
Exhibit (a)(23) of the Schedule TO. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=12%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(a)(5)(O) </FONT></TD>
<TD WIDTH=88%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Press release issued by PPR dated March 22, 2004, incorporated by reference to
Exhibit (a)(24) of the Schedule TO. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=12%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(a)(5)(P) </FONT></TD>
<TD WIDTH=88%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Press
release issued by Gucci dated April 1, 2004, incorporated by reference to
Exhibit (a)(25) of the Schedule TO. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=12%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(a)(5)(Q) </FONT></TD>
<TD WIDTH=88%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Press
release issued by PPR dated April 1, 2004, incorporated by reference to
Exhibit (a)(26) of the Schedule TO. </FONT></TD>
</TR>
</TABLE>
<BR>




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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=12%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(a)(5)(R) </FONT></TD>
<TD WIDTH=88%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Financial information of Gucci for the fiscal year ended January 31, 2004, required by the
<I>Autoriteit Financi&euml;le Markten</I> to be made available, incorporated by reference
to Exhibit (a)(5)(R) of Amendment No. 1 to the Schedule 14D-9 filed April 20, 2004.</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=12%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(a)(5)(S) </FONT></TD>
<TD WIDTH=88%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Press release issued by Gucci dated April 19, 2004, incorporated by reference to Exhibit (a)(27) of the Schedule TO.</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=12%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(a)(5)(T) </FONT></TD>
<TD WIDTH=88%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Press release issued by Gucci dated April 21, 2004, incorporated by reference to Exhibit (a)(28) of the Schedule TO.</FONT></TD>
</TR>
</TABLE>
<BR>




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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=12%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(a)(5)(U) </FONT></TD>
<TD WIDTH=88%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Letter
from Serge Weinberg to Gucci Group Employees dated April 21, 2004,
               incorporated by reference to Exhibit (a)(29) of the
Schedule TO. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=12%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(a)(5)(V) </FONT></TD>
<TD WIDTH=88%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Computation
of Ratio of Earnings to Fixed Charges, incorporated by reference to
               Exhibit (a)(30) of the Schedule TO. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=12%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(a)(5)(W) </FONT></TD>
<TD WIDTH=88%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Press
release issued by PPR dated April 23, 2004, incorporated by reference to Exhibit
            (a)(31) of the Schedule TO.</FONT></TD>
</TR>
</TABLE>
<BR>


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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=12%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(a)(5)(X) </FONT></TD>
<TD WIDTH=88%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Advertisement
of Gucci dated April 28, 2004, incorporated by reference to Exhibit (a)(32) of
            the Schedule TO.</FONT></TD>
</TR>
</TABLE>
<BR>


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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=12%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(e)(1) </FONT></TD>
<TD WIDTH=88%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Letter
Agreement, dated December 9, 2003, by and between Gucci and Scholefield
Goodman B.V., incorporated by reference to Exhibit (d)(3) of the Schedule
TO. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=12%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(e)(2) </FONT></TD>
<TD WIDTH=88%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Form
of Share Option and Share Appreciation Rights Agreement, dated as of
November 7, 2002, by and between Gucci and certain optionholders,
incorporated by reference to Exhibit (d)(5) of the Schedule TO. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=12%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(e)(3) </FONT></TD>
<TD WIDTH=88%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Form
of Letter Agreement to be entered into by and between Gucci and certain
optionholders regarding treatment of unvested options following the Offer,
incorporated by reference to Exhibit (d)(6) of the Schedule TO. </FONT></TD>
</TR>
</TABLE>
<BR>
<BR>


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<TR VALIGN=TOP>
<TD><HR SIZE=5 NOSHADE COLOR="BLACK">
</TD></TR></TABLE><BR>
<BR><BR>

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<TD><H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SIGNATURE  </FONT></H1></TD></TR>
</TABLE>
<BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>After
due inquiry and to the best of my knowledge and belief, I certify that the information set
forth in this statement is true, complete and correct. </FONT></TD></TR></TABLE><BR>
<BR><BR>


