<SEC-DOCUMENT>0001377739-17-000004.txt : 20170502
<SEC-HEADER>0001377739-17-000004.hdr.sgml : 20170502
<ACCEPTANCE-DATETIME>20170502152345
ACCESSION NUMBER:		0001377739-17-000004
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20170502
DATE AS OF CHANGE:		20170502
EFFECTIVENESS DATE:		20170502

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			URBAN OUTFITTERS INC
		CENTRAL INDEX KEY:			0000912615
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-FAMILY CLOTHING STORES [5651]
		IRS NUMBER:				232003332
		STATE OF INCORPORATION:			PA
		FISCAL YEAR END:			0131

	FILING VALUES:
		FORM TYPE:		PX14A6G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-22754
		FILM NUMBER:		17804652

	BUSINESS ADDRESS:	
		STREET 1:		5000 SOUTH BROAD STREET
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19112
		BUSINESS PHONE:		2154545500

	MAIL ADDRESS:	
		STREET 1:		5000 SOUTH BROAD STREET
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19112

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CtW Investment Group
		CENTRAL INDEX KEY:			0001377739
		IRS NUMBER:				203688367

	FILING VALUES:
		FORM TYPE:		PX14A6G

	BUSINESS ADDRESS:	
		STREET 1:		1900 L STREET NW
		STREET 2:		SUITE 900
		CITY:			WASHINGTON
		STATE:			DC
		ZIP:			20036
		BUSINESS PHONE:		202 721 6060

	MAIL ADDRESS:	
		STREET 1:		1900 L STREET NW
		STREET 2:		SUITE 900
		CITY:			WASHINGTON
		STATE:			DC
		ZIP:			20036
</SEC-HEADER>
<DOCUMENT>
<TYPE>PX14A6G
<SEQUENCE>1
<FILENAME>urbnletter.htm
<TEXT>

<HTML>
<HEAD>
   <TITLE>urbnletter.htm - sixteen</TITLE>
</HEAD>

<BODY bgcolor="#ffffff">
<a name="page_1"></a><a name="_bclPageBorder1"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">

<a name="_bclHeader1"></a><DIV>


<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;">



















<img alt="77672_LtrHdnoBleeds.tif" height=33 src="x17050215152400.jpg" width=265>&nbsp;</p>


</DIV>
<p style="line-height:107%;margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">May 1, 2017</font></p>

<p style="line-height:107%;margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">Please vote AGAINST Directors Robert H. Strouse and Harry
S. Cherken Jr. at Urban Outfitters, Inc. (NASDAQ: URBN) Annual Meeting on May
23, 2017.</font></b></p>

<p style="line-height:107%;margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">Dear Urban shareholder, </font></p>

<p style="line-height:107%;margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">In light of persistent board composition issues, we urge you
to join us in voting against the re-election of Robert H. Strouse and Harry S.
Cherken Jr., the two longest serving directors on the Nominating and Governance
Committee, at the upcoming Urban Outfitters, Inc. shareholders&#8217; meeting.&#160; &#160;Mr.
Strouse, as lead independent director and chair of the Nominating and
Governance Committee, has particular responsibility for the board structure. In
addition, Mr. Cherken has conflicts of interest that make him a poor choice for
a key committee. The board&#8217;s current makeup bears the hallmarks of a highly
insular and long tenured board, one that reflects the Nominating and Governance
Committee&#8217;s failure to maintain a robust and credible recruitment process.&#160; </font></p>

<p style="line-height:107%;margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">The company has suffered from years of stagnant revenue
growth and a slumping stock price. &#160;While the retail and apparel sector, more
generally, has also suffered from falling stock prices, Urban&#8217;s stock price has
fallen more dramatically than peers, down almost 34% since April 2014.&#160;&#160; The
company&#8217;s historical EPS growth for the last 3-5 years is -5.25%,
underperforming against the retail and apparel industry rate of -.37%.&#160; Further,
the company was recently excluded from the S&amp;P 500 as a result of its lower
market capitalization in March 2017. The poor performance calls for board reform.
&#160;</font></p>

<p style="line-height:107%;margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">Nominating and Governance Committee members Mr. Strouse and Mr.
Cherken should be held accountable for the following shortcomings: </font></p>

