Exhibit (c)(13)

Exhibit (c)(13)

Goldman Sachs

Presentation to J.Crew

Goldman, Sachs & Co.

03-Jun-2010

Goldman Sachs

Table of Contents

I. Market Perspectives on J.Crew

II. Valuation Perspective

III. Perspective on Potential Buyers

IV. Process Considerations

Appendix A: Supplemental Materials

Goldman Sachs

I. Market Perspectives on J.Crew

Market Perspectives on J.Crew 1

Goldman Sachs

J.Crew Stock Price Performance

Since IPO

Current Share Price ($)

$70.00 $60.00 $50.00 $40.00 $30.00 $20.00 $10.00 $0.00

22-Nov-2006

Announced Q3 2006 EPS of $0.27 vs. consensus estimate of $0.20

01-Jun-2007

Announced Q1 2007 EPS of $0.22 per share. Revenues increased by 24%. Stock price rose by 12%

29-Nov-2007

Announced Q3 2007 EPS of $0.40 per share. Comp Store sales increased by 5%

28-May-2009

Reported Q12009 EPS of $0.34 vs. consensus estimate fo $0.10

09-Mar-2010

Provided EPS guidance of $2.20 to $2.30 for FY 2010 vs. actual EPS of $1.91 for FY2009

52-Week High $50.00

52-Week Low 20.46

52-Week Avg. 38.40 All-Time High 56.63 All-Time Low 8.77 All-Time Avg. 34.54

30-May-2008

Announced Q1 2008 results.

Comps increased by 8%. Reported EPS of $0.48

27-Feb-2009

Reduced workforce by approximately 95 positions

25,000

20,000

$45.64

15,000 10,000 5,000 0

Volume (‘000s)

Jun-2006 Apr-2007 Jan-2008 Nov-2008 Aug-2009 May-2010

Daily from 28-Jun-2006 to 28-May-2010

Volume Price

Source:

Market Perspectives on J.Crew 2

Goldman Sachs

J.Crew Stock Has Been Pressured Post Strong Q4

Since IPO (28-Jun-2006)

Indexed Price

250% 220% 190% 160% 130% 100% 70% 40% 10%

3-Year 1-Year 6-Month

J.Crew 9.7% 123.1% 5.8%

Specialty Softlines (9.1)% 36.0% 13.8%

S&P 500 (28.2)% 20.1% (0.2)%

78.6%

18.8% (12.6)%

Jun-2006 Jun-2007 Jun-2008 May-2009 May-2010

Daily from 28-Jun-2006 to 28-May-2010

JCrew

Specialty Softlines Index

YTD

Indexed Price

150% 140% 130% 120% 110% 100% 90% 80%

Since Q4 Ann. Since Q1 Ann.

J.Crew (2.0)% 4.1%

Specialty Softlines (8.4)% (1.0)%

S&P 500 (7.1)% (1.2)%

11.0%

2.0%

(2.3)%

01-Jan-10 06-Feb-10 14-Mar-10 19-Apr-10 25-May-10

Daily from 01-Jan-2010 to 28-May-2010

S&P 500

Source: Bloomberg

Note: Specialty Softlines Index includes Abercrombie, Aeropostale, American Eagle, Ann Taylor, Buckle, Chico’s, Coach, Coldwater Creek, Gap, Guess?, Gymboree, Hot Topic, Limited Brands, and Urban Outfitters

Market Perspectives on J.Crew 3

Goldman Sachs

J.Crew Has Historically Traded Above Peers

Since IPO (28-Jun-2006)

1-Year Forward P/E

FY1 P/E Multiple

80x 64x 48x 32x 16x 0x

Average

Since

28-Jun-06 3-Year 1-Year 6-Month

J.Crew 27.9 x 25.6 x 28.4 x 23.0 x

Specialty Softlines 16.1 14.9 16.7 17.0

S&P 500 15.3 15.1 16.7 16.3

18.6x 13.9x 13.4x

Jun-2006 Jun-2007 Jun-2008 May-2009 May-2010

Daily from 28-Jun-2006 to 28-May-2010

JCrew

Specialty Softlines Index

1-Year Forward EBITDA

24x 18x 12x 6x 0x

FY1 EBITDA Multiple

Average

Since

28-Jun-06 3-Year 1-Year 6-Month

J.Crew 11.1 x 10.3 x 11.0 x 9.7 x

Specialty Softlines 6.9 6.5 6.9 6.8

8.7x

5.6x

Jun-2006 Jun-2007 Jun-2008 May-2009 May-2010

Daily from 28-Jun-2006 to 28-May-2010

S&P 500

Source: Bloomberg

Note: Specialty Softlines Index includes Abercrombie, Aeropostale, American Eagle, Ann Taylor, Buckle, Chico’s, Coach, Coldwater Creek, Gap, Guess?, Gymboree, Hot Topic, Limited Brands, and Urban Outfitters

Market Perspectives on J.Crew 4

Goldman Sachs

J.Crew Financial Summary

Management Plan

($ in millions, except per share data)

