SUBSIDIARY GUARANTORS OF THE PUBLIC BONDS

The following tables present consolidated condensed financial information for (a) the Company (for purposes of this discussion and table, “Parent”); (b) the guarantors of the Public Bonds, which include substantially all of the domestic, 100% owned subsidiaries of the Parent (“Subsidiary Guarantors”); and (c) the wholly- and partially-owned foreign subsidiaries of the Parent, which do not guarantee the Notes (“Non-Guarantor Subsidiaries”). Separate financial statements of the Subsidiary Guarantors are not presented because they are fully and unconditionally, jointly and severally liable under the guarantees, except for normal and customary release provisions.

WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES

Consolidated Condensed Statements of Operations

For the fiscal year ended December 28, 2013



(In millions)	Parent			Subsidiary Guarantors			Non-Guarantor Subsidiaries		Eliminations			Consolidated
Revenue	$	538.2		$	3,849.1		$	774.4	$	(2,470.6	)	$	2,691.1
Cost of goods sold	383.8			3,207.9			415.4		(2,388.1		)	1,619.0
Restructuring costs	0.1			—			7.5		—			7.6
Gross profit	154.3			641.2			351.5		(82.5		)	1,064.5
Selling, general and administrative expenses	139.0			506.7			267.5		(82.5		)	830.7
Acquisition-related transaction and integration costs	16.9			14.9			9.7		—			41.5
Operating (loss) profit	(1.6		)	119.6			74.3		—			192.3
Other expenses:
Interest expense (income), net	52.1			(0.2		)	0.1		—			52.0
Debt extinguishment costs	13.1			—			—		—			13.1
Other expense (income), net	(3.7		)	0.1			3.1		—			(0.5		)
Total other expenses (income)	61.5			(0.1		)	3.2		—			64.6
Earnings (loss) before income taxes	(63.1		)	119.7			71.1		—			127.7
Income taxes	1.5			19.3			5.9		—			26.7
Earnings (loss) before equity in earnings (loss) of consolidated subsidiaries	(64.6		)	100.4			65.2		—			101.0
Equity in earnings of consolidated subsidiaries	165.0			114.5			21.7		(301.2		)	—
Net earnings	100.4			214.9			86.9		(301.2		)	101.0
Less: net earnings attributable to non-controlling interests	—			—			0.6		—			0.6
Net earnings attributable to Wolverine World Wide, Inc.	$	100.4		$	214.9		$	86.3	$	(301.2	)	$	100.4

WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES

Consolidated Condensed Statements of Comprehensive Income

For the fiscal year ended December 28, 2013



(In millions)	Parent			Subsidiary Guarantors		Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net earnings	$	100.4		$	214.9	$	86.9		$	(301.2	)	$	101.0
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	(5.4		)	—		(5.4		)	5.4			(5.4		)
Change in fair value of foreign exchange contracts	0.9			—		0.9			(0.9		)	0.9
Change in fair value of interest rate swap	1.6			—		—			—			1.6
Pension adjustments	81.2			13.1		—			(13.1		)	81.2
Other comprehensive income (loss)	78.3			13.1		(4.5		)	(8.6		)	78.3
Comprehensive income	178.7			228.0		82.4			(309.8		)	179.3
Less: comprehensive (loss) income attributable to non-controlling interests	(0.1		)	—		0.6			—			0.5
Comprehensive income attributable to Wolverine World Wide, Inc.	$	178.8		$	228.0	$	81.8		$	(309.8	)	$	178.8

WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES

Consolidated Condensed Statements of Operations

For the fiscal year ended December 29, 2012



(In millions)	Parent			Subsidiary Guarantors			Non-Guarantor Subsidiaries		Eliminations			Consolidated
Revenue	$	527.1		$	1,065.7		$	539.2	$	(491.2	)	$	1,640.8
Cost of goods sold	390.6			780.6			277.1		(440.2		)	1,008.1
Acquisition-related transaction and integration costs	0.8			3.7			—		—			4.5
Gross profit	135.7			281.4			262.1		(51.0		)	628.2
Selling, general and administrative expenses	123.0			206.0			204.7		(51.7		)	482.0
Acquisition-related transaction and integration costs	31.3			1.2			—		—			32.5
Operating profit (loss)	(18.6		)	74.2			57.4		0.7			113.7
Other expenses:
Interest expense (income), net	13.9			(0.2		)	0.3		—			14.0
Acquisition-related interest expense	5.2			—			—		—			5.2
Other expense (income), net	0.4			(0.2		)	0.1		—			0.3
Total other expenses (income)	19.5			(0.4		)	0.4		—			19.5
(Loss) earnings before income taxes	(38.1		)	74.6			57.0		0.7			94.2
Income taxes	12.3			(0.1		)	1.2		—			13.4
(Loss) earnings before equity in earnings (loss) of consolidated subsidiaries	(50.4		)	74.7			55.8		0.7			80.8
Equity in earnings of consolidated subsidiaries	131.1			54.4			61.2		(246.7		)	—
Net earnings	80.7			129.1			117.0		(246.0		)	80.8
Less: net earnings attributable to non-controlling interests	—			—			0.1		—			0.1
Net earnings attributable to Wolverine World Wide, Inc.	$	80.7		$	129.1		$	116.9	$	(246.0	)	$	80.7

WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES

Consolidated Condensed Statements of Comprehensive Income

For the fiscal year ended December 29, 2012



(In millions)	Parent			Subsidiary Guarantors		Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net earnings	$	80.7		$	129.1	$	117.0		$	(246.0	)	$	80.8
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	5.7			—		5.7			(5.7		)	5.7
Change in fair value of foreign exchange contracts	(5.0		)	—		(5.0		)	5.0			(5.0		)
Change in fair value of interest rate swap	(1.0		)	—		—			—			(1.0		)
Pension adjustments	(16.2		)	—		—			—			(16.2		)
Other comprehensive income (loss)	(16.5		)	—		0.7			(0.7		)	(16.5		)
Comprehensive (loss) income	64.2			129.1		117.7			(246.7		)	64.3
Less: comprehensive (loss) income attributable to non-controlling interests	(0.1		)	—		0.1			—			—
Comprehensive income attributable to Wolverine World Wide, Inc.	$	64.3		$	129.1	$	117.6		$	(246.7	)	$	64.3

WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES

Consolidated Condensed Statements of Operations

For the fiscal year ended December 31, 2011



(In millions)	Parent			Subsidiary Guarantors		Non-Guarantor Subsidiaries			Eliminations			Consolidated
Revenue	$	524.7		$	504.7	$	490.0		$	(110.3	)	$	1,409.1
Cost of goods sold	384.3			306.3		232.1			(70.4		)	852.3
Gross profit	140.4			198.4		257.9			(39.9		)	556.8
Selling, general and administrative expenses	136.2			98.1		191.3			(39.0		)	386.6
Operating profit	4.2			100.3		66.6			(0.9		)	170.2
Other expenses:
Interest expense (income), net	1.1			—		(0.1		)	—			1.0
Other expense, net	0.1			0.1		0.1			—			0.3
Total other expenses	1.2			0.1		—			—			1.3
Earnings before income taxes	3.0			100.2		66.6			(0.9		)	168.9
Income taxes	41.9			—		3.7			—			45.6
(Loss) earnings before equity in earnings (loss) of consolidated subsidiaries	(38.9		)	100.2		62.9			(0.9		)	123.3
Equity in earnings of consolidated subsidiaries	162.2			59.7		71.1			(293.0		)	—
Net earnings attributable to Wolverine World Wide, Inc.	$	123.3		$	159.9	$	134.0		$	(293.9	)	$	123.3

WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES

Consolidated Condensed Statements of Comprehensive Income

For the fiscal year ended December 31, 2011



(In millions)	Parent			Subsidiary Guarantors		Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net earnings	$	123.3		$	159.9	$	134.0		$	(293.9	)	$	123.3
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	(11.3		)	—		(11.3		)	11.3			(11.3		)
Change in fair value of foreign exchange contracts	5.1			—		5.1			(5.1		)	5.1
Pension adjustments	(23.7		)	—		—			—			(23.7		)
Other comprehensive (loss) income	(29.9		)	—		(6.2		)	6.2			(29.9		)
Comprehensive income	93.4			159.9		127.8			(287.7		)	93.4
Comprehensive income attributable to Wolverine World Wide, Inc.	$	93.4		$	159.9	$	127.8		$	(287.7	)	$	93.4

WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES

Consolidated Condensed Balance Sheets

As of December 28, 2013



(In millions)	Parent			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations			Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$	18.8		$	15.0		$	180.4		$	—		$	214.2
Accounts receivable, net	63.9			213.2			121.0			—			398.1
Inventories:
Finished products	55.0			270.8			81.0			(0.8		)	406.0
Raw materials and work-in-process	(0.1		)	0.9			21.4			—			22.2
Total inventories	54.9			271.7			102.4			(0.8		)	428.2
Deferred income taxes	15.3			12.6			1.2			—			29.1
Prepaid expenses and other current assets	26.9			11.1			10.4			—			48.4
Total current assets	179.8			523.6			415.4			(0.8		)	1,118.0
Property, plant and equipment:
Gross cost	223.7			143.2			49.2			—			416.1
Accumulated depreciation	(174.4		)	(57.4		)	(32.4		)	—			(264.2		)
Property, plant and equipment, net	49.3			85.8			16.8			—			151.9
Other assets:
Goodwill	7.7			354.3			83.3			—			445.3
Indefinite-lived intangibles	4.4			674.7			11.4			—			690.5
Amortizable intangibles, net	0.2			126.4			0.1			—			126.7
Deferred income taxes	—			—			3.4			—			3.4
Deferred financing costs, net	22.0			—			—			—			22.0
Other	46.0			12.3			5.3			0.8			64.4
Intercompany accounts receivable	—			1,445.4			347.5			(1,792.9		)	—
Investment in affiliates	3,033.2			555.6			393.5			(3,982.3		)	—
Total other assets	3,113.5			3,168.7			844.5			(5,774.4		)	1,352.3
Total assets	$	3,342.6		$	3,778.1		$	1,276.7		$	(5,775.2	)	$	2,622.2

WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES

Consolidated Condensed Balance Sheets - continued

As of December 28, 2013



(In millions)	Parent			Subsidiary Guarantors		Non-Guarantor Subsidiaries		Eliminations			Consolidated
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	31.6		$	61.7	$	41.9	$	—		$	135.2
Accrued salaries and wages	27.0			8.6		5.9		—			41.5
Other accrued liabilities	40.8			22.1		36.4		—			99.3
Current maturities of long-term debt	53.3			—		—		—			53.3
Total current liabilities	152.7			92.4		84.2		—			329.3
Long-term debt, less current maturities	1,096.7			—		—		—			1,096.7
Accrued pension liabilities	60.9			13.3		—		—			74.2
Deferred income taxes	(38.2		)	287.7		4.4		—			253.9
Intercompany accounts payable	1,220.5			153.7		418.7		(1,792.9		)	—
Other liabilities	12.4			11.5		2.8		—			26.7
Stockholders’ equity:
Wolverine World Wide, Inc. stockholders’ equity	837.6			3,219.5		762.8		(3,982.3		)	837.6
Non-controlling interest	—			—		3.8		—			3.8
Total stockholders’ equity	837.6			3,219.5		766.6		(3,982.3		)	841.4
Total liabilities and stockholders’ equity	$	3,342.6		$	3,778.1	$	1,276.7	$	(5,775.2	)	$	2,622.2

WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES

Consolidated Condensed Balance Sheets

As of December 29, 2012



(In millions)	Parent			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations			Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$	21.3		$	48.5		$	101.6		$	—		$	171.4
Accounts receivable, net	107.7			143.0			102.9			—			353.6
Inventories:
Finished products	57.9			278.8			96.0			(0.9		)	431.8
Raw materials and work-in-process	1.6			4.2			28.6			—			34.4
Total inventories	59.5			283.0			124.6			(0.9		)	466.2
Deferred income taxes	9.5			17.6			0.9			—			28.0
Prepaid expenses and other current assets	35.9			9.5			10.3			—			55.7
Total current assets	233.9			501.6			340.3			(0.9		)	1,074.9
Property, plant and equipment:
Gross cost	212.1			119.2			53.5			—			384.8
Accumulated depreciation	(165.2		)	(36.0		)	(33.9		)	—			(235.1		)
Property, plant and equipment, net	46.9			83.2			19.6			—			149.7
Other assets:
Goodwill	7.3			365.3			87.3			—			459.9
Indefinite-lived intangibles	4.1			664.4			11.3			—			679.8
Amortizable intangibles, net	0.2			153.1			0.2			—			153.5
Deferred income taxes	0.9			—			—			—			0.9
Deferred financing costs, net	38.9			—			—			—			38.9
Other	40.4			12.7			3.7			—			56.8
Intercompany accounts receivable	—			1,114.8			118.8			(1,233.6		)	—
Investment in affiliates	2,585.4			219.8			344.5			(3,149.7		)	—
Total other assets	2,677.2			2,530.1			565.8			(4,383.3		)	1,389.8
Total assets	$	2,958.0		$	3,114.9		$	925.7		$	(4,384.2	)	$	2,614.4

WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES

Consolidated Condensed Balance Sheets - continued

As of December 29, 2012



(In millions)	Parent			Subsidiary Guarantors		Non-Guarantor Subsidiaries		Eliminations			Consolidated
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	30.0		$	91.8	$	39.1	$	—		$	160.9
Accrued salaries and wages	10.4			20.0		6.0		—			36.4
Other accrued liabilities	39.5			27.7		25.0		(0.9		)	91.3
Current maturities of long-term debt	30.7			—		—		—			30.7
Total current liabilities	110.6			139.5		70.1		(0.9		)	319.3
Long-term debt, less current maturities	1,219.3			—		—		—			1,219.3
Accrued pension liabilities	127.3			38.2		—		—			165.5
Deferred income taxes	(52.2		)	291.3		1.4		—			240.5
Intercompany accounts payable	900.3			11.0		322.3		(1,233.6		)	—
Other liabilities	10.3			10.7		5.1		—			26.1
Stockholders’ equity:
Wolverine World Wide, Inc. stockholders’ equity	642.4			2,624.2		525.5		(3,149.7		)	642.4
Non-controlling interest	—			—		1.3		—			1.3
Total stockholders’ equity	642.4			2,624.2		526.8		(3,149.7		)	643.7
Total liabilities and stockholders’ equity	$	2,958.0		$	3,114.9	$	925.7	$	(4,384.2	)	$	2,614.4

WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES

Consolidated Condensed Statements of Cash Flow

For the fiscal year ended December 28, 2013



(In millions)	Parent			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations		Consolidated
Net cash provided by (used in) operating activities	$	127.1		$	(10.0	)	$	85.2		$	—	$	202.3
Investing activities
Additions to property, plant and equipment	(11.9		)	(25.0		)	(4.8		)	—		(41.7		)
Proceeds from sale of property, plant and equipment	—			2.8			—			—		2.8
Investment in joint venture	—			—			(2.5		)	—		(2.5		)
Other	(2.9		)	(1.3		)	0.9			—		(3.3		)
Net cash used in investing activities	(14.8		)	(23.5		)	(6.4		)	—		(44.7		)
Financing activities
Borrowings of long-term debt	775.0			—			—			—		775.0
Payments of long-term debt	(875.0		)	—			—			—		(875.0		)
Payments of debt issuance costs	(2.3		)	—			—			—		(2.3		)
Cash dividends paid	(23.7		)	—			—			—		(23.7		)
Purchase of common stock for treasury	(0.8		)	—			—			—		(0.8		)
Proceeds from shares issued under stock incentive plans	8.6			—			—			—		8.6
Excess tax benefits from stock-based compensation	3.4			—			—			—		3.4
Contributions from non-controlling interests	—			—			2.0			—		2.0
Net cash (used in) provided by financing activities	(114.8		)	—			2.0			—		(112.8		)
Effect of foreign exchange rate changes	—			—			(2.0		)	—		(2.0		)
(Decrease) increase in cash and cash equivalents	(2.5		)	(33.5		)	78.8			—		42.8
Cash and cash equivalents at beginning of the year	21.3			48.5			101.6			—		171.4
Cash and cash equivalents at end of the year	$	18.8		$	15.0		$	180.4		$	—	$	214.2

WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES

Consolidated Condensed Statements of Cash Flow

For the fiscal year ended December 29, 2012



(In millions)	Parent			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations		Consolidated
Net cash provided by operating activities	$	11.0		$	26.0		$	54.6		$	—	$	91.6
Investing activities
Business acquisition, net of cash acquired	(1,160.7		)	23.6			(88.8		)	—		(1,225.9		)
Additions to property, plant and equipment	(10.8		)	(4.1		)	—			—		(14.9		)
Investment in joint venture	—			—			(2.9		)	—		(2.9		)
Other	(2.4		)	—			—			—		(2.4		)
Net cash (used in) provided by investing activities	(1,173.9		)	19.5			(91.7		)	—		(1,246.1		)
Financing activities
Net borrowings under revolver	(11.0		)	—			—			—		(11.0		)
Borrowings of long-term debt	1,275.0			—			—			—		1,275.0
Payments of long-term debt	(25.0		)	—			(0.5		)	—		(25.5		)
Payments of debt issuance costs	(40.1		)	—			—			—		(40.1		)
Cash dividends paid	(23.6		)	—			—			—		(23.6		)
Purchase of common stock for treasury	(14.1		)	—			—			—		(14.1		)
Proceeds from shares issued under stock incentive plans	11.6			—			—			—		11.6
Excess tax benefits from stock-based compensation	9.9			—			—			—		9.9
Contributions from non-controlling interests	—			—			1.2			—		1.2
Net cash provided by financing activities	1,182.7			—			0.7			—		1,183.4
Effect of foreign exchange rate changes	—			—			2.5			—		2.5
Increase (decrease) in cash and cash equivalents	19.8			45.5			(33.9		)	—		31.4
Cash and cash equivalents at beginning of the year	1.5			3.0			135.5			—		140.0
Cash and cash equivalents at end of the year	$	21.3		$	48.5		$	101.6		$	—	$	171.4

WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES

Consolidated Condensed Statements of Cash Flow

For the fiscal year ended December 31, 2011



(In millions)	Parent			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations		Consolidated
Net cash provided by operating activities	$	32.8		$	9.7		$	36.3		$	—	$	78.8
Investing activities
Additions to property, plant and equipment	(4.6		)	(7.1		)	(7.7		)	—		(19.4		)
Proceeds from sale of property, plant and equipment	—			—			0.1			—		0.1
Other	(3.3		)	—			—			—		(3.3		)
Net cash used in investing activities	(7.9		)	(7.1		)	(7.6		)	—		(22.6		)
Financing activities
Net borrowings under revolver	11.0			—			—			—		11.0
Payments of long-term debt	—			—			(0.5		)	—		(0.5		)
Cash dividends paid	(22.7		)	—			—			—		(22.7		)
Purchase of common stock for treasury	(67.5		)	—			—			—		(67.5		)
Proceeds from shares issued under stock incentive plans	14.1			—			—			—		14.1
Excess tax benefits from stock-based compensation	3.3			—			—			—		3.3
Net cash used in financing activities	(61.8		)	—			(0.5		)	—		(62.3		)
Effect of foreign exchange rate changes	—			—			(4.3		)	—		(4.3		)
(Decrease) increase in cash and cash equivalents	(36.9		)	2.6			23.9			—		(10.4		)
Cash and cash equivalents at beginning of the year	38.4			0.4			111.6			—		150.4
Cash and cash equivalents at end of the year	$	1.5		$	3.0		$	135.5		$	—	$	140.0