\ Buffett Buffett 13F Cash and cash equivalents $34.8B Fixed maturity securities $34.0B KO IBM WFC AXP PG KFT MUV2.DE JNJ WMT COP 005490.KS SAN.PA USB TSCO.L 1211.HK MCO WPO MTB COST INTC V CVS DTV GD DG TMK SNY MA GE USG UPS VRSK GSK BK XOM IR GCI CDCO.B Loans and accounts receivable $33.8B Inventories $9.3B Property, plant and equipment $98.4B Goodwill $53.3B Other $53.7B 2011Q3 COP -0% YoY IBM new to portfolio KFT -14% YoY WFC +5% YoY JNJ -12% YoY KO WFC AXP PG IBM KFT MUV2.DE JNJ COP WMT USB 005490.KS SAN.PA TSCO.L 1211.HK MCO WPO MTB COST USG GE TMK SNY MA UPS VRSK DG BK XOM IR GCI CDCO.B 2011Q2 Wesco Financial becomes a subsidiary of Berkshire IBM >+100% YoY KFT -5% YoY KO WFC AXP PG KFT MUV2.DE JNJ COP WSC WMT USB 005490.KS SAN.PA TSCO.L 1211.HK MCO WPO IBM MTB COST USG TMK GE SNY UPS GSK MA BK XOM IR GCI CDCO.B 2011Q1 KO WFC AXP PG KFT MUV2.DE JNJ WMT WSC COP USB 005490.KS SAN.PA TSCO.L 1211.HK WPO MCO MTB COST USG TMK GE SNY UPS GSK BK XOM IR GCI CDCO.B 2010Q4 COP -22% YoY MUV2.DE new to portfolio WFC +7% YoY KFT -23% YoY PG -12% YoY JNJ +57% YoY KO WFC AXP PG KFT MUV2.DE JNJ WMT WSC 005490.KS COP SAN.PA TSCO.L USB 1211.HK MCO WPO MTB COST USG TMK SNY GE UPS GSK BK XOM IR GCI CDCO.B 2010Q3 KO WFC AXP PG KFT MUV2.DE JNJ WMT WSC 005490.KS SAN.PA TSCO.L USB COP 1211.HK WPO MCO MTB COST USG IR TMK SNY GE UPS GSK XOM GCI CDCO.B 2010Q2 KO WFC AXP PG KFT MUV2.DE WSC WMT USB COP 005490.KS SAN.PA TSCO.L JNJ 1211.HK MCO WPO MTB USG COST IR TMK SNY GE UPS GSK GCI XOM CDCO.B 2010Q1 KO WFC BNI AXP PG KFT 005490.KS WMT 1211.HK SAN.PA WSC COP JNJ TSCO.L USB MCO WPO MTB COST USG IR SNY TMK GE UPS GSK GCI XOM CDCO.B 2009Q4 COP -52% YoY WFC +10% YoY 1211.HK new to portfolio PG -9% YoY WMT +95% YoY BNI +9% YoY KO WFC BNI PG AXP KFT COP JNJ 005490.KS 1211.HK SAN.PA WMT WSC TSCO.L USB WPO MCO MTB COST USG IR SNY GE TMK XOM UPS GSK GCI CDCO.B 2009Q3 KO WFC BNI PG AXP KFT COP JNJ 005490.KS 1211.HK SAN.PA WSC TSCO.L MCO USB WMT WPO MTB COST USG IR SNY TMK GE UPS XOM GSK GCI CDCO.B 2009Q2 KO BNI PG WFC KFT COP 005490.KS AXP 1211.HK SAN.PA JNJ TSCO.L WSC MCO WMT USB WPO MTB COST USG SNY IR GE TMK UPS GSK CDCO.B GCI 2009Q1 KO WFC PG BNI COP KFT AXP JNJ USB WSC SAN.PA TSCO.L 005490.KS WMT MCO WPO MTB COST USG IR TMK GE SNY UPS GSK GCI CDCO.B 2008Q4 COP >+100% YoY SAN.PA +28% YoY PG -9% YoY InBev acquires BUD BNI +15% YoY JNJ -53% YoY BRK acquires The Marmon Group WFC KO PG COP BNI AXP KFT JNJ USB WSC MCO SAN.PA WMT TSCO.L 005490.KS WPO MTB USG COST GE IR TMK SNY UPS GSK GCI CDCO.B 2008Q3 KO WFC PG BNI AXP COP JNJ KFT WSC USB MCO SAN.PA TSCO.L 005490.KS WMT WPO USG MTB COST IR GE TMK SNY UPS GCI GSK CDCO.B 2008Q2 KO WFC PG AXP BNI KFT JNJ WSC USB MCO SAN.PA COP TSCO.L 005490.KS WPO WMT USG MTB COST GE TMK SNY UPS GCI GSK IR CDCO.B 2008Q1 KO WFC AXP PG BNI KFT JNJ WSC TSCO.L USB 005490.KS MCO SAN.PA COP WPO WMT USG MTB COST GE TMK SNY GCI UPS GSK IR CDCO.B 2007Q4 USB >+100% YoY WFC +41% YoY SAN.PA new to portfolio KFT new to portfolio PG +5% YoY BNI >+100% YoY JNJ >+100% YoY Philip Morris spins of Kraft Foods KKR acquires TXU in the largest leveraged buyout at the time KO WFC AXP PG BNI JNJ KFT MCO WSC TSCO.L 005490.KS USB SAN.PA COP WPO WMT MTB USG COST GE TMK GCI SNY UPS IR CDCO.B 