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<TABLE WIDTH="600" BORDER="0" CELLSPACING="0" CELLPADDING="0">
  <TR VALIGN="BOTTOM">
    <TD WIDTH="8%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
    <TD WIDTH="39%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;  </FONT></TD>
    <TD WIDTH="5%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD WIDTH="5%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;<!-- By: --> </FONT></TD>
    <TD WIDTH="43%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><!-- /s/ NAME -->/s/ Allan A. Tuttle</FONT></TD>
  </TR>
  <TR VALIGN="TOP">
    <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD>&nbsp; </TD>
    <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD> <HR NOSHADE SIZE="1"> </TD>
  </TR>
</TABLE>


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  <TR VALIGN="BOTTOM">
    <TD WIDTH="57%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD WIDTH="8%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Name:</FONT></TD>
<TD WIDTH="35%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"> Allan A. Tuttle</FONT></TD>
</TR>
  <TR VALIGN="BOTTOM">
    <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Title:</FONT></TD>
    <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">General Counsel</FONT></TD></TR>
</TABLE>
<BR>


<TABLE WIDTH="600" BORDER="0" CELLSPACING="0" CELLPADDING="0">
   <TR VALIGN="BOTTOM">
    <TD WIDTH="57%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD WIDTH="8%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Date:</FONT></TD>
    <TD WIDTH="35%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">April 28, 2004</FONT></TD>
</TR>
</TABLE>
<BR>


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</TD></TR></TABLE><BR>



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<FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Annex A</B> </FONT></TD></TR>
</TABLE>
<BR>
<BR>

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<TD ALIGN=left WIDTH=33%><FONT FACE="Times New Roman, Times, Serif" SIZE=3><b>[Morgan Stanley logo]</b></FONT></TD>
<TD ALIGN=CENTER WIDTH=34%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=right WIDTH=33%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Morgan Stanley &amp; Co. Limited<BR>
25 Cabot Square<BR>
Canary Wharf<BR>
London E14 4QA</FONT></TD>
</TR>
<TR VALIGN=TOP>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
</TR>


<TR VALIGN=TOP>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>tel +44 (0)20 7425 8000<BR>
fax +44 (0)20 7425 8990<BR>
telex 8812564</FONT></TD>
</TR></TABLE>
<BR>



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    <TD ALIGN=RIGHT> <FONT FACE="Times New Roman, Times, Serif" SIZE=2>April 22, 2004
      </FONT></TD>
  </TR>
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<TD>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
Management Board<BR>Gucci Group N.V.<BR> Rembrandt
Tower, 1 Amstelplein<BR>1096 HA Amsterdam<BR>The Netherlands. </FONT></P></TD></TR>
</TABLE>
<BR>


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<TD>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
Supervisory Board<BR>Gucci Group N.V. <BR>Rembrandt
Tower, 1 Amstelplein<BR>1096 HA Amsterdam<BR>The Netherlands.</FONT></P></TD></TR>
</TABLE>
<BR>


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<TD>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Members of the Supervisory Board and Management Board, </FONT></P></TD></TR>
</TABLE>
<BR>

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    <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>We understand Pinault-Printemps-Redoute
      S.A. (&#147;PPR&#148;) has launched a public tender offer to purchase any
      and all of the outstanding common shares, with nominal value &#128;E1.02
      per share (the &#147;Shares&#148;), of Gucci Group N.V. (&#147;Gucci&#148;
      or &#147;the Company&#148;) which are not already owned or controlled by
      PPR of US$ 85.52 per Share (the &#147;Offer Price&#148;), net to the seller
      (each seller being a &#147;Public Shareholder&#148;) in cash, without interest,
      in United States dollars (&#147;the Offer&#148;) pursuant to the terms of
      the Settlement and Stock Purchase Agreement (the &#147;Settlement Agreement&#148;),
      dated as of September 9, 2001, by and among Gucci, LVMH Mo&euml;t Hennessy-Louis
      Vuitton S.A. and PPR and the Amended and Restated Strategic Investment Agreement
      (the &#147;Restated SIA&#148;), dated as of September 9, 2001, by and among
      PPR, Soci&eacute;t&eacute; Civile de Gestion Financi&egrave;re Marothi and
      Gucci as further described in the press releases made by Gucci on October
      3, 2003 and by PPR on March 23, 2004. The terms and conditions of the Offer
      are more fully set forth in the Offer Document (as defined below). </FONT></TD>
  </TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>We
have been advised by you that PPR currently owns (whether directly or indirectly) 66.83%
of the Shares. </FONT></TD></TR></TABLE><BR>

