BRK SP CAp iq

S&P Capital IQ Equity Analyst Cathy Seifert

UPDATE: PLEASE SEE THE ANALYST'S LATEST RESEARCH NOTE IN THE COMPANY NEWS SECTION

GICS Sector FinancialsSub-Industry Multi-Sector Holdings

Summary This holding company has interests in insurance, railroads, energy, financial

services, publishing, retailing and manufacturing. Its investment portfolio included more

than $113 billion of marketable equity securities as of March 31, 2015.

Key Stock Statistics (Source S&P Capital IQ, Vickers, company reports)

52-Wk Range $152.94 122.72 S&P Oper. EPS 2015E 7.70 Market Capitalization(B) $163.524 Beta 0.53

Trailing 12-Month EPS $8.06 S&P Oper. EPS 2016E 8.35 Yield (%) Nil S&P 3-Yr. Proj. EPS CAGR(%) 10

Trailing 12-Month P/E 17.3 P/E on S&P Oper. EPS 2015E 18.2 Dividend Rate/Share Nil S&P Quality Ranking B

$10K Invested 5 Yrs Ago $17,067 Common Shares Outstg. (M) 1,170.7 Institutional Ownership (%) 68

Price Performance

A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S

2010 2011 2012 2013 2014 2015

35

DownUp No Change

Volume

12-Mo. Target Price Below Avg.Relative Strength

30-Week Mov. Avg. Above Avg. STARSGAAP Earnings vs. Previous Year10-Week Mov. Avg.

78

Shar

e Pr

ice

80

100

120

160

0102030

Volu

me(M

il.)

5

1

Past performance is not an indication of future performance and should not be relied upon as such.

Analysis prepared by Equity Analyst Cathy Seifert on May 01, 2015 06:07 PM, when the stock traded at $143.36.

Highlights

Organic operating revenues will rise by 7% to

10% in 2015, we estimate. This assumes that

several of Berkshire's economically sensitive

units begin to see some momentum amid a re-

covering economy. We look for revenue growth

in the insurance area (Berkshire's largest busi-

ness) to be above industry averages, primarily

reflecting market share gains at GEICO, and in-

creased writings at certain reinsurance units.

We see underwriting margins at GEICO improv-

ing in coming periods, as a higher level of poli-

cy acquisition costs partly offsets some im-

proved claim trends. Underwriting margins in

catastrophe-exposed lines of business

(including several reinsurance units) may con-

tract in coming periods amid some overseas

catastrophe claims. Margin improvements at

other units (largely on cost cuts) will likely en-

hance operating profits.

We estimate operating EPS of $7.70 in 2015, and

$8.35 for 2016 -- versus the $6.71 Berkshire

earned on an operating basis in 2014, we esti-

mate.

Investment Rationale/Risk

Our Strong Buy opinion reflects our view that

Berkshire's ability to grow its revenue base

(both organically and through acquisitions) and

maintain margins, enhanced by its exposure to

an economic recovery, will enable the shares

to retain their premium valuation -- versus the

broader market and the company's closest

peers (though peer comparisons are difficult

given Berkshire's conglomerate-like business

mix).

Risks to our opinion and target price include

significant erosion in claims and premium pric-

ing trends, and a less than robust recovery in

the economy, which would likely dampen de-

mand for many of Berkshire's products.

Our 12-month target price of $173 assumes the

shares will trade at 22.5X our 2015 operating

EPS forecast. This is slightly above the midpoint

of Berkshire's historical average multiple, and

is a premium to most of the company's insur-

ance and reinsurance peers. This premium is

warranted amid Berkshire's superior financial

strength, in our view. Our target price equates

to less than 2X estimated 2015 year-end book

value per share.

Analyst's Risk Assessment

LOW MEDIUM HIGH

The low risk represented by the company's

diversified revenue and earnings base is partly

offset by the corporate governance weaknesses

-- we believe -- that are embedded in Berkshire

as a result of the company's decentralized

management style, in our view. Also, we view

chairman and CEO Warren Buffett's advanced

age as a risk factor.

Revenue/Earnings Data

Revenue (Million U.S. $)

1Q 2Q 3Q 4Q Year

2014 45,453 49,762 51,199 48,259 194,673

2013 43,867 44,693 46,541 47,049 182,150

2012 38,147 38,546 41,050 44,720 162,463

2011 33,720 38,274 33,739 37,955 143,688

2010 32,037 31,709 36,274 36,165 136,185

2009 22,784 29,607 29,904 30,198 112,493

Earnings Per Share (U.S. $)

2014 1.91 2.59 1.87 1.69 8.06

2013 1.98 1.84 2.05 2.02 7.90

2012 1.31 1.25 1.58 1.58 5.98

2011 0.61 1.38 0.92 1.23 4.14

2010 1.51 0.80 1.21 1.77 5.29

2009 -0.66 1.42 1.39 1.31 3.46

Fiscal year ended Dec. 31. Next earnings report expected: NA. EPS

Estimates based on S&P Capital IQ Operating Earnings; historical

GAAP earnings are as reported in Company reports.

Dividend Data

No cash dividends have been paid.

Past performance is not an indication of future performance and

should not be relied upon as such.

Stock Report | June 27, 2015 | NYS Symbol: BRK.B | BRK.B is in the S&P 500

Berkshire Hathaway Inc.

