Press Release

GAP INC. AND FJ BENJAMIN ANNOUNCE FIRST FRANCHISE STORE LOCATIONS IN SINGAPORE AND MALAYSIA

Seven New Gap Stores to Offer CLothing for Adults, Kids and Babies

SAN FRANCISCO / SINGAPORE, July 31, 2006 - Gap Inc. (NYSE: GPS) and F J Benjamin Holdings Ltd today announced locations for three franchised Gap brand stores to be operated by a subsidiary of FJ Benjamin Holdings in Singapore and four franchised Gap brand stores to be operated by a subsidiary of FJ Benjamin Holdings in Malaysia. These are Gap Inc.’s first franchise stores and they feature the new Gap store design that is being rolled out in the United States. The stores are expected to open between October and December, in time for the holiday shopping season.

“We are delighted to bring Gap's style to customers in Southeast Asia.  Singapore and Malaysia are regional shopping hubs and FJ Benjamin selected some of the most well-known and prestigious retail destinations in Asia for the franchise stores," said Joshua Schulman, Gap Inc.'s managing director of International Strategic Alliances and senior vice president of Gap International Product Development and Merchandising. "As we have a strong following of customers from these markets who shop at Gap while abroad, these markets will be ideal for Gap brand's franchise debut."  

FJ Benjamin will open Gap’s first flagship store in Southeast Asia at Wisma Atria, in the heart of Orchard Road. Occupying about 9,000 square feet on the ground floor with street front and interior mall facades, this store is next to the busiest mass rapid transit station in Singapore. It is scheduled to open in the first week of December, in time for Christmas.

In addition, FJ Benjamin is expected to open a Gap store in the first week of November at Vivo City. As one of Singapore’s largest and newest mall developments on the harbor front, Vivo City offers shopping and entertainment for the whole family. Another Gap store is expected to open in the first week of December at Centerpoint Annex along Orchard Road, Singapore’s premier shopping district. All three stores in Singapore will feature the full range of Gap adult, GapKids and babyGap products.

In Malaysia, FJ Benjamin is expected to open a Gap store in the first week of October in Central Kuala Lumpur at the Lot 10 Shopping Centre. Located on one of the city’s most prestigious shopping streets, this store will offer women’s clothing and accessories. A Gap adult store is also expected to open in the first week of October at One Utama Shopping Center, a family oriented suburban mall in Petaling Jaya. A separate Gapkids/babyGap store will also open in One Utama in the first week of December. A GapKids/babyGap store is expected to open in the third week of October at the Mid Valley Mall on the suburban edge of Kuala Lumpur. This is a premier destination for shoppers with retail entertainment and dining options.

Nash Benjamin, CEO of F J Benjamin Holdings Ltd, said: “F J Benjamin is honoured to be the first ever franchise partner of Gap Inc. worldwide. We are very excited with the new shopping style and choice that Gap will be offering customers in these two growth markets of Singapore and Malaysia. In particular, the accessibility of the store locations, the contemporary new store design and the range of apparel and accessories will combine to give customers a truly unique shopping experience.”

Gap Inc. announced its first franchise agreements in January 2006. F J Benjamin holds exclusive franchise rights to operate Gap and Banana Republic branded apparel and accessories stores in Singapore and Malaysia. It plans to open about 30 stores in Singapore and Malaysia by 2010. The first Banana Republic stores are expected to open in 2007.

About Gap Inc.
Gap Inc. is a leading international specialty retailer offering clothing, accessories and personal care products for men, women, children and babies under the Gap, Banana Republic, Old Navy and Forth & Towne brand names. Fiscal 2005 sales were $16.0 billion. Gap Inc. operates about 3,000 stores in the United States, the United Kingdom, Canada, France and Japan. For more information, please visit gapinc.com.

About F J Benjamin Holdings Ltd (fjbenjamin.com) – SGX-listed fashion retailer F J Benjamin Holdings Ltd is an industry leader in brand building and in developing retail and distribution networks for international luxury and lifestyle brands across the Asia Pacific. Its portfolio includes BANANA REPUBLIC, GAP, GUESS?, INEZ, LALIQUE, LA SENZA, MANCHESTER UNITED, PAINT 8, RAOUL, SHERIDAN and timepiece brands such as BELL & ROSS, GIRARD-PERREGAUX, JEAN RICHARD, MARC ECKO, NAUTICA, NIKE TIMING and VICTORINOX SWISS ARMY.