Any opinions, estimates or forecasts regarding Urban Outfitters, Inc.'s historical or predicted performance made by the analysts at these firms are theirs alone and do not represent opinions, forecasts or predictions of Urban Outfitters, Inc. or its management. This is a partial list, and is subject to change as firms add or delete coverage of Urban Outfitters, Inc.

Urban Outfitters, Inc. is providing this listing as a service to its shareholders, and does not by listing these firms, imply its endorsement of or concurrence with such information, conclusions or recommendations. Interested persons must obtain copies of analysts' reports on their own — Urban Outfitters, Inc. does not distribute these reports. Some of these firms may be market-makers in Urban Outfitters, Inc. stock and/or hold other long or short positions in the stock, and may provide compensated services to Urban Outfitters, Inc.