<SEC-DOCUMENT>0001214659-25-004756.txt : 20250325
<SEC-HEADER>0001214659-25-004756.hdr.sgml : 20250325
<ACCEPTANCE-DATETIME>20250325165129
ACCESSION NUMBER:		0001214659-25-004756
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20250325
DATE AS OF CHANGE:		20250325
EFFECTIVENESS DATE:		20250325

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
		EIN:				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:		25769071

	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:			AS YOU SOW
		CENTRAL INDEX KEY:			0001086462
		ORGANIZATION NAME:           	
		EIN:				000000000
		STATE OF INCORPORATION:			CA

	FILING VALUES:
		FORM TYPE:		PX14A6G

	BUSINESS ADDRESS:	
		STREET 1:		2150 KITTREDGE ST.
		STREET 2:		SUITE 450
		CITY:			BERKELEY
		STATE:			CA
		ZIP:			94704
		BUSINESS PHONE:		510-735-8155

	MAIL ADDRESS:	
		STREET 1:		2150 KITTREDGE ST.
		STREET 2:		SUITE 450
		CITY:			BERKELEY
		STATE:			CA
		ZIP:			94704
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Notice of Exempt Solicitation Pursuant to Rule
14a-103</B></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Name of Registrant: Berkshire Hathaway Inc (BRK)</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Name of person relying on exemption: As You Sow&reg;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Address of persons relying on exemption: 11461
San Pablo Ave, Suite 400, El Cerrito, CA 94530</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The attached written materials are submitted pursuant
to Rule 14a-6(g)(1) promulgated under the Securities Exchange Act of 1934.&nbsp;As You Sow&reg; does not beneficially own more than $5
million of the class of subject securities, and this notice of exempt solicitation is therefore being provided on a voluntary basis.</P>

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    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 10%"><FONT STYLE="font-size: 8pt; color: #00813D"><B>11461 San Pablo Avenue, Suite 400&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: top; width: 80%; white-space: nowrap"><FONT STYLE="font-size: 8pt; color: #73C167"><B>www.asyousow.org</B></FONT></TD></TR>
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    <TD STYLE="white-space: nowrap"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 8pt; color: #00813D"><B>El Cerrito, CA 94530</B></FONT></P>
                                    <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 8pt; color: #00813D"><B>&nbsp;&nbsp;&nbsp;</B></FONT></P></TD>
    <TD STYLE="text-align: right; white-space: nowrap"><FONT STYLE="font-size: 7.5pt; color: #73C167">BUILDING A SAFE, JUST, AND SUSTAINABLE WORLD SINCE 1992</FONT></TD></TR>
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<P STYLE="font: bold 16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Berkshire Hathaway Inc (BRK)<BR>
Vote Yes: Item 7 &ndash; Disclose Clean Energy Financing Ratio</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Annual Meeting: May 3, 2025 </B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CONTACT: Mary Zuccarello | mzuccarello@asyousow.org</P>

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<P STYLE="font: bold 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4">THE RESOLUTION</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B>BE IT RESOLVED:</B> Shareholders request that Berkshire annually
disclose its clean energy financing ratio, defined as its total financing in low-carbon energy as a proportion of its investment in fossil-fuel
energy. The disclosure, prepared at reasonable expense and excluding confidential information, should describe the Company&rsquo;s methodology,
including what it classifies as &ldquo;low carbon&rdquo; and &ldquo;fossil fuel.&rdquo;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SUPPORTING STATEMENT: </B>At Company discretion, the clean energy
financing ratio should include all Berkshire&rsquo;s material investment mechanisms, including debt, equity, and project finance.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 6pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

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<P STYLE="font: bold 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4">SUMMARY</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">The United States is facing a nationwide insurance crisis due to the
increasing frequency and severity of climate-fueled weather events. Between 2019 and 2022, the number of severe climate-related disasters
in the United States escalated by 32%, causing insured losses over the same period to rise by nearly 300%.<SUP>1</SUP> In 2024, the U.S.
