--IMPORTANT NOTE--

     The 2004 Chairman's Letter is presented in PDF format. To view the Chairman's Letter you must have Adobe Acrobat® Reader® software. If you do not have Adobe Acrobat® software on your computer, use the link to go to Adobe's web site for a free download. Adobe


2004 Chairman's Letter



In his 2004 letter to shareholders, Mr. Buffett refers to an article which appeared in the November 10, 2003 edition of Fortune Magazine.

The letter also refers to an op-ed piece which appeared in the July 6, 2004 edition of The Washington Post.