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Open Letter To Shareholders Of Skullcandy, Inc.

Summary

Skullcandy's Board has advised shareholders to tender their shares at $5.75 per share to Incipio despite a superior offer of $6.05 from Mill Road.

Skullcandy's Board has materially increased Management's severance for a Change in Control after proclaiming their previous employment contracts were both "reasonable" and shareholder friendly in the 2016 Proxy Statement.

Material conflicts of interest exist regarding the Board of Skullcandy and its relationship with Goode Partners which controls Incipio. This conflict has not been disclosed to my knowledge.

I am writing to urge you not to tender your shares to Incipio, Inc. (Incipio) for $5.75 in cash in conjunction with the Agreement...


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