CALERES INC — Director's Dealing 2015

May 5, 2015

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: BROWN SHOE CO INC (BWS)
CIK: 0000014707
Period of Report: 2015-05-02

Reporting Person: Gupta Mahendra R (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2015-05-02	Phantom Stock Units	$	A	625	Acquired		Common Stock (625)	Direct

Footnotes

F1: Each unit of phantom stock represents the right to receive cash equivalent to the fair market value of a share of common stock of the Company.

F2: The phantom stock units will be settled in cash in annual installments over a five-year or ten-year period, or in a lump sum in accordance with the Director's prior election, when the Director's service as a director terminates.