<p style="line-height:107%;margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font face=symbol lang=EN-US style="font-size:11.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">Low Independence and Long Tenure: </font></b><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">The board&#8217;s overall
independence is below that of a typical mid-cap company.&#160; Co-founders Scott
Belair and Richard Hayne have each sat on the board for 41 years, and Mr. Hayne
currently acts as both CEO and Chair.&#160; Several family members of Mr. Hayne and Mr.
Belair work or provide services for the company. &#160;Further, Mr. Belair and Mr. Cherken
should be viewed as non-independent due to material relationships with the
company.&#160; They sit on the Audit Committee and Nominating and Governance Committee,
respectively.&#160; </font></p>

<p style="line-height:107%;margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font face=symbol lang=EN-US style="font-size:11.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">Poor Responsiveness to Outside Shareholders:</font></b><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">&#160; Outside
shareholders have for years voiced their concerns over the board&#8217;s composition,
yet the board has been largely unresponsive by only adding new directors rather
than asking directors with low outside shareholder support to step down. </font></p>

<p style="line-height:107%;margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font face=symbol lang=EN-US style="font-size:11.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">Extreme Insularity of the Board:</font></b><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;"> The board suffers from a
dearth of ethnic diversity and low female diversity, particularly when one of
the two women on the board is not independent.&#160; Further, the lack of diversity
is surprising for a retailer that focuses on female customers and also touts an
extensive global supply chain.</font></p>

<p style="line-height:107%;margin-bottom:8.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font face=symbol lang=EN-US style="font-size:11.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><b><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">Broken Nomination Process: </font></b><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">The board is so insular that it
has led to a broken nomination process.&#160; Improving the diversity of the board is
needed to disrupt the echo chamber and redirect the company&#8217;s strategies to
improve Urban&#8217;s performance. &#160;</font></p>


</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_2"></a><a name="_bclPageBorder2"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="line-height:115%;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">The CtW Investment Group works with union-sponsored
pension funds to enhance long-term shareholder returns through active
ownership. &#160;These funds have $250 billion in assets under management and are
substantial Urban Outfitters shareholders.</font></p>

<p style="line-height:115%;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><i><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">The
Board Suffers from Low Independence and Long Average Tenure as Compared to
Peers</font></i></b></p>

<p style="line-height:115%;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">Compared to peers,
Urban&#8217;s board suffers from a mere 56%<sup><font face=calibri,sans-serif style="line-height:107%;"></font></sup></font><sup><font face=calibri,sans-serif style="line-height:107%;"><font face=calibri,sans-serif lang=EN-US style="font-size:11.0pt;">1</font></font></sup><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">
independence level versus the S&amp;P MidCap at 82%.<sup><font face=calibri,sans-serif style="line-height:107%;"></font></sup></font><sup><font face=calibri,sans-serif style="line-height:107%;"><font face=calibri,sans-serif lang=EN-US style="font-size:11.0pt;">2</font></font></sup><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">&#160; The number of
individuals and organizations that are either related or have significant
business ties to four out of nine board members is also concerning.&#160; &#160;These
relationships are outlined below: &#160;</font></p>

<p style="line-height:115%;margin-bottom:10.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font face=symbol lang=EN-US style="font-size:11.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">Mr. Cherken, director for 28 years, is a partner at Drinker,
Biddle &amp; Reath, LLP (&#8220;Drinker Biddle&#8221;).&#160; The company paid Drinker Biddle
$2,419,967 for legal services in 2016. </font></p>

<p style="line-height:115%;margin-bottom:10.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font face=symbol lang=EN-US style="font-size:11.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">In 2013, responding to criticism that Urban lacked any female
directors, the board added Mr. Hayne&#8217;s wife, Margaret Hayne, rather than an
independent female director.&#160; Ms. Hayne has also been employed by the company
since 1982, and currently serves as Chief Creative Officer of Urban Outfitters,
Inc. and CEO of Free People, the company&#8217;s subsidiary.&#160; In this capacity, she
earned $537,570 in compensation for her work as an executive at the company.</font></p>

