<SEC-DOCUMENT>0001214659-24-006217.txt : 20240405
<SEC-HEADER>0001214659-24-006217.hdr.sgml : 20240405
<ACCEPTANCE-DATETIME>20240405124909
ACCESSION NUMBER:		0001214659-24-006217
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20240405
DATE AS OF CHANGE:		20240405
EFFECTIVENESS DATE:		20240405

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BERKSHIRE HATHAWAY INC
		CENTRAL INDEX KEY:			0001067983
		STANDARD INDUSTRIAL CLASSIFICATION:	FIRE, MARINE & CASUALTY INSURANCE [6331]
		ORGANIZATION NAME:           	02 Finance
		IRS NUMBER:				470813844
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PX14A6G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14905
		FILM NUMBER:		24825779

	BUSINESS ADDRESS:	
		STREET 1:		3555 FARNAM STREET
		CITY:			OMAHA
		STATE:			NE
		ZIP:			68131
		BUSINESS PHONE:		4023461400

	MAIL ADDRESS:	
		STREET 1:		3555 FARNAM STREET
		CITY:			OMAHA
		STATE:			NE
		ZIP:			68131

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NBH INC
		DATE OF NAME CHANGE:	19980810

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Illinois State Treasurer's Office
		CENTRAL INDEX KEY:			0001739791
		ORGANIZATION NAME:           	
		IRS NUMBER:				550895818
		STATE OF INCORPORATION:			IL
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		PX14A6G

	BUSINESS ADDRESS:	
		STREET 1:		400 W MONROE ST
		STREET 2:		SUITE 401
		CITY:			SPRINGFIELD
		STATE:			IL
		ZIP:			62704
		BUSINESS PHONE:		(312) 814-8950

	MAIL ADDRESS:	
		STREET 1:		100 W. RANDOLPH ST., SUITE 15-600
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60601
</SEC-HEADER>
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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>Notice of Exempt Solicitation</U></B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NAME OF REGISTRANT: </B>Berkshire Hathaway Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NAME OF PERSON RELYING ON EXEMPTION: </B><FONT STYLE="color: #1C1C1C">Michael
Frerichs, as Trustee of the Bright Start College Savings Trust</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ADDRESS OF PERSON RELYING ON EXEMPTION: </B>Office of the Illinois
State Treasurer, 555 W. Monroe, 14th Floor, Chicago, IL 60661</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>This Notice and the attached written materials are filed pursuant
to Rule 14a-6(g)(1) promulgated under the Securities Exchange Act of 1934.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">April 4, 2024</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dear fellow Berkshire Hathaway shareholders,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #2D2D2D">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Vote FOR ITEM #3: Disclosure of GHG Emissions and Decarbonization
Efforts at Berkshire Hathaway Energy</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We are writing to urge Berkshire Hathaway Inc. (&#8220;BRK&#8221; or
the &#8220;Company&#8221;) shareholders to vote for Item #3 on the Company&#8217;s 2024 proxy, a proposal that recommends that the Board
of Directors disclose the greenhouse gas emissions (GHG) of Berkshire Hathaway Energy (&#8220;BHE&#8221;) by scope and the steps taken
by BHE to meet its GHG reduction goals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The resolved clause of the Proposal, which has been submitted by Michael
W. Frerichs as Treasurer for the State of Illinois and co-filer Robeco, states:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in"><B><I>RESOLVED</I></B><I>: Shareholders of Berkshire Hathaway Inc.
