The Board of Directors of Gant recommends shareholders not to accept the offer from Procastor SA

* The Board of Directors recommends shareholders not to accept the
    offer from Procastor.

  * Strong belief in the company as a stand-alone alternative
    creating shareholder value through existing business model.

  * Multiple growth opportunities expected to secure strong long-term
    growth in profits and cash flow.

  * New financial target stating that EBIT shall amount to at least
    SEK 450 million in 2010 (SEK 242 million in 2006) and increase at
    an average annual rate of at least 15 percent in the following
    five-year period.

  * New dividend policy to distribute at least 75 per cent of net
    income to shareholders.