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| BNSF Railway Company                                                                                                                                                                                                                  |
| State of OrganizationDelaware                                                                                                                                                                                                         | I.R.S. Employer Identification No.41-6034000 |
| Address of principal executive offices, including zip code2650 Lou Menk Drive, Fort Worth, Texas 76131-2830Registrant’s telephone number, including area code(800) 795-2673                                                     |
| Securities registered pursuant to Section 12(b) of the Act:The securities below are registered on the New York Stock Exchange                                                                                                         |
| Title of each class                                                                                                                                                                                                                   |
| Burlington Northern Inc. (Now BNSF Railway Company) Consolidated Mortgage Bonds6.55%, Series K, due 20203.80%, Series L, due 20203.20%, Series M, due 20458.15%, Series N, due 20206.55%, Series O, due 20208.15%, Series P, due 2020 | Northern Pacific Railway CompanyGeneral Lien Railway and Land Grant 3% Bonds, due 2047 |

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|                                                                                                                                                                                                                                                                                                                                                                                                          |  |
| Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.                                                                                                                                                                                                                                                                             | Yes [ ]    No [x] |
|                                                                                                                                                                                                                                                                                                                                                                                                     |   |
| Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.                                                                                                                                                                                                                                                                        | Yes [ ]    No [x] |
|                                                                                                                                                                                                                                                                                                                                                                                                     |   |
| Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirement for the past 90 days.                                            |   Yes [x]    No [ ] |
|                                                                                                                                                                                                                                                                                                                                                                                                     |   |
| Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).   |   Yes [x]    No [ ] |
|                                                                                                                                                                                                                                                                                                                                                                                                     |   |
| Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§ 229.405) is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.                                   | [x] |
|                                                                                                                                                                                                                                                                                                                                                                                                     |   |
| Indicate by check mark whether the registrant is a large accelerated filer, accelerated filer, non-accelerated filer, or smaller reporting company (as defined in Rule 12b-2 of the Act).                                                                                                                                                                                                                |
|                                                                                                                                                                                                                                                                                                                                                                                                     |   |
| Large accelerated filer [ ]  Accelerated filer [ ]  Non-accelerated filer [x]      Smaller reporting company [ ]                                                                                                                                                                                                                                                           |
|                                                                                                                                                                                                                                                                                                                                                                                                     |   |
| Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).                                                                                                                                                                                                                                                                                                  | Yes [ ]    No [x] |
|                                                                                                                                                                                                                                                                                                                                                                                                     |   |
| Indicate the number of shares outstanding of each of the registrant’s classes of common stock, as of the latest practicable date:                                                                                                                                                                                                                                                                  |
| 1,000 shares of Outstanding Common Stock, $1.00 par value, as of February 27, 2015                                                                                                                                                                                                                                                                                                                       |
|                                                                                                                                                                                                                                                                                                                                                                                                     |   |
| *BNSF Railway Company is a wholly-owned subsidiary of Burlington Northern Santa Fe, LLC; as a result, there is no market data with respect to registrant's shares.                                                                                                                                                                                                                                       |   |

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|                                                                                                      |  |  |
| Report of Independent Registered Public Accounting Firm                                         |   | 2 |
|                                                                                                 |   |   |
| Consolidated Statements of Income for the years ended December 31, 2014, 2013 and 2012               |   | 3 |
|                                                                                                 |   |   |
| Consolidated Statements of Comprehensive Income for the years ended December 31, 2014, 2013 and 2012 |   | 4 |
|                                                                                                 |   |   |
| Consolidated Balance Sheets as of December 31, 2014 and 2013                                    |   | 5 |
|                                                                                                 |   |   |
| Consolidated Statements of Cash Flows for the years ended December 31, 2014, 2013 and 2012           |   | 6 |
|                                                                                                 |   |   |
| Consolidated Statements of Changes in Equity for the years ended December 31, 2014, 2013 and 2012    |   | 7 |
|                                                                                                 |   |   |
| Notes to Consolidated Financial Statements                                                      |   | 8 |

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|                                                                                                                                          |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                                                                     |   | Year Ended |   | Year Ended |   | Year Ended |
|                                                                                                                                     |   | December 31, 2014 |   | December 31, 2013 |   | December 31, 2012 |
| Revenues                                                                                                                                 |   | $ | 22,714 |  |   | $ | 21,552 |  |   | $ | 20,478 |  |
| Operating expenses:                                                                                                                      |   |   |   |   |   |   |
|       Compensation and benefits                                                                            |   | 4,983 |  |   | 4,615 |  |   | 4,472 |  |
|       Fuel                                                                                                 |   | 4,478 |  |   | 4,503 |  |   | 4,459 |  |
|       Purchased services                                                                                   |   | 2,167 |  |   | 2,064 |  |   | 2,122 |  |
|       Depreciation and amortization                                                                        |   | 2,117 |  |   | 1,968 |  |   | 1,888 |  |
|       Equipment rents                                                                                      |   | 867 |  |   | 822 |  |   | 810 |  |
|       Materials and other                                                                                  |   | 1,108 |  |   | 912 |  |   | 764 |  |
|              Total operating expenses                                   |   | 15,720 |  |   | 14,884 |  |   | 14,515 |  |
|                     Operating income |   | 6,994 |  |   | 6,668 |  |   | 5,963 |  |
| Interest expense                                                                                                                         |   | 44 |  |   | 57 |  |   | 55 |  |
| Interest income, related parties                                                                                                         |   | (102 | ) |   | (82 | ) |   | (57 | ) |
| Other expense, net                                                                                                                       |   | 11 |  |   | 10 |  |   | 11 |  |
|       Income before income taxes                                                                           |   | 7,041 |  |   | 6,683 |  |   | 5,954 |  |
| Income tax expense                                                                                                                       |   | 2,644 |  |   | 2,412 |  |   | 2,234 |  |
|              Net income                                                 |   | $ | 4,397 |  |   | $ | 4,271 |  |   | $ | 3,720 |  |

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|                                                                                                                                                                                     |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                                                                                                                |   | Year Ended |   | Year Ended |   | Year Ended |
|                                                                                                                                                                                |   | December 31, 2014 |   | December 31, 2013 |   | December 31, 2012 |
| Net income                                                                                                                                                                          |   | $ | 4,397 |  |   | $ | 4,271 |  |   | $ | 3,720 |  |
|                                                                                                                                                                                |   |   |   |   |   |   |
| Other comprehensive income:                                                                                                                                                         |   |   |   |   |   |   |
|   Change in Pension and Retiree Health and Welfare benefits, net of tax benefit of $156 million, tax expense of $305 million and tax benefit of $16 million, respectively |   | (251 | ) |   | 492 |  |   | (28 | ) |
|      Change in fuel hedge mark-to-market, net of tax benefit of $0 million, $0 million and $7 million, respectively                                        |   | — |  |   | — |  |   | (11 | ) |
|      Change in accumulated other comprehensive income of equity method investees                                                                           |   | 4 |  |   | (2 | ) |   | (3 | ) |
| Other comprehensive income (loss), net of tax                                                                                                                                       |   | (247 | ) |   | 490 |  |   | (42 | ) |
| Total comprehensive income                                                                                                                                                          |   | $ | 4,150 |  |   | $ | 4,761 |  |   | $ | 3,678 |  |

