1Buenos Aires, Argentina, November 26, 2010

Our considerations Start - up

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SummaryI. About us.

II. Strategic Aspects.

III. Strategic Planning.

IV.

V. Investment Profile.

VI. Comments.

VII. Our focus (“The proposal begins”).

VIII. Other Areas of Collaboration.

Our Start-up model.

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I. About Us

"Who we are, what makes us different"

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• We have an “integral” vision of the retail business.

• 20 years of experience in various retail companies: Carrefour, Walmart, (Supermarket multiformat), Musimundo (Music & Entertainment),

Freddo, (Ice Cream & Café), Blainstein (Decoration), among others, in various management positions, and as freelancers, in the areas of Administration and Finance, Planning and Management Control, Sales & Operations and Marketing.

• We participate in expansion plans in Capital, GBA and in other provinces: Stores openings/ closings / relocations.

• We differentiate ourselves from traditional consulting services: We have the “expertise” of a consultant capable of diagnosing, and we exercise our leadership on the line in order to accompany management during the implementation.

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• We acquired skills from different "cultures" and incorporated several tools (Plan and Business Model, Strategic Planning, Store Management & Operation and Marketing plan) applicable to the world of retail.

• We leverage our practical experience with academic knowledge in economics, management and marketing.

• We transform strategy into action.

• "We Make Things Happen"

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II. Strategic Aspects

"What should not be overlooked"

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• Know the Organizational "Culture" (Vision, Mission, Values shared with Crocs and worldwide).

• “Induction" activities of Crocs HR Argentina, so they get to know the culture: Key Competitive Advantage.

• Align the arrival strategy with the culture.

• Understanding the Positioning: Brand, product and prices in the world and definition for Argentina.

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• Study the direct and indirect competition and its positioning.

• Analyze competition in Unicenter Shopping.

• Understand who will be our customers, and "why they are going to choose us."

• Transmit these symbolic benefits to the market through a proper Marketing Plan: "Comparative Evidence”. •Clearly define the Competitive angle (the four C’s).

•Channel Strategy and Optimization.

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III. Strategic Planning

“To align the strategy, define the action plan”

Vision

Mission

Strategy

Action Plans

Budgets

MANAGEMENTCONTROL

Real Results

Fulfilled Objectivessi

Values

Stage 1: Strategic Thinking / Organizational Culture "

Stage 2: "Operational Planning" ”

Stage 3: "Budgets"

Reports

Our Model

Customers

Competitors

"The Environment"

No

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IV. Our Start up Model

"Contemplating the main activities"

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Make base on a Central Office, dimensioned according to the necessary HR for the first 2 years of operation

HR recruiting, the "minimum" necessary to manage the various activities that will launch the operation. (Outsourced or not)

Choose the first store for the Start - Up

Buy or adapt information systems that support the operation:Point of Sale Management Inventory Management

 Back Office

Determine the legal aspects of the company:(Choice of corporate structure, society constitution

opening of bank accounts, registrations, powers of attorney, qualifications, etc.).

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Market Analysis, Dimensioning, Channels and Potential

Business Plan and growth scenarios

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Main stages

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Logistics and Distribution Center, choose a deposit, its location, and size it according to the growth plan for the first 2 years

(Outsourced or not)

Store set up: Construction and Equipment

Prepare for store opening (Goods / Windows / Display / Pricing / POP material / Equipment)

Marketing Plan: Understanding the local Good willCommunication and Media

Define all aspects related to store management("Operating Plan and Comercial Plan”)

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Import of Goods Management: Selection and Volumes

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STORE OPENING

Main stages

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V. Investment Profile

"Some useful comments"

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• It is necessary to quantify all the “project’s sunk costs“. Example: Capex.

• During the early stages of operation, the accumulated Cash-Flow of the project is expected to be negative: (Capex, Back Office Costs, Salaries of the management team, Systems Investment, Marketing, etc.).

• Keep in mind that the store also has a period of adjustment, until the desired sales levels are reached (learning curve). Based on our experience, this may be around 6 months.

• We suggest the opening of more stores quickly, so as to reach the equilibrium point of operation as soon as possible (The management structure is the same) “step by step growth" and will be amortized faste.

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VI. Comments

“As a result of our experience and related to the beginning of Operation”

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• Focus on the opening of the first store, "the first impression is what counts."

• December is a “special” month, particularly in a shopping center; it is the holiday season, the one with the highest number of sales, there is a risk of stock shortages, the sales team is not properly trained, etc.

• Little experience in the selection: Lack of Demand testing.

• The project’s “critical point” is the importing of goods, the definition of the "optimal for import“ batch, the "safety stock", the establishment of the replenishment cycle, etc.

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• We recommend being "generous" with the first imports, it is preferable to pay the cost of certain "inefficiencies“ than to have stock shortages at the point of sale.

•Threats to the bussines: Consider the informal channel, imitations, internet, for example:”Mercado Libre” : where you can buy original Crocs.

•Make a possible cash flow that includes the major expenditures of funds and timing as soon as possible, in order to align funding requirements with the bank drafts made by the Headquarters.

• How do we reduce the closeout: Take care of the brand value.

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VII. Our Focus

"In the first stage of Collaboration"

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STORE OPENING AND START UP OPERATION

1) The definition of the minimum structure, or the "outsourced functions”, necessary to manage the operation, establishing main functions, boundaries and tasks.

2) The store and its management, defining the “Operational Plan" and "Business Plan“.

3) Other equally important issues that will be addressed are: store management control tools, and the approval of the communications and media MEC.

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VIII. Other areas of collaboration

“Possible aspects of the business, in which we can collaborate in the future"

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• HR: take part in interviews, remuneration policy, career planning, staff induction activities.

• Support in defining and developing the implementation strategy ofthe wholesale channel. Retailers definition, for example: Dexter, Fallabella, Cristóbal Colón, etc. Negotiation with chosen retailers and development of the commercial proposal.

• Management Planning and Control: Business Plan preparation, short and medium term expansion plan, new channels’ strategy, support for the implementation of management information system (Budgets and performance indicators)

• Transition Management: Support for the coordination of the various departments and activities, acting as "facilitators“.Participation in management team meetings.

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Thank you !