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BERKSHIRE HATHAWAY INC.
                                  NEWS RELEASE

FOR IMMEDIATE RELEASE                                                         January 7, 2005
Berkshire Hathaway Inc. and Berkshire Hathaway Finance Corporation Commence
Registered Exchange Offers

OMAHA, NE—Berkshire Hathaway Inc. (“Berkshire”) and Berkshire Hathaway Finance
Corporation (“BHFC”) today announced that they have commenced two separate registered
exchange offers. The first is an offer to exchange up to $700,000,000 of BHFC’s newly
registered 3.40% Senior Notes due 2007 (the “2007 Exchange Notes”), for an equal amount of
its privately placed 3.40% Senior Notes due 2007 issued on July 19, 2004 and September 20,
2004 (the “2007 Original Notes”). The second is an offer to exchange up to $400,000,000 of
BHFC’s newly registered 5.10% Senior Notes due 2014 (the “2014 Exchange Notes” and
together with the 2007 Exchange Notes, the “Exchange Notes”), for an equal amount of its
privately placed 5.10% Senior Notes due 2014 issued on July 19, 2004 and September 20, 2004
(the “2014 Original Notes” and together with the 2007 Original Notes, the “Original Notes”).
The Exchange Notes are substantially identical to the Original Notes, except that the Exchange
Notes have been registered under the Securities Act of 1933, as amended, and will not bear any
legend restricting their transfer.

Berkshire and BHFC will accept for exchange any and all Original Notes validly tendered and
not withdrawn prior to the expiration of the exchange offer at 5:00 p.m., New York City time, on
February 7, 2005, unless extended.

The terms of the exchange offer and other information relating to Berkshire and BHFC are set
forth in prospectuses dated January 7, 2005. Copies of the prospectuses and the related letters of
transmittal may be obtained from J.P. Morgan Trust Company, National Association, which is
serving as the exchange agent for both exchange offers. J.P. Morgan Trust Company, National
Association’s address, telephone and facsimile number are as follows:

            J.P. Morgan Trust Company, National Association
            Institutional Trust Services
            Attn: Frank Ivins
            2001 Bryan Street
            9th Floor
            Dallas, TX 75201
            Investor Relations: 1-800-275-2048
            Fax Confirmation: 214-468-6494

This announcement is neither an offer to sell nor a solicitation of an offer to buy or exchange the
Exchange Notes or the Original Notes. The exchange offers are made solely pursuant to the
prospectuses dated January 7, 2005, including any supplements thereto.




1064827.2

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berkshire hathawayJanuary 7, 2005 Registered Exchange Offers Commence

  • 1. BERKSHIRE HATHAWAY INC. NEWS RELEASE FOR IMMEDIATE RELEASE January 7, 2005 Berkshire Hathaway Inc. and Berkshire Hathaway Finance Corporation Commence Registered Exchange Offers OMAHA, NE—Berkshire Hathaway Inc. (“Berkshire”) and Berkshire Hathaway Finance Corporation (“BHFC”) today announced that they have commenced two separate registered exchange offers. The first is an offer to exchange up to $700,000,000 of BHFC’s newly registered 3.40% Senior Notes due 2007 (the “2007 Exchange Notes”), for an equal amount of its privately placed 3.40% Senior Notes due 2007 issued on July 19, 2004 and September 20, 2004 (the “2007 Original Notes”). The second is an offer to exchange up to $400,000,000 of BHFC’s newly registered 5.10% Senior Notes due 2014 (the “2014 Exchange Notes” and together with the 2007 Exchange Notes, the “Exchange Notes”), for an equal amount of its privately placed 5.10% Senior Notes due 2014 issued on July 19, 2004 and September 20, 2004 (the “2014 Original Notes” and together with the 2007 Original Notes, the “Original Notes”). The Exchange Notes are substantially identical to the Original Notes, except that the Exchange Notes have been registered under the Securities Act of 1933, as amended, and will not bear any legend restricting their transfer. Berkshire and BHFC will accept for exchange any and all Original Notes validly tendered and not withdrawn prior to the expiration of the exchange offer at 5:00 p.m., New York City time, on February 7, 2005, unless extended. The terms of the exchange offer and other information relating to Berkshire and BHFC are set forth in prospectuses dated January 7, 2005. Copies of the prospectuses and the related letters of transmittal may be obtained from J.P. Morgan Trust Company, National Association, which is serving as the exchange agent for both exchange offers. J.P. Morgan Trust Company, National Association’s address, telephone and facsimile number are as follows: J.P. Morgan Trust Company, National Association Institutional Trust Services Attn: Frank Ivins 2001 Bryan Street 9th Floor Dallas, TX 75201 Investor Relations: 1-800-275-2048 Fax Confirmation: 214-468-6494 This announcement is neither an offer to sell nor a solicitation of an offer to buy or exchange the Exchange Notes or the Original Notes. The exchange offers are made solely pursuant to the prospectuses dated January 7, 2005, including any supplements thereto. 1064827.2