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|                                                                                                                                                                                                                        |  |  |  |  |  |  |  |  |
|                                                                                                                                                                                                                   |   | December 31, 2014 |   | December 31, 2013 |
| Assets                                                                                                                                                                                                                 |   |   |   |   |
| Current assets:                                                                                                                                                                                                        |   |   |   |   |
|      Cash and cash equivalents                                                                                                                                                                |   | $ | 585 |  |   | $ | 532 |  |
|      Accounts receivable, net                                                                                                                                                                 |   | 1,350 |  |   | 1,264 |  |
|      Materials and supplies                                                                                                                                                                   |   | 795 |  |   | 835 |  |
|      Current portion of deferred income taxes                                                                                                                                                 |   | 355 |  |   | 358 |  |
|      Other current assets                                                                                                                                                                     |   | 351 |  |   | 239 |  |
|           Total current assets                                                                                                                                       |   | 3,436 |  |   | 3,228 |  |
| Property and equipment, net of accumulated depreciation of $3,547 and $2,231, respectively                                                                                                                        |   | 55,788 |  |   | 52,347 |  |
| Goodwill                                                                                                                                                                                                               |   | 14,803 |  |   | 14,803 |  |
| Intangible assets, net                                                                                                                                                                                                 |   | 506 |  |   | 811 |  |
| Other assets                                                                                                                                                                                                           |   | 1,944 |  |   | 2,272 |  |
|                Total assets                                                                                                                 |   | $ | 76,477 |  |   | $ | 73,461 |  |
|                                                                                                                                                                                                                   |   |   |   |   |
| Liabilities and Stockholder’s Equity                                                                                                                                                                             |   |   |   |   |
| Current liabilities:                                                                                                                                                                                                   |   |   |   |   |
|      Accounts payable and other current liabilities                                                                                                                                           |   | $ | 3,144 |  |   | $ | 3,083 |  |
|      Long-term debt due within one year                                                                                                                                                       |   | 116 |  |   | 145 |  |
|           Total current liabilities                                                                                                                                  |   | 3,260 |  |   | 3,228 |  |
|                                                                                                                                                                                                                   |   |   |   |   |
| Deferred income taxes                                                                                                                                                                                                  |   | 18,156 |  |   | 17,383 |  |
| Long-term debt                                                                                                                                                                                                         |   | 1,326 |  |   | 1,472 |  |
| Intangible liabilities, net                                                                                                                                                                                            |   | 782 |  |   | 961 |  |
| Casualty and environmental liabilities                                                                                                                                                                                 |   | 639 |  |   | 677 |  |
| Pension and retiree health and welfare liability                                                                                                                                                                       |   | 385 |  |   | 362 |  |
| Other liabilities                                                                                                                                                                                                      |   | 931 |  |   | 964 |  |
|                Total liabilities                                                                                                            |   | 25,479 |  |   | 25,047 |  |
| Commitments and contingencies (see Notes 11 and 12)                                                                                                                                                                    |   |  |   |  |
| Stockholder’s equity:                                                                                                                                                                                            |   |   |   |   |
|      Common stock, $1 par value, 1,000 shares authorized;               issued and outstanding and paid-in-capital |   | 42,920 |  |   | 42,920 |  |
|      Retained earnings                                                                                                                                                                        |   | 18,043 |  |   | 13,646 |  |
|      Intercompany notes receivable                                                                                                                                                            |   | (9,963 | ) |   | (8,397 | ) |
|      Accumulated other comprehensive income (loss)                                                                                                                                            |   | (2 | ) |   | 245 |  |
|           Total stockholder’s equity                                                                                                                           |   | 50,998 |  |   | 48,414 |  |
|                Total liabilities and stockholder’s equity                                                                             |   | $ | 76,477 |  |   | $ | 73,461 |  |

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|                                                                                                    |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                               |   | Year Ended |   | Year Ended |   | Year Ended |
|                                                                                               |   | December 31, 2014 |   | December 31, 2013 |   | December 31, 2012 |
| Operating Activities                                                                               |   |   |   |   |   |   |
| Net income                                                                                         |   | $ | 4,397 |  |   | $ | 4,271 |  |   | $ | 3,720 |  |
| Adjustments to reconcile net income to net cash   provided by operating activities: |   |   |   |   |   |   |
| Depreciation and amortization                                                                      |   | 2,117 |  |   | 1,968 |  |   | 1,888 |  |
| Deferred income taxes                                                                              |   | 937 |  |   | 553 |  |   | 642 |  |
| Long-term casualty and environmental liabilities, net                                              |   | (43 | ) |   | (98 | ) |   | (190 | ) |
| Contributions to qualified pension plan                                                            |   | — |  |   | (25 | ) |   | (36 | ) |
| Other, net                                                                                         |   | (261 | ) |   | (30 | ) |   | (214 | ) |
| Changes in current assets and liabilities:                                                         |   |   |   |   |   |   |
| Accounts receivable, net                                                                           |   | (86 | ) |   | (119 | ) |   | 122 |  |
| Materials and supplies                                                                             |   | 40 |  |   | (35 | ) |   | (61 | ) |
| Other current assets                                                                               |   | (40 | ) |   | (4 | ) |   | 14 |  |
| Accounts payable and other current liabilities                                                     |   | (56 | ) |   | (276 | ) |   | 15 |  |
| Net cash provided by operating activities                                                          |   | 7,005 |  |   | 6,205 |  |   | 5,900 |  |
| Investing Activities                                                                               |   |   |   |   |   |   |
| Capital expenditures excluding equipment                                                           |   | (3,734 | ) |   | (2,975 | ) |   | (2,596 | ) |
| Acquisition of equipment                                                                           |   | (1,509 | ) |   | (943 | ) |   | (952 | ) |
| Partnership investment                                                                             |   | — |  |   | — |  |   | (130 | ) |
| Other, net                                                                                         |   | (2 | ) |   | 57 |  |   | (124 | ) |
| Net cash used for investing activities                                                             |   | (5,245 | ) |   | (3,861 | ) |   | (3,802 | ) |
| Financing Activities                                                                               |   |   |   |   |   |   |
| Payments on long-term debt                                                                         |   | (141 | ) |   | (190 | ) |   | (182 | ) |
| Net increase in intercompany notes   receivable classified as equity                |   | (1,566 | ) |   | (1,972 | ) |   | (1,861 | ) |
| Other, net                                                                                         |   | — |  |   | — |  |   | 2 |  |
| Net cash used for financing activities                                                             |   | (1,707 | ) |   | (2,162 | ) |   | (2,041 | ) |
| Increase in cash and cash equivalents                                                              |   | 53 |  |   | 182 |  |   | 57 |  |
| Cash and cash equivalents:                                                                         |   |   |   |   |   |   |
| Beginning of period                                                                                |   | 532 |  |   | 350 |  |   | 293 |  |
| End of period                                                                                      |   | $ | 585 |  |   | $ | 532 |  |   | $ | 350 |  |
|                                                                                               |   |   |   |   |   |   |
| Supplemental Cash Flow Information                                                                 |   |   |   |   |   |   |
| Interest paid, net of amounts capitalized                                                          |   | $ | 57 |  |   | $ | 76 |  |   | $ | 89 |  |
| Capital investments accrued but not yet paid                                                       |   | $ | 293 |  |   | $ | 224 |  |   | $ | 123 |  |
| Income taxes paid, net of refunds                                                                  |   | $ | 1,691 |  |   | $ | 2,485 |  |   | $ | 1,257 |  |

