BERKSHIRE HATHAWAY INC. To the Shareholders of Berkshire Hathaway Inc.: This letter comes to you as part of Berkshire’s annual report. As a public company, we are required to periodically tell you many specific facts and figures. “Report,” however, implies a greater responsibility. In addition to the mandated data, we believe we owe you additional commentary about what you own and how we think. Our goal is to communicate with you in a manner that we would wish you to use if our positions were reversed – that is, if you were Berkshire’s CEO while I and my family were passive investors, trusting you with our savings.