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NOTE 17: SHAREHOLDERS’ INTEREST Our shareholders’ interest includes: • preferred and preference shares; • common shares; • exchangeable shares; and • cumulative other comprehensive income. PREFERRED AND PREFERENCE SHARES We had no preferred and preference shares outstanding at year-end 2007 and 2006. However, we have authorization to issue: • 7 million preferred shares with a par value of $1.00 per share; and • 40 million preference shares with a par value of $1.00 per share. We may issue the preferred and preference shares at one time or through a series of offerings. The shares may have varying rights and preferences that can include: • dividend rates; • redemption rights; • conversion terms; • sinking-fund provisions; • values in liquidation; and • voting rights. When issued, outstanding preferred and preference shares rank senior to outstanding common shares. That means preferred and preference shares would receive dividends and assets available on liquidation before any payments are made to common shares. COMMON SHARES We had approximately 210 million shares of common stock outstanding at year-end 2007. The amount of common stock we have outstanding changes when: • new shares are issued; • exchangeable shares are retracted; • stock options are exercised; • restricted stock units vest; • shares are tendered; and • shares are repurchased. Reconciliation of Our Common Share Activity  OUR SHARE REPURCHASE PROGRAM As of December 30, 2007, the company has repurchased 18 million shares under the company’s stock repurchase program – the entire amount authorized by the board. We purchased: • approximately 7.0 million shares of our common stock for $473 million in 2007; • approximately 10.8 million shares of our common stock for $672 million in 2006; and • approximately 0.2 million shares of our common stock for $11 million in 2005. All purchases under this program were open-market transactions. EXCHANGEABLE SHARES We had 1.6 million exchangeable shares outstanding as of year end 2007. Our Weyerhaeuser Company Limited subsidiary issued 13.6 million exchangeable shares to common shareholders of MacMillan Bloedel in 1999 as part of the consideration paid to acquire MacMillan Bloedel. No additional shares have been issued. These exchangeable shares are, as nearly as practicable, the economic equivalent of our common shares. The exchangeable shares: • can be retracted—exchanged one to one for shares of our common stock; • receive the same dividends as our common shares; • have the same voting rights as our common shares; and • participate upon a liquidation event on a pro-rata basis with the holders of our common shares in the distribution of assets of the company. The number of exchangeable shares we have outstanding changes when shares are retracted. Reconciliation of Exchangeable Share Activity  CUMULATIVE OTHER COMPREHENSIVE INCOME Our cumulative other comprehensive income, net of tax, was $987 million as of year end 2007. Items Included in Our Cumulative Other Comprehensive Income  |