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|                                  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                             |   | Common Stockand Paid-in-Capital |  |   | RetainedEarnings |  |   | IntercompanyNotesReceivable |  |   | Accumulated Other Comprehensive (Loss) Income |  |   | TotalStockholder’s Equity |  |
| Balance at December 31, 2011     |   | $ | 42,920 |  |   | $ | 5,655 |  |   | $ | (4,564 | ) |   | $ | (203 | ) |   | $ | 43,808 |  |
| Comprehensive income, net of tax |   | — |  |   | 3,720 |  |   | — |  |   | (42 | ) |   | 3,678 |  |
| Intercompany notes receivable    |   | — |  |   | — |  |   | (1,861 | ) |   | — |  |   | (1,861 | ) |
| Balance at December 31, 2012     |   | 42,920 |  |   | 9,375 |  |   | (6,425 | ) |   | (245 | ) |   | 45,625 |  |
| Comprehensive income, net of tax |   | — |  |   | 4,271 |  |   | — |  |   | 490 |  |   | 4,761 |  |
| Intercompany notes receivable    |   | — |  |   | — |  |   | (1,972 | ) |   | — |  |   | (1,972 | ) |
| Balance at December 31, 2013     |   | 42,920 |  |   | 13,646 |  |   | (8,397 | ) |   | 245 |  |   | 48,414 |  |
| Comprehensive income, net of tax |   | — |  |   | 4,397 |  |   | — |  |   | (247 | ) |   | 4,150 |  |
| Intercompany notes receivable    |   | — |  |   | — |  |   | (1,566 | ) |   | — |  |   | (1,566 | ) |
| Balance at December 31, 2014     |   | $ | 42,920 |  |   | $ | 18,043 |  |   | $ | (9,963 | ) |   | $ | (2 | ) |   | $ | 50,998 |  |

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| • | Statistical analysis of historical patterns of use and retirements of each of BNSF Railway’s asset classes; |

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| • | Evaluation of any expected changes in current operations and the outlook for continued use of the assets; |

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| • | Evaluation of technological advances and changes to maintenance practices; and |

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| • | Expected salvage to be received upon retirement. |

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| • | Level 1–Quoted prices for identical assets or liabilities in active markets that the Company has the ability to access at the measurement date. |

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| • | Level 2–Quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; and model-derived valuations in which all significant inputs are observable market data. |

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| • | Level 3–Valuations derived from valuation techniques in which one or more significant inputs are unobservable. |

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|                                                           |  |  |  |  |  |  |  |  |  |  |  |  |
| Derivatives in ASC 815-20 Cash Flow Hedging Relationships |
|                                                      |   | Amount of Gain Recognized in OCIon Derivatives (Effective Portion) |
|                                                      |   | Year Ended |   | Year Ended |   | Year Ended |
|                                                      |   | December 31, 2014 |   | December 31, 2013 |   | December 31, 2012 |
| Fuel Contracts                                            |   | $ | — |  |   | $ | — |  |   | $ | 7 |  |
|      Total derivatives           |   | $ | — |  |   | $ | — |  |   | $ | 7 |  |

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|                                                 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                            |   |   |   | Amount of Gain Recognized fromAOCI into Income (Effective Portion) |
|                                            |   | Location of Gain Recognized from AOCI into Income |   | Year Ended |   | Year Ended |   | Year Ended |
|                                            |   |   | December 31, 2014 |   | December 31, 2013 |   | December 31, 2012 |
| Fuel Contracts                                  |   | Fuel expense |   | $ | — |  |   | $ | — |  |   | $ | 25 |  |
|      Total derivatives |   | $ | — |  |   | $ | — |  |   | $ | 25 |  |

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|-------------------------------------------------|
|                                                 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                            |   |   |   | Amount of Loss Recognized inIncome on Derivatives (Ineffective Portion andAmount Excluded from Effectiveness Testing)a |
|                                            |   | Location of Loss Recognized inIncome on Derivatives |   | Year Ended |   | Year Ended |   | Year Ended |
|                                            |   |   | December 31, 2014 |   | December 31, 2013 |   | December 31, 2012 |
| Fuel Contracts                                  |   | Fuel expense |   | $ | — |  |   | $ | — |  |   | $ | (3 | ) |
|      Total derivatives |   | $ | — |  |   | $ | — |  |   | $ | (3 | ) |

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|----------------------------------------------------|
|                                                    |  |  |  |  |  |  |  |  |  |  |  |  |
|                                               |   | Year Ended |   | Year Ended |   | Year Ended |
|                                               |   | December 31, 2014 |   | December 31, 2013 |   | December 31, 2012 |
| Current:                                           |   |   |   |   |   |   |
|    Federal                          |   | $ | 1,488 |  |   | $ | 1,617 |  |   | $ | 1,418 |  |
|    State                            |   | 219 |  |   | 242 |  |   | 174 |  |
|       Total current  |   | 1,707 |  |   | 1,859 |  |   | 1,592 |  |
| Deferred:                                          |   |   |   |   |   |   |
|    Federal                          |   | 834 |  |   | 593 |  |   | 560 |  |
|    State                            |   | 103 |  |   | (40 | ) |   | 82 |  |
|       Total deferred |   | 937 |  |   | 553 |  |   | 642 |  |
|       Total          |   | $ | 2,644 |  |   | $ | 2,412 |  |   | $ | 2,234 |  |

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|                                                        |  |  |  |  |  |  |  |  |  |
|                                                   |   | Year Ended |   | Year Ended |   | Year Ended |
|                                                   |   | December 31, 2014 |   | December 31, 2013 |   | December 31, 2012 |
| U.S. Federal statutory income tax rate                 |   | 35.0 |  % |   | 35.0 |  % |   | 35.0 |  % |
| State income taxes, net of federal tax benefit         |   | 3.0 |  |   | 2.0 |  |   | 2.8 |  |
| Other, net                                             |   | (0.4 | ) |   | (0.9 | ) |   | (0.3 | ) |
|       Effective tax rate |   | 37.6 |  % |   | 36.1 |  % |   | 37.5 |  % |

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|                                                                                                              |  |  |  |  |  |  |  |  |
|                                                                                                         |   | December 31, 2014 |   | December 31, 2013 |
| Deferred tax liabilities:                                                                                    |   |   |   |   |
|       Property and equipment                                                   |   | $ | (18,644 | ) |   | $ | (17,739 | ) |
|       Hedging                                                                  |   | (6 | ) |   | (6 | ) |
|       Pension and retiree health and welfare benefits                          |   | — |  |   | (13 | ) |
|       Other                                                                    |   | (377 | ) |   | (370 | ) |
|           Total deferred tax liabilities                   |   | (19,027 | ) |   | (18,128 | ) |
| Deferred tax assets:                                                                                         |   |   |   |   |
|       Intangible assets and liabilities                                        |   | 133 |  |   | 190 |  |
|       Casualty and environmental                                               |   | 301 |  |   | 266 |  |
|       Compensation and benefits                                                |   | 334 |  |   | 371 |  |
|       Pension and retiree health and welfare benefits                          |   | 202 |  |   | — |  |
|       Long-term debt fair value adjustment under acquisition method accounting |   | 26 |  |   | 36 |  |
|       Other                                                                    |   | 230 |  |   | 240 |  |
|           Total deferred tax assets                        |   | 1,226 |  |   | 1,103 |  |
|           Net deferred tax liability                       |   | $ | (17,801 | ) |   | $ | (17,025 | ) |
|                                                                                                         |   |   |   |   |
| Non-current deferred income tax liability                                                                    |   | $ | (18,156 | ) |   | $ | (17,383 | ) |
| Current portion of deferred income taxes                                                                     |   | 355 |  |   | 358 |  |
|           Net deferred tax liability                       |   | $ | (17,801 | ) |   | $ | (17,025 | ) |

