Burlington Northern Santa Fe (BNI) 8-K Burlington Northern Santa Fe Reports

Exhibit 99.1

		NEWS
Investor Contact:	Marsha Morgan	FOR IMMEDIATE RELEASE
	(817) 352-6452
Media Contact:	Richard Russack
	(817) 867-6425

Burlington Northern Santa Fe Reports

Double-Digit EPS Increase

For 2003 Fourth Quarter

• Record fourth-quarter 2003 earnings was $0.61 per share, or 13 percent higher, compared with fourth-quarter 2002 earnings of $0.54 per share.

• Freight revenues increased $185 million, or 8 percent, to a record $2.46 billion from the 2002 fourth quarter.

• Operating income was $477 million compared with $436 million a year ago.

FORT WORTH, Texas, January 27, 2004 - Burlington Northern Santa Fe Corporation (BNSF) (NYSE: BNI) today reported record fourth-quarter 2003 earnings of $0.61 per share, or 13-percent, higher than fourth-quarter 2002 earnings of $0.54 per share.

“We’re pleased with both the double-digit earnings per share increase and the freight revenue growth of 8 percent realized by BNSF in the fourth quarter. Our revenue growth was again driven by strong volumes in our Consumer Products, Industrial Products and Agricultural businesses,” said Matthew K. Rose, BNSF Chairman, President and Chief Executive Officer. “For 2004, we anticipate continued revenue growth as both the global and U.S economies continue to expand,” Rose added.

Freight revenues for the fourth quarter increased $185 million, or 8 percent, to a record $2.46 billion compared with 2002 fourth-quarter revenues of $2.27 billion. Fourth-quarter freight revenues included fuel surcharges of $31 million compared with $14 million in the prior year. Consumer Products revenues increased $123 million, or 15 percent, to a record $969 million reflecting increased volumes in the international, truckload and perishables sectors.

- more -

Industrial Products revenues rose $51 million, or 10 percent, to $542 million reflecting increased business in steel, taconite, clay and minerals in the construction products sector along with military, lumber and paper traffic in the building products sector. Agricultural Products revenues were up $26 million, or 7 percent, to $419 million, due to increased export demand for grain and greater ethanol shipments from Midwest plants to California. Coal revenues for the fourth quarter decreased $15 million, or 3 percent, to $525 million compared with strong 2002 fourth-quarter revenues of $540 million due to a plant shutdown, the conversion of a utility from coal to natural gas and the closure of a BNSF-served mine.

Operating expenses of $2.02 billion were $150 million, or 8 percent, higher than the same period in 2002, principally driven by a 9-percent increase in units handled and increased fuel prices.

For the fourth quarter of 2003, operating income rose $41 million, or 9 percent, to $477 million compared with the fourth quarter of 2002. BNSF’s operating ratio was 80.6 percent compared with 80.8 percent for the same period in the prior year.

Year-End 2003 Results

BNSF’s earnings per share before the cumulative effect of a change in accounting principle was $2.09 for the year ended December 31, 2003, compared with prior-period earnings of $2.00 per share.

In the first quarter of 2003, BNSF adopted Statement of Financial Accounting Standards (SFAS) No. 143,Accounting for Asset Retirement Obligations. The statement disallowed the accrual of asset retirement costs that are not legal obligations. The net cumulative effect of this accounting change on years prior to 2003 was an increase to net income of $39 million, net of tax, or $0.10 per share.

Record freight revenues of $9.29 billion were 5 percent higher than 2002 freight revenues of $8.87 billion. Freight revenues in 2003 included fuel surcharges of $110 million, compared with $26 million in the prior year. Operating expenses of $7.75 billion increased by $425 million, or 6 percent, driven primarily by a $240 million, or 29 percent, year-over-year increase in fuel expense and a 6 percent year-over-year increase in units handled. In spite of increased fuel prices, 2003 operating income grew to $1.67 billion. BNSF’s operating ratio was 82.1 percent compared with 81.3 percent in the prior year.