experienced 27 individual extreme weather events costing over $1 billion in damages each and amounting to nearly $183 billion damages
altogether.<SUP>2</SUP> Globally, 2024 was the fourth costliest year on record, with total direct economic costs from natural perils reaching
$417 billion and insured losses amounting to $154 billion.<SUP>3</SUP> These catastrophe losses have had
dramatic impacts on the homeowners insurance market. </P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Homeowners insurance premiums nationwide rose by 34% between 2017 and
2023, increasing at a rate 40% faster than inflation.<SUP>4</SUP> In the first quarter of 2024 alone, U.S. homeowner rates increased by
another 13%. Insurance availability has also declined as significant portions of states like California and Florida become uninsurable
due to climate-driven disasters.<SUP>5</SUP> In 2023, 12% of U.S. homeowners lacked insurance coverage, up from 5% four years earlier.
This combination of increasing homeowner premiums and reduced insurance availability is leading to instability in housing and mortgage
markets, especially those hard hit by climate-heightened weather events.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>1</SUP> https://www2.deloitte.com/us/en/insights/industry/financial-services/bridging-the-gap-between-homeowners-insurance-companies-climate-change.html</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>2</SUP> https://www.climate.gov/news-features/blogs/beyond-data/2024-active-year-us-billion-dollar-weather-and-climate-disasters</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>3</SUP> https://www.ajg.com/gallagherre/-/media/files/gallagher/gallagherre/news-and-insights/2025/natural-catastrophe-and-climate-report-2025.pdf,
p.6</P>
<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>4</SUP> https://www.insurancejournal.com/news/national/2024/09/26/794409.htm;
https://www.newyorker.com/news/the-financial-page/the-home-insurance-crisis-that-wont-end-after-hurricane-season</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>5</SUP> https://www.npr.org/2024/03/03/1233963377/auto-home-insurance-premiums-costs-natural-disasters-inflation</P>


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    <TD STYLE="white-space: nowrap; width: 10%"><IMG SRC="asyousowlogo.jpg" ALT=""><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="white-space: nowrap; width: 90%"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt; color: rgb(0,129,61)"><B>2025
Proxy Memo</B></FONT></P>
                                                <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; color: #00813B"><FONT STYLE="font-size: 10pt; font-weight: normal">Berkshire
                                            Hathaway Inc </FONT><B>| Disclose Clean Energy Financing Ratio</B></P>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Berkshire is not exempt from these climate-related financial impacts.
Berkshire&rsquo;s Property &amp; Casualty reinsurance business saw its losses increase from $9.8 billion in 2021 to $12.6 billion in 2023;
during the same timeframe, losses to Berkshire&rsquo;s Primary Insurance Group rose from $8.1 billion to $11.2 billion.<SUP>6</SUP> In
2023, Berkshire&rsquo;s subsidiary AmGUARD announced plans to drop over 50,000 homeowner and personal umbrella policies in California.<SUP>7</SUP></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">High insurance premiums and insurance non-renewals are fueling a potential
economic crisis. When homeowners lose access to affordable insurance&mdash;a key requirement for many mortgage lenders&mdash;buyers struggle
to secure mortgages. This and declining property values, which in turn impacts banks and reduces municipal tax revenues. Unlike previous
financial crises and recessions, including the 2008 mortgage crisis, climate-driven financial risks are expected to escalate until action
is taken to reduce greenhouse gas emissions.<SUP>8</SUP></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">In this growing insurance crisis, Berkshire continues to invest in
and underwrite high-carbon business sectors, exacerbating extreme weather and systemic climate risk. Berkshire holds nearly $96 billion
in fossil fuel-related equities.<SUP>9</SUP> In its 2017 reporting to California, Berkshire indicated that fully 38% of its life insurance
investments were in fossil fuel assets.<SUP>10</SUP> Unlike most large insurance companies, Berkshire continues to underwrite new coal
projects; its utility subsidiary, Berkshire Hathaway Energy, owns at least eleven coal power plants and has partial stakes in thirteen
others.<SUP>11</SUP></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Berkshire&rsquo;s involvement in fossil fuel activities, through its
lending, underwriting, and investment practices, amplifies climate risk. As emissions from high carbon companies drive a warming climate
and extreme weather events, the Company is exposed to greater climate-related hazards. In the short term, Berkshire is managing these
