Exhibit (c)(17)

Exhibit (C) (17)

Goldman Sachs

J.Crew Discussion Materials

Goldman, Sachs & Co.

September 2010

[23-September-2010]

Goldman Sachs

Recapitalization Analysis

Sources and Uses and Debt Paydown

($ in millions, except per share data)

Sources of Funds

Cost of % of Total x 2010E x 2010E

Amount Debt Sources EBITDA EBITDAR

Target Existing Cash $ 403 0.5% 44.6%

Bank Debt (1) 500 L + 425 55.4% 1.5 x 2.9 x

Total Sources of Funds $ 903 100.0%

Projected Free Cash Flow

PF 2010 2011E 2012E 2013E 2014E 2015E

Revenue $ 1,805 $ 2,034 $ 2,356 $ 2,709 $ 3,087 $ 3,481

Growth 14.4 % 12.7 % 15.8 % 15.0 % 14.0 % 12.7 %

EBITDA 329 394 474 567 672 793

Margin % 18.2 % 19.4 % 20.1 % 20.9 % 21.8 % 22.8 %

Net Income 148 185 236 295 358 430

(+) D&A 49 56 62 66 69 70

(+) Fin. Fees Amort. 2 2 2 2 2 2

(-) Capital Expenditure 52 54 59 59 58 65

(-) Change in OWC 0 19 (5) (5) (5) (1)

FCF For Debt Paydown $ 146 $ 170 $ 246 $ 309 $ 376 $ 438

Cumulative FCF $ 170 $ 416 $ 724 $ 1,100 $ 1,538

Uses of Funds

Amount

Total Special Dividends / Share Repurchases $ 723

Special Dividends per share $ 11.33

Shares Repurchased (mm) - at 20.0% premium 20.07

Shares Repurchased (mm) - at 15.0% premium 20.94

Shares Repurchased (mm) - at 10.0% premium 21.89

Minimum Operating Cash 153

Financing and Other Fees (1) 28

Total Uses of Funds $ 903

De-leveraging Profile

PF 2010 2011E 2012E 2013E 2014E 2015E

Bank Debt (1) $ 500 $ 330 $ 84 $ 0 $ 0 $ 0

Senior Notes 0 0 0 0 0 0

Total Debt $ 500 $ 330 $ 84 $ 0 $ 0 $ 0

Total Cash $ 153 $ 153 $ 153 $ 377 $ 753 $ 1,191

Credit Statistics

PF 2010 2011E 2012E 2013E 2014E 2015E

Total Debt / EBITDA 1.5 x 0.8 x 0.2 x 0.0 x 0.0 x 0.0 x

Adj. Debt / EBITDAR 2.9 x 2.2 x 1.7 x 1.5 x 1.4 x 1.4 x

EBITDA / Int. 10.2 x 14.5 x 32.3 x N.M. N.M. N.M.

EBITDA-Capex / Int. 8.6 x 12.5 x 28.2 x N.M. N.M. N.M.

Source: Company Management for the years 2010E through 2014E; Extrapolated based on constant growth and margins for 2015E

Note: Assumes 63.7 million of basic shares outstanding.

(1) Assumes LIBOR floor of 1.75%. Assumes financing fees of 2.5%. Assumes OID on bank debt to be 2.0% or $10.0 million. Also assumes advisory fees of $5.0 million.

1

Goldman Sachs

Recapitalization: One-Time Share Repurchases

Assumes 20.0% Premium To Stock Price Of $30.00

($ in millions, except per share data)

One-Time Share Repo Size Status Quo $ 500 $ 600 $ 700 $ 723 $ 800 $ 900

% of Market Cap 24.8% 29.7% 34.7% 35.8% 39.6% 44.6%

Cash Used 250 250 250 250 250 250

New Debt 267 372 476 500 581 686

Share Repurchase Price $ 36.00 $ 36.00 $ 36.00 $ 36.00 $ 36.00 $ 36.00

% Premium to Current 20.0% 20.0% 20.0% 20.0% 20.0% 20.0%

Shares Repurchased (mm) 13.9 16.7 19.4 20.1 22.2 25.0

% of Outstanding Shares Repurchased (1) 21.8% 26.1% 30.5% 31.5% 34.9% 39.2%

Accretion / (Dilution) Analysis

FY 2011E Net Income (2) (3) $ 202 $ 194 $ 190 $ 186 $ 185 $ 181 $ 177

FY 2011E Shares Outstanding 66.8 52.9 50.1 47.3 46.7 44.5 41.8

FY 2011 E EPS (2) (3) (4) $ 3.02 $ 3.67 $ 3.79 $ 3.92 $ 3.95 $ 4.07 $ 4.25

Accretion / (Dilution) (%) 21.4% 25.4% 29.9% 30.9% 34.9% 40.6%

FY 2011E - 2013 E EPS CAGR 21.2% 23.2% 24.4% 25.5% 25.7% 26.3% 27.2%

Implied Share Price at 9.9x 2011 P/E Mulitple $ 30.00 $ 36.41 $ 37.61 $ 38.96 $ 39.28 $ 40.47 $ 42.19