2

Common Stock Repurchases

During the fourth quarter of 2003, BNSF repurchased approximately 1.3 million shares of its common stock at an average price of $29.68 per share. Approximately 8.0 million shares were repurchased during 2003 at an average price of $27.25 per share. This brings total repurchases under BNSF’s 150-million share-repurchase program to approximately 124 million shares as of December 31, 2003, at an average price of $26.05 per share since the program was announced in July 1997.

BNSF’s subsidiary, The Burlington Northern and Santa Fe Railway Company, operates one of the largest railroad networks in North America, with about 32,500 route miles covering 28 states and two Canadian provinces. BNSF is an industry leader in Web-enabling a variety of customer transactions at www.bnsf.com. The railway is among the world’s top transporters of intermodal traffic, moves more grain than any other American railroad, transports the components of many of the products we depend on daily, and hauls enough coal to generate about ten percent of the electricity produced in the United States.

Financial information follows.

Statements made in this release concerning projections or expectations of financial or operational performance, or concerning other future events or objectives or results, are “forward-looking statements” within the meaning of the federal securities laws. Forward-looking statements involve a number of risks and uncertainties and actual results may differ materially from that projected or implied in those statements. Important factors that could cause such differences include, but are not limited to,economic and industry conditions: material adverse changes in economic or industry conditions, both within the United States and globally, customer demand, effects of adverse economic conditions affecting shippers, adverse economic conditions in the industries and geographic areas that produce and consume freight, competition and consolidation within the transportation industry, commodity concentrations, the extent to which BNSF is successful in gaining new long-term relationships with customers or retaining existing ones, changes in fuel prices, changes in the securities and capital markets, and changes in labor costs and labor difficulties, including stoppages affecting either BNSF’s operations or our customers’ abilities to deliver goods to BNSF for shipment;legal and regulatory factors: developments and changes in laws and regulations and the ultimate outcome of shipper and rate claims subject to adjudication, environmental investigations or proceedings and other types of claims and litigation; andoperating factors: technical difficulties, changes in operating conditions and costs, the Company’s ability to achieve its operational and financial initiatives and to contain costs, as well as natural events such as severe weather, floods and earthquakes or other disruptions of the Company’s operating systems, structures, or equipment.

3

The Company cautions against placing undue reliance on forward-looking statements, which reflect its current beliefs and are based on information currently available to it as of the date a forward-looking statement is made. The Company undertakes no obligation to revise forward-looking statements to reflect future events, changes in circumstances, or changes in beliefs. In the event the Company does update any forward-looking statement, no inference should be made that the Company will make additional updates with respect to that statement, related matters, or any other forward-looking statement. Any corrections or revisions may appear in the Company’s public filings with the Securities and Exchange Commission (SEC), which are accessible at www.sec.gov or on the Company’s website at www.bnsf.com, and which you are advised to consult. Investors are encouraged to read the Company’s earnings release and investors’ report together with its SEC filings for a more complete picture and better understanding of the Company and its financial disclosures.

4

Burlington Northern Santa Fe Corporation

Consolidated Income Information*

(Dollars in millions, except per share data)

	Three Months Ended December 31,						Year Ended December 31,
	2003			2002			2003			2002			2001
Operating revenues
Freight revenues	$	2,455		$	2,270		$	9,285		$	8,873		$	9,090
Other revenues		37			31			128			106			118
Total operating revenues		2,492			2,301			9,413			8,979			9,208
Operating expenses
Compensation and benefits		783			743			2,964			2,894			2,861
Purchased services		326			288			1,253			1,146			1,090
Depreciation and amortization		227			235			910			931			909
Equipment rents		176			164			705			698			736
Fuel		276			227			1,073			833			973
Materials and other		227			208			843			821			889
Total operating expenses		2,015			1,865			7,748			7,323			7,458
Operating income		477			436			1,665			1,656			1,750
Interest expense		102			107			420			428			463
Other expense, net		13			5			14			12			114
Income before income taxes and cumulative effect of accounting change		362			324			1,231			1,216			1,173
Income tax expense		136			122			454			456			442
Income before cumulative effect of accounting change		226			202			777			760			731
Cumulative effect of accounting change, net of tax (a)		—			—			39			—			—
Net income	$	226		$	202		$	816		$	760		$	731
Diluted earnings per share before cumulative effect of accounting change	$	0.61		$	0.54		$	2.09		$	2.00		$	1.87
Diluted earnings per share after cumulative effect of accounting change	$	0.61		$	0.54		$	2.19		$	2.00		$	1.87
Diluted average shares outstanding (in millions)		371.8			376.1			372.3			380.8			390.7
Operating ratio (b)		80.6	%		80.8	%		82.1	%		81.3	%		80.7	%