risks and maintaining profitability by raising premiums and limiting coverage. However, as climate-related damage continues to escalate,
Berkshire will face the challenge of maintaining its profitability within a volatile market of fewer customers in fewer insurable markets.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Mitigation of Climate-Related Financial Risks</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">In shareholder proposals filed over the past three years, investors
have asked Berkshire to address how it intends to measure, disclose, and reduce the greenhouse gas emissions associated with its underwriting,
insuring, and investment activities, in alignment with the Paris Agreement. Despite 21-26% of investors over those three years (40-47%
of independent investors) supporting this request, Berkshire has failed to take the requested action. Between 2022 to 2025, Berkshire
has also denied all but one investor request for a meeting. Given this lack of responsiveness toward quantifying and reducing its contribution
to climate change, investors this year have asked Berkshire to instead simply disclose its ratio of low carbon
to fossil fuel energy financing.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>6</SUP> https://www.berkshirehathaway.com/2023ar/2023ar.pdf, p.K-38,
K-39, K-40</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>7</SUP> https://uphelp.org/over-50000-to-lose-homeowners-insurance-as-two-more-insurers-exit-california/</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>8</SUP> https://ww3.lawschool.cornell.edu/research/JLPP/upload/Steele-final.pdf</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>9</SUP> https://investinginclimatechaos.org/data</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>10</SUP> https://interactive.web.insurance.ca.gov/apex_extprd/f?p=250:40:16374315235923::NO</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>11</SUP> https://www.budget.senate.gov/imo/media/doc/Budget%20Committee%20Letters%20to%20Insurance%20Companies.pdf</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="white-space: nowrap; width: 10%"><IMG SRC="asyousowlogo.jpg" ALT=""><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="white-space: nowrap; width: 90%"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt; color: rgb(0,129,61)"><B>2025
Proxy Memo</B></FONT></P>
                                                <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; color: #00813B"><FONT STYLE="font-size: 10pt; font-weight: normal">Berkshire
                                            Hathaway Inc </FONT><B>| Disclose Clean Energy Financing Ratio</B></P>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">The International Energy Agency (IEA) projects that reaching net zero
by 2050 will require a tripling in global annual clean energy investment by 2030. In particular, BloombergNEF concludes that achieving
net zero emissions will require a minimum global financing ratio of 4:1 investment in low-carbon energy to fossil fuels of by 2030.<SUP>12</SUP>
This ratio, known as a Clean Energy Financing ratio, allows companies heavily invested in energy to take advantage of opportunities created
by the energy transition and reduce exposure to the risks associated with fossil fuel investments. Such a financing ratio also reduces
Berkshire&rsquo;s contribution to climate change emissions, helping to limiting future catastrophe losses and insurance coverage withdrawals,
allowing Berkshire to join other financial companies in measuring and disclosing a Clean Energy Financing Ratio.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Disclosure of Berkshire&rsquo;s Clean Energy Financing Ratio will indicate
to investors whether Berkshire is decreasing its contribution to climate change by investing in alignment with Paris climate goals or
continuing to contribute to growing climate risk.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4">RATIONALE FOR A YES
VOTE</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>1.</B></TD><TD><B>Berkshire Hathaway&rsquo;s investment in high-emitting industries increases financial risk to the Company and to investor portfolios.</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>2.</B></TD><TD><B>Berkshire Hathaway&rsquo;s failure to disclose the proportion of its investments that lie in high-risk fossil fuel energy versus
low-carbon energy obfuscates investors&rsquo; ability to assess the Company&rsquo;s climate risk and impact. </B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt 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"><B>3.</B></TD><TD><B>Berkshire Hathaway lags peers in disclosing and addressing the climate impact of its investment activities.</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9.35pt; background-color: #B8CCE4">DISCUSSION</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt 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"><B>1.</B></TD><TD><B>Berkshire Hathaway&rsquo;s investment in high-emitting industries increases financial risk to the Company and to investor portfolios.
