<SEC-DOCUMENT>0000930413-17-003693.txt : 20171102
<SEC-HEADER>0000930413-17-003693.hdr.sgml : 20171102
<ACCEPTANCE-DATETIME>20171102080512
ACCESSION NUMBER:		0000930413-17-003693
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20171102
DATE AS OF CHANGE:		20171102
EFFECTIVENESS DATE:		20171102

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DECKERS OUTDOOR CORP
		CENTRAL INDEX KEY:			0000910521
		STANDARD INDUSTRIAL CLASSIFICATION:	RUBBER & PLASTICS FOOTWEAR [3021]
		IRS NUMBER:				953015862
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-36436
		FILM NUMBER:		171170810

	BUSINESS ADDRESS:	
		STREET 1:		250 COROMAR DRIVE
		CITY:			GOLETA
		STATE:			CA
		ZIP:			93117
		BUSINESS PHONE:		8059677611

	MAIL ADDRESS:	
		STREET 1:		250 COROMAR DRIVE
		CITY:			GOLETA
		STATE:			CA
		ZIP:			93117

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DECKERS FOOTWEAR CORP
		DATE OF NAME CHANGE:	19930811
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEFA14A
<SEQUENCE>1
<FILENAME>c89648_defa14a.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY>
<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:sans-serif; font-size:4.5mm; "><B>UNITED STATES<br>SECURITIES AND EXCHANGE COMMISSION<br>Washington, D.C. 20549</B></FONT></P>
<P align="center" style="margin:6.3mm 0 0; "><FONT style="font-family:sans-serif; font-size:6.6mm; "><B>SCHEDULE 14A</B></FONT></P>
<P align="center" style="margin:6.3mm 0 0; "><FONT style="font-family:sans-serif; font-size:4.5mm; "><B>Proxy Statement Pursuant to Section 14(a) of<br>the Securities Exchange Act of 1934 (Amendment No. )</B></FONT></P>
<P align="center" style="text-indent:7mm; margin:8.4mm 0 0; "><FONT style="font-family:sans-serif; font-size:3.8mm; ">Filed by the Registrant <font face="Wingdings">x</font></FONT></P>
<P align="center" style="text-indent:7mm; margin:2.1mm 0 0; "><FONT style="font-family:sans-serif; font-size:3.8mm; ">Filed by a Party other than the Registrant <font face="Wingdings">o</font></FONT></P>
<P style="margin:2.1mm 0 0; "><FONT style="font-family:sans-serif; font-size:3.8mm; ">Check the appropriate box:</FONT></P>
<TABLE cellspacing=0 cellpadding=0 style="margin-left:0.00%; margin-right:0.00%; width:100.00%;" >
  <TR valign="bottom">
    <TD style="width:2.63%;"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:95.19%;"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
  </TR>
  <TR valign="bottom">
    <TD><P><FONT style="font-family:sans-serif; font-size:3.8mm; ">
      <font face="Wingdings">o</font></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:sans-serif; font-size:3.8mm; ">Preliminary Proxy Statement</FONT></P></TD>
  </TR>
  <TR valign="bottom">
    <TD><P><FONT style="font-family:sans-serif; font-size:3.8mm; ">
      <font face="Wingdings">o</font></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:sans-serif; font-size:3.8mm; "><B>Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</B></FONT></P></TD>
  </TR>
  <TR valign="bottom">
    <TD><P><FONT style="font-family:sans-serif; font-size:3.8mm; ">
      <font face="Wingdings">o</font></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:sans-serif; font-size:3.8mm; ">Definitive Proxy Statement</FONT></P></TD>
  </TR>
  <TR valign="bottom">
    <TD><P><FONT style="font-family:sans-serif; font-size:3.8mm; ">
      <font face="Wingdings">x</font></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:sans-serif; font-size:3.8mm; ">Definitive Additional Materials</FONT></P></TD>
  </TR>
  <TR valign="bottom">
    <TD><P><FONT style="font-family:sans-serif; font-size:3.8mm; ">
      <font face="Wingdings">o</font></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD>
    <P style="text-indent:-3.5mm; margin:0 0 0 3.5mm; "><FONT style="font-family:sans-serif; font-size:3.8mm; ">Soliciting Material under &sect;240.14a-12</FONT></P></TD>
  </TR>
</TABLE>
<P align="center" style="margin:6.3mm 0 0; "><FONT style="font-family:sans-serif; font-size:6.6mm; "><B>DECKERS OUTDOOR CORPORATION</B></FONT></P>
<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:sans-serif; font-size:3.8mm; ">(Name of Registrant as Specified In Its Charter)</FONT></P>
<P align="center" style="margin:2.1mm 0 0; "><FONT style="font-family:sans-serif; font-size:3.8mm; ">(Name of Person(s) Filing Proxy Statement, if other than the Registrant)</FONT></P>
<P style="margin:2.1mm 0 0; "><FONT style="font-family:sans-serif; font-size:3.8mm; ">Payment of Filing Fee (Check the appropriate box):</FONT></P>