2007Q3 KO AXP WFC PG BNI JNJ MCO KFT WSC TSCO.L 005490.KS SAN.PA COP WPO USB WMT USG MTB COST GE GCI TMK SNY UPS IR CDCO.B 2007Q2 KO AXP WFC PG MCO JNJ BNI WSC TSCO.L 005490.KS SAN.PA WPO COP WMT USB USG MTB COST GE GCI TMK UPS SNY IR CDCO.B 2007Q1 KO AXP WFC PG MCO 601857.SS WSC TSCO.L JNJ COP WPO BNI 005490.KS USG WMT USB MTB GE COST GCI TMK UPS IR SNY CDCO.B 2006Q4 COP +86% YoY WFC +19% YoY AMP -72% YoY TSCO.L new to portfolio JNJ new to portfolio BRK acquires 80% of Isreal based ISCAR Metalworking for $4B (materials and construction) BRK acquires Business Wire (media) Fruit of the Loom acquires Russell Corporation (clothing) BRK acquires TTI (electronic retail) MidAmerican acquires PacifiCorp (utilities, energy) KO AXP WFC PG 601857.SS MCO WSC TSCO.L JNJ WPO 005490.KS COP WMT MTB USG USB GE COST GCI TMK UPS BNI SNY CDCO.B 2006Q3 KO AXP WFC PG 601857.SS MCO WSC TSCO.L JNJ WPO COP 005490.KS WMT MTB USB USG COST GE GCI TMK UPS SNY CDCO.B 2006Q2 KO AXP WFC PG MCO 601857.SS WSC TSCO.L WPO 005490.KS COP WMT MTB USG COST GE GCI USB TMK JNJ UPS CDCO.B 2006Q1 KO AXP PG WFC MidAmerican MCO WSC 601857.SS WPO WMT MTB COP USG COST GCI TMK CDCO.B 2005Q4 WFC +50% YoY AMP new to portfolio BUD >+100% YoY P&G acquires Gillette BRK acquires Medical Protective for $825M (insurance) BRK acquires Forest River (transportation) KO AXP G WFC MidAmerican MCO WSC 601857.SS WPO WMT MTB USG GCI COST TMK PG CDCO.B 2005Q3 KO AXP G MidAmerican WFC MCO WSC 601857.SS WPO WMT MTB USG GCI COST TMK PG CDCO.B 2005Q2 KO AXP G MidAmerican WFC WSC MCO 601857.SS WPO MTB GCI COST USG TMK PG CDCO.B 2005Q1 AXP KO G MidAmerican WFC WSC MCO WPO 601857.SS MTB GCI USG COST TMK CDCO.B 2004Q4 WTM new to portfolio Russell Corporation acquires Brooks Sports (clothing) KO AXP G MidAmerican WFC WSC MCO WPO 601857.SS MTB GCI COST USG TMK CDCO.B 2004Q3 KO AXP G MidAmerican WFC WSC WPO MCO 601857.SS MTB GCI COST USG TMK CDCO.B 2004Q2 KO AXP MidAmerican G WFC WSC MCO WPO 601857.SS MTB GCI COST USG TMK CDCO.B 2004Q1 KO AXP MidAmerican G WFC WSC MCO WPO 601857.SS MTB GCI COST USG TMK CDCO.B 2003Q4 WFC +5% YoY 601857.SS new to portfolio BRK acquires Clayton Homes for $1.7B (manufactured housing, materials and construction) BRK acquires McLane Company from Wal-Mart for $1.45B (logistics) KO AXP MidAmerican G WFC WSC 601857.SS MCO WPO MTB GCI COST CDCO.B USG TMK 2003Q3 KO AXP MidAmerican G WFC WSC 601857.SS WPO MCO MTB GCI COST CDCO.B USG TMK 2003Q2 KO AXP MidAmerican G WFC WSC 601857.SS WPO MCO MTB GCI CDCO.B COST TMK USG 2003Q1 KO AXP MidAmerican G WFC WSC WPO MCO MTB GCI COST CDCO.B TMK USG 2002Q4 BRK acquires The Pampered Chef (food, home kitchen equipment) BRK acquires Fruit of the Loom from bankruptcy for $835M in cash (clothing, underwear) H.H. Brown Shoe Group acquires Acme Boots from Texas Boot (clothing) KO AXP MidAmerican G WFC WSC MCO WPO MTB GCI COST TMK USG 2002Q3 KO AXP G MidAmerican WFC WSC MCO WPO MTB GCI COST TMK USG 2002Q2 KO AXP G WFC MidAmerican WSC WPO MCO MTB GCI TMK USG 2002Q1 KO AXP G WFC MidAmerican WSC MCO WPO MTB COST GCI TMK USG 2001Q4 COST -73% YoY BRK acquires Johns-Manville (insulation, roofing materials, materials and construction) BRK acquires XTRA Lease (logistics) KO AXP G WFC