Gap Investor Presentation — June 2020

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Gap Inc. Fiscal 2020Katrina O’ConnellEXECUTIVE VICE PRESIDENT & CHIEF FINANCIAL OFFICERSonia SyngalPRESIDENT & CHIEF EXECUTIVE OFFICER

FIRST QUARTER EARNINGS RESUL TS

Forward Looking StatementsThis conference call and webcast contain 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. Forward-looking statements include statements identified as such in our June 4, 2020 press release. Because these forward-looking statements involve risks and uncertainties, there are important factors that could cause our actual results to differ materially from those in the forward-looking statements. Additional information regarding factors that could cause results to differ can be found in the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on April 23, 2020, as well as the Company’s subsequent filings with the Securities and Exchange Commission. These forward-looking statements are based on information as of June 4, 2020. We assume no obligation to publicly update or revise our forward-looking statements even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized.SEC Regulation GThis presentation includes the non-GAAP measure free cash flow. The description and reconciliation of this measure from GAAP is included in our June 4, 2020 earnings press release, which is available on gapinc.com.Forward Looking Statements / Non-GAAP Financial Measures

2Statement from the CEOFor us, the health and safety of ouremployees, customers andcommunities is our top priority.In working with industry partners and public officials to define Safe Shopping practices, we’re thrilled to bewelcoming our teams and customers back to our stores.As we leverage the power of our brands, lean into the meaningful acceleration of our online business and scale North America openings over the coming months, we believe we’ll be well-positioned as this crisis subsides.SONIA SYNGAL, PRESIDENT & CEO, GAP INC. JUNE 4, 2020