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Investor Presentation11th Annual ICR XCHANGE Conference

January 14-15, 2009

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Safe Harbor DisclosureSafe Harbor DisclosureCertain material in this presentation, as well as press releaseCertain material in this presentation, as well as press releases and other written or oral s and other written or oral statements we may contain forwardstatements we may contain forward--looking statements for the purposes of the safe harbor looking statements for the purposes of the safe harbor provided by the Private Securities Litigation Reform Act of 1995provided by the Private Securities Litigation Reform Act of 1995. When used, the words . When used, the words "anticipates," "believes," "expects," "may," "should" and simila"anticipates," "believes," "expects," "may," "should" and similar expressions are intended to r expressions are intended to identify such forwardidentify such forward--looking statements. Forwardlooking statements. Forward--looking statements involve known and looking statements involve known and unknown risk and uncertainties that may cause the actual resultsunknown risk and uncertainties that may cause the actual results, performance or , performance or achievements of the Company to be materially different from any achievements of the Company to be materially different from any future results, future results, performance or achievements expressed or implied by such forwardperformance or achievements expressed or implied by such forward--looking statements. looking statements. Such risks and uncertainties, include, but are not limited to, tSuch risks and uncertainties, include, but are not limited to, the effect of national and he effect of national and regional economic conditions, the financial condition of the appregional economic conditions, the financial condition of the apparel industry and the retail arel industry and the retail industry, the overall level of consumer spending, the effect of industry, the overall level of consumer spending, the effect of intense competition in the intense competition in the industry in which the Company operates, adverse changes in licenindustry in which the Company operates, adverse changes in licensee or consumer see or consumer acceptance of products bearing the Company's brands as a result acceptance of products bearing the Company's brands as a result of fashion trends or of fashion trends or otherwise, the ability and/or commitment of the Company's licensotherwise, the ability and/or commitment of the Company's licensees to design, ees to design, manufacture and market Cherokee and Sideout branded products, thmanufacture and market Cherokee and Sideout branded products, the Company's e Company's dependence on a single licensee for most of the Company's revenudependence on a single licensee for most of the Company's revenues, the Company's es, the Company's dependence on its key management personnel, and adverse determindependence on its key management personnel, and adverse determinations of claims, ations of claims, liabilities or litigations and the effect of a breach or terminaliabilities or litigations and the effect of a breach or termination by the Company of the tion by the Company of the management agreement with the Company's CEO. A further list and management agreement with the Company's CEO. A further list and description of these description of these risk, uncertainties and other matters can be found in the Companrisk, uncertainties and other matters can be found in the Company's Annual Report on Form y's Annual Report on Form 1010--K for Fiscal year 2008, and in its periodic reports on Forms 10K for Fiscal year 2008, and in its periodic reports on Forms 10--Q and 8Q and 8--K (if any). Undue K (if any). Undue reliance should not be placed on the forwardreliance should not be placed on the forward--looking statements contained herein because looking statements contained herein because some or all of them may turn out to be wrong. The Company disclasome or all of them may turn out to be wrong. The Company disclaims any intent or ims any intent or obligation to update any of the forwardobligation to update any of the forward--looking statements contained herein to reflect looking statements contained herein to reflect future events and developments. future events and developments.

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CHEROKEE CHEROKEE is an innovator in global consumer brand management andis an innovator in global consumer brand management andpioneer of the pioneer of the ““Retail Direct LicensingRetail Direct Licensing”” concept:concept:

Markets, licenses and manages brands in multiple consumer producMarkets, licenses and manages brands in multiple consumer product t categories (i.e. apparel, home and entertainment) categories (i.e. apparel, home and entertainment)

Unique business model with no inventory or manufacturing risksUnique business model with no inventory or manufacturing risks

Consistently profitable with increasing free cash flow and no deConsistently profitable with increasing free cash flow and no debtbt

Lean corporate structure Lean corporate structure ––only 20 employees with significant profit margins only 20 employees with significant profit margins

CHEROKEE owned BrandsCHEROKEE owned Brands’’ retail sales exceed $2.5 Billionretail sales exceed $2.5 Billion

Strong relationships with top global retailersStrong relationships with top global retailersSeveral new international licensing agreements will produce royaSeveral new international licensing agreements will produce royalties in CY08lties in CY08

Company OverviewCompany Overview

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CherokeeCherokee’’s Operationss OperationsCherokeeCherokee has a highly leverageable lowhas a highly leverageable low--cost infrastructure cost infrastructure