</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Berkshire&rsquo;s investment portfolio includes nearly $96 billion
in fossil fuel-related equities and bonds<SUP>13</SUP> and the Company&rsquo;s insurance arm holds over $20.9 billion in fossil-fuel related
assets.<SUP>14</SUP> In 2023, Berkshire increased its investments in fossil fuels, while the majority of U.S. Property and Casualty insurers
reduced investments in oil, gas, and coal.<SUP>15</SUP></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Berkshire&rsquo;s continued investment in fossil fuels threatens the
Company&rsquo;s long-term profitability by exacerbating climate-related disasters, which contribute to losses and a shrinking private
market for homeowner&rsquo;s insurance. In its 10-K, Berkshire confirms that, &ldquo;extreme weather events may produce losses affecting
our insurance operations as their primary business is to monitor, assess and price risk, including climate-related risk...&rdquo;<SUP>16</SUP>
Berkshire&rsquo;s Property &amp; Casualty reinsurance business has seen losses increase from $9.8 billion in 2021 to $12.6 billion in
2023, and Berkshire&rsquo;s Primary Insurance Group saw losses increase from $8.1 billion to $11.2 billion in the same time frame.<SUP>17</SUP></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>12</SUP> https://assets.bbhub.io/professional/sites/24/BNEF-Bank-Financing-Report-Summary-2023.pdf</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>13</SUP> https://investinginclimatechaos.org/data</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>14</SUP> https://www.ceres.org/resources/reports/changing-climate-insurance-industry?gad_source=1&amp;gclid=Cj0KCQiA4-y8BhC3ARIsAHmjC_GnHFUmn8FjiW52AJQj_xMeE0cGJGkg9iZFLYz98eF7um06WvG02UEaAhWOEALw_wcB,
p.20</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>15</SUP> https://www.wsj.com/us-news/climate-environment/the-two-big-insurers-still-betting-on-fossil-fuels-fa31bb15</P>
<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>16</SUP> https://www.berkshirehathaway.com/2023ar/2023ar.pdf, p.
K-27</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>17</SUP> https://www.berkshirehathaway.com/2023ar/2023ar.pdf, p.K-38,
K-39, K-40</P>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <TD STYLE="white-space: nowrap; width: 10%"><IMG SRC="asyousowlogo.jpg" ALT=""><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="white-space: nowrap; width: 90%"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt; color: rgb(0,129,61)"><B>2025
Proxy Memo</B></FONT></P>
                                                <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; color: #00813B"><FONT STYLE="font-size: 10pt; font-weight: normal">Berkshire
                                            Hathaway Inc </FONT><B>| Disclose Clean Energy Financing Ratio</B></P>
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</TABLE>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">The rise in climate-related disasters is leading Berkshire to remove
policies in high-risk markets. In 2023, Berkshire&lsquo;s AmGUARD announced 50,000 non-renewals in California.<SUP>18</SUP> Berkshire
also notably did not renew its reinsurance of Florida Citizens Property Insurance Corporation, a Florida property insurer of last resort.<SUP>19</SUP>
While exiting markets vulnerable to climate change may provide risk-mitigation in the short-term, it has to potential to negatively impact
business as climate-related damage becomes increasingly widespread. Further, as insurance becomes costlier and less available, this trend
could negatively impact the mortgage market,<SUP>20</SUP> with ripple effects into the municipal bond market into which Berkshire invests
insurance proceeds.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">In 2024, the United States experienced 27 climate-related weather events
with costs of over $1 billion &ndash; the most in any year apart from 2023, which saw 28 massive storms.<SUP>21</SUP> Climate change,
driven in part by continued investments in new fossil fuel projects and infrastructure, is causing increasingly severe, frequent, and
hard-to-predict weather events in locations across the U.S.<SUP>22</SUP> For Berkshire, these trends are resulting in catastrophe losses
and a shrinking private insurance market, which makes addressing climate risk imperative. Continued investment in new fossil fuel projects
and infrastructure moves Berkshire in the wrong direction by increasing company risk and systemic market risk that will negatively impact
investors.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">The California Department of Insurance, in a recent Climate Risk Analysis,
has recognized growing risk related to fossil fuel and other high carbon investments underscoring that &ldquo;climate change is a systemic
risk, and investments that reduce short- and long-term climate change impacts will promote a more sustainable insurance market over the
long-term.&rdquo;<SUP>23</SUP> Other state regulators have called for insurers to consider climate-related factors. In 2021, the Connecticut
General Assembly passed legislation requiring the Connecticut Insurance Commissioner to consider an insurer&rsquo;s approach to climate
risk in its oversight.<SUP>24</SUP> In 2021, the New York State Department of Financial Services also issued guidance for insurers to