Share Price Accretion (5) 21.4% 25.4% 29.9% 30.9% 34.9% 40.6%

Implied Share Price at 8.9x 2011 P/E Mulitple $ 32.74 $ 33.82 $ 35.03 $ 35.33 $ 36.40 $ 37.94

Share Price Accretion (5) 9.1% 12.7% 16.8% 17.8% 21.3% 26.5%

Implied Share Price at 7.9x 2011 P/E Mulitple $ 29.07 $ 30.04 $ 31.11 $ 31.37 $ 32.32 $ 33.69

Share Price Accretion (5) (3.1)% 0.1% 3.7% 4.6% 7.7% 12.3%

Pro Forma Credit Statistics (2010)

Total Debt $ 0 $ 267 $ 372 $ 476 $ 500 $ 581 $ 686

Debt / EBITDA 0.0 x 0.8 x 1.1 x 1.4 x 1.5 x 1.8 x 2.1 x

Adj. Debt / EBITDAR (6) 1.7 x 2.3 x 2.5 x 2.8 x 2.9 x 3.1 x 3.3 x

Source: Public filings, Management Projections

(1) Based on 63.7 million basic shares outstanding as of 22-Sep-2010.

(2) Assumes a tax rate of 40.2% for FY2011E.

(3) Assumes Interest rate on bank debt to be L + 425. Assumes LIBOR floor of 1.75%. Also assumes interest on cash to be 0.5%

(4) Based on 2011E weighted average diluted shares of 66.8 million.

(5) Accretion calculated based on current price of $30.00.

(6) Assumes rent expense capitalized at 8.0x and 100% of rent expense attributed to interest expense.

2

Goldman Sachs

Recapitalization: One-Time Share Repurchases

Assumes 15.0% Premium To Stock Price Of $30.00

($ in millions, except per share data)

One-Time Share Repo Size Status Quo $ 500 $ 600 $ 700 $ 723 $ 800 $ 900

% of Market Cap 24.8% 29.7% 34.7% 35.8% 39.6% 44.6%

Cash Used 250 250 250 250 250 250

New Debt 267 372 476 500 581 686

Share Repurchase Price $ 34.50 $ 34.50 $ 34.50 $ 34.50 $ 34.50 $ 34.50

% Premium to Current 15.0% 15.0% 15.0% 15.0% 15.0% 15.0%

Shares Repurchased (mm) 14.5 17.4 20.3 20.9 23.2 26.1

% of Outstanding Shares Repurchased (1) 22.7% 27.3% 31.8% 32.9% 36.4% 40.9%

Accretion / (Dilution) Analysis

FY 2011E Net Income (2) (3) $ 202 $ 194 $ 190 $ 186 $ 185 $ 181 $ 177

FY 2011E Shares Outstanding 66.8 52.3 49.4 46.5 45.8 43.6 40.7

FY 2011 E EPS (2) (3) (4) $ 3.02 $ 3.71 $ 3.84 $ 3.99 $ 4.03 $ 4.17 $ 4.36

Accretion / (Dilution) (%) 22.8% 27.2% 32.2% 33.4% 37.9% 44.4%

FY 2011E - 2013 E EPS CAGR 21.2% 23.2% 24.4% 25.4% 25.6% 26.3% 27.2%

Implied Share Price at 9.9x 2011 P/E Mulitple $ 30.00 $ 36.83 $ 38.16 $ 39.67 $ 40.03 $ 41.37 $ 43.31

Share Price Accretion (5) 22.8% 27.2% 32.2% 33.4% 37.9% 44.4%

Implied Share Price at 8.9x 2011 P/E Mulitple $ 33.12 $ 34.32 $ 35.67 $ 36.00 $ 37.20 $ 38.95

Share Price Accretion (5) 10.4% 14.4% 18.9% 20.0% 24.0% 29.8%

Implied Share Price at 7.9x 2011 P/E Mulitple $ 29.41 $ 30.48 $ 31.68 $ 31.97 $ 33.04 $ 34.59

Share Price Accretion (5) (2.0)% 1.6% 5.6% 6.6% 10.1% 15.3%

Pro Forma Credit Statistics (2010)

Total Debt $ 0 $ 267 $ 372 $ 476 $ 500 $ 581 $ 686

Debt / EBITDA 0.0 x 0.8 x 1.1 x 1.4 x 1.5 x 1.8 x 2.1 x

Adj. Debt / EBITDAR (6) 1.7 x 2.3 x 2.5 x 2.8 x 2.9 x 3.1 x 3.3 x

Source: Public filings, Management Projections

(1) Based on 63.7 million basic shares outstanding as of 22-Sep-2010.

