THE STANDARD OF JAPANESE STYLE To Our Shareholders 1

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2 THE STANDARD OF JAPANESE STYLE To Our Shareholders 1

3 2 3

4 5 4 Innovative Retailer United Arrows

5 Business News UNITED ARROWS GREEN LABEL RELAXING CHROME HEARTS 6 7

6 9 8 Introducing Our Labels UNITED ARROWS GREEN LABEL RELAXING

7 New Business Format 10 11

8

9 15 14

10 16 17

11 18 19

12 UNITED ARROWS UNITED ARROWS FRANCHISE SHOP GREEN LABEL RELAXING CHROME HEARTS 20

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