Burlington Northern Santa Fe (BNI) 8-K Results of Operations and Financial Condition

Exhibit 99.1 

                          & #160;         

Investor Contact:	Linda Hurt	FOR IMMEDIATE RELEASE
	(817) 352-6452
Media Contact:	John Ambler
	(817) 867-6407

Burlington Northern Santa Fe Reports

Fourth Quarter/Full Year 2008 Results

·   Quarterly earnings were $1.79 per diluted share, or 23 percent higher than fourth-quarter 2007 earnings of $1.46 per diluted share.

·   Fourth-quarter freight revenues rose $124 million, or 3 percent, to $4.25 billion compared with the same prior year period, on improved yields and higher fuel surcharges offset by lower volumes.

·   Operating income was $1.12 billion, an increase of $166 million, or 17 percent, compared with the fourth quarter of 2007.

·   Full-year 2008 earnings per diluted share were $6.08, or 19 percent higher than full-year 2007 earnings of $5.10.

                         FORT WORTH, Texas, January 21, 2009 - Burlington Northern Santa Fe Corporation (BNSF) (NYSE: BNI) today reported quarterly earnings of $1.79 per diluted share, an increase of 23 percent compared with fourth-quarter 2007 earnings of $1.46 per share.

                         “During 2008, BNSF earned $6.08 per share, an increase of 19 percent compared with 2007, and had its best on-time performance in more than five years despite significant weather disruptions,” said Matthew K. Rose, BNSF Chairman, President and Chief Executive Officer. “The second half of the fourth quarter saw a significant downshift in economic activity related to the global recession. Given the current economic uncertainty, we are focused on effectively managing our resources and driving continued productivity throughout our organization,” Rose added.

 -more-

                         Fourth-quarter 2008 freight revenues increased $124 million, or 3 percent, to $4.25 billion compared with $4.12 billion in the prior year. The 3-percent increase in revenue was primarily driven by improved yields and approximately $220 million from higher collection of fuel surcharges, which was significantly influenced by the two-month lag in fuel surcharge pricing affecting the majority of our business. The increase in revenue more than offset a 7-percent decline in unit volumes.

                         Coal revenues were up $173 million, or 19 percent, to $1.07 billion, due to improved yields, contractual economic escalators and increased unit volumes. Agricultural Products revenues rose $34 million, or 4 percent, to $838 million for the fourth quarter of 2008.  This increase was primarily due to strong yields, offset by lower unit volumes principally resulting from lower export volumes.  Industrial Products revenues of $919 million were $7 million, or about 1 percent lower than the fourth quarter of 2007.  Improved yields in the Industrial Products business group were more than offset by lower unit volumes due to soft economic conditions and continued weakness in the housing market. Consumer Products revenues decreased $76 million, or 5 percent, to $1.42 billion, driven by a decline in unit volumes as a result of lower demand due to the weakness in the consumer economy. Increased fuel surcharges benefited each of the business units.

                         Operating expenses for the fourth quarter of 2008 were $3.26 billion, a 1-percent reduction compared with fourth-quarter 2007 operating expenses of $3.30 billion.

                         For the full year of 2008, BNSF achieved operating revenues of $18.0 billion, a 14-percent increase over 2007, which included revenue increases in each of the Company’s four business groups.   Operating expenses were $14.1 billion, an increase of $1.8 billion over 2007. The $1.8 billion increase in operating expenses was primarily driven by a $1.3 billion increase in fuel expense due to higher fuel prices.  BNSF achieved a 19-percent increase in earnings per diluted share in 2008.

                         Burlington Northern Santa Fe Corporation’s subsidiary BNSF Railway Company operates one of the largest North American rail networks, with about 32,000 route miles in 28 states and two Canadian provinces. BNSF Railway Company is among the world's top transporters of intermodal traffic, moves more grain than any other American railroad, carries the components of many of the products we depend on daily, and hauls enough low-sulfur coal to generate about ten percent of the electricity produced in the United States. BNSF Railway Company is an industry leader in Web-enabling a variety of customer transactions at www.bnsf.com.

