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Warren Buffett Contributes $2.9 Bln Worth "B" Shares Of Berkshire To Five Philanthropies

Berkshire Hathaway Inc. (BRK.A, BRK.B) announced Wednesday that its CEO billionaire Warren Buffett contributed about 15.97 million "B" shares of Berkshire, valued at about $2.9 billion, to five philanthropies on Tuesday.

The shares were given to the following foundations: Bill and Melinda Gates Foundation, Susan Thompson Buffett Foundation, The Sherwood Foundation, Howard G. Buffett Foundation and NoVo Foundation.

Buffett's current contribution of Berkshire stock is the 15th installment of an annual giving plan he initiated in June, 2006 and increased in August, 2012. A procedural part of his plan is to annually convert sufficient "A" shares that he owns into "B" shares, which are then used to make his gifts.

Including the contributions just made and a few miscellaneous philanthropic gifts that over the years have involved far smaller sums, Buffett has since 2006 contributed Berkshire "B" shares that had a value totaling more than $37 billion.

These gifts, over the period that his giving plan has existed, have reduced his holdings of "A" shares to 248,734 from 474,998.

Looking ahead, Buffett envisions that all of the Berkshire shares he owns at his death will be distributed to various philanthropic organizations over the following 12 years.

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