Marcato Releases Investor Presentation To Deckers Stockholders; Comments On Deckers' Response To Marcato's Lawsuit

• Why full-scale Board change is required immediately;
• Deckers' failure to meet nearly every strategic priority it has set over the last five years;
• Board's inability to hold management accountable for unacceptable performance, failed retail strategy and excessive overhead spending;
• Board's failure to execute a capital allocation strategy;
• Board's lack of transparency and pattern of irresponsible governance practices;
• The strong fashion, apparel, retail, marketing and financial expertise of Marcato's nine highly-qualified nominees; and
• Marcato's executable plan to create meaningful long-term stockholder value at Deckers.

Mick McGuire, Managing Partner of Marcato, said: "Deckers' inability to deliver on its short- and long-term financial goals is unacceptable.  We believe immediate change is needed at the Board level as a result of the incumbent directors' lack of urgency and failure to provide proper oversight of management.  Deckers stockholders deserve directors who have strong fashion, apparel, retail, marketing and financial expertise and who will act with urgency to put the Company back on a path to success."

Commenting on Deckers' actions in response to Marcato's litigation, McGuire added: "We are pleased that Deckers has taken the actions we asked for privately in October to ensure stockholders would not be harmed by exercising their right to freely choose directors.  Had Deckers simply agreed to these steps initially, great expense and distraction would have been avoided.  Instead, Deckers' Board wasted stockholder resources to defend an indefensible position and yet again demonstrated their unwillingness to take action until after receiving pressure from stockholders. It is unfortunate that we had to resort to filing litigation in Delaware in the first place to protect stockholders' rights."

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You can vote by Internet, telephone or by signing and dating the GOLD proxy card or GOLD voting instruction form and mailing it in the postage paid envelope provided. We urge you NOT to vote using any white proxy card or voting instruction form you receive from Deckers. Please discard the white proxy card.

If you have any questions about how to vote your shares, please contact our proxy solicitor, D.F. King & Co., Inc., at (800) 761-6521.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

The information herein contains "forward-looking statements." Specific forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts and include, without limitation, words such as "may," "will," "expects," "believes," "anticipates," "plans," "estimates," "projects," "targets," "forecasts," "seeks," "could," "should" or the negative of such terms or other variations on such terms or comparable terminology. Similarly, statements that describe our objectives, plans or goals are forward-looking. Forward-looking statements are subject to various risks and uncertainties and assumptions. There can be no assurance that any idea or assumption herein is, or will be proven, correct. If one or more of the risks or uncertainties materialize, or if Marcato's underlying assumptions prove to be incorrect, the actual results may vary materially from outcomes indicated by these statements. Accordingly, forward-looking statements should not be regarded as a representation by Marcato that the future plans, estimates or expectations contemplated will ever be achieved.

Certain statements and information included herein have been sourced from third parties. Marcato does not make any representations regarding the accuracy, completeness or timeliness of such third party statements or information. Except as may be expressly set forth herein, permission to cite such statements or information has neither been sought nor obtained from such third parties. Any such statements or information should not be viewed as an indication of support from such third parties for the views expressed herein.

CERTAIN INFORMATION CONCERNING THE PARTICIPANTS

Marcato International Master Fund, Ltd. ("Marcato International"), Marcato Capital Management LP ("Marcato") and the other Participants (as defined below) have filed a definitive proxy statement and accompanying GOLD proxy card with the Securities and Exchange Commission (the "SEC") to be used to solicit (the "Solicitation") proxies for, among other matters, the election of its slate of director nominees at the 2017 annual stockholders meeting (the "Annual Meeting") of Deckers Outdoor Corporation ("Deckers" or the "Company").  Stockholders are advised to read the definitive proxy statement and any other documents related to the Solicitation because they contain important information, including information relating to the Participants in the Solicitation. These materials and other materials filed by Marcato with the SEC in connection with the Solicitation are available at no charge on the SEC's website at http://www.sec.gov. The definitive proxy statement and other relevant documents filed by Marcato with the SEC are also available, without charge, by directing a request to Marcato's proxy solicitor, D.F. King & Co., Inc., 48 Wall Street, 22nd Floor, New York, New York 10005 (Call Collect: (212) 269-5550, Call Toll Free: (800) 761-6521 or Email: [email protected]).

The participants in the proxy solicitation are Marcato International, Marcato, MCM Encore IM LLC ("Marcato Encore LLC"), Marcato Encore Master Fund, Ltd. ("Marcato Encore Fund"), Richard T. McGuire III, Deborah M. Derby, Kirsten J. Feldman, Steve Fuller, Matthew P. Hepler, Robert D. Huth, Jan Rogers Kniffen, Mitchell A. Kosh, Nathaniel J. Lipman and Anne Waterman (collectively, the "Participants").  As of the date hereof, Mr. McGuire, Marcato, Marcato International, Marcato Encore LLC and Marcato Encore Fund may be deemed to beneficially own the equity securities of the Company as described in Marcato's statement on Schedule 13D in respect of the Company initially filed with the SEC on February 8, 2017 (the "Schedule 13D"), as it may be amended from time to time.

SOURCE Marcato Capital Management LP