Purchase Plan (2003)Full Document 

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                                  PURCHASE PLAN

    Purchase Plan, dated July 30, 2003 (this "Purchase Plan"), between
Pinault-Printemps-Redoute, a company organized under French law as a societe
anonyme a conseil de surveillance et directoire, having its registered office
18, place Henri Bergson, 75008 Paris , registered at the Commercial
Registry of Paris under number 552 075 020 ("PPR") and Credit Agricole Indosuez
Cheuvreux, a company organized under French law as a societe anonyme, having its
registered office 9 quai du President Paul Doumer, 92400 Courbevoie (France),
registered at the Commercial Registry of Nanterre under number 788 108 223

    WHEREAS, PPR, on behalf of its wholly owned subsidiary Scholefield Goodman
BV ("SG"), desires to purchase up to FOUR MILLION (4,000,000) common shares of
Gucci Group N.V. (the "Issuer"), nominal value NLG 1.02 per share (the "Stock"),
between August 1, 2003 and October 19, 2003, subject to the provisions of this
Purchase Plan, when PPR would otherwise be unable to purchase the Stock as a
result of the Issuer's Insider Trading Policies; and

    WHEREAS, PPR desires to appoint CAIC to purchase shares of Stock in
accordance with this Purchase Plan;

    NOW, THEREFORE, PPR and CAIC hereby agree as follows:

    1. PPR hereby gives to CAIC an irrevocable mandate, subject to Section 2(iv)
below, to purchase up to an aggregate of FOUR MILLION (4,000,000) shares of
Stock (or, if CAIC receives written notice from PPR that such number would
result in PPR holding more than 70% of the outstanding Stock or more than
SEVENTY MILLION (70,000,000) shares of Stock, in either case such aggregate
lesser number of shares of Stock which would not cause such result; provided
that CAIC shall have no liability for exceeding such thresholds with respect to
purchases made before any such notice was received) by market purchases within
the applicable volume limitations set out in section b-4 of Rule 10b-18 under
the US Securities Exchange Act of 1934, as amended (the "Exchange Act"). No
purchase shall be made by CAIC under this plan prior to August 1, 2003. CAIC
shall purchase shares of Stock on each day on which The New York Stock Exchange
(the "NYSE") is open for trading and the Stock trades regular way on the NYSE,
at the then prevailing market (bid) price provided that:

(a)   such price does not exceed a maximum price (the "NYSE Maximum Purchase
      Price") being defined as $99.00 per share (excluding any commission,
      commission equivalent, mark-up or differential and other expenses of
      purchase) and provided also that the USD/EUR exchange rate at the time of
      the relevant purchase (as reported on Reuters page EUR =) is above 1.07,

(b)   the total number of shares to be purchased on any day shall not exceed the

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