BERKSHIRE HATHAWAYINC.
Jack D. Ringwalt
You have made available to Warren E. Buffett balance sheets of NATIONAL INDEMNITY. COMPANY and NATIONAL FIRE AND MARINE INSURANCE COMPANY dated December 31, 1966 and January 31, 1967, respectively, together with an income account for National Indemnity Company for the year ended December 31, 1966. You have further stated that in your opinion these financial statements fairly represent the condition of the companies as of the respective dates and the results of National Indemnity Company’s operation for the year ended December 31, 1966, and that no major adverse factors, not common to the industry, are known to you at this time. Based upon these representations, Berkshire Hathaway Inc. will buy shares of National Indemnity Company and National Fire and Marine Insurance Company, and you will sell all shares of these companies you own or control, on the following conditions:
你已向 Warren E. Buffett 提供了 NATIONAL INDEMNITY. COMPANY 和 NATIONAL FIRE AND MARINE INSURANCE COMPANY 的资产负债表，分别截至 1966 年 12 月 31 日和 1967 年 1 月 31 日，并提供了 National Indemnity Company 截至 1966 年 12 月 31 日止年度的损益表。你还表示，在你看来，这些财务报表公允反映了上述日期各公司的财务状况以及 National Indemnity Company 在截至 1966 年 12 月 31 日止年度的经营结果，而且据你所知，目前不存在任何非行业共性的重大不利因素。基于上述陈述，Berkshire Hathaway Inc. 将购买 National Indemnity Company 和 National Fire and Marine Insurance Company 的股份，而你将出售你所持有或控制的上述公司全部股份，条件如下：
1.On or before Thursday, February 23, 1967, the sum of $8,433,850 in the form of cash or United States Treasury Bills will be deposited by Berkshire Hathaway Inc. with The United States National Bank of Omaha, Omaha, Nebraska, under the terms of an Escrow Agreement, copy of which is annexed hereto as Exhibit “1”. Thereafter, on February 23, 1967, a Tender Offer will be mailed to all shareholders of National Indemnity Company and National Fire and Marine Insurance Company in the forms annexed to said Escrow Agreement as Exhibits “A” and “B”. The representations, terms, and conditions of said Tender Offers are by this reference made a part of this letter.
于 1967 年 2 月 23 日（星期四）或之前，Berkshire Hathaway Inc. 将按照一份托管协议（其副本随函附上，作为附件“1”）的条款，将$8,433,850（以现金或 United States Treasury Bills 的形式）存入 The United States National Bank of Omaha, Omaha, Nebraska。随后，于 1967 年 2 月 23 日，将按照前述托管协议所附的附件“A”和“B”的格式，向 National Indemnity Company 和 National Fire and Marine Insurance Company 的全体股东邮寄一份要约收购。上述要约收购中的陈述、条款与条件，经本函引用，构成本函的一部分。
2.You will accept these offers, which acceptances will cover 83,506 shares of National Indemnity Company and 4,651 shares of National Fire and Marine Insurance Company.
你将接受该等要约，你的接受将涵盖 National Indemnity Company 的 83,506 股以及 National Fire and Marine Insurance Company 的 4,651 股。
3.Berkshire Hathaway Inc. will purchase your shares and all others tendered in accordance with the terms and conditions of said Tender Offers, provided not less than 80% of the issued and outstanding shares of both companies are tendered for purchase.
在两家公司已发行在外股份中，若投标出售的股份合计不少于 80%，Berkshire Hathaway Inc. 将按照该等要约收购的条款与条件，购买你的股份以及所有其他按要约投标的股份。
4.The present agencies of National Indemnity Company and National Fire and Marine Insurance Company, including those controlled by you will continue in their present status as long as they continue to be profitable to the insurance companies.
National Indemnity Company 和 National Fire and Marine Insurance Company 的现有代理机构（包括由你控制的那些），只要继续为上述保险公司带来利润，其现状将得以维持。
You will agree to continue your association with the companies as long as mutually acceptable terms of employment can be made.
只要双方能够达成彼此都可接受的雇佣条款，你将同意继续与你与上述公司的合作关系。
BERKSHIRE HATHAWAY INC.