IBES Estimates

FY2010 FY2011

Revenue $ 1,755 $ 1,929

% Growth 11.2 % 10.0 %

EBITDA $ 334 $ 378

% Margin 19.0 % 19.6 %

EPS $ 2.45 $ 2.75

% Growth 27.7 % 12.2 %

CAGR CAGR

FY 2007 A FY 2008 A FY 2009 A FY 2010 E FY 2011 E FY 2012 E FY 2013 E FY 2014 E ‘07A- ‘09E ‘09E- ‘14E

Total Revenue $ 1,335 $ 1,428 $ 1,578 $ 1,818 $ 2,055 $ 2,361 $ 2,705 $ 3,081 8.7 % 14.3 %

% Growth 15.9 % 7.0 % 10.5 % 15.2 % 13.0 % 14.9 % 14.6 % 13.9 %

EBITDA $ 210 $ 141 $ 264 $ 341 $ 407 $ 498 $ 608 $ 738 11.9 % 22.9 %

% Growth 32.2 % (33.2)% 87.4 % 29.4 % 19.4 % 22.2 % 22.2 % 21.3 %

% Margin 15.8 % 9.8 % 16.7 % 18.8 % 19.8 % 21.1 % 22.5 % 24.0 %

Net Income $ 100 $ 54 $ 124 $ 173 $ 210 $ 263 $ 328 $ 403 11.6 % 26.6 %

Diluted Shares Outstanding 64 64 65 66 67 67 67 68

EPS $ 1.56 $ 0.85 $ 1.92 $ 2.60 $ 3.15 $ 3.92 $ 4.86 $ 5.96 10.9 % 25.4 %

% Growth 49.0 % (45.8)% 126.9 % 35.6 % 21.1 % 24.4 % 24.1 % 22.5 %

Free Cash Flow $ 122 $ 40 $ 203 $ 176 $ 200 $ 281 $ 348 $ 430 29.2 % 16.2 %

Cash $ 132 $ 146 $ 298 $ 403 $ 580 $ 824 $ 1,114 $ 1,462

Total Debt 125 100 49 0 0 0 0 0

Adj. Debt (1) 626 699 735 791 893 1,027 1,176 1,340

Pro Forma for Share Repo

EPS 1.56 0.85 1.92 2.81 3.58 4.70 6.17 8.00

Cash Balance 132 146 298 150 150 150 150 150

Growth and Margins

Number of Stores 260 300 321 336 371 420 467 514

New Stores Growth (%) 14.5 % 15.4 % 7.0 % 4.7 % 10.4 % 13.2 % 11.2 % 10.1 %

Comp Store Sales (%) 5.6 % (4.0)% 4.1 % 10.6 % 6.1 % 5.7 % 5.7 % 5.9 %

Credit Stats

Debt / EBITDA 0.6 x 0.7 x 0.2 x 0.0 x 0.0 x 0.0 x 0.0 x 0.0 x

Adj. Debt / EBITDAR 2.3 x 3.2 x 2.1 x 1.8 x 1.7 x 1.6 x 1.6 x 1.5 x

EBITDAR / Interest + Rent 3.7 x 2.7 x 3.8 x 4.3 x 4.6 x 4.8 x 5.1 x 5.4 x

Source: Public filings, Management Projections

(1) Rent Expense adjusted based on Moody’s methodology.

Market Perspectives on J.Crew 5

Goldman Sachs

II. Valuation Perspective

Valuation Perspective 6

Goldman Sachs

Analysis at Various Prices

($ in millions, except per share data)

Purchase Price Per Share ($) $ 45.64 $ 55.00 $ 65.00 $ 75.00 $ 85.00

Premium to Market Price 0.0% 20.5% 42.4% 64.3% 86.2%

Equity Consideration - Diluted ($) (1) (2) $ 3,144 $ 3,816 $ 4,534 $ 5,252 $ 5,970

Enterprise Value (3) 2,895 3,567 4,285 5,003 5,721

Management Estimates

Enterprise Value / Sales (4)

LTM $1,578 1.8 x 2.3 x 2.7 x 3.2 x 3.6 x

2010E 1,818 1.6 2.0 2.4 2.8 3.1

2011E 2,055 1.4 1.7 2.1 2.4 2.8

Enterprise Value / EBITDA (4)

LTM $263 11.0 x 13.6 x 16.3 x 19.0 x 21.8 x

2010E 341 8.5 10.5 12.6 14.7 16.8

2011E 407 7.1 8.8 10.5 12.3 14.0

Price / Earnings (4)

2010E $2.60 17.6 x 21.2 x 25.0 x 28.8 x 32.7 x

2011E 3.15 14.5 17.5 20.6 23.8 27.0

IBES Estimates

Enterprise Value / EBITDA

2010E $334 8.7 x 10.7 x 12.8 x 15.0 x 17.1 x

2011E 378 7.7 9.4 11.3 13.2 15.1

Price / Earnings

2010E $2.45 18.6 x 22.4 x 26.5 x 30.6 x 34.7 x

2011E 2.75 16.6 20.0 23.6 27.3 30.9

(1) Assumes 63.8 million basic shares outstanding as of 28 May 2010.

(2) Assumes options outstanding are not tax-deductible.

(3) Assumes net debt of ($ 249) million as of 30-Jan-2010 as per publicly available financials.

(4) Estimates as per Management dated 28 May 2010.

