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 Public Bonds (“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 and Comprehensive Income

For the 12 Weeks Ended March 28, 2015

(Unaudited)



(In millions)	Parent			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Revenue	$	135.8		$	947.7		$	191.2		$	(643.3	)	$	631.4
Cost of goods sold	98.5			811.0			89.3			(628.8		)	370.0
Gross profit	37.3			136.7			101.9			(14.5		)	261.4
Selling, general and administrative expenses	47.7			106.8			58.8			(14.5		)	198.8
Restructuring costs (gain)	0.4			0.6			(2.0		)	—			(1.0		)
Operating profit (loss)	(10.8		)	29.3			45.1			—			63.6
Other expenses:
Interest expense (income), net	9.5			0.1			(0.1		)	—			9.5
Other expense (income), net	—			(1.2		)	0.2			—			(1.0		)
Total other expenses (income)	9.5			(1.1		)	0.1			—			8.5
Earnings (loss) before income taxes	(20.3		)	30.4			45.0			—			55.1
Income tax expense (benefit)	(7.9		)	11.8			11.1			—			15.0
Earnings (loss) before equity in earnings (loss) of consolidated subsidiaries	(12.4		)	18.6			33.9			—			40.1
Equity in earnings (loss) of consolidated subsidiaries	52.5			(39.4		)	61.7			(74.8		)	—
Net earnings (loss)	40.1			(20.8		)	95.6			(74.8		)	40.1
Less: net earnings attributable to noncontrolling interest	—			—			—			—			—
Net earnings (loss) attributable to Wolverine World Wide, Inc.	$	40.1		$	(20.8	)	$	95.6		$	(74.8	)	$	40.1

Comprehensive income (loss)	$	30.4		$	(20.8	)	$	83.3		$	(62.7	)	$	30.2
Less: comprehensive loss attributable to noncontrolling interest	—			—			(0.2		)	—			(0.2		)
Comprehensive income (loss) attributable to Wolverine World Wide, Inc.	$	30.4		$	(20.8	)	$	83.5		$	(62.7	)	$	30.4

WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES

Consolidated Condensed Statements of Operations and Comprehensive Income

For the 12 Weeks Ended March 22, 2014

(Unaudited)



(In millions)	Parent			Subsidiary Guarantors		Non-Guarantor Subsidiaries		Eliminations			Consolidated
Revenue	$	114.5		$	939.7	$	199.8	$	(626.4	)	$	627.6
Cost of goods sold	77.0			798.2		109.3		(613.1		)	371.4
Restructuring costs	—			—		0.4		—			0.4
Gross profit	37.5			141.5		90.1		(13.3		)	255.8
Selling, general and administrative expenses	38.4			104.9		60.6		(13.4		)	190.5
Acquisition-related integration costs	1.0			0.6		—		—			1.6
Operating profit (loss)	(1.9		)	36.0		29.5		0.1			63.7
Other expenses:
Interest expense, net	10.8			0.1		—		—			10.9
Other expense (income), net	(0.4		)	—		1.2		—			0.8
Total other expenses	10.4			0.1		1.2		—			11.7
Earnings (loss) before income taxes	(12.3		)	35.9		28.3		0.1			52.0
Income tax expense (benefit)	(4.6		)	13.5		5.9		—			14.8
Earnings (loss) before equity in earnings of consolidated subsidiaries	(7.7		)	22.4		22.4		0.1			37.2
Equity in earnings of consolidated subsidiaries	44.8			59.6		33.6		(138.0		)	—
Net earnings	37.1			82.0		56.0		(137.9		)	37.2
Less: net earnings attributable to noncontrolling interest	—			—		0.1		—			0.1
Net earnings attributable to Wolverine World Wide, Inc.	$	37.1		$	82.0	$	55.9	$	(137.9	)	$	37.1

Comprehensive income	$	34.2		$	81.8	$	51.9	$	(133.6	)	$	34.3
Less: comprehensive income (loss) attributable to noncontrolling interest	(0.2		)	—		0.1		—			(0.1		)
Comprehensive income attributable to Wolverine World Wide, Inc.	$	34.4		$	81.8	$	51.8	$	(133.6	)	$	34.4

WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES

Consolidated Condensed Balance Sheets

As of March 28, 2015

(Unaudited)