Financial information follows:

2

Burlington Northern Santa Fe Corporation
Consolidated Income Information *
(Dollars in millions, except per share data)
	Three Months
		Ended December 31,						Year Ended December 31,
		2008			2007			2008				2007				2006
Operating revenues
Freight revenues	$	4,245		$	4,121		$	17,503			$	15,349			$	14,545
Other revenues		128			124			515				453				440
Total operating revenues		4,373			4,245			18,018				15,802				14,985
Operating expenses
Fuel		955			995			4,640				3,327				2,856
Compensation and benefits		937			979			3,884				3,773				3,816
Purchased services		534			513			2,136				2,023				1,906
Depreciation and amortization		358			340			1,397				1,293				1,176
Equipment rents		218			238			901				942				930
Materials and other		255			230			1,148		(a)		958		(b)		780
Total operating expenses		3,257			3,295			14,106				12,316				11,464
Operating income		1,116			950			3,912				3,486				3,521
Interest expense		137			126			533				511				485
Other expense, net		−			1			11				18				40
Income before income taxes		979			823			3,368				2,957				2,996
Income tax expense		364			306			1,253				1,128				1,107
Net income	$	615		$	517		$	2,115			$	1,829			$	1,889
Diluted earnings per share	$	1.79		$	1.46		$	6.08			$	5.10			$	5.11
Diluted average shares outstanding (in millions)		343.5			354.3			347.8				358.9				369.8
Operating ratio (c)		73.7	%		76.9	%		77.6	%			77.3	%			75.8	%
* Certain prior period amounts have been reclassified to conform with the current period presentation.
(a) Second quarter 2008 includes a $175 million increase in expense related to environmental matters in Montana and $15 million for additional personal injury accruals.
(b) 2007 includes a first-quarter charge of $81 million for additional environmental expenses and a technology system write-off.
(c) Calculated as total operating expenses less other revenues divided by freight revenues.

3

 

Burlington Northern Santa Fe Corporation
Consolidated Income Information 2008 *
(Dollars in millions, except per share data)
														2008
		1st			2nd			3rd			4th			Full
		Quarter			Quarter			Quarter			Quarter			Year
Operating revenues
Freight revenues	$	4,143		$	4,349		$	4,766		$	4,245		$	17,503
Other revenues		118			129			140			128			515
Total operating revenues		4,261			4,478			4,906			4,373			18,018
Operating expenses
Fuel		1,045			1,291			1,349			955			4,640
Compensation and benefits		983			951			1,013			937			3,884
Purchased services		525			540			537			534			2,136
Depreciation and amortization		341			349			349			358			1,397
Equipment rents		230			223			230			218			901
Materials and other (a)		262			410			221			255			1,148
Total operating expenses		3,386			3,764			3,699			3,257			14,106
Operating income		875			714			1,207			1,116			3,912
Interest expense		134			140			122			137			533
Other expense, net		−			5			6			−			11
Income before income taxes		741			569			1,079			979			3,368
Income tax expense		286			219			384			364			1,253
Net income	$	455		$	350		$	695		$	615		$	2,115
Diluted earnings per share	$	1.30		$	1.00		$	2.00		$	1.79		$	6.08
Diluted average shares outstanding (in millions)		351.3			349.2			347.2			343.5			347.8
Operating ratio (b)		78.9	%		83.6	%		74.7	%		73.7	%		77.6	%
* Certain comparative prior period amounts have been adjusted to conform to the current period presentation.
(a) Second quarter includes a $175 million increase in expense related to environmental matters in Montana and $15 million for additional personal injury accruals.
(b) Calculated as total operating expenses less other revenues divided by freight revenues.

4

 

Burlington Northern Santa Fe Corporation
Consolidated Income Information 2007 *
(Dollars in millions, except per share data)
														2007
		1st			2nd			3rd			4th			Full
		Quarter			Quarter			Quarter			Quarter			Year
Operating revenues
Freight revenues	$	3,544		$	3,736		$	3,948		$	4,121		$	15,349
Other revenues		101			107			121			124			453
Total operating revenues		3,645			3,843			4,069			4,245			15,802
Operating expenses
Fuel		681			803			848			995			3,327
Compensation and benefits		932			925			937			979			3,773
Purchased services		502			507			501			513			2,023
Depreciation and amortization		307			322			324			340			1,293
Equipment rents		232			237			235			238			942
Materials and other (a)		297			208			223			230			958
Total operating expenses		2,951			3,002			3,068			3,295			12,316
Operating income		694			841			1,001			950			3,486
Interest expense		121			132			132			126			511
Other expense, net		5			6			6			1			18
Income before income taxes		568			703			863			823			2,957
Income tax expense		219			270			333			306			1,128
Net income	$	349		$	433		$	530		$	517		$	1,829
Diluted earnings per share	$	0.96		$	1.20		$	1.48		$	1.46		$	5.10
Diluted average shares outstanding (in millions)		363.7			360.8			357.1			354.3			358.9
Operating ratio (b)		80.4	%		77.5	%		74.6	%		76.9	%		77.3	%
* Certain comparative prior period amounts have been adjusted to conform to the current period presentation.
(a) First quarter includes a charge of $81 million for additional environmental expenses and a technology system write-off.
(b) Calculated as total operating expenses less other revenues divided by freight revenues.

