Market Overview

Amazon, Berkshire Hathaway and JPMorgan Chase & Co. to partner on U.S. employee healthcare


Goal is to improve U.S. employee satisfaction while reducing overall

Amazon (NASDAQ:AMZN), Berkshire Hathaway (NYSE:BRK, BRK.B)) and
JPMorgan Chase & Co. (NYSE:JPM) announced today that they are
partnering on ways to address healthcare for their U.S. employees, with
the aim of improving employee satisfaction and reducing costs. The three
companies, which bring their scale and complementary expertise to this
long-term effort, will pursue this objective through an independent
company that is free from profit-making incentives and constraints. The
initial focus of the new company will be on technology solutions that
will provide U.S. employees and their families with simplified,
high-quality and transparent healthcare at a reasonable cost.

Tackling the enormous challenges of healthcare and harnessing its full
benefits are among the greatest issues facing society today. By bringing
together three of the world's leading organizations into this new and
innovative construct, the group hopes to draw on its combined
capabilities and resources to take a fresh approach to these critical

"The ballooning costs of healthcare act as a hungry tapeworm on the
American economy. Our group does not come to this problem with answers.
But we also do not accept it as inevitable. Rather, we share the belief
that putting our collective resources behind the country's best talent
can, in time, check the rise in health costs while concurrently
enhancing patient satisfaction and outcomes," said Berkshire Hathaway
Chairman and CEO, Warren Buffett.

"The healthcare system is complex, and we enter into this challenge
open-eyed about the degree of difficulty," said Jeff Bezos, Amazon
founder and CEO. "Hard as it might be, reducing healthcare's burden on
the economy while improving outcomes for employees and their families
would be worth the effort. Success is going to require talented experts,
a beginner's mind, and a long-term orientation."

"Our people want transparency, knowledge and control when it comes to
managing their healthcare," said Jamie Dimon, Chairman and CEO of
JPMorgan Chase. "The three of our companies have extraordinary
resources, and our goal is to create solutions that benefit our U.S.
employees, their families and, potentially, all Americans," he added.

The effort announced today is in its early planning stages, with the
initial formation of the company jointly spearheaded by Todd Combs, an
investment officer of Berkshire Hathaway; Marvelle Sullivan Berchtold, a
Managing Director of JPMorgan Chase; and Beth Galetti, a Senior Vice
President at Amazon. The longer-term management team, headquarters
location and key operational details will be communicated in due course.

About Amazon

Amazon is guided by four principles: customer obsession rather than
competitor focus, passion for invention, commitment to operational
excellence, and long-term thinking. Customer reviews, 1-Click shopping,
personalized recommendations, Prime Fulfillment by Amazon, AWS, Kindle
Direct Publishing, Kindle, Fire tablets, Fire TV, Amazon Echo, and Alexa
are some of the products and services pioneered by Amazon. For more
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About Berkshire

Berkshire Hathaway and its subsidiaries engage in diverse business
activities including insurance and reinsurance, utilities and energy,
freight rail transportation, finance, manufacturing, retailing and
services. Common stock of the company is listed on the New York Stock
Exchange, trading symbols BRK.A and BRK.B.

About JPMorgan Chase & Co.

JPMorgan Chase (NYSE:JPM) is a leading global financial services firm
with assets of $2.5 trillion and operations worldwide. The Firm is a
leader in investment banking, financial services for consumers and small
businesses, commercial banking, financial transaction processing, and
asset management. A component of the Dow Jones Industrial Average,
JPMorgan Chase serves millions of customers in the United States and
many of the world's most prominent corporate, institutional and
government clients under its J.P. Morgan and Chase brands. Information
about JPMorgan Chase is available at

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