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    <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Morgan Stanley has been
      asked by the Management Board and Supervisory Board of Gucci for our opinion
      as to whether, as of March 29, 2004 (the &quot;Valuation Date&quot;) the
      Offer Price to be received by Public Shareholders from PPR pursuant to the
      terms of the Offer was fair from a financial point of view to such Public
      Shareholders as a whole. Morgan Stanley's analyses were performed as of
      the Valuation Date and Morgan Stanley has not updated, nor has it been requested
      to update, any of its analyses to reflect the passage of time since March
      29, 2004.</FONT></TD>
  </TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>For
purposes of the opinion set forth herein, we have: </FONT></TD></TR></TABLE><BR>


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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>i)  </FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>reviewed
the Settlement Agreement and the Restated SIA; </FONT></TD>
</TR>
</TABLE>
<BR>



<BR><BR><BR>
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<TD>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Registered
in England and Wales, No. 2164628.<BR>Registered Office: 25 Cabot Square, Canary Wharf,
London E14 4QA<BR>Regulated by the Financial Services Authority </FONT></P></TD></TR>
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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ii) </FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>reviewed
the Offer to Purchase prepared by PPR in connection with the Offer, substantially in
the form of the draft Schedule TO dated March 25, 2004 (the "Offer
Document") and we note that PPR may seek to delist the Shares depending on
the outcome of the Offer and has no intention to seek an exemption from the
from the Autoriteit Financiele
Markten ( the &#147;AFM&#148;) under Dutch law to launch a second offer or otherwise
acquire the Shares on more favourable terms than the Offer (except through regular stock
exchange purchases and certain limited permitted exemptions);  </FONT></TD>
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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>iii) </FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>reviewed
certain publicly available financial statements and other business and
          financial information of Gucci;  </FONT></TD>
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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>iv) </FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>reviewed
draft unaudited accounts prepared in accordance with International Accounting
Standards for Gucci for the year ended January 31, 2004 provided to us by the
Outgoing Management (as defined below) of Gucci; </FONT></TD>
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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>v) </FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>reviewed
certain internal financial statements and other financial and operating data
concerning Gucci on a stand-alone basis prepared by the Outgoing Management; </FONT></TD>
</TR>
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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>vi) </FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>reviewed
certain financial projections for Gucci on a stand-alone basis prepared by the
Outgoing Management; </FONT></TD>
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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>vii) </FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>reviewed
and discussed Gucci&#146;s business and financial results of Gucci and the
prospects for Gucci&#146;s business with the senior management, including the
Outgoing Management; </FONT></TD>
</TR>
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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>viii) </FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>discussed
the prospects for Gucci&#146;s business with the management of PPR;  </FONT></TD>
</TR>
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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ix) </FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>discussed
the prospects for Gucci&#146;s business with the Chairman of the Supervisory
Board of Gucci; </FONT></TD>
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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>x) </FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>reviewed
the reported trading prices and trading activities for the Shares; </FONT></TD>
</TR>
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<BR>

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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>xi) </FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>reviewed
certain equity research reports prepared by a number of investment banks
relating to Gucci and the Shares; </FONT></TD>
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<BR>

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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>xii) </FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>compared
the financial performance and trading statistics of Gucci with that of certain
other comparable publicly-traded companies and their securities; </FONT></TD>
</TR>
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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>xiii) </FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>reviewed
the financial terms to the extent publicly available, of certain recent
transactions we deemed relevant for this analysis; </FONT></TD>
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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>xiv) </FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>performed
a discounted cash flow analysis taking into account the most recent business
plans of Gucci prepared by the Outgoing Management; </FONT></TD>
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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>xv) </FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>considered
the consequences of any outstanding Shares becoming less liquid if the Offer is
successful; and </FONT></TD>
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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>xvi) </FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>reviewed
such other information, performed such other analyses and considered such other
factors as we have deemed necessary or appropriate. </FONT></TD>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>We
have been advised by you that the current Chief Executive Officer, Creative Director and
Chief Financial Officer (together the &#147;Outgoing Management&#148;) have each
communicated their intention to terminate their employment with Gucci on or about May 1,
2004. We have considered the potential consequences of such terminations including the
 resulting uncertainty for Gucci&#146;s business.
 </FONT></TD></TR></TABLE><BR>