5

Burlington Northern Santa Fe Corporation
Consolidated Balance Sheet Information
(Dollars in millions, except per share amounts)
		December 31,
		2008			2007
Assets
Current assets:
Cash and cash equivalents	$	633		$	330
Accounts receivable, net		847			790
Materials and supplies		525			579
Current portion of deferred income taxes		442			290
Other current assets		218			192
Total current assets		2,665			2,181
Property and equipment, net		30,847			29,567
Other assets		2,891			1,835
Total assets	$	36,403		$	33,583
Liabilities and stockholders' equity
Current liabilities:
Accounts payable and other current liabilities	$	3,190		$	2,824
Long-term debt due within one year		456			411
Total current liabilities		3,646			3,235
Long-term debt and commercial paper		9,099			7,735
Deferred income taxes		8,590			8,484
Pension and retiree health and welfare liability		1,047			444
Casualty and environmental liabilities		959			843
Employee separation costs		57			77
Other liabilities		1,874			1,621
Total liabilities		25,272			22,439
Stockholders' equity:
Common stock and additional paid-in capital		7,636			7,353
Retained earnings		12,764			11,152
Treasury stock and other		(9,269	)		(7,361	)
Total stockholders' equity		11,131			11,144
Total liabilities and stockholders' equity	$	36,403		$	33,583
Book value per share	$	32.82		$	32.05
Common shares outstanding (in millions)		339.2			347.7
Net debt to total capitalization (a)		44.5	%		41.2	%
(a) Net debt is calculated as total debt less cash and cash equivalents, and capitalization is calculated as the sum of net debt and total stockholders' equity.

6

Burlington Northern Santa Fe Corporation
Consolidated Cash Flow Information *
(in millions)
		Three Months
		Ended December 31,				Year Ended December 31,
		2008		2007		2008		2007		2006
Operating activities
Net income	$	615	$	517	$	2,115	$	1,829	$	1,889
Adjustments to reconcile net income to net cash provided by operating  activities:
Depreciation and amortization		358		340		1,397		1,293		1,176
Deferred income taxes		169		60		417		280		316
Long-term casualty and environmental liabilities, net		(31)		−		150		26		(55)
Other, net		27		25		66		162		(70)
Changes in accounts receivable sales program		(528)		100		(250)		−		−
Other changes in working capital		64		(15)		82		(98)		(67)
Net cash provided by operating activities		674		1,027		3,977		3,492		3,189
Investing activities
Capital expenditures		(463)		(473)		(2,175)		(2,248)		(2,014)
Construction costs for facility financing obligation		(26)		(19)		(64)		(37)		(14)
Equipment awaiting financing, net		(115)		217		(593)		33		21
Other, net		(88)		(29)		(241)		(163)		(160)
Net cash used for investing activities		(692)		(304)		(3,073)		(2,415)		(2,167)
Financing activities
Net borrowings (payments)		557		(425)		772		234		116
Dividends paid		(137)		(112)		(471)		(380)		(310)
Purchase of BNSF common stock		(269)		(301)		(1,147)		(1,265)		(730)
Proceeds from stock options exercised		4		16		91		142		116
Proceeds from facility financing obligation		18		41		68		41		−
Other, net		2		13		86		106		86
Net cash provided by (used for) financing activities		175		(768)		(601)		(1,122)		(722)
Increase (decrease) in cash and cash equivalents		157		(45)		303		(45)		300
Cash and cash equivalents:
Beginning of period		476		375		330		375		75
End of period	$	633	$	330	$	633	$	330	$	375

*   Certain comparative prior period amounts have been adjusted to conform to the current period presentation.  