S&P Capital IQ

RecommendationSTRONG BUY H H H H H Price

$139.78 (as of Jun 26, 2015 4:00 PM ET)

12-Mo. Target Price

$173.00

Report Currency

USD

Investment Style

Large-Cap Blend

Please read the Required Disclosures and Analyst Certification on the last page of this report.Redistribution or reproduction is prohibited without written permission.This document is not intended to provide personal investment advice and it does not take into account the specific investment objectives, financial situation and the particular needs of any specific person who may receive this report. Investors should seekindependent financial advice regarding the suitability and/or appropriateness of making an investment or implementing the investment strategies discussed in this document and should understand that statements regarding future prospects may not be realized.Investors should note that income from such investments, if any, may fluctuate and that the value of such investments may rise or fall. Accordingly, investors may receive back less than they originally invested. Investors should seek advice concerning anyimpact this investment may have on their personal tax position from their own tax advisor. Please note the publication date of this document. It may contain specific information that is no longer current and should not be used to make an investment decision.Unless otherwise indicated, there is no intention to update this document.

Business Summary May 01, 2015

CORPORATE OVERVIEW. This insurance-based conglomerate's segment operating revenues totaled

$190.7 billion in 2014 (up from $175.8 billion in 2013) and were derived as follows: GEICO Corp. 11%, General

Re 3%, Berkshire Hathaway Reinsurance Group 5%, investment income 3%, Burlington Northern Santa Fe

12%, Mc Lane Company 24%, Berkshire Hathaway Energy 9%, Manufacturing 19%, Service and retailing

8%, and Financial Products 3%.

Berkshire has grown through acquisitions and we believe will continue to do so. On November 13, 2014,

Berkshire agreed to buy the Duracell battery business from Procter and Gamble (PG 89 Hold) for some $4.7

billion in PG stock currently held by Berkshire. Duracell will also receive a $1.7 billion cash infusion from

PG prior to closing. On December 9, 2013, Berkshire's Mid American unit acquired NV energy, Inc. for $5.6

billion. On June 7, 2013, Berkshire and 3G Capital acquired H.J. Heinz Company for $72.50 a share in cash in

a transaction valued at $23.25 billion. In September 2011, Berkshire acquired Lubrizol (LIZ) for $9.7 billion

($135 a share in cash). In February 2010, Berkshire acquired the 77.5% of Burlington Northern Santa Fe it

did not already own for $26.5 billion ($100 a share in cash/stock). Berkshire acquired 60% of Marmon Hold-

ings (a private conglomerate) for $4.5 billion in March 2008, another 4.4% in April 2008; and increased its

stake to 90% in 2012.

Berkshire's common equity holdings had a market value of nearly $117.5 billion at year-end 2014. The

largest holdings were Coca-Cola (KO) (with a 12/31/14 market value of $16.9 billion), International Business

Machines Corp. (IBM) ($12.3 billion), Wells Fargo (WFC) ($26.5 billion), and American Express Co. (AXP)

($14.1 billion). Among the more significant investments Berkshire made recently was the August 2011 pur-

chase of $5 billion of Bank of America (BAC) 6% preferred stock that came with warrants to buy 700 million

BAC common shares at $7.14 a share. Berkshire also purchased 63.9 million shares of IBM for $10.9 billion

during 2011. In March 2009, Berkshire acquired a 12% convertible perpetual capital instrument without ma-

turity and redemption date, issued by Swiss Re for $2.7 billion, that is convertible into 120 million Swiss Re

common shares. In April 2009, Berkshire acquired 3 million Series A cumulative convertible perpetual pre-

ferred shares of Dow Chemical Co. (DOW) for $3 billion. Each share is convertible into 24.201 DOW com-

mon shares, subject to certain conditions.

CORPORATE STRATEGY. The company has outlined a series of principles that guide its operations and the

management of its business. Central, we believe, is its long-term goal of maximizing the "average annual

rate of gain in intrinsic business value on a per-share basis." To achieve that goal, Berkshire has stressed

a preference for directly owning a diversified group of businesses that generate cash and consistently

earn above-average returns on capital. The company has also outlined its acquisition criteria. To be con-

sidered for acquisition, Berkshire requires a business to be large enough (at least $75 million in pretax

earnings); have a demonstrated consistent earning power; earn "good" returns on equity with little or no

debt; have a management team in place; be simple; and have an offering price. Also, once Berkshire ac-

quires a business, it typically does not plan on selling it. The company's second choice is to invest in simi-

lar types of companies through the purchase of marketable common stocks by its insurance subsidiaries.

(The degree to which the company is able to do this is influenced by the capital needs of its insurance sub-

sidiaries.) Berkshire also seeks to achieve its goals without an over-reliance on the issuance of debt.

Moreover, in instances where it finds it necessary to issue debt, it seeks to do so on a long-term, fixed-rate

basis. The company also will not issue stock that it believes would be dilutive to existing holders. Berkshire

also stresses the "partnership" mindset it has with its shareholders, and that most directors of the firm

have a major portion of their net worth invested in the company.

