Our meeting this year will be held on Saturday, May 3rd. As always, the doors will open at the

Qwest Center at 7 a.m., and a new Berkshire movie will be shown at 8:30. At 9:30 we will go directly to

the question-and-answer period, which (with a break for lunch at the Qwest’s stands) will last until 3:00.

Then, after a short recess, Charlie and I will convene the annual meeting at 3:15. If you decide to leave

during the day’s question periods, please do so while Charlie is talking.

The best reason to exit, of course is to shop. We will help you do that by filling the 194,300-

square-foot hall that adjoins the meeting area with the products of Berkshire subsidiaries. Last year, the

27,000 people who came to the meeting did their part, and almost every location racked up record sales.

But you can do better. (If necessary, I’ll lock the doors.)

This year we will again showcase a Clayton home (featuring Acme brick, Shaw carpet, Johns

Manville insulation, MiTek fasteners, Carefree awnings and NFM furniture). You will find that this 1,550-

square-foot home, priced at $69,500, delivers exceptional value. And after you purchase the house,

consider also acquiring the Forest River RV and pontoon boat on display nearby.

GEICO will have a booth staffed by a number of its top counselors from around the country, all of

them ready to supply you with auto insurance quotes. In most cases, GEICO will be able to give you a

special shareholder discount (usually 8%). This special offer is permitted by 45 of the 50 jurisdictions in

which we operate. (One supplemental point: The discount is not additive if you qualify for another, such as

that given certain groups.) Bring the details of your existing insurance and check out whether we can save

you money. For at least 50% of you, I believe we can.

On Saturday, at the Omaha airport, we will have the usual array of aircraft from NetJets available

for your inspection. Stop by the NetJets booth at the Qwest to learn about viewing these planes. Come to

Omaha by bus; leave in your new plane. And take all the hair gel and scissors that you wish on board with

you.

Next, if you have any money left, visit the Bookworm, where you will find about 25 books and

DVDs – all discounted – led again by Poor Charlie’s Almanack. Without any advertising or bookstore

placement, Charlie’s book has now remarkably sold nearly 50,000 copies. For those of you who can’t

An attachment to the proxy material that is enclosed with this report explains how you can obtain

the credential you will need for admission to the meeting and other events. As for plane, hotel and car

reservations, we have again signed up American Express (800-799-6634) to give you special help. Carol

Pedersen, who handles these matters, does a terrific job for us each year, and I thank her for it. Hotel

rooms can be hard to find, but work with Carol and you will get one.

At Nebraska Furniture Mart, located on a 77-acre site on 72nd Street between Dodge and Pacific,

we will again be having “Berkshire Weekend” discount pricing. We initiated this special event at NFM

eleven years ago, and sales during the “Weekend” grew from $5.3 million in 1997 to $30.9 million in 2007.

This is more volume than most furniture stores register in a year.

To obtain the Berkshire discount, you must make your purchases between Thursday, May 1st and

Monday, May 5th inclusive, and also present your meeting credential. The period’s special pricing will

even apply to the products of several prestigious manufacturers that normally have ironclad rules against

discounting but which, in the spirit of our shareholder weekend, have made an exception for you. We

appreciate their cooperation. NFM is open from 10 a.m. to 9 p.m. Monday through Saturday, and 10 a.m.

to 6 p.m. on Sunday. On Saturday this year, from 5:30 p.m. to 8 p.m., NFM is having a Baja Beach Bash

featuring beef and chicken tacos.

21

At Borsheims, we will again have two shareholder-only events. The first will be a cocktail

reception from 6 p.m. to 10 p.m. on Friday, May 2nd. The second, the main gala, will be held on Sunday,

May 4th, from 9 a.m. to 4 p.m. On Saturday, we will be open until 6 p.m.

We will have huge crowds at Borsheims throughout the weekend. For your convenience,

therefore, shareholder prices will be available from Monday, April 28th through Saturday, May 10th.

During that period, please identify yourself as a shareholder by presenting your meeting credentials or a

brokerage statement that shows you are a Berkshire holder.

On Sunday, in a tent outside of Borsheims, a blindfolded Patrick Wolff, twice U.S. chess

champion, will take on all comers – who will have their eyes wide open – in groups of six. Nearby,

Norman Beck, a remarkable magician from Dallas, will bewilder onlookers. Additionally, we will have

Bob Hamman and Sharon Osberg, two of the world’s top bridge experts, available to play bridge with our

shareholders on Sunday afternoon.

Gorat’s will again be open exclusively for Berkshire shareholders on Sunday, May 4th, and will be

serving from 4 p.m. until 10 p.m. Last year Gorat’s, which seats 240, served 915 dinners on Shareholder

Sunday. The three-day total was 2,487 including 656 T-bone steaks, the entrée preferred by the

cognoscenti. Please remember that to come to Gorat’s on that day, you must have a reservation. To make

one, call 402-551-3733 on April 1st (but not before).

We will again have a reception at 4 p.m. on Saturday afternoon for shareholders who have come

from outside of North America. Every year our meeting draws many people from around the globe, and

Charlie and I want to be sure we personally greet those who have come so far. Last year we enjoyed

meeting more than 400 of you from many dozens of countries. Any shareholder who comes from other

than the U.S. or Canada will be given a special credential and instructions for attending this function.

* * * * * * * * * * * *

At 84 and 77, Charlie and I remain lucky beyond our dreams. We were born in America; had

terrific parents who saw that we got good educations; have enjoyed wonderful families and great health;

and came equipped with a “business” gene that allows us to prosper in a manner hugely disproportionate to

that experienced by many people who contribute as much or more to our society’s well-being. Moreover,

we have long had jobs that we love, in which we are helped in countless ways by talented and cheerful

associates. Every day is exciting to us; no wonder we tap-dance to work. But nothing is more fun for us

than getting together with our shareholder-partners at Berkshire’s annual meeting. So join us on May 3rd at

the Qwest for our annual Woodstock for Capitalists. We’ll see you there.

February 2008 Warren E. Buffett