Berkshire Hathaway Inc. News Release

Rhea-AI Summary

Berkshire Hathaway announces its reinstatement of the employee bracket contest for the NCAA Tournament, after a hiatus due to the pandemic. The contest, starting with a $100,000 prize for the first correct picks, escalates to $1 million for perfect first-round selections and an annuity for perfect first and second-round picks. A potential double prize is available if Berkshire's favored team, Creighton, reaches the final four. This initiative aims to foster engagement among employees, reflecting on past successes where participants nearly achieved perfect brackets.

Positive

• Reinstatement of the employee bracket contest fosters engagement.
• Potential for significant prizes incentivizes participation.

Negative

• None.

Berkshire Hathaway Inc. is pleased to announce that it will once again fund a “bracket contest” for employees of Berkshire Hathaway and its greater than 50% owned subsidiaries. Berkshire held its initial bracket contest in connection with the 2016 NCAA Men’s Division I Basketball Tournament. Additional contests were held each year until 2020 when the NCAA cancelled the tournament due to the pandemic.

At a minimum, Berkshire will be awarding $100,000 to the employee who picks the winner of the most games correctly prior to picking a game incorrectly. If an employee picks all first round games correctly (all 32 games played on Thursday March 19^th and Saturday March 20^th), the prize will be increased to $1 million. However, if an employee is able to pick all first and second round games correctly, (all 48 games played between Thursday March 19^th and Monday March 22^nd), the prize will be increased to an annuity paying $1 million a year for the remaining life of the employee. Finally, if Berkshire’s favorite basketball team, Creighton, is one of the last four teams remaining in the tournament, the winner’s prize will be doubled.

Berkshire’s Chairman and CEO, Warren Buffett hopes that this year’s winner will be awarded one of the larger prizes and receives the Creighton “bump”. In past years, there have been a number of participants who have correctly picked 31 winners of the 32 initial games.

Berkshire Hathaway and its subsidiaries engage in diverse business activities including insurance and reinsurance, utilities and energy, freight rail transportation, manufacturing, retailing and services. Common stock of the company is listed on the New York Stock Exchange, trading symbols BRK.A and BRK.B.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210315005747/en/

FAQ

What is the prize for picking the most NCAA games correctly in Berkshire Hathaway's bracket contest?

The prize starts at $100,000, increasing to $1 million for perfect first-round picks.

What special condition exists for Berkshire Hathaway's bracket contest related to Creighton?

If Creighton reaches the final four, the winner's prize will be doubled.

When did Berkshire Hathaway last hold its bracket contest?

The last contest was in 2020, prior to the pandemic.

What are the trading symbols for Berkshire Hathaway's common stock?

The trading symbols are BRK.A and BRK.B.