MANAGEMENT. Famed value investor Warren Buffett is the chairman and chief executive officer of Berk-

shire Hathaway, a position he has held since 1970. The company stresses that each of its operating units

functions independently and with its own management team. Mr. Buffett oversees the company's invest-

ments and allocation of capital. Because Mr. Buffett is in his 80s, succession planning is an important con-

sideration, in our view. The company has not as of early March 2014 publicly announced a successor to

Mr. Buffett. However, in his annual letter to shareholders Mr. Buffett noted in late February 2014 that a

successor had been chosen.

LEGAL/REGULATORY ISSUES. An investigation by several state attorneys general (including New York's),

the SEC and the Department of Justice into certain insurance underwriting and marketing practices, in-

cluding the use of non-traditional, finite reinsurance products, culminated in the indictment, in February

2006, of several former executives of General Re Corp., a wholly owned subsidiary of Berkshire Hathaway.

The fraud charges levied against these executives stemmed from a controversial finite reinsurance deal

consummated in 2000 with American International Group (AIG). The transaction ultimately led to the ouster

of long-time AIG CEO Maurice "Hank" Greenberg.

Corporate Information

Investor Contact

M. Hamburg (402-346-1400)

Office

3555 Farnam Street, Suite 1440, Omaha, NE 68131.

Telephone

402-346-1400.

Fax

402-346-3375.

Website

http://www.berkshirehathaway.com

Officers

Chrmn & CEO

W.E. Buffett

Vice Chrmn

C.T. Munger, Jr.

SVP & CFO

M.D. Hamburg

Chief Acctg Officer &

Cntlr

D.J. Jaksich

Treas

K.S. Ham

Board Members

H. G. Buffett

S. B. Burke

W. H. Gates, III

C. Guyman

T. S. Murphy

W. Scott, Jr.

W. E. Buffett

S. L. Decker

D. S. Gottesman

C. T. Munger, Jr.

R. L. Olson

M. B. Witmer

Domicile

Delaware

Founded

1889

Employees

315,999

Stockholders

21,500

Auditor

DELOITTE & TOUCHE

Stock Report | June 27, 2015 | NYS Symbol: BRK.B


Redistribution or reproduction is prohibited without written permission.

Quantitative Evaluations

S&P Capital IQ

Fair Value

Rank

NR 1 2 3 4 5

LOWEST HIGHEST

Based on S&P Capital IQ's proprietary quantitative model, stocks

are ranked from most overvalued (1) to most undervalued (5).

Fair Value

Calculation

NA

Investability

Quotient

Percentile

97

LOWEST = 1 HIGHEST = 100

BRK.B scored higher than 97% of all companies for which an S&P

Capital IQ Report is available.

Volatility NA

Technical

Evaluation

NA

Insider Activity NA UNFAVORABLE NEUTRAL FAVORABLE

Expanded Ratio Analysis

2013 2012 2011 2010

Price/Sales 1.60 1.37 1.31 1.44

Price/Pretax Income 10.15 9.99 12.33 10.29

P/E Ratio 15.01 14.99 18.42 15.16

Avg. Diluted Shares Outstg (M) 2,465.4 2,476.9 2,474.8 2,453.5

Figures based on calendar year-end price

Key Growth Rates and Averages

Past Growth Rate (%) 1 Year 3 Years 5 Years 9 Years

Net Income 31.38 17.22 27.12 8.04

Ratio Analysis (Annual Avg.)

Return on Equity (%) 9.50 8.10 8.00 8.50

For further clarification on the terms used in this report, please visit www.standardandpoors.com/stockreportguide

Company Financials Fiscal Year Ended Dec. 31

Per Share Data (U.S. $) 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005

Tangible Book Value NA 63.14 49.96 40.97 41.02 41.72 32.49 37.84 32.91 29.35

Operating Earnings NA NA NA NA NA NA NA NA NA NA

Earnings 8.06 7.90 5.98 4.14 5.29 3.46 2.15 5.70 4.76 3.69

S&P Capital IQ Core Earnings 7.13 6.92 5.77 3.83 4.76 4.29 2.21 4.20 4.30 2.06

Dividends Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil

Payout Ratio Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil

Prices:High 152.94 119.30 90.93 87.65 85.86 71.38 97.16 101.18 76.50 61.34

Prices:Low 108.12 91.29 75.86 65.35 64.72 44.82 49.02 69.20 56.78 52.24

P/E Ratio:High 19 15 15 21 16 21 45 18 16 17

P/E Ratio:Low 13 12 13 16 12 13 23 12 12 14

Income Statement Analysis (Million U.S. $)

Premium Income NA 36,684 34,545 32,075 30,749 27,884 25,525 31,783 23,964 21,997

Net Investment Income NA 6,408 6,106 6,410 6,898 7,131 6,756 6,696 NA NA

Other Revenue NA 139,058 121,812 105,203 98,538 77,478 75,505 79,766 74,575 59,666

Total Revenue NA 182,150 162,463 143,688 136,185 112,493 107,786 118,245 98,539 81,663

Pretax Income NA 28,796 22,236 15,314 19,101 11,979 7,574 20,161 16,778 12,791

Net Operating Income NA NA NA NA NA NA NA NA NA NA

Net Income NA 19,476 14,824 10,254 12,967 8,055 4,994 13,213 11,015 8,528

S&P Capital IQ Core Earnings 17,568 17,043 14,306 9,486 11,675 9,990 5,127 9,739 9,954 4,767

