Gap (GPS)

Share Repurchases and Dividends

During the third quarter, the company repurchased 48 million shares. The company has utilized $887 million of the $1.5 billion share repurchase program that was announced on August 23, 2007. Eight million of the total 48 million shares were repurchased from individual members of the Fisher family as part of the previously announced purchase agreements with them.

The company paid a dividend of $0.08 per share in the third quarter.

Share Repurchases and Dividends

The company announced on August 3, 2006, that the Board of Directors authorized $750 million for its share repurchase program in addition to the $500 million authorization that was announced at the beginning of fiscal year 2006. During the third quarter, the company repurchased 16 million shares for $271 million. As of November 15, 2006, the company has utilized $344 million of its $750 million authorization, for a total of 20 million shares repurchased. At the end of the third quarter, the company’s outstanding shares were 822 million.

The company paid a dividend of $0.08 per share in the third quarter, compared with a dividend of $0.045 per share in the same period last year.

Share Repurchases and Dividends

During the second quarter, the company repurchased 6 million shares for $111 million. This completed the $500 million authorization that was announced at the beginning of fiscal year 2006. At the end of the second quarter, the company’s outstanding shares were 835 million. In addition, the company announced on August 3, 2006 that the Board of Directors authorized an additional $750 million for its share repurchase program.

The company paid an $0.08 per share dividend in the second quarter, which is nearly double compared to the quarterly dividend from the same period last year.