7

Burlington Northern Santa Fe Corporation
Consolidated Cash Flow Information *
(in millions)
										2008
		1st		2nd		3rd		4th		Full
		Quarter		Quarter		Quarter		Quarter		Year
Operating activities
Net income	$	455	$	350	$	695	$	615	$	2,115
Adjustments to reconcile net income to net cash provided by  operating activities:
Depreciation and amortization		341		349		349		358		1,397
Deferred income taxes		83		49		116		169		417
Long-term casualty and environmental liabilities, net		7		184		(10)		(31)		150
Other, net		1		32		6		27		66
Changes in accounts receivable sales program		−		−		278		(528)		(250)
Other changes in working capital		28		(223)		213		64		82
Net cash provided by operating activities		915		741		1,647		674		3,977
Investing activities
Capital expenditures		(468)		(574)		(670)		(463)		(2,175)
Construction costs for facility financing obligation		(4)		(13)		(21)		(26)		(64)
Equipment awaiting financing, net		(173)		(67)		(238)		(115)		(593)
Other, net		(98)		(12)		(43)		(88)		(241)
Net cash used for investing activities		(743)		(666)		(972)		(692)		(3,073)
Financing activities
Net borrowings (payments)		430		155		(370)		557		772
Dividends paid		(112)		(111)		(111)		(137)		(471)
Purchase of BNSF common stock		(373)		(269)		(236)		(269)		(1,147)
Proceeds from stock options exercised		35		44		8		4		91
Proceeds from facility financing obligation		18		11		21		18		68
Other, net		25		51		8		2		86
Net cash provided by (used for) financing activities		23		(119)		(680)		175		(601)
Increase (decrease) in cash and cash equivalents		195		(44)		(5)		157		303
Cash and cash equivalents:
Beginning of period		330		525		481		476		330
End of period	$	525	$	481	$	476	$	633	$	633
* Certain interim period amounts have been reclassified to conform with the current period presentation.

8

Burlington Northern Santa Fe Corporation
Operating Statistics *
		Three Months
		Ended December 31,				Year Ended December 31,
		2008		2007		2008			2007			2006
Revenue Statistics
Cars / units (in thousands)		2,409		2,600		9,994			10,318			10,637
Average revenue per car / unit	$	1,762	$	1,585	$	1,751		$	1,488		$	1,367
Average length of haul (miles)		1,097		1,082		1,090			1,079			1,071
Revenue ton miles (in millions)		161,941		170,246		664,384			657,572			647,857
Freight revenue / thousand GTM	$	15.65	$	14.30	$	15.63		$	13.69		$	12.99
Freight revenue / thousand RTM	$	26.21	$	24.21	$	26.34		$	23.34		$	22.45
Operating / Productivity Statistics
Operating Expense
Gross ton miles (in millions)		271,252		288,172		1,119,616			1,121,255			1,119,928
Operating expense / thousand GTM	$	12.01	$	11.43	$	12.60	(a)	$	10.98	(b)	$	10.24
Thousand GTM / average employee		6,660		6,990		27,360			27,058			26,965
Compensation
Average employees		40,729		41,228		40,922			41,439			41,532
Compensation and benefits / average employee	$	23,025	$	23,742	$	94,923		$	91,054		$	91,883
Compensation and benefits / thousand GTM	$	3.45	$	3.40	$	3.47		$	3.36		$	3.41
Fuel (c)
GTM / gallon of fuel		782		773		791			778			758
Gallons of fuel used (in millions)		347		373		1,415			1,442			1,478
Average price per gallon of fuel (d)	$	2.63	$	2.57	$	3.16		$	2.22		$	1.85
Velocity
Locomotive miles per day		287.5		294.5		289.6			291.1			289.1
Car miles per day		219.7		202.9		207.1			198.2			193.0

*	Certain comparative prior period amounts have been adjusted to conform to the current period presentation.
(a)	Second quarter 2008 includes a $175 million increase in expense related to environmental matters in Montana and $15 million for additional personal injury accruals.
(b)	2007 includes a first-quarter charge of $81 million for additional environmental expenses and a technology system write-off.
(c)	Fuel statistics are based on locomotive diesel fuel.
(d)	Includes handling, taxes and hedge effect.