Balance Sheet & Other Financial Data (Million U.S. $)

Cash & Equivalent NA 48,186 46,992 37,299 38,427 30,558 25,539 44,329 43,743 44,660

Premiums Due NA 7,474 7,845 6,663 6,342 5,295 4,961 4,215 NA NA

Investment Assets:Bonds NA NA 32,291 32,188 34,883 37,131 31,632 31,571 28,312 30,855

Investment Assets:Stocks NA 115,464 86,467 76,063 59,819 56,562 49,073 74,999 61,533 46,721

Investment Assets:Loans NA 12,826 12,809 13,934 15,226 13,989 13,942 12,359 NA NA

Investment Assets:Total NA NA 147,624 139,106 132,937 140,282 116,182 118,929 87,738 79,269

Deferred Policy Costs NA NA NA NA NA NA NA NA NA NA

Total Assets NA 484,931 427,452 392,647 372,229 297,119 267,399 273,160 248,437 198,325

Debt NA 72,224 62,736 60,384 58,574 37,909 36,882 33,826 27,450 12,523

Common Equity NA 221,890 187,647 164,850 157,318 131,102 109,267 120,733 108,419 91,484

Property & Casualty:Loss Ratio NA 76.7 75.9 78.2 74.4 77.0 74.8 72.2 NA NA

Property & Casualty:Expense Ratio NA 17.2 20.0 18.1 17.8 18.2 17.9 18.4 NA NA

Property & Casualty Combined Ratio NA 93.9 95.9 96.3 92.2 95.2 92.7 90.6 88.1 87.9

% Return on Revenue NA 10.7 9.1 7.1 9.5 7.2 4.6 11.2 11.2 10.4

% Return on Equity NA 9.5 8.4 6.4 9.0 6.7 4.3 11.5 11.0 9.6



Data as originally reported in Company reports.; bef. results of disc opers/spec. items. Per share data adj. for stk. divs.; EPS diluted. E-Estimated. NA-Not Available. NM-Not Meaningful. NR-Not Ranked. UR-Under

Review.


Sector Outlook Industry Performance

S&P Capital IQ recommends marketweighting theS&P 500 Financials sector. Year to date throughJune 5, 2015, the S&P 500 Financials Index, whichrepresented 16.5% of the S&P 500 Index, was down0.1% in price, compared with a 1.6% gain for theS&P 500. In 2014, this sector index rose 13.1%,versus a price advance of 11.4% for the 500. Thereare 21 sub-industry indices in this sector. DiversifiedBanks is the largest, representing more than 30% ofthe sector's market value, while Thrifts & MortgageFinance is the smallest, accounting for less than 1%of the sector.

The cap-weighted average of this sector'scomponent company S&P Capital IQ STARS (StockAppreciation Ranking System) is 3.7 out of 5.0, ascompared with a cap-weighted average of 3.5 forthe S&P 500. The sub-industries within this sectorthat currently show the highest average STARS areMultiSector Holdings at 4.9, and Consumer Financeand Reinsurance at 4.3 each. Those with the lowestaverage STARS include Mortgage REITs at 2.5, andResidential REITs, Real Estate Services, and Hotel &Resort REITs at 3.0 each. According to Capital IQ,the sector is projected to record a 11.1%year-over-year increase in operating earnings pershare in 2015, as compared with the S&P 500'sestimated EPS growth of 0.5%. During 2014, thissector posted a 0.6% gain in EPS, versus anincrease of 7.7% for the S&P 500. The sector'sprice-to-earnings ratio of 14.6X, based onconsensus 2015 operating EPS estimates, is wellbelow the S&P 500's forward P/E of 17.7X. Capital IQalso reports that the consensus long-term EPSgrowth estimate for this sector is 10.1% versus theS&P 500's 11.2%, giving the sector aP/E-to-projected EPS growth rate (PEG) ratio of 1.4X,which is lower than the broader market's PEG of1.6X. Finally, this sector pays a dividend yield of1.9%, as compared with the yield of 2.1% for the

S&P 500.

S&P Capital IQ's proprietary technical indicator forthis sector currently shows a neutral reading. Inresearching the past market history of prices andtrading volume for each company, S&P Capital IQ'scomputer models apply special technical methodsand formulas to identify and project price trends forthe sector.

--S. Stovall

GICS Sector: Financials

Based on S&P 1500 Indexes

Five-Year market price performance throughJun 27, 2015

% C

hang

e

2010 2011 2012 2013 2014 2015

110%

90%

70%

50%

30%

10%

-10%

-30%

-50%

-70%

-90%

SectorS&P 1500

NOTE: A sector chart appears when the sub-industry doesnot have sufficient historical index data.

All Sector & Sub-Industry information is based on theGlobal Industry Classification Standard (GICS).

Past performance is not an indication of future performanceand should not be relied upon as such.



Sector : FinancialsFinancials Peer Group*: Based on market capitalizations within GICS Sub-Industry

Peer GroupStock

Symbol

Stk.Mkt.Cap.

