附注：下表系董事长致股东信的参考资料，并载于年度报告的封面。

伯克希尔 与 标准普尔S&P 500指数的比较表

Annual Percentage Change
----------------------

in Per-Share in S&P 500

Book Value of with Dividends Relative

伯克希尔 Included Results

Year (1) (2) (1)-(2)

1965 .................................................. 23.8 10.0 13.8

1966 .................................................. 20.3 (11.7) 32.0

1967 .................................................. 11.0 30.9 (19.9)

1968 .................................................. 19.0 11.0 8.0

1969 .................................................. 16.2 (8.4) 24.6

1970 .................................................. 12.0 3.9 8.1

1971 .................................................. 16.4 14.6 1.8

1972 .................................................. 21.7 18.9 2.8

1973 .................................................. 4.7 (14.8) 19.5

1974 .................................................. 5.5 (26.4) 31.9

1975 .................................................. 21.9 37.2 (15.3)

1976 .................................................. 59.3 23.6 35.7

1977 .................................................. 31.9 (7.4) 39.3

1978 .................................................. 24.0 6.4 17.6

1979 .................................................. 35.7 18.2 17.5

1980 .................................................. 19.3 32.3 (13.0)

1981 .................................................. 31.4 (5.0) 36.4

1982 .................................................. 40.0 21.4 18.6

1983 .................................................. 32.3 22.4 9.9

1984 .................................................. 13.6 6.1 7.5

1985 .................................................. 48.2 31.6 16.6

1986 .................................................. 26.1 18.6 7.5

1987 .................................................. 19.5 5.1 14.4

1988 .................................................. 20.1 16.6 3.5

1989 .................................................. 44.4 31.7 12.7

1990 .................................................. 7.4 (3.1) 10.5

1991 .................................................. 39.6 30.5 9.1

1992 .................................................. 20.3 7.6 12.7

1993 .................................................. 14.3 10.1 4.2

1994 .................................................. 13.9 1.3 12.6

1995 .................................................. 43.1 37.6 5.5

1996 .................................................. 31.8 23.0 8.8

1997 .................................................. 34.1 33.4 .7

1998 .................................................. 48.3 28.6 19.7

1999 .................................................. .5 21.0 (20.5)

2000 .................................................. 6.5 (9.1) 15.6

2001 .................................................. (6.2) (11.9) 5.7

2002 .................................................. 10.0 (22.1) 32.1

Average Annual Gain 1965-2002 22.2 10.0 12.2

Overall Gain 1964-2002 214,433 3,663

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资料以历年制为准，除了1965年及1966年系至9/30;1967年则为至12/31的15个月。

从1979年开始，会计原则规定保险公司持有的股权投资必须采用市价法取代原先的成本与市价孰低法，在本表中，1978年以前的资料已依照该原则重新调整，除此之外，其它的数字皆依照原则的结果未作更动。

S&P 500指数系以税前为准，而伯克希尔的数字则属于税后，如果伯克希尔直接投资S&P 500
并依此课征相关税负，则当S&P 500的报酬为正时，伯克希尔的表现将不如S&P 500，相反地若S&P 500的报酬为负时，伯克希尔的表现将优于S&P 500，就长期而言，伯克希尔额外负担的税负成本将使得中间的差异日益扩大。