Valuation Perspective 7

Goldman Sachs

Present Value of Future Stock Price

With and Without Share Repo ($ in millions, except per share data)

Future Stock Price - Base Case

‘09 - ‘14 CAGR: 25.4%

$ 148.90

$ 121.57

$ 119.12

$ 97.93 $ 97.25

$ 78.74 $ 78.35 $ 104.54

$ 65.01 $ 62.99 $ 85.34

$ 52.01 $ 68.75

$ 45.64 $ 55.27

FY 2010 E FY 2011 E FY 2012 E FY 2013 E FY 2014 E

Present Value of Future Stock Price - Base Case

Future Stock Price - Share Repurchase

‘09 - ‘14 CAGR: 33.1% $ 199.99

$ 154.33 $ 159.99

$ 117.56 $ 123.47

$ 140.40

$ 89.39 $ 94.05

$ 71.51 $ 108.35

$ 70.28 $ 82.53

$ 56.22

$ 49.34 $ 62.75

FY 2010 E FY 2011 E FY 2012 E FY 2013 E FY 2014 E

Present Value of Future Stock Price - Share Repurchase

$ 86.53 $ 94.63

$ 78.07

$ 70.30 $ 75.71

$ 69.22

$ 65.01 $ 62.46

$ 56.24 $ 66.43

$ 52.01 $ 60.75

$ 45.64 $ 49.35 $ 54.81

FY 2010 E FY 2011 E FY 2012 E FY 2013 E FY 2014 E

FCF $ 176 $ 200 $ 281 $ 348 $ 430

Sh. Repo ———— -

Cash $ 424 $ 624 $ 906 $ 1,254 $ 1,683

EPS $ 2.60 $ 3.15 $ 3.92 $ 4.86 $ 5.96

Current P/E: 17.6 x At 20.0x P/E Multiple

$ 127.10

$ 109.85

$ 93.72 $ 101.68

$ 79.81 $ 87.88

$ 74.97 $ 89.23

$ 70.28 $ 63.85 $ 77.12

$ 56.22

$ 49.34 $ 56.03 $ 65.79

FY 2010 E FY 2011 E FY 2012 E FY 2013 E FY 2014 E

FCF $0 $0 $0 $0 $0

Sh. Repo 274 200 281 348 430

Cash 150 150 150 150 150

EPS $ 2.81 $ 3.58 $ 4.70 $ 6.17 $ 8.00

Source: Management Plan

Note: Assumes interest income lost on cash of 1.0%. Assumes cost of Equity to be 12.0%

At 25.0x P/E Multiple

Valuation Perspective 8

Goldman Sachs

Illustrative Discounted Cash Flow Analysis

($ in millions, except per share data)

Financial Sensitivity

Equity Value Per Share

Terminal EBITDA Multiple

Discount Rate 8.00 x 9.00 x 10.00 x 11.00 x 12.00 x

12.0% $ 69.15 $ 75.27 $ 81.38 $ 87.49 $ 93.61

12.5% 68.00 73.99 79.98 85.97 91.96

13.0% 66.87 72.74 78.61 84.48 90.35

13.5% 65.77 71.52 77.27 83.03 88.78

14.0% 64.69 70.33 75.97 81.61 87.24

Business Sensitivity @ 10.0x Terminal EBITDA Multiple and 12.0% Discount Rate

Equity Value Per Share

FY2009 - FY2014 Sales CAGR

10.3% 11.3% 12.3% 13.3% 14.3%

FY’14E EBITDA Per Year Change in Annual Sales Growth vs. Plan

Margin vs. Plan (4.00)% (3.00)% (2.00)% (1.00)% 0.00%

24.0% 0.00% $ 69.65 $ 72.43 $ 75.31 $ 78.29 $ 81.38

23.0% (1.00)% 66.88 69.54 72.30 75.16 78.11

22.0% (2.00)% 64.10 66.65 69.29 72.02 74.85

21.0% (3.00)% 61.33 63.76 66.28 68.89 71.58

20.0% (4.00)% 58.56 60.87 63.27 65.75 68.32

Source: Management projections

Note: Projections discounted to 01-Jul-2010

For business sensitivity capital expenditures and working capital swings are assumed to grow relative to sales.

Valuation Perspective 9

Goldman Sachs

III. Perspective on Potential Buyers

Perspective on Potential Buyers 10

Goldman Sachs

Selected Potential Strategic Buyers

($ in billions)

Potential Buyer

Market Cap Debt Cash EV

Cur. Credit Rating

Current Pro Forma

Lev.

Adj. Lev.

Lev.

Adj. Lev.