(Mil. $)

RecentStock

Price($)

52Week

High/Low($) BetaYield

(%)P/E

Ratio

FairValue

Calc.($)QualityRanking

S&PIQ

%ile

Return onRevenue

(%)

LTD toCap(%)

Berkshire Hathaway'B' BRK.B 163,524 139.78 152.94/122.72 0.53 Nil 17 NA B 97 10.7 20.1

Amer Capital Agency AGNC 6,604 18.72 23.97/18.64 0.21 12.8 NM NA NR 17 NM 9.3Annaly Capital Management NLY 8,823 9.31 11.95/9.30 0.16 12.9 NM NA B 27 NM 84.8Berkshire Hathaway'A' BRK.A 181,354 209900 229374/185005 0.50 Nil 17 NA B 97 10.7 24.4HCP Inc HCP 17,031 36.89 49.61/36.20 0.38 6.1 40 NA B 91 39.4 47.0Health Care REIT HCN 23,275 66.38 84.88/61.42 0.48 5.0 36 69.70 A- 91 13.3 44.2Hospitality Properties Trust HPT 4,404 29.37 34.20/26.38 1.09 6.8 24 NA B- 87 10.2 48.7Host Hotels & Resorts HST 15,260 20.14 24.50/19.33 1.57 4.0 23 NA B- 85 13.7 34.5LaSalle Hotel Properties LHO 4,041 35.87 43.56/32.94 1.52 5.0 19 NA B- 75 19.2 29.4Omega Healthcare Investors OHI 6,379 34.92 45.46/33.69 0.75 6.2 22 NA B+ 92 43.9 62.9Onex Corp OCX.C 6,065 56.25 65.01/51.65 0.78 0.4 NM NA NR NA NA NASenior Housing Prop Trust SNH 4,195 17.85 24.50/17.59 0.51 8.7 23 NA B+ 85 19.1 48.0Starwood Property Trust STWD 5,213 21.89 24.79/21.53 0.63 8.8 10 30.00 NR 49 92.0 54.7UBS Group UBS 80,138 21.93 22.17/16.01 NA 2.4 NM 22.70 NR 78 10.8 19.5Ventas Inc VTR 20,776 62.79 81.93/60.63 0.34 5.0 41 60.90 B 91 15.4 55.0

NA-Not Available NM-Not Meaningful NR-Not Rated. *For Peer Groups with more than 15 companies or stocks, selection of issues is based on market capitalization.


S&P Capital IQ Analyst Research Notes and other Company News

May 4, 201502:59 pm ET ... S&P CAPITAL IQ DOWNGRADES OPINION ON SHARES OF IBMCORP. TO HOLD FROM BUY (IBM 174.28***): Shares of IBM have risen 15% froma recent closing low set on January 28, compared with a 6% gain for the S&P 500,and we now see them as reasonably valued. The stock is now within 8% of our12-month target price of $188. Despite what we saw as a somewhat encouragingQ1, and a recently announced dividend increase of 18% implying a yield of 3.0%,we still see considerable challenges related to competition and growth. We alsonote an unconfirmed report from CNBC indicating Warren Buffett's BerkshireHathaway (BRK.B 146 *****) increased its stake in IBM in Q1. /S. Kessler

May 1, 201505:55 pm ET ... S&P CAPITAL IQ KEEPS STRONG BUY ON CLASS B SHARES OFBERKSHIRE HATHAWAY INC. (BRK.B 143.36*****): We keep our 12 month targetprice of $173, or 20.7X our 2016 operating EPS estimate of $8.35 (raised by $0.15),at the upper end of historical ranges. Q1 operating EPS of $1.72 vs. $1.43 toppedour $1.60 operating EPS estimate, the $1.62 Capital Iw consensus forecast on 25%higher railroad-utility-energy profits, 22% rise in investment income and a 21%rise from Berkshire's other businesses. We raise our 2015 operating EPS estimateby $0.20 to $7.70. Currently trading at 18.6X our 2015 EPS estimate, we view theshares as undervalued in light of BRkB's double digit profit growth. /C. Seifert

March 25, 201509:29 am ET ... S&P CAPITAL IQ KEEPS STRONG BUY OPINION ON "B" SHARES OFBERKSHIRE HATHAWAY INC. (BRK.B 144.29*****): We keep our 12 month targetprice of $173, or 23X our 2015 operating EPS est. of $7.50, at the upper end ofhistorical ranges. Berkshire shares are reacting positively to news its HJ Heinzunit is merging with Kraft Foods (KRFT Buy 61) in a stock and cash deal partlyfinanced by Berkshire and its partner, 3G Capital and set to close by midyear.Current Heinz holders (including Berkshire) will own 51% of the combinedcompany. We do not see any antitrust issues here, though we think the costs cutsneeded to make the deal accretive may have to be fairly aggressive. /C. Seifert

March 2, 201508:01 am ET ... S&P CAPITAL IQ KEEPS STRONG BUY OPINION ON CLASS BSHARES OF BERKSHIRE HATHAWAY (BRK.B 147.41*****): We keep our 12-monthtarget of $173, 23X our below-consensus '15 operating EPS estimate of $7.50, atthe upper end of historical ranges, reflecting BRK.B's financial strength.However, we view '14 results as mixed, with insurance revenues up 10%(significantly above peers), but underwriting profits down 15% amid someadverse reinsurance claims and higher underwriting costs. Nonetheless, weapplaud BRK.B's additional disclosure on a potential successor to Warren Buffet.Finally, with $58 billion in cash as of year-end '14, we expect BRK.B to pursueadditional acquisitions. /C. Seifert

