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capable of battling through numerousshifts in consumer behavior and therelentless pressure of a highly competitivemarketplace.ANNUAL REPORTLETTER FROM THEEXECUTIVE CHAIRMAN& THE CEOAPRIL 14, 2020DEAR FELLOW SHAREHOLDERS,Three months into this new year and theworld has changed dramatically. Like othercompanies operating amid the COVID-19pandemic, we find ourselves workingdiligently to protect the interests of all ourstakeholders during this unprecedented time.And while there is much uncertainty aboutthe future, we are resolute in supporting thehealth of our teammates, our athletes andour business. What follows is our perspectiveon the positive strides we have made withour business in the recent past. Given thedynamic landscape, we will continue to evolveour business and strategy as we managethrough this crisis.Fourteen years ago, when Under Armour’s firstannual report was written, we spoke about theimportance of building a solid foundation forlong-term growth and consistently balancingthe core elements of our strategic pillars:Product, Story, Service and Team.In the time since – which has seen a rapidglobalization of business within the digitalage and the continued growth of sport,fitness and wellness – the world hasevolved tremendously. Through it all, UnderArmour has embraced the change, evolvedwith it and created a resilient company2019 ANNUAL REPORTIn 2019, our revenue grew 1 percent to 5.3billion. And while our efforts to return togrowth in North America are taking longerthan expected, our international businesscontinued to demonstrate strength andits important role in our portfolio of levers.Full year gross margin improved 180 basispoints to 46.9%; operating income was 237million; and, our diluted earnings per sharewas 0.20.To be clear, we are not satisfied with theseresults versus where we thought wouldbe now during our transformation. Thatsaid, change of this magnitude takes timeand we remain fundamentally committedto returning to growth and improvingshareholder returns over the long-term.In the near-term, we have areas we areproud of including important operational,structural and process improvementsthat contributed to meaningful balancesheet improvements driven by disciplinedinventory management and more thoughtfulcapital expenditure allocations – all ofwhich we believe sets us up to managethrough many of the challenges ahead.Strategically, we are well positioned globallyas one of only a few authentic, on-fieldathletic performance brands. Our innovative,beautifully designed products that make youbetter also now have a more powerful brandvoice to connect even more deeply with ourconsumers.As we entered 2020, we significantly beganto amplify the use of brand marketing toincrease awareness, engagement andconsideration around the world. Executingthis powerful global brand platform, TheOnly Way is Throughh, will remind and inspireconsumers why Under Armour is special.We believe this voice will play a crucialrole in reigniting and further solidifying our

positioning with our target consumer– the focused performer – and will beinstrumental in improving our underlyingdemand to drive our premium brandperception.From a product perspective, keyinnovations such as Under ArmourColdgear , Rush , Recover and UAHOVR – along with a loaded pipeline tocome – blend style and beauty with thehighly technical features that consumershave come to expect from us. Leveragingathlete franchises like Dwyane Johnson’sProject Rock collectionn and StephenCurry’s SCC business broaden our reacheven further. And with partnerships likeVirgin Galactic where we are using inlineUnder Armour innovation to equip the nextgeneration of space travel, we’re helpingredefine the boundaries of performance.Additionally, having successfully reducedand streamlined inconsistencies foundpreviously in our go-to-market process,we are laser focused on the cultivation andcuration of elevated product franchisesthat deliver on our style, performance andfit criteria.Within our direct-to-consumer business,we’re investing in capabilities to becomemore digitally and physically capable ofdelivering a premium, seamless experienceevery time consumers engage withour brand. This includes an improvedeCommerce platform in North America tobetter compete in today’s rapidly evolvingdigital landscape. In addition, an enhancedcustomer relationship managementprogram along with 40-50 million monthlyactive Connected Fitness users will helppower personalization, engagement andfrequency as we continue to scale ourbusiness globally.From a team perspective – following alengthy succession planning process,we also transitioned into new roles ofExecutive Chairman & Brand Chief andPresident & Chief Executive Officer,respectively. In our new roles, we are2019 ANNUAL REPORTfocused on evolving our partnership tomaximize both of our unique skill sets andputting Under Armour in the best possibleposition to realize the brand’s full potential.Our path is clear: we compete inathletic performance, we are the humanperformance company that gives you theedge to push beyond any limit, and wemake you better. When we watch UnderArmour athletes train and compete, we arejoined in pride, community and in family.Families love, they fight, they suffer lossesbut above all else – they are connected,resilient and persevere. This authenticityis earned and a privilege that representsan immense responsibility. A responsibilityto our teammates, customers andshareholders to stay focused and play thelong game for athletes, and we’re doingexactly that.We recognize that Under Armour’s longterm transformation continues to aska lot from our stakeholders. There isundoubtedly hard work and tough decisionsthat are ahead of us, but we’re encouragedby the progress we’ve made thus far andbelieve that we are fundamentally running abetter company today than just a few yearsago.When it comes to Under Armour, there’snever been a shortage of detractors. Butwe’re used to that. 24-years used to that.We’re more than our successes. We’remore than our failures. As we emerge fromthis current environment – on the otherside of what the new ‘normal’ may or maynot be – sport, fitness and wellness will betantamount to our global recovery.Great brands endure. The only way isthrough.KEVIN A. PLANKExecutive Chairman& Brand ChiefPATRIK FRISKPresident &Chief Executive Officer

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