100 3 100

Contents 2 4 6 8 12 UA 16 3 17 18 EC 20 22 24 26 30 32 38 5 44 11 46 2017 2017 IIRC 4 13 31 2017 3 IR www.united-arrows.co.jp/ir/lib/index.html P38 5 2 3

1 2 3 VISION VOICE VISUAL 1989 1995 2001 2005 2012 CS THE STANDARD OF JAPANESE STYLE UA MAKE YOUR REAL STYLE UA UA MAKE YOUR REAL STYLE CS Creating a New Japanese Standard CS 5 BREAKTHROUGH of TRAD MIND 5 5 2015.9 Designs 2017.3 1,455 4,427 2012.3 1,020 3,033 2013.8 2001.3 193 358 2003 2005.3 463 752 2005.11 2008.5 2012.4 2012 100 2016.7 CHROME HEARTS JP 1989.10 5,000 9 1995.3 2000.4 3995 1999.7 2004 2004.6 2011 CS 2009.4 2006 3 1989 2017 3 UNITED ARROWS 94% 1 2017 5UA 4 2020 3 34,000 1 2016 82% 4 5

2 153,859 2007 3 2012 3 2017 3 60,959 102,052 145,535 7,337 10,272 9,420 124 237 360 1,166 3,033 4,427 9,660 13,878 14,499 2 10 212007 32009 3 322015 32017 33 1 1 2 23 2009 1 2 MD3 2010 34 52015 32 1 20132013 2014 2 2014 4 2012 1 UA2017 5 2 32017 3 1 10,100 2006 3 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 3 1989.10 1990.7 1 1992.10 1999.7 1999.9 1999.12 2002.3 2004.6 2005.2 2005.11 2007.3 100 2009.4 2009.9 2013.8 2012.3 1,000 100 2012.3 100 2017.3 28 2015.9 Designs 2016.7 CHROME HEARTS JP 2016.10 CHROME HEARTS JP 2003.3 2008.5 2012.4 6 7

Q 2017 3 2017 3 EC GLR & 1,455 103.3%94 84.3% 2017 3 & & GLR Q GLR 2017 3 1 2018 3UA 2018 3 2020 3 8 9

Q P12 UA 2017 3 ES 3 3 EC EC 25 30% P18 EC 2016 P32 P37 2018 3 Q 2018 3 2018 3 2015 3 EC1 P26 Q 3 8% 2020 37% ROE16% 35% DOE 5.5% 2017 3178 44.7% DOE 7.3% P15 Q ESG 5 P38 5 2017 8 28 10 11

UA 2020 3 3 4 1 2001 2 2018 3 4 1 2 EC 3 4 2 EC EC EC EC EC EC SNS 8% 7% 2 ROE 16% 35% DOE 5.5% 2013 2014 2015 2016 2017 2018 2019 2020 ~ KPI EC 25 30% 5 (3) EC EC EC EC25 30% EC 1. 2.EC 3. 4. 12 13

UA 3 2016 & GLRGLREC 1 GLR MD P26 4 & ECEC 100 700 1 EC 300 100 ON OFF 1 8% ROE 16% 35% DOE 5.5% UA UA 10 MD ROE DOE 3 12 13 14 15 16 17 22.7 23.0 26.9 39.1 36.3 44.7 ROE 29.2 32.7 27.8 20.2 20.0 16.1 DOE 5.9 6.6 6.8 7.7 7.0 7.3 14 15

3 3 5 3 5 3 16 17

EC 2017 3 2017 3 124.2% 2023.3 16.0% 97.8% 123.6% 102.0% 2 1. UA % 210 202 18 140 70 16.0% 12 6 2017 3 130% 2018 3 2. MD 3,272 2,771 118.1% 2016 7 2017 6 940 2016 7 135.6% 1,275 2017 6 1 UA UA 1. 2016 8 UA UA UA ID UA UA 100 111 UA UA UA ios 2. UA UA LINE 3. UA 2017 4 UA 140%UA 2017 6124.2% 1 4. UA 90 1 1,000 2 UA 3 2017 4 6EC 4 13 14 15 16 17 UA 3 490 303 161.8% 50,175 43,123 116.4% 2015 8 2016 6 2016 8 2017 6 2015 8 2016 6 2016 8 2017 6 1 2 3 4 18 19

2017 3 3601,455 17 30 242 1,260 1 88 578 2 M W 9 M W 26 M 1 M 1 M W 2 & M W 41 & M 2 M W 3 & W 2 & M W 1 69 312 M W 12 M W 5 M W 87 107 UNITED ARROWS TAIWAN LTD. 3 3 M W 1 & M W 1 M W 1 Designs 1 3 W 1 CHROME HEARTS JP M W 10 62 4 M W IR www.united-arrows.co.jp/ir/store/ 1 2016 102016 4953 2 & 3 Designs 4 2016 102017 3 6 M W 68 M W 1 SBU 61 146 W 13 W 9 W 17 W 6 W 7 M W 1 M W 2 W 6 M W 24 170 20 21