<BR><BR>
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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>[Morgan Stanley logo]</FONT></H1></TD></TR>
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<BR>



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    <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>We have assumed and
      relied upon, without independent verification, the accuracy and completeness
      of the information reviewed by us as of the Valuation Date for the purposes
      of its opinion. We have also relied upon senior management&#146;s assessment
      of the current business plan of Gucci as of the Valuation Date. We have
      not performed any legal due diligence, carried out any accounting or tax
      review (or given any advice in relation thereto) or made any technical assessment
      of the assets of Gucci and does not assume any liability in respect thereof.
      </FONT></TD>
  </TR></TABLE><BR>

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    <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>With respect to internal
      financial statements, the financial projections and other financial data,
      we have assumed that they have been reasonably prepared on bases reflecting
      the best currently available estimates and judgments of the future financial
      performance of Gucci as of the Valuation Date. With respect to draft unaudited
      accounts prepared in accordance with International Accounting Standards
      for the year ended January 31, 2004, Morgan Stanley has assumed that such
      unaudited accounts reflect the results that will ultimately be reported
      in Gucci&#146;s audited financial statements for such period. We have not
      had access to the new management and creative team that has replaced or
      will replace the Outgoing Management of Gucci. The business plan prepared
      by the Outgoing Management is the only set of projections which was made
      available to us by Gucci and we were advised by Gucci and PPR that no other
      set of forecasts for Gucci had been prepared and was available as of the
      Valuation Date. Therefore, we have necessarily relied upon the business
      plan prepared by the Outgoing Management when conducting our valuation analysis
      of Gucci. </FONT></TD>
  </TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>We
have not made any independent valuation or appraisal of the assets or liabilities of
Gucci. The valuation of securities is inherently imprecise and is subject to certain
uncertainties and contingencies, all of which are difficult to predict and are beyond our
control. </FONT></TD></TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In
connection with the legal and tax matters relating to the Offer, we have relied upon the
information provided by and judgments made by Gucci and PPR and their respective legal and
tax advisors. </FONT></TD></TR></TABLE><BR>

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    <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>We have assumed that
      the Offer will be made and consummated on the terms set forth in the draft
      Offer Document. Our opinion is necessarily based on financial, economic,
      market and other conditions as in effect on, and the information made available
      to us as of, March 29, 2004. We have assumed that in connection with the
      receipt of all necessary regulatory approvals for the Offer, no restrictions
      will be imposed that would have a material adverse effect on the contemplated
      benefits expected to be derived from the transaction. We have not been authorized
      to and have not solicited any interest from any third party with respect
      to a transaction involving the sale or purchase of all or part of the Shares.
      We assume no obligation to update this letter at any future date. </FONT></TD>
  </TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>We
have been retained to provide an opinion to the Management Board and Supervisory Board of
Gucci in connection with this transaction and will receive a fee for our services. In the
past, Morgan Stanley &amp; Co. Limited and its affiliates have provided financial advisory
and financing services to Gucci and PPR respectively and have received fees from each of
them respectively for the rendering of these services. Morgan Stanley &amp; Co. Limited
and/or its affiliates may, from time to time, engage in transactions and perform services
for Gucci and/or PPR in the ordinary course
of their business. In addition, in the ordinary course of their trading, brokerage and
finance activities, Morgan Stanley &amp; Co. Limited and/or its affiliates may at any time
hold long or short positions, and may trade or otherwise effect transactions, for its own
account or the accounts of customers, in debt or equity securities or senior loans of
Gucci and PPR. </FONT></TD></TR></TABLE><BR>

