BERKSHIRE HATHAWAY INC.
NEWS RELEASE

FOR IMMEDIATE RELEASE August 9, 2002

Earnings of Berkshire Hathaway Inc. and its consolidated subsidiaries for the second quarter and six months ended June 30, 2002 and 2001 are summarized below. Amounts are stated on an after-tax basis (dollar amounts are in millions, except per share amounts).

Second Quarter    

      First Half

 

2002  

2001  

2002  

2001  

Earnings from operations before purchase-accounting-
   adjustments

$1,029 

$510 

$1,866 

$1,122 

  Purchase-accounting adjustments

       3 

 (157)

    (16)

  (307)

Earnings from operations

1,032 

353 

1,850 

815 

Realized investment gain

     13 

  420 

   111 

   564 

Net earnings

$1,045 

$773 

$1,961 

$1,379 

  ====  ====  ====  ==== 
         

Average Class A equivalent shares outstanding

1,533,728

1,527,028

1,532,352

1,526,785

         

Earnings per share:

       

  Earnings from operations

$ 673 

$231 

$1,207 

$ 534 

  Net earnings

$ 681 

$506 

$1,280 

$ 903 

  ====  ====  =====  ==== 

Selected highlights regarding results for the quarter ended June 30, 2002 follow.

Berkshire’s second quarter interim report to shareholders will be posted on the Internet later today at approximately 6:00 p.m. Central time where it can be accessed via www.berkshirehathaway.com. It will contain much additional information about Berkshire’s results of operations and financial position.

Berkshire Hathaway and its subsidiaries engage in a number of diverse business activities among which the most important is the property and casualty insurance business conducted on both a direct and reinsurance basis. Common stock of the Company is listed on the New York Stock Exchange, trading symbols BRK.A and BRK.B.

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