<p style="line-height:115%;margin-bottom:10.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font face=symbol lang=EN-US style="font-size:11.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">Mr. and Ms. Hayne&#8217;s son, David, was appointed Chief Digital
Officer in August 2016, earning $644,233 for 2017, and was previously COO of
Free People.</font></p>

<p style="line-height:115%;margin-bottom:10.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font face=symbol lang=EN-US style="font-size:11.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">Azeez Hayne, the company&#8217;s General Counsel and Corporate
Secretary since June 2015, is the nephew of Mr. Hayne.&#160; In this position, he
advises the company&#8217;s management on company strategies and execution.</font></p>

<p style="line-height:115%;margin-bottom:10.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font face=symbol lang=EN-US style="font-size:11.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">The Addis Group is the company&#8217;s insurance broker and risk
management consultant.&#160; While the company did not pay compensation directly to
Addis Group, Addis Group received commissions from other parties to such
transactions.&#160; Scott Addis was President of Addis Group until December 31,
2015, and is the brother-in-law of Mr. Hayne and Ms. Hayne.</font></p>

<p style="line-height:115%;margin-bottom:10.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font face=symbol lang=EN-US style="font-size:11.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">According to the company&#8217;s proxy, Wade L. McDevitt, owner of
McDevitt Co., a real estate company that &#8220;[acts] as a broker in substantially all
of the company&#8217;s new real estate transactions,&#8221; is the brother-in-law of Mr. Belair.&#160;
The company has not paid McDevitt Co. directly, but McDevitt Co. has received
commissions related to these transactions.&#160; Two other entities affiliated with
McDevitt were also paid real estate commissions totaling $301,121.&#160;
Furthermore, in September 2016, the company, through its subsidiary,
Anthropologie, entered into a ground lease with Waterloo Devon, where McDevitt
is the general partner and a minority owner, to rent six acres of land in
Pennsylvania.&#160; The initial rental rate is $1.1 million with the aggregate
amount payable over the five year term at $62.1 million.</font></p>

<p style="line-height:115%;margin-bottom:10.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.25in;"><font face=symbol lang=EN-US style="font-size:11.0pt;">&#183;</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">Wendy McDevitt, wife of Mr. McDevitt, is the Chief Talent
Ambassador at Urban Outfitters, and previously worked in various capacities for
the company since 1991.</font></p>



<hr align=left size=1 width="33%">
<div id=ftn1><font lang=EN-US>

</font><p style="margin:0in;margin-bottom:.0001pt;"><font face="calibri light,sans-serif" style="line-height:107%;"><font face="calibri light,sans-serif" lang=EN-US style="font-size:10.0pt;vertical-align:super;">1</font></font><font face="Calibri Light,sans-serif" lang=EN-US style="font-size:10.0pt;">
</font><font face=calibri,sans-serif lang=EN-US style="font-size:9.0pt;">We categorize
Directors Richard Hayne, Margaret Hayne, Scott Belair, and Harry Cherken as
non-independent.</font></p><font lang=EN-US>

</font></div>
<div id=ftn2><font lang=EN-US>

</font><p style="margin:0in;margin-bottom:.0001pt;"><font face="calibri light,sans-serif" style="line-height:107%;"><font face="calibri light,sans-serif" lang=EN-US style="font-size:10.0pt;vertical-align:super;">2</font></font><font face="Calibri Light,sans-serif" lang=EN-US style="font-size:10.0pt;">
</font><font face=calibri,sans-serif lang=EN-US style="font-size:9.0pt;">&#8220;Board
Composition&#8221;, EY Center for Board Matters, as of March 31, 2017, <i>available
at</i></font><font face="Calibri Light,sans-serif" lang=EN-US style="font-size:10.0pt;"> </font><font face=calibri,sans-serif lang=EN-US style="font-size:9.0pt;">http://www.ey.com/us/en/issues/governance-and-reporting/ey-corporate-governance-by-the-numbers#boardcomposition</font><font face="Calibri Light,sans-serif" lang=EN-US style="font-size:9.0pt;"> </font></p><font lang=EN-US>

</font></div>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV>
&nbsp; <A name="page_3"></A>

