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<SEC-DOCUMENT>0000950157-08-001029.txt : 20081219
<SEC-HEADER>0000950157-08-001029.hdr.sgml : 20081219
<ACCEPTANCE-DATETIME>20081219152858
ACCESSION NUMBER:		0000950157-08-001029
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20081217
ITEM INFORMATION:		Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20081219
DATE AS OF CHANGE:		20081219

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BRUNSWICK CORP
		CENTRAL INDEX KEY:			0000014930
		STANDARD INDUSTRIAL CLASSIFICATION:	ENGINES & TURBINES [3510]
		IRS NUMBER:				360848180
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-01043
		FILM NUMBER:		081260972

	BUSINESS ADDRESS:	
		STREET 1:		ONE N FIELD CT
		CITY:			LAKE FOREST
		STATE:			IL
		ZIP:			60045-4811
		BUSINESS PHONE:		8477354700

	MAIL ADDRESS:	
		STREET 1:		ONE N FIELD CT
		CITY:			LAKE FOREST
		STATE:			IL
		ZIP:			60045-4811

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BRUNSWICK BALKE COLLENDER CO
		DATE OF NAME CHANGE:	19660919
</SEC-HEADER>
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STATES</font></div>
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AND EXCHANGE COMMISSION</font></div>
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D.C.&#160;20549</font></div>
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8-K</font></div>
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REPORT</font></div>
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to Section&#160;13 or 15(d) of the Securities Exchange Act of 1934</font></div>
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Report (Date of earliest event reported): <font style="DISPLAY: inline; TEXT-DECORATION: underline">December 17,
2008</font></font></div>
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CORPORATION</font></div>
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appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:</font></div>
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                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pre-commencement
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4.02.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Non-Reliance
on Previously Issued Financial Statements or a Related Audit Report or Completed
Interim Review.</font><br></font>&#160;</div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;On
December 17, 2008, management of the Company, with concurrence of the Audit
Committee of the Company&#8217;s Board of Directors (the &#8220;Audit Committee&#8221;), concluded
that the Company&#8217;s previously issued financial statements for the three months
and nine months ended September 27, 2008 (the &#8220;Financials&#8221;) incorrectly valued
an allowance against deferred tax assets.&#160;&#160;As a result, the Financials
should no longer be relied upon.&#160;&#160;In addition, the Company&#8217;s prior
related earnings and news releases and similar communications should no longer
be relied upon to the extent they related to the Financials.&#160;&#160;This
accounting error did not affect the Company&#8217;s operating loss or operating cash
flows for the three months and nine months ended September 27,
2008.&#160;&#160;The Company intends to file amended financial statements in a
Form 10-Q/A for the three and nine month periods ended September 27, 2008 and
September 29, 2007 no later than January 30, 2009.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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the third quarter of 2008, in accordance with Statement of Financial Accounting
Standards No. 109, &#8220;Accounting for Income Taxes&#8221; (&#8220;FAS 109&#8221;), the Company
recorded a valuation allowance of $155.0 million to reduce certain net deferred
tax assets to their anticipated realizable value.&#160;&#160;While performing
the Company&#8217;s valuation allowance assessment procedures in the fourth quarter of
2008, the Company realized it had incorrectly determined the valuation allowance
against deferred tax assets when it prepared the Financials as of September 27,
2008.</font></div>
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Company and its auditors have reached a preliminary conclusion that an
additional valuation allowance should have been recorded at September 27,
2008.&#160;&#160;The additional valuation allowance relates to deferred tax
assets established in connection with adjustments, primarily pension related,
recorded directly to equity through other comprehensive income, and the impact
of including deferred tax liabilities associated with the amortization of
indefinite lived assets.</font></div>
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Company anticipates that this error will result in an additional non-cash income
tax charge related to the valuation allowance of approximately $110 million to
$135 million.&#160;&#160;As a result of this matter, management will evaluate
the effectiveness of the design and operation of its disclosure controls and
procedures, and will disclose the results of this evaluation in Item 4 of the
Form 10-Q/A to be filed with the Securities and Exchange Commission for the
quarter ended September 27, 2008.</font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 18pt"></font>The Audit Committee and management of
the Company have discussed the matter disclosed in this Item 4.02 with the
Company&#8217;s independent registered public accounting firm, Ernst &amp; Young
LLP.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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7.01.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Regulation
FD Disclosure.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The news
release announcing this matter is furnished as Exhibit 99.1 and incorporated by
reference herein.&#160;&#160;The information in this Item 7.01 and Exhibit 99.1
shall not be deemed &#8220;filed&#8221; for purposes of Section 18 of the Securities
Exchange Act of 1934, as amended, or otherwise subject to the liabilities of
that Section, nor shall it be deemed incorporated by reference into any filing
under the Securities Act of 1933, as amended, except as expressly set forth by
specific reference in such filing.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">This
Current Report on Form 8-K contains forward-looking statements regarding charges