<TABLE cellspacing=0 cellpadding=0 style="margin-left:0.00%; margin-right:0.00%; width:100.00%;" >
  <TR valign="top">
    <TD style="width:2.63%;"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%;"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:2.63%"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
    <TD style="width:91.11%;"><P><font style="font-size:0.6mm;">&nbsp;</font></P></TD>
  </TR>
  <TR valign="top">
    <TD><P><FONT style="font-family:sans-serif; font-size:3.8mm; ">
      <font face="Wingdings">x</font></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="3"><P><FONT style="font-family:sans-serif; font-size:3.8mm; ">
      No fee required.</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD><P><FONT style="font-family:sans-serif; font-size:3.8mm; ">
      <font face="Wingdings">o</font></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="3"><P><FONT style="font-family:sans-serif; font-size:3.8mm; ">
      Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <TD><P><FONT style="font-family:sans-serif; font-size:3.8mm; ">
      (1)</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD><P><FONT style="font-family:sans-serif; font-size:3.8mm; ">
      Title of each class of securities to which transaction applies:</FONT></P></TD>
  </TR>
  <TR valign="top" style="font-size:0.2mm">
    <TD colspan="3">&nbsp;</TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD align="center" style="border-top:solid .27mm Black; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
  </TR>
  <TR valign="top">
    <TD><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <TD><P><FONT style="font-family:sans-serif; font-size:3.8mm; ">
      (2)</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD><P><FONT style="font-family:sans-serif; font-size:3.8mm; ">
      Aggregate number of securities to which transaction applies:</FONT></P></TD>
  </TR>
  <TR valign="top" style="font-size:0.2mm">
    <TD colspan="3">&nbsp;</TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD align="center" style="border-top:solid .27mm Black; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
  </TR>
  <TR valign="top">
    <TD><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <TD><P><FONT style="font-family:sans-serif; font-size:3.8mm; ">
      (3)</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD><P><FONT style="font-family:sans-serif; font-size:3.8mm; ">
      Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined):</FONT></P></TD>
  </TR>
  <TR valign="top" style="font-size:0.2mm">
    <TD colspan="3">&nbsp;</TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD align="center" style="border-top:solid .27mm Black; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
  </TR>
  <TR valign="top">
    <TD><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <TD><P><FONT style="font-family:sans-serif; font-size:3.8mm; ">
      (4)</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD><P><FONT style="font-family:sans-serif; font-size:3.8mm; ">
      Proposed maximum aggregate value of transaction:</FONT></P></TD>
  </TR>
  <TR valign="top" style="font-size:0.2mm">
    <TD colspan="3">&nbsp;</TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD align="center" style="border-top:solid .27mm Black; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
  </TR>
  <TR valign="top">
    <TD><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <TD><P><FONT style="font-family:sans-serif; font-size:3.8mm; ">
      (5)</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD><P><FONT style="font-family:sans-serif; font-size:3.8mm; ">
      Total fee paid:</FONT></P></TD>
  </TR>
  <TR valign="top" style="font-size:0.2mm">
    <TD colspan="3">&nbsp;</TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD align="center" style="border-top:solid .27mm Black; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
  </TR>
  <TR valign="top">
    <TD><P><FONT style="font-family:sans-serif; font-size:3.8mm; ">
      <font face="Wingdings">o</font></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="3"><P><FONT style="font-family:sans-serif; font-size:3.8mm; ">
      Fee paid previously with preliminary materials.</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD><P><FONT style="font-family:sans-serif; font-size:3.8mm; ">
      <font face="Wingdings">o</font></FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD colspan="3"><P><FONT style="font-family:sans-serif; font-size:3.8mm; ">
      Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing.</FONT></P></TD>
  </TR>
  <TR valign="top">
    <TD><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <TD><P><FONT style="font-family:sans-serif; font-size:3.8mm; ">
      (1)</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD><P><FONT style="font-family:sans-serif; font-size:3.8mm; ">
      Amount Previously Paid:</FONT></P></TD>
  </TR>
  <TR valign="top" style="font-size:0.2mm">
    <TD colspan="3">&nbsp;</TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD align="center" style="border-top:solid .27mm Black; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
  </TR>
  <TR valign="top">
    <TD><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <TD><P><FONT style="font-family:sans-serif; font-size:3.8mm; ">
      (2)</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD><P><FONT style="font-family:sans-serif; font-size:3.8mm; ">
      Form, Schedule or Registration Statement No.:</FONT></P></TD>
  </TR>
  <TR valign="top" style="font-size:0.2mm">
    <TD colspan="3">&nbsp;</TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD align="center" style="border-top:solid .27mm Black; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
  </TR>
  <TR valign="top">
    <TD><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <TD><P><FONT style="font-family:sans-serif; font-size:3.8mm; ">
      (3)</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD><P><FONT style="font-family:sans-serif; font-size:3.8mm; ">
      Filing Party:</FONT></P></TD>
  </TR>
  <TR valign="top" style="font-size:0.2mm">
    <TD colspan="3">&nbsp;</TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD align="center" style="border-top:solid .27mm Black; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
  </TR>
  <TR valign="top">
    <TD><P><font style="font-size:0.2mm">&nbsp;</font></P></td>
    <TD width="3">&nbsp;</TD>
    <TD><P><FONT style="font-family:sans-serif; font-size:3.8mm; ">
      (4)</FONT></P></TD>
    <TD width="3">&nbsp;</TD>
    <TD><P><FONT style="font-family:sans-serif; font-size:3.8mm; ">
      Date Filed:</FONT></P></TD>
  </TR>
  <TR valign="top" style="font-size:0.2mm">
    <TD colspan="3">&nbsp;</TD>
    <TD width="3"><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
    <TD align="center" style="border-top:solid .27mm Black; "><P><font style="font-size:0.2mm;">&nbsp;</font></P></TD>
  </TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Deckers Brands Mails Letter to Stockholders
Highlighting Merits of Board&rsquo;s Strategy</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><I>Urges Stockholders to Vote &ldquo;<B>FOR</B>&rdquo;
All of Deckers&rsquo; Highly Qualified Director Nominees on the <B>WHITE</B> Proxy Card <B>TODAY</B></I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">GOLETA, Calif. &ndash; November 2, 2017 &ndash; Deckers Brands
(NYSE: DECK), a global leader in designing, marketing and distributing innovative footwear, apparel and accessories, announced
today that its Board of Directors has sent a letter to stockholders in connection with Deckers&rsquo; upcoming 2017 Annual Meeting
of Stockholders to be held on December 14, 2017. The proxy statement and other important information related to the annual meeting
can be found on Deckers&rsquo; website at www.votedeckers.com.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Deckers&rsquo; Board of Directors <B>unanimously</B> recommends
that stockholders vote &ldquo;<B>FOR</B>&rdquo; <B>ALL</B> of Deckers&rsquo; nominees listed on the <B>WHITE</B> proxy card: John
M. Gibbons, Karyn O. Barsa, Nelson C. Chan, Michael F. Devine III, John G. Perenchio, David Powers, James E. Quinn, Lauri M. Shanahan
and Bonita C. Stewart.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The full text of the letter follows:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>VOTE &ldquo;FOR&rdquo; ALL OF DECKERS&rsquo;
HIGHLY QUALIFIED DIRECTOR NOMINEES</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>ON THE WHITE PROXY CARD</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">November 2, 2017</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white">Dear Fellow Stockholder:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white">At the upcoming 2017 Annual Meeting of
Stockholders of Deckers Brands, you will face an important decision regarding the future of our company and the value of your investment.
