CALERES INC — Director's Dealing 2008

Mar 8, 2008

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: BROWN SHOE CO INC (BWS)
CIK: 0000014707
Period of Report: 2008-03-05

Reporting Person: Ausick Richard M (President, Brown NY Division)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2008-03-05	Common Stock	A	13000	—	Acquired	75041	Direct
2008-03-05	Common Stock	A	8297	—	Acquired	83339	Direct
2008-03-05	Common Stock	F	3287	$15.2	Disposed	80053	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2008-03-05	Employee Stock Option (Right to Buy)	$15.2	A	2500	Acquired	2018-03-05	Common Stock (2500)	Direct

Footnotes

F1: Restricted stock vests 100% after 4 years.

F2: Includes 2,320 shares held indirectly by the 401(k) Plan.

F3: Represents issuance of shares pursuant to performance share award covering fiscal years 2005, 2006, and 2007, as approved for payment by the Board of Directors on March 5, 2008.

F4: The options become exercisable in four equal installments beginning March 5, 2009.