Gap Inc. Announces New $500 Million Share Repurchase Program

"Today's announcement reflects Gap Inc.'s strong cash generation and our
ongoing commitment to return excess cash to our shareholders," said
Sabrina Simmons, chief financial officer of Gap Inc.

In connection with the share repurchase authorization, Gap Inc. entered
into agreements with individual Fisher family members to repurchase
shares. The company expects that about $20 million (approximately 4
percent) of the $500 million share repurchase program will be purchased
from these Fisher family members. The shares will be purchased each
month at the same weighted average market price that the company is
paying for share repurchases in the open market.

Today's announcement brings the company's total share repurchase
authorizations to $7.25 billion since October 2004.

Forward-Looking Statements

This press release contains forward-looking statements within the safe
harbor provisions of the Private Securities Litigation Reform Act of
1995. All statements other than those that are purely historical are
forward-looking statements. Words such as "expect," "anticipate,"
"believe," "estimate," "intend," "plan," and similar expressions also
identify forward-looking statements. Forward-looking statements include
statements regarding returning excess cash to shareholders, share
repurchases, and repurchases from members of the Fisher family.

Because these forward-looking statements involve risks and
uncertainties, there are important factors that could cause the
company's actual results to differ materially from those in the
forward-looking statements. These factors include, without limitation,
the following: the risk that the company will be unsuccessful in gauging
fashion trends and changing consumer preferences; the risk that changes
in general economic conditions, consumer confidence, or consumer
spending patterns will have a negative impact on the company's financial
performance or strategies; the highly competitive nature of the
company's business in the United States and internationally and its
dependence on consumer spending patterns, which are influenced by
numerous other factors; the risk that the company will be unsuccessful
in identifying and negotiating new store locations and renewing leases
for existing store locations effectively; the risk that comparable store
sales and margins will experience fluctuations; the risk that the
company will be unsuccessful in implementing its strategic, operating
and people initiatives; the risk that adverse changes in the company's
credit ratings may have a negative impact on its financing costs,
structure and access to capital in future periods; the risk that changes
to the company's information technology systems may disrupt its
operations; the risk that trade matters, events causing disruptions in
product shipments from China and other foreign countries, or an
inability to secure sufficient manufacturing capacity may disrupt the
company's supply chain or operations; the risk that the company's
efforts to expand internationally through franchising and similar
arrangements may not be successful and could impair the value of its
brands; the risk that acts or omissions by the company's third party
vendors, including a failure to comply with the company's code of vendor
conduct, could have a negative impact on the company's reputation or
operations; the risk that changes in the regulatory or administrative
landscape could adversely affect the company's financial condition and
results of operations; the risk that the company does not repurchase
some or all of the shares it anticipates purchasing pursuant to its
repurchase program; the risk that either the company or members of the
Fisher family terminate the repurchase agreements; and the risk that the
company will not be successful in defending various proceedings,
lawsuits, disputes, claims, and audits; any of which could impact net
sales, costs and expenses, and/or planned strategies. Additional
information regarding factors that could cause results to differ can be
found in the company's Annual Report on Form 10-K for the fiscal year
ended January 31, 2009. Readers should also consult the company's
quarterly report on Form 10-Q for the fiscal quarter ended August 1,
2009.

These forward-looking statements are based on information as of November
19, 2009. The company assumes no obligation to publicly update or revise
its forward-looking statements even if experience or future changes make
it clear that any projected results expressed or implied therein will
not be realized.

About Gap Inc.

Gap Inc. is a leading global specialty retailer offering clothing,
accessories and personal care products for men, women, children and
babies under the Gap, Banana Republic, Old Navy, Piperlime and Athleta
brand names. Fiscal 2008 sales were $14.5 billion. Gap Inc. operates
more than 3,100 stores in the United States, the United Kingdom, Canada,
France, Japan and Ireland. In addition, Gap Inc. is expanding its
international presence with franchise agreements in Asia, Europe, Latin
America and the Middle East. For more information, please visit www.gapinc.com.

SOURCE: Gap Inc.

Gap Inc. 
Investor Relations: 
Aina Konold, 415-427-4454 
Media Relations: 
Kris Marubio, 415-427-1798 
press@gap.com

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