9

Burlington Northern Santa Fe Corporation
Operating Statistics *
											2008
		1st		2nd			3rd		4th		Full
		Quarter		Quarter			Quarter		Quarter		Year
Revenue Statistics
Cars / units (in thousands)		2,486		2,509			2,590		2,409		9,994
Average revenue per car / unit	$	1,667	$	1,733		$	1,840	$	1,762	$	1,751
Average length of haul (miles)		1,087		1,096			1,081		1,097		1,090
Revenue ton miles (in millions)		167,936		164,373			170,134		161,941		664,384
Freight revenue / thousand GTM	$	14.65	$	15.58		$	16.64	$	15.65	$	15.63
Freight revenue / thousand RTM	$	24.67	$	26.46		$	28.01	$	26.21	$	26.34
Operating / Productivity Statistics
Operating Expense
Gross ton miles (in millions)		282,818		279,060			286,486		271,252		1,119,616
Operating expense / thousand GTM	$	11.97	$	13.49	(a)	$	12.91	$	12.01	$	12.60
Thousand GTM / average employee		6,991		6,740			6,970		6,660		27,360
Compensation
Average employees		40,453		41,404			41,103		40,729		40,922
Compensation and benefits / average employee	$	24,297	$	22,963		$	24,646	$	23,025	$	94,923
Compensation and benefits / thousand GTM	$	3.48	$	3.41		$	3.54	$	3.45	$	3.47
Fuel (b)
GTM / gallon of fuel		777		786			821		782		791
Gallons of fuel used (in millions)		364		355			349		347		1,415
Average price per gallon of fuel (c)	$	2.77	$	3.51		$	3.72	$	2.63	$	3.16
Velocity
Locomotive miles per day		296.2		287.4			287.4		287.5		289.6
Car miles per day		202.0		202.5			205.5		219.7		207.1
* Certain interim period amounts have been reclassified to conform with the current period presentation.
(a) Second quarter 2008 includes a $175 million increase in expense related to environmental matters in Montana and $15 million for additional personal injury accruals.
(b) Fuel statistics are based on locomotive diesel fuel.
(c) Includes handling, taxes and hedge effect.

10

Burlington Northern Santa Fe Corporation
Revenue Statistics by Commodity
		Three Months											07-08
		Ended December 31,			Percent			Year Ended December 31,					Percent
Revenues  (in millions)		2008		2007	Change			2008		2007		2006	Change
Domestic Intermodal	$	681	$	700	(2.7)	%	$	2,830	$	2,541	$	2,564	11.4	%
International Intermodal		626		664	(5.7)			2,721		2,627		2,576	3.6
Automotive		114		133	(14.3)			513		496		473	3.4
Total Consumer Products		1,421		1,497	(5.1)			6,064		5,664		5,613	7.1
Industrial Products		919		926	(0.8)			4,028		3,684		3,589	9.3
Coal		1,067		894	19.4			3,970		3,279		2,916	21.1
Agricultural Products		838		804	4.2			3,441		2,722		2,427	26.4
Total freight revenue		4,245		4,121	3.0			17,503		15,349		14,545	14.0
Other revenue		128		124	3.2			515		453		440	13.7
Total revenues	$	4,373	$	4,245	3.0	%	$	18,018	$	15,802	$	14,985	14.0	%
Cars/units  (in thousands)
Domestic Intermodal		534		551	(3.1)	%		2,132		2,097		2,151	1.7	%
International Intermodal		599		673	(11.0)			2,542		2,886		3,195	(11.9)
Automotive		30		42	(28.6)			144		166		174	(13.3)
Total Consumer Products		1,163		1,266	(8.1)			4,818		5,149		5,520	(6.4)
Industrial Products		353		412	(14.3)			1,598		1,664		1,686	(4.0)
Coal		648		640	1.3			2,516		2,472		2,458	1.8
Agricultural Products		245		282	(13.1)			1,062		1,033		973	2.8
Total cars/units		2,409		2,600	(7.3)	%		9,994		10,318		10,637	(3.1)	%
Average revenue per car/unit
Domestic Intermodal	$	1,275	$	1,270	0.4	%	$	1,327	$	1,212	$	1,192	9.5	%
International Intermodal		1,045		987	5.9			1,070		910		806	17.6
Automotive		3,800		3,167	20.0			3,563		2,988		2,718	19.2
Total Consumer Products		1,222		1,182	3.4			1,259		1,100		1,017	14.5
Industrial Products		2,603		2,248	15.8			2,521		2,214		2,129	13.9
Coal		1,647		1,397	17.9			1,578		1,326		1,186	19.0
Agricultural Products		3,420		2,851	20.0			3,240		2,635		2,494	23.0
Average revenue per car/unit	$	1,762	$	1,585	11.2	%	$	1,751	$	1,488	$	1,367	17.7	%
Revenue ton miles  (in millions)
Domestic Intermodal		13,604		13,737	(1.0)	%		54,555		52,492		53,904	3.9	%
International Intermodal		16,748		20,039	(16.4)			74,942		82,526		84,728	(9.2)
Automotive		1,068		1,576	(32.2)			5,304		6,123		6,004	(13.4)
Total Consumer Products		31,420		35,352	(11.1)			134,801		141,141		144,636	(4.5)
Industrial Products		25,069		28,637	(12.5)			113,125		117,338		120,130	(3.6)
Coal		75,943		73,156	3.8			291,513		280,365		271,499	4.0
Agricultural Products		29,509		33,101	(10.9)			124,945		118,728		111,592	5.2
Total revenue ton miles		161,941		170,246	(4.9)	%		664,384		657,572		647,857	1.0	%
Freight revenue per thousand ton miles
Domestic Intermodal	$	50.06	$	50.96	(1.8)	%	$	51.87	$	48.41	$	47.57	7.1	%
International Intermodal		37.38		33.14	12.8			36.31		31.83		30.40	14.1
Automotive		106.74		84.39	26.5			96.72		81.01		78.78	19.4
Total Consumer Products		45.23		42.35	6.8			44.98		40.13		38.81	12.1
Industrial Products		36.66		32.34	13.4			35.61		31.40		29.88	13.4
Coal		14.05		12.22	15.0			13.62		11.70		10.74	16.4
Agricultural Products		28.40		24.29	16.9			27.54		22.93		21.75	20.1
Freight revenue per thousand ton miles	$	26.21	$	24.21	8.3	%	$	26.34	$	23.34	$	22.45	12.9	%