Strategic Fit

Finance-biality

Comments

Historically not acquisitive although may

consider acquisitions going forward given

slowdown in domestic organic growth

$12.8 $0.0 0.9 12.0 NR 0.0x 0.9x 2.9x 3.6x Acquisition of an apparel player could be

complementary to existing accessory /

handbag core competency

Similar price points / “accessible luxury”

positioning to J.Crew

Expanding outside of Japan and looking to

enter the US market

14.2² 0.3 3.0 11.7 A 0.2x 2.2x 2.2x 3.7x Has looked both at luxury and mass

concepts in the US; primary focus on teen

retailers with established retail platform

Very acquisitive

50.7² 7.1 3.3 55.3 A- 1.4x 2.8x 2.2x 3.4x US remains a key geographies for growth

Primarily interested in global luxury brands

with a mix of wholesale / retail

Very acquisitive and focused on increasing

presence in the US

Still significantly levered from Puma

acquisition

15.1² 6.9 1.2 22.2 BBB- 3.1x 4.6x 4.5x 5.6x Stated that plans to sell some of the

heritage businesses (Conformala, Recats,

and FNAC) and use proceeds to acquire

fashion brands

Rumored to be focusing on mid-market

brands to complement its brand portfolio

Unlikely to do an acquisition of J.Crew’s

6.3 0.0 0.5 5.8 NR 0.0x 1.9x 6.1x 6.6x size; focused on small, tuck in deals

Very acquisitive

8.6 1.2 0.7 9.1 A- 1.1x 2.1x 4.0x 4.6x Primary focus remains on outdoor segment

(secondary focus on lifestyle brands)

Prefers small, tuck-in acquisitions

Source: CapIQ and public filings

Note: Assumes Moody’s 8x rent methodology for adjusted leverage calculations

¹ Purchase price reflects 40% premium to current share price (EV of $4.2bn) in all cash transaction.

² Reflects exchange rate of 90.74JPY/USD and 0.81EUR/USD as of May, 28 2010.

Perspective on Potential Buyers 11

Goldman Sachs

Ability to Pay

($ in millions, except per share data)

Purchase Price Per Share $45.64 $55.00 $65.00 $75.00 $85.00

Premium to:

Current Price (28-May-2010) $45.64 0.0% 20.5% 42.4% 64.3% 86.2%

52-week High 50.00 (8.7%) 10.0% 30.0% 50.0% 70.0%

Diluted Shares Outstanding 68.9 69.4 69.8 70.0 70.2

Equity Value $3,144 $3,816 $4,534 $5,252 $5,970

Net Cash (249) (249) (249) (249) (249)

Enterprise Value $2,895 $3,567 $4,285 $5,003 $5,721

(+) Fees and Expenses (1) 58 71 86 100 114

Total Transaction Value $2,953 $3,638 $4,371 $5,103 $5,836

FY2011E Net Income Impact to Acquiror (Based on Management Projections)

FY2011E Net Income $ 210 $ 210 $ 210 $ 210 $ 210

(-) Cost of New Debt (after tax) (2) (106) (131) (157) (183) (209)

(-) Transaction D&A (3) (25) (31) (37) (44) (50)

Pro Forma Net Income Accretion $79 $49 $16 ($17) ($49)

Cost of Debt Pro Forma Net Income Accretion / (Dilution)

5.5% $88 $60 $29 ($1) ($32)

6.0% 79 49 16 (17) (49)

6.5% 71 38 3 (32) (67)

7.0% 62 27 (10) (47) (84)

7.5% 53 16 (23) (62) (102)

Source: Management Projections Note: Does not include synergies

(1) Assumes transaction costs to be 2.0%

(2) Assumes cost of debt to be 6.0%. Assumes tax rate to be 40.2%.

(3) Assumes 15.0% of the excess purchase price is allocated to tangible and intangible assets and amortized over 10 years.

Perspective on Potential Buyers 12

Goldman Sachs

IV. Process Considerations

Process Considerations 13

Goldman Sachs

Process Considerations

Public vs. Private

Number of parties to contact

Strategic vs. Financial

Key Steps

Initial Discussion

High Level Presentation

Initial Proposals

Detailed Due Diligence

Go Shop vs. No Shop

Process Considerations 14

Goldman Sachs

Selected Transactions with Go-Shop Provisions

Reverse Go Shop

Reverse Break-Up Break-Up Go Shop Termination Go Shop Matching

Date Enterprise Break-Up Break-Up Fee as % of Fee as % of Termination Fee as % of Window Offer Period

Announced Target Name Acquiror Name Value ($mm) Fee ($mm) Fee ($mm) Mkt Cap Mkt Cap Go Shop Fee ($mm) Mkt. Cap (Days) (Days)

12-Apr-2010 DynCorp International Inc. Cerberus Capital Mgmt $ 1,473 $ 30 $ 100 3.0% 10.1% Yes $ 30 3.0% 28 4

29-Mar-2010 BWAY Holding Company Madison Dearborn Partners L 829 13 28 2.8% 6.1% Yes 5 1.1% 30 3

08-Mar-2010 Infogroup Inc. CCMP Capital Advisors, LLC 639 16 25 3.4% 5.5% Yes 16 3.4% 21 5

05-Mar-2010 RCN Corporation ABRY Partners LLC 1,235 18 30 3.3% 5.6% Yes 10 1.9% 40 5

26-Feb-2010 CKE Restaurants, Inc. Thomas H. Lee Partners L.P. 928 15 31 2.5% 5.0% Yes 9 1.5% 40 4

16-Dec-2009 Cedar Fair, L.P. Apollo Management, L.P. 2,179 20 50 3.1% 7.9% Yes 11 1.8% 40 4

13-Nov-2009 Silicon Storage Technology, In Prophet Equity LP 126 7 7 3.5% 3.5% Yes 4 2.0% 45 3