Owned Brands/Lateralization Team: Owned Brands/Lateralization Team:

Cover prospective and existing licenseesCover prospective and existing licensees’’ business and focus on business and focus on growing brand categories and volume under existing contracts growing brand categories and volume under existing contracts (Target, Tesco, Zellers, TJX, Comercial Mexicana, etc.) for owne(Target, Tesco, Zellers, TJX, Comercial Mexicana, etc.) for owned d brands (Cherokee, Sideout, Carole Little)brands (Cherokee, Sideout, Carole Little)

Brand/Retailer Representation Team:Brand/Retailer Representation Team:

Procure new brands to acquire and/or represent and market to Procure new brands to acquire and/or represent and market to retailersretailersRepresent retailers for brand procurementRepresent retailers for brand procurementFacilitate license agreements for the partiesFacilitate license agreements for the parties

Finance/Compliance and Administration TeamFinance/Compliance and Administration Team

Result: 20 employees generating significant free cash flowResult: 20 employees generating significant free cash flow

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Experienced Management TeamExperienced Management Team

Bobby Margolis, Chairman and Chief Executive OfficerBobby Margolis, Chairman and Chief Executive OfficerChairman & CEO since May 5, 1995. CoChairman & CEO since May 5, 1995. Co--founder of our Apparel Division in 1981.founder of our Apparel Division in 1981.Largest shareholder; owns about 12% of CHKELargest shareholder; owns about 12% of CHKE’’s outstanding common stocks outstanding common stock

Howard Siegel, PresidentHoward Siegel, President

Federated Department stores, Carter Hawley Hale Broadway storesFederated Department stores, Carter Hawley Hale Broadway stores

Russell J. Riopelle, Chief Financial OfficerRussell J. Riopelle, Chief Financial OfficerRSM EquiCo, Dorchester Capital Advisors, Banc of America SecuritRSM EquiCo, Dorchester Capital Advisors, Banc of America Securities, Libra ies, Libra InvestmentsInvestments

Mark Nawrocki, Senior Vice President Mark Nawrocki, Senior Vice President –– MarketingMarketingMervyns (3 years), Target Corp. (6 years)Mervyns (3 years), Target Corp. (6 years)

Larry Sass, Senior Vice President Larry Sass, Senior Vice President –– Brand DevelopmentBrand DevelopmentGuess Inc.Guess Inc.

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Owned Brands Represented Brands

Portfolio of Brands Portfolio of Brands

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Premier Partners Premier Partners

exclusively through

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Retail Direct Licensing Retail Direct Licensing –– SummarySummaryCherokee Inc.Cherokee Inc. licenses brands directly to retailers subject to quality and imlicenses brands directly to retailers subject to quality and image age controlscontrols

Combines the best of traditional consumer brands with private laCombines the best of traditional consumer brands with private label bel

Partner with retailer to maximize brand / retailer connection wiPartner with retailer to maximize brand / retailer connection with consumer th consumer –– source of product differentiation (exclusivity)source of product differentiation (exclusivity)

Retailers leverage their economies of scale to source products aRetailers leverage their economies of scale to source products and reduce nd reduce pricing by eliminating conventional wholesale marginspricing by eliminating conventional wholesale margins

Results in a winResults in a win--winwin--win outcome for all our constituents win outcome for all our constituents

ConsumersConsumers well known quality brands at moderate priceswell known quality brands at moderate pricesRetailersRetailers higher gross margins and profitabilityhigher gross margins and profitabilityCherokee Cherokee increased profitability, reduced business riskincreased profitability, reduced business risk

The retail direct concept is still in its early stages and growiThe retail direct concept is still in its early stages and growing globallyng globally

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Retail Direct Licensing Model BenefitsRetail Direct Licensing Model BenefitsKey Conclusions Key Conclusions

Provides retailers with greater initial and weighted average groProvides retailers with greater initial and weighted average gross margins ss margins than either conventional brands or private labelthan either conventional brands or private label

Retailers incur less price and quantity markdowns, because brandRetailers incur less price and quantity markdowns, because branded ed goods can be priced below conventional brandsgoods can be priced below conventional brands

Provides its retail partners with their own exclusive global braProvides its retail partners with their own exclusive global brand at nd at significantly less cost than conventional brandssignificantly less cost than conventional brands

Allows retail partners to control, expand and customize the branAllows retail partners to control, expand and customize the brand for their d for their specific customers in each of their exclusive territoriesspecific customers in each of their exclusive territories