11

Burlington Northern Santa Fe Corporation
Revenue Statistics by Commodity
										2008
		1st		2nd		3rd		4th		Full
Revenues  (in millions)		Quarter		Quarter		Quarter		Quarter		Year
Domestic Intermodal	$	636	$	730	$	783	$	681	$	2,830
International Intermodal		619		700		776		626		2,721
Automotive		129		143		127		114		513
Total Consumer Products		1,384		1,573		1,686		1,421		6,064
Industrial Products		939		1,046		1,124		919		4,028
Coal		954		902		1,047		1,067		3,970
Agricultural Products		866		828		909		838		3,441
Total freight revenue		4,143		4,349		4,766		4,245		17,503
Other revenue		118		129		140		128		515
Total revenues	$	4,261	$	4,478	$	4,906	$	4,373	$	18,018
Cars/units  (in thousands)
Domestic Intermodal		504		539		555		534		2,132
International Intermodal		622		654		667		599		2,542
Automotive		39		43		32		30		144
Total Consumer Products		1,165		1,236		1,254		1,163		4,818
Industrial Products		403		422		420		353		1,598
Coal		634		589		645		648		2,516
Agricultural Products		284		262		271		245		1,062
Total cars/units		2,486		2,509		2,590		2,409		9,994
Average revenue per car/unit
Domestic Intermodal	$	1,262	$	1,354	$	1,411	$	1,275	$	1,327
International Intermodal		995		1,070		1,163		1,045		1,070
Automotive		3,308		3,326		3,969		3,800		3,563
Total Consumer Products		1,188		1,273		1,344		1,222		1,259
Industrial Products		2,330		2,479		2,676		2,603		2,521
Coal		1,505		1,531		1,623		1,647		1,578
Agricultural Products		3,049		3,160		3,354		3,420		3,240
Average revenue per car/unit	$	1,667	$	1,733	$	1,840	$	1,762	$	1,751
Revenue ton miles  (in millions)
Domestic Intermodal		12,795		13,907		14,249		13,604		54,555
International Intermodal		18,996		19,642		19,556		16,748		74,942
Automotive		1,457		1,548		1,231		1,068		5,304
Total Consumer Products		33,248		35,097		35,036		31,420		134,801
Industrial Products		28,355		30,144		29,557		25,069		113,125
Coal		72,310		68,259		75,001		75,943		291,513
Agricultural Products		34,023		30,873		30,540		29,509		124,945
Total revenue ton miles		167,936		164,373		170,134		161,941		664,384
Freight revenue per thousand ton miles
Domestic Intermodal	$	49.71	$	52.49	$	54.95	$	50.06	$	51.87
International Intermodal		32.59		35.64		39.68		37.38		36.31
Automotive		88.54		92.38		103.17		106.74		96.72
Total Consumer Products		41.63		44.82		48.12		45.23		44.98
Industrial Products		33.12		34.70		38.03		36.66		35.61
Coal		13.19		13.21		13.96		14.05		13.62
Agricultural Products		25.45		26.82		29.76		28.40		27.54
Freight revenue per thousand ton miles	$	24.67	$	26.46	$	28.01	$	26.21	$	26.34