05-Nov-2009 IMS Health Incorporated Investment Group 5,057 115 275 2.9% 6.9% Yes 80 2.0% 46 3

28-Sep-2009 GenTek Inc. American Securities Capital P 539 10 12 2.6% 3.1% Yes 10 2.6% 45 2

21-Jul-2008 Foundry Networks, Inc. Brocade Communications Sys 2,133 85 125 3.6% 5.2% Yes 85 3.6% 5 5

19-Jun-2008 Apria Healthcare Group Inc. The Blackstone Group 1,571 28 38 3.1% 4.1% Yes 19 2.1% 35 4

16-Jun-2008 Greenfield Online, Inc. Quadrangle Group LLC 377 10 13 2.5% 3.1% Yes 5 1.2% 50 3

25-Feb-2008 Getty Images, Inc. Hellman & Friedman LLC 2,067 52 78 2.6% 3.9% Yes 31 1.5% 40 3

30-Jan-2008 NuCo2 Inc. Aurora Capital Group 476 20 15 4.5% 3.4% Yes 15 3.4% 45 N/A

18-Jan-2008 Performance Food Group Com Investment Group 1,136 40 40 3.3% 3.3% Yes 20 1.6% 50 2

15-Jan-2008 Lifecore Biomedical, Inc. Warburg Pincus Partners LLC 191 3 9 1.3% 3.9% Yes 2 0.7% 30 3

14-Jan-2008 Bright Horizons Family Solutio Bain Capital 1,275 39 39 3.1% 3.1% Yes 20 1.5% 60 N/A

26-Oct-2007 Puget Energy, Inc. Investment Group 3,964 40 130 1.1% 3.7% Yes 30 0.9% 45 5

05-Sep-2007 MarkWest Hydrocarbon, Inc. MarkWest Energy Partners, L 1,223 15 15 2.0% 2.0% Yes 8 1.0% 30 N/A

25-Jul-2007 PRA International Genstar Capital, LLC 703 24 24 3.7% 3.7% Yes 8 1.2% 50 N/A

24-Jul-2007 Ryerson Inc. Platinum Equity LLC 1,888 25 25 2.7% 2.7% Yes 15 1.6% 25 3

23-Jul-2007 Neoware, Inc. Hewlett-Packard Company 252 10 N/A 3.0% N/A Yes 10 3.0% 26 5

23-Jul-2007 Cumulus Media Inc. Management Led Buyout 1,248 15 15 3.2% 3.2% Yes 8 1.6% 45 3

23-Jul-2007 United Rentals, Inc. Cerberus Capital Managemen 5,429 100 100 3.5% 3.5% Yes 40 1.4% 40 3

19-Jul-2007 Williams Scotsman Internation TDR Capital LLP 2,159 40 N/A 3.3% N/A Yes 25 2.0% 30 3

16-Jul-2007 DJO Incorporated The Blackstone Group 1,503 37 37 3.2% 3.2% Yes 19 1.6% 50 5

09-Jul-2007 Sequa Corporation The Carlyle Group LLC 2,648 61 61 3.0% 3.0% Yes 30 1.5% 45 N/A

02-Jul-2007 Reddy Ice Holdings, Inc. GSO Capital Partners LP 678 21 21 3.1% 3.1% Yes 7 1.0% 45 5

20-Jun-2007 Nuveen Investments, Inc. Investment Group 5,652 200 200 3.9% 3.9% Yes 100 1.9% 30 3

15-Jun-2007 Penn National Gaming, Inc. Investment Group 8,355 200 200 3.5% 3.5% Yes 100 1.7% 45 N/A

11-Jun-2007 James River Group, Inc. The D. E. Shaw Group 547 11 11 2.2% 2.2% Yes 7 1.4% 55 3

11-Jun-2007 Horizon Offshore, Inc. Cal Dive International, Inc. 665 19 N/A 3.0% N/A Yes 9 1.5% 45 N/A

Median $ 22 $ 31 3.1% 3.5% $ 15 1.6% 43 3

Mean 42 60 3.0% 4.2% 25 1.8% 39 4

Source: Reflects U.S.-based transactions over $200mm of enterprise value

Process Considerations 15

Goldman Sachs

Appendix A: Supplemental Materials

Supplemental Materials 16

Goldman Sachs

Comparison of Selected Competitors

($ in millions, except per share data)

Enterprise

Closing % of 52 Equity Value Multiples (2) Calendarized 5-Year 2011

Price Week Market Enterprise Sales EBITDA EBIT P/E Multiples (2) EPS PE/5-Year LTM Margins (1) Dividend

Company 28-May-2010 High Cap (1) Value (1) LTM LTM 2010 2011 LTM 2010 2011 CAGR (2) EPS CAGR EBITDA EBIT Yield

J. Crew (IBES) $ 45.64 91 % $ 3,144 $ 2,895 1.8 x 11.0 x 8.7 x 7.7 x 13.7 x 18.6 x 16.6 x 19.5 % 0.9 x 16.7 % 13.4 % 0.0 %

J. Crew (Management) 45.64 91 % $ 3,144 $ 2,895 1.8 x 11.0 x 8.5 x 7.1 x 13.7 x 17.6 x 14.5 x 19.5 % 0.7 x 16.7 % 13.4 % 0.0 %

