Earnings of Berkshire Hathaway Inc. and its consolidated subsidiaries for the first quarters ended March 31, 2002 and 2001 are summarized below. Amounts are stated on an after-tax basis (dollar amounts are in millions, except per share amounts).

Selected highlights regarding results for the quarter ended March 31, 2002 follow.

• Underwriting results improved at each of Berkshire’s significant insurance businesses in the first quarter of 2002. Berkshire’s consolidated "float" totaled approximately $37.3 billion at March 31, 2002, up approximately $1.8 billion from year-end 2001.

• Realized investment gain has been a recurring element in Berkshire’s net earnings for many years. The amount may fluctuate significantly from period to period, with a meaningful effect upon Berkshire’s consolidated net earnings. However, the amount of realized investment gain or loss for any given period has no predictive value, and variations in amount from period to period have no practical analytical value, particularly in view of the net unrealized price appreciation now existing in Berkshire’s consolidated investment portfolio.

Berkshire’s first 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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