Exhibit 1 Crocs, Inc. Income Statement (in thousands of US dollars, except share and per-share data) For the year ended December 31 2003 2004 2005 2006 2007 (est.) Revenues Cost of sales Gross profit 1,165 13,520 108,581 354,728 847,350 891 7,162 47,773 154,158 349,701 274 6,358 60,808 200,570 497,649 Selling, general, and administrative 1,471 7,929 33,916 105,224 259,882 Income (loss) from operations (1,197) (1,571) 26,892 95,346 237,767 Interest expense 3 47 611 567 438 Other (income) expenses-net 19 (1,847) (2,997) Income (loss) before income taxes (1,200) (1,637) 26,289 96,626 240,326 Income tax expense (benefit) (143) 9,317 32,209 72,098 Net income (loss) (1,200) (1,494) 16,972 64,417 168,228 Dividend 142 275 33 Net income (loss) to common equity (1,200) (1,636) 16,697 64,384 168,228 Income (loss) per common share Basic (0.03) (0.04) 0.26 0.87 2.08 Diluted (0.03) (0.04) 0.26 0.81 2.00 Average common shares (in millions) Basic 41.71 49.28 50.99 74.60 80.76 Diluted 41.71 49.28 67.14 80.17 84.19 Cost of sales includes depreciation (in thousands) of $3,334, $8,053, and $20,949 in years 2005, 2006, and 2007 (est.). 2 Dividend on redeemable preferred shares. Exhibit 2 Crocs, Inc. Balance Sheet (in thousands of US dollars) As of December 31 2005 2006 ASSETS Cash and cash equivalents 4,787 45,546 Short-term investments 22,325 Accounts receivable (net) 17,641 65,588 Inventories 28,494 86,210 Deferred tax assets 1,939 3,690 Prepaid expenses and other current assets 3,492 14,332 Total current assets 56,353 237,691 Property and equipment-net 14,765 34,849 Goodwill 336 11,552 Intangible assets-net 5,311 12,210 Deferred tax assets-net 1,084 1,280 Other assets Total Assets 183 1,875 78,032 299,457 LIABILITIES Accounts payable 20,829 43,794 Accrued expenses and other current liabilities 16,875 43,574 Notes payable and current installments of long-term debt 8,601 541 Total current liabilities 46,305 87,909 Long-term debt 3,422 116 Deferred tax liabilities 1,772 1,688 Other liabilities 319 1,486 Total liabilities 51,818 91,199 Redeemable common shares 1,800 Redeemable convertible preferred shares 5,500 Common shares, par value $0.001 per share 17 39 Additional paid-in capital 13,976 131,834 Deferred compensation (12,364) (5,702) Retained earnings 16,697 81,081 Accumulated other comprehensive income 588 1,006 Total stockholders' equity 18,914 208,258 Total Liabilities and Stockholders' Equity 78,032 299,457 Data source: Crocs SEC filings. Closing Price Feb-06 Mar-06 Apr-06 May-06 Jun-06 Jul-06 Aug-06 Sep-06 Oct-06 Nov-06 Note: These prices are corrected for stock splits. Dec-06 Page 8 Exhibit 3 Crocs, Inc. Crocs Share Price Performance: IPO through November 2, 2007 Jan-07 Feb-07 Mar-07 Apr-07 May-07 Jun-07 Jul-07 Aug-07 Sep-07 Oct-07 UVA-F-1589 Page 9 UVA-F-1589 Exhibit 4 Crocs, Inc. Operating Data on Comparable Companies This exhibit presents data on three sets of comparable firms for Crocs, Inc. The numbers in bold are the averages of the column values. Values in millions of dollars except for percentages. Company EPS EBITDA Sales! CAGR Sales2 COGS to SGA Sales to Sales Primarily Footwear Deckers Outdoor 4.52 90 400 32.0% 57.2% 26.2% Nike 3.32 2,542 17,643 11.1% 56.9% 30.1% Timberland 0.93 116 1,312 7.1% 52.5% 33.9% 16.7% 55.5% 30.1% Primarily Apparel Columbia Sportswear 3.70 205 1,263 12.1% 55.2% 27.1% Lululemon 0.41 57 251 101.8% 48.3% 46.5% Quiksilver 0.60 199 2,095 20.3% 53.8% 36.1% Under Armour 1.02 98 612 71.7% 52.9% 36.0% VF Corp 5.32 1,015 6,796 5.1% 59.6% 27.6% Volcom 1.39 54 268 37.7% 51.4% 28.8% Zumiez 0.94 56 383 36.2% 66.1% 25.1% 40.7% 55.3% 32.5% Established Apparel Brands Liz Claiborne (3.91) (263) 4,521 4.3% 53.0% 38.5% Phillips-Van Heusen 3.10 348 2,010 10.7% 56.0% 36.3% Jones Apparel Group 1.25 (27) 3,840 -2.3% 63.9% 26.2% Warnaco Group 1.70 231 1,825 4.5% 64.0% 28.4% 4.3% 59.2% 32.4% Forecast of year ended December 31, 2007, based on estimates as of October 31, 2007. 