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|                                                                                              |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                         |   | Year Ended |   | Year Ended |   | Year Ended |
|                                                                                         |   | December 31, 2014 |   | December 31, 2013 |   | December 31, 2012 |
| Beginning balance                                                                            |   | $ | 56 |  |   | $ | 48 |  |   | $ | 110 |  |
| Additions for tax positions related to current year                                          |   | 16 |  |   | 16 |  |   | 12 |  |
| Additions (reductions) for tax positions taken in prior years                                |   | 13 |  |   | 1 |  |   | (2 | ) |
| Additions (reductions) for tax positions as a result of:                                     |   |   |   |   |   |   |
|       Settlements                                              |   | (1 | ) |   | 1 |  |   | (53 | ) |
|       Lapse of statute of limitations                          |   | (6 | ) |   | (10 | ) |   | (19 | ) |
|              Ending balance |   | $ | 78 |  |   | $ | 56 |  |   | $ | 48 |  |

----

Table of Contents

|                                                                 |
|-----------------------------------------------------------------|
|                                                                 |  |  |  |  |  |  |  |  |  |  |  |
|                                                            |   |   |   | 2014 |
|                                                            |   | December 31, 2014 |   | December 31, 2013 |   | Range ofEstimatedUseful Life |
| Land for transportation purposes                                |   | $ | 5,980 |  |   | $ | 5,971 |  |   | — |  |
| Track structure                                                 |   | 19,562 |  |   | 18,207 |  |   | 15 – 50 years |  |
| Other roadway                                                   |   | 23,026 |  |   | 21,891 |  |   | 5 – 100 years |  |
| Locomotives                                                     |   | 6,621 |  |   | 5,241 |  |   | 5 – 33 years |  |
| Freight cars and other equipment                                |   | 2,350 |  |   | 2,053 |  |   | 8 – 40 years |  |
| Computer hardware, software and other                           |   | 504 |  |   | 242 |  |   | 5 – 9 years |  |
| Construction in progress                                        |   | 1,292 |  |   | 973 |  |   | — |  |
|       Total cost                  |   | 59,335 |  |   | 54,578 |  |   |   |
| Less accumulated depreciation and amortization                  |   | (3,547 | ) |   | (2,231 | ) |   |   |
|       Property and equipment, net |   | $ | 55,788 |  |   | $ | 52,347 |  |   |   |

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|                        |
|------------------------|
|                        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                   |   | As of December 31, 2014 |   | As of December 31, 2013 |
|                   |   | Gross CarryingAmount |   | AccumulatedAmortization |   | Gross CarryingAmount |   | AccumulatedAmortization |
| Intangible assets      |   | $ | 2,017 |  |   | $ | 1,511 |  |   | $ | 2,016 |  |   | $ | 1,205 |  |
| Intangible liabilities |   | $ | 2,056 |  |   | $ | 1,274 |  |   | $ | 2,056 |  |   | $ | 1,095 |  |

|                                        |
|----------------------------------------|
|                                        |  |  |  |  |  |  |  |  |
|                                   |   | December 31, 2014 |   | December 31, 2013 |
| Amortization of intangible assets      |   | $ | 306 |  |   | $ | 306 |  |
| Amortization of intangible liabilities |   | $ | 179 |  |   | $ | 253 |  |

|        |
|--------|
|        |  |  |  |  |  |  |  |  |
|   |   | Amortization ofintangible assets |   | Amortization ofintangible liabilities |
| 2015   |   | $ | 54 |  |   | $ | 115 |  |
| 2016   |   | $ | 31 |  |   | $ | 101 |  |
| 2017   |   | $ | 31 |  |   | $ | 96 |  |
| 2018   |   | $ | 31 |  |   | $ | 90 |  |
| 2019   |   | $ | 31 |  |   | $ | 27 |  |

----

|                                                           |
|-----------------------------------------------------------|
|                                                           |  |  |  |  |  |  |  |
|                                                      | Year Ended |   | Year Ended |
|                                                      | December 31, 2014 |   | December 31, 2013 |
| Unamortized investment balance classified as Other Assets | $ | 314 |  |   | $ | 376 |  |
| Remaining commitment classified as Other Liabilities      | $ | 18 |  |   | $ | 18 |  |
| Maximum exposure to loss                                  | $ | 314 |  |   | $ | 376 |  |

|                                           |
|-------------------------------------------|
|                                           |  |  |  |  |  |  |  |  |
|                                      |   | December 31, 2014 |   | December 31, 2013 |
| Compensation and benefits payable         |   | $ | 788 |  |   | $ | 820 |  |
| Accounts payable                          |   | 352 |  |   | 449 |  |
| Property and income tax liabilities       |   | 330 |  |   | 293 |  |
| Rents and leases                          |   | 158 |  |   | 162 |  |
| Customer incentives                       |   | 151 |  |   | 151 |  |
| Casualty and environmental liabilities    |   | 140 |  |   | 145 |  |
| Other                                     |   | 1,225 |  |   | 1,063 |  |
|       Total |   | $ | 3,144 |  |   | $ | 3,083 |  |

----

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|                                                                                                |
|------------------------------------------------------------------------------------------------|
|                                                                                                |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                           |   | December 31, 2014 a |   | December 31, 2013 a |
| Notes and debentures, due 2022                                                                 |   | $ | 200 |  |   | 8.8 | % |   | $ | 200 |  |   | 8.8 | % |
| Equipment obligations, due 2015 to 2027                                                        |   | 96 |  |   | 5.5 |  |   | 122 |  |   | 5.7 |  |
| Capitalized lease obligations, due 2015 to 2029                                                |   | 745 |  |   | 6.1 |  |   | 854 |  |   | 6.0 |  |
| Mortgage bonds, due 2020 to 2047                                                               |   | 81 |  |   | 4.5 |  |   | 82 |  |   | 4.5 |  |
| Financing obligations, due 2015 to 2028                                                   |   | 251 |  |   | 6.3 |  |   | 266 |  |   | 6.3 |  |
| Unamortized fair value adjustment under acquisition method accounting, discount and other, net |   | 69 |  |   |   |   | 93 |  |   |   |
|       Total                                                      |   | 1,442 |  |   |   |   | 1,617 |  |   |   |
| Less current portion of long-term debt                                                         |   | (116 | ) |   | 5.9 | % |   | (145 | ) |   | 5.9 | % |
|       Long-term debt                                             |   | $ | 1,326 |  |   |   |   | $ | 1,472 |  |   |   |

|                               |
|-------------------------------|
|                               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                          |   | December 31, 2014 |
|                          |   | Maturity Date |   |   |   |   |   |   |   |
|                          |   | 2015 |  |   | 2016 |  |   | 2017 |  |   | 2018 |  |   | 2019 |  |   | Thereafter |  |   | Total Including Capital Leases |  |   | Total Excluding Capital Leases |  | a  |   | Fair Value Excluding Leases |  |
| Fixed-rate debt (in millions) |   | $ | 116 |  |   | $ | 201 |  |   | $ | 65 |  |   | $ | 70 |  |   | $ | 66 |  |   | $ | 924 |  |   | $ | 1,442 |  |   | $ | 651 |  |   |   | $ | 738 |  |
| Average interest rate         |   | 5.9 | % |   | 6.2 | % |   | 6.2 | % |   | 6.1 | % |   | 6.1 | % |   | 6.5 | % |   | 6.4 | % |   |   |   |   |   |

----

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|                                      |
|--------------------------------------|
|                                      |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                 |   | Guarantees |   |   |   |
|                                 |   | BNSFRailwayOwnership Percentage |  |   | PrincipalAmountGuaranteed |  |   |   | MaximumFuturePayments |  |   |   | MaximumRecourseAmount a |  |   |   |   | RemainingTerm(in years) |   | Capitalized Obligations |  |   |
| Kinder Morgan Energy Partners, L.P.  |   | 0.5 | % |   | $ | 190 |  |   |   | $ | 190 |  |   |   | $ | — |  |   |   |   | Termination of Ownership |   | $ | 2 |  | b  |
| Chevron Phillips Chemical Company LP |   | — | % |   | N/A |  | d  |   | N/A |  | d  |   | N/A |  |   | d  |   | 3 |   | $ | 4 |  | c  |

