NexCen Brands, Inc. signed a 20-year deal with TAF Mid-America Enterprises,
Inc., a domestic and international franchisee of The Athlete's
Foot for the last 17 years, to open a minimum of 100 additional TAF stores over the
next 14 years. The minimum projected 100 stores marks a 16% increase over
TAF's current worldwide store base, and represents an estimated $22 million in
franchise fees, royalties and advertising contribution for NexCen over the
next 20 years.

“I have always believed in the power of the TAF brand-its level of
credibility on a global scale as well as its relevance in local communities,”
said John Park, CEO of TAF-MAE who currently owns 31 TAF stores in the United
States and holds the master franchise agreement for South Korea that operates
in excess of 40 stores. “I am particularly inspired by the new leadership of
NexCen Brands, which is committing extraordinary resources to the growth of
TAF. There is no question that NexCen is dedicated to providing tools to
promote the success of franchise owners like me.”

Mr. Parks was present when NexCen Brands outlined its plans for the “next
generation” of TAF, including an update of its in-store design, marketing and merchandising efforts, and franchise support systems, at the company's Global
Franchise Convention this past June.

“We are thrilled that John has recognized NexCen's commitment to the
future of TAF and has chosen to invest in our vision,” commented Robert W.
D'Loren, President and CEO of NexCen Brands. “Our intent is that franchise
owners like John benefit from the best-in-class resources we leverage across
our brands. Our efforts in branding, merchandising, marketing, public
relations, trend-spotting and operational support are all geared toward helping
our franchise owners perform at the highest level to build a win-win result
for us, our franchisees, vendor partners and customers.”

“John's deep understanding of the urban fashion environment, and his
proven track record of successfully franchising TAF stores gives us full
confidence that he will deliver unparalleled customer service and product
selection in any new market he enters,” said Robert D'Loren. “We have
aggressive plans to grow the TAF footprint globally in coming years and this
is an excellent first step.”

The agreement with NexCen will grant TAF-MAE the exclusive rights to
operate a premium athletic footwear and apparel store under the TAF brand.
TAF-MAE will roll out its new stores in primarily urban locations within the
U.S., with the first store expected to open in fall 2007.