incorporate climate risk into financial risk management.<SUP>25</SUP></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>18</SUP> https://www.guard.com/ca-mitigation/</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>19</SUP> https://www.reinsurancene.ws/berkshire-hathaway-absent-bermuda-collateralised-reinsurers-dominate-florida-citizens-renewal/</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>20</SUP> https://climateandcommunity.org/research/insurance-financial-stability/</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>21</SUP> https://www.climate.gov/news-features/blogs/beyond-data/2024-active-year-us-billion-dollar-weather-and-climate-disasters</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>22</SUP> https://www.ncei.noaa.gov/access/billions/state-summary/US</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>23</SUP> https://www.insurance.ca.gov/01-consumers/180-climate-change/upload/California-Sustainable-Insurance-Roadmap-Progress-Report-June-2022.pdf,
p.2</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>24</SUP> https://portal.ct.gov/-/media/CID/1_Bulletins/Bulletin-FS-44.pdf</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>25</SUP> https://www.insurancejournal.com/news/east/2021/11/15/642291.htm</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <TD STYLE="white-space: nowrap; width: 90%"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt; color: rgb(0,129,61)"><B>2025
Proxy Memo</B></FONT></P>
                                                <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; color: #00813B"><FONT STYLE="font-size: 10pt; font-weight: normal">Berkshire
                                            Hathaway Inc </FONT><B>| Disclose Clean Energy Financing Ratio</B></P>
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</TABLE>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Berkshire&rsquo;s oversized investment in fossil fuel stocks undermines
its financial position not only by increasing its climate-related risk but also by generating subpar returns. In 2023, fossil fuel stocks
underperformed the equity market, with the S&amp;P 500&rsquo;s fossil fuel components seeing a 5.72% return in compared to 25.02% returns
for the whole index.<SUP>26</SUP> In seven of the past ten years, the fossil fuel sector has exhibited the poorest performance and highest
volatility of all S&amp;P sectors, according to the Institute for Energy Economics and Financial Analysis.<SUP>27</SUP></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Given the regulatory and physical risks associated with climate change,
particularly in the context of a developing insurance crisis, Berkshire&rsquo;s investment in fossil fuels poses clear risks to the Company
and to shareholders.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt 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"><B>2.</B></TD><TD><B>Berkshire Hathaway&rsquo;s failure to disclose the proportion of its investments that lie in high-risk fossil fuel energy versus
low-carbon energy obfuscates investors&rsquo; ability to assess the Company&rsquo;s climate risk and impact. </B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: red"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Underwriting performance and investment return are the two principal
drivers of insurance industry profitability. As an industry, the Property &amp; Casualty industry has had only one underwriting profit
year since 1978.<SUP>28</SUP> Thus, managing climate risk to the companies&rsquo; investment portfolios is a relevant and material question
for the insurance industry at large.</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Companies can reduce climate risk by rebalancing energy investments.
Clean energy financing ratios provide a measure of progress for reducing risk. BloombergNEF reports that to limit average global temperature
rise to no more than 1.5&deg;C &ndash; a global goal set to minimize the catastrophic impacts of climate change -- the clean energy financing
ratio (investment in low carbon to fossil fuel energy supply) needs to reach 4:1 by 2030. Thus, every dollar invested in fossil fuel supply
by 2030 should be matched with four dollars of investment in low-carbon energy supply.<SUP>29</SUP></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">The State of California Department of Insurance (CDI), from 2015 to
2019, required insurers with over $100 million in annual premiums to disclose their investments in fossil-fuel related assets, &ldquo;recognizing
the potential significant financial risks posed to insurers' investments in oil, gas, coal and utilities.&rdquo;<SUP>30</SUP></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Based on the available data from the CDI&rsquo;s Climate Risk Carbon
Initiative, the top 16 U.S. Property &amp; Causality insurers invested $69.9 billion in fossil fuel-related assets, and only $2.3 billion
in green bonds. Of the 16 largest U.S. Property &amp; Causality insurers, Berkshire had the second highest investment in fossil fuels
and the lowest investment in green bonds (at 0% of its total Assets Under Management).<SUP>31</SUP></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">While Berkshire responded to the CDI&rsquo;s request for disclosure,
the Company does not voluntarily disclose its own reporting and has not disclosed the scale of its fossil fuel investments past 2019.