MidAmerican WSC WPO MCO MTB COST GCI TMK USG 2001Q3 KO AXP G WFC WSC MidAmerican WPO MCO MTB COST GCI USB TMK USG 2001Q2 KO AXP G WFC WSC MidAmerican WPO COST MCO MTB USB GCI USG TMK GD 2001Q1 KO AXP G WFC MidAmerican WSC WPO COST MCO USB MTB GCI USG FRE TMK GD DIS 2000Q4 WFC -6% YoY COST >+100% YoY FRE -96% YoY MidAmerican new to portfolio Philip Morris acquires Nabisco Holdings and merges it with Kraft BRK acquires Benjamin Moore & Co. (paint, materials and construction) BRK acquires Acme Brick (bricks and masonry products, materials and construction) BRK acquires Shaw Industries (flooring, materials and construction) TTI acquires Mouser Electronics (electronic retail) KO AXP G WFC MidAmerican FRE WSC WPO COST USB MTB GD GCI TMK DIS 2000Q3 KO AXP G WFC WSC FRE WPO COST USB MTB GD GCI DIS TMK 2000Q2 KO AXP G FRE WFC WSC WPO USB MTB GCI GD DIS TMK COST 2000Q1 KO AXP G FRE WFC WSC WPO USB DIS GCI GD MTB COST TMK 1999Q4 DIS -76% YoY WFC -7% YoY Nabisco and R.J. Reynolds Tobacco demerges Exxon Corporation merges with Mobil Corporation BRK acquires Jordan's Furniture (furniture) KO AXP G FRE WFC WSC WPO DIS USB GD GCI MTB COST TMK 1999Q3 KO AXP G FRE WFC WSC WPO DIS GD USB GCI MTB COST TMK 1999Q2 KO AXP G FRE WFC WSC DIS WPO GD USB GCI MTB COST TMK 1999Q1 KO AXP G FRE WFC WSC DIS WPO GD USB MTB GCI COST WMT TMK 1998Q4 WFC not disclosed DIS -20% YoY Travelers Group and Citicorp merges April 7th General Re merger BRK acquires Dairy Queen (food, ice cream) BRK acquires NetJets (logistics) KO G AXP FRE WFC DIS WSC WPO 1997Q4 WFC not disclosed MCD -100% Travelers Group acquires Salomon Brothers DIS -12% YoY Guinness and Grand Metropolitan merges to form Diageo KO G AXP WFC FRE DIS WSC WPO GD TMK 1996Q4 FRE >+100% YoY WFC +7% YoY MCD new to portfolio GEICO becomes a subsidiary of Berkshire Disney acquires CapCities KO G CCB GEC AXP WFC FRE WSC WPO GD TMK 1995Q4 AXP +78% YoY PNC Bank Corporation -100% GCI -100% BRK acquires Helzberg Diamonds (luxury items) KO G CCB GEC WFC AXP WSC FRE WPO GCI GD TMK 1994Q4 PNC Bank Corporation new to portfolio FRE -6% YoY Viaocm acquires Paramount Communications KO +7% YoY GCI new to portfolio GD -39% YoY AXP new to portfolio Guinness PLC -100% KO GEC G CCB WFC WSC FRE WPO GD TMK 1993Q4 FRE -15% YoY Paramount Communications new to portfolio WFC -46% YoY CCB -33% YoY KO GEC CCB G FRE WFC WSC GD WPO TMK 1992Q4 Guinness PLC +22% YoY FRE >+100% YoY G +7% YoY WFC +27% YoY GD new to portfolio KO GEC G CCB WSC FRE WPO WFC TMK 1991Q4 Guinness PLC new to portfolio G new to portfolio KO CCB GEC WPO WFC WSC FRE TMK 1990Q4 WFC new to portfolio Time & Warner merges BRK acquires H.H. Brown Shoe Group (clothing) KO CCB GEC WPO WSC FRE 1989Q4 KO +64% YoY KKR acquires RJR Nabisco in the largest leveraged buyout at the time WPP Group acquires Ogilvy & Mather BRK acquires Borsheim's Fine Jewelry (luxury items) CCB GEC KO WPO RJR Nabisco Inc. WSC FRE HNH 1988Q4 Allegis -100% FRE new to portfolio KO new to portfolio RJR Nabisco Inc. new to portfolio Kraft sells Duracell to Gillette Philip Morris acquires Kraft CCB GEC WPO WSC HNH FL 1987Q4 WSC new to portfolio Lear Siegler, Inc. -100% HNH -24% YoY Allegis new to portfolio Dairy Queen acquires Orange Julius (food)