GAP CEO Steps Down

San Francisco-based GAP Inc.’s Board of Directors and Paul Pressler have announced that Pressler
has resigned from his position as president and CEO, and his seat on the board. Robert J. Fisher,
non-executive chairman of the board, now serves as president and CEO on an interim basis. A search
committee has been formed by the board to find a new CEO.

“During this important transition period for our company, the board of directors and I are
committed to working with our employees to enhance our focus on what has been at the heart of the
company’s past success, reinvigorating our brands and charting a new course for the future that
will deliver strong returns for shareholders” said Fisher.

January 24, 2007