Wolverine World Wide Investors: We are pleased to report that Wolverine World Wide, Inc. celebrated its 125th year in business in 2008, posting its eighth consecutive year of both record revenue and earnings per share. For the fiscal year, revenue grew 1.8% to a record $1.22 billion, and earnings per share increased 11.8% to $1.90 per share. These results were driven by loyal consumers, located in 180 countries and territories, who purchased nearly 48 million pairs/units of our branded footwear and apparel during 2008.

Strategic Vision: Fiscal 2008 was a year of extremes for the Company, as our record results in the first three quarters were followed by a softer fourth quarter as the economic recession extended to nearly all global markets. As poor economic news persisted, consumers continued to curtail spending and retailers further scaled back purchasing activities.