----

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|                                                                       |
|-----------------------------------------------------------------------|
|                                                                       |  |  |  |  |  |  |  |  |  |
| December 31,                                                          |   | Capital Leases |  |   | Operating Leases |  | a  |
| 2015                                                                  |   | $ | 116 |  |   | $ | 560 |  |   |
| 2016                                                                  |   | 194 |  |   | 560 |  |   |
| 2017                                                                  |   | 76 |  |   | 506 |  |   |
| 2018                                                                  |   | 73 |  |   | 448 |  |   |
| 2019                                                                  |   | 71 |  |   | 420 |  |   |
| Thereafter                                                            |   | 430 |  |   | 1,881 |  |   |
|      Total                                   |   | 960 |  |   | $ | 4,375 |  |   |
| Less amount representing interest                                     |   | (215 | ) |   |   |   |
|      Present value of minimum lease payments |   | $ | 745 |  |   |   |   |

----

Table of Contents

|         |                                                                                                                                                                                                                                                                                                                                                                                                          |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Because BNSF Railway did not have detailed employment records in order to compute the population of potentially exposed employees, it computed an estimate using Company employee data from 1970 forward and estimated the BNSF Railway employee base from 1938-1969 using railroad industry historical census data and estimating BNSF Railway’s representation in the total railroad population. |

|         |                                                                                                                                                                  |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | The projected incidence of disease was estimated based on epidemiological studies using employees’ age, duration and intensity of exposure while employed. |

|         |                                                                                                                                                                                                                          |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | An estimate of the future anticipated claims filing rate by type of disease (non-malignant, cancer and mesothelioma) was computed using the Company’s average historical claim filing rates observed in 2011-2014. |

|         |                                                                                                                                                                        |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | An estimate of the future anticipated dismissal rate by type of claim was computed using the Company’s historical average dismissal rates observed in 2010-2014. |

|         |                                                                                                                                                                                                                                                                    |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | An estimate of the future anticipated settlement by type of disease was computed using the Company’s historical average of dollars paid per claim for pending and future claims using the average settlement by type of incidence observed during 2010-2014. |

----

Table of Contents

|         |                                                                  |
|---------|------------------------------------------------------------------|
| • | Size and demographics (employee age and craft) of the workforce. |

|         |                                                               |
|---------|---------------------------------------------------------------|
| • | Activity levels (manhours by employee craft and carloadings). |

|         |                                                                                                                                      |
|---------|--------------------------------------------------------------------------------------------------------------------------------------|
| • | Expected claim frequency rates by type of claim (employee FELA or third-party liability) based on historical claim frequency trends. |

|         |                                                                                |
|---------|--------------------------------------------------------------------------------|
| • | Expected dismissal rates by type of claim based on historical dismissal rates. |

|         |                                                                                                                                  |
|---------|----------------------------------------------------------------------------------------------------------------------------------|
| • | Expected average paid amounts by type of claim for open and incurred but not reported claims that eventually close with payment. |

----

Table of Contents

|                                                    |
|----------------------------------------------------|
|                                                    |  |  |  |  |  |  |  |  |  |  |  |  |
|                                               |   | Year Ended |   | Year Ended |   | Year Ended |
|                                               |   | December 31, 2014 |   | December 31, 2013 |   | December 31, 2012 |
| Beginning balance                                  |   | $ | 387 |  |   | $ | 462 |  |   | $ | 540 |  |
| Accruals                                           |   | 61 |  |   | 21 |  |   | 58 |  |
| Payments                                           |   | (73 | ) |   | (96 | ) |   | (136 | ) |
|       Ending balance |   | $ | 375 |  |   | $ | 387 |  |   | $ | 462 |  |

----

Table of Contents

|                                                    |
|----------------------------------------------------|
|                                                    |  |  |  |  |  |  |  |  |  |  |  |  |
|                                               |   | Year Ended |   | Year Ended |   | Year Ended |
|                                               |   | December 31, 2014 |   | December 31, 2013 |   | December 31, 2012 |
| Beginning balance                                  |   | $ | 435 |  |   | $ | 458 |  |   | $ | 570 |  |
| Accruals                                           |   | 13 |  |   | 19 |  |   | (17 | ) |
| Payments                                           |   | (44 | ) |   | (42 | ) |   | (95 | ) |
|       Ending balance |   | $ | 404 |  |   | $ | 435 |  |   | $ | 458 |  |

----

Table of Contents

----

Table of Contents

|                                                                   |
|-------------------------------------------------------------------|
|                                                                   |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                              |   | Pension Benefits |
|                                                              |   | Year Ended |   | Year Ended |   | Year Ended |
|                                                              |   | December 31, 2014 |   | December 31, 2013 |   | December 31, 2012 |
| Service cost                                                      |   | $ | 38 |  |   | $ | 47 |  |   | $ | 39 |  |
| Interest cost                                                     |   | 95 |  |   | 89 |  |   | 100 |  |
| Expected return on plan assets                                    |   | (134 | ) |   | (124 | ) |   | (118 | ) |
| Amortization of prior service credits                             |   | (1 | ) |   | — |  |   | — |  |
| Amortization of net loss                                          |   | 1 |  |   | 17 |  |   | 10 |  |
| Settlements                                                       |   | (1 | ) |   | (1 | ) |   | — |  |
|       Net (benefit) cost recognized |   | $ | (2 | ) |   | $ | 28 |  |   | $ | 31 |  |

|                                                         |
|---------------------------------------------------------|
|                                                         |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                    |   | Retiree Health andWelfare Benefits |
|                                                    |   | Year Ended |   | Year Ended |   | Year Ended |
|                                                    |   | December 31, 2014 |   | December 31, 2013 |   | December 31, 2012 |
| Service cost                                            |   | $ | 1 |  |   | $ | 1 |  |   | $ | 1 |  |
| Interest cost                                           |   | 11 |  |   | 12 |  |   | 13 |  |
| Amortization of prior service credits                   |   | (2 | ) |   | (1 | ) |   | — |  |
| Amortization of net loss                                |   | 1 |  |   | 5 |  |   | 1 |  |
|       Net cost recognized |   | $ | 11 |  |   | $ | 17 |  |   | $ | 15 |  |

|                                                                                     |
|-------------------------------------------------------------------------------------|
|                                                                                     |  |  |  |  |  |  |  |  |
|                                                                                |   | Pension Benefits |
| Change in Benefit Obligation                                                        |   | December 31, 2014 |   | December 31, 2013 |
| Projected benefit obligation at beginning of period                                 |   | $ | 2,220 |  |   | $ | 2,517 |  |
| Service cost                                                                        |   | 38 |  |   | 47 |  |
| Interest cost                                                                       |   | 95 |  |   | 89 |  |
| Actuarial loss (gain)                                                               |   | 256 |  |   | (234 | ) |
| Plan amendment                                                                      |   | — |  |   | (7 | ) |
| Benefits paid                                                                       |   | (141 | ) |   | (176 | ) |
| Administrative expenses                                                             |   | (1 | ) |   | (1 | ) |
| Settlements                                                                         |   | (15 | ) |   | (15 | ) |
|    Projected benefit obligation at end of period                     |   | 2,452 |  |   | 2,220 |  |
|    Component representing future salary increases                    |   | (146 | ) |   | (106 | ) |
|       Accumulated benefit obligation at end of period |   | $ | 2,306 |  |   | $ | 2,114 |  |

