Saucony Shareholders Approve Acquisition by The Stride Rite Corporation

Saucony, Inc. (NASDAQ: SCNYA and SCNYB) announced today
that Saucony shareholders voted overwhelmingly to adopt the merger
agreement under which The Stride Rite Corporation (NYSE: SRR) will
acquire Saucony. At the Special Meeting of Shareholders held today,
approximately 86% of the Company's Class A Common Stock and
approximately 82% of the Company's Class A Common Stock and Class B
Common Stock, voting together as a single class, held of record and
entitled to vote at the meeting approved the merger agreement. The
transaction is expected to close later today.
   "We are delighted that Saucony shareholders recognized the value
and logic of our combination with Stride Rite," said John Fisher,
Saucony's President and Chief Executive Officer. "By becoming part of
Stride Rite, we will be able to expand Saucony's market presence and
accelerate the growth of our business, elevating the Saucony brand to
the next level."
   Saucony and Stride Rite entered into a definitive agreement on
June 2, 2005, under which Stride Rite agreed to pay $23 in cash for
each outstanding share of Saucony Class A and Class B common stock, or
approximately $172 million in aggregate value.
   Chestnut Securities, Inc. and Wilmer Cutler Pickering Hale and
Dorr LLP served as financial advisor and legal counsel, respectively,
in connection with the transaction.

   About Saucony

   Saucony designs, develops and markets performance-oriented
athletic footwear, athletic apparel and casual leather footwear. Its
principal products are:

   --  technical running, walking, cross-training and outdoor trail
        shoes and athletic apparel, which the Company sells under the
        Saucony brand name;

   --  technical running shoe models from the early 1980s, which the
        Company reintroduced in 1998 as Saucony "Originals", its
        classic footwear line;

   --  athletic apparel, which the Company sells under the Hind brand
        name; and

   --  shoes for coaches and officials, cleated football and
        multi-purpose footwear and casual leather walking and
        workplace footwear, which the Company sells under the
        Spot-bilt brand name.

   Saucony's products are sold in the United States at more than
5,500 retail locations and at its 21 factory outlet stores. Outside
the United States the Company's products are sold in 53 countries
through 24 independent distributors located throughout the world and
through the Company's subsidiaries located in Canada, The Netherlands
and the United Kingdom and at the Company's two factory outlet stores
in Canada. For more information, visit www.saucony.com .
   Saucony(R), GRID(R), Hind(R), Spot-bilt(R), and Hyde(R) are
registered trademarks of Saucony, Inc. All other product names,
service marks, and trademarks mentioned herein are trademarks of their
respective owners.

   Safe Harbor For Forward-Looking Statements

   Statements herein contain forward-looking statements regarding the
proposed transaction between Stride Rite and Company, the expected
timetable for completing the transaction, future financial and
operating results, benefits and synergies of the transaction, future
opportunities for the combined company and any other statements about
Stride Rite's or the Company managements' future expectations,
beliefs, goals, plans or prospects. Any statements that are not
statements of historical fact (including statements containing the
words "believes," "plans," "anticipates," "expects," "estimates" and
similar expressions) should also be considered to be forward-looking
statements. There are a number of important factors that could cause
actual results or events to differ materially from those indicated by
such forward-looking statements, including: the ability to consummate
the transaction; the ability of Stride Rite to successfully integrate
the Company's operations and employees; intense competition among
designers, marketers, distributors and sellers of footwear; changes in
consumer fashion trends that may shift to footwear styling not
currently included in the Company's product lines; the loss of
significant suppliers or customers, such as department stores and
specialty retailers; the consolidation or restructuring of such
customers, including large chain and department stores, which may
result in unexpected store closings; difficulties in implementing,
operating and maintaining complex information systems and controls,
including, without limitation, the systems related to retail stores,
systems related to demand and supply planning and inventory control;
and the other factors described in the Company's Annual Report on Form
10-K for the year ended December 31, 2004 and its most recent
Quarterly Report on Form 10-Q filed with the SEC. The Company
disclaims any intention or obligation to update any forward-looking
statements as a result of developments occurring after the date
hereof.