(the &#8220;Company&#8221;) request that its Board of Directors (the &#8220;Board&#8221;) disclose, in a consolidated annual report (at
reasonable expense and omitting proprietary information) greenhouse gas (GHG) emissions data by scope, as well as progress towards its
net-zero decarbonization goal, for Berkshire Hathaway Energy (&#8220;BHE&#8221;).</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We believe consolidated, industry-standard reporting of GHG emissions
are material to understanding BHE&#8217;s climate transition and progress towards its Net Zero Goals, as well as the impact that will
have on its financial success in the long term. We also believe that the request of our proposal will prepare the Company to comply with
recently enacted disclosure requirements, and is therefore both necessary and prudent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Summary</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">It is important that the Company inform and be transparent with shareholders
about the GHG emissions of BHE, which along with BNSF, represents more than 90% of the Company&#8217;s direct emissions.<SUP>1</SUP>
While the Company underscores that its GHG emissions &#8211; and particularly those of BHE &#8211; expose it to financial and regulatory
risks that could have an adverse impact on business performance,<SUP>2</SUP> the Company does not provide its shareholders with a clear
accounting of its emissions aligned with globally recognized standards, peer companies, and anticipated regulatory requirements to provide
a framework for assessing such risks. The Company also fails to provide shareholders with a clear and substantive account of BHE&#8217;s
progress in fulfilling its stated goal to achieve net zero GHG emissions by 2050. Providing improved reporting on BHE&#8217;s emissions
and decarbonization efforts would increase transparency and accountability on a material area of the business, which would ultimately
serve the best interests of the Company and its shareholders. We urge you to vote in FAVOR of ITEM #3.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>GHG emissions and the transition to a low-carbon economy pose material
risks to Berkshire Hathaway and its operating companies, including Berkshire Hathaway Energy.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">BRK owns 92% of BHE, which is a holding company that primarily consists
of regulated utilities and pipeline companies.<SUP>3</SUP> In BHE&#8217;s 2023 Annual Report, BHE clearly reaffirms the relevance of
GHG emissions, and emission reduction regulations to its operational and financial performance. For example, in the section titled &#8220;Regulatory,
Legislative, and Legal Risks&#8221;, BHE writes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-right: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>&#8220;New federal, regional, state and international
accords, legislation, regulation, or judicial proceedings limiting GHG emissions could have a material adverse impact on the Registrants,
the U.S. and the global economy. Companies and industries with higher GHG emissions, such as utilities with significant coal-fueled generating
facilities, will be subject to more direct impacts and greater financial and regulatory risks.&#8221;<B><SUP>4</SUP></B></I></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Furthermore, BHE notes the following regarding air quality regulations:
&#8220;<I>These laws and regulations continue to be promulgated and implemented and will impact the operation of BHE's generating facilities
and require them to reduce emissions at those facilities to comply with the requirements.&#8221;<B><SUP>5</SUP></B></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>The Company&#8217;s current disclosure of BHE&#8217;s emissions
is insufficient, outdated, and out-of-step with established reporting standards, peer reporting practices, and anticipated regulatory
requirements.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In the opposition statement, the Company notes that BHE&#8217;s current
reporting was created &#8220;utilizing the template developed collaboratively by industry, Wall Street investors and other organizations.&#8221;
While we appreciate that the Company recognizes the importance of GHG emission reporting and endeavors to address previous investor feedback,
the fact of the matter is that the Company and BHE&#8217;s current reporting is misaligned with current reporting standards, peer practices,
and forthcoming regulatory requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We believe that corporate disclosure of GHG emissions should follow
the GHG Protocol methodology, which stipulates that disclosure of emissions data be provided by scope in order to enable aggregation and
comparability across organizations and jurisdictions.<SUP>6</SUP> This methodology is endorsed by globally recognized reporting standard-setters,
including the International Financial Standards Board (IFRS)<SUP>7</SUP>, the Task Force on Climate-related Financial Disclosures (TCFD)<SUP>8</SUP>,
