Berkshire Hathaway Inc. News Release

(NYSE:BRK.A)(NYSE:BRK.B)

Our practice over the years has been to publish our annual report
on a Saturday morning. This schedule has allowed the public maximum
time to read our financial data and commentary while markets were
closed. Even an experienced financial analyst or journalist may find
that reading the report takes hours.

We have also, of course, wanted our reporting to be accurate,
which considering our many subsidiaries takes a great deal of checking
and evaluation. Even so, we have been able in the past to prepare our
annual report in time to issue it on the Saturday preceding its due
date.

Beginning this year, however, the deadline for filing our 10-K
with the Securities and Exchange Commission has been shortened by
fifteen days, and we were not able to have it ready for a Saturday
release. In the future, we will aim for a Saturday (or late Friday
afternoon) release of the annual report whenever that is feasible. Our
quarterly reports will regularly be released after the close on the
Friday preceding the due date for our 10-Q.

We urge investors and reporters to read our 10-K and annual
report, which have been posted at www.berkshirehathaway.com. The
limited information that follows in this press release is not adequate
for making an informed investment judgment. With that caveat, here are
the three initial paragraphs of our Chairman's letter to shareholders,
followed by summary financial data.

"Our gain in net worth during 2006 was $16.9 billion, which
increased the per-share book value of both our Class A and Class B
stock by 18.4%. Over the last 42 years (that is, since present
management took over) book value has grown from $19 to $70,281, a rate
of 21.4% compounded annually.

"We believe that $16.9 billion is a record for a one-year gain in
net worth- more than has ever been booked by any American business,
leaving aside boosts that have occurred because of mergers (e.g.,
AOL's purchase of Time Warner in 2000). Of course, Exxon Mobil and
other companies earn far more than Berkshire, but their earnings
largely go to dividends and/or repurchases, rather than to building
net worth.

"All that said, a confession about our 2006 gain is in order. Our
most important business, insurance, benefited from a large dose of
luck: Mother Nature, bless her heart, went on vacation. After
hammering us with hurricanes in 2004 and 2005 - storms that caused us
to lose a bundle on super-cat insurance - she just vanished. Last
year, the red ink from this activity turned black - very black."

Earnings of Berkshire Hathaway Inc. and its consolidated
subsidiaries for the fourth quarter and twelve months ended December
31, 2006 and 2005 are summarized below. Earnings are stated on an
after-tax basis. (Dollar amounts are in millions, except for per share
amounts).

-0-
*T
Fourth Quarter Full Year
--------------------- ---------------------
2006 2005 2006 2005
---------- ---------- ---------- ----------

Net earnings............... $3,583 $5,130 $11,015 $8,528
Investment and derivative
gains/losses.............. 715 3,287 1,709 3,530
---------- ---------- ---------- ----------
Operating earnings......... $2,868 $1,843 $9,306 $4,998
========== ========== ========== ==========

Net earnings per Class A
equivalent share.......... $2,323 $3,330 $7,144 $5,538
Investment and derivative
gains per Class A
equivalent share.......... 464 2,134 1,108 2,292
---------- ---------- ---------- ----------
Operating earnings per
Class A equivalent share.. $1,859 $1,196 $6,036 $3,246
========== ========== ========== ==========

Average Class A equivalent
shares outstanding........1,542,503 1,540,428 1,541,807 1,539,775
*T

Note: Figures for the Class B shares are 1/30th those shown for
the Class A.

An analysis of Berkshire's operating earnings follows (dollar
amounts are in millions).

-0-
*T
Fourth Quarter Full Year
--------------- ---------------
2006 2005 2006 2005
------- ------- ------- -------

Insurance-underwriting............... $867 $502 $2,485 $27
Insurance-investment income.......... 876 672 3,120 2,412
Non-insurance businesses............. 1,075 721 3,748 2,683
Other................................ 50 (52) (47) (124)
------- ------- ------- -------
Operating earnings...................$2,868 $1,843 $9,306 $4,998
======= ======= ======= =======
*T

In our earnings summary, we distinguish between what we call
"operating earnings" and investment and derivative gains/losses.
Berkshire possesses a huge reservoir (about $34.8 billion on December
31, 2006) of pre-tax unrealized investment gains. The cashing of these
in any given quarter (or the realization of losses, for that matter)
can materially distort net income figures as well as comparisons
between periods. We do not wish investors to mistakenly focus on a
bottom-line number affected by large investment gains that do not stem
from economic accomplishments during the reporting period and that
have no concurrent impact on the intrinsic value of the company. Both
trends in our operating businesses and their health are best judged by
income before investment gains or losses.

Berkshire Hathaway and its subsidiaries engage in diverse business
activities including property and casualty insurance and reinsurance,
utilities and energy, 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.

Certain statements contained in this press release are "forward
looking" statements within the meaning of the Private Securities
Litigation Reform Act of 1995. These statements are not guaranties of
future performance and actual results may differ materially from those
forecasted.

Comment on Regulation G

This press release includes certain non-GAAP financial measures.
The reconciliations of such measures to the most comparable GAAP
figures in accordance with Regulation G are included herein.

Berkshire presents its results in the way it believes will be most
meaningful and useful, as well as most transparent, to the investing
public and others who use Berkshire's financial information. That
presentation includes the use of certain non-GAAP financial measures.
In addition to the GAAP presentations of net earnings, Berkshire shows
operating earnings defined as net earnings exclusive of investment and
derivative gains/losses.

Although the investment of insurance and reinsurance premiums to
generate investment income and investment gains or losses is an
integral part of Berkshire's operations, the generation of investment
gains or losses is independent of the insurance underwriting process.
Moreover, under applicable GAAP accounting requirements, losses can be
created as the result of other-than-temporary declines in value
without actual realization or when certain types of investments are
marked-to-market through earnings. In sum, investment and derivative
gains/losses for any particular period are not indicative of quarterly
business performance.