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Berkshire Hathaway Company Information

Industry Leader TTI, Inc. Joins Berkshire Hathaway Family of Companies

March 30, 2007, marks the official acquisition date that TTI, Inc., the world’s leading passive and connector specialist, and its subsidiary, Mouser Electronics became part of the Berkshire Hathaway Group.

Berkshire Hathaway is one of the most highly respected companies in the world, led by its legendary Chairman and CEO, Warren Buffet. Currently, Berkshire Hathaway is number 13 on the fortune 500 list with sales over $80 billion and with cash assets of over $40 billion.

Berkshire Hathaway owns or is a stakeholder in over fifty well-known businesses and TTI finds itself among a distinguished list of some of the most solid businesses and recognizable brand names in North America including GEICO Insurance, See’s Candies, Business Wire, Fruit of the Loom and Netjets, just to name a few.

Paul Andrews, TTI Chairman and CEO had one goal in mind when he met with Buffett and that was to sell the company to an organization that would allow TTI to continue to operate in the same manner as in the past so the acquisition would secure the future for TTI.

Having accomplished this goal, Andrews said, "It is a real honor for TTI and Mouser to become part of the Berkshire Hathaway Group. Berkshire is recognized as being one of the most admired companies in the world. They take a long-term view of the businesses they purchase and they will allow TTI to continue with our growth plans. They have an excellent reputation and fit well with TTI's values. TTI has enjoyed many successful years and I am confident in our future as being part of Berkshire Hathaway."

TTI is the third Fort Worth-based company to be purchased by Berkshire Hathaway. Acme Building Brands and Justin Brands also are owned by Berkshire Hathaway.

Often called the "Oracle of Omaha," Buffett, an Omaha native, is known for being selective about the companies he buys and then holding those investments for a long time. Berkshire Hathaway is a holding company, not an operating company.

Andrews describes the acquisition as the perfect union of one great company becoming part of another. "Berkshire's management style melds perfectly with the way TTI has conducted its business for the past 36 years. Berkshire has an entrance strategy, but no exit strategy and that suits my business philosophy for TTI."

History of Berkshire Hathaway

The history of Berkshire Hathaway dates back to1888, with The Hathaway Manufacturing Company, a thriving cotton milling business, located in New Bedford, Massachusetts. Hathaway was successful for several decades but after World War I the textile industry suffered a significant decline.

In 1955, The Hathaway Company took a historic turn and merged with Berkshire Fine Spinning Associates, another cotton milling company. The new company thrived for some time but by the 1950s the company had fallen on hard times. In 1962, Warren Buffett became involved with the company and eventually took control of Berkshire Hathaway. For some time the company stayed true to its core business but soon fell vulnerable to increasing foreign competition and discontinued its role in the textile business.

In the late 1960s, Buffett ventured into the insurance business and purchased two Nebraska companies, National Indemnity and National Fire and Marine Insurance. This first investment in the insurance industry gave rise to the super legend of today. In 1996, Buffett acquired GEICO General Insurance Company and the GEICO gecko soon became a national icon.

Today, Buffett's holdings include insurance and finance subsidiaries and a host of almost fifty businesses ranging from jewelry and furniture to manufactured homes.