Foot Locker (FL)

The effect of deteriorating global economic conditions and financial markets may adversely affect our business.

     The Company’s performance is subject to global economic conditions and the related impact on consumer spending levels, which have declined recently due to the current economic slowdown. Some of the factors affecting consumer spending are employment, levels of consumer debt, reductions in net worth as a result of recent severe market declines, residential real estate and mortgage markets, taxation, fuel and energy prices, interest rates, consumer confidence, as well as other macroeconomic factors. Consumer purchases of discretionary items, including merchandise we sell, generally decline during recessionary periods and other periods where disposable income is adversely affected. The downturn in the global economy may continue to affect customer purchases for the foreseeable future and may adversely impact our business, financial condition and results of operations. In addition, declines in our profitability could result in a charge to earnings for the impairment of goodwill, which would not affect our cash flow but could decrease our earnings, and our stock price could be adversely affected.

     The recent distress in the financial markets has resulted in extreme volatility in security prices and diminished liquidity and credit availability. There can be no assurance that our liquidity will not be affected by changes in the financial markets and the global economy. Although we currently do not have any borrowings under our revolving credit facility (other than amounts used for standby letters of credits), tightening of the credit markets could make it more difficult for us to access funds, refinance our existing indebtedness, enter into agreements for new indebtedness or obtain funding through the issuance of the Company’s securities. In addition, the current credit situation is having a significant negative impact on businesses around the world, and the impact of this situation on our major suppliers cannot be predicted. The Company relies on a few key vendors for a majority of its merchandise purchases (including a significant portion from one key vendor). The inability of key suppliers to access liquidity, or the insolvency of key suppliers, could lead to their failure to deliver our merchandise. Our inability to obtain merchandise in a timely manner from major suppliers could have a material adverse effect on our business, financial condition, and results of operations.

The effect of deteriorating global
economic conditions and financial markets may adversely affect our
business.

     The
Company’s performance is subject to global economic conditions and the related
impact on consumer spending levels, which have declined recently due to the
current economic slowdown. Some of the factors affecting consumer spending are
employment, levels of consumer debt, reductions in net worth as a result of
recent severe market declines, residential real estate and mortgage markets,
taxation, fuel and energy prices, interest rates, consumer confidence, as well
as other macroeconomic factors. Consumer purchases of discretionary items,
including merchandise we sell, generally decline during recessionary periods and
other periods where disposable income is adversely affected. The downturn in the
global economy may continue to affect customer purchases for the foreseeable
future and may adversely impact our business, financial condition and results of
operations. In addition, declines in our profitability could result in a charge
to earnings for the impairment of goodwill, which would not affect our cash flow
but could decrease our earnings, and our stock price could be adversely
affected.

     The
recent distress in the financial markets has resulted in extreme volatility in
security prices and diminished liquidity and credit availability. There can be
no assurance that our liquidity will not be affected by changes in the financial
markets and the global economy. Although we currently do not have any borrowings
under our revolving credit facility (other than amounts used for standby letters
of credits), tightening of the credit markets could make it more difficult for
us to access funds, refinance our existing indebtedness, enter into agreements
for new indebtedness or obtain funding through the issuance of the Company’s
securities. In addition, the current credit situation is having a significant
negative impact on businesses around the world, and the impact of this situation
on our major suppliers cannot be predicted. The Company relies on a few key
vendors for a majority of its merchandise purchases (including a significant
portion from one key vendor). The inability of key suppliers to access
liquidity, or the insolvency of key suppliers, could lead to their failure to
deliver our merchandise. Our inability to obtain merchandise in a timely manner
from major suppliers could have a material adverse effect on our business,
financial condition, and results of operations.

The effect of deteriorating global
economic conditions and financial markets may adversely affect our
business.

     The
Company’s performance is subject to global economic conditions and the related
impact on consumer spending levels, which have declined recently due to the
current economic slowdown. Some of the factors affecting consumer spending are
employment, levels of consumer debt, reductions in net worth as a result of
recent severe market declines, residential real estate and mortgage markets,
taxation, fuel and energy prices, interest rates, consumer confidence, as well
as other macroeconomic factors. Consumer purchases of discretionary items,
including merchandise we sell, generally decline during recessionary periods and
other periods where disposable income is adversely affected. The downturn in the
global economy may continue to affect customer purchases for the foreseeable
future and may adversely impact our business, financial condition and results of
operations. In addition, declines in our profitability could result in a charge
to earnings for the impairment of goodwill, which would not affect our cash flow
but could decrease our earnings, and our stock price could be adversely
affected.

     The
recent distress in the financial markets has resulted in extreme volatility in
security prices and diminished liquidity and credit availability. There can be
no assurance that our liquidity will not be affected by changes in the financial
markets and the global economy. Although we currently do not have any borrowings
under our revolving credit facility (other than amounts used for standby letters
of credits), tightening of the credit markets could make it more difficult for
us to access funds, refinance our existing indebtedness, enter into agreements
for new indebtedness or obtain funding through the issuance of the Company’s
securities. In addition, the current credit situation is having a significant
negative impact on businesses around the world, and the impact of this situation
on our major suppliers cannot be predicted. The Company relies on a few key
vendors for a majority of its merchandise purchases (including a significant
portion from one key vendor). The inability of key suppliers to access
liquidity, or the insolvency of key suppliers, could lead to their failure to
deliver our merchandise. Our inability to obtain merchandise in a timely manner
from major suppliers could have a material adverse effect on our business,
financial condition, and results of operations.

The effect of deteriorating global economic conditions and financial markets may adversely affect our business

     The Company’s performance is subject to global economic conditions and the related impact on consumer spending levels, which have declined recently due to the current economic slowdown. Some of the factors affecting consumer spending are employment, levels of consumer debt, reductions in net worth as a result of recent severe market declines, residential real estate and mortgage markets, taxation, fuel and energy prices, interest rates, consumer confidence, as well as other macroeconomic factors. Consumer purchases of discretionary items, including merchandise we sell, generally decline during recessionary periods and other periods where disposable income is adversely affected. The downturn in the global economy may continue to affect customer purchases for the foreseeable future and may adversely impact our business, financial condition and results of operations. In addition, declines in our profitability could result in a charge to earnings for the impairment of goodwill, which would not affect our cash flow but could decrease our earnings, and our stock price could be adversely affected.

     The recent distress in the financial markets has resulted in extreme volatility in security prices and diminished liquidity and credit availability. There can be no assurance that our liquidity will not be affected by changes in the financial markets and the global economy. Although we currently do not have any borrowings under our revolving credit facility (other than amounts used for letter of credits), tightening of the credit markets could make it more difficult for us to access funds, refinance our existing indebtedness, enter into agreements for new indebtedness or obtain funding through the issuance of the Company’s securities. In addition, the current credit crisis is having a significant negative impact on businesses around the world, and the impact of this crisis on our major suppliers cannot be predicted. The Company relies on a few key vendors for a majority of its merchandise purchases (including a significant portion from one key vendor). The inability of key suppliers to access liquidity, or the insolvency of key suppliers, could lead to their failure to deliver our merchandise. Our inability to obtain merchandise in a timely manner from major suppliers could have a material adverse effect on our business, financial condition, and results of operations.

Page 22 of 30