Earnings of Berkshire Hathaway Inc. and its consolidated subsidiaries for the third quarter and first nine months of 2009 and 2008 are summarized below. Earnings are stated on an after-tax basis. (Dollar amounts are in millions, except for per share amounts).

                                                                       Third Quarter                         First Nine Months
                                                                       2009               2008               2009               2008
Operating earnings                                                     $   2,055          $   2,069          $   5,540          $   6,270
Investment and derivative gains (losses) -
Sales of investments                                                       73                 (30       )        (166      )        483
Other-than-temporary impairments of investments (writedowns)               (16       )        (163      )        (2,047    )        (443      )
Derivative gains (losses)                                                  1,126              (819      )        1,672              (1,433    )
                                                                           1,183              (1,012    )        (541      )        (1,393    )
Net earnings attributable to Berkshire shareholders                    $   3,238          $   1,057          $   4,999          $   4,877
Net earnings per Class A equivalent share attributable to Berkshire    $   2,087          $   682            $   3,223          $   3,149
shareholders
Investment and derivative gains (losses) per Class A equivalent share      762                (653      )        (349      )        (899      )
Operating earnings per Class A equivalent share                        $   1,325          $   1,335          $   3,572          $   4,048
Average Class A equivalent shares outstanding                              1,551,727          1,549,226          1,550,986          1,548,871
Note:Per share amounts for the Class B shares are 1/30th
those shown for the Class A.
An analysis of Berkshire's operating earnings follows (dollar
amounts are in millions).
                                                                       Third Quarter                         First Nine Months
                                                                       2009               2008               2009               2008
Insurance-underwriting                                                 $   363            $   81             $   665            $   622
Insurance-investment income                                                976                809                3,168              2,495
Non-insurance businesses                                                   774                1,080              1,887              3,116
Other                                                                      (58       )        99                 (180      )        37
Operating earnings                                                     $   2,055          $   2,069          $   5,540          $   6,270

In the table at the top of the page (which, as noted, reports after-tax results), we give investment and derivative gains (losses) lines of their own because the amounts of these in any given quarter or year is usually meaningless.

Other-than-temporary impairments primarily relate to Berkshire's investment in ConocoPhillips. As was disclosed in our first quarter report, we recorded a pre-tax charge of about $3 billion ($1.9 billion after-tax) at the end of the first quarter which represented the difference between the cost of the 71.2 million shares of ConocoPhillips that we held at that time and the March 31, 2009 market value of the shares. During the third quarter there were no significant impairment charges recorded.

Gains from derivative contracts during the third quarter primarily relate to our credit default derivative contracts and to a lesser degree to long duration equity index put option contracts. As we have previously discussed, our derivative contracts, subject as they are to mark-to-market accounting, will produce extreme volatility in our periodic reported earnings.

During the third quarter of 2009, our book value increased to $81,247 per Class A equivalent share, an increase of 15.2% from yearend and 10.1% from the end of the second quarter. In addition to our net worth of $126.1 billion, which has increased by $16.8 billion since yearend, insurance float (the net funds that we hold pursuant to insurance contracts and that we can invest for our benefit) increased from year end by about $4 billion to approximately $62 billion at September 30, 2009.

Berkshire Hathaway and its subsidiaries engage in diverse business activities including property and casualty insurance and reinsurance, utilities and energy, finance, manufacturing, retailing and services. Common stock of the company is listed on the New York Stock Exchange, trading symbols BRK.A and BRK.B.

Certain statements contained in this press release are "forward looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are not guaranties of future performance and actual results may differ materially from those forecasted.

Comment on Regulation G

This press release includes certain non-GAAP financial measures. The reconciliations of such measures to the most comparable GAAP figures in accordance with Regulation G are included herein.

Berkshire presents its results in the way it believes will be most meaningful and useful, as well as most transparent, to the investing public and others who use Berkshire's financial information. That presentation includes the use of certain non-GAAP financial measures. In addition to the GAAP presentations of net earnings, Berkshire shows operating earnings defined as net earnings exclusive of investment and derivative gains/losses.

Although the investment of insurance and reinsurance premiums to generate investment income and investment gains or losses is an integral part of Berkshire's operations, the generation of investment gains or losses is independent of the insurance underwriting process. Moreover, under applicable GAAP accounting requirements, losses can be created as the result of other-than-temporary declines in value without actual realization or when certain types of investments are marked-to-market through earnings. In sum, investment and derivative gains/losses for any particular period are not indicative of quarterly business performance.

SOURCE: Berkshire Hathaway Inc.

Berkshire Hathaway Inc. 
Marc D. Hamburg, 402-346-1400

The complaint alleges, among other things, that the defendants engaged in secret negotiations and the board of Burlington Northern agreed to coercive deal lock-up provisions by agreeing to a matching right, a no-solicitation provision and a termination fee of $264 million.

In addition, the plaintiff alleges besides that the takeover is belatedly disclosed to the market that defendants' personal gain will arise out of the shareholder approval. One director alone will receive $7.4million in change in control benefits even if nobody -- including him -- loses their jobs and each director defendant holds about 12,000 restricted stock units paid at the end of 2008.

Shares of Burlington Northern Santa Fe Corporation traded at about $77.50 per share the day before the announcement and at about $97.50 per share after the news. BNI reached $107.40 per share in August 2008 and $113.05 per share in May 2008.

Those who currently are investors in shares of Burlington Northern Santa Fe Corporation and purchased their shares before Nov. 3, 2009, should contact the Shareholders Foundation Inc. by e-mail at mail@shareholdersfoundation.com or call +1 (858) 779-1554.

The Shareholders Foundation Inc. is an investor advocacy group which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The group offers help, support and assistance for every shareholder, and investors find answers to their questions and equitable solutions to their problems. The Shareholders Foundation Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

CONTACT:
Trevor Allen
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
PHONE. +1 (858) 779 - 1554

SOURCE: Shareholders Foundation, Inc.