----

Table of Contents

|                                                                                   |
|-----------------------------------------------------------------------------------|
|                                                                                   |  |  |  |  |  |  |  |  |
|                                                                              |   | Retiree Health and Welfare Benefits |
| Change in Benefit Obligation                                                      |   | December 31, 2014 |   | December 31, 2013 |
| Projected benefit obligation at beginning of period                               |   | $ | 272 |  |   | $ | 314 |  |
| Service cost                                                                      |   | 1 |  |   | 1 |  |
| Interest cost                                                                     |   | 11 |  |   | 12 |  |
| Plan participants’ contributions                                            |   | 6 |  |   | 3 |  |
| Actuarial loss (gain)                                                             |   | 13 |  |   | (29 | ) |
| Prior service credits                                                             |   | — |  |   | (7 | ) |
| Benefits paid                                                                     |   | (23 | ) |   | (22 | ) |
|       Projected benefit obligation at end of period |   | $ | 280 |  |   | $ | 272 |  |

|                                                                                   |
|-----------------------------------------------------------------------------------|
|                                                                                   |  |  |  |  |  |  |  |  |
|                                                                              |   | Pension Benefits |
| Change in Plan Assets                                                             |   | December 31, 2014 |   | December 31, 2013 |
| Fair value of plan assets at beginning of period                                  |   | $ | 2,490 |  |   | $ | 2,014 |  |
| Actual return on plan assets                                                      |   | (3 | ) |   | 625 |  |
| Employer contributionsa                                                           |   | 12 |  |   | 43 |  |
| Benefits paid                                                                     |   | (141 | ) |   | (176 | ) |
| Administrative expenses                                                           |   | (1 | ) |   | (1 | ) |
| Settlements                                                                       |   | (15 | ) |   | (15 | ) |
|       Fair value of plan assets at measurement date |   | $ | 2,342 |  |   | $ | 2,490 |  |

|                                                                                   |
|-----------------------------------------------------------------------------------|
|                                                                                   |  |  |  |  |  |  |  |  |
|                                                                              |   | Retiree Health andWelfare Benefits |
| Change in Plan Assets                                                             |   | December 31, 2014 |   | December 31, 2013 |
| Fair value of plan assets at beginning of period                                  |   | $ | — |  |   | $ | — |  |
| Employer contributionsa                                                           |   | 17 |  |   | 19 |  |
| Plan participants’ contributions                                            |   | 6 |  |   | 3 |  |
| Benefits paid                                                                     |   | (23 | ) |   | (22 | ) |
|       Fair value of plan assets at measurement date |   | $ | — |  |   | $ | — |  |

|                                                                |
|----------------------------------------------------------------|
|                                                                |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                           |   | Pension Benefits |   | Retiree Health andWelfare Benefits |
|                                                           |   | December 31, 2014 |   | December 31, 2013 |   | December 31, 2014 |   | December 31, 2013 |
| Funded status (plan assets less projected benefit obligations) |   | $ | (110 | ) |   | $ | 270 |  |   | $ | (280 | ) |   | $ | (272 | ) |

----

Table of Contents

|                                                    |
|----------------------------------------------------|
|                                                    |  |  |  |  |  |  |  |  |  |  |  |  |
|                                               |   | Pension Benefits |
|                                               |   | Year Ended |   | Year Ended |   | Year Ended |
| Change in AOCI                                     |   | December 31, 2014 |   | December 31, 2013 |   | December 31, 2012 |
| Beginning balance                                  |   | $ | 427 |  |   | $ | (330 | ) |   | $ | (311 | ) |
| Amortization of net loss                           |   | 1 |  |   | 17 |  |   | 10 |  |
| Amortization of prior service credits              |   | (1 | ) |   | — |  |   | — |  |
| Plan amendment                                     |   | — |  |   | 7 |  |   | — |  |
| Actuarial (loss) gain                              |   | (392 | ) |   | 734 |  |   | (29 | ) |
| Settlements                                        |   | (1 | ) |   | (1 | ) |   | — |  |
|       Ending balance |   | $ | 34 |  |   | $ | 427 |  |   | $ | (330 | ) |

|                                                    |
|----------------------------------------------------|
|                                                    |  |  |  |  |  |  |  |  |  |  |  |  |
|                                               |   | Retiree Health andWelfare Benefits |
|                                               |   | Year Ended |   | Year Ended |   | Year Ended |
| Change in AOCI                                     |   | December 31, 2014 |   | December 31, 2013 |   | December 31, 2012 |
| Beginning balance                                  |   | $ | (20 | ) |   | $ | (60 | ) |   | $ | (35 | ) |
| Amortization of net loss                           |   | 1 |  |   | 5 |  |   | 1 |  |
| Amortization of prior service credits              |   | (2 | ) |   | (1 | ) |   | — |  |
| Plan amendment                                     |   | — |  |   | — |  |   | 5 |  |
| Prior service credits                              |   | — |  |   | 7 |  |   | — |  |
| Actuarial (loss) gain                              |   | (13 | ) |   | 29 |  |   | (31 | ) |
|       Ending balance |   | $ | (34 | ) |   | $ | (20 | ) |   | $ | (60 | ) |

|                                                     |
|-----------------------------------------------------|
|                                                     |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                |   | Pension Benefits |   | Retiree Health andWelfare Benefits |
|                                                |   | 2014 |   | 2013 |   | 2014 |   | 2013 |
| Net gain (loss)                                     |   | $ | 29 |  |   | $ | 420 |  |   | $ | (43 | ) |   | $ | (31 | ) |
| Plan amendment                                      |   | 6 |  |   | 7 |  |   | 5 |  |   | 5 |  |
| Prior service costs                                 |   | — |  |   | — |  |   | 4 |  |   | 6 |  |
| Settlements                                         |   | (1 | ) |   | — |  |   | — |  |   | — |  |
| Pre-tax amount recognized in AOCI at December 31,   |   | $ | 34 |  |   | $ | 427 |  |   | $ | (34 | ) |   | $ | (20 | ) |
| After-tax amount recognized in AOCI at December 31, |   | $ | 21 |  |   | $ | 263 |  |   | $ | (21 | ) |   | $ | (12 | ) |

----

Table of Contents

|                                                  |
|--------------------------------------------------|
|                                                  |  |  |  |  |  |  |  |  |  |
|                                             |   | Pension Benefits |
|                                             |   | Year Ended |   | Year Ended |   | Year Ended |
| Assumptions Used to Determine Net Cost           |   | December 31, 2014 |   | December 31, 2013 |   | December 31, 2012 |
| Discount rate                                    |   | 4.50 | % |   | 3.75 | % |   | 4.50 | % |
| Expected long-term rate of return on plan assets |   | 6.75 | % |   | 6.75 | % |   | 6.75 | % |
| Rate of compensation increase                    |   | 3.80 | % |   | 3.80 | % |   | 3.80 | % |

|                                        |
|----------------------------------------|
|                                        |  |  |  |  |  |  |  |  |  |
|                                   |   | Retiree Health and Welfare Benefits |
|                                   |   | Year Ended |   | Year Ended |   | Year Ended |
| Assumptions Used to Determine Net Cost |   | December 31, 2014 |   | December 31, 2013 |   | December 31, 2012 |
| Discount rate                          |   | 4.50 | % |   | 3.75 | % |   | 4.50 | % |
| Rate of compensation increase          |   | 3.80 | % |   | 3.80 | % |   | 3.80 | % |

|                                                   |
|---------------------------------------------------|
|                                                   |  |  |  |  |  |  |  |  |  |  |  |  |
|                                              |   | Pension Benefits |   | Retiree Health andWelfare Benefits |
| Assumptions Used to Determine Benefit Obligations |   | December 31, 2014 |   | December 31, 2013 |   | December 31, 2014 |   | December 31, 2013 |
| Discount rate                                     |   | 3.79 | % |   | 4.50 | % |   | 3.69 | % |   | 4.50 | % |
| Rate of compensation increase                     |   | 3.80 | % |   | 3.80 | % |   | 3.80 | % |   | 3.80 | % |

|                                                  |
|--------------------------------------------------|
|                                                  |  |  |  |  |  |  |  |  |  |  |  |  |
| Sensitivity Analysis                             |
|                                             |   |   | Change in Net Benefit Cost |
| Hypothetical Discount Rate Change           |   |   | Pension |   |   | Retiree Health and Welfare |
| 50 basis point decrease                          |   |   | $ | 3 |  million | increase |   |   | $ | 1 |  million | increase |
| 50 basis point increase                          |   |   | $ | 1 |  million | decrease |   |   | $ | 1 |  million | decrease |
| Hypothetical Rate of Returnon Plan Assets Change |   |   | Pension |   |   |   |   |
| 50 basis point decrease                          |   |   | $ | 10 |  million | increase |   |   |   |   |
| 50 basis point increase                          |   |   | $ | 10 |  million | decrease |   |   |   |   |

