Did Gipiemme make the Exploit derailleur? I realize of the re-badged Simplex and I suppose as they faded, GPM either produced or had to source a replacement. But here the Exploit shifter is Campagnolo made, and yet the derailleur looks stepped up over the Triomphe and Victory.
Anyways, I think its a neat departure (in some sorts) from the usual all Campy. The hubs are virtually identical to Campagnolo Record with exception to the bearing cones. The cones have a black coating unlike Campy's polished.
Mild similarity~ Victory S3 graphite finish
and image of the rear side cage plate