<a name="_bclPageBorder3"></a><DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,sans-serif>The company&#8217;s history of rewarding family members and affiliates of board members suggests that Urban continues to be run as a family business, rather than a $2.6 billion dollar publicly traded company with a large majority of outside investors. &nbsp;Board independence is one of the most critical and basic tenets of good governance.&nbsp;&nbsp; Having a reliable, credible and independent board is essential to ensuring outside public investors can call on the board to act in the best interests of long term shareholders.&nbsp; By way of example, in 2016, the company acquired a pizza chain founded by Marc Vetri, who had worked with Mr. Hayne for years, specifically on several charitable projects.&nbsp; Mr. Vetri even stated that he often talked with Urban representatives when they came into his restaurants, which is how the deal came about.&nbsp; Such relationships suggest that the Vetri pizza acquisition by Urban, a company that specializes in retail, may not have been an arms-length transaction and rather revolved around a personal relationship between Vetri and Chairman and CEO Hayne, similar to the business arrangements involving various board members outlined above.</FONT></P>

<P style="MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,sans-serif>Further, the average tenure of directors at Urban is 19 years, as compared to the average tenure for the S&amp;P MidCap of 9.4 years.<SUP><FONT style="LINE-HEIGHT: 107%" face=calibri,sans-serif></FONT></SUP></FONT><SUP><FONT style="LINE-HEIGHT: 107%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>3</FONT></FONT></SUP><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,sans-serif>&nbsp; In fact, at least five of Urban&#8217;s nine directors have a tenure of greater than 12 years. &nbsp;Long tenure can compromise a director&#8217;s ability to objectively evaluate management&#8217;s business judgment. &nbsp;While we recognize the value and the experience that tenured directors bring, long-tenured directors may also be inhibited from acting independently of other long standing board members, which may lead to a group-think mentality.&nbsp; The failure to adequately refresh the board and improve its overall independence falls squarely on Nominating and Governance Committee Members Mr. Strouse and Mr. Cherken, who themselves suffer from high tenure, and in Mr. Cherken&#8217;s case, a lack of independence due to significant business ties with the company. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><B><I><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,sans-serif>The Board&#8217;s Response to the Concerns of a Majority of Outside Shareholders is Inadequate</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,sans-serif>Greater independence at the board level is especially relevant given that, collectively, the Hayne family, Mr. Belair and Mr. Cherken control about 35% of the voting power at Urban, meaning that the voice of outside shareholders is marginalized.&nbsp; For example, shareholders opposed Mr. Belair and Mr. Cherken by just under 40% in both 2016 and 2015, and in 2014, shareholders opposed Mr. Belair by almost 46%.&nbsp; In 2015, shareholders opposed Ms. Hayne and Mr. Hayne by 30.5% and 28.8%, respectively, and in 2014 Ms. Hayne was opposed by 42.3% of shareholders despite her family owning a significant portion of shares.&nbsp; In fact, if we were to exclude the shares held by the Hayne family, Mr. Belair, and Mr. Cherken,<SUP><FONT style="LINE-HEIGHT: 107%" face=calibri,sans-serif></FONT></SUP></FONT><SUP><FONT style="LINE-HEIGHT: 107%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 11pt" face=calibri,sans-serif>4</FONT></FONT></SUP><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,sans-serif> all four directors would have failed or almost failed to receive a majority of outside shareholder support in the years cited above.&nbsp; The company, however, did not replace these individuals with new directors, but instead merely expanded the board in size by adding one more director in 2016.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><B><I><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,sans-serif>The Board Suffers from a Lack of Diversity </FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,sans-serif>As noted above, Urban&#8217;s board suffers from unusually low levels of independence and is in need of new, more diverse perspectives.&nbsp; While we recognize that two of the board&#8217;s nine directors are women, one of these women, Ms. Hayne, is CEO and Chair Hayne&#8217;s wife as well as a company executive, compromising </FONT>

<font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">her independence and ability to critically evaluate
management&#8217;s business decisions.&#160; The company also has a lack of racial diversity,
making it an outlier compared to peers. ISS calculates that 81% of S&amp;P 500
companies and 57% of MidCap boards had at least one non-Caucasian board member
at the end of 2016.<sup><font face=calibri,sans-serif style="line-height:107%;"></font></sup></font><sup><font face=calibri,sans-serif style="line-height:107%;"><font face=calibri,sans-serif lang=EN-US style="font-size:11.0pt;">5</font></font></sup><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">
&#160;Instead, the company&#8217;s board is largely composed of individuals with a law and
finance background, rather than individuals with outside retail experience,
particularly with global supply chains. </font></P>

