Berkshire Completes Exercise of Warrants to Acquire White Mountains Common Shares

July 1, 2004

Bermuda- based White Mountains Insurance Group, Ltd. announced that Berkshire Hathaway Inc. has completed its previously announced exercise of all of its warrants to purchase common shares of White Mountains.

Following completion of the transaction, announced last May (See IJ Website May 27), Berkshire Hathaway now holds 1,724,200 common shares of White Mountains, or approximately 16 percent of its outstanding common stock. It paid around $294 million in cash to acquire them.

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