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APPENDIX C C-5 URBAN OUTFITTERS, INC. Consolidated Statements of Shareholders' Equity (in thousands, except share data) Common Shares Compre- Accumulated Other Number of Par Paid-in

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APPENDIX C C-5 URBAN OUTFITTERS, INC. Consolidated Statements of Shareholders' Equity (in thousands, except share data) Common Shares Compre- Accumulated Other Number of Par Paid-in Additional Balances as of January 31, 2009 Net income Foreign currency translation Unrealized gains on marketable Retained Compre- Earnin tr- vali 7 Value 167,712,088 SCapital 6 $01.339 67,712,088 S17 S 170,166 $ 901,339 (17,747) $1,053,775 $1,053,775 Oss Total $219.893 7.173 s (17,747) 219,893 219,893 securities, net of tax Comprehensive income Share-based compensation Stock options and awards Tax effect of share exercises Balances as of January 31, 2010 Net income Foreign currency translation Unrealized losses on marketable $228.546 1,480 846,283 _ 3,250 438 3,250 6.438 168,558,371 $ 17 $ 184620 $1,121,232 s (9 96,775 S (9,094) S$1,296,775 $272,958 (429) 272,958 272,958 (429) securities, net of tax Comprehensive income Share-based compensation Stock options and awards Tax effect of share exercises Share repurchases Balances as of January 31, 2011 Net income Foreign currency translation Unrealized gains on marketable 739 S271,790 (739) (739) 10,725 10,725 24,129 12.847 2,256,273 6841 A203 $1,34,0(102) 121.58 12,847 (6,401.217)(204.718) (204.718) 164,413,427 S17S 27,603 $1,394,190 S (10,262) $1,411,548 185,251 185,251 S185,251 (2,285) (2,285) (2,285) - 1,035 1,035 securities, net of tax Comprehensive income Share-based compensation Stock options and awards Tax effect of share exercises Share repurchases Balances as of January 31, 2012 $184,00 3,068 4,134 8,995 (545,478) 44,633,007 S 15 S$1.077.765 S(11.512) S1.066.268 3,068 993,923 _ 8,995 (20,774.343) (2) (43.800) (501,676 The accompanying notes are an integral part of these consolidated financial statements

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