United Arrows : Notice of Convocation Annual General Meeting 2023

Message from the President

I would like to thank our shareholders for their support and patronage.

We completed the previous medium-term management plan whose basic policy was "Weather the crisis and regain our earnings power." During the period covered by the plan, we implemented various measures to drastically review our revenue structure and switched to a sales approach that enables securing an appropriate level of gross margin by emphasizing regular price sales. We have also started initiatives for future growth, such as the promotion of Online Merges with Offline (OMO), and new brand development, and have improved our performance.

In May 2023, we announced a long-term vision covering the years up to the year ending March 31, 2033, and a medium-term management plan covering the years up to the year ending March 31, 2026.

The slogan of our long-term vision is "UNITED ARROWS, a beautiful company, will continue to pursue sincerity, goodness, and a sense of beauty to become an enterprise that contributes to the realization of a sustainable society, is loved by customers, and offers high added value." We want to become a highly sensitive, high-value-added lifestyle provider and be an indispensable part of a stylish lifestyle. We aim to achieve this long-term vision by expanding our business domain to include all aspects of lifestyle and by broadening our customer base.

The theme of the new medium-term management plan is "Providing Inspiration - Connecting Deeply and Widely with Customers." In a three-year period, we intend to lay the foundation for our long-term vision by growing our existing businesses and expanding our business domain while deepening our contact with our customers. We are committed to achieving this plan by maximizing our competitive advantage in terms of people, products, and resources, and through tireless efforts. I believe that this will enhance our corporate value and lead to greater shareholder value.

We sincerely ask our shareholders to continue supporting the UNITED ARROWS Group.

Yoshinori Matsuzaki

Representative Director, President and CEO

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Sustainability Action

UNITED ARROWS is promoting sustainability action under the slogan "SARROWS." Based on three themes, "Circularity" in the pursuit of circular fashion, "Carbon Neutrality" to preserve our beautiful earth, and "Humanity" as the sound foundation for these initiatives, we aim to advance toward a rich, fulfilling future together with all the people involved with UNITED ARROWS.

UNITED ARROWS 2030 Targets and Progress
		FY2031	FY2022
		targets
Circularity	Disposal rate of products	0.1%	1.0%
Circular fashion	Percentage of environmentally	50%	2.0%
	conscious products
Carbon Neutrality	Reduction rate of CO2 emissions	30%	10.8%
Toward a carbon-neutral world	Ratio of renewable energy	50%	3.2%
Humanity	Rate of Code of Conduct for	100%	11.6%
Work and live in a healthy way	Business Partners consent forms
	acquired
	Employee engagement scores	80%	70%

Aim to be a Transparent Enterprise

ESG Data Book

UNITED ARROWS has issued an ESG Data Book. Securing transparency of information on the assessment of environmental impacts of business activities, human rights considerations, social contribution, and other ESG-related information is increasingly valued in corporate governance. Disclosure of ESG-related information as objective statistical data can accurately convey the latest information about UNITED ARROWS today and make it easier to show the Company's progress. Data in the environmental field include the environmental impacts of our business activities, and data in the social field include, for example, the gender ratio and the ratio of employees taking maternity leave and childcare leave. We believe disclosure will enhance the transparency of our business activities and facilitate dialogue with our stakeholders on value creation for a sustainable future.

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Consolidated Financial Highlights

Total sales	Operating profit
130,135 million yen	6,362 million yen
Up 9.9% year on year	Up 278.0% year on year

Operating profit ratio	Net income attributable to	ROE (Ratio of net income to
owners of parent	shareholders' equity)
49.%	4,341 million yen
		13.6%
Up 3.5 percentage points year	Up 492.6% year on year
on year

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This document has been translated from the Japanese original for the convenience of non-Japanese shareholders. In the event of any discrepancy between this translation and the Japanese original, the original shall prevail.

Securities identification code: 7606

June 2, 2023 (Date of commencement of measures for electronic provision: May 26, 2023)

To our shareholders:

Yoshinori Matsuzaki

Representative Director, President and CEO

UNITED ARROWS LTD.

