BERKSHIRE HATHAWAY INC.
NEWS RELEASE

FOR IMMEDIATE RELEASE November 8, 2002

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

Third Quarter    

      First Nine Months

 

2002  

2001*  

2002  

2001*  

Earnings (loss) from operations before purchase-accounting-

   adjustments

$1,134 

$ (750)

$3,000 

$ 372 

 Purchase-accounting adjustments

   (20)

  (145)

   (36)

 (452)

Earnings (loss) from operations

1,114 

(895)

2,964 

(80)

Realized investment gain

    27 

  216 

    138 

    780 

Net earnings (loss)

$1,141 

$ (679)

$3,102 

$ 700 

  ====  ====  ====  ==== 
         

Average Class A equivalent shares outstanding

1,534,063

1,527,347

1,532,928

1,526,973

         

Net earnings (loss) per share

$ 744 

$ (445)

$2,024 

$ 458 

  ====  ====  ====  ==== 

*Results for the third quarter and first nine months of 2001 include after-tax losses of $1.45 billion from the September 11th terrorist attack.

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

Berkshire’s third 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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