<HR align=left SIZE=1 width="33%">



<DIV id=ftn3><FONT lang=EN-US></FONT>

<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 107%" face="calibri light,sans-serif"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: super" face="calibri light,sans-serif">3</FONT></FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Calibri Light,sans-serif"> </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>&#8220;U.S. Board Practices Study,&#8221; ISS, March 17, 2017, p. 46.</FONT></P><FONT lang=EN-US></FONT></DIV>

<DIV id=ftn4><FONT lang=EN-US></FONT>

<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 107%" face="calibri light,sans-serif"><FONT lang=EN-US style="FONT-SIZE: 10pt; VERTICAL-ALIGN: super" face="calibri light,sans-serif">4</FONT></FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Calibri Light,sans-serif"> </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>We assume that all shares owned by Belair, Cherken, and the Hayne family would have been voted with management. </FONT></P><FONT lang=EN-US></FONT></DIV></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>
<a name="page_4"></a><a name="_bclPageBorder4"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">


<p style="line-height:115%;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">This dearth of diverse board members is especially concerning when the
company&#8217;s namesake brand is targeted at a broad range of college age consumers
that are &#8220;culturally sophisticated,&#8221;<sup><font face=calibri,sans-serif style="line-height:107%;"></font></sup></font><sup><font face=calibri,sans-serif style="line-height:107%;"><font face=calibri,sans-serif lang=EN-US style="font-size:11.0pt;">6</font></font></sup><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">
and the core customer base for both Free People and Anthropologie is women.&#160;
Further, the company&#8217;s growing wholesale segment works with over 1900 retailers
worldwide, with such segment accounting for 8.1% of consolidated net sales in
the last year, indicating the financial importance of the company&#8217;s global
reach.&#160; The company also relies heavily on sourcing from international vendors
in order to obtain a wide variety of goods, with its buyers and designers
&#8220;[travelling] the world,&#8221;<sup><font face=calibri,sans-serif style="line-height:107%;"></font></sup></font><sup><font face=calibri,sans-serif style="line-height:107%;"><font face=calibri,sans-serif lang=EN-US style="font-size:11.0pt;">7</font></font></sup><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">
yet has no directors with outside experience in global supply chains. &#160;For a
company that is so reliant on global sourcing and focused on women, it is
surprising that the board consists of largely Caucasian males with law and
finance backgrounds.&#160; </font></p>

<p style="line-height:115%;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">We, like many investors, believe that diversity in the boardroom leads to
healthier debates, better decision making, and greater adaptability to change. &#160;Several
studies have found a positive link between company performance and greater
board diversity.&#160; One study notes the positive relationship between ethnic and
gender diversity and firm performance, as measured by Tobins Q.<sup><font face=calibri,sans-serif style="line-height:107%;"></font></sup></font><sup><font face=calibri,sans-serif style="line-height:107%;"><font face=calibri,sans-serif lang=EN-US style="font-size:11.0pt;">8</font></font></sup><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">&#160; Most recently,
a study by MSCI found greater Return on Equity at companies with significant
gender diversity among board members.<sup><font face=calibri,sans-serif style="line-height:107%;"></font></sup></font><sup><font face=calibri,sans-serif style="line-height:107%;"><font face=calibri,sans-serif lang=EN-US style="font-size:11.0pt;">9</font></font></sup><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">
In addition, research conducted by the Credit Suisse Research Institute, which
examined the performance of 2,360 companies globally over a six year period,
found that the share price performance at companies with some female
participation on their boards outperformed companies that lacked any female
representation.<sup><sup><sup><font face=calibri,sans-serif style="line-height:107%;"></font></sup></sup></sup></font><sup><sup><sup><font face=calibri,sans-serif style="line-height:107%;"><font face=calibri,sans-serif lang=EN-US style="font-size:11.0pt;">10</font></font></sup></sup></sup><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">
Another study conducted jointly by Rutgers and Iowa State Universities found
that </font><font color=black face=Calibri,sans-serif lang=EN-US style="background:white;font-size:11.0pt;">the percentage of women and
minorities on boards of directors is positively associated with financial
indicators of firm performance.<sup><sup><sup><font color=black face=calibri,sans-serif style="background:white;line-height:107%;"></font></sup></sup></sup></font><sup><sup><sup><font color=black face=calibri,sans-serif style="background:white;line-height:107%;"><font color=black face=calibri,sans-serif lang=EN-US style="background:white;font-size:11.0pt;">11</font></font></sup></sup></sup><font color=black face=Calibri,sans-serif lang=EN-US style="background:white;font-size:11.0pt;"> &#160;</font></p>