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GLOBALLY RECOGNIZED CASUAL LIFESTYLE BRAND WITH OVER 35 YEARS OF BRAND EQUITYGLOBALLY RECOGNIZED CASUAL LIFESTYLE GLOBALLY RECOGNIZED CASUAL LIFESTYLE BRAND WITH OVER 35 YEARS OF BRAND EQUITYBRAND WITH OVER 35 YEARS OF BRAND EQUITY

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Cherokee Ranked #9 Worldwide SalesCherokee Ranked #9 Worldwide Sales

License Magazine April 2008

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WORLD BRANDING STATUS

$3.7 BILLION

$71.1 BILLION

$86.8 BILLION

$5.8 BILLION

$1.2 BILLION

$5.2 BILLION

$2.5 BILLION

$8.1 BILLION

$4.5 BILLION

$11.6 BILLION

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World Branding Status

PartnerPartnerAnnual Annual RevenueRevenue Current FootprintCurrent Footprint Future Developments Future Developments

$63.4B$63.4B United StatesUnited States

$86.8B$86.8B

U.K., Scotland, Ireland, U.K., Scotland, Ireland, Poland, Czech Republic, Poland, Czech Republic, Slovakia & Hungary Slovakia & Hungary

China, Thailand, South China, Thailand, South Korea, Malaysia & TurkeyKorea, Malaysia & Turkey

NANA CanadaCanada

$5.8B$5.8B South Africa South Africa

$3.7B$3.7B MexicoMexico

$5.2B $5.2B Chile, PeruChile, Peru Argentina, ColombiaArgentina, Colombia

$1.2B$1.2B Saudi Arabia Saudi Arabia UAE, Qatar, Bahrain, UAE, Qatar, Bahrain, Kuwait, OmanKuwait, Oman

$8.1B$8.1B BrazilBrazil Royalties began in CY08Royalties began in CY08

$4.5B$4.5B IndiaIndia Royalties began in CY08Royalties began in CY08

$11.6B$11.6B SpainSpain Royalties to start in CY09Royalties to start in CY09

Future licensing opportunities include Germany, France, Russia aFuture licensing opportunities include Germany, France, Russia and othersnd others

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is Geographically Diversified

CountryCountry FY 08 Revenue FY 08 Revenue % of Total% of Total Licensees Licensees

United StatesUnited States $20.0m$20.0m 48.1%48.1% Target, TJX, MervynsTarget, TJX, Mervyns

CanadaCanada $2.9m$2.9m 7.0%7.0% ZellersZellers

MexicoMexico $0.9m$0.9m 2.2%2.2% Comercial MexicanaComercial Mexicana

United KingdomUnited Kingdom $13.6m$13.6m 33.6% 33.6% TescoTesco

Central EuropeCentral Europe $3.1m$3.1m 7.6%7.6% TescoTesco

Rest of WorldRest of World $0.6m $0.6m 1.5%1.5% OthersOthers

TotalTotal $41.6m$41.6m 100% 100%

Brazil, IndiaBrazil, India In FY09In FY09 TBDTBD Pao de Acucar, ArvindPao de Acucar, Arvind

International Royalties were 52% of FY08 revenuesInternational Royalties were 52% of FY08 revenuesCherokee is one of the fastest growing brands internationally Cherokee is one of the fastest growing brands internationally ----

licensed in 30 countries and sold in over 4,000 locations worldwlicensed in 30 countries and sold in over 4,000 locations worldwideide

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CherokeeCherokee is a true is a true ““Umbrella BrandUmbrella Brand””

Retail Sales of Cherokee branded products are Retail Sales of Cherokee branded products are Diversified across Diversified across Major Product CategoriesMajor Product Categories

For example, of the $2.2 to $2.5 billion in annual retail sales For example, of the $2.2 to $2.5 billion in annual retail sales during last 5 years at Target (U.S.), Tesco UK and Zellers during last 5 years at Target (U.S.), Tesco UK and Zellers (Canada):(Canada):

MenMen’’s categories ranged from 14% to 21%s categories ranged from 14% to 21%WomenWomen’’s categories ranged from 25% to 39%s categories ranged from 25% to 39%ChildrenChildren’’s categories ranged from 28% to 46%s categories ranged from 28% to 46%Accessories/Other categories ranged from 12% to 16%Accessories/Other categories ranged from 12% to 16%

This This ““Product Category DiversificationProduct Category Diversification”” is significantly different is significantly different from genderfrom gender--based brands which are nearly all womenbased brands which are nearly all women’’s or mens or men’’s s productsproducts

