(c) 2004 - Boston Scholars Program, Inc. (a 501c3 nonprofit organization)
www.bostonscholars.org

Press Release - June 22, 2006

KEDS PARTNERS WITH BOSTON SCHOLARS TO GIVE BACK TO BOSTON COMMUNITY

Keds Cares Campaign Supports Local Educational Initiative for Underprivileged Kids

Lexington, MA - June 22, 2006 - Taking a cue from their ad campaign titled "be cool," the Keds Corporation today announced one of their coolest collaborations yet - a partnership with the Boston Scholars Program. The Boston Scholars Program is an organization founded by young professionals who, like Keds, aim to make a difference in their community. In starting the Program, these professionals created an organization dedicated to "opening doors through educational opportunity" for meritorious Boston-area students who demonstrate a pressing financial need.

The Boston Scholars Program provides scholarship and mentorship programs to economically disadvantaged inner-city students who have been accepted to tuition-based high schools, but who would not be able to attend without financial assistance. Since its inception two years ago, the Boston Scholars Program has provided 35 scholarships to high achieving Boston-area students. These Boston Scholars, as they are known, are given the opportunity to attend private schools located throughout New England, that specialize in college preparatory curricula.

As part of its partnership with the Boston Scholars Program, Keds will sponsor several of the organization's key events. Keds will also implement a unique mentorship program - "Keds Scholar Shadow Days" - during which Boston Scholars spend time at the company's headquarters in Lexington, Mass., and "shadow" staff members throughout their workdays. These Shadow Days will allow students to gain exposure to the day-to-day activities of a major corporation. Specifically, Scholars will learn about the company's various departments, spending time with specialists in divisions that include product development, marketing, IT and finance.

The partnership kick-off event will be a Community Service Day at the Boston Nature Center this summer. Each Scholar will work with representatives from Keds as well as their individual mentors to help maintain the sanctuary's appearance. As is the goal of all the Program's Scholar-focused events, this outing will teach the kids teamwork and leadership skills as well as provide them with an opportunity to learn about the Nature Center. Keds will also support the organization's flagship event, the Annual Masquerade Party on Saturday, October 28, 2006 to help raise funds and awareness.

"As part of the Stride Rite Corporation, we at Keds are committed to being an active participant in our local community, and we can't think of a better way to do that than to support the development of today's youth," noted Shawn Neville, group president of Keds and Saucony. "By becoming actively involved with these amazing students, together with the Boston Scholars Program, hopefully we are able to impress upon these Scholars the values they personally strive to live by everyday, and inspire them to continue their pursuits to further their education."

"We are thrilled to have Keds as a corporate partner," said Rob Higby, Executive Director on the Board of Directors of the Boston Scholars Program. "It's refreshing to work with a corporation that shares our philosophy for not only giving back to the community, but also in providing kids with opportunities that will give them the tools they need to be successful, productive leaders, and mentors, for the rest of their lives."

About the Boston Scholars Program
The mission of the Boston Scholars Program is "opening doors for through educational opportunity." The organization grants scholarships to meritorious, low-income Boston-area students who have demonstrated a pressing financial need. These students, known as "Boston Scholars," are then paired with mentors from the Boston professional community who guide the Scholars along their journey throughout high school and college preparation. To date, the Boston Scholars Program has pledged over $150,000 to 35 Boston-area students. For more information please visit: www.bostonscholars.org.

About The Keds Corp.
The Keds Corp. is a subsidiary of The Stride Rite Corporation, a company that markets the leading brand of high quality children's shoes in the United States. Other footwear products for children and adults are marketed by the Company under well-known brand names including Keds, Pro-Keds, Saucony, Sperry Top-Sider, Tommy Hilfiger, Grasshoppers and Munchkin. Information about the Company is available on website - www.strideritecorp.com. Information about the Company's brands and product lines is available at www.striderite.com, www.keds.com, www.saucony.com, www.ProKeds.com, www.sperrytopsider.com and www.grasshoppers.com.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This announcement includes forward-looking statements which reflect our current views with respect to the future events or financial performance discussed in the release, based on management's beliefs and assumptions and information currently available. When used, the words "believe", "anticipate", "estimate", "project", "should", "expect", "appear" and similar expressions which do not relate solely to historical matters identify forward-looking statements. Such statements are subject to risks, uncertainties and assumptions and are not guarantees of future events or performance, which may be affected by known and unknown risks, trends and uncertainties. Should one or more of these risks or uncertainties materialize, or should our assumptions prove incorrect, actual results may vary materially from those anticipated, projected or implied. Factors that may cause such a variance include, among others: the opening of new stores may be delayed; the volume of anticipated sales may decline; revenues from new product lines may fall below expectations; the launch of new product lines may be delayed; new retail concepts may not achieve expected results; general retail sales trends may be below expectations; current license agreements may be terminated; consumer fashion trends may shift to footwear styling not currently included in our product lines; our retail customers, including large department stores, may consolidate or restructure operations resulting in unexpected store closings; and additional factors discussed from time to time in our filings with the Securities and Exchange Commission. We expressly disclaim any responsibility to update forward-looking statements.
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CONTACT: Julia Perkins, Managing Director, Boston Scholars Program, +1-617-226-4618, Julia@bostonscholars.org; Debra Fernandes, Manager, PR, Keds Corporation, +1-617-824-6471, debra_fernandes@striderite.com