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    <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>It is understood that this
      letter is for the information of the Management Board and Supervisory Board
      of Gucci and may not be referred to or disclosed to any third party or used
      for any other purpose without our prior written consent. </FONT></TD>
  </TR></TABLE><BR>


<BR><BR>
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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>[Morgan Stanley logo]</FONT></H1></TD></TR>
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<BR>
<BR>



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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR></TABLE><BR>

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    <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2> Without prejudice to
      the foregoing, however, this letter may be included in its entirety in any
      prospectus or information memorandum where Gucci is required to do so by
      any applicable law or regulation (including to the AFM and in any information
      memorandum or other such transaction document to be sent to shareholders
      of Gucci relating to the Offer) and provided that the form and content of
      any such disclosure has been approved by Morgan Stanley in advance in writing.
      </FONT></TD>
  </TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Our
opinion does not address the merits of the underlying rationale for the Offer and in
addition, we express no opinion or recommendation to any Public Shareholder of Gucci as to
whether such Public Shareholder should tender its Shares in the Offer or exercise or
convert any options to purchase Shares that it may have. Furthermore, if not all of the
Shares are acquired by PPR in the Offer, this opinion should not be taken as addressing in
any manner the prices at which the Shares will trade following commencement or completion
of the Offer. </FONT></TD></TR></TABLE><BR>

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    <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>This letter shall be
      governed by and construed in accordance with the laws of England. We are
      directing this letter to the Management Board and Supervisory Board of Gucci.
      </FONT></TD>
  </TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Based
on the foregoing, we are of the opinion on the date hereof that the Offer Price to be
received by Public Shareholders from PPR pursuant to the terms of the Offer is fair from a
financial point of view to such Public Shareholders as a whole. </FONT></TD></TR></TABLE><BR>


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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Very truly yours, </FONT></P></TD></TR>
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<BR>
<BR>


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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>MORGAN STANLEY &amp; CO. LIMITED </FONT></P></TD></TR>
</TABLE>
<BR>



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    <TD WIDTH="5%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">By: </FONT></TD>
    <TD WIDTH="95%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"> /s/&nbsp;Michael Zaoui <!-- /s/  NAME --> </FONT></TD>
  </TR>
  <TR VALIGN="TOP">
    <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD> <HR SIZE="1" WIDTH="40%" ALIGN="LEFT"> </TD>
  </TR>
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    <TD WIDTH="5%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD WIDTH="95%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"> <B>Michael Zaoui</B> </FONT></TD>
  </TR>
  <TR VALIGN="TOP">
    <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
   <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Managing Director</B>  </FONT></TD>

  </TR>
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<BR>
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</TD></TR></TABLE><BR>

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<FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Annex B</B> </FONT></TD></TR>
</TABLE>
<BR>
<BR>

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<TD ALIGN=left WIDTH=33%><FONT FACE="Times New Roman, Times, Serif" SIZE=3><b>[UBS Investment Bank logo]</b></FONT></TD>
<TD ALIGN=CENTER WIDTH=44%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=left WIDTH=23%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>
           <B> UBS Limited</B><BR>
      1 Finsbury Avenue<BR>
       London, EC2M 2PP<BR>
  Tel. +44-20-7567 8000

</FONT></TD>
</TR>
<TR VALIGN=TOP>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
</TR>


<TR VALIGN=TOP>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>www.ubs.com<BR>
</FONT></TD>
</TR></TABLE>
<BR>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
Supervisory Board and the Management Board<BR>Gucci Group NV<BR>Rembrandt Tower<BR>
Amstelplein 11096 <BR>AH Amsterdam<BR>Netherlands
 </FONT></P></TD></TR>
</TABLE>
<BR>
<BR>
<BR><BR><BR>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>29 March 2004 </FONT></P></TD></TR>
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<BR><BR><BR><BR>

