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BERKSHIRE HATHAWAY INC.

BERKSHIRE HATHAWAY INC. 2010. ANNUAL REPORT. Business Activities BERKSHIRE HATHAWAY Inc. is a holding company owning subsidiaries that engage in a number of diverse business activities including property and casualty insurance and reinsurance, freight rail transportation, utilities and energy, finance, manufacturing, services and retailing. Included in the group of subsidiaries that underwrite property and casualty insurance and reinsurance is GEICO, the third largest private passenger auto insurer in the United States and two of the largest reinsurers in the world, General Re and the BERKSHIRE HATHAWAY Reinsurance Group.

BERKSHIRE HATHAWAY INC. To the Shareholders of Berkshire Hathaway Inc.: The per-share book value of both our Class A and Class B stock increased by 13% in 2010.

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