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This “what-will-they-do-with-the-money” factor must always be evaluated along with the “what-do-we-have-now” calculation<br />
in order for us, or anybody, to arrive at a sensible estimate of a company’s intrinsic value. That’s because an outside investor stands<br />
by helplessly as management reinvests his share of the company’s earnings. If a CEO can be expected to do this job well, the<br />
reinvestment prospects add to the company’s current value; if the CEO’s talents or motives are suspect, today’s value must be<br />
discounted. The difference in outcome can be huge. A dollar of then-value in the hands of Sears Roebuck’s or Montgomery Ward’s<br />
CEOs in the late 1960s had a far different destiny than did a dollar entrusted to Sam Walton.<br />
************<br />
BERKSHIRE HATHAWAY INC.<br />
COMMON STOCK<br />
General<br />
Berkshire has two classes of common stock designated Class A common stock and Class B common stock. Each share of<br />
Class A common stock is convertible, at the option of the holder, into 1,500 shares of Class B common stock. Shares of Class B<br />
common stock are not convertible into shares of Class A common stock.<br />
Stock Transfer Agent<br />
Wells Fargo Bank, N.A., P. O. Box 64854, St. Paul, MN 55164-0854 serves as Transfer Agent and Registrar for the Company’s<br />
common stock. Correspondence may be directed to Wells Fargo at the address indicated or at wellsfargo.com/shareownerservices.<br />
Telephone inquiries should be directed to the Shareowner Relations Department at 1-877-602-7411 between 7:00 A.M. and 7:00 P.M.<br />
Central Time. Certificates for re-issue or transfer should be directed to the Transfer Department at the address indicated.<br />
Shareholders of record wishing to convert Class A common stock into Class B common stock may contact Wells Fargo in<br />
writing. Along with the underlying stock certificate, shareholders should provide Wells Fargo with specific written instructions<br />
regarding the number of shares to be converted and the manner in which the Class B shares are to be registered. We recommend that<br />
you use certified or registered mail when delivering the stock certificates and written instructions.<br />
If Class A shares are held in “street name,” shareholders wishing to convert all or a portion of their holding should contact their<br />
broker or bank nominee. It will be necessary for the nominee to make the request for conversion.<br />
Shareholders<br />
Berkshire had approximately 2,900 record holders of its Class A common stock and 19,300 record holders of its Class B<br />
common stock at February 14, 2014. Record owners included nominees holding at least 450,000 shares of Class A common stock and<br />
1,170,000,000 shares of Class B common stock on behalf of beneficial-but-not-of-record owners.<br />
Price Range of Common Stock<br />
Berkshire’s Class A and Class B common stock are listed for trading on the New York Stock Exchange, trading symbol: BRK.A<br />
and BRK.B. The following table sets forth the high and low sales prices per share, as reported on the New York Stock Exchange<br />
Composite List during the periods indicated:<br />
2013 2012<br />
Class A Class B Class A Class B<br />
High Low High Low High Low High Low<br />
First Quarter ........................ $156,634 $136,850 $104.48 $ 91.29 $123,578 $113,855 $82.47 $75.86<br />
Second Quarter ...................... 173,810 154,145 115.98 102.69 124,950 117,551 83.33 78.21<br />
Third Quarter ....................... 178,900 166,168 119.30 110.72 134,892 123,227 89.95 82.12<br />
Fourth Quarter ....................... 177,950 166,510 118.66 110.84 136,345 125,950 90.93 83.85<br />
Dividends<br />
Berkshire has not declared a cash dividend since 1967.<br />
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