the Carbon Disclosure Project (CDP)<SUP>9</SUP>, and the Science Based Targets Initiative (SBTi)<SUP>10</SUP>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The GHG Protocol methodology is also integrated into both existing
and forthcoming regulatory requirements and guidance,<SUP>11</SUP> which are or may become relevant to the Company, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>The Enhancement and Standardization of Climate-Related Disclosures for
Investors Rule</B> enacted by the United States Securities and Exchange Commission (SEC), which requires corporate emissions reporting
in 2026 for large accelerated filers like BRK<SUP>12</SUP>;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Climate Corporate Data Accountability Act (CA SB 253)</B> adopted by the
State of California, which requires corporate emissions reporting in 2026<SUP>13</SUP>;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>IFRS S2 Climate-Related Disclosures</B> issued by the International Sustainability
Standards Board (ISSB), which became effective January 1, 2024<SUP>14</SUP>; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>European Sustainability Reporting Standards (ESRS)</B> mandated by the
European Union Corporate Sustainability Reporting Directive (CSRD), which became effective January 1, 2024.<SUP>15</SUP></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Given the widespread adoption of the GHG Protocol methodology by standard-setters
and regulatory bodies, it is no surprise that other U.S. energy companies and comparable peers disclose emissions per the methodology,
including Xcel Energy,<SUP>16</SUP> The Southern Company,<SUP>17</SUP> Duke Energy Corporation,<SUP>18</SUP> and Sempra Energy.<SUP>19</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">BHE is a notable outlier, choosing to present emissions data by operating
segments (i.e. owned generation and purchased power).<SUP>20</SUP> This leaves the Company and shareholders at a disadvantage, as both
are unable to accurately benchmark against peers, industry metrics, or market trends. Under the current disclosure method, such analysis
and benchmarking necessitate the use of assumptions or imprecise estimations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company also argues in its opposition statement that it believes
that disclosure by scope is not necessary at this time. However, with the enactment of enhanced disclosure requirements&#8212;particularly
from the State of California and the SEC&#8212;the Company will be required to do just that<SUP>1</SUP>. It behooves the Company and BHE
to revisit their disclosure methodology to ensure alignment with these disclosure requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition to providing comparability and compliance assurance, we
firmly believe that standardized GHG emission reporting from BHE would assist in executing current and future disclosure and target-setting
initiatives, as well as increase investor and stakeholder confidence in BHE&#8217;s risk management practices.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 6pt"><B>_____________________________</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>1</SUP></FONT>
P<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ending the outcome of any current or future legal challenges</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>The Company&#8217;s current disclosure of BHE&#8217;s decarbonization
plans and progress is significantly lacking, and out-of-step with established reporting standards, the reporting of peer companies, and
anticipated regulatory requirements.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We believe BHE should provide investors with more robust and standardized
reporting on its progress fulfilling its stated decarbonization goals. While we commend BHE for establishing intermediary and long-term
decarbonization goals, we firmly believe that the Company should align BHE&#8217;s disclosures with TCFD recommendations, which are widely
recognized as a baseline standard for climate-related disclosure. TCFD recommends, at a minimum, disclosure of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Governance mechanisms around climate-related risks and opportunities; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Strategies to address climate-related risks and opportunities, as well as
fulfill stated decarbonization goals; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Risk management systems to identify, assess and manage climate-related risks;
and </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Metrics and targets used to assess and manage relevant climate-related risks
and opportunities, where such information is material.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">TCFD also advises organizations to stress test the resilience of their
strategy and risk management by considering a range of climate-related scenarios, including a 2&deg;C or lower scenario.<SUP>21</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We believe that such information is critical to help shareholders understand
