Gap (GPS)

Company Begins Search for Head of Old Navy

SAN FRANCISCO – July 11, 2006 – Gap Inc. (NYSE: GPS) today announced that Old Navy President Jenny Ming plans to leave the company this fall.

“My 19 years with Gap Inc. have been exciting and rewarding, particularly the past 12 years spent leading Old Navy,” said Ms. Ming. “Now the time is right for me personally, and for the brand, to make a change. I’m confident in the team’s ability to continue executing our strategies, and committed to ensuring a seamless transition.”

“I want to thank Jenny for her nearly two decades of tremendous leadership and dedication to Gap Inc.,” said Paul Pressler, President and CEO, Gap Inc. “She helped lead the development of Old Navy from its conception, forever changing the apparel landscape by offering fashion at a great value in a uniquely fun store environment. And under Jenny’s leadership, the team built the strong, iconic brand we have today.”

After joining the company in 1986, Ms. Ming held various merchandising roles in Gap brand. She helped lead the launch of Old Navy in 1994 and was named president of the brand in 1998. Ms. Ming also played a key role in the initial development of the company’s fourth brand, Forth & Towne.

The company will conduct an internal and external search for Ms. Ming’s successor during the transition. “We’re looking for an exceptional leader with strong apparel retail experience, who has a track record inspiring creative teams,” said Mr. Pressler.

“As we begin this transition, improving Gap Inc.’s business performance continues to be our primary focus,” said Mr. Pressler. “I remain confident in the changes we’re making in all of our brands, including Old Navy, to drive our turnaround.”