(a) Reflects the adoption of Statement of Financial Accounting Standards (SFAS) No. 143,Accounting for Asset Retirement Obligations.This standard changed the way the rail industry accounts for asset retirement costs.

(b) Calculated as total operating expenses less other revenues divided by freight revenues.

* Certain prior period amounts have been reclassified to conform with the current period presentation.

5

Burlington Northern Santa Fe Corporation

Consolidated Income Information 2003*

(Dollars in millions, except per share data)

	1st Quarter			2nd Quarter			3rd Quarter			4th Quarter			2003 Full Year
Operating revenues
Freight revenues	$	2,202		$	2,263		$	2,365		$	2,455		$	9,285
Other revenues		30			31			30			37			128
Total operating revenues		2,232			2,294			2,395			2,492			9,413
Operating expenses
Compensation and benefits		718			699			764			783			2,964
Purchased services		301			312			314			326			1,253
Depreciation and amortization		226			225			232			227			910
Equipment rents		169			180			180			176			705
Fuel		274			263			260			276			1,073
Materials and other		198			203			215			227			843
Total operating expenses		1,886			1,882			1,965			2,015			7,748
Operating income		346			412			430			477			1,665
Interest expense		106			106			106			102			420
Other expense (income), net		2			3			(4	)		13			14
Income before income taxes and cumulative effect of accounting change		238			303			328			362			1,231
Income tax expense		90			103			125			136			454
Income before cumulative effect of accounting change		148			200			203			226			777
Cumulative effect of accounting change, net of tax (a)		39			—			—			—			39
Net income	$	187		$	200		$	203		$	226		$	816
Diluted earnings per share before cumulative effect of accounting change	$	0.40		$	0.54		$	0.55		$	0.61		$	2.09
Diluted earnings per share after cumulative effect of accounting change	$	0.50		$	0.54		$	0.55		$	0.61		$	2.19
Diluted average shares outstanding (in millions)		373.4			372.4			371.4			371.8			372.3
Operating ratio (b)		84.3	%		81.8	%		81.8	%		80.6	%		82.1	%

(a) Reflects the adoption of SFAS No. 143.This standard changed the way the rail industry accounts for asset retirement costs.

(b) Calculated as total operating expenses less other revenues divided by freight revenues.

* Certain interim period amounts have been reclassified to conform with the current period presentation.

6

Burlington Northern Santa Fe Corporation

Consolidated Income Information 2002*

(Dollars in millions, except per share data)

	1st Quarter			2nd Quarter			3rd Quarter			4th Quarter			2002 Full Year
Operating revenues
Freight revenues	$	2,138		$	2,183		$	2,282		$	2,270		$	8,873
Other revenues		25			24			26			31			106
Total operating revenues		2,163			2,207			2,308			2,301			8,979
Operating expenses
Compensation and benefits		719			700			732			743			2,894
Purchased services		275			281			302			288			1,146
Depreciation and amortization		230			231			235			235			931
Equipment rents		175			177			182			164			698
Fuel		184			207			215			227			833
Materials and other		200			190			223			208			821
Total operating expenses		1,783			1,786			1,889			1,865			7,323
Operating income		380			421			419			436			1,656
Interest expense		109			105			107			107			428
Other (income) expense, net		(4	)		6			5			5			12
Income before income taxes and cumulative effect of accounting change		275			310			307			324			1,216
Income tax expense		103			116			115			122			456
Net income	$	172		$	194		$	192		$	202		$	760
Diluted earnings per share	$	0.45		$	0.51		$	0.51		$	0.54		$	2.00
Diluted average shares outstanding (in millions)		385.5			382.3			379.5			376.1			380.8
Operating ratio (a)		82.2	%		80.7	%		81.6	%		80.8	%		81.3	%

(a) Calculated as total operating expenses less other revenues divided by freight revenues.