(In millions)	Parent			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations			Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$	109.9		$	(87.8	)	$	99.2		$	—		$	121.3
Accounts receivable, net	15.6			204.0			137.6			—			357.2
Inventories:
Finished products, net	65.5			256.5			82.3			—			404.3
Raw materials and work-in-process, net	0.7			1.2			13.6			—			15.5
Total inventories	66.2			257.7			95.9			—			419.8
Deferred income taxes	12.8			14.0			1.1			—			27.9
Prepaid expenses and other current assets	45.2			(0.5		)	17.2			—			61.9
Total current assets	249.7			387.4			351.0			—			988.1
Property, plant and equipment:
Gross cost	234.6			152.8			32.9			—			420.3
Accumulated depreciation	(185.8		)	(76.7		)	(22.5		)	—			(285.0		)
Property, plant and equipment, net	48.8			76.1			10.4			—			135.3
Other assets:
Goodwill	7.8			353.0			73.3			—			434.1
Indefinite-lived intangibles	4.3			674.9			11.3			—			690.5
Amortizable intangibles, net	0.5			108.1			0.1			—			108.7
Deferred income taxes	—			—			2.7			—			2.7
Deferred financing costs, net	15.5			—			—			—			15.5
Other	50.2			12.0			3.4			—			65.6
Intercompany accounts receivable	22.1			2,433.4			501.4			(2,956.9		)	—
Investment in affiliates	3,193.1			961.3			1,045.5			(5,199.9		)	—
Total other assets	3,293.5			4,542.7			1,637.7			(8,156.8		)	1,317.1
Total assets	$	3,592.0		$	5,006.2		$	1,999.1		$	(8,156.8	)	$	2,440.5

WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES

Consolidated Condensed Balance Sheets - continued

As of March 28, 2015

(Unaudited)



(In millions)	Parent			Subsidiary Guarantors		Non-Guarantor Subsidiaries		Eliminations			Consolidated
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	24.4		$	35.7	$	36.3	$	—		$	96.4
Accrued salaries and wages	9.3			4.9		3.9		—			18.1
Other accrued liabilities	36.4			44.7		40.2		—			121.3
Current maturities of long-term debt	42.0			—		—		—			42.0
Borrowings under revolving credit agreement	14.5			—		—		—			14.5
Total current liabilities	126.6			85.3		80.4		—			292.3
Long-term debt, less current maturities	800.2			0.6		—		—			800.8
Accrued pension liabilities	107.9			21.2		—		—			129.1
Deferred income taxes	(57.5		)	274.7		2.8		—			220.0
Other liabilities	13.9			10.4		2.6		—			26.9
Intercompany accounts payable	1,633.8			856.5		466.6		(2,956.9		)	—
Stockholders’ equity:
Wolverine World Wide, Inc. stockholders’ equity	967.1			3,757.5		1,442.4		(5,199.9		)	967.1
Noncontrolling interest	—			—		4.3		—			4.3
Total stockholders’ equity	967.1			3,757.5		1,446.7		(5,199.9		)	971.4
Total liabilities and stockholders’ equity	$	3,592.0		$	5,006.2	$	1,999.1	$	(8,156.8	)	$	2,440.5

WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES

Consolidated Condensed Balance Sheets

As of January 3, 2015

(Unaudited)



(In millions)	Parent			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations			Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$	11.4		$	3.3		$	209.1		$	—		$	223.8
Accounts receivable, net	18.8			181.4			112.5			—			312.7
Inventories:
Finished products, net	59.5			260.0			78.6			—			398.1
Raw materials and work-in-process, net	2.1			1.3			12.5			—			15.9
Total inventories	61.6			261.3			91.1			—			414.0
Deferred income taxes	12.8			14.0			1.3			—			28.1
Prepaid expenses and other current assets	24.8			21.4			17.4			—			63.6
Total current assets	129.4			481.4			431.4			—			1,042.2
Property, plant and equipment:
Gross cost	230.7			150.7			33.9			—			415.3
Accumulated depreciation	(183.3		)	(72.6		)	(22.6		)	—			(278.5		)
Property, plant and equipment, net	47.4			78.1			11.3			—			136.8
Other assets:
Goodwill	7.9			353.0			77.9			—			438.8
Indefinite-lived intangibles	4.3			674.9			11.3			—			690.5
Amortizable intangibles, net	0.6			111.5			—			—			112.1
Deferred income taxes	—			—			2.8			—			2.8
Deferred financing costs, net	16.5			—			—			—			16.5
Other	49.8			11.9			3.1			—			64.8
Intercompany accounts receivable	22.1			2,225.4			621.1			(2,868.6		)	—
Investment in affiliates	3,158.2			608.8			1,221.3			(4,988.3		)	—
Total other assets	3,259.4			3,985.5			1,937.5			(7,856.9		)	1,325.5
Total assets	$	3,436.2		$	4,545.0		$	2,380.2		$	(7,856.9	)	$	2,504.5

WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES

Consolidated Condensed Balance Sheets - continued

As of January 3, 2015

(Unaudited)



(In millions)	Parent			Subsidiary Guarantors		Non-Guarantor Subsidiaries		Eliminations			Consolidated
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	37.5		$	66.4	$	45.5	$	—		$	149.4
Accrued salaries and wages	23.2			6.0		6.9		—			36.1
Other accrued liabilities	31.6			40.9		36.0		—			108.5
Current maturities of long-term debt	46.7			—		—		—			46.7
Total current liabilities	139.0			113.3		88.4		—			340.7
Long-term debt, less current maturities	853.5			0.6		—		—			854.1
Accrued pension liabilities	106.6			21.5		—		—			128.1
Deferred income taxes	(60.7		)	274.7		3.0		—			217.0
Other liabilities	13.3			10.6		2.7		—			26.6
Intercompany accounts payable	1,451.0			734.5		683.1		(2,868.6		)	—
Stockholders’ equity:
Wolverine World Wide, Inc. stockholders’ equity	933.5			3,389.8		1,598.5		(4,988.3		)	933.5
Noncontrolling interest	—			—		4.5		—			4.5
Total stockholders’ equity	933.5			3,389.8		1,603.0		(4,988.3		)	938.0
Total liabilities and stockholders’ equity	$	3,436.2		$	4,545.0	$	2,380.2	$	(7,856.9	)	$	2,504.5

WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES

Consolidated Condensed Balance Sheets

As of March 22, 2014

(Unaudited)



(In millions)	Parent			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations			Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$	(0.8	)	$	3.8		$	163.8		$	—		$	166.8
Accounts receivable, net	38.8			288.2			157.1			—			484.1
Inventories:
Finished products, net	58.9			304.7			79.9			—			443.5
Raw materials and work-in-process, net	0.6			1.0			20.5			—			22.1
Total inventories	59.5			305.7			100.4			—			465.6
Deferred income taxes	15.3			12.6			0.4			—			28.3
Prepaid expenses and other current assets	20.4			5.9			14.0			—			40.3
Total current assets	133.2			616.2			435.7			—			1,185.1
Property, plant and equipment:
Gross cost	225.0			145.2			44.7			—			414.9
Accumulated depreciation	(175.1		)	(62.4		)	(29.8		)	—			(267.3		)
Property, plant and equipment, net	49.9			82.8			14.9			—			147.6
Other assets:
Goodwill	7.8			354.3			80.2			—			442.3
Indefinite-lived intangibles	4.3			674.6			11.3			—			690.2
Amortizable intangibles, net	0.4			123.1			0.2			—			123.7
Deferred income taxes	—			—			3.4			—			3.4
Deferred financing costs, net	21.0			—			—			—			21.0
Other	48.2			12.4			5.5			—			66.1
Intercompany accounts receivable	—			1,553.1			420.8			(1,973.9		)	—
Investment in affiliates	3,095.7			593.3			425.9			(4,114.9		)	—
Total other assets	3,177.4			3,310.8			947.3			(6,088.8		)	1,346.7
Total assets	$	3,360.5		$	4,009.8		$	1,397.9		$	(6,088.8	)	$	2,679.4

WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES

Consolidated Condensed Balance Sheets - continued

As of March 22, 2014

(Unaudited)