March 2, 201508:01 am ET ... CORRECTION - S&P CAPITAL IQ KEEPS STRONG BUY OPINION ONOF BERKSHIRE HATHAWAY (BRK.B 147.41*****): We keep our 12-month target of$173, 23X our below-consensus '15 operating EPS estimate of $7.50, at the upperend of historical ranges, reflecting BRK.B's financial strength. However, we view'14 results as mixed, with insurance revenues up 10% (significantly above peers),but underwriting profits down 15% amid some adverse reinsurance claims andhigher underwriting costs. Nonetheless, we applaud BRK.B's additionaldisclosure on a potential successor to Warren Buffet. Finally, with $58 billion incash as of year-end '14, we expect BRK.B to pursue additional acquisitions. /C.Seifert

November 13, 201409:32 am ET ... S&P CAPITAL IQ KEEPS STRONG BUY OPINION ON CLASS BSHARES OF BERKSHIRE HATHAWAY (BRK.B 145.52*****): We maintain our $17312-month target price, which assumes the Class B shares trade just below 2Xestimated year end 2015 book value, still below peak valuation levels. Berkshirehas reportedly agreed to buy the Duracell battery business from Procter &Gamble Co. (PG 88 Hold) for $4.7 billion in PG common stock it currently owns, forwhich Berkshire will receive the Duracell unit with a $1.7-$1.8 billion cashinfusion. This deal, while not material given Berkshire's size and breadth ofoperations, nevertheless adds to Berkshire's growing stable ofconsumer-branded products. /C. Seifert

November 13, 2014

10:04 am ET ... S&P CAPITAL IQ MAINTAINS HOLD RECOMMENDATION ONSHARES OF PROCTER & GAMBLE (PG 89.56***): As part of its brand repositioningstrategy, PG agrees to sell its Duracell business to Bershire Hathaway (BRK.B 146*****) for $4.7 billion in PG stock held by BRK.B, pending regulatory approvals.The transaction is expected to close in the second half of FY 15 (Jun.). Althoughthe deal is valued at only about 7X Duracell's FY 14 adjusted EBITDA, below itsclosest peer (11X), we view the deal as being closer to fair value whenconsidering the tax efficient share transfer PG is receiving in return, which wouldvalue the transaction at an equivalent 9X EV/EBITDA cash sale. /J. Agnese

November 10, 201408:56 am ET ... S&P CAPITAL IQ KEEPS STRONG BUY OPINION ON CL. B SHS. OFBERKSHIRE HATHAWAY INC. (BRK.B 143.61*****): We raise our 12-month targetby $10 to $173, or less than 2X estimated 2015 book value, still below peakvaluation levels. We raise our 2015 operating EPS estimate by $0.30 to $7.50 andour 2014 operating EPS estimate by $0.18 to $6.91. Q3 operating EPS of $1.92 vs.$1.49 topped our $1.81 EPS estimate, and the $1.70 Capital IQ consensus forecastamid a surge in insurance underwriting profits (on ramped up reinsuranceactivities) and 17% higher non insurance profit growth. Despite the shares strongyear to date performance, we see additional upside amid an economic recovery./C. Seifert

October 2, 201402:29 pm ET ... S&P CAPITAL IQ KEEPS STRONG BUY OPINION ON CLASS BSHARES OF BERKSHIRE HATHAWAY (BRK.B 137.78*****): We keep our $16312-month target price, or about 2X estimated 2015 book value, 22.6X our 2015operating EPS estimate of $7.20 , a premium to peers we think is warranted amidBerkshire's financial strength and superior growth prospects. Berkhsireannounced plans to acquire The Van Tuyl Group, a Texas-based privately heldauto dealer (the 5th largest in the U.S. with some $8 billion in revenues). Weapplaud this deal , since it gives Berkshire a platform that we see expanding. But,we are dismayed that terms of the deal (set to close in early 2015) were notdisclosed. /C. Seifert

October 1, 201412:19 pm ET ... S&P CAPITAL IQ KEEPS STRONG BUY OPINION ON CLASS BSHARES OF BERKSHIRE HATHAWAY (BRK.B 137.1199*****): We raise our12-month target price on the shares of this insurance-based conglomerate by $11to $163, or 22.6X our 2015 operating EPS estimate of $7.20 a share and less than2X estimated 2015 year end book value. Both of these metrics are above theaverage for Berkshire's closest insurance and reinsurance peers. We believethis premium is warranted in light of Berkshire's superior financial strength,diversification, and ability to produce top line growth. We look for Berkshire'seconomically sensitive units to report higher growth as the economy recovers. /C.Seifert




Analysts' Recommendations

Wall Street Average

S

WH

H

BH

B

Number of Analysts Following Stock

Monthly Average Trend BuyB

Buy/HoldBH

HoldH

Weak HoldWH

SellS

No Opinion BRK.B Trend

J A S O N D J F M A M J J A S O N D J F M A M J

2013 2014 2015

Stock Price ($)

100

120

140

160

1

2

3

Of the total 2 companies following BRK.B, 2 analysts currently publish recommendations.

