Berkshire Hathaway

:

Burlington Northern Santa Fe (77.4%)

Dealogic Deal #  :

653244

Data as of :

11/6/2009

Target

Acquiror

Dates & Values

Burlington Northern Santa Fe (77.4%)

Berkshire Hathaway

Target:

77.4

% stake

Buying:

77.4

% stake

Rumored

2-Feb-09

Deal Value $m

35,914.2

NY

BNI

340

m shares outstanding

Public (Listed)

Announced

3-Nov-09

Value ex Debt $m

26,690.2

United States

United States

Transportation

Insurance

Expected

1Q 2010

Consideration

Goldman Sachs | Advisor

Munger Tolles & Olson | Attorney

Completed

-

Evercore Partners | Advisor

Cravath Swaine & Mopore | Attorney

Withdrawn

-

Sullivan & Cromwell | Attorney for Advisor

Timeline Events

Termination Fee, Target $m

264

Termination Fee, Acquiror $m

tbd

Financials

30-Sep-09

Balance Sheet

Debt/Equity:

2.1

Premiums & Multiples

Initial Offer

$100.00

Current Offer

$100.00

Income Statement

Cash Flows

Operations $m

3,312

Profitability

Profit Margin

20%

Return on Equity

15%

League Table Impact

Sector Trend

2009 YTD Announced Global M&A by Deal Value, $bn

Monthly Announced Global M&A, $bn:

Transportation

1

Morgan Stanley

523.5

2

Goldman Sachs

517.6

3

JPMorgan

432.8

4

Citi

388.4

5

BOA Merrill Lynch

297.1

6

Credit Suisse

275.3

7

Lazard

237.2

8

UBS

228.9

9

Deutsche Bank

228.2

10

Barclays Capital

176.1

11

Evercore Partners

153.3

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