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Important Information:

We are making this article available to you for your information and education. This article seeks to describe Oak Value Capital Management, Inc.("Oak Value," "we" or "us")'s current views of the market and analysis of Berkshire Hathaway. This discussion is intended to help clients understand Oak Value's investment management style, and should not be regarded as a recommendation of Berkshire Hathaway or any other security referenced in this article. Where shown or quoted, recent company returns are stock price changes only, and reflect neither dividends nor any fees associated with an investment account managed by Oak Value. Information concerning the performance of client accounts and our recommendations over the last year is available on request. Past performance is no indication of future performance. You should not assume that future recommendations will be as profitable or will equal the performance of past recommendations.

Statements referring to future actions or events, such as the future financial performance or ongoing business strategies of the companies in which we invest on behalf of Oak Value's clients, are based on the current expectations and projections about future events provided by various sources, including company management. These statements are not guarantees of future performance, and actual events may differ materially from those discussed herein. References to securities purchased or held are only as of the date of this article. Although we focus on long-term investments, holdings are subject to change.

This article may include statistical and other factual information obtained from third-party sources. We believe those sources to be accurate and reliable; however, we are not responsible for errors by them on which we reasonably rely. In some cases, the quantitative data presented above has been prepared by Oak Value based on our analysis of financial data and other information disclosed by Berkshire Hathaway in public filings as well as that obtained through our research efforts. The views and data included in this article also are influenced by our analysis of information from a wide variety of sources and may contain syntheses, synopses, or excerpts of ideas from written or oral viewpoints provided to us by investment industry, press and other public sources about the companies in which we invest on behalf of clients as well as various economic, political, central bank, and other suspected influences on investment markets.

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