Crocs

FIN4414- Financial Management, Section 2109

Crocs, Inc.

Team Number 10

Sanket Patel, Amanda Rodriguez, Bryan Lockard

March 17, 2010

PLR Consulting Group

123 17th Street

Gainesville, FL 32603

March 16th 2010

Ron Snyder

Chief Executive Officer

Crocs, Inc.

6328 Monarch Park Place

Niwot, Colorado 80503

Mr. Snyder:

Our team of consultants has reviewed the financial statements and forecasts given to us. We are very concerned with the direction your company is heading. We believe the recent drop in stock price is justified for several reasons. Your expansion into new markets and the launch of a multitude of new products has us concerned that your company may be straying too far from its origin.

As you review the enclosed financials, keep in mind we used the multiple approach valuation and therefore there could potentially be a large range of values. However, we believe the companies we used to derive the multiples were a good match and the range provided will give you an accurate reference for the direction Crocs is heading.

The following analysis should answer any of your questions or concerns. But if you would like more explanation of our analysis, one of our consultants will be in your area at the end of the month and would be happy to schedule an appointment to further discuss the situation.

We believe Crocs, Inc. has a solid base product, but the current direction of the company does not bode well with us or investors. Good luck with everything in the future.

Sincerely,

Sanket Patel, Bryan Lockard, Amanda Rodriguez

Financial Consultants

PLR Consulting Group

Enclosure

Introduction Crocs:

Crocs, Inc. belongs to a highly competitive market. The casual footwear industry is global and has low barriers to entry. For this reason, it is important that Crocs maintain innovation and growth to effectively compete with companies in its industry. Footwear industries must adapt to the customer preferences...