Brown Shoe Declares Regular Quarterly Dividend

ST. LOUIS, MISSOURI, December 5, 2002 -- The Board of Directors of Brown Shoe Company, Inc. (NYSE: BWS) today declared a quarterly dividend of 10 cents per share, payable January 2, 2003, to shareholders of record on December 16, 2002.

This dividend will be the 320th consecutive quarterly dividend paid by the company.

Brown Shoe is a $1.76 billion footwear company with worldwide operations. The company operates the 900-store Famous Footwear chain, which sells brand name shoes for less. It also operates 400 Naturalizer stores in the U.S. and Canada that sell the Naturalizer brand of shoes and accessories. Brown Shoe, through its wholesale divisions, owns and markets leading footwear brands including Naturalizer, LifeStride, Connie, Buster Brown; it also markets licensed brands including Dr. Scholl's and Carlos by Carlos Santana for adults, and Barbie, Spider-Man and Bob-the-Builder character footwear for children. Brown Shoe press releases are available on the company's web site at www.brownshoe.com