that Brunswick may incur and are indicated by words such as <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8220;</font>intends<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8221;</font> and other similar
words or phrases.&#160;&#160;Actual events or results may differ materially from
those described herein.&#160;&#160;Among the important factors that could cause
future events or results to vary are risks arising from the possibility that the
final accounting and valuation of the assets involved could vary from the
estimates set forth herein.&#160;&#160;Additional factors that might affect
these forward-looking statements are described in filings with the SEC such as
Brunswick&#8217;s most recent Forms 10-K and 10-Q.</font></div>
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9.01.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Financial
Statements and Exhibits</font></div>
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Securities Exchange Act of 1934, the registrant has duly caused this report to
be signed on its behalf by the undersigned thereunto duly
authorized.</font></div>
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                <td valign="top" width="35%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
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              <tr>
                <td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                <td align="left" nowrap valign="bottom" width="35%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Peter
      B. Hamilton</font></td>
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                <td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
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      Vice President and Chief Financial Officer</font></div>
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                <td valign="top" width="35%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ex99-1.htm
<DESCRIPTION>NEWS RELEASE OF THE COMPANY ISSUED ON DECEMBER 19, 2008
<TEXT>
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  <head>
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    <div style="TEXT-ALIGN: right"><font style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Exhibit
99.1</font></div>
    <div style="TEXT-ALIGN: right">&#160;</div>
    <div style="TEXT-ALIGN: left">
      <div align="center">
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            <tr>
              <td width="42%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;<img src="brunswick_logo.jpg" alt=""></font></td>
              <td width="42%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td width="16%">
                <div style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;<font style="FONT-SIZE: 16pt">News Release</font></font></div>
                <div style="TEXT-ALIGN: right">&#160;</div>
              </td>
            </tr>
            <tr>
              <td width="42%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td width="42%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td width="16%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
            </tr>
            <tr>
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                <div><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Brunswick
      Corporation&#160;&#160;1 N. Field Court&#160; Lake Forest,
      IL&#160;60045</font></font></div>
                <div><font size="2" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Telephone
      847.735.4700&#160;&#160;Facsimile 847.735.4750</font></div>
                <div><font size="2" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;www.brunswick.com</font></div>
              </td>
              <td width="42%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td width="16%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
            </tr>
        </table>
      </div>
      <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</font></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 8.4pt" align="left">
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</font></div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 8.4pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 8.4pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 8.4pt" align="left">
        <div>&#160;</div>
        <div align="left">
          <table bgcolor="white" cellpadding="0" cellspacing="0" width="48%">
              <tr>
                <td width="13%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Release:</font></td>
                <td width="67%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">IMMEDIATE</font></td>
              </tr>
              <tr>
                <td width="13%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Contact:&#160;</font></td>
                <td width="67%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Bruce
  Byots</font></td>
              </tr>
              <tr>
                <td width="13%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td width="67%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Vice President &#8211;
      Corporate and Investor Relations</font></td>
              </tr>
              <tr>
                <td width="13%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Phone:</font></td>
                <td width="67%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(847)
    735-4612</font></td>
              </tr>
              <tr>
                <td width="13%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td width="67%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                <td width="13%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Contact:</font></td>
                <td width="67%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Dan
  Kubera</font></td>
              </tr>
              <tr>
                <td width="13%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td width="67%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Director &#8211; Media
      Relations and Corporate Communications</font></td>
              </tr>
              <tr>
                <td width="13%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Phone:&#160;</font></td>
                <td width="67%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(847)
    735-4617</font></td>
              </tr>
              <tr>
                <td width="13%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Email:&#160;</font></td>
