The Timberland Company’s Board of Directors approved a 2-for-1 split of its Class A and Class B Common Stock. The additional shares will be distributed on May 2, 2005, to shareholders of record on April 14, 2005. In addition, the Board of Directors approved the retirement of 10.0 million Class A Treasury shares. The Company had approximately 28.0 million shares of Class A Common Stock and 5.9 million shares of Class B Common Stock issued and outstanding as of February 28, 2005.
The Board also approved a 100% increase in shares remaining under its previously announced repurchase program as of the April 14, 2005 record date to reflect the impact of the stock split. The increase will be effective immediately after the May 2, 2005 distribution date. As of February 28, 2005, the Company had approximately 2.0 million shares remaining, pre-split, under its current share repurchase authorization.