(2) Assumes a tax rate of 40.2% for FY2011E.

(3) Assumes Interest rate on bank debt to be L + 425. Assumes LIBOR floor of 1.75%. Also assumes interest on cash to be 0.5%

(4) Based on 2011E weighted average diluted shares of 66.8 million.

(5) Accretion calculated based on current price of $30.00.

(6) Assumes rent expense capitalized at 8.0x and 100% of rent expense attributed to interest expense.

3

Goldman Sachs

Recapitalization: One-Time Share Repurchases

Assumes 10.0% Premium To Stock Price Of $30.00

($ in millions, except per share data)

One-Time Share Repo Size Status Quo $ 500 $ 600 $ 700 $ 723 $ 800 $ 900

% of Market Cap 24.8% 29.7% 34.7% 35.8% 39.6% 44.6%

Cash Used 250 250 250 250 250 250

New Debt 267 372 476 500 581 686

Share Repurchase Price $ 33.00 $ 33.00 $ 33.00 $ 33.00 $ 33.00 $ 33.00

% Premium to Current 10.0% 10.0% 10.0% 10.0% 10.0% 10.0%

Shares Repurchased (mm) 15.2 18.2 21.2 21.9 24.2 27.3

% of Outstanding Shares Repurchased (1) 23.8% 28.5% 33.3% 34.3% 38.0% 42.8%

Accretion / (Dilution) Analysis

FY 2011E Net Income (2) (3) $ 202 $ 194 $ 190 $ 186 $ 185 $ 181 $ 177

FY 2011E Shares Outstanding 66.8 51.6 48.6 45.5 44.9 42.5 39.5

FY 2011 E EPS (2) (3) (4) $ 3.02 $ 3.76 $ 3.90 $ 4.07 $ 4.12 $ 4.27 $ 4.49

Accretion / (Dilution) (%) 24.3% 29.3% 34.9% 36.3% 41.3% 48.7%

FY 2011E - 2013 E EPS CAGR 21.2% 23.2% 24.4% 25.4% 25.6% 26.3% 27.2%

Implied Share Price at 9.9x 2011 P/E Mulitple $ 30.00 $ 37.30 $ 38.78 $ 40.47 $ 40.88 $ 42.39 $ 44.61

Share Price Accretion (5) 24.3% 29.3% 34.9% 36.3% 41.3% 48.7%

Implied Share Price at 8.9x 2011 P/E Mulitple $ 33.54 $ 34.88 $ 36.39 $ 36.76 $ 38.13 $ 40.12

Share Price Accretion (5) 11.8% 16.3% 21.3% 22.5% 27.1% 33.7%

Implied Share Price at 7.9x 2011 P/E Mulitple $ 29.79 $ 30.97 $ 32.32 $ 32.65 $ 33.86 $ 35.63

Share Price Accretion (5) (0.7)% 3.2% 7.7% 8.8% 12.9% 18.8%

Pro Forma Credit Statistics (2010)

Total Debt $ 0 $ 267 $ 372 $ 476 $ 500 $ 581 $ 686

Debt / EBITDA 0.0 x 0.8 x 1.1 x 1.4 x 1.5 x 1.8 x 2.1 x

Adj. Debt / EBITDAR (6) 1.7 x 2.3 x 2.5 x 2.8 x 2.9 x 3.1 x 3.3 x

Source: Public filings, Management Projections

(1) Based on 63.7 million basic shares outstanding as of 22-Sep-2010.

(2) Assumes a tax rate of 40.2% for FY2011E.

(3) Assumes Interest rate on bank debt to be L + 425. Assumes LIBOR floor of 1.75%. Also assumes interest on cash to be 0.5%

(4) Based on 2011E weighted average diluted shares of 66.8 million.

(5) Accretion calculated based on current price of $30.00.

(6) Assumes rent expense capitalized at 8.0x and 100% of rent expense attributed to interest expense.