Marcato Capital Management, a San Francisco-based hedge fund, is trying to seize control of our Board of Directors with its own
group of nine nominees.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white">For more than a year, members of our Board
and management team have met repeatedly with representatives of Marcato. We listened to Marcato&rsquo;s concerns and sought constructive,
collaborative engagement. We even made several proposals that would provide Marcato with meaningful change in the composition of
our Board. <B>But Marcato&mdash;which owns just 8% of our stock&mdash;is not willing to consider a negotiated resolution to its
proxy contest unless we replace a majority of the directors on our Board</B>. That is simply the wrong outcome for Deckers and
for your investment, as Marcato&rsquo;s short-term goals will only disrupt the strong momentum of our strategic plan.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><B>The markets recognize that our transformation
is working and is the right path for Deckers</B>.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white">&nbsp;</P>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; background-color: white"><B>DECKERS HAS OUTPERFORMED
ITS PEERS</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 80%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: #37424A">
    <TD STYLE="width: 61%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: white"><B><I>As of October 27, 2017</I></B></FONT></TD>
    <TD STYLE="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: white"><B>1-Year</B></FONT></TD>
    <TD STYLE="width: 5%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: white"><B>2-Year</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font-size: 5pt">
    <TD STYLE="border-bottom: black 1px solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1px solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1px solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1px solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1px solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: #E6E6E6">
    <TD STYLE="border-bottom: black 1px solid; border-left: black 1px solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Deckers</B></FONT></TD>
    <TD STYLE="border-bottom: black 1px solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1px solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>42.81%</B></FONT></TD>
    <TD STYLE="border-bottom: black 1px solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: black 1px solid; border-bottom: black 1px solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>42.84%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font-size: 5pt">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Deckers Proxy Peer Group <SUP>1</SUP></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">11.22%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(14.64%)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white">Note: Returns represent nominal percentage
gain based on comparing stock price on October 27, 2017 vs. October 27, 2016 and October 27, 2015, respectively; peer group average
represents arithmetic mean.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><SUP>1</SUP></FONT>
Deckers Proxy Peer Group includes The Buckle, Inc., Carter&rsquo;s, Inc., Chico&rsquo;s FAS, Inc., Columbia Sportswear Company, Crocs,
Inc., DSW Inc., Express, Inc., The Finish Line, Inc., Fossil Group, Inc., G-III Apparel Group, Ltd., Guess?, Inc., Lululemon Athletica
Inc., Oxford Industries, Inc., RH, Skechers U.S.A., Inc., Steven Madden, Ltd., Under Armour, Inc., and Wolverine World Wide, Inc..
Kate Spade &amp; Company (acquired by Coach, Inc.) and Quiksilver, Inc. have been excluded, as each is no longer publicly traded<B>.</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white">We urge stockholders to vote <B>&ldquo;FOR&rdquo;</B>
<B>ALL</B> of Deckers&rsquo; nominees listed on the <B>WHITE</B> proxy card: John M. Gibbons, Karyn O. Barsa, Nelson C. Chan, Michael
F. Devine III, John G. Perenchio, David Powers, James E. Quinn, Lauri M. Shanahan and Bonita C. Stewart.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; background-color: #D9D9D9"><B>THE RIGHT PLAN:
CURRENT STRATEGY IS WORKING AND CREATING STOCKHOLDER VALUE</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white">Deckers is in the midst of a significant
transformation to enable us to be a top performer in the rapidly changing retail and branded products environment. This transformation&mdash;<B>which
has been in process for almost two years</B>&mdash;is driven by evolving consumer behaviors. Omni-channel shopping is changing
the way that consumers interact with our brands, and we are rethinking and repositioning every aspect of our business with this
in mind. We are shifting our business model, elevating and focusing our brands and leveraging the powerful omni-channel capabilities
that we have built over the past few years.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><B><I>Transforming Our Brands in the Marketplace</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white">We are improving the way we design, develop,
market and deliver our products, in addition to strategically investing in our brands to fuel growth and profitability.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><B>Delivering a Premium Brand Experience</B>:
We are working to build a stronger, longer-lasting relationship with our consumers. We believe that elevating the consumer&rsquo;s
experience will drive greater interest and sales across our entire spectrum of products.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><B>Positioning Our Brands for Profitable
Growth</B>: We are focused on margin improvement for all of our brands. To do this, we are centralizing procurement, making targeted
headcount reductions, and positioning our organization for increased collaboration and productivity. For example, in the past two
years, we consolidated brand operations for Sanuk and Hoka One One into our headquarters. This decision, which has already improved
profitability, has also resulted in greater collaboration and information exchange among all of our brands. In fact, contribution
margins from our Performance Lifestyle Group have increased by over 70 basis points during fiscal 2017&mdash;with even more improvement
to come.</P>

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><B>Leveraging the UGG<SUP>&reg;</SUP> Brand</B>:
The relationship that our consumers have with the Classic boot is a powerful one. We are utilizing the strength of that relationship
to expand consumer interest in UGG. We are seeing promising signs of success. The growth rate for products such as slippers, fashion