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CherokeeCherokee Licensing Partner Licensing Partner ––

Established in 1995, amended in 1997 and extended numerous timesEstablished in 1995, amended in 1997 and extended numerous times: : In January 2008 the Target License Agreement In January 2008 the Target License Agreement was extended through was extended through January 31, 2012January 31, 2012, with perpetual annual renewal options, with perpetual annual renewal options

The The Cherokee Cherokee brand is one of the largest brands at Target:brand is one of the largest brands at Target:

Cherokee brandCherokee brand’’s annual retail sales in excess of $1.0 billion during s annual retail sales in excess of $1.0 billion during last 7 yearslast 7 yearsPrimary and growing emphasis in kidPrimary and growing emphasis in kid’’s categoriess categories

Historical product categories include menHistorical product categories include men’’s, womens, women’’s and kids and kid’’s apparel, s apparel, and certain accessoriesand certain accessories

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CherokeeCherokee contract signed in 2001, contract signed in 2001, agreement continues through January 31, agreement continues through January 31, 20112011, with 3, with 3--year renewal options availableyear renewal options available

Tesco is the top retailer in the United Kingdom & Ireland, and oTesco is the top retailer in the United Kingdom & Ireland, and one of the top ne of the top retailers in Central Europe, with multiple store formatsretailers in Central Europe, with multiple store formats

CherokeeCherokee products successfully launched in Fall 2002 in Menproducts successfully launched in Fall 2002 in Men’’s, Womens, Women’’s, Boys, Boy’’s s & Girl& Girl’’s apparel in casual denim & sportswear, fashion accessories and s apparel in casual denim & sportswear, fashion accessories and footwear categoriesfootwear categories

Retail sales in FYE 2/2/08 increased to $933 million from $778 mRetail sales in FYE 2/2/08 increased to $933 million from $778 million in FYE illion in FYE 2/3/07 and $568 million in FYE 1/28/062/3/07 and $568 million in FYE 1/28/06

In March 2006 expanded Cherokee to Czech Republic, Poland, and SIn March 2006 expanded Cherokee to Czech Republic, Poland, and Slovakia, lovakia, and to Hungary in August 2006; expected to expand Cherokee to Chand to Hungary in August 2006; expected to expand Cherokee to China, South ina, South Korea, Malaysia, Thailand and Turkey in next 12Korea, Malaysia, Thailand and Turkey in next 12--24 months24 months

CherokeeCherokee Brand Licensing Partner Brand Licensing Partner ––

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Growth Opportunity Growth Opportunity Tesco’s domestic territories represent about 30 million sq ft of selling space – of which Cherokee products are sold in about 13.5 million sq ft of selling space (approx. 300-350 stores in UK; 70 in Ireland)

Tesco’s Growth territories added to the Tesco License Agreement include many larger store formats and represent an estimated 23 million sq ft of additional selling space (> 1.5x area of UK and Ireland)

Royalty revenues in Slovakia, Czech Republic and Poland began in March 06; Hungary began in August 06; Asian countries expected to begin over next 12 to 24 monthsTesco is projecting store growth in nearly all of these countries (Tesco 2007 Annual Report)

Tesco Licensing Agreement Tesco Licensing Agreement Includes:Includes:

Total Total # of# of

StoresStores

Sales Sales Area in Area in MillionMillionSq FtSq Ft

Avg Sales AreaAvg Sales AreaPer StorePer Store

(sq ft)(sq ft)

TescoTesco’’s s ““DomesticDomestic”” TerritoriesTerritories

United Kingdom (350)United Kingdom (350)Ireland (70)Ireland (70)

1,9881,9889595

27.827.82.32.3

13,98413,98424,21124,211

2,0832,083 30.130.1

TescoTesco’’s International s International ““GrowthGrowth””Territories (Fiscal 07Territories (Fiscal 07––09)09)

Hungary (72 stores)Hungary (72 stores)Slovakia (42 stores)Slovakia (42 stores)Czech Republic (54 stores)Czech Republic (54 stores)Poland (117 stores)Poland (117 stores)ChinaChinaMalaysiaMalaysiaSouth KoreaSouth KoreaThailand Thailand Turkey Turkey

10110148488484

280280474719199191

3703703030

4.84.82.52.54.14.16.56.54.24.21.91.95.15.17.57.51.11.1

47,52547,52552,08352,08348,81048,81023,21423,21489,36289,362

100,000100,00056,04456,04420,27020,27036,66736,667

1,0701,070 37.737.7

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United States (Target)United States (Target)