* Certain prior period amounts have been reclassified to conform with the current period presentation.

7

Burlington Northern Santa Fe Corporation

Consolidated Balance Sheet Information

(Dollars in millions, except per share amounts)

	December 31,
	2003			2002
Assets
Current assets:
Cash and cash equivalents	$	18		$	28
Accounts receivable, net		129			141
Materials and supplies		266			226
Current portion of deferred income taxes		292			314
Other current assets		157			82
Total current assets		862			791
Property and equipment, net		25,068			24,022
Other assets		1,009			954
Total assets	$	26,939		$	25,767
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable and other current liabilities	$	2,102		$	1,918
Long-term debt due within one year		244			173
Total current liabilities		2,346			2,091
Long-term debt and commercial paper		6,440			6,641
Deferred income taxes		7,481			6,975
Casualty and environmental liabilities		462			444
Minimum pension liability		359			368
Employee merger and separation costs		144			170
Other liabilities		1,212			1,146
Total liabilities		18,444			17,835
Stockholders’ equity:
Common stock and additional paid-in capital		5,771			5,669
Retained earnings		6,240			5,625
Treasury stock		(3,340	)		(3,114	)
Unearned compensation		(36	)		(39	)
Accumulated other comprehensive loss		(140	)		(209	)
Total stockholders’ equity		8,495			7,932
Total liabilities and stockholders’ equity	$	26,939		$	25,767
Book value per share	$	22.87		$	21.11
Common shares outstanding (in millions)		371.5			375.8
Net debt to total capitalization*		44.0	%		46.1	%

* 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.

8

Burlington Northern Santa Fe Corporation

Consolidated Cash Flow Information

(in millions)

	Three Months Ended December 31,						Year Ended December 31,
	2003			2002			2003			2002			2001
Operating activities
Net income	$	226		$	202		$	816		$	760		$	731
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		227			235			910			931			909
Deferred income taxes		168			146			460			432			302
Employee merger and separation costs paid		(6	)		(7	)		(43	)		(55	)		(55	)
Cumulative effect of accounting change		—			—			(39	)		—			—
Other, net		84			23			48			(9	)		91
Changes in working capital		51			28			133			47			219
Net cash provided by operating activities		750			627			2,285			2,106			2,197
Investing activities
Capital expenditures		(413	)		(342	)		(1,726	)		(1,358	)		(1,459	)
Other, net		(19	)		(32	)		(80	)		(159	)		(105	)
Net cash used for investing activities		(432	)		(374	)		(1,806	)		(1,517	)		(1,564	)
Financing activities
Net debt repayments		(284	)		(157	)		(151	)		(90	)		(206	)
Dividends paid		(56	)		(45	)		(191	)		(183	)		(190	)
Purchase of BNSF common stock		(39	)		(72	)		(217	)		(353	)		(317	)
Proceeds from stock options exercised		45			—			68			40			113
Other financing activities		4			2			2			(1	)		(18	)
Net cash used for financing activities		(330	)		(272	)		(489	)		(587	)		(618	)
Increase (decrease) in cash and cash equivalents		(12	)		(19	)		(10	)		2			15
Cash and cash equivalents:
Beginning of period		30			47			28			26			11
End of period	$	18		$	28		$	18		$	28		$	26

9

Burlington Northern Santa Fe Corporation

Consolidated Cash Flow Information

(in millions)