whether BHE has sound governance and risk oversight mechanisms in place to protect it from potentially adverse regulatory requirements
and market changes related to the energy transition, as well as to inform investors whether BHE is effectively positioned to capitalize
on opportunities presented as the economy decarbonizes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Furthermore, disclosure that addresses areas of governance, strategy,
risk management, and metrics and targets would better prepare the Company for compliance with anticipated disclosure requirements, including
the requirements set forth by the SEC in the Enhancement and Standardization of Climate-Related Disclosures for Investors Rule and by
the State of California in both the Climate Corporate Data Accountability Act and the Climate-Related Financial Risk Act.<SUP>22</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In its opposition statement, the Company notes that BHE &#8220;reports
to investors and makes publicly available its progress in transitioning its generating fleet and investment plans in annual presentations
to fixed-income investors and at the Edison Electric Institute&#8217;s Financial Conference.&#8221; While those presentations provide
selective information on BHE&#8217;s efforts to reduce GHG emissions, retire coal and natural gas units, and increase investments to renewables
generation and electric transmission, again, these disclosures are inconsistent and out-of-step with established reporting standards,
the reporting of peer companies, and anticipated regulatory requirements. Particularly lacking is disclosure on: (1) the governance structures
utilized by BHE to effectively oversee climate-related risks and opportunities and fulfill its stated strategic goals; and (2) whether
or to what extent BHE undertakes scenario analysis to determine its operational and financial resilience under feasible regulatory and
economic scenarios.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Numerous U.S. energy companies and peers of BHE provide disclosures
that better inform shareholders and more substantively addresses such key aspects of corporate governance, strategy and risk management,
including Xcel Energy,<SUP>23</SUP> The Southern Company,<SUP>24</SUP> and NextEra Energy.<SUP>25</SUP> As such, we do not believe
what is being asked of the Company is unreasonable, imprudent, or cost-prohibitive.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Conclusion</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item #3 on the proxy seeks enhanced disclosure of BHE&#8217;s GHG emissions
and decarbonization efforts to better inform shareholders, and, in the view of the Proponent, contribute to the long-term success of the
Company. In doing so, our proposal seeks to help the Company better align its reporting with industry standards, peers, and forthcoming
disclosure mandates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Proposal <U>does not</U> seek to dictate the strategy or day-to-day
operations of the Company, but rather seeks to provide shareholders with reasonable information by which they can better assess the Company&#8217;s
oversight and management of material risks and opportunities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>We encourage all shareholders to vote FOR Item #3.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_________________________________________________________________________________________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">IMPORTANT NOTICE:&nbsp;&nbsp;The cost of this communication is being
borne entirely by the Office of the Illinois State Treasurer. The foregoing information may be disseminated to shareholders via telephone,
U.S. mail, e&#45;mail, certain websites and certain social media venues, and should not be construed as investment advice or as a solicitation
of authority to vote your proxy. Proxy cards will not be accepted by the Office of the Illinois State Treasurer or the other co-filers
of the proposal. To vote your proxy, please follow the instructions on your proxy card. These written materials may be submitted pursuant
to Rule 14a&#45;6(g)(1) promulgated under the Securities Exchange Act of 1934. The views expressed are those of the authors as of the
date referenced and are subject to change at any time based on market or other conditions. These views are not intended to be a forecast
of future events or a guarantee of future results. These views may not be relied upon as investment advice. The information contained
herein has been prepared from sources believed reliable but is not guaranteed by us as to its timeliness or accuracy, and is not a complete
summary or statement of all available data. This piece is for informational purposes and should not be construed as a research report.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 6pt"><B>_____________________________</B></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>1</SUP></FONT>
