Ann: Update - Notification of buy-back - BRK, page-35

The purpose of this buyback is to buy as many shares as possible at the lowest price.

Where does it say that?

What about the purpose of this buyback is to bring the share price closer to representing the underlying value of the business?

If that can be achieved by buying back 25m shares then job done.

Its not a contest to see how little we can spend its an exercise on spending our capital to achieve our objective.

Of course there are alternative capital allocations, drilling, acreage acquisitions etc, but in the context of the present share price these have not resulted to date in the share price reaching the "proper" valuation , hence the buy back.

For the record I hope we do spend a lot more on acreage acquisitions and drilling and all the other ways we can grow our business.