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<TR VALIGN=TOP>
<TD>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Dear Sirs </FONT></P></TD></TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Flush Left" FSL="Project" -->
<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>We
understand that Pinault-Printemps-Redoute S.A. (&#147;<B>PPR</B>&#148;) is proposing to
enter into a transaction whereby PPR will offer to acquire all of the ordinary shares in
Gucci Group N.V. (the &#147;<B>Company</B>&#148;) that it does not already own. Pursuant
to the terms of the Restated Strategic Investment Agreement dated 9 September 2001 between
PPR, Societe Civile de Gestion Financiere Marothi and the Company (the
&#147;<B>Agreement</B>&#148;) and the draft tender offer document dated 25 March 2004, PPR
will make a cash tender offer in the amount of US$85.52 per ordinary share (the
<B>&#147;Consideration</B>&#148;) for all the issued and outstanding ordinary shares of
the Company that it does not own (the &#147;<B>Transaction</B>&#148;). </FONT></TD></TR></TABLE><BR>

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<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>You
have requested UBS Limited (&#147;<B>UBS</B>&#148;) to provide an opinion as to the
fairness from a financial point of view of the Consideration to be received by the holders
of ordinary shares in the Company that are not currently held by PPR (the &#147;<B>Minority
Shareholders</B>&#148;). </FONT></TD></TR></TABLE><BR>

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<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>UBS
is acting as financial adviser to the Supervisory Board and the Management Board of the
Company (the &#147;<B>Boards</B>&#148;) in connection with the Transaction and will
receive a fee from the Company for its services. We have, in the past, provided financial
services in respect of the Company and PPR and may continue to do so and have received,
and may receive, fees for the rendering of such services. In addition, in the ordinary
course of business, UBS and its affiliates may have traded and may continue to trade
securities of the Company or PPR for their own account or for the account of customers,
and accordingly they may at any time hold long or short positions in the Company&#146;s or
PPR&#146;s securities. </FONT></TD></TR></TABLE><BR>
<BR><BR><BR><BR>
<!-- MARKER FORMAT-SHEET="Para Flush Left" FSL="Default" -->
<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=1><b>UBS Investment Bank is a business group of UBS AG</B> <BR>
<B>UBS Limited is a subsidiary of UBS AG</B><BR>
UBS Limited is incorporated as a limited liability company in England &amp; Wales Registered
Address: 1 Finsbury Avenue, London EC2M 2PP Company Number: 2035362<BR>
UBS Limited is a member of the London Stock Exchange </FONT></TD></TR></TABLE><BR>

<BR>
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<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD><HR SIZE=5 NOSHADE COLOR="BLACK">
<BR></TD></TR></TABLE><BR>



<!-- MARKER FORMAT-SHEET="Reg Cover Table 3 Col" FSL="Project" -->
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD ALIGN=left WIDTH=33%><FONT FACE="Times New Roman, Times, Serif" SIZE=3><b>[UBS Investment Bank logo]</b></FONT></TD>
<TD ALIGN=CENTER WIDTH=44%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=right WIDTH=23%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>
29 March 2004<BR>
Page 2 of 3
</FONT></TD>
</TR>
</TABLE>
<BR><BR><BR>



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<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Our
opinion does not address the Company&#146;s underlying business decision to effect the
Transaction or constitute a recommendation to any shareholder of the Company as to whether
such shareholder should tender their shares in the Transaction. At your direction, we have
not been asked to, nor do we, offer any opinion as to the material terms of the Agreement
or the form of the Transaction. In rendering this opinion, we have assumed, with your
consent, that PPR and the Company will comply with all the material terms of the
Agreement. </FONT></TD></TR></TABLE><BR>