No. ofRecommendations

% of Total 1 Mo. Prior 3 Mos. Prior

Buy 0 0 0 0Buy/Hold 2 100 0 1Hold 0 0 0 1Weak Hold 0 0 0 0Sell 0 0 0 0No Opinion 0 0 0 0Total 2 100 0 2

Wall Street Consensus Opinion

BUY/HOLD

Companies Offering Coverage

Barclays

Morningstar Inc.

Wall Street Consensus Estimates

2014 Actual $8.06

2014 2015

F M A M J J A S O N D J F M A M J6

7

8

9

Estimates 2014 2015 2016

Fiscal Years Avg Est. High Est. Low Est. # of Est. Est. P/E2016 8.50 8.50 8.35 2 16.42015 7.95 7.95 7.70 2 17.62016 vs. 2015 7% 7% 8% 0% -7%

A company's earnings outlook plays a major part in any investment decision. S&P Capital IQ organizes the earnings estimates of over 2,300Wall Street analysts, and provides their consensus of earnings over the next two years, as well as how those earnings estimates havechanged over time. Note that the information provided in relation to consensus estimates is not intended to predict actual results and shouldnot be taken as a reliable indicator of future performance.

Wall Street Consensus vs. Performance

For fiscal year 2015, analysts estimate that BRK.Bwill earn US$ 7.95. For fiscal year 2016, analystsestimate that BRK.B's earnings per share willgrow by 7% to US$ 8.50.




Glossary

S&P Capital IQ STARSSince January 1, 1987, S&P Capital IQ Equity Research has ranked a universe of U.S.common stocks, ADRs (American Depositary Receipts), and ADSs (AmericanDepositary Shares) based on a given equity's potential for future performance.Similarly, S&P Capital IQ Equity Research has ranked Asian and European equitiessince June 30, 2002. Under proprietary STARS (STock Appreciation Ranking System),S&P Capital IQ equity analysts rank equities according to their individual forecast of anequity's future total return potential versus the expected total return of a relevantbenchmark (e.g., a regional index (S&P Asia 50 Index, S&P Europe 350 Index orS&P 500 Index)), based on a 12-month time horizon. STARS was designed to meetthe needs of investors looking to put their investment decisions in perspective. Dataused to assist in determining the STARS ranking may be the result of the analyst'sown models as well as internal proprietary models resulting from dynamic data inputs.

S&P Capital IQ Quality Ranking(also known as S&P Capital IQ Earnings & Dividend Rankings) - Growth andstability of earnings and dividends are deemed key elements in establishing S&PCapital IQ's earnings and dividend rankings for common stocks, which are designed tocapsulize the nature of this record in a single symbol. It should be noted, however, thatthe process also takes into consideration certain adjustments and modificationsdeemed desirable in establishing such rankings. The final score for each stock ismeasured against a scoring matrix determined by analysis of the scores of a large andrepresentative sample of stocks. The range of scores in the array of this sample hasbeen aligned with the following ladder of rankings:A+AA-B+NR

HighestHighAbove AverageAverageNot Ranked

BB-CD

Below AverageLowerLowestIn Reorganization

S&P Capital IQ EPS EstimatesS&P Capital IQ earnings per share (EPS) estimates reflect analyst projections of futureEPS from continuing operations, and generally exclude various items that are viewedas special, non-recurring, or extraordinary. Also, S&P Capital IQ EPS estimates reflecteither forecasts of S&P Capital IQ equity analysts; or, the consensus (average) EPSestimate, which are independently compiled by Capital IQ, a data provider to S&PCapital IQ Equity Research. Among the items typically excluded from EPS estimatesare asset sale gains; impairment, restructuring or merger-related charges; legal andinsurance settlements; in process research and development expenses; gains orlosses on the extinguishment of debt; the cumulative effect of accounting changes;and earnings related to operations that have been classified by the company asdiscontinued. The inclusion of some items, such as stock option expense andrecurring types of other charges, may vary, and depend on such factors as industrypractice, analyst judgment, and the extent to which some types of data is disclosed bycompanies.

S&P Capital IQ Core EarningsS&P Capital IQ Core Earnings is a uniform methodology for adjusting operatingearnings by focusing on a company's after-tax earnings generated from its principalbusinesses. Included in the S&P Capital IQ definition are employee stock option grantexpenses, pension costs, restructuring charges from ongoing operations, write-downsof depreciable or amortizable operating assets, purchased research and development,M&A related expenses and unrealized gains/losses from hedging activities. Excludedfrom the definition are pension gains, impairment of goodwill charges, gains or lossesfrom asset sales, reversal of prior-year charges and provision from litigation orinsurance settlements.

S&P Capital IQ 12-Month Target PriceThe S&P Capital IQ equity analyst's projection of the market price a given security willcommand 12 months hence, based on a combination of intrinsic, relative, and privatemarket valuation metrics, including S&P Capital IQ Fair Value.

S&P Capital IQ Equity ResearchS&P Capital IQ Equity Research U.S. includes Standard & Poor's Investment AdvisoryServices LLC; Standard & Poor's Equity Research Services Europe includesMcGraw-Hill Financial Research Europe Limited trading as S&P Capital IQ; Standard& Poor's Equity Research Services Asia includes: McGraw-Hill Financial SingaporePte. Limited, Standard & Poor's Investment Advisory Services (HK) Limited, Standard& Poor's Malaysia Sdn Bhd, and Standard & Poor's Information Services (Australia)Pty Ltd.