	1st Quarter			2nd Quarter			3rd Quarter			4th Quarter			2003 Full Year
Operating activities
Net income	$	187		$	200		$	203		$	226		$	816
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		226			225			232			227			910
Deferred income taxes		69			114			109			168			460
Employee merger and separation costs paid		(10	)		(8	)		(19	)		(6	)		(43	)
Cumulative effect of accounting change		(39	)		—			—			—			(39	)
Other, net		7			(24	)		(19	)		84			48
Changes in working capital		(113	)		57			138			51			133
Net cash provided by operating activities		327			564			644			750			2,285
Investing activities
Capital expenditures		(340	)		(495	)		(478	)		(413	)		(1,726	)
Other, net		(10	)		(22	)		(29	)		(19	)		(80	)
Net cash used for investing activities		(350	)		(517	)		(507	)		(432	)		(1,806	)
Financing activities
Net debt borrowings (repayments)		179			9			(55	)		(284	)		(151	)
Dividends paid		(45	)		(44	)		(46	)		(56	)		(191	)
Purchase of BNSF common stock		(77	)		(46	)		(55	)		(39	)		(217	)
Proceeds from stock options exercised		2			16			5			45			68
Other financing activities		1			(4	)		1			4			2
Net cash provided by (used for) financing activities		60			(69	)		(150	)		(330	)		(489	)
Increase (decrease) in cash and cash equivalents		37			(22	)		(13	)		(12	)		(10	)
Cash and cash equivalents:
Beginning of period		28			65			43			30			28
End of period	$	65		$	43		$	30		$	18		$	18

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Burlington Northern Santa Fe Corporation

Operating Statistics*

	Three Months Ended December 31,				Year Ended December 31,
	2003		2002		2003		2002		2001
Cars/units (in thousands)		2,262		2,081		8,646		8,186		8,155
Average revenues per car/unit	$	1,085	$	1,091	$	1,074	$	1,084	$	1,115
Revenue ton miles (in millions)		134,287		125,442		508,200		490,234		501,829
Gross ton miles (in millions)		240,462		223,573		911,525		873,335		896,566
RTM/GTM		0.56		0.56		0.56		0.56		0.56
Freight revenue/thousand RTM	$	18.28	$	18.10	$	18.27	$	18.10	$	18.11
Operating expense/thousand RTM	$	15.01	$	14.87	$	15.25	$	14.94	$	14.86
Freight revenue/thousand GTM	$	10.21	$	10.15	$	10.19	$	10.16	$	10.14
Operating expense/thousand GTM	$	8.38	$	8.34	$	8.50	$	8.39	$	8.32
Compensation and benefits/thousand GTM	$	3.26	$	3.32	$	3.25	$	3.31	$	3.19
Average employees		36,685		36,882		36,644		37,373		39,217
Period end employees		36,565		36,303		36,565		36,303		38,539
Thousand RTM/average employee		3,661		3,401		13,869		13,117		12,796
Thousand GTM/average employee		6,555		6,062		24,875		23,368		22,862
Gallons of fuel used (in millions)		323		292		1,213		1,149		1,177
Average price per gallon of fuel (cents) (a)		85.4		77.7		88.5		72.5		82.7
GTM/gallon of fuel		744		766		751		760		762
Freight train miles (in millions)		40		37		153		145		146
GTM/freight train hours (in thousands)		131		143		134		144		142
Route Miles Operated		32,266		32,513		32,266		32,513		33,063

(a) Includes handling, taxes and hedge effect.

* Certain prior period amounts have been reclassified to conform with the current period presentation.