This limits investors&rsquo; understanding of the trajectory of Berkshire's exposure to the fossil fuel industry, and thus the Company&rsquo;s
current risk.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>26</SUP> https://ieefa.org/sites/default/files/2025-01/REVIEWED-15818-Briefing%20Note_2024%20Recap%20oil%20stocks%20%281%29.pdf,
p.1</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>27</SUP> https://ieefa.org/sites/default/files/2025-01/REVIEWED-15818-Briefing%20Note_2024%20Recap%20oil%20stocks%20%281%29.pdf,
p.1</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>28</SUP> https://www.iii.org/article/financial-reporting-pc-insurance-industry</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>29</SUP> https://assets.bbhub.io/professional/sites/24/BNEF-Bank-Financing-Report-Summary-2023.pdf,
p.4</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>30</SUP> https://interactive.web.insurance.ca.gov/apex_extprd/f?p=250:1:0::NO:10,25,30,40</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>31</SUP> Ceres Changing Climate for Insurance Sector Report, https://www.ceres.org/resources/reports/changing-climate-insurance-industry,
p.21</P>



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <TD STYLE="white-space: nowrap; width: 10%"><IMG SRC="asyousowlogo.jpg" ALT=""><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="white-space: nowrap; width: 90%"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt; color: rgb(0,129,61)"><B>2025
Proxy Memo</B></FONT></P>
                                                <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; color: #00813B"><FONT STYLE="font-size: 10pt; font-weight: normal">Berkshire
                                            Hathaway Inc </FONT><B>| Disclose Clean Energy Financing Ratio</B></P>
                                                <P STYLE="margin-top: 0; margin-bottom: 0"></P></TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Even though the CDI initiative also tracked green bond investments,
it did not give sufficiently granular information to assess Berkshire&rsquo;s clean energy financing ratio since green bonds can cover
a variety of activities not limited to clean energy. Thus, investors request that Berkshire define its activities for clean energy investments.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Only through Berkshire&rsquo;s own disclosure can investors receive
accurate, cohesive, and up-to-date figures for the Company&rsquo;s fossil fuel and clean energy investments. Unlike many of its peers,
Berkshire discloses no overarching climate strategy. Berkshire does not disclose the emissions from its investment or insurance activities,
it does not disclose targets to reduce those emissions, nor does it disclose sustainable investment targets. By disclosing its clean energy
ratio, Berkshire can provide decision-useful information to investors on whether it is proactively reducing its own climate risk within
its investment portfolio.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt 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"><B>3.</B></TD><TD><B>Berkshire Hathaway lags peers in addressing the climate impact of its investment activities.</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Berkshire has failed to address its climate-related risk, despite calls
from investors to do so. Between 2022 and 2024, investors filed a proposal asking Berkshire to measure, disclose, and reduce the GHG emissions
associated with its underwriting, insuring, and investment activities. The proposal received investor support ranging from 26% percent
support (47% of independent shareholder votes) to 21% (40% of independent shareholders). Yet Berkshire has not offered the requested disclosures.
Berkshire has also declined engagements with investors on the topic for the last two shareholder resolution seasons.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Peers, alternatively, have increasingly begun to disclose invested
emissions and set targets to reduce these emissions.</P>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt 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"><B>&middot;</B></FONT></TD><TD>Allstate, a peer in the insurance sector, will establish a goal for financed emissions by the end of 2025, according to its TCFD report.
