Market Overview

Berkshire Hathaway's Quarterly Reporting on Form 13F

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Berkshire Hathaway (BRK.A and BRK.B) –

Tomorrow afternoon, Berkshire Hathaway will file its quarterly 13F
report with the SEC detailing its domestic equity security holdings.
There will likely be press reports emphasizing changes – upward or
downward – in the shares owned in various companies.

With a few exceptions, Berkshire wishes to avoid owning 10% or more of
an investee's shares. Since many investees are repurchasing these shares
this intention sometimes requires Berkshire to make minor sales to avoid
hitting the 10% threshold.

During the second quarter this self-imposed limit caused Berkshire to
sell some minor amounts of equity holdings in the banking and the
airlines industries, while Berkshire was purchasing shares of other
companies in the same industries.

These buy and sell decisions did not reflect our investment management's
views as to the relative attractiveness of the bought and sold
securities but were rather a response to the 10% limitation. Similar
situations may occur in future quarterly reports as Berkshire continues
to have 9% plus holdings in a number of equity securities that are
active repurchasers of their shares.

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.

Cautionary Statement

This release contains "forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995. Forward-looking
statements, which contain words such as "expect," "believe" or "plan,"
by their nature address matters that are, to different degrees,
uncertain. These uncertainties may cause actual future events to be
materially different than those expressed in our forward-looking
statements. We do not undertake to update our forward-looking statements.

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