boots, weather boots and sneakers is rapidly outpacing that of the traditional Classic boot. By leveraging the heritage of the
UGG brand, we are penetrating new markets, including UGG Men&rsquo;s and retailers that have never carried UGG, providing us access
to new consumers.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><B>Implementing a Multi-Season Product
Strategy</B>: We are focused on increasing the year-round utilization of our fixed infrastructure in order to balance out our traditional
reliance on colder months. This builds a more sustainable, predictable business. To do this, we are focused on delivering a more
diversified collection of UGG spring/summer products, as well as growing our Performance Lifestyle Group consisting of Hoka, Teva
and Sanuk, which is most active during months when demand for our Classic boot is low.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><B>Growing the Hoka Brand</B>: Over the
past three years, Deckers has grown Hoka&rsquo;s annual sales over ten-fold, from less than $10 million to over $100 million. We
are building on Hoka&rsquo;s momentum among serious runners to reach new customers. We are driving hard to gain more shelf space,
increasing consumer awareness through strategic marketing efforts and continuing to innovate our product offerings through new
styles geared toward hiking, casual runners and women.<FONT STYLE="color: red"> </FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><B>Expanding Internationally</B>: We are
positioning our business to generate higher growth and profitability in Germany and China. These countries offer highly attractive
demographics with large populations of consumers in our target market. We have increased our direct reach in Germany through the
acquisition of our German UGG distributor. In China, we are using a mix of both direct and retail partners. Our China strategy
allows us to better understand market perceptions of our UGG brand in a cost-effective manner that preserves overall optionality
for further developing the market.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><B><I>Transforming Our Cost Structure:
Progress We Have Made </I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white">In February 2016, we announced a restructuring
plan that included reducing our retail footprint, consolidating offices, closing facilities and relocating employees. Our objective
was to streamline brand operations, reduce overhead costs, create operating efficiencies and enhance productivity and collaboration.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white">Since then, we have made significant progress
in improving our gross profit margin through consolidating our factory base, moving production to more cost-effective locations
and optimizing our material usage. We have also reduced inefficiencies in our corporate spend and made progress on optimizing our
retail footprint.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white">Specifically, we:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Increased gross profit margin by 220 basis points for the quarter ended September 20, 2017.</TD></TR></TABLE>
<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Increased gross profit margin 140 basis points for the 12-month period ended June 30, 2017, as compared to the fiscal year
ended March 31, 2016.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Closed 25 retail stores.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Reduced our retail corporate infrastructure to account for the smaller number of retail stores.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Closed our underperforming brands in order to focus on our core brands.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Consolidated several offices.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white">These achievements required some difficult
decisions. <B>But these decisions were made by our Board--long before we ever spoke to Marcato--in order to enable Deckers to be
a faster, leaner and more focused business that is better positioned to build stockholder value and win in the marketplace.</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><B><I>Transforming Our Cost Structure:
Realizing the Benefits</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white">In February 2017, we announced the next
step in our transformation through a plan to implement significant additional cost savings in both cost of goods (COGS) and sales,
general &amp; administrative (SG&amp;A) expenses.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white">Additional COGS savings are expected to
come from:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Reducing product development cycles;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Further optimizing material yields;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Further consolidating our factory base; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Continuing to move production outside of China.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white">Incremental SG&amp;A savings are expected
to come from:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Additional retail store consolidations;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Additional reductions in our retail corporate infrastructure to account for the smaller number of retail stores;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Process improvement efficiencies; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Reduced indirect spend.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 36pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white">In particular, we are evolving our retail
store strategy to ensure that it achieves the best possible return on investment for our stockholders. We are continuously taking
a fresh look at our stores and are closing ones that no longer align with our long-term objectives. We believe that the optimal
size of our company-owned fleet is approximately 125 retail stores, down from 160 stores at the start of fiscal 2018.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white">All of these initiatives are expected
to result in an operating profit improvement of $100 million by the end of fiscal 2020. For fiscal 2018, we expect operating margins
to increase to 10.5%, a 130 basis point improvement over fiscal year 2017. We expect operating margins to further improve to 13.0%
by the end of fiscal year 2020. This will generate significant cash flow over the next few years, positioning Deckers to drive
increased stockholder value.</P>

<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>We are already seeing tangible results.