<p style="line-height:115%;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><i><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">The
Board&#8217;s Insularity Has Led to a Broken Nomination Process</font></i></b></p>

<p style="line-height:115%;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">Since 2011, the
company has received four<sup><font face=calibri,sans-serif style="line-height:107%;"></font></sup></font><sup><font face=calibri,sans-serif style="line-height:107%;"><font face=calibri,sans-serif lang=EN-US style="font-size:11.0pt;">12</font></font></sup><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">
shareholder proposals requesting the board to adopt a board diversity policy, the
most recent of which, in 2014, received 33.4% support, despite the fact that </font><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">Mr. and Ms. Hayne, Mr. Belair and Mr. Cherken controlled almost
24% of voting power at the time.&#160; Such level of support was above the average
level of support for board diversity resolutions that year at 30.1%.<sup><font face=calibri,sans-serif style="line-height:107%;"></font></sup></font><sup><font face=calibri,sans-serif style="line-height:107%;"><font face=calibri,sans-serif lang=EN-US style="font-size:11.0pt;">13</font></font></sup><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">&#160; While the
board has added four new board members since 2011, all four of these directors
are white, as identified by ISS, and one was related to Mr. Hayne.&#160; Further,
none of the new, independent directors to the board have experience in the
retail or clothing sector.&#160; The board&#8217;s failure to address ongoing concerns
regarding its composition is indicative of complacency with regards to its own make
up and the overall trajectory of the company.&#160; Given the company&#8217;s failure to
address growing concerns regarding the diversity of the board and changes in
consumer spending habits, the Nominating Committee has largely failed to recognize
the necessary director qualifications required during this very critical
juncture at Urban.&#160; </font></p>

<hr align=left size=1 width="33%">
<div id=ftn5><font lang=EN-US>

</font><p style="margin:0in;margin-bottom:.0001pt;"><font face="calibri light,sans-serif" style="line-height:107%;"><font face="calibri light,sans-serif" lang=EN-US style="font-size:10.0pt;vertical-align:super;">5</font></font><font face="Calibri Light,sans-serif" lang=EN-US style="font-size:10.0pt;">
</font><font face=calibri,sans-serif lang=EN-US style="font-size:9.0pt;">&#8220;U.S. Board
Practices Study,&#8221; ISS, March 17, 2017, p. 33.</font><font face="Calibri Light,sans-serif" lang=EN-US style="font-size:9.0pt;"> </font></p><font lang=EN-US>

</font></div>
<div id=ftn6><font lang=EN-US>

</font><p style="margin:0in;margin-bottom:.0001pt;"><font face="calibri light,sans-serif" style="line-height:107%;"><font face="calibri light,sans-serif" lang=EN-US style="font-size:9.0pt;vertical-align:super;">6</font></font><font face="Calibri Light,sans-serif" lang=EN-US style="font-size:9.0pt;"> </font><font face=calibri,sans-serif lang=EN-US style="font-size:9.0pt;">Urban
Outfitters 2017 10-K, p. 3</font></p><font lang=EN-US>