12

Burlington Northern Santa Fe Corporation
Capital Expenditures
		Three Months
		Ended December 31,				Year Ended December 31,
		2008		2007		2008		2007		2006
Capital expenditures  (in millions)
Engineering
Rail	$	92	$	71	$	429	$	376	$	304
Ties		72		60		358		316		311
Surfacing		48		41		230		235		214
Other		142		99		544		432		397
Total engineering		354		271		1,561		1,359		1,226
Mechanical		52		39		168		141		152
Other		33		31		133		105		121
Total replacement capital		439		341		1,862		1,605		1,499
Information services		12		26		83		75		65
New locomotive and freight car acquisitions		−		−		8		−		−
Terminal and line expansion		12		106		222		568		450
Total capital expenditures	$	463	$	473	$	2,175	$	2,248	$	2,014
Track miles of rail laid
Replacement capital		186		174		885		773		692
Expansion projects		5		36		48		183		125
Total		191		210		933		956		817
Cross ties inserted (thousands)
Replacement capital		651		479		3,038		2,708		2,638
Expansion projects		9		87		129		418		319
Total		660		566		3,167		3,126		2,957
Track resurfaced (miles)		2,397		1,869		13,005		11,687		12,588

13

Burlington Northern Santa Fe Corporation
Capital Expenditures *
									2008
	1st		2nd		3rd		4th		Full
		Quarter		Quarter		Quarter		Quarter		Year
Capital expenditures  (in millions)
Engineering
Rail	$	87	$	122	$	128	$	92	$	429
Ties		71		107		108		72		358
Surfacing		40		69		73		48		230
Other		100		130		172		142		544
Total engineering		298		428		481		354		1,561
Mechanical		36		33		47		52		168
Other		29		22		49		33		133
Total replacement capital		363		483		577		439		1,862
Information services		23		20		28		12		83
New locomotive and freight car acquisitions		−		8		−		−		8
Terminal and line expansion		82		63		65		12		222
Total capital expenditures	$	468	$	574	$	670	$	463	$	2,175
Track miles of rail laid
Replacement capital		153		251		295		186		885
Expansion projects		13		10		20		5		48
Total		166		261		315		191		933
Cross ties inserted (thousands)
Replacement capital		540		839		1,008		651		3,038
Expansion projects		33		34		53		9		129
Total		573		873		1,061		660		3,167
Track resurfaced (miles)		2,015		4,128		4,465		2,397		13,005
* Certain interim period amounts have been reclassified to conform with the current period presentation.

14

Burlington Northern Santa Fe Corporation
Outstanding Debt
(Dollars in millions)
		December 31,
		2008		2007
Notes and debentures, weighted average rate of 6.2 percent, due 2009 to 2097 *	$	7,593	$	6,376
Equipment obligations, weighted average rate of 6.6 percent, due 2009 to 2016		244		297
Capitalized lease obligations, weighted average rate of 5.3 percent, due 2009 to 2028		1,281		938
Mortgage bonds, weighted average rate of 5.4 percent, due 2009 to 2047		97		102
Financing obligations, weighted average rate of 6.2 percent, due 2009 to 2028		278		211
Commercial paper, weighted average rate of 4.7 percent		100		261
Unamortized discount and other, net		(38)		(39)
Total outstanding debt		9,555		8,146
Less:  current portion of long-term debt		(456)		(411)
Long-term debt	$	9,099	$	7,735
* Notes and debentures include a fair value adjustment increase for hedges of $73 million and $6 million at December 31, 2008 and 2007, respectively.

15