2 910 20102014 2015 10 1,409 1,600 2017 5UA 2015 3 5 800 P12 UA 10 11 12 13 14 15 2016 2 10 5 10 11 12 13 14 15 GMS 1 1 GMS(General Merchandise Store) 2 2016 2 1. 2 2. EC EC 3. EC 2016EC 8.010.6%EC5.4% EC 1.5 10.5%EC10.9% EC % 18 12 6 13 14 15 16 16.0% 10.9% 5.4% 28 2726 EC19% EC 1,894 2% 2,041 3% 5,268 7% 10,690 13% 13,500 17% 2,572 3% 15,297 19% 14,503 18% AV 14,278 18% 22 23

2017 3 1 1 3 17,057 13.5% SBU 14,656 11.6% 5,305 4.2% 31,246 24.8% 57,807 45.9% m 2 1,566 544 37 501 348 14 & 392 271 12 373 308 12 SBU 167 86 5 % 6,000 5,219 6 4,000 4.0% 4 2,000 2 14 15 16 17 3 17 7.0% 14 5.8% 24 9.9% 187 77.3% 1 5.9% 2 11.8% 6 35.3% 8 47.0% 1 1 1 3 CHROME HEARTS JP 17,057 13.5% 3,493 2.8% & 7,363 5.9% 58,654 46.5% 39,503 31.3% 17,057 13.5% 906 0.7% 20,212 16.0% 87,897 69.8% 8,775 10.0% 14,208 16.2% 7,757 8.8% 3,742 4.2% 15,017 17.1% 38,396 43.7% 50.9% 6.9% 31.0% 5.9% SBU 5.3% 51 58.6% 36 41.4% 6 60.0% 2 20.0% 2 20.0% 23 2 18.4% 4.7% 1.1% 11.5% 38.8% 25.5% 23.9% 30.0% 0.0% 0.0% 46.1% 14.1% 20.6% 8.5% 1.9% 33.0% 21.9% 130,000 80,000 50,000 40,000 30,000 20,000 2 53% & SBU OEM 47% 1 2016 102017 3 2 2017 3 3 2017 3 CHROME HEARTS JPCHROME HEARTS JP 12 2017 3 15,000 10,000 4,000 & 0 5 10 15 20 25 30 35 40 45 50 55 60 65 70 24 25

9 8 9 8 10 7 10 7 6 6 2 MD MD 2 5 3 5 3 4 4 MD MD 1 88MD 2015 1 6 8 MD MD 324 MD MD 12 1 2 3 4 5 6 7 8 9 10 11 12 MD MD MD6 MD8 26 27

MD MD MD SNS 2007 3 MD MD MD MD MD POP MD ES 5.. 2007 3 4 MD 5 MD.... 2 MD MD MD 8MD 07/3 10/3 11/3 15/3 16/3 17/3 18/3 MD MD MD MD MD MD 28 29

役員一覧 2017 6 22 IR IT EC M&A 1986 4 2004 4 2005 9 2006 7 2008 7 2010 4 2010 6 2011 4 2012 4 2017 4 1990 3 2005 10 2008 7 2010 4 2010 6 2011 4 2017 4 1995 7 2000 4 2004 12 2006 6 2007 7 2008 7 2012 4 2015 4 IR 1988 4 1996 3 2000 4 2004 8 2005 10 2006 7 2008 4 2008 7 2012 6 2015 7 1991 4 1997 9 2005 6 2013 9 2016 6 1997 4 2001 9 2002 8 Davis Polk & Wardwell 2002 6 2004 9 2005 1 2005 7 2007 4 2008 6 2010 4 2011 9 2013 6 2016 6 1985 4 2000 7 2001 4 2005 4 2007 4 2008 4 2010 4 2012 8 2015 4 2015 6 2015 10 2016 6 2017 4 30 31

1. 5 2008 2009 2013 1 2014 2015 1 2 3 2016 2017 2. 7 3 1 3 3 2017 3 31 2008 3 1 1 40 33 2 3 51.4 2017 3 17 2017 3 1 10 2017 3 1 4 1 2 2016 6 23 27 www.united-arrows.co.jp/corporate/governance.html 3. ROE PL 2017 3 4 151 151 5 32 32 32 33

3 5 2007 3 3 2 5 2210 IR IR 5 IR IR 6. 2011 6 IR 2017 6 4. IR IR UA 5 2015 IR 11 IR 3 IR www.united-arrows.co.jp/corporate/governance.html 5. 2017 6 4 ROIKPI 1 5 4 IR 3 IR IR 8 6 8% NPVIRR 34 35