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Canada (Zellers)Canada (Zellers)

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Mexico (Comercial)Mexico (Comercial)

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United Kingdom (Tesco)United Kingdom (Tesco)

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Central Europe (Tesco)Central Europe (Tesco)

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Brazil (Pao de Acucar)Brazil (Pao de Acucar)

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Israel (Shufersal)Israel (Shufersal)

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Chile (Falabella)Chile (Falabella)

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Brand Representation BusinessBrand Representation Business

In the past we have executed brand representation licensing agreIn the past we have executed brand representation licensing agreements for ements for HouseBeautiful and Latina magazinesHouseBeautiful and Latina magazines

Represented Mossimo with Target Represented Mossimo with Target ---- Cherokee received a fixed % of all Cherokee received a fixed % of all Mossimo revenues from Target (approximately $2.5 million per yeaMossimo revenues from Target (approximately $2.5 million per year)r)

Sold the Mossimo Finders Agreement for $33.0 million, which was Sold the Mossimo Finders Agreement for $33.0 million, which was received on October 31, 2006 (in 4th quarter of FYE 2007)received on October 31, 2006 (in 4th quarter of FYE 2007)

WalWal--Mart recently launched the Norma Kamali brand clothing at a signMart recently launched the Norma Kamali brand clothing at a significant ificant # of their stores and also offered through their website # of their stores and also offered through their website

Currently representing several select brands and marketing them Currently representing several select brands and marketing them to potential to potential licensees in the U.S. and certain international territorieslicensees in the U.S. and certain international territories

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Growth OpportunitiesGrowth OpportunitiesConcept of Concept of ““Retail Direct LicensingRetail Direct Licensing”” in early stages worldwide in early stages worldwide

Opportunities exist in Apparel, Home Furnishings, Electronics, HOpportunities exist in Apparel, Home Furnishings, Electronics, Health and ealth and Beauty, and Food & DrugBeauty, and Food & Drug

World branding our Cherokee Brand with premier partners globallyWorld branding our Cherokee Brand with premier partners globally (most (most recently agreement was with Eroski for Spain, to begin in CY2009recently agreement was with Eroski for Spain, to begin in CY2009))

Continue to grow with current licenseesContinue to grow with current licensees’’ organic store growth and territory organic store growth and territory expansion (Tesco, Falabella, Al Hokair, etc.)expansion (Tesco, Falabella, Al Hokair, etc.)

Continued financial discipline & expense management Continued financial discipline & expense management

Expand product categories with current licensees through ancillaExpand product categories with current licensees through ancillary lines, ry lines, brand extensions, & complementary productsbrand extensions, & complementary products

Expand international business for owned brands Expand international business for owned brands –– China, Brazil, India, Israel, China, Brazil, India, Israel, Germany, Spain, France, Russia, etc. Germany, Spain, France, Russia, etc.

Sign new license agreements in the U.S. and internationally for Sign new license agreements in the U.S. and internationally for brands we brands we represent (most recently at Walrepresent (most recently at Wal--Mart)Mart)

Selective brand acquisitionsSelective brand acquisitions2 acquisitions in last 8 years (Sideout in 1997, Carole Little i2 acquisitions in last 8 years (Sideout in 1997, Carole Little in 2002)n 2002)Made proposal to acquire Mossimo Inc. for $8.50 per share in AprMade proposal to acquire Mossimo Inc. for $8.50 per share in April 2006, which resulted in il 2006, which resulted in Cherokee entering into an agreement to sell Mossimo royalties foCherokee entering into an agreement to sell Mossimo royalties for $33.0 million (received in Q4 r $33.0 million (received in Q4 FY07)FY07)

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Financial HighlightsFinancial Highlights

Significant Geographic Diversity to Revenue StreamsSignificant Geographic Diversity to Revenue StreamsIntInt’’l revenues now comprise about 52% of ongoing royalty streaml revenues now comprise about 52% of ongoing royalty stream

Strong balance sheet Strong balance sheet –– excess cash, no debt and ROE of 70%excess cash, no debt and ROE of 70%

Significant operating leverage Significant operating leverage –– about $0.70 of every $1 of incremental about $0.70 of every $1 of incremental royalty to operating incomeroyalty to operating income

EBITDA margins of approximately 70%EBITDA margins of approximately 70%

Business model requires nominal capital investment Business model requires nominal capital investment –– providing for a providing for a dividend payout ratio equal to or greater than 100%dividend payout ratio equal to or greater than 100%

Business model generates large amounts of free cash flowBusiness model generates large amounts of free cash flow

Over $112 million paid in dividends and distributions since DeceOver $112 million paid in dividends and distributions since December mber 20032003

About $12.50 per share paid out in dividends during last 5 yearsAbout $12.50 per share paid out in dividends during last 5 years..