2 Five years ended December 21, 2007, or since IPO if offering is more recent. Exhibit 5 Crocs, Inc. Valuation Data on Comparable Companies This exhibit presents data on three sets of comparable firms for Crocs, Inc. The numbers in bold are the averages of the column values. The calculations are based on November 2, 2007, stock prices. The table includes the price change (in %) from October 26, 2007, to November 2, 2007. Company Price Nov. 2 Shares Market Cap Value of Debt Price to Earnings EV to EBITD Recent EV to A Sales Price Change Primarily Footwear Deckers Outdoor Nike Timberland 16.79 127.05 61.85 498.73 61.88 13.00 1,651 28.08 18.37 4.13 -9.1% 30,847 441 18.64 12.31 1.77 -6.7% 1,039 41 18.02 9.29 0.82 -13.9% 21.58 13.32 2.24 Primarily Apparel Columbia Sportswear 48.38 36.45 1,763 19 13.06 8.70 1.41 -0.8% Lululemon 41.5 71.69 2,975 101.20 51.99 11.86 -22.0% Quiksilver 11.9 125.18 1,490 725 19.80 11.16 1.06 -11.9% Under Armour 50.4 50.08 2,524 10 49.46 25.93 4.14 -19.0% VF Corp 75.5 109.99 8,304 1,145 14.19 9.31 1.39 -13.3% Volcom 25.07 24.43 613 - 18.06 11.41 2.28 -14.3% Zumiez 27.72 28.67 795 29.46 14.09 2.07 -33.8% 35.03 18.94 3.46 Established Apparel Brands Liz Claiborne 25.48 94.73 2,414 521 0.65 -7.8% Phillips-Van Heusen 41.96 56.40 2,367 400 13.52 7.95 1.38 -11.5% Jones Apparel Group 18.13 85.30 1,513 777 14.50 0.60 2.2% Warnaco Group 38.34 44.40 1,749 310 22.55 8.91 1.13 -2.7% 16.86 8.43 0.94 Market value assumed to be book value. Valuation of Crocs as of year-end 2007 based on data available in August 2007. All calculations assume debt is negligible. Data for 2006 are from the Crocs annual report. Model assumes a linear decay in growth rates from 2008 to steady state. Cash Flow Forecast Forecast Period 2006 2007 2008 2009 2010 2011 2012 Revenues $355 $830 $1,370 $2,058 $2,788 $3,367 $3,569 Cost of sales 154 342 589 885 1,227 1,515 1,606 Gross profit 201 488 781 1,173 1,562 1,852 1,963 Selling, general, and admin. 105 251 425 659 920 1,111 1,178 Operating income 95 237 356 514 641 741 785 NOPAT (tax at 30%) 249 360 449 519 550 Ch NWC 72 118 146 116 40 Ch NPPE 55 63 73 58 20 Free cash flows 122 178 230 345 489 Assumptions Growth % 227% 134% 65.0% 50.3% 35.5% 20.8% 6.0% COGS/Sales% 43.5% 41.2% 43.0% 43.0% 44.0% 45.0% 45.0% SGA/Sales% 29.7% 30.2% 31.0% 32.0% 33.0% 33.0% 33.0% NWC as % of sales 41.3% 26.6% 21.4% 20.0% 20.0% 20.0% 20.0% NFAssets as % of sales 16.4% 10.5% 10.4% 10.0% 10.0% 10.0% 10.0% Deprec. as % of NFAssets 13.8% 24.1% 15.0% 15.0% 15.0% 15.0% Net working capital 147 221 293 412 558 673 714 Net fixed assets 58 87 142 206 279 337 357 Depreciation/amortization 8 21 21 31 42 51 EBITDA 103 258 377 545 683 791 Net income (loss) 64 168 249 360 449 519 Discount Rate 10-year Treasury rate 4.36% Market risk premium 5.50% Betal 1.2 Discount rate 10.96% Valuation Multiples Implied by Calculated Price Terminal value (TV) 9,860 Present value (PV) of TV 6,504 2007 (trailing) 2008 (leading) PV planning 650 Price Earnings 42.69 28.70 Enterprise value (EV) 7,154 EV to EBITDA 27.74 18.95 Shares outstanding 85.00 EV to Sales 8.62 5.22 Price per share $84.17