(In millions)	Parent			Subsidiary Guarantors		Non-Guarantor Subsidiaries		Eliminations			Consolidated
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	28.9		$	68.5	$	40.0	$	—		$	137.4
Accrued salaries and wages	11.0			8.4		7.9		—			27.3
Other accrued liabilities	43.0			27.3		39.9		—			110.2
Current maturities of long-term debt	43.6			—		—		—			43.6
Borrowings under revolving credit agreement	34.0			—		—		—			34.0
Total current liabilities	160.5			104.2		87.8		—			352.5
Long-term debt, less current maturities	1,096.7			—		—		—			1,096.7
Accrued pension liabilities	62.1			12.4		—		—			74.5
Deferred income taxes	(35.3		)	287.6		4.4		—			256.7
Other liabilities	12.7			12.1		2.6		—			27.4
Intercompany accounts payable	1,196.0			292.1		485.8		(1,973.9		)	—
Stockholders’ equity:
Wolverine World Wide, Inc. stockholders’ equity	867.8			3,301.4		813.5		(4,114.9		)	867.8
Noncontrolling interest	—			—		3.8		—			3.8
Total stockholders’ equity	867.8			3,301.4		817.3		(4,114.9		)	871.6
Total liabilities and stockholders’ equity	$	3,360.5		$	4,009.8	$	1,397.9	$	(6,088.8	)	$	2,679.4

WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES

Consolidated Condensed Statements of Cash Flow

For the 12 Weeks Ended March 28, 2015

(Unaudited)



(In millions)	Parent			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations		Consolidated
Net cash provided by (used in) operating activities	$	150.8		$	(88.8	)	$	(105.0	)	$	—	$	(43.0	)
INVESTING ACTIVITIES
Additions to property, plant and equipment	(3.9		)	(2.2		)	(0.3		)	—		(6.4		)
Other	(0.6		)	(0.1		)	—			—		(0.7		)
Net cash used in investing activities	(4.5		)	(2.3		)	(0.3		)	—		(7.1		)
FINANCING ACTIVITIES
Net borrowings under revolving credit agreement	14.5			—			—			—		14.5
Payments on long-term debt	(58.0		)	—			—			—		(58.0		)
Cash dividends paid	(6.1		)	—			—			—		(6.1		)
Purchases of shares under employee stock plans	(7.4		)	—			—			—		(7.4		)
Proceeds from the exercise of stock options	5.8			—			—			—		5.8
Excess tax benefits from stock-based compensation	3.4			—			—			—		3.4
Net cash used in financing activities	(47.8		)	—			—			—		(47.8		)
Effect of foreign exchange rate changes	—			—			(4.6		)	—		(4.6		)
Increase (decrease) in cash and cash equivalents	98.5			(91.1		)	(109.9		)	—		(102.5		)
Cash and cash equivalents at beginning of the year	11.4			3.3			209.1			—		223.8
Cash and cash equivalents at end of the period	$	109.9		$	(87.8	)	$	99.2		$	—	$	121.3

WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES

Consolidated Condensed Statements of Cash Flow

For the 12 Weeks Ended March 22, 2014

(Unaudited)



(In millions)	Parent			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations		Consolidated
Net cash used in operating activities	$	(32.0	)	$	(8.2	)	$	(15.9	)	$	—	$	(56.1	)
INVESTING ACTIVITIES
Additions to property, plant and equipment	(2.2		)	(3.0		)	(0.4		)	—		(5.6		)
Investment in joint venture	—			—			(0.7		)	—		(0.7		)
Other	(0.4		)	—			—			—		(0.4		)
Net cash used in investing activities	(2.6		)	(3.0		)	(1.1		)	—		(6.7		)
FINANCING ACTIVITIES
Net borrowings under revolving credit agreement	34.0			—			—			—		34.0
Payments on long-term debt	(9.7		)	—			—			—		(9.7		)
Cash dividends paid	(6.3		)	—			—			—		(6.3		)
Purchases of shares under employee stock plans	(9.3		)	—			—			—		(9.3		)
Proceeds from the exercise of stock options	2.8			—			—			—		2.8
Excess tax benefits from stock-based compensation	3.5			—			—			—		3.5
Net cash provided by financing activities	15.0			—			—			—		15.0
Effect of foreign exchange rate changes	—			—			0.4			—		0.4
Decrease in cash and cash equivalents	(19.6		)	(11.2		)	(16.6		)	—		(47.4		)
Cash and cash equivalents at beginning of the year	18.8			15.0			180.4			—		214.2
Cash and cash equivalents at end of the period	$	(0.8	)	$	3.8		$	163.8		$	—	$	166.8