U.S. Specialty Retailer

Abercrombie & Fitch $ 35.83 72 % $ 3,160 $ 2,559 0.9 x 6.4 x 5.3 x 4.3 x 16.1 x 20.1 x 13.9 x 16.0 % 0.9 x 13.6 % 5.4 % 2.0 %

Aeropostale 27.71 86 2,607 2,260 1.0 5.2 4.5 4.3 5.8 9.9 9.1 13.5 0.7 19.7 17.4 0.0

American Apparel (3) 1.58 38 113 187 0.3 3.3 6.1 3.6 6.7 NM 7.7 25.0 0.3 10.0 5.0 0.0

American Eagle 13.10 67 2,742 2,074 0.7 5.1 4.2 3.8 8.0 12.5 10.6 12.0 0.9 13.6 8.7 3.1

AnnTaylor 21.65 87 1,292 1,081 0.6 6.3 5.0 4.9 NM 19.3 15.1 15.0 1.0 9.1 3.7 0.0

Buckle 35.55 89 1,702 1,544 1.7 6.9 6.3 5.8 7.7 12.1 11.2 11.0 1.0 25.0 22.2 2.3

Chico’s 12.23 74 2,186 1,762 1.0 8.0 5.9 4.7 14.3 16.6 12.5 15.0 0.8 12.8 7.2 0.3

Coach 41.11 94 12,840 11,957 3.5 10.1 9.1 8.5 11.3 17.3 15.5 14.5 1.1 34.4 30.8 0.7

Coldwater Creek 6.24 72 575 502 0.5 NM 6.3 5.1 NM NM 32.0 15.0 2.1 1.8 (3.7) 0.0

Gap 21.80 83 14,611 12,038 0.8 4.8 4.7 4.5 6.6 11.8 10.9 10.5 1.0 17.5 12.9 1.6

Gymboree 44.58 81 1,331 1,073 1.1 5.3 4.7 4.2 6.5 11.6 10.4 12.0 0.9 19.9 16.2 0.0

Guess? 37.99 76 3,591 3,125 1.5 7.3 6.7 5.8 8.6 12.7 11.0 15.0 0.7 20.1 17.1 1.3

Hot Topic 5.56 65 247 179 0.2 3.4 3.4 3.1 11.7 27.8 17.9 15.0 1.2 7.3 2.1 1.3

Limited Brands 24.86 87 8,154 9,125 1.1 7.3 6.2 5.7 10.6 13.9 12.4 13.0 1.0 14.5 10.0 2.4

Urban Outfitters $ 36.30 89 6,311 5,810 3.0 13.7 10.6 8.9 17.1 21.9 18.2 20.0 0.9 21.9 17.5 0.0

High 94 % $ 14,611 $ 12,038 3.5 x 13.7 x 10.6 x 8.9 x 17.1 x 27.8 x 32.0 x 25.0 % 2.1 x 34.4 % 30.8 % 3.1 %

Mean 77 4,098 3,685 1.2 6.7 5.9 5.2 10.1 16.0 13.9 14.8 1.0 16.1 11.5 1.0

Median 81 2,607 2,074 1.0 6.4 5.9 4.7 8.6 13.9 12.4 15.0 0.9 14.5 10.0 0.7

Low 38 113 179 0.2 3.3 3.4 3.1 5.8 9.9 7.7 10.5 0.3 1.8 (3.7) 0.0

(1) Source: Latest publicly available financial statements. Equity Market Cap based on diluted shares outstanding.

(2) Sources: LTM numbers are based on latest publicly available financial statements. Projected revenues, EBITDA, EBIT, and EPS are based on IBES median estimates and/or other Wall Street research. (3) Does not include the 7.7mm (10.8% of outstanding shares) authorized to be granted as part of the Performance Equity Plan, as no shares have currently been granted under this program.

Supplemental Materials 17

Goldman Sachs

Comparison of Selected Companies

Potential Buyers

($ in millions, except per share data)

Enterprise

Closing % of 52 Equity Value Multiples (2) Calendarized 5-Year 2011

Price Week Market Enterprise Sales EBITDA EBIT P/E Multiples (2) EPS PE/5-Year LTM Margins (1) Dividend

Company 28-May-2010 High Cap (1) Value (1) LTM LTM 2010 2011 LTM 2010 2011 CAGR (2) EPS CAGR EBITDA EBIT Yield

J. Crew (IBES) $ 45.64 91 % $ 3,144 $ 2,895 1.8 x 11.0 x 8.7 x 7.7 x 13.7 x 18.6 x 16.6 x 19.5 % 0.9 x 16.7 % 13.4 % 0.0 %

J. Crew (Management) 45.64 91 % $ 3,144 $ 2,895 1.8 x 11.0 x 8.5 x 7.1 x 13.7 x 17.6 x 14.5 x 19.5 % 0.7 x 16.7 % 13.4 % 0.0 %

U.S. Specialty Retailer

Coach $ 41.11 94 % $ 12,840 $ 11,957 3.5 x 10.1 x 9.1 x 8.5 x 11.3 x 17.3 x 15.5 x 14.5 % 1.1 x 34.4 % 30.8 % 0.7 %

