March 19, 2008
FAST RETAILING CO., LTD.

VIEWCOMPANY to become a wholly owned subsidiary of FAST RETAILINGFAST RETAILING CO., LTD. decided at its board of directors meeting held on March 19, 2008 tomake VIEWCOMPANY CO., LTD. (JASDAQ: 3033, “Target” or “VIEWCOMPANY”) a wholly owned
subsidiary of the FR Group. The procedures and reasons behind this decision are detailed below.

１．The reason behind the decision to make VIEWCOMPANY a wholly owned subsidiary
As a result of the tender offer conducted on the Target s common stock between January 11 andFebruary 27, 2008, FAST RETAILING CO., LTD. (“Company”) currently owns 98.96% of all
VIEWCOMPANY s outstanding shares. As conveyed in our news release dated February 28, 2008
detailing the results of the tender offer for VIEWCOMPANY and the Targets subsequenttransformation into an FR subsidiary, the intention is to change VIEWCOMPANY’s systems to moreclearly reflect the Target s commitment to the FR Group. The intention is also to further accelerate
the current vigorous pursuit of group synergies through the mutual exchange of experience,
information and personnel to strengthen the Target s business processes, and to realize more
efficient and extensive sharing of operational infrastructure. Now, in light of the tender offer results,
the Company has decided to make the Target a wholly owned subsidiary in order to further enhancethe effectiveness of these synergy-seeking measures.
By sharing FR group expertise and promoting communication among personnel as well astransferring personnel between FR group companies, FAST RETAILING and VIEWCOMPANY arelooking to 1) enhance the precision of procurement and orders by strengthening the product planningfunction, 2) improve gross profit by reviewing the ratio of original products, 3) make better use of store
opening expertise and conduct joint store openings, and 4) implement joint purchasing structures. We
believe this will allow us to create a new type of shoe business, and ensure a strong, stable
operational base to boost VIEWCOMPANY’S competitiveness and profitability.
２．Overview of VIEWCOMPANY

Business representative

President Tomoyuki Fukutani

Head office location

4-3-39 Miyahara, Yodogawa-ku, Osaka City

EstablishedMay 20, 1972

Main business areas

Footwear manufacture, processing, wholesale &retail

Business year end

February 20

Number of employees

253 employees (as of February 20, 2008)

Main business location

4-3-39 Miyahara, Yodogawa-ku, Osaka City

Paid in capital¥1,661,855,000 (as of February 20, 2008)

Total outstanding shares

7,583,000 shares (as of February 20, 2008)

Major shareholders

FAST RETAILING CO., LTD.

98.96％

Latest business performance

Net sales¥10,556 million

Operating loss

¥244 million(Yr to February 2008)

３．The method used to make VIEWCOMPANY a wholly owned FR subsidiary
As regards the Target shares which the Company was not able to acquire through the tender offer,
the Target plans to acquire all of those remaining shares by offering Target shareholders theopportunity to cash in their shares according to the method set out below.
In concrete terms, the Company plans to request that the Target hold a General Shareholders’Meeting with an agenda pursuant to which the Target will (i)1) amend the Articles of Incorporation tochange the Target into a Corporation with Class Shares (Shurui-Kabusiki Hakkou Gaisha) stipulatedby the Corporate Law, 2) amend the Articles of Incorporation to grant rights to acquire all the commonstock (Zenbu shutoku Joko) issued by the Target, and 3) deliver to shareholders a separate class ofshares of Target in exchange for the acquisition of all the shares of common stock as mentioned in (i)2) above, and also that (ii) the Target Company hold a General Class Shareholders (the same as theTarget Company s common shareholders) Meeting with an agenda included a change to the Articlesof Incorporation as mentioned in (i) 2) above. The Company plans to approve all of theabove-mentioned measures at the General Shareholders’ Meeting and the General Class
Shareholders’ Meeting. If each of the aforementioned procedures is executed, then all of the commonstock issued by the Target will change into Class Shares with the right to acquire all common stock,which in effect means that the Target will then acquire all such stock. Target shareholders’ will receive
separate Target shares as remuneration for the afore-mentioned acquisition. However, there will be
no listing application for these shares. Those shareholders whose separate Target shares to bedelivered are fractions less than one share will receive cash that is obtained from the sale of theequivalent fraction of a share as stipulated by procedures under Japanese laws and ordinances. The
price of such fractions will be calculated based upon the offer price of the tender offer.
The number of Target shares to be delivered as remuneration for the acquisition of shares has not
yet been determined. However, to ensure that the Company can acquire all of the Target shares, thenumber of Target shares required for delivery to Target shareholders other than FAST RETAILING
who did not apply for the tender offer shall be set as fractions less than one share.

With the aim of protecting minority shareholders’ rights when the Articles of Incorporation areamended, the Corporate Law provides that shareholders have the right to request the company topurchase their shares upon amendment to the Articles of Incorporation granting the rights to acquire
all the common stock (Zenbu shutoku Joko) under Article 116 and Article 117 of the Corporate Law.
Shareholders may also file a request determination of the fair price for acquisition under Article 172 of
the Corporate Law in the case that acquisition of whole shares regarding such acquisition rights isresolved by a shareholders’ meeting. Furthermore, given that the purchase price and the acquisition
price will be finally determined by the court, the price received by the shareholders may be different
from the offer price in the tender offer. Shareholders must consider and determine their own courseof action in the case of such a request and filing.
The Target is currently listed on the JASDAQ Exchange. However, given the decision to make theTarget a wholly owned subsidiary of the Company, the Target is expected to cease listing late June
2008. Once the Target has been removed from the exchange, it will no longer be possible to trade
Target shares on the JASDAQ Exchange.
４．Scheduled outline for change to articles of incorporation, etc.
Company & Target executive board decisions to make VIEWCOMPANY a

Wednesday, March 19,

wholly owned FR subsidiary

2008

Record date for Extraordinary General Shareholders’ Meeting andSaturday, April 5, 2008

General Class Shareholders’ Meeting of Target common stock holders
Target executive board decision on convention of Extraordinary General

Thursday, April 24, 2008

Shareholders’ Meeting and General Class Shareholders’ Meeting ofTarget common stock holders
Holding of Extraordinary General Shareholders’ Meeting and General

Friday, May 30, 2008

Class Shareholders’ Meeting of Target common stock holders
Opening date for stock certificate presentation procedures（ Advertising stock certificate presentation, sending notification toMonday, June 2, 2008

shareholders and registered stock pledges)
Allocation of disposition post

Saturday, May 31, 2008

Final trading date for Target common stock shares

Thursday, June 26, 2008

Date of de-listing of Target common stock shares

Friday, June 27, 2008

Record date for acquisition of common stock with right to purchase, andWednesday, July 2, 2008

for separate stock delivery
Closing date for presentation of stockThursday July 3, 2008

Date of enforcement for acquisition of common stock with right toThursday July 3, 2008

purchase, and for separate stock delivery