</font></div>
<div id=ftn7><font lang=EN-US>

</font><p style="margin:0in;margin-bottom:.0001pt;"><font face="calibri light,sans-serif" style="line-height:107%;"><font face="calibri light,sans-serif" lang=EN-US style="font-size:10.0pt;vertical-align:super;">7</font></font><font face="Calibri Light,sans-serif" lang=EN-US style="font-size:10.0pt;">
</font><font face=calibri,sans-serif lang=EN-US style="font-size:9.0pt;">&#8220;</font><font face=calibri,sans-serif lang=DE style="font-size:9.0pt;">Global Collaborations, </font><font face=calibri,sans-serif lang=EN-US style="font-size:9.0pt;">&#8221;</font><font face=calibri,sans-serif lang=DE style="font-size:9.0pt;"> Urban Outfitters
website, date accessed April 27, 2017, <i>available at</i></font><font face="Calibri Light,sans-serif" lang=DE style="font-size:9.0pt;"> </font><font face=calibri,sans-serif lang=DE style="font-size:9.0pt;">http://www.urbn.com/global-community-initiatives/global-collaborations</font><font face="Calibri Light,sans-serif" lang=DE style="font-size:9.0pt;"> </font></p><font lang=EN-US>

</font></div>
<div id=ftn8><font lang=EN-US>

</font><p style="margin:0in;margin-bottom:.0001pt;"><font face="calibri light,sans-serif" style="line-height:107%;"><font face="calibri light,sans-serif" lang=EN-US style="font-size:10.0pt;vertical-align:super;">8</font></font><font face="Calibri Light,sans-serif" lang=EN-US style="font-size:10.0pt;">
</font><font face=calibri,sans-serif lang=EN-US style="font-size:9.0pt;">&#8220;Corporate
Governance, Board Diversity and Firm Value,&#8221; David A. Carter, Betty Simkins,
and W. Gary Simpson., Corporate Governance, 38 FIN. REV. 33, 51 (2003).</font></p><font lang=EN-US>

</font></div>
<div id=ftn9><font lang=EN-US>

</font><p style="margin:0in;margin-bottom:.0001pt;"><font face="calibri light,sans-serif" style="line-height:107%;"><font face="calibri light,sans-serif" lang=EN-US style="font-size:10.0pt;vertical-align:super;">9</font></font><font face="Calibri Light,sans-serif" lang=EN-US style="font-size:10.0pt;">
</font><font face=calibri,sans-serif lang=EN-US style="font-size:9.0pt;">&#8220;Women on
Boards: Global Trends on Gender Diversity on Corporate Boards,&#8221; MSCI. November
2015</font></p><font lang=EN-US>

</font></div>
<div id=ftn10><font lang=EN-US>

</font><p style="margin:0in;margin-bottom:.0001pt;"><font face=calibri,sans-serif style="line-height:107%;"><font face=calibri,sans-serif lang=EN-US style="font-size:9.0pt;vertical-align:super;">10</font></font><font face=calibri,sans-serif lang=EN-US style="font-size:9.0pt;"> &#8220;Gender Diversity and
Corporate Performance,&#8221; Credit Suisse Research Institute, August 2012.</font></p><font lang=EN-US>

</font></div>
<div id=ftn11><font lang=EN-US>

</font><h1 style="background:white;line-height:107%;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=windowtext face=calibri,sans-serif style="line-height:107%;"><font face=calibri,sans-serif style="line-height:107%;"><font color=windowtext face=calibri,sans-serif style="font-size:9.0pt;font-weight:normal;vertical-align:super;">11</font></font></font><font color=windowtext face=calibri,sans-serif style="line-height:107%;"><font color=windowtext face=calibri,sans-serif style="font-size:9.0pt;font-weight:normal;"> &quot;</font></font><font color=windowtext face=calibri,sans-serif style="line-height:107%;"><font color=windowtext face=calibri,sans-serif style="font-size:9.0pt;font-weight:normal;">Board of Director Diversity
and Firm Financial Performance,&quot; Corporate Governance: An International
Review, Vol. 11, pp. 102-111, Erhardt, Niclas L., Werbel, James D. and Shrader,
Charles B., </font></font><font color=windowtext face=calibri,sans-serif style="background:white;line-height:107%;"><font color=windowtext face=calibri,sans-serif style="background:white;font-size:9.0pt;font-weight:normal;">Rutgers School of
Management and Labor Relations</font></font><font color=windowtext face=calibri,sans-serif style="line-height:107%;"><font color=windowtext face=calibri,sans-serif style="font-size:9.0pt;font-weight:normal;"> and </font></font><font color=windowtext face=calibri,sans-serif style="background:white;line-height:107%;"><font color=windowtext face=calibri,sans-serif style="background:white;font-size:9.0pt;font-weight:normal;">Iowa State University Department of
Management and Marketing, April 2003.</font></font></h1><font lang=EN-US>