Our profit improvements allow us to generate increased free cash flows and further enhance stockholder value by repurchasing our
stock and accelerating our EPS growth. We recently increased our share repurchase authorization to $400 million, which we expect
to complete by year-end fiscal 2020, and are targeting completing approximately $100 million worth of stock repurchases prior to
the end of March 2018. The strength of our balance sheet and our conviction in our future prospects make this an ideal period to
repurchase stock and return capital to stockholders. Our aim is to repurchase stock while continuing to improve our operating profit,
which simultaneously returns capital to stockholders and positions Deckers for long-term growth.</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; background-color: #D9D9D9"><B>THE RIGHT BOARD:
CURRENT DIRECTORS ARE HIGHLY QUALIFIED AND FOCUSED ON ACHIEVING RESULTS FOR ALL STOCKHOLDERS</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white">Deckers has a diverse and experienced
Board of Directors that is actively engaged in overseeing our transformation and is holding management accountable for delivering
continued operational improvement. Our Board works closely with management and has been&mdash;and will continue to be&mdash;a significant
agent of change to improve Deckers&rsquo; performance. Our Board is committed to continuing to evolve and adapt in order to deliver
on our commitments to our stockholders.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white">We have rigorous selection criteria, which
has produced a highly diverse Board, with each member bringing a specific set of skills that is aligned with Deckers&rsquo; long-term
strategic priorities. Our Board includes nine highly qualified individuals, eight of whom are independent and three of whom have
been appointed since 2014. Additionally, our Chairmanship was refreshed on September 1, 2017.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white">We are proud that our Board is a powerful
advocate for all stockholders and is driving change and delivering significant stockholder value.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; background-color: white"><B>YOUR VOTE IS IMPORTANT</B>&mdash;<B>HELP
ENSURE DECKERS&rsquo; PROGRESS AND MOMENTUM</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white">Please use the enclosed <B>WHITE</B> proxy
card to vote today <B>&ldquo;FOR&rdquo;</B> <B>ALL</B> nine of Deckers&rsquo; highly qualified nominees: John M. Gibbons, Karyn
O. Barsa, Nelson C. Chan, Michael F. Devine III, John G. Perenchio, David Powers, James E. Quinn, Lauri M. Shanahan and Bonita
C. Stewart. Simply follow the easy instructions to vote by telephone, by Internet or by signing, dating and returning the <B>WHITE</B>
proxy card in the postage-paid envelope provided.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white">Your vote <B>&ldquo;FOR&rdquo;</B> our
director nominees will help ensure that you, as a Deckers stockholder, have a Board of Directors focused on sustaining our positive
momentum and creating lasting value for all stockholders.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white">We appreciate your support.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white">Sincerely,</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">/s/ John M. Gibbons</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">John M. Gibbons</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Chairman of the Board </B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 6 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 80%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border: black 1px solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>PROTECT YOUR INVESTMENT!</B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>PLEASE VOTE TODAY ON THE WHITE PROXY CARD!</B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">If you have questions, need assistance in voting
        your shares, or wish to change a prior vote, please contact:</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>INNISFREE M&amp;A INCORPORATED</B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Stockholders Call Toll-Free:</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>(877) 750.0625 (from the U.S. and Canada)</B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">or</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>(412) 232.3651 (from other locations)</B></P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Remember, please simply discard any Gold proxy
        card you may receive from Marcato. Your Board does not endorse any of Marcato&rsquo;s nominees and we urge you to NOT submit any
        proxy using Marcato&rsquo;s gold proxy card, even as a protest vote. A withhold vote on Marcato&rsquo;s Gold proxy card will revoke
        any earlier proxy that you have submitted to Deckers.</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>About Deckers Brands</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Deckers Brands is a global leader in designing, marketing and distributing
innovative footwear, apparel and accessories developed for both everyday casual lifestyle use and high performance activities.