11

Burlington Northern Santa Fe Corporation

Operating Statistics*

	1st Quarter		2nd Quarter		3rd Quarter		4th Quarter		2003 Full Year
Cars/units (in thousands)		2,042		2,129		2,213		2,262		8,646
Average revenues per car/unit	$	1,078	$	1,063	$	1,069	$	1,085	$	1,074
Revenue ton miles (in millions)		120,899		124,465		128,549		134,287		508,200
Gross ton miles (in millions)		217,311		223,477		230,275		240,462		911,525
RTM/GTM		0.56		0.56		0.56		0.56		0.56
Freight revenue/thousand RTM	$	18.21	$	18.18	$	18.40	$	18.28	$	18.27
Operating expense/thousand RTM	$	15.60	$	15.12	$	15.29	$	15.01	$	15.25
Freight revenue/thousand GTM	$	10.13	$	10.13	$	10.27	$	10.21	$	10.19
Operating expense/thousand GTM	$	8.68	$	8.42	$	8.53	$	8.38	$	8.50
Compensation and benefits/thousand GTM	$	3.30	$	3.13	$	3.32	$	3.26	$	3.25
Average employees		35,967		37,086		36,834		36,685		36,644
Period end employees		36,545		36,654		36,875		36,565		36,565
Thousand RTM/average employee		3,361		3,356		3,490		3,661		13,869
Thousand GTM/average employee		6,042		6,026		6,252		6,555		24,875
Gallons of fuel used (in millions)		292		297		301		323		1,213
Average price per gallon of fuel (cents) (a)		93.8		88.6		86.4		85.4		88.5
GTM/gallon of fuel		744		752		765		744		751
Freight train miles (in millions)		37		38		39		40		153
GTM/freight train miles (in millions)		139		134		132		131		134
Route Miles Operated		32,495		32,318		32,377		32,266		32,266

(a) Includes handling, taxes and hedge effect.

* Certain interim period amounts have been reclassified to conform with the current period presentation.

12

Burlington Northern Santa Fe Corporation

Revenue Statistics by Commodity

	Three Months Ended December 31,				Percent Change		Year Ended December 31,						02-03 Percent Change
	2003		2002				2003		2002		2001
Revenues (in millions)
Intermodal	$	818	$	698	17.2	%	$	3,058	$	2,758	$	2,638	10.9	%
Automotive		77		79	(2.5	)		304		322		442	(5.6	)
Other Consumer Products		74		69	7.2			295		273		276	8.1
Total Consumer Products		969		846	14.5			3,657		3,353		3,356	9.1
Industrial Products		542		491	10.4			2,138		2,041		2,080	4.8
Coal		525		540	(2.8	)		2,025		2,071		2,123	(2.2	)
Agricultural Products		419		393	6.6			1,465		1,408		1,531	4.0
Total freight revenue		2,455		2,270	8.1			9,285		8,873		9,090	4.6
Other revenue		37		31	19.4			128		106		118	20.8
Total revenues	$	2,492	$	2,301	8.3	%	$	9,413	$	8,979	$	9,208	4.8	%
Cars/units (in thousands)
Intermodal		1,051		898	17.0	%		4,012		3,563		3,391	12.6
Automotive		41		39	5.1			157		154		192	1.9
Other Consumer Products		41		40	2.5			167		163		169	2.5
Total Consumer Products		1,133		977	16.0			4,336		3,880		3,752	11.8
Industrial Products		356		340	4.7			1,428		1,415		1,442	0.9
Coal		538		546	(1.5	)		2,048		2,097		2,133	(2.3	)
Agricultural Products		235		218	7.8			834		794		828	5.0
Total cars/units		2,262		2,081	8.7	%		8,646		8,186		8,155	5.6	%
Average revenue per car/unit
Intermodal	$	778	$	777	0.1	%	$	762	$	774	$	778	(1.6	)%
Automotive		1,878		2,026	(7.3	)		1,936		2,091		2,302	(7.4	)
Other Consumer Products		1,805		1,725	4.6			1,766		1,675		1,633	5.4
Total Consumer Products		855		866	(1.3	)		843		864		894	(2.4	)
Industrial Products		1,522		1,444	5.4			1,497		1,442		1,442	3.8
Coal		976		989	(1.3	)		989		988		995	0.1
Agricultural Products		1,783		1,803	(1.1	)		1,757		1,773		1,849	(0.9	)
Average revenue per car/unit	$	1,085	$	1,091	(0.5	)%	$	1,074	$	1,084	$	1,115	(0.9	)%
Revenue ton miles (in millions)
Intermodal		25,624		22,915	11.8	%		98,978		90,122		88,353	9.8	%
Automotive		1,177		1,195	(1.5	)		4,601		4,837		5,911	(4.9	)
Other Consumer Products		3,149		2,974	5.9			12,545		12,098		12,070	3.7
Total Consumer Products		29,950		27,084	10.6			116,124		107,057		106,334	8.5
Industrial Products		24,681		21,906	12.7			97,392		92,489		97,241	5.3
Coal		53,992		54,211	(0.4	)		205,997		209,353		213,158	(1.6	)
Agricultural Products		25,664		22,241	15.4			88,687		81,335		85,096	9.0
Total revenue ton miles		134,287		125,442	7.1	%		508,200		490,234		501,829	3.7	%
Freight revenue per thousand ton miles
Intermodal	$	31.92	$	30.46	4.8	%	$	30.90	$	30.60	$	29.86	1.0	%
Automotive		65.42		66.11	(1.0	)		66.07		66.57		74.78	(0.8	)
Other Consumer Products		23.50		23.20	1.3			23.52		22.57		22.87	4.2
Total Consumer Products		32.35		31.24	3.6			31.49		31.32		31.56	0.5
Industrial Products		21.96		22.41	(2.0	)		21.95		22.07		21.39	(0.5	)
Coal		9.72		9.96	(2.4	)		9.83		9.89		9.96	(0.6	)
Agricultural Products		16.33		17.67	(7.6	)		16.52		17.31		17.99	(4.6	)
Freight revenue per thousand ton miles	$	18.28	$	18.10	1.0	%	$	18.27	$	18.10	$	18.11	0.9	%