7. IR IR IR 300IR 10 www.united-arrows.co.jp/ir/strategy/disclosure.html 2017 6 22 28 35 31 45 24IR 587 119 611 IR 5 5 IR IR IR 2002 IR IR 2003 IR IR 2005 IR IR 2012 2013 IR IR 2014 IR IR Institutional Investor 2016 All-Japan 2016 Executive TeamIR 1 Institutional Investor 2017 All-Japan Executive TeamIR 2017 1 ISS Quality Score 2017 3 1 2016 6 M&A 2016 6 4 2018 3 3 2017 ISS Quality Score ISS Institutional Shareholder Services Inc. ISS 10 ISS Quality Score 20171 150 1 1 36 37

5 5 4 4 5CSR Corporate Social Responsibility 1 5 2 3 4 5 1 2 3 4 1 2 3 4 1 2 3 1 IR 2 3 CSR www.united-arrows.co.jp/csr/index.html 2005 2017 3 34,000 2017 3 SNS SNS 2017 3911 4,413 2017 3 3 2016 8 2015 2016 2017 20,000 20,000 34,000 824 798 911 3,207 3,283 4,413 2016 4 2017 6 100%100% 24 38 39

5 SNS 1 6 2017 3 90%36% 1 3 20 170 2,686 20 2007 QC Quality Control QC 237 2017 3 ES 2 2016 4 4 2017 340 1 QC 2017 3 QC 2 28 QC 40 41

5 30 2017 34 LED 12.8 2011 3 2016 3 LED 96% LED LED 2012 2016 IR IR IR 1 2014 ITC EFI IR 2017 3 ESG UA EFI UNCTAD WTO ITC 3 11 12 13 14 15 16 17 18 1 97.02 158.74 230.80 248.80 199.53 214.87 174.57 194.06 1 29.0 36.0 53.0 67.0 78.0 78.0 78.0 78.0 29.9% 22.7% 23.0% 26.9% 39.1% 36.3% 44.7% 40.2% 325.9% 22.7% 23.0% 26.9% 110.9% 57.6% 158.9% 10,700 1,259 371 1,890 25.0% 3.3% 1.0% 6.3% 5,000 7,586 11.7% 20.1% 42 43

