The infrared singularities of gravitational amplitudes are one-loop exact, in that higher-loop divergences are characterized by the exponential of the one-loop divergence. We show that the contributions to SU(N) gauge-theory amplitudes that are mostsubleading in the 1/N expansion are also one-loop exact, provided that the dipole conjecture holds. Possible corrections to the dipole conjecture, beginning at three loops, could violate one-loop-exactness, though would still maintain the absence of collinear divergences. We also demonstrate a relation between L-loop four-point \documentclass[12pt]{minimal}
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