Allstate has also established an interim financed emissions inventory covering 44% of its portfolio.<SUP>32</SUP></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt 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"><B>&middot;</B></FONT></TD><TD>American International Group (AIG) has established a net zero by 2050 target covering underwriting and investment and begun reporting
financed emissions on its corporate bond portfolios.<SUP>33</SUP> The Company has also committed to phase out investments for clients
deriving 30 percent or more of their revenues from coal-fired power, thermal coal mines, or oil sands, and companies that generate
more than 30 percent of their energy production from coal.<SUP>34</SUP></TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt 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"><B>&middot;</B></FONT></TD><TD>MetLife has similarly established a target to achieve net zero greenhouse gas emissions by 2050 that covers its investment portfolio.<SUP>35</SUP>
MetLife does not invest in companies that derive 25% or more of their revenue from thermal coal or hold at least 20% of their oil reserve
in oil sands.<SUP>36</SUP></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"><B>&nbsp;</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><B>_____________________________</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>32</SUP> https://delivery.contenthub.allstate.com/api/public/content/2023-TCFD?v=1f6ffaab,
p.7</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>33</SUP> https://www.aig.com/content/dam/aig/america-canada/us/documents/about-us/report/aig-sustainability-report-2023.pdf,
p.35</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>34</SUP> https://www.aig.com/content/dam/aig/america-canada/us/documents/about-us/report/sustainability-net-zero-fact-sheet.pdf</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="white-space: nowrap; width: 10%"><IMG SRC="asyousowlogo.jpg" ALT=""><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="white-space: nowrap; width: 90%"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt; color: rgb(0,129,61)"><B>2025
Proxy Memo</B></FONT></P>
                                                <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; color: #00813B"><FONT STYLE="font-size: 10pt; font-weight: normal">Berkshire
                                            Hathaway Inc </FONT><B>| Disclose Clean Energy Financing Ratio</B></P>
                                                <P STYLE="margin-top: 0; margin-bottom: 0"></P></TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt 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"><B>&middot;</B></FONT></TD><TD>Travelers has been disclosing a portion of its invested emissions since 2019, and gives a breakdown of such emissions by sector, thus
allowing investors to better understand the exposure of its investments in fossil fuels.<SUP>37</SUP></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt 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"><B>&middot;</B></FONT></TD><TD>The Hartford Financial Services Group has established a goal to invest $2.5 billion in advancing the energy transition and addressing
climate change.<SUP>38</SUP></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt 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"><B>&middot;</B></FONT></TD><TD>European insurers including Swiss Re, Munich Re, Groupama, and Ageas have begun disclosing financed emissions.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">U.S. banks have begun to provide clean energy financing ratios to allow
investors to track progress toward a 4:1 ratio. JPMorgan has released its &ldquo;Energy Supply Financing Ratio Methodology,&rdquo; which
defines low carbon and high carbon activities and calculates the ratio; JPMorgan has $30 billion invested in low carbon and $23 billion
in high carbon, amounting to a 1.29:1 ratio.<SUP>39</SUP> Citibank and Royal Bank of Canada have also committed to releasing their own
financing ratios.<SUP>40</SUP> Travelers has also begun disclosing the dollar amount of its investments in different fossil fuel sectors
and green bonds, laying the groundwork for a clean energy supply ratio.<SUP>41</SUP></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Berkshire, in contrast, has not outlined any target or policy to reduce
investment in high-emitting sectors. Continued investment in high-emitting sectors exposes Berkshire to business, competitive and physical
risk that must be assessed and addressed. In the absence of climate targets or transition policies, information about whether Berkshire
is moving toward a 4:1 investment ratio of clean energy to fossil fuels will be decision useful to investors.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4">RESPONSE TO BERKSHIRE
HATHAWAY BOARD OF DIRECTORS&rsquo; OPPOSITIONSTATEMENT</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #333333">In its Opposition Statement, Berkshire states, <I>&ldquo;The
Board does not believe it is relevant, necessary or in the best interests of shareholders to disclose its &lsquo;clean energy financing
ratio.&rdquo;</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #333333">Berkshire is exposed to risk from increasingly severe
and frequent weather events; continued investment in fossil fuels exacerbates this risk. If Berkshire is unwilling to disclose climate
