BERKSHIRE HATHAWAY INC.
General The Company has two classes of common stock designated Class A Common Stock and Class B Common Stock. Each share of Class A Common Stock is convertible, at the option of the holder, into 30 shares of Class B Common Stock. Shares of Class B Common Stock are not convertible into shares of Class A Common Stock. Stock Transfer Agent The Bank of Boston, _ Boston EquiServe, P.O. Box 8040, Boston, MA 02266-8040 serves as Transfer Agent and Registrar for the Company's common stock. Correspondence may be directed to Investor Relations, Mail Stop 45-02-64. Certificates for re-issue or transfer should be directed to the Transfer Processing Section, Mail Stop 45-01-05. Notices for conversion and underlying stock certificates should be directed to Corporate Reorganization, Mail Stop 45-02-53. Phone inquiries should be directed to Investor Relations - (617) 575-3100. Shareholders of record wishing to convert Class A Common Stock into Class B Common Stock should contact Bank of Boston to obtain a "form of conversion notice" and instructions for converting their shares. Shareholders may call Bank of Boston between 9:00 a.m. and 6:00 p.m. Eastern Time to request a "form of conversion notice." Alternatively, shareholders may notify Bank of Boston in writing. Along with the underlying stock certificate, shareholders should provide Bank of Boston with specific written instructions regarding the number of shares to be converted and the manner in which the Class B shares are to be registered. We recommend that you use certified or registered mail when delivering the stock certificates and written instructions. If Class A shares are held in "street name", shareholders wishing to convert all or a portion of their holding should contact their broker or bank nominee. It will be necessary for the nominee to make the request for conversion. Shareholders The Company had approximately 9,000 record holders of its Class A Common Stock and 6,000 record holders of its Class B Common Stock at March 7, 1997. Record owners included nominees holding at least 220,000 shares of Class A Common Stock and 750,000 shares of Class B Common Stock on behalf of beneficial-but-not-of-record owners. Price Range of Common Stock The Company's Class A and Class B Common Stock are listed for trading on the New York Stock Exchange, trading symbol: BRK.A and BRK.B. The following table sets forth the high and low sales prices per share, as reported on the New York Stock Exchange Composite List during the periods indicated: Class A * Class B * Class A * ----------------- ----------------- ----------------- 1996 High Low High Low 1995 High Low ------- ------- ------- ------- ------- ------- First Quarter $38,000 $29,800 N/A N/A First Quarter $25,200 $20,250 Second Quarter 36,000 30,000 $ 1,220 $ 990 Second Quarter 24,450 21,500 Third Quarter 33,500 30,500 1,117 1,005 Third Quarter 30,600 23,400 Fourth Quarter 36,500 31,000 1,175 1,036 Fourth Quarter 33,400 28,850 * Class B Common Stock was first issued on May 8, 1996. At that time Berkshire's then outstanding common stock was redesignated Class A Common Stock. Dividends Berkshire has not declared a cash dividend since 1967.