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<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In
arriving at our opinion, we have, among other things: </FONT></TD></TR></TABLE><BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>a. </FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>reviewed
the Restated Strategic Investment Agreement and the draft dated 25 March 2004
of the tender offer document; </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para List Hang 1" FSL="Project" -->
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>b. </FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>reviewed
certain publicly available business and historical financial information
relating to the Company; </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para List Hang 1" FSL="Project" -->
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>c. </FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>reviewed
certain internal financial information and other data relating to the
standalone business and financial prospects of the Company, including estimates
and financial forecasts prepared by management of the Company, that were
provided to us by the Company and not publicly available; </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para List Hang 1" FSL="Project" -->
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>d. </FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>reviewed
current and historical market prices of the shares of the Company; </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para List Hang 1" FSL="Project" -->
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>e. </FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>reviewed
certain publicly available financial and stock market data with respect to
certain companies that we deemed comparable to the Company; </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para List Hang 1" FSL="Project" -->
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>f. </FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>compared
the financial terms of the Transaction with the publicly available terms of
certain other transactions that we deemed relevant for our analysis; </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para List Hang 1" FSL="Project" -->
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>g. </FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>participated
in certain discussions with members of senior management of the Company; and </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para List Hang 1" FSL="Project" -->
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>h. </FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>conducted
such other financial studies, analysis and investigations and considered such
other information as we deemed necessary or appropriate for the purposes of
this opinion. </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Flush Left" FSL="Default" -->
<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In
connection with our review, with your consent, we have not assumed any responsibility for
independent verification of any of the information reviewed by us for the purpose of this
opinion and have, with your consent, relied on such information being complete and
accurate in all material respects. In addition, at your direction, we have not made any
independent evaluation or appraisal of any of the assets or liabilities (contingent or
otherwise) of the Company, nor have we been furnished with any such evaluation or
appraisal. With respect to the financial forecasts and estimates referred to above, we
have assumed, at your direction, that they have been reasonably prepared on a basis
reflecting the best currently available estimates and judgments of the Boards and
management of the Company as to the future performance of the Company. In addition, we
have assumed with your approval that the future financial results referred to above will
be achieved at the times and in the amounts projected by the Boards and the management of
the Company. With respect to draft unaudited financial statements covering periods ending
prior to and dates prior to the date of this opinion, we have assumed that such unaudited
statements reflect the results that will ultimately be reported in the Company&#146;s
audited financial statements for such periods and dates. We have also assumed that all
governmental, regulatory or other consents and approvals necessary for the consummation of
the Transaction will be obtained without any material adverse effect on the Company and
the Transaction. Our opinion is necessarily based on economic, monetary, market and other
conditions as in effect on, and the information made available to us as of, the date
hereof. </FONT></TD></TR></TABLE><BR>


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<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD><HR SIZE=5 NOSHADE COLOR="BLACK">
</TD></TR></TABLE><BR>
<BR>

<!-- MARKER FORMAT-SHEET="Reg Cover Table 3 Col" FSL="Project" -->
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD ALIGN=left WIDTH=33%><FONT FACE="Times New Roman, Times, Serif" SIZE=3><b>[UBS Investment Bank logo]</b></FONT></TD>
<TD ALIGN=CENTER WIDTH=44%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD ALIGN=right WIDTH=23%><FONT FACE="Times New Roman, Times, Serif" SIZE=1>
  29 March 2004<BR>
   Page 3 of 3
 </FONT></TD>
</TR>
</TABLE>
<BR><BR><BR>

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<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Based
upon and subject to the foregoing, it is our opinion that, as of the date hereof, the
Consideration to be received by the Minority Shareholders as a whole in the Transaction is
fair from a financial point of view to the Minority Shareholders as a whole. </FONT></TD></TR></TABLE><BR>

<!-- MARKER FORMAT-SHEET="Para Flush Left" FSL="Default" -->
<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>This
letter and the opinion is provided for the benefit of the Boards in connection with and
for the purposes of their consideration of the Transaction. </FONT></TD></TR></TABLE>


<!-- MARKER FORMAT-SHEET="Head Center 2 600" FSL="Project" -->
<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Yours faithfully <BR><B>UBS Limited</B> </FONT></TD></TR>
</TABLE>
<BR>
<BR>



<!-- MARKER FORMAT-SHEET="Signature 3 Col Body" FSL="Project" -->
<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>

<TR VALIGN=BOTTOM>
<TD WIDTH=35%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>/s/&nbsp;Heino Teschmacher</FONT><HR WIDTH="200" SIZE="1" ALIGN="left"></TD>
<TD WIDTH=25% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=35% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>/s/&nbsp;Scilla Grimble</FONT><HR WIDTH="200" SIZE="1" ALIGN="left"></TD>
</TR>

<TR VALIGN=BOTTOM>
<TD WIDTH=35%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Heino Teschmacher <BR>Managing Director</FONT></TD>
<TD WIDTH=25% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=35% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2> Scilla Grimble<BR>Director</FONT></TD>
</TR>
</TABLE>














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