Fast Retailing ¥ 12,670.00 70 14,200 11,470 1.3 6.6 6.7 6.1 7.5 17.5 15.6 20.9 0.7 19.8 17.4 2.2

LVMH € 85.92 93 50,671 55,739 2.7 11.2 10.1 9.1 13.6 19.1 16.7 9.9 1.7 23.6 19.5 1.9

PPR 96.83 87 15,104 22,174 1.1 10.0 9.3 8.5 13.0 13.9 12.2 6.3 1.9 10.8 8.4 3.4

Urban Outfitters $ 36.30 89 6,311 5,810 3.0 13.7 10.6 8.9 17.1 21.9 18.2 20.0 0.9 21.9 17.5 0.0

VF Corp 77.35 87 8,642 9,110 1.3 8.3 8.0 7.4 9.9 12.9 11.7 10.0 1.2 15.2 12.7 3.1

High 94 % $ 50,671 $ 55,739 3.5 x 13.7 x 10.6 x 9.1 x 17.1 x 21.9 x 18.2 x 20.9 % 1.9 x 34.4 % 30.8 % 3.4 %

Mean 87 17,961 19,377 2.1 10.0 9.0 8.1 12.1 17.1 15.0 13.6 1.3 21.0 17.7 1.9

Median 88 13,520 11,714 2.0 10.1 9.2 8.5 12.1 17.4 15.5 12.3 1.1 20.9 17.4 2.0

Low 70 6,311 5,810 1.1 6.6 6.7 6.1 7.5 12.9 11.7 6.3 0.7 10.8 8.4 0.0

(1) Source: Latest publicly available financial statements. Equity Market Cap based on diluted shares outstanding.

(2) Sources: LTM numbers are based on latest publicly available financial statements. Projected revenues, EBITDA, EBIT, and EPS are based on IBES median estimates and/or other Wall Street research.

Supplemental Materials 18

Goldman Sachs

Illustrative Cost of Capital at Different Breakpoints

($ in millions)

Weighted Average Cost of Capital

13.50% 13.00% 12.50% 12.00% 11.50%

(8.6)% (0.8)% 4.5% 9.3% 15.7% 21.2%

Current Leverage: 2.11x

Rating: BB+ Leverage: 2.75x

Rating: BB Leverage: 3.25x

Rating: BB- Leverage: 3.75x

Rating: B+ Leverage: 4.50x

Rating: B Leverage: 5.25x

12.47%

12.13%

11.96%

11.84%

11.71%

11.69%

Net Debt / Capitalization

PF Total Debt $ 49 $ 273 $ 447 $ 622 $ 883 $ 1,145

PF Net Debt $(249) $(25) $ 149 $ 324 $ 585 $ 847

Inc. Debt $ 0 $ 224 $ 398 $ 572 $ 834 $ 1,096

Pre-Tax Cost of Debt 5.0% 6.0% 7.0% 7.5% 8.0% 9.0%

Cost of Equity 11.72% 12.06% 12.33% 12.59% 12.99% 13.39%

WACC 12.47% 12.13% 11.96% 11.84% 11.71% 11.69%

Note: Leverage shown on adjusted basis; cost of capital assumes an Axioma 2-year historical levered beta of 1.20 (Unlevered and re-levered for each case), risk free rate of 4.07% (20-Yr Treasury with a

20-year duration), market premium of 6.67%, and tax rate of 40.2%

Note: Assumes LTM EBITDA of $263mm, rent expense of $85mm capitalized at 8.0x per Moody’s, LTM debt of $49mm and cash of $298mm per FY2009 filing

Supplemental Materials 19

Goldman Sachs

Retail M&A Activity Since 2005

Goldman Sachs’ Value EV / LTM Goldman Sachs’ Value EV / LTM

Date Asset Buyer M&A Role (mm) EBITDA Date Asset Buyer M&A Role (mm) EBITDA

Transaction involving Strategics

Apr-2010 Casey’s Couche-Tad Anti Raid Advisor 1,875 7.0x Jan-2008 Bright Horizons Bain Capital Lead Sellside Advisor 1,322 13.1

Feb-2010 Duane Reade Walgreens Exclusive Sellside Advisor 1,075 11.4x Aug-2007 Barneys (Jones) Istithmar Lead Sellside Advisor $942 –

Aug-2009 B&N College Booksellers Barnes & Noble $596 – Aug-2007 Home Depot Supply Bain, CD&R, Carlyle Sellside Advisor 8,500 –

Oct-2008 GameStop SFMI Micromania SA 700 – Jun-2007 Guitar Center Bain Lead Sellside Advisor 2,083 11.5

Aug-2008 Longs Drug Stores CVS Caremark Advised Another Buyer 2,900 10.5 May-2007 Limited Brands Inc-ExpresGolden Gate Capital Advised Another Buyer 822 –

May-2008 Carphone Warehouse Best Buy Buyside Advisor 4,200 8.1 Mar-2007 RGIS Blackstone Lead Sellside Advisor – –

Apr-2008 FTD Group United Online Exclusive Sellside Advisor 715 7.4 Mar-2007 Claire’s Stores Apollo Lead Sellside Advisor 2,750 8.5