----

Table of Contents

|                                                                                                       |
|-------------------------------------------------------------------------------------------------------|
|                                                                                                       |  |  |  |  |  |  |  |  |  |
|                                                                                                  |   | Year Ended |   | Year Ended |   | Year Ended |
|                                                                                                  |   | December 31, 2014 |   | December 31, 2013 |   | December 31, 2012 |
| Assumed health care cost trend rate for next year (participants over 65)a                             |   | 3.00 | % |   | 3.00 | % |   | 3.00 | % |
| Assumed health care cost trend rate for next year (participants under 65)                             |   | 7.90 | % |   | 8.20 | % |   | 8.40 | % |
| Rate to which health care cost trend rate for participants under 65 is expected to decline and remain |   | 4.50 | % |   | 4.50 | % |   | 4.50 | % |
| Year that the rate reaches the ultimate trend rate                                                    |   | 2028 |  |   | 2028 |  |   | 2028 |  |

|                                             |
|---------------------------------------------|
|                                             |  |  |  |  |  |  |  |  |
|                                        |   | One Percentage-Point Increase |  |   | One Percentage-Point Decrease |  |
| Effect on total service and interest cost   |   | $ | 1 |  |   | $ | (1 | ) |
| Effect on postretirement benefit obligation |   | $ | 21 |  |   | $ | (18 | ) |

----

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|                                                                 |
|-----------------------------------------------------------------|
|                                                                 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                            |   | Total as of |   |   |   |   |   |   |
| Asset Category                                                  |   | December 31, 2014 |   | Level 1Inputs a |   | Level 2Inputs a |   | Level 3Inputs a |
| Equity securities:b                                             |   |   |   |   |   |   |   |   |
|    U.S.                                          |   | $ | 2,091 |  |   | $ | 2,091 |  |   | $ | — |  |   | $ | — |  |
|    International                                 |   | 77 |  |   | 77 |  |   | — |  |   | — |  |
| Corporate debt securities                                       |   | 30 |  |   | — |  |   | 30 |  |   | — |  |
| Registered investment companies                                 |   | 28 |  |   | 28 |  |   | — |  |   | — |  |
| U.S. government debt securities                                 |   | 13 |  |   | — |  |   | 13 |  |   | — |  |
| Collateralized obligations and mortgage backed securities (MBS) |   | 6 |  |   | — |  |   | 6 |  |   | — |  |
| Cash and cash equivalents                                       |   | 97 |  |   | — |  |   | 97 |  |   | — |  |
| Totalc                                                          |   | $ | 2,342 |  |   | $ | 2,196 |  |   | $ | 146 |  |   | $ | — |  |

|                                                                 |
|-----------------------------------------------------------------|
|                                                                 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                            |   | Total as of |   |   |   |   |   |   |
| Asset Category                                                  |   | December 31, 2013 |   | Level 1Inputs a |   | Level 2Inputs a |   | Level 3Inputs a |
| U.S. equity securities b                                        |   | $ | 2,240 |  |   | $ | 2,240 |  |   | $ | — |  |   | $ | — |  |
| Corporate debt securities                                       |   | 16 |  |   | — |  |   | 16 |  |   | — |  |
| Registered investment companies                                 |   | 60 |  |   | 60 |  |   | — |  |   | — |  |
| U.S. government debt securities                                 |   | 10 |  |   | — |  |   | 10 |  |   | — |  |
| Collateralized obligations and mortgage backed securities (MBS) |   | 2 |  |   | — |  |   | 2 |  |   | — |  |
| Cash and cash equivalents                                       |   | 162 |  |   | — |  |   | 162 |  |   | — |  |
| Total c                                                         |   | $ | 2,490 |  |   | $ | 2,300 |  |   | $ | 190 |  |   | $ | — |  |

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Table of Contents

|                                  |
|----------------------------------|
|                                  |  |  |  |  |  |  |  |  |
| Level 3 Inputs                   |   | Total |  |   | Real Estate |  |
| Balance as of December 31, 2012  |   | $ | 32 |  |   | $ | 32 |  |
| Purchases, sales and settlements |   | (32 | ) |   | (32 | ) |
| Balance as of December 31, 2013  |   | $ | — |  |   | $ | — |  |

|             |
|-------------|
|             |  |  |  |  |  |  |  |  |  |
| Fiscal year |   | ExpectedPensionPlan BenefitPayments |  | a  |   | Expected Retiree Health and WelfarePayments |  |
| 2015        |   | $ | 167 |  |   |   | $ | 21 |  |
| 2016        |   | $ | 156 |  |   |   | $ | 21 |  |
| 2017        |   | $ | 155 |  |   |   | $ | 20 |  |
| 2018        |   | $ | 153 |  |   |   | $ | 20 |  |
| 2019        |   | $ | 149 |  |   |   | $ | 19 |  |
| 2020-2024   |   | $ | 692 |  |   |   | $ | 86 |  |

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Table of Contents

|              |
|--------------|
|              |  |  |  |  |  |  |  |  |  |  |  |  |
|         |   | Year Ended |   | Year Ended |   | Year Ended |
|         |   | December 31, 2014 |   | December 31, 2013 |   | December 31, 2012 |
| Revenues     |   | $ | 175 |  |   | $ | 179 |  |   | $ | 83 |  |
| Expenditures |   | $ | 91 |  |   | $ | 66 |  |   | $ | 60 |  |

|                                          |
|------------------------------------------|
|                                          |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                     |   | Options |  |   | Weighted Average Exercise Prices |  |   | Weighted Average RemainingContractual Term(in years) |   | Aggregate IntrinsicValue |  |
| Balance at December 31, 2013             |   | 5,450 |  |   | $ | 59.78 |  |   | 3.77 |   | $ | 320 |  |
| Exercised                                |   | (1,581 | ) |   | 60.43 |  |   |   |   |   |
| Cancelled                                |   | (1 | ) |   | 78.43 |  |   |   |   |   |
| Balance at December 31, 2014             |   | 3,868 |  |   | $ | 59.51 |  |   | 3.26 |   | $ | 351 |  |
| Options exercisable at December 31, 2014 |   | 3,868 |  |   | $ | 59.51 |  |   | 3.26 |   | $ | 351 |  |