</font></div>
<div id=ftn12><font lang=EN-US>

</font><p style="margin:0in;margin-bottom:.0001pt;"><font face="calibri light,sans-serif" style="line-height:107%;"><font face="calibri light,sans-serif" lang=EN-US style="font-size:10.0pt;vertical-align:super;">12</font></font><font face="Calibri Light,sans-serif" lang=EN-US style="font-size:10.0pt;">
</font><font face=calibri,sans-serif lang=EN-US style="font-size:9.0pt;">The proposal in
2015 requesting the adoption of a board diversity policy was withdrawn.</font></p><font lang=EN-US>

</font></div>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_5"></a><a name="_bclPageBorder5"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">


<p style="line-height:107%;margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><i><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">Conclusion</font></i></b></p>

<p style="line-height:115%;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">As
shareholders, we must send the board a clear message at this year&#8217;s shareholder
meeting on May 23 that we are exasperated by the board&#8217;s insular composition
and lack of independence. As the longest serving directors of the Nominating
Committee, Mr. Strouse and Mr. Cherken must be held responsible. Therefore, we
urge you to vote against their re-election.&#160; </font></p>

<p style="line-height:107%;margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">Please contact my colleague Tejal K. Patel at tejal.patel@ctwinvestmentgroup.com
with any questions. </font></p>

<p style="line-height:107%;margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">Sincerely,</font></p>

<p style="line-height:normal;margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><img border=0 height=44 id="Picture5" src="x17050215152500.jpg" width=149></p>

<p style="line-height:normal;margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">Dieter Waizenegger</font></p>

<p style="line-height:normal;margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">Executive Director, CtW
Investment Group</font></p>

<p style="line-height:107%;margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="line-height:107%;margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="line-height:normal;margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">&nbsp;</font></b></p>

<p align=center style="line-height:normal;margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">This
is not a solicitation of authority to vote your proxy. Please DO NOT send us
your proxy card as it will not be accepted.</font></b></p>



































<hr align=left size=1 width="33%">
<div id=ftn13><font lang=EN-US>

</font><p style="margin:0in;margin-bottom:.0001pt;"><font face="calibri light,sans-serif" style="line-height:107%;"><font face="calibri light,sans-serif" lang=EN-US style="font-size:10.0pt;vertical-align:super;">13</font></font><font face=calibri,sans-serif lang=EN-US style="font-size:9.0pt;">&#8220;2016 United States
E&amp;S Post Season Review,&#8221; ISS, October 26, 2016, p. 11.</font></p><font lang=EN-US>

</font></div>
</DIV>
</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>x17050215152400.jpg
<TEXT>
begin 644 x17050215152400.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  H'!PD'!@H)" D+"PH,#QD0#PX.
M#QX6%Q(9)" F)2,@(R(H+3DP*"HV*R(C,D0R-CL]0$! )C!&2T4^2CD_0#W_
MVP!# 0L+"P\-#QT0$!T]*2,I/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3T]
M/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3W_P  1"  A 0D# 2(  A$! Q$!_\0
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MXJ2N_#T72BTWJW<XJ]55))I:)6"BBBMS$**** "BBB@ HHHH **** "BBB@
MHHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** /_
!V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>x17050215152500.jpg
<TEXT>
begin 644 x17050215152500.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  H'!PD'!@H)" D+"PH,#QD0#PX.
M#QX6%Q(9)" F)2,@(R(H+3DP*"HV*R(C,D0R-CL]0$! )C!&2T4^2CD_0#W_
MVP!# 0L+"P\-#QT0$!T]*2,I/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3T]
M/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3W_P  1"  L )4# 2(  A$! Q$!_\0
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M\BR2-M+!(QDX'4^PYI*+;LAEZBBD!!S@@XI +1110 44FY=VW(W8SC/.*6@
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GJ ,C++Y*7:C"R(_!#C^%LA3Z'''I724$9ZT4I2YK: D%%%%0,__9

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