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$0

$10

$20

$30

$40

$50

$60

$70

$80

FY 2000 FY 2001 FY 2002 FY 2003 FY 2004 FY 2005 FY 2006 FY 2007 FY 2008 9 moFY09

9 moFY08

OtherTJXTescoMossimoMervyn'sZellersTarget

Royalty Revenue GrowthRoyalty Revenue Growth

$ M

illio

n sAnnual and YTD Results

$24.7$28.3

$30.7$33.1

$36.3$38.9

$42.7

$76.6*

10% CAGR(2000-2006)

* Includes one-time revenues of approximately $33 million in connection with the sale of the Mossimo Finders Agreement

$41.6

$30.1$32.9

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Diluted Earnings Per ShareDiluted Earnings Per ShareAnnual and YTD Results

$0.00

$0.50

$1.00

$1.50

$2.00

$2.50

$3.00

$3.50

$4.00

FY2000

FY2001

FY2002

FY2003

FY2004

FY2005

FY2006

FY2007

FY2008

9 moFY09

9 moFY08

$0.94$1.29

$1.46$1.54$1.68

$1.97 $2.07

$3.93*

* Includes one-time revenues of approximately $33 million in connection with the sale of the Mossimo Finders Agreement

14% CAGR(2000-2006)

$1.84

$1.52$1.34

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Returning Excess Cash to ShareholdersReturning Excess Cash to ShareholdersSince December 2003, Cherokee has paid numerous quarterly and onSince December 2003, Cherokee has paid numerous quarterly and one e special dividend, totaling over $112 millionspecial dividend, totaling over $112 million

DateDate TypeType Qtly Dividend PaymentQtly Dividend Payment

Dec 03; March 04Dec 03; March 04 2 Quarterly2 Quarterly $0.375$0.375

May 04May 04 SpecialSpecial $0.50$0.50

June 04June 04; Sept 04; Sept 04 2 Quarterly2 Quarterly $0.42$0.42

Dec 04Dec 04; Mar 05; June 05; Mar 05; June 05 3 Quarterly3 Quarterly $0.50$0.50

Sept 05Sept 05

Dec 05; Mar 06; June 06Dec 05; Mar 06; June 06

Sept 06Sept 06

1 Quarterly1 Quarterly

3 Quarterly3 Quarterly

1 Quarterly1 Quarterly

$0.55$0.55

$0.60$0.60

$0.60$0.60

Dec 06; March 07; June 07; Dec 06; March 07; June 07; Sept 07; Dec 07; March 08; Sept 07; Dec 07; March 08; June 08June 08

7 Quarterly7 Quarterly $0.75$0.75

Sept 08; Dec 08Sept 08; Dec 08 2 Quarterly 2 Quarterly $0.50$0.50

* Dividends are paid at the discretion of Cherokee’s Board of Directors, and are dependent upon a number of factors such as market conditions, expected future cash flow, and the like. There can be no assurances that future dividends will be equal to or greater than past dividend payments.

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Investment SummaryInvestment Summary

Premier retail direct licensing company with a focused & experiePremier retail direct licensing company with a focused & experienced teamnced team

Proven business model with significant scalability and operatingProven business model with significant scalability and operating leverage leverage

No inventory or manufacturing risk; minimal capital expendituresNo inventory or manufacturing risk; minimal capital expenditures

Global network of relationships with top retailersGlobal network of relationships with top retailers

Consistent financial performance over past decade Consistent financial performance over past decade

Strong cash flow generation Strong cash flow generation --> attractive dividend yield> attractive dividend yield

Company is debtCompany is debt--free and has excess cash on balance sheetfree and has excess cash on balance sheet

Free cash flow consistently returned to shareholders Free cash flow consistently returned to shareholders

Cherokee brand is a true Cherokee brand is a true ““Umbrella BrandUmbrella Brand””: Men: Men’’s, Womens, Women’’s & Kids & Kid’’ss

Diversified Revenues from large International and Domestic LicenDiversified Revenues from large International and Domestic Licenseessees