3-28-1 Jingumae, Shibuya-ku, Tokyo, Japan

(Head Office: 8-1-19 Akasaka, Minato-ku, Tokyo, Japan)

NOTICE OF THE 34TH ORDINARY GENERAL MEETING OF SHAREHOLDERS

You are hereby notified of the 34th Ordinary General Meeting of Shareholders of UNITED ARROWS LTD. (the "Company"), which will be held as described below.

In convening this ordinary general meeting of shareholders, measures for electronic provision have been taken and information that constitutes the content of the Reference Documents for the General Meeting of Shareholders, etc. (items subject to measures for electronic provision) are posted on the website indicated below.

The Company's "Shareholders' Meeting" webpage

https://www.united-arrows.co.jp/en/ir/stockinfo/notification/

In addition to the above, the information is also available on the Tokyo Stock Exchange (TSE) website. TSE website (TSE Listed Company Search)

https://www2.jpx.co.jp/tseHpFront/JJK020010Action.do?Show=Show

Please access the TSE website above, enter the Company's name "United Arrows" in the "Issue name (company name)" field or the Company's securities code "7606" in the "Code" field, and click "Search," select "Basic information," then "Documents for public inspection/PR information," click the "click here for access" button below the heading "Notice of General Shareholders Meeting / Informational Materials for a General Shareholders Meeting", and select "Notice of Convocation Annual General Meeting 2023."

If you are not attending the meeting in person, you may exercise your voting rights via the Internet or in writing. Please refer to the "Instructions for Exercising Voting Rights" (pages 7 to 8) after reviewing the Reference Documents for the General Meeting of Shareholders included in the items subject to measures for electronic provision, and exercise your voting rights on the proposals no later than 5:00 p.m., Friday, June 23, 2023 (Japan Standard Time).

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		Meeting Details
1.	Date and time:	Monday, June 26, 2023 at 6:00 p.m. (Japan Standard Time)
2.	Venue:	Otemachi Mitsui Hall, Otemachi One 3F
		1-2-1 Otemachi, Chiyoda-ku, Tokyo
3.	Purposes:
	Items to be reported:

1. Business Report and Consolidated Financial Statements for the 34th Term (from April 1, 2022 to March 31, 2023), as well as the results of the audit of the Consolidated Financial Statements by the Accounting Auditor and the Audit and Supervisory Committee
2. Non-consolidatedFinancial Statements for the 34th Term (from April 1, 2022 to March 31, 2023)

Items to be resolved:

Proposal 1: Appropriation of surplus

Proposal 2: Election of four (4) Directors (excluding Directors who are Audit and Supervisory Committee Members)

Proposal 3: Introduction of performance-linked stock compensation plan for Directors, etc.

• You are kindly requested to present the enclosed voting form to the receptionist when you attend the meeting in person. Reception is scheduled to start at 5:00 p.m. on the day of the meeting.
• If any changes are made to the items subject to measures for electronic provision, such changes will be posted on the websites mentioned above.
• The documents delivered to shareholders who have requested the issuance of documents do not include the following items pursuant to laws and regulations, as well as Article 15 of the Articles of Incorporation.
• • "Systems to Ensure Proper Business Execution" and "Overview of the Status of Operation of the Systems to Ensure Proper Business Execution," which are part of the Business Report
  • "Consolidated Statement of Changes in Equity" and "Notes to the Consolidated Financial Statements," which are part of the Consolidated Financial Statements
  • "Non-consolidatedStatement of Changes in Equity" and "Notes to the Non-consolidated Financial Statements," which are part of the Non-consolidated Financial Statements

Therefore, the documents delivered to shareholders who have requested the issuance of documents are part of the documents that have been audited by the Accounting Auditor and by the Audit and Supervisory Committee to prepare an accounting audit report and to prepare an audit report.

• In the event that your approval or disapproval of the proposal is not indicated on the voting form, it shall be considered as an indication of approval.
• Voting by proxy is possible only when delegated to a shareholder of the Company with voting rights pursuant to the Articles of Incorporation, and the proxy must be a single shareholder. In such cases, please submit to the Company a document proving the proxy's capacity to act.

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