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panies (USS 00th) Fiscal Year ended Berkshire Hathaway (BRICK) 12/31/201 2 Revenue 162,463 Profit

formance 350 300 250 0 • • e oc)% eeee e e % % 4, —Micro Index em•BA-Growth + . 1*(1.01-Value Russell Mierocap Value Index (M-Value) Russell Microcap Growth Index (M-Growth) wcaov alc.3,Ova:cke-synaoc rtnir,ROG - -a Lacer freed Reuters tiler Syrrtd :. 'o0 average market cap ($8) 0 357 Wognsla

Traded Holding Companies (USS 000s) Berkshire Hathaway (BRK.B) Leucadia National (LUK) Harbinger G

Microcap sector, Value stocks have consistently outperformed Growth stocks in both up and down markets Russell Microcap Value Index (M-Value) Russell Microcap Growth Index (M-Growth) Bloomberg ticker symbo RMICROV Bloomberg tcker symbol RIVICROG Reuters ticker symbol Reuters ticker symbol Weighted ave

RCS Berkshire Leucadia Group Steel Capital Hathaway National Inc. Partners Corp (USS 000s) (BRK

0 so 0 cfP cridg' vsk dr co e ,ss.% do• rt. 1. 'V rt. 11. 'V "t• 11. t•Micro index M -Value Russell Microcap Value Index (M-Value) Russell Microcap Growth Index (M-Growth) Bloomberg ticker symbo RMICROV Bloomberg ticker symool RMICROG Reuters ticker symbol Reuters boar symbol Weighted avera