• Because the forecast is based on the assumption that the actual growth rate in branded footwear
demand will fall at the mid-point of the projected growth interval (for instance, if the projected growth for
North America is 5-7% in Year 11, the forecast is based on an assumed 6% growth)—the further the
actual growth is from the mid-point of the projected growth range and the closer it is to the extremes of
5% or 7%, the greater the error in the branded sales forecast.