13

Burlington Northern Santa Fe Corporation

Revenue Statistics by Commodity

	1st Quarter		2nd Quarter		3rd Quarter		4th Quarter		2003 Full Year
Revenues (in millions)
Intermodal	$	696	$	757	$	787	$	818	$	3,058
Automotive		81		80		66		77		304
Other Consumer Products		71		74		76		74		295
Total Consumer Products		848		911		929		969		3,657
Industrial Products		511		531		554		542		2,138
Coal		485		504		511		525		2,025
Agricultural Products		358		317		371		419		1,465
Total freight revenue		2,202		2,263		2,365		2,455		9,285
Other revenue		30		31		30		37		128
Total revenues	$	2,232	$	2,294	$	2,395	$	2,492	$	9,413
Cars/units (in thousands)
Intermodal		924		1,002		1,035		1,051		4,012
Automotive		42		40		34		41		157
Other Consumer Products		40		43		43		41		167
Total Consumer Products		1,006		1,085		1,112		1,133		4,336
Industrial Products		343		354		375		356		1,428
Coal		487		504		519		538		2,048
Agricultural Products		206		186		207		235		834
Total cars/units		2,042		2,129		2,213		2,262		8,646
Average revenue per car/unit
Intermodal	$	753	$	755	$	760	$	778	$	762
Automotive		1,929		2,000		1,941		1,878		1,936
Other Consumer Products		1,775		1,721		1,767		1,805		1,766
Total Consumer Products		843		840		835		855		843
Industrial Products		1,490		1,500		1,477		1,522		1,497
Coal		996		1,000		985		976		989
Agricultural Products		1,738		1,704		1,792		1,783		1,757
Average revenue per car/unit	$	1,078	$	1,063	$	1,069	$	1,085	$	1,074
Revenue ton miles (in millions)
Intermodal		23,214		25,040		25,100		25,624		98,978
Automotive		1,253		1,195		976		1,177		4,601
Other Consumer Products		3,067		3,102		3,227		3,149		12,545
Total Consumer Products		27,534		29,337		29,303		29,950		116,124
Industrial Products		23,272		23,982		25,457		24,681		97,392
Coal		47,874		51,662		52,469		53,992		205,997
Agricultural Products		22,219		19,484		21,320		25,664		88,687
Total revenue ton miles		120,899		124,465		128,549		134,287		508,200
Freight revenue per thousand ton miles
Intermodal	$	29.98	$	30.23	$	31.35	$	31.92	$	30.90
Automotive		64.64		66.95		67.62		65.42		66.07
Other Consumer Products		23.15		23.86		23.55		23.50		23.52
Total Consumer Products		30.80		31.05		31.70		32.35		31.49
Industrial Products		21.96		22.14		21.76		21.96		21.95
Coal		10.13		9.76		9.74		9.72		9.83
Agricultural Products		16.11		16.27		17.40		16.33		16.52
Freight revenue per thousand ton miles	$	18.21	$	18.18	$	18.40	$	18.28	$	18.27