----

|                                                     |
|-----------------------------------------------------|
|                                                     |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                |   | Pension and Retiree Health and Welfare Benefit Itemsa |   | Equity Method Investments |   | Total |
| Balance at December 31, 2013                        |   | $ | 251 |  |   | $ | (6 | ) |   | $ | 245 |  |
| Other comprehensive income before reclassifications |   | (250 | ) |   | 4 |  |   | (246 | ) |
| Amounts reclassified from AOCI                      |   | (1 | ) |   | — |  |   | (1 | ) |
| Balance at December 31, 2014                        |   | $ | — |  |   | $ | (2 | ) |   | $ | (2 | ) |
|                                                |   |   |   |   |   |   |
| Balance at December 31, 2012                        |   | $ | (241 | ) |   | $ | (4 | ) |   | $ | (245 | ) |
| Other comprehensive income before reclassifications |   | 478 |  |   | (2 | ) |   | 476 |  |
| Amounts reclassified from AOCI                      |   | 14 |  |   | — |  |   | 14 |  |
| Balance at December 31, 2013                        |   | $ | 251 |  |   | $ | (6 | ) |   | $ | 245 |  |

|                                                                      |
|----------------------------------------------------------------------|
|                                                                      |  |  |  |  |  |  |  |  |  |  |
| Reclassifications out of AOCIb                                       |
|                                                                 |   | Year Ended |   | Year Ended |   |   |
| Details about AOCI Components                                        |   | December 31, 2014 |   | December 31, 2013 |   | Income Statement Line Item |
| Amortization of pension and retiree health and welfare benefit items |   |   |   |   |   |   |
|      Actuarial losses                       |   | $ | (2 | ) |   | $ | (22 | ) |   | c  |
| Prior service costs                                                  |   | 3 |  |   | 1 |  |   | c  |
|                                                                 |   | 1 |  |   | (21 | ) |   | Total before tax |
|                                                                 |   | — |  |   | 7 |  |   | Tax (expense) / benefit |
| Total reclassifications for the period                               |   | $ | 1 |  |   | $ | (14 | ) |   | Net of tax |

|                  |
|------------------|
|                  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2014             |   | Fourth |   | Third |   | Second |   | First |
| Revenues         |   | $ | 6,027 |  |   | $ | 5,739 |  |   | $ | 5,614 |  |   | $ | 5,334 |  |
| Operating income |   | $ | 2,092 |  |   | $ | 1,869 |  |   | $ | 1,673 |  |   | $ | 1,360 |  |
| Net income       |   | $ | 1,322 |  |   | $ | 1,181 |  |   | $ | 1,046 |  |   | $ | 848 |  |

|                  |
|------------------|
|                  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2013             |   | Fourth |   | Third |   | Second |   | First |
| Revenues         |   | $ | 5,638 |  |   | $ | 5,527 |  |   | $ | 5,207 |  |   | $ | 5,180 |  |
| Operating income |   | $ | 1,877 |  |   | $ | 1,736 |  |   | $ | 1,587 |  |   | $ | 1,468 |  |
| Net income       |   | $ | 1,236 |  |   | $ | 1,111 |  |   | $ | 1,012 |  |   | $ | 912 |  |

----

Table of Contents

|        |
|--------|
|        |  |  |  |  |
|   |   |   |   |   |

|    |                                                     |
|----|-----------------------------------------------------|
| 1. | Consolidated Financial Statements—see Item 8. |

|    |           |
|----|-----------|
| 2. | Exhibits: |

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Table of Contents

|        |
|--------|
|        |  |  |  |  |
|   |   |   |   |   |

|        |
|--------|
|        |  |  |  |  |
|   |   | BNSF Railway Company |
|   |   | By: |   | /s/   Carl R. Ice |
| Dated: | March 4, 2015 |   |   | Carl R. IcePresident andChief Executive Officer |

|           |
|-----------|
|           |  |  |  |
| Signature |   | Title |
|      |   |   |   |
|      | /s/ Matthew K. Rose  |   | Chairman |
|      | Matthew K. Rose  |   |   |
|      |   |   |   |
|      | /s/ Carl R. Ice |   | President and Chief Executive Officer |
|      |  Carl R. Ice |   | (Principal Executive Officer), and Director |
|      |   |   |   |
|      | /s/ Julie A. Piggott  |   | Executive Vice President and Chief Financial Officer |
|      | Julie A. Piggott |   | (Principal Financial Officer), and Director |
|      |   |   |   |
|      | /s/ Jon I. Stevens |   | Vice President and Controller |
|      | Jon I. Stevens  |   | (Principal Accounting Officer) |
|      |   |   |   |
|      | /s/ Stevan B. Bobb  |   | Director  |
|      | Stevan B. Bobb |   |   |
|      |   |   |   |
|      | /s/ Gregory C. Fox |   | Director  |
|      | Gregory C. Fox |   |   |
|      |   |   |   |
|      | /s/ Roger Nober |   | Director  |
|      | Roger Nober |   |   |
|      |   |   |   |

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Table of Contents

|                                      |
|--------------------------------------|
|                                      |  |  |  |  |  |  |  |  |  |  |  |
|  Exhibit Number and Description |   | Incorporated by Reference(if applicable) |
|                                 |   |   |   | Form |   | File Date |   | File No. |   | Exhibit |
|                                 |   |   |   |   |   |   |   |   |   |   |
| 3.1                                  |  |   | Restated Certificate of Incorporation of BNSF Railway Company, dated January 17, 2005. |   | 10-Q |   | 7/26/2005 |   | 001-06324 |   | 3.1 |
|                                 |   |   |   |   |   |   |   |   |   |   |
| 3.2                                  |  |   | By-Laws of BNSF Railway Company, as amended February 28, 2014. |   | 10-K |   | 2/27/2015 |   | 001-06324 |   | 3.1 |
|                                 |   |   |   |   |   |   |   |   |   |   |
| 12.1                                 |  |   | Computation of Ratio of Earnings to Fixed Charges. |   | 10-K |   | 2/27/2015 |   | 001-06324 |   | 12.1 |
|                                 |   |   |   |   |   |   |   |   |   |   |
| 31.1                                 |  |   | Principal Executive Officer’s Certifications Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.* |   |   |   |   |   |   |   |   |
|                                 |   |   |   |   |   |   |   |   |   |   |
| 31.2                                 |  |   | Principal Financial Officer’s Certifications Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.* |   |   |   |   |   |   |   |   |
|                                 |   |   |   |   |   |   |   |   |   |   |
| 32.1                                 |  |   | Certification Pursuant to 18 U.S.C. § 1350 (Section 906 of the Sarbanes-Oxley Act of 2002).* |   |   |   |   |   |   |   |   |
|                                 |   |   |   |   |   |   |   |   |   |
| 101                                  |  |   | XBRL - Related Documents |   |   |   |   |   |   |   |   |
|                                 |   | eXtensible Business Reporting Language (XBRL) documents submitted electronically:      101.INS - XBRL Instance Document     101.SCH - XBRL Taxonomy Extension Schema Document     101.CAL - XBRL Extension Calculation Linkable         Document     101.DEF - XBRL Taxonomy Extension Definition Linkable      Document     101.LAB - XBRL Taxonomy Extension Label Linkbase      Document     101.PRE - XBRL Taxonomy Extension Presentation      Linkbase DocumentThe following financial information from BNSF Railway Company's Annual Report on Form 10-K for the year ended December 31, 2014, formatted in XBRL includes: (i) the Consolidated Statements of Income for the years ended December 31, 2014, 2013 and 2012, (ii) the Consolidated Statements of Comprehensive Income for the years ended December 31, 2014, 2013, and 2012, (iii) the Consolidated Balance Sheets as of the December 31, 2014 and 2013, (iv) the Consolidated Statements of Cash Flows for the years ended December 31, 2014, 2013 and 2012, (v) the Consolidated Statements of Changes in Equity for the years ended December 31, 2014, 2013 and 2012, and (vi) the Notes to the Consolidated Financial Statements. |   | 10-K |   | 2/27/2015 |   | 001-06324 |   |   |