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Goldman Sachs

Recapitalization: One-Time Special Dividend

PF EPS Impact

($ in millions, except per share data)

One-Time Special Dividend Size Status Quo $ 500 $ 600 $ 700 $ 723 $ 800 $ 900

Special Dividends per share (1) $ 7.84 $ 9.41 $ 10.98 $ 11.33 $ 12.55 $ 14.12

Cash Used 250 250 250 250 250 250

New Debt 267 372 476 500 581 686

FY 2011E Net Income (2) (3) $ 202 $ 194 $ 190 $ 186 $ 185 $ 181 $ 177

FY 2011E Shares Outstanding 66.8 66.8 66.8 66.8 66.8 66.8 66.8

FY 2011 E EPS (2) (3) (4) $ 3.02 $ 2.90 $ 2.84 $ 2.78 $ 2.77 $ 2.72 $ 2.66

Accretion / (Dilution) (%) (3.9)% (5.9)% (8.0)% (8.4)% (10.0)% (12.0)%

Implied Share Price at 9.9x 2011 P/E Mulitple $ 30.00 $ 28.83 $ 28.22 $ 27.61 $ 27.47 $ 27.00 $ 26.39

Implied Share Price at 8.9x 2011 P/E Mulitple $ 25.93 $ 25.38 $ 24.83 $ 24.71 $ 24.28 $ 23.73

Implied Share Price at 7.9x 2011 P/E Mulitple $ 23.03 $ 22.54 $ 22.05 $ 21.94 $ 21.56 $ 21.08

Shareholder Value @9.9x 2011 P/E Mulitple (5) $ 36.68 $ 37.63 $ 38.59 $ 38.81 $ 39.55 $ 40.51

Accretion in Value over current price 22.3% 25.4% 28.6% 29.4% 31.8% 35.0%

Shareholder Value @8.9x 2011 P/E Mulitple (5) $ 33.77 $ 34.79 $ 35.81 $ 36.04 $ 36.83 $ 37.85

Accretion in Value over current price 12.6% 16.0% 19.4% 20.1% 22.8% 26.2%

Shareholder Value @7.9x 2011 P/E Mulitple (5) $ 30.87 $ 31.95 $ 33.03 $ 33.28 $ 34.11 $ 35.20

Accretion in Value over current price 2.9% 6.5% 10.1% 10.9% 13.7% 17.3%

Pro Forma Credit Statistics (2010)

Total Debt $ 0 $ 267 $ 372 $ 476 $ 500 $ 581 $ 686

Debt / EBITDA 0.0 x 0.8 x 1.1 x 1.4 x 1.5 x 1.8 x 2.1 x

Adj. Debt / EBITDAR (6) 1.7 x 2.3 x 2.5 x 2.8 x 2.9 x 3.1 x 3.3 x

Source: Public filings, Management Projections

(1) Based on current basic shares outstanding of 63.7 million.

(2) Assumes a tax rate of 40.2% for FY2011E.

(3) Assumes Interest rate on bank debt to be L + 425. Assumes LIBOR floor of 1.75%. Also assumes interest on cash to be 0.5%

(4) Based on 2011E weighted average diluted shares of 66.8 million.

(5) Defined as Dividend per share plus Pro Forma EPS times P/E Multiple (DPS + PF EPS x P/E). Accretion calculated based on current price of $30.00.

(6) Assumes rent expense capitalized at 8.0x and 100% of rent expense attributed to interest expense.

5

Goldman Sachs

Recapitalization: One-Time Special Dividend

Value Creation to Shareholders

One-Time Special Dividend of $723 mm (2.9x Adj. Leverage)

9.9 x 11.0 x 12.0 x 13.0 x 14.0 x

Implied Share Price $ 30.00 $33.23 $36.25 $39.27 $42.29

Implied Share Price

- Same Multiple $ 27.47 $ 30.43 $ 33.19 $ 35.96 $ 38.72

- 1.0x Multiple less $ 24.71 $ 27.66 $ 30.43 $ 33.19 $ 35.96

- 2.0x Multiple less $ 21.94 $ 24.89 $ 27.66 $ 30.43 $ 33.19

- 3.0x Multiple less $ 19.17 $ 22.13 $ 24.89 $ 27.66 $ 30.43

Special Dividends per share $ 11.33 $ 11.33 $ 11.33 $ 11.33 $ 11.33

Value to Shareholders

- Same Multiple $ 38.81 $ 41.76 $ 44.53 $ 47.29 $ 50.06

Value Accretion to Implied Price 29.4% 25.7% 22.8% 20.4% 18.4%

- 1.0x Multiple less $ 36.04 $ 39.00 $ 41.76 $ 44.53 $ 47.29

Value Accretion to Implied Price 20.1% 17.4% 15.2% 13.4% 11.8%

- 2.0x Multiple less $ 33.28 $ 36.23 $ 39.00 $ 41.76 $ 44.53

Value Accretion to Implied Price 10.9% 9.0% 7.6% 6.4% 5.3%

- 3.0x Multiple less $ 30.51 $ 33.46 $ 36.23 $ 39.00 $ 41.76

Value Accretion to Implied Price 1.7% 0.7% (0.0)% (0.7)% (1.2)%

Source: Public filings, Management Projections

6