                <td width="67%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">daniel.kubera@brunswick.com</font></td>
              </tr>
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        <div>&#160;</div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="center"><font style="FONT-WEIGHT: bold">BRUNSWICK ANNOUNCES AMENDMENT TO
REVOLVING CREDIT FACILITY</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 12.9pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">LAKE FOREST, Ill., Dec. 19, 2008 &#8211;
</font>Brunswick Corporation (NYSE: BC) announced today that it and a group of
financial institutions have completed amending the company&#8217;s revolving credit
facility.&#160;&#160;In light of the current economic and credit climates,
Brunswick had sought various changes to the credit facility to ensure access to
this short-term funding source.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 12.9pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;&#8220;The
completion of the amendment is an important step for Brunswick, providing us
with liquidity and financial flexibility going forward,&#8221; explained Brunswick
Chairman and Chief Executive Officer Dustan E. McCoy.&#160;&#160;&#8220;We believe the
amount available under this facility, combined with the cash on our balance
sheet as well as recent and future cost savings efforts, should provide us the
necessary liquidity to manage effectively through these difficult market and
economic conditions.&#8221;</font></div>
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of this amendment, the facility was converted into a secured asset-based
facility, and its size was established at $400 million.&#160;&#160;Borrowings
under the facility are subject&#160;to the value of the borrowing base,
consisting of certain receivables, inventory, and machinery and equipment of the
company&#8217;s domestic subsidiaries.&#160;&#160;The facility contains a minimum
fixed-charges coverage covenant, which is effective when borrowings are within
$60 million of the total borrowing capacity available under the facility. There
are presently no borrowings under the facility; however, there
are&#160;previously issued letters of credit, which total approximately $88
million.&#160;&#160;The amendment to the facility, which remains in place
through May 2012, was led by J.P. Morgan Securities Inc.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 12.9pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 12.9pt" align="left">&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">(more)</font></div>
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            <hr style="COLOR: blue" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%; TEXT-ALIGN: left" align="right">
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Corporation</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Dec.
19, 2008</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Page&#160;2
of 4</font></div>
          </div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 12.9pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 12.9pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8220;This
facility is consistent with our current business needs in terms of size and
structure,&#8221; McCoy said.&#160;&#160;&#8220;It provides access to an important source of
liquidity, should we need to supplement our own vigorous cash management
efforts, to fund anticipated working capital needs going forward.&#8221;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 12.9pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Additional
information concerning the revolving credit facility, including the entire
Amended and Restated Credit Agreement, can be found under the related Form 8-K
filing.</font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 12.9pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Joint
venture agreement also modified</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 12.9pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
addition to this amended credit facility, Brunswick Financial Services has also
entered into an&#160;agreement with GE Capital Solutions (NYSE: GE) to amend the
terms of its joint venture agreement. The amendment is necessitated by the new
terms of the revolving credit facility, and will synchronize the key financial
covenant in each agreement.&#160;&#160;The joint venture, Brunswick Acceptance
Company (BAC), began operations in 2003, with the current agreement in place
through 2014.&#160;&#160;&#160;BAC provides wholesale floor plan financing for
qualifying Brunswick marine dealers.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.5"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 12.9pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Additional
Form 8-K filed</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.5; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
company also announced that it has filed a separate Form 8-K concerning its
previously issued financial statements for the three months and nine months
ended Sept. 27, 2008 (the "September 27 financials").&#160;&#160;In preparing
for its year-end 2008 financial statements, the company has determined that it
had incorrectly determined the valuation allowance against deferred tax assets
when it prepared the September 27 financials and, accordingly, will need to
increase its deferred tax valuation allowance as prescribed by the Statement of
Financial Accounting Standards No. 109, &#8220;Accounting for Income
Taxes.&#8221;&#160;&#160;This special tax item is a non-cash charge and did not affect
the company's operating loss or operating cash flows for the three months and
nine months ended Sept. 27, 2008.&#160;&#160;As a result, the company intends to
file amended financial statements in&#160;a Form 10-Q/A for the three and nine
month periods ended Sept. 27, 2008 and Sept. 29, 2007 no later than Jan. 30,
2009.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
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          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">(more)</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: blue" noshade size="2">
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        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%; TEXT-ALIGN: left" align="right">
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Brunswick
Corporation</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Dec.