Abbreviations Used in S&P Capital IQ Equity Research ReportsCAGR - Compound Annual Growth RateCAPEX - Capital ExpendituresCY - Calendar YearDCF - Discounted Cash FlowDDM - Dividend Discount Model

EBIT - Earnings Before Interest and TaxesEBITDA - Earnings Before Interest, Taxes, Depreciation and AmortizationEPS - Earnings Per ShareEV - Enterprise ValueFCF - Free Cash FlowFFO - Funds From OperationsFY - Fiscal YearP/E - Price/EarningsP/NAV - Price to Net Asset ValuePEG Ratio - P/E-to-Growth RatioPV - Present ValueR&D - Research & DevelopmentROCE - Return on Capital EmployedROE - Return on EquityROI - Return on InvestmentROIC - Return on Invested CapitalROA - Return on AssetsSG&A - Selling, General & Administrative ExpensesSOTP - Sum-of-The-PartsWACC - Weighted Average Cost of Capital

Dividends on American Depository Receipts (ADRs) and AmericanDepository Shares (ADSs) are net of taxes (paid in the country oforigin).

S&P Capital IQ Qualitative Risk AssessmentReflects an S&P Capital IQ equity analyst's view of a given company's operational risk,or the risk of a firm's ability to continue as an ongoing concern. The S&P Capital IQQualitative Risk Assessment is a relative ranking to the S&P U.S. STARS universe,and should be reflective of risk factors related to a company's operations, as opposedto risk and volatility measures associated with share prices. For an ETF this reflects ona capitalization-weighted basis, the average qualitative risk assessment assigned toholdings of the fund.

STARS Ranking system and definition:HHHHH 5-STARS (Strong Buy):Total return is expected to outperform the total return of a relevant benchmark, by awide margin over the coming 12 months, with shares rising in price on an absolutebasis.HHHHH 4-STARS (Buy):Total return is expected to outperform the total return of a relevant benchmark over thecoming 12 months, with shares rising in price on an absolute basis.HHHHH 3-STARS (Hold):Total return is expected to closely approximate the total return of a relevantbenchmark over the coming 12 months, with shares generally rising in price on anabsolute basis.HHHHH 2-STARS (Sell):Total return is expected to underperform the total return of a relevant benchmark overthe coming 12 months, and the share price not anticipated to show a gain.HHHHH1-STAR (Strong Sell):Total return is expected to underperform the total return of a relevant benchmark by awide margin over the coming 12 months, with shares falling in price on an absolutebasis.

Relevant benchmarks:In North America, the relevant benchmark is the S&P 500 Index, in Europe and inAsia, the relevant benchmarks are the S&P Europe 350 Index and the S&P Asia 50Index, respectively.

Stock Report | June 27, 2015 | NYS Symbol: BRK.BBerkshire Hathaway Inc.

Redistribution or reproduction is prohibited without written permission. Copyright 2015 Standard & Poor's Financial Services LLC.STANDARD & POOR'S, S&P, S&P 500, S&P CAPITAL IQ, S&P EUROPE 350 and STARS are registered trademarks of Standard & Poor's Financial Services LLC.

DisclosuresS&P Capital IQ ranks stocks in accordance with the following ranking methodologies:

STARS Stock Reports:S&P Capital IQ's qualitative STARS recommendations are determined and assignedby S&P Capital IQ equity analysts. For reports containing STARS recommendationsrefer to the Glossary section of the report for detailed methodology and the definitionof STARS rankings.

Quantitative Stock Reports:S&P Capital IQ's quantitative evaluations are derived from S&P Capital IQ'sproprietary Fair Value quantitative ranking model. The Fair Value Rankingmethodology is a relative ranking methodology. As a quantitative model, Fair Valuerelies on history and consensus estimates and does not introduce an element ofsubjectivity. Some Quantitative Stock Reports contain Buy, Hold and Sellrecommendations. Reports that do not contain a recommendation may or may notcontain ranking information. For reports containing a recommendation or rankinginformation refer to the Glossary Section of this report for more information, including adetailed description of the methodology and definition of S&P Quality Ranking andS&P Fair Value Rank.

STARS Stock Reports and Quantitative Stock Reports:The methodologies used in STARS Stock Reports and Quantitative Stock Reports(collectively, the "S&P Capital IQ's Research Reports" or "Research Reports") reflectdifferent criteria, assumptions and analytical methods and may have differingrecommendations.S&P Capital IQ believes that the methodologies and data used togenerate the different types of Research Reports are reasonable and appropriate.Generally, S&P Capital IQ does not generate reports with different rankingmethodologies for the same issuer. However, in the event that different methodologiesor data are used on the analysis of an issuer, the methodologies may lead to differentviews or recommendations on the issuer, which may at times result in contradictingassessments of an issuer. S&P Capital IQ reserves the right to alter, replace or varymodels, methodologies or assumptions from time to time and without notice to clients.

STARS Stock Reports:S&P Capital IQ Global STARS Distribution as of March 31, 2015

Ranking North America Europe Asia GlobalBuy 37.6% 21.0% 33.7% 34.4%Hold 50.0% 48.0% 38.8% 48.4%Sell 12.4% 31.0% 27.5% 17.2%Total 100% 100% 100% 100%

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