FAST RETAILING CO., LTD.

News Conference
FAST RETAILING’s purchase of CABIN Co., Ltd. stock.
Date： April 19, 2006
Participants:Kenji Yoshie, President, CABIN Co., Ltd.
Tadashi Yanai, Chairman & CEO, FAST RETAILING CO., LTD.
Masahiro Shimizu, Director, Business Development, FAST RETAILING CO., LTD.

Opening address
Masahiro Shimizu, Director, Business Development, FAST RETAILING CO., LTD.
I would like to thank you for coming today and use the materials you have in front of you togo through the details of this stock purchase.
FAST RETAILING concluded a share transfer agreement dated today to purchase
11,547,000 shares in the women’s wear retailer CABIN Co., Ltd. In effect, FAST RETAILING hasagreed to buy the entire CABIN stake currently held by Daiwa Securities SMBC Principal Investments
Co., Ltd. This stake represents 25.70% of CABIN’s total shares in issuance and a 28.86% proportionof voting rights. Through this stock purchase, FAST RETAILING will become CABIN’s biggest single
shareholder. We hope to use this opportunity to establish a strong cooperative relationship withCABIN.
In terms of how we approach this cooperative relationship, FAST RETAILING and CABIN
will develop a comprehensive business tie up. For the FAST RETAILING group, the tie up will enable
us to strengthen our women’s clothing business, and, in addition, we expect that the positioning ofCABIN as an equity-method affiliate will help enhance the corporate value of the FR group.
This stock purchase covers the entire CABIN stake currently held by Daiwa Securities
SMBC Principal Investments Co., Ltd.
And finally, this share purchase will mean that CABIN Co., Ltd. will become anequity-method affiliate of the FAST RETAILING group. The impact of the move on FAST RETAILING’sbusiness results for the year to August 2006 is expected to be minimal, however we will inform you of
any concrete details as soon as they become apparent. Thank you.

Kenji Yoshie, President, CABIN Co., Ltd.
Since FAST RETAILING developed a keen interest in our company, we have always been
grateful for Mr. Yanai’s genuine consideration in our future. The topic often came up about how
CABIN could become a larger, more prominent company and enjoy more significant growth if wejoined forces. Over time, we decided that we wanted to join forces with FAST RETAILING tochallenge our future potential.
From CABIN’ s perspective, we feel that FAST RETAILING, with its wide range of powerfulinfrastructure, has a huge amount to offer us in terms of training, information and production systems,
etc. Whether or not we will be able to use all of the infrastructure, I am confident that we can create afriendly and efficient relationship that will allow us to incorporate some of FAST RETAILING’sexpertise and help us establish a stronger profitability and a faster pace of growth for our company.
We are still in the process of finalizing just how the finer details of this relationship will work.
I am sure we shall be able to give you more details once they are worked out. Please understandhowever, that CABIN fully understands and is in agreement on the overall direction of thisdevelopment.
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FAST RETAILING CO., LTD.

Tadashi Yanai, Chairman & CEO, FAST RETAILING CO., LTD.
I feel very pleased and honored to be able to work towards further growth with a traditionallyrespected brand such as CABIN. CABIN was just talking about the strength of FAST RETAILING’sinfrastructure. But we at FR also expect to learn a great deal about women’s clothing from CABIN. I
believe that, together, we can become a cornerstone in the development of Japan’s retail market. AndI believe that, through joint discussion, we can generate some significant synergy benefits. I am
looking forward to the opportunity to discuss a whole range of things to ensure our future growth
together.
Q&A(For the sake of clarity, we edited some of the Q&A.)Ｑ１： When did this deal first come about?
Mr. Shimizu： We conducted discussions through a financial institution from the end February
through to around the beginning of March this year.
Ｑ２： I would like to ask Mr Yanai what aspects of CABIN’s women’s fashion he was attracted to?
Mr. Yanai: I see CABIN as a pioneer of SPA specialty apparel manufacture and retail. A long time ago,
CABIN transformed itself from a manufacturer to a retailer of women’s fashion. It has dealt with arange of brands and has an enviable level of expertise and experienced staff across various types ofwomen’s clothing. UNIQLO can learn a lot from such a company.
Ｑ３： FR will hold around a 25% stake in CABIN following this immediate deal. Do you intend toincrease that stake in the future?
Mr. Yanai: Rather than raising our stake, the first and foremost priority is to get to know each otherbetter. That is where I want to start from.
Ｑ４： How much are you paying for the share purchase?
Mr. Shimizu: Around 7.7 billion yen.
Ｑ５： Do you think you will be seconding staff from FR to CABIN?
Mr.Yanai: We will be discussing this further. Nothing has been finally decided yet.
Ｑ６： I imagine that you might create joint project teams or working groups, but have you alreadyagreed on just how you plan to forge ahead in this cooperation?
Mr. Yanai: We are currently looking to create a project team going forward.
Ｑ７： Do you intend to fully apply FAST RETAILING’s production management systems at CABIN?
Would CABIN’s products change significantly?
Mr. Yoshie: It would not be beneficial to implement the FR system across the board if it meant that wemight lose some of the CABIN brand’s originality. Therefore, I want to look at which areas we shouldmake use of and which elements could be introduced to create even better products. I do expect tolearn a lot from FAST RETAILING not only in the area of manufacture but also in terms of information
systems, store management, store development and training systems. This agreement does notmean that our products themselves will be merged. It is more a question of cooperating on
infrastructure so that CABIN can fulfill an even greater growth potential.
Thank you.
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