19, 2008</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Page&#160;3
of 4</font></div>
          </div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Forward-Looking
Statements</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Certain
statements in this news release are forward looking as defined in the Private
Securities Litigation Reform Act of 1995.&#160;&#160;These statements involve
certain risks and uncertainties that may cause actual results to differ
materially from expectations as of the date of this news
release.&#160;&#160;These risks include, but are not limited to: the effect of
(i) the amount of disposable income available to consumers for discretionary
purchases, and (ii) the level of consumer confidence on the demand for marine,
fitness, billiards and bowling equipment, products and services; the ability to
successfully complete restructuring efforts in the timeframe and cost
anticipated; the ability to successfully complete the disposition of non-core
assets; the effect of higher product prices due to technology changes and added
product features and components on consumer demand; the effect of competition
from other leisure pursuits on the level of participation in boating, fitness,
bowling and billiards activities; the effect of interest rates and fuel prices
on demand for marine products; the ability to successfully manage pipeline
inventories; the financial strength of dealers, distributors and independent
boat builders; the ability to maintain mutually beneficial relationships with
dealers, distributors and independent boat builders; the ability to maintain
effective distribution and to develop alternative distribution channels without
disrupting incumbent distribution partners; the ability to maintain market
share, particularly in high-margin products; the success of new product
introductions; the ability to maintain product quality and service standards
expected by customers; competitive pricing pressures; the ability to develop
cost-effective product technologies that comply with regulatory requirements;
the ability to transition and ramp up certain manufacturing operations within
time and budgets allowed; the ability to successfully develop and distribute
products differentiated for the global marketplace; shifts in currency exchange
rates; adverse foreign economic conditions; the success of global sourcing and
supply chain initiatives; the ability to obtain components and raw materials
from suppliers; increased competition from Asian competitors; competition from
new technologies; the ability to complete environmental remediation efforts and
resolve claims and litigation at the cost estimated; and the effect of weather
conditions on demand for marine products and retail bowling center
revenues.&#160;&#160;Additional factors are included in the company&#8217;s Annual
Report on Form 10-K for 2007 and Quarterly Report on Form 10-Q for the quarter
ended Sept. 27, 2008.</font></div>
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          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: blue" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%; TEXT-ALIGN: left" align="right">
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Brunswick
Corporation</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Dec.
19, 2008</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Page&#160;4
of 4</font></div>
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        </div>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">About
Brunswick</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Headquartered
in Lake Forest, Ill., Brunswick Corporation endeavors to instill "Genuine
Ingenuity"(TM) in all its leading consumer brands, including Mercury and Mariner
outboard engines; Mercury MerCruiser sterndrives and inboard engines; MotorGuide
trolling motors; Teignbridge propellers; Albemarle, Arvor, Bayliner, Bermuda,
Boston Whaler, Cabo Yachts, Crestliner, Cypress Cay, Harris, Hatteras, Kayot,
Lowe, Lund, Maxum, Meridian, Ornvik, Princecraft, Quicksilver, Rayglass, Sea
Ray, Sealine, Triton, Trophy, Uttern and Valiant boats; Attwood marine parts and
accessories; Land 'N' Sea, Kellogg Marine, Diversified Marine and Benrock parts
and accessories distributors; IDS dealer management systems; Life Fitness,
Hammer Strength and ParaBody fitness equipment; Brunswick bowling centers,
equipment and consumer products; Brunswick billiards tables; and Dynamo, Tornado
and Valley pool tables, Air Hockey and foosball tables.&#160;&#160;For more
information, visit http://www.brunswick.com.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">#
# #</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
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