Feb-2008 CSK Auto O’Reilly Automotive 1,002 9.5 Mar-2007 Dollar General KKR Lead Buyside Advisor 7,324 11.0

Jul-2007 7 for All Mankind VF Corp. 775 – Feb-2007 Smart & Final Apollo Lead Sellside Advisor 806 9.7

Jun-2007 Oakley Luxottica Lead Sellside Advisor 2,265 18.3 Feb-2007 GNC Ares, Ontario Teachers Sellside Advisor 1,563 10.6

Jun-2007 Genesco¹ Finish Line Lead Sellside Advisor 1,530 9.7 Jan-2007 Laureate Education KKR, Investor Consortium Lead Sellside Advisor 3,769 17.3

May-2007 Stride Rite Payless Shoesource Lead Sellside Advisor 841 11.4 Nov-2006 Caremark CVS Advised Another Buyer 24,936 13.1

Apr-2007 Genesco Foot Locker Anti Raid Advisor – – Nov-2006 Sbarro MidOcean Partners 628 11.1

Feb-2007 Pathmark The Great A&P Tea Co. 1,279 9.2 Nov-2006 OSI Restaurant Partners Bain 3,430 10.4

Feb-2007 Wild Oats Whole Foods 691 13.6 Nov-2006 David’s Bridal Leonard Green Advised Another Buyer ~750 –

Jan-2007 Fila (Sports Brand Int’l) Fila Korea Sellside Advisor – – Nov-2006 Eddie Bauer¹ Sun Capital, Golden Gate Sellside Advisor 610 9.5

Dec-2006 Logan’s Roadhouse Black Canyon Capital 653 13.7 Oct-2006 Yankee Candle Madison Dearborn $1,682 9.9x

Nov-2006 La Senza Limited Brands 654 9.3 Aug-2006 Real Mex Restaurants Sun Capital Partners 646 11.4

Sep-2006 TravelCenters of America Hopitality Properties Trust 2,560 15.5 Jul-2006 Petco TPG, Leonard Green, GS PIA Buyside Advisor 1,795 8.2

Aug-2006 Eckerd (Jean Coutu US) Rite Aid 3,470 ~8.5 Jun-2006 Michaels Stores Bain/Blackstone Special Committee 5,605 11.5

Jan-2006 Hughes Home Depot 3,395 11.8 Jun-2006 Lord & Taylor NRDC Equity Partners Sellside Advisor 1,083 –

Jan-2006 Regis Sally Beauty Co. Lead Sellside Advisor 2,600 9.6 Jun-2006 Acosta AEA Investors Lead Sellside Advisor 1,500 –

Oct-2005 NDSG (Saks) Bon-Ton Sellside Advisor 1,185 – Jun-2006 Sally Beauty Co. Clayton Dubilier & Rice Lead Sellside Advisor 3,100 10.7

Aug-2005 Reebok International Adidas—Solomon 3,851 11.0 Mar-2006 Quiznos JP Morgan Partners Lead Sellside Advisor ~1,450 ~10.3

Aug-2005 A&P Canada Metro Inc Advised Another Buyer 1,400 – Jan-2006 Albertson’s Supervalu, CVS, Cerberus Sellside Advisor 16,037 6.5

Apr-2005 Proffitt’s/McRae (Saks) Belk Sellside Advisor 622 – Jan-2006 Sports Authority Leonard Green Advised Another Buyer 1,396 8.1

Apr-2005 Electronics Boutique Gamestop 1,512 12.8 Jan-2006 Hudson’s Bay Maple Leaf Investments Lead Sellside Advisor 1,916 7.7

Feb-2005 May Federated Lead Buyside Advisor 17,052 8.6 Jan-2006 Burlington Coat Factory Bain Lead Sellside Advisor 1,865 6.8

Transactions Involving Financial Sponsors Dec-2005 Tommy Hilfiger Apax Partners 1,667 8.3

Apr-2010 CKE Restaurants Apollo Management Equity Investments 694 – Dec-2005 Dunkin Brands Bain, Carlyle, TH Lee Advised Another Buyer 2,425 12.8

Oct-2009 Grocery Outlets Berkshire Partners Equity Investments – – Nov-2005 Linens ‘n Things Apollo Advised Another Buyer 1,263 8.4

Jun-2009 Office Depot BC Partners PIPE 350 6.0x Oct-2005 Shopko Sun Capital Partners 1,168 6.0

Nov-2008 Whole Foods Leonard Green PIPE 425 5.7 May-2005 Neiman Marcus TPG, Warburg Pincus Lead Sellside Advisor 5,008 9.8

Feb-2008 Kellwood Sun Capital 926 7.6 Mar-2005 Toys “R” Us KKR, Bain, Vornado Advised Another Buyer 6,193 9.4

Jan-2008 Performance Food Group Blackstone / Vistar Buyside Advisor 1,156 10.2 Feb-2005 Circuit City Highfields Capital Mangement Anti Raid Advisor 3,119 –

\

Note: 1 Consists of U.S. transactions greater than ~$600mm since 2005. Yellow shading indicates Goldman Sachs advised on the transaction or advised another buyer in the transaction, as indicated Transaction not consummated.

Supplemental Materials 20