The Company&rsquo;s portfolio of brands includes UGG<SUP>&reg;</SUP>, Koolaburra<SUP>&reg;</SUP>, HOKA ONE ONE<SUP>&reg;</SUP>,
Teva<SUP>&reg;</SUP> and Sanuk<SUP>&reg;</SUP>. Deckers Brands products are sold in more than 50 countries and territories through
select department and specialty stores, Company-owned and operated retail stores, and select online stores, including Company-owned
websites. Deckers Brands has a 40-year history of building niche footwear brands into lifestyle market leaders attracting millions
of loyal consumers globally. For more information, please visit <U>www.deckers.com</U>.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Forward-Looking Statements</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">This press release contains &ldquo;forward-looking statements&rdquo;
within the meaning of the federal securities laws, which statements are subject to considerable risks and uncertainties. These
forward-looking statements are intended to qualify for the safe harbor from liability established by the Private Securities Litigation
Reform Act of 1995. Forward-looking statements include all statements other than statements of historical fact contained in this
press release, including statements regarding Deckers&rsquo; future strategies and cost-reduction initiatives. Deckers has attempted
to identify forward-looking statements </P>

<!-- Field: Page; Sequence: 7 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">by using words such as &ldquo;anticipate,&rdquo; &ldquo;believe,&rdquo; &ldquo;could,&rdquo;
&ldquo;estimate,&rdquo; &ldquo;expect,&rdquo; &ldquo;intend,&rdquo; &ldquo;may,&rdquo; &ldquo;plan,&rdquo; &ldquo;predict,&rdquo;
&ldquo;project,&rdquo; &ldquo;should,&rdquo; &ldquo;will,&rdquo; or &ldquo;would,&rdquo; and similar expressions or the negative
of these expressions.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Forward-looking statements represent management&rsquo;s current
expectations and predictions about trends affecting Deckers&rsquo; business and industry and are based on information available
as of the time such statements are made. Although Deckers does not make forward-looking statements unless it believes that it has
a reasonable basis for doing so, Deckers cannot guarantee their accuracy or completeness. Forward-looking statements involve numerous
known and unknown risks, uncertainties and other factors that may cause its actual results, performance or achievements to be materially
different from any future results, performance or achievements predicted, assumed or implied by the forward-looking statements.
Some of the risks and uncertainties that may cause Deckers&rsquo; actual results to materially differ from those expressed or implied
by these forward-looking statements are described in the section entitled &ldquo;Risk Factors&rdquo; in Decker&rsquo;s Annual Report
on Form 10-K for the fiscal year ended March 31, 2017, as well as in its other filings with the Securities and Exchange Commission.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Except as required by applicable law or the listing rules of the
New York Stock Exchange, Deckers expressly disclaims any intent or obligation to update any forward-looking statements, or to update
the reasons that actual results could differ materially from those expressed or implied by these forward-looking statements, whether
to conform such statements to actual results or changes in Deckers&rsquo; expectations, or as a result of the availability of new
information.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Investors:</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Deckers Brands</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Steve Fasching, 805-967-7611</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">VP, Strategy &amp; Investor Relations</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">or</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Innisfree M&amp;A Incorporated</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Arthur B. Crozier, 212-750-5833</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">or</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Media:</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Joele Frank, Wilkinson Brimmer Katcher</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Eric Brielmann / Amy Feng, 415-869-3950</P>

<!-- Field: Page; Sequence: 8 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