related goals or a plan to reduce its insured and financed emissions, information on its clean energy to high carbon energy investments
offer investors a different means of understanding Berkshire&rsquo;s relative contribution to climate change and climate risk. Shareholders
require transparency around if and how Berkshire is creating long-term value and mitigating climate risk
through its investments. </P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #333333">Berkshire states, <I>&ldquo;A clean energy financing
ratio is primarily targeted at bank financing activities, examining transactions underwritten by banks for the energy sector.&rdquo;</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #333333">A clean energy financing ratio is equally relevant
to Berkshire given the Company&rsquo;s extensive energy investments and financing activities, in particular, its estimated $20.9 billion
in fossil-fuel related assets. Information on insurers&rsquo; investments in and allocation of capital to fossil fuels and clean energy
is just as relevant as banks&rsquo; investments. Failure to disclose such a ratio, particularly in the absence of any other disclosures
around financed or insured emissions, results in a lack of transparency for shareholders.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>35</SUP> https://www.metlife.com/sustainability/resource-center/commitments/net-zero-commitment/</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>36</SUP> https://www.metlife.com/sustainability/resource-center/sustainability-faqs/</P>


<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>37</SUP> https://sustainability.travelers.com/iw-documents/sustainability/Travelers_TCFDReport2023.pdf,
p.34</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>38</SUP> https://ewcstatic.thehartford.com/thehartford/the_hartford/files/Comm/sustainability-highlight-report.pdf,
p.12</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>39</SUP> https://www.jpmorgan.com/content/dam/jpm/cib/complex/content/investment-banking/carbon-compass/JPMC_ESFR_Methodology.pdf</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>40</SUP> https://about.bnef.com/blog/the-magic-number-is-4-to-1-as-banks-warm-to-clean-energy-finance-ratio/</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>41</SUP> https://sustainability.travelers.com/iw-documents/sustainability/Travelers_TCFDReport2023.pdf,
p.17</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="white-space: nowrap; width: 10%"><IMG SRC="asyousowlogo.jpg" ALT=""><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="white-space: nowrap; width: 90%"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt; color: rgb(0,129,61)"><B>2025
Proxy Memo</B></FONT></P>
                                                <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; color: #00813B"><FONT STYLE="font-size: 10pt; font-weight: normal">Berkshire
                                            Hathaway Inc </FONT><B>| Disclose Clean Energy Financing Ratio</B></P>
                                                <P STYLE="margin-top: 0; margin-bottom: 0"></P></TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: #333333">Berkshire states, <I>&ldquo;Berkshire&rsquo;s Board
believes it would be imprudent to disclose such a ratio due to, among other reasons, the lack of any standardized calculation methodology.&rdquo;</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">BloombergNEF provides a standardized calculation methodology that,
by its terms, states that the &ldquo;intended audience for this document includes, <U>but is not limited to</U>&rdquo; banks.<SUP>42</SUP>
This methodology is distinct from its Clean Energy Exposure Ratings (CEERs) and Fossil-Fuel Exposure Ratings (FFERs) which assess the
proportion of a company&rsquo;s revenue derived from clean energy activities.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4">CONCLUSION</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Insurance companies moving toward net zero targets and actively reducing
investments in high-emitting sectors gain a competitive advantage over Berkshire by limiting exposure to climate risk. Berkshire can close
the information gap for investors, address its own climate risk, and reduce competitive weaknesses by disclosing a clean energy financing
ratio.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Vote &ldquo;Yes&rdquo; on this Shareholder Proposal #7.</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>--</I></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><I>For questions, please contact Mary Zuccarello, As You Sow, mzuccarello@asyousow.org</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">THE FOREGOING INFORMATION MAY BE DISSEMINATED TO SHAREHOLDERS VIA TELEPHONE,
U.S. MAIL, E-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. THE COST OF DISSEMINATING THE FOREGOING INFORMATION TO SHAREHOLDERS IS BEING BORNE ENTIRELY BY ONE OR
MORE OF THE CO-FILERS. PROXY CARDS WILL NOT BE ACCEPTED BY ANY CO-FILER. PLEASE DO NOT SEND YOUR PROXY TO ANY CO-FILER. TO VOTE YOUR
PROXY, PLEASE FOLLOW THE INSTRUCTIONS ON YOUR PROXY CARD<I>.</I></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>42</SUP> https://assets.bbhub.io/professional/sites/24/Energy-Supply-Banking-Ratios-Implementation-Guide.pdf</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0">8</P>

<P STYLE="margin: 0"></P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