https://berkshirehathaway.com/2023ar/2023ar.pdf, page K-27.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>2</SUP></FONT>
https://berkshirehathaway.com/2023ar/2023ar.pdf, page K-27; https://prdbhegtscom-cactbhecoracloud.cec.ocp.oraclecloud.com/content/published/api/v1.1/assets/CONT145F62EAD1574C4599FB9CC708A14A20/native/BHE_12312023_<BR>
Form+10-K.pdf?channelToken=43656b04884643bc9fe334ad550d375f&amp;download=false,
page 79.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>3</SUP></FONT>
https://berkshirehathaway.com/2023ar/2023ar.pdf, page K-45.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>4</SUP></FONT>
https://prdbhegtscom-cactbhecoracloud.cec.ocp.oraclecloud.com/content/published/api/v1.1/assets/CONT145F62EAD1574C4599FB9CC708A14A20/native/BHEnew_12312023_<BR>
Form+10-K.pdf?channelToken=43656b04884643bc9fe334ad550d375f&amp;download=false,
page 79.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>5</SUP></FONT>
https://prdbhegtscom-cactbhecoracloud.cec.ocp.oraclecloud.com/content/published/api/v1.1/assets/CONT145F62EAD1574C4599FB9CC708A14A20/native/BHE_12312023_<BR>
Form+10-K.pdf?channelToken=43656b04884643bc9fe334ad550d375f&amp;download=false,
page 63.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>6</SUP></FONT>https://ghgprotocol.org/standards</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>7</SUP></FONT>
https://www.ifrs.org/news-and-events/news/2024/01/new-resource-on-emissions-reporting-using-gri-and-issb-standards.html/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>8</SUP></FONT>
https://www.fsb-tcfd.org/recommendations/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>9</SUP></FONT>
https://cdn.cdp.net/cdp-production/comfy/cms/files/files/000/008/898/original/Scoring_2023_-_short_explainer.pdf</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>10</SUP></FONT>
https://sciencebasedtargets.org/resources/files/Getting-Started-Guide.pdf</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>11</SUP></FONT>
https://ghgprotocol.org/blog/overview-ghg-protocol-integration-regulatory-climate-disclosure-rules</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>12</SUP></FONT>
https://www.sec.gov/rules/2022/03/enhancement-and-standardization-climate-related-disclosures-investors</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>13</SUP></FONT>
https://leginfo.legislature.ca.gov/faces/billNavClient.xhtml?bill_id=202320240SB253</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>14</SUP></FONT>
https://www.ifrs.org/content/dam/ifrs/publications/pdf-standards-issb/english/2023/issued/part-b/issb-2023-b-ifrs-s2-climate-related-disclosures-accompanying-guidance-part-b.pdf?<BR>
bypass=on</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>15</SUP></FONT>
https://eur-lex.europa.eu/legal-content/en/TXT/?uri=CELEX:32023R2772</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>16</SUP></FONT>
https://investors.xcelenergy.com/files/doc_downloads/sustainability/2022/2022-sustainability-report-full-6-20-2023.pdf</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>17</SUP></FONT>
https://www.southerncompany.com/content/dam/southerncompany/sustainability/pdfs/2023-cdp-climate-change-disclosure.pdf</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>18</SUP></FONT>
https://p-cd.duke-energy.com/esg/-/media/pdfs/our-company/esg/2022-impact-report.pdf?rev=f255acd17af84ad9973df41d88ee9338&amp;_ga=2.121043464.1810546367.1710952926-<BR>
201229462.1710952926&amp;_gl=1*xya3z2*_ga*MjAxMjI5NDYyLjE3MTA5NTI5MjY.*_ga_HB58MJRNTY*MTcxMDk1MjkyNi4xLjAuMTcxMDk1MjkyNi4wLjAuMA..</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>19</SUP></FONT>
https://www.sempra.com/sites/default/files/2023-10/Sempra-CDP-Climate-Change-Questionnaire-2023.pdf</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>20</SUP></FONT>
https://www.brkenergy.com/esg-sustainability/governance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>21</SUP></FONT>
https://assets.bbhub.io/company/sites/60/2021/10/FINAL-2017-TCFD-Report.pdf</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>22</SUP></FONT>
https://legiscan.com/CA/text/SB261/id/2844343</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>23</SUP></FONT>
https://investors.xcelenergy.com/esg/default.aspx; https://www.cdp.net/en/responses/20839; https://www.xcelenergy.com/staticfiles/xe-responsive/Archive/XEL-Position-Statement-Responsible-Coal-Transition.pdf</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>24</SUP></FONT>
https://www.southerncompany.com/sustainability/clean-energy/net-zero-transition.html; https://www.southerncompany.com/content/dam/southerncompany/sustainability/pdfs/2023-cdp-climate-change-disclosure.pdf;
https://www.southerncompany.com/content/dam/southerncompany/sustainability/pdfs/Just-Transition-Report.pdf; https://investor.southerncompany.com/esg/policy-engagement-and-advocacy/default.aspx</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>25</SUP></FONT>
https://www.nexteraenergy.com/content/dam/nee/us/en/pdf/2023_NEE_Sustainability_Report_Final.pdf; https://www.cdp.net/en/responses/6672</P>



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