14

Burlington Northern Santa Fe Corporation

Capital Expenditures and Track Maintenance*

	Three Months Ended December 31,				Year Ended December 31,
	2003		2002		2003		2002		2001
Capital expenditures (in millions)
Maintenance of way
Rail	$	17	$	25	$	202	$	193	$	233
Ties		29		24		227		222		254
Surfacing		34		39		160		161		146
Other		87		88		337		325		335
Total maintenance of way		167		176		926		901		968
Mechanical		47		70		133		168		183
Information services		21		17		63		79		69
Other		52		49		116		107		113
Total maintenance of business		287		312		1,238		1,255		1,333
New locomotive acquisitions		63		—		270		—		—
Terminal and line expansion		63		30		218		103		126
Total capital expenditures	$	413	$	342	$	1,726	$	1,358	$	1,459
Operating lease commitments	$	—	$	—	$	—	$	147	$	149
Total capital commitments	$	413	$	342	$	1,726	$	1,505	$	1,608
Track maintenance
Track miles of rail laid
Maintenance of business		53		69		613		648		837
Expansion projects		5		—		98		4		18
Total		58		69		711		652		855
Cross ties inserted (thousands)
Maintenance of business		265		256		2,134		2,228		2,646
Expansion projects		14		3		219		20		58
Total		279		259		2,353		2,248		2,704
Track resurfaced (miles)		2,305		2,499		12,399		12,499		11,011

* Certain prior period amounts have been reclassified to conform with the current period presentation.

15

Burlington Northern Santa Fe Corporation

Capital Expenditures and Track Maintenance*

	1st Quarter		2nd Quarter		3rd Quarter		4th Quarter		2003 Full Year
Capital expenditures (in millions)
Maintenance of way
Rail	$	47	$	80	$	58	$	17	$	202
Ties		52		83		63		29		227
Surfacing		25		48		53		34		160
Other		71		96		83		87		337
Total maintenance of way		195		307		257		167		926
Mechanical		23		26		37		47		133
Information services		10		15		17		21		63
Other		18		18		28		52		116
Total maintenance of business		246		366		339		287		1,238
New locomotive acquisitions		72		84		51		63		270
Terminal and line expansion		22		45		88		63		218
Total capital expenditures	$	340	$	495	$	478	$	413	$	1,726
Total capital commitments	$	340	$	495	$	478	$	413	$	1,726
Track maintenance
Track miles of rail laid
Maintenance of business		107		249		204		53		613
Expansion projects		4		29		60		5		98
Total		111		278		264		58		711
Cross ties inserted (thousands)
Maintenance of business		353		867		649		265		2,134
Expansion projects		1		75		129		14		219
Total		354		942		778		279		2,353
Track resurfaced (miles)		1,960		3,851		4,283		2,305		12,399

* Certain interim period amounts have been reclassified to conform with the current period presentation.

16

Burlington Northern Santa Fe Corporation

Outstanding Debt

(Dollars in millions)

	December 31,
	2003			2002
Notes and debentures, weighted average rate of 6.2 percent, due 2004 to 2097*	$	4,790		$	4,719
Equipment obligations, weighted average rate of 7.1 percent, due 2004 to 2016		537			611
Capitalized lease obligations, weighted average rate of 6.4 percent, due 2004 to 2023		612			646
Mortgage bonds, weighted average rate of 8.3 percent, due 2004 to 2047		391			422
Financing obligations, weighted average rate of 6.3 percent, due 2012 to 2028		153			138
Commercial paper, 1.2 percent, variable		242			320
Unamortized discount and other, net		(41	)		(42	)
Total outstanding debt		6,684			6,814
Less: current portion of long-term debt		(244	)		(173	)
Long-term debt	$	6,440		$	6,641

* Notes and debentures include increases related to fair value adjustments for hedges of $59 million and $77 million at December 31, 2003 and 2002, respectively.

17