CALERES INC — Director's Dealing 2007

Mar 14, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: BROWN SHOE CO INC (BWS)
CIK: 0000014707
Period of Report: 2007-03-01

Reporting Person: FROMM RONALD A (Director, Chairman & CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-03-01	Common Stock	G	10000	—	Disposed	252183	Direct
2007-03-12	Common Stock	M	60000	$12.0633	Acquired	312183	Direct
2007-03-12	Common Stock	F	4054	$49.325	Disposed	308129	Direct
2007-03-12	Common Stock	M	5865	$17.05	Acquired	313994	Direct
2007-03-12	Common Stock	F	2027	$49.325	Disposed	311967	Direct
2007-03-12	Common Stock	M	8603	$7.1458	Acquired	320570	Direct
2007-03-12	Common Stock	S	181	$47.75	Disposed	320389	Direct
2007-03-12	Common Stock	S	500	$47.8	Disposed	319889	Direct
2007-03-12	Common Stock	S	800	$47.81	Disposed	319089	Direct
2007-03-12	Common Stock	S	400	$47.83	Disposed	318689	Direct
2007-03-12	Common Stock	S	2700	$47.84	Disposed	315989	Direct
2007-03-12	Common Stock	S	1200	$47.88	Disposed	314789	Direct
2007-03-12	Common Stock	S	2719	$47.89	Disposed	312070	Direct
2007-03-12	Common Stock	S	8400	$47.9	Disposed	303670	Direct
2007-03-12	Common Stock	S	100	$47.91	Disposed	303570	Direct
2007-03-12	Common Stock	S	300	$47.92	Disposed	303270	Direct
2007-03-12	Common Stock	S	200	$47.93	Disposed	303070	Direct
2007-03-12	Common Stock	S	1200	$47.95	Disposed	301870	Direct
2007-03-12	Common Stock	S	100	$47.97	Disposed	301770	Direct
2007-03-12	Common Stock	S	200	$47.99	Disposed	301570	Direct
2007-03-12	Common Stock	S	600	$48.01	Disposed	300970	Direct
2007-03-12	Common Stock	S	400	$48.02	Disposed	300570	Direct
2007-03-12	Common Stock	S	100	$48.03	Disposed	300470	Direct
2007-03-12	Common Stock	S	600	$48.04	Disposed	299870	Direct
2007-03-12	Common Stock	S	1400	$48.05	Disposed	298470	Direct
2007-03-12	Common Stock	S	700	$48.06	Disposed	297770	Direct
2007-03-12	Common Stock	S	400	$48.07	Disposed	297370	Direct
2007-03-12	Common Stock	S	800	$48.09	Disposed	296570	Direct
2007-03-12	Common Stock	S	600	$48.1	Disposed	295970	Direct
2007-03-12	Common Stock	S	1600	$48.11	Disposed	294370	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-03-12	Employee Stock Option (Right to Buy)	$12.0633	M	60000	Disposed	2012-03-06	Common Stock (60000)	Direct
2007-03-12	Employee Stock Option (Right to Buy)	$17.05	M	5865	Disposed	2013-03-06	Common Stock (5865)	Direct
2007-03-12	Employee Stock Option (Right to Buy)	$7.1458	M	8603	Disposed	2010-03-02	Common Stock (8603)	Direct

Footnotes

F1: Includes 7,948 shares held indirectly by 401(k) Plan.

F2: The options vested in four equal installments on March 6, 2003, 2004, 2005 and 2006.

F3: The options vested in four equal installments on March 6, 2004, 2005, 2006 and 2007.

F4: The options vested in four equal installments on March 2, 2001, 2002, 2003 and 2004.