11 3 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2017 % 60,959 113.3 72,221 118.5 79,665 110.3 83,504 104.8 90,571 108.5 102,052 112.7 115,041 112.7 128,489 111.7 131,029 102.0 140,919 107.5 145,535 103.3 1,285,764 % 33,072 54.3 36,891 51.1 40,647 51.0 42,865 51.3 48,001 53.0 55,661 54.5 62,619 54.4 68,492 53.3 68,046 51.9 71,573 50.8 74,155 51.0 655,145 % 25,721 42.2 31,960 44.3 36,327 45.6 37,922 45.4 40,617 44.8 45,468 44.6 50,056 43.5 54,842 42.7 56,695 43.3 60,501 42.9 64,990 44.7 574,172 % 7,350 12.1 4,930 6.8 4,319 5.4 4,942 5.9 7,384 8.2 10,193 10.0 12,562 10.9 13,649 10.6 11,351 8.7 11,071 7.9 9,165 6.3 80,973 % 7,337 12.0 5,017 6.9 4,283 5.4 5,037 6.0 7,240 8.0 10,272 10.1 12,582 10.9 13,739 10.7 11,542 8.8 11,175 7.9 9,420 6.5 83,227 % 3,511 5.8 3,800 5.2 1,274 1.6 1,403 1.7 3,596 4.0 5,016 4.9 7,316 6.4 7,920 6.2 6,332 4.8 6,494 4.6 5,191 3.6 45,862 38,132 1.6 43,362 1.7 46,821 1.7 46,163 1.8 45,716 2.0 51,278 2.0 54,395 2.1 59,296 2.2 62,020 2.1 63,877 2.2 67,799 2.1 598,986 17,635 22,711 23,004 23,327 15,103 19,291 25,403 31,532 31,186 33,760 30,980 273,706 1 14,258 4.8 17,043 4.6 18,681 4.5 16,903 4.7 15,867 5.5 15,753 6.5 17,480 6.9 20,372 6.8 23,474 6.0 23,966 5.9 26,210 5.8 231,561 8,246 7,416 11,899 7,748 16,132 10,114 7,773 5,081 10,500 6,146 13,792 121,848 1,801 456 1,286 7,933 6,923 12,081 5,238 6,828 4,730 11,689 4,868 43,013 4,198 946 4,373 1,992 2,069 2,711 3,528 3,072 3,249 3,351 4,511 39,855 2,281 493 3,434 5,202 3,443 6,875 3,533 4,472 1,328 8,139 508 4,491 2,971 2,975 3,322 4,061 5,471 7,966 6,142 5,429 5,585 5,799 5,630 49,744 2 2,389 2,954 3,604 1,415 4,254 2,576 2,809 3,419 2,453 3,479 4,445 39,273 642 883 1,258 1,209 1,363 1,416 1,518 1,711 1,801 1,794 1,865 16,482 ROI % 3 30.5 18.4 12.6 16.8 20.9 38.1 42.1 41.1 27.7 29.0 20.5 % 46.2 52.4 49.1 50.5 33.0 37.6 46.7 53.2 50.3 52.8 45.2 % 4 116.2 90.9 103.5 97.9 202.7 165.8 114.1 88.0 98.9 89.2 118.8 ROE % 21.8 18.8 5.6 6.1 18.7 29.2 32.7 27.8 20.2 20.0 16.1 ROA % 20.0 12.3 9.5 10.8 15.8 21.2 23.8 24.2 19.0 17.8 14.3 % 11.8 27.6 82.8 84.2 29.9 22.7 23.0 26.9 39.1 36.3 44.7 DPS 10.00 25.00 25.00 28.00 29.00 36.00 53.00 67.00 78.00 78.00 78.00 0.69 1EPS 84.98 90.59 30.19 33.26 97.02 158.74 230.80 248.80 199.53 214.87 174.57 1.54 1BPS 426.33 538.09 545.02 552.68 478.39 609.66 799.65 990.22 1,019.68 1,117.23 1,081.49 9.55 124 150 183 196 207 237 271 315 334 357 360 1,166 2,361 2,781 2,783 2,792 3,033 3,309 3,652 3,863 4,237 4,427 2017 3 31 US1113.19 1 2 2011 3 1,619 3 ROI100 4 100 % 1,409 1,455 1,284 1,310 1,150 112.7 111.7 102.0 107.5 103.3 % 136 125 113 110 10.9 10.6 8.7 7.9 91 6.3 % 137 125 115 111 10.9 10.7 8.8 7.9 94 6.5 % 79 73 6.4 6.2 63 4.8 64 4.6 51 3.6 1 6.9 6.8 6.0 5.9 5.8 4 % 114.1 88.0 46.7 53.2 98.9 50.3 118.8 89.2 52.8 45.2 ROE ROA % 32.7 23.8 27.8 24.2 20.2 20.0 19.0 17.8 ROE 16.1 14.3 ROA 1DPS % 53.00 23.0 67.00 26.9 78.00 78.00 78.00 39.1 36.3 44.7 13 14 15 16 17 13 14 15 16 17 13 14 15 16 17 13 14 15 16 17 13 14 15 16 17 13 14 15 16 17 13 14 15 16 17 13 14 15 16 17 3 31 44 45

2017 3 31 UNITED ARROWS LTD. 28 1 1989 10 2 30 30 360 1 UFJ 2 3 4,427 2017 6 22 2017 3 31 Designs CHROME HEARTS JP 2017 5 12 7606 190,800,000 30,213,676 14,499 6.25% 1,890,835 33.40% 28.05% 20.83% 1.25% 16.47% % 2,498,400 8.26 2,000,000 6.61 1,511,400 5.00 1,376,900 4.55 1,013,400 3.35 STATE STREET LONDON CARE OF STATE STREET BANK AND TRUST, BOSTON SSBTC A/C UK LONDON BRANCH CLIENTS- UNITED KINGDOM STATE STREET BANK AND TRUST COMPANY 505001 STATE STREET BANK AND TRUST COMPANY 505225 827,300 2.73 791,237 2.61 787,050 2.60 770,000 2.54 NORTHERN TRUST CO. (AVFC) RE IEDU UCITS CLIENTS NON LENDING 15 PCT TREATY ACCOUNT 499,200 1.65 1 1 5 1 0 1 0 9 2 3 12 2 8 3 1 31 & 2 9 18 3 8 9 1 50 2 20 19 8 10 10 0 69 SBU 3 9 33 5 7 4 0 61 2 8 1 6 4 3 1 25 0 1 5 2 2 2 0 12 0 0 1 1 1 2 0 5 5 32 9 10 17 14 0 87 0 0 1 0 0 0 0 1 0 0 4 1 3 2 0 10 17 83 108 39 60 50 3 360 4.7% 23.1% 30.0% 10.8% 16.7% 13.9% 0.8% 100.0% & & & & 6,000 4,000 2,000 IR www.united-arrows.co.jp/ir/index.html CSR www.united-arrows.co.jp/csr/index.html www.united-arrows.co.jp/ 0 25,000 20,000 25,000 20,000 CSR 15,000 15,000 10,000 5,000 0 13/4 14/1 15/1 16/1 17/1 10,000 5,000 0 IR IR 107-0052 8-1-19 www.united-arrows.co.jp/ir/contact/ 46 47