Press Release

GAP INC. TO WITHDRAW PACIFIC EXCHANGE LISTING, RETAINS NEW YORK STOCK EXCHANGE LISTING

SAN FRANCISCO – July 18, 2006 – Gap Inc. (NYSE: GPS) today announced plans to withdraw the listing of its common stock from NYSE Arca, Inc., formerly the Pacific Exchange. Gap Inc.’s common stock will continue to be listed on the New York Stock Exchange. 

Gap Inc. has decided to withdraw its listing from NYSE Arca, Inc. to streamline operations and eliminate duplicative administrative requirements inherent with dual listings as a result of the NYSE Group’s recent merger with Archipelago Holdings, the parent company of NYSE Arca. The withdrawal is expected to be effective within the next month.

Gap Inc. does not believe that withdrawing its listing from NYSE Arca, Inc. will have any impact on the liquidity of its stock. NYSE Arca will continue to trade Gap Inc. stock on an unlisted trading privilege (UTP) basis.