JOHNS MANVILLE TO BE ACQUIRED BY BERKSHIRE HATHAWAY

The merger agreement provides that, no later than January 3, 2001, a subsidiary of Berkshire Hathaway will commence a tender offer for all outstanding shares of Johns Manville's common stock. The Board of Directorsof Johns Manville has unanimously approved the merger agreement and recommendsthat shareholders tender their shares into the tender offer. In addition, the Manville Personal Injury Settlement Trust (the "Trust"), which owns approximately 76 percent of the outstanding common stock of Johns Manville, has agreed to tender its shares into the offer. J.P. Morgan & Co. served as financial advisor and delivered a fairness opinion to the Board of Directors of Johns Manville.

The tender offer is subject to receiving governmental approvals, court approval of the Trust's tender and other customary conditions. Upon successful completion of the tender offer, the agreement calls for a merger pursuant to which any remaining shareholders will receive cash in the same amount as paid in the tender offer. Johns Manville will become a wholly owned subsidiary of Berkshire Hathaway and will continue to be headquartered in Denver.

Jerry Henry, Chairman & CEO of Johns Manville said, "All of us at Johns Manville are pleased to know that Warren Buffett recognizes the long term value of our company, and the consistent performance our people have delivered over the years. The transaction will allow the company to grow our business and to continue meeting our customers' needs under an ideal ownership and capital structure."

Warren Buffett, Chairman of Berkshire Hathaway said, "We are pleased about the opportunity to own a company with such strong market positions, leadership, and financial performance. Johns Manville fits well in the Berkshire family of successful enterprises with global brand recognition."

This eUpdate posting by: Steve Joyce