1. Kevin Kaufman INDIANA LOGISTICS SUMMIT November 14, 2006

2. 1 Agenda BNSF Ag overview Projected rail growth Rail capacity Industry challenges Summary

3. 2 Total Agricultural Products: 726,027 +44,376 or 6.5% Wheat -3.6% Corn 24.6% Bulk Foods 4.4% Fertilizer -4.4% Other 5.4% 149,042 37,166 Soybeans -0.7% 73,660 74,533 168,160 197,109 Agricultural Products January-September 2006 Volume Units and % Change from 2005 26,357 Ethanol 12.9%

4. 3 2006 Ag Volume Growth Rolling 4-week average Volume Growth Week Units 39 1 YTD Chg Last 4 WK Chg BNSF 6.6% 7.1% UP 2.2% -1.1%

5. 4 BNSFs Mid and Short-Term Leased Fleet Ag Growth BNSF Ag Carloads 2002-2008

6. 5 US Rail Ethanol Growth Source: Potential aggressive growth scenario based on various public forecasts. YearProduction (gallons)Growth (gallons) Ethanol Railcar Equivalents if 100% Rail DDG Railcar Equivalents if 100% Rail Corn railcar Equivalents if 20% Rail Potential Total Additional Railcars 20064,900,000,000 20077,500,000,0002,600,000,00088,43588,48848,148225,071 20089,300,000,0001,800,000,00061,22461,21633,333155,773 200910,000,000,000700,000,00023,81023,82412,96360,597 201010,500,000,000500,000,00017,00717,0179,25943,283

7. 6 We Are Prepared for Growth Maintain strong infrastructure Capital investment for expansion Main lines Equipment Economic Development Velocity Unit train programs - shuttles

8. 7 Capital Commitments BNSF Capital Commitments vs. ROIC $ Millions $2,258 $2,520 $2,265 $1,763 $1,608 $1,505 $1,726 $1,988 $2,179 $ Millions ROIC* 6.6% 7.9% 10.1% 9.5% 9.7% 9.4% 7.2% 8.8% Strategic Focus $2,600 Note: See BNSF web site/Investor Relations for a reconciliation to GAAP

9. 8 Fleet Size Unit Capacity Ag Velocity Has Increased BNSF average quarterly grain car velocity during first three quarters of year.

10. 9 Fleet Size Unit Capacity Ag Capacity Has Improved With Shuttles

11. 10 But is the Ethanol Industry? Developing ethanol markets Where? Infrastructure? Who? How large? When? Rail fleet utilization Scale efficiencySupply chain alignment Plant & infrastructure design Investment: ITC DDG Product quality, consistency, flowability Market?

12. 11 Summary Rail transportation capacity is not a barrier today Continued return-justified investment is essential ITC INDUSTRY infrastructure is inadequate and not supply chain aligned Markets are not developed Stakeholder communication is essential Market evolution Collaboration Transportation design