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| State of IncorporationDelaware                                                                                                                                                                                                       | I.R.S. Employer Identification No.41-6034000                                                       |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------|
| Address of principal executive offices, including zip code2650 Lou Menk Drive Fort Worth, Texas 76131-2830                                                                                                                                | Registrant’s telephone number, including area code(800) 795-2673                        |
|  Securities registered pursuant to Section 12(b) of the Act:The securities listed 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   |

| 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 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]  |

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|   Part I | Item 1.             | Business                                                                                                                       | 1    |
|-------------------------|---------------------|--------------------------------------------------------------------------------------------------------------------------------|-----------|
|                    | Item 1A.       |  Risk Factors                                                                                                             | 1    |
|                    | Item 1B.       |  Unresolved Staff Comments                                                                                                | 4    |
|                    | Item 2.             |  Properties                                                                                                               | 5    |
|                    | Item 3.             |  Legal Proceedings                                                                                                        | 7         |
|   Part II     |   Item 5. |   Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities | 8    |
|                    | Item 7.        |  Management’s Narrative Analysis of Results of Operations                                                           | 8    |
|                    | Item 7A.            |  Quantitative and Qualitative Disclosures About Market Risk                                                               | 12   |
|                    | Item 8.             |  Financial Statements and Supplementary Data                                                                              | 14   |
|                    | Item 9.             |  Changes in and Disagreements With Accountants on Accounting and Financial Disclosure                                     | 55   |
|                    | Item 9A.            |  Controls and Procedures                                                                                             | 55   |
|                    | Item 9B.            |  Other Information                                                                                                        | 55   |
|   Part III    | Item 14.            |  Principal Accountant Fees and Services                                                                                   | 56   |
|   Part IV     | Item 15.            |  Exhibits and Financial Statement Schedules                                                                               | 57   |
|                    |  Signatures    |                                                                                                                           | S-1  |
|                    |  Exhibit Index |                                                                                                                           | E-1  |

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Item 1. Business

Item 1A. Risk Factors

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Item 1B. Unresolved Staff Comments

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Item 2. Properties

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Item 3. Legal Proceedings

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Item 5. Market for Registrant’s Common Equity, 

Item 7. Management’s Narrative Analysis of Results of Operations

|                     |   | Revenues (in millions)               |   | Cars / Units (in thousands)        |
|--------------------------|--------|--------------------------------------|--------|------------------------------------|
|                     |   | Successor                            |   | Predecessor                        |   | Successor |   | Predecessor |
|                     |   | February 13 –December 31, 2010 |   | January 1 –February 12, 2010 |   | Year ended December 31, 2009 |   | February 13 – December 31, 2010 |   | January 1 –February 12, 2010 |   | Year ended December 31, 2009 |
|                     |   |                                 |   |                               |   |   |   |   |   |   |   |   |   |   |   |
| Consumer Products        |   | $                                    | 4,516  |                               | $ | 515 |   | $ | 4,316 |   | 3,834 |   | 453 |   | 3,911 |
| Coal                     |   |                                 | 3,906  |                               |   | 442 |   |   | 3,564 |   | 2,156 |   | 259 |   | 2,390 |
| Industrial Products      |   |                                 | 3,108  |                               |   | 352 |   |   | 2,874 |   | 1,258 |   | 139 |   | 1,172 |
| Agricultural Products    |   |                                 | 3,076  |                               |   | 417 |   |   | 2,834 |   | 932 |   | 126 |   | 945 |
| Total freight revenues   |   |                                 | 14,606 |                               |   | 1,726 |   |   | 13,588 |   | 8,180 |   | 977 |   | 8,418 |
| Other revenues           |   |                                 | 229    |                               |   | 42 |   |   | 260 |   |   |   |   |   |   |
| Total operating revenues |   | $                                    | 14,835 |                               | $ | 1,768 |   | $ | 13,848 |   |   |   |   |   |   |

|                   |   | Average Revenue Per Car / Unit        |
|------------------------|--------|---------------------------------------|
|                   |   | Successor                             |   | Predecessor |
|                   |   | February 13 – December 31, 2010 |   | January 1 –February 12, 2010 |   | Year ended December 31, 2009 |
|                   |   |                                  |   |   |   |   |   |   |   |
| Consumer Products      |   | $                                     | 1,178 |   | $ | 1,137 |   | $ | 1,104 |
| Coal                   |   |                                  | 1,812 |   |   | 1,707 |   |   | 1,491 |
| Industrial Products    |   |                                  | 2,471 |   |   | 2,532 |   |   | 2,452 |
| Agricultural Products  |   |                                  | 3,300 |   |   | 3,310 |   |   | 2,999 |
| Total freight revenues |   | $                                     | 1,786 |   | $ | 1,767 |   | $ | 1,614 |

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|                         | Successor                             |   | Predecessor                        |
|------------------------------|---------------------------------------|--------|------------------------------------|
|                         | February 13 – December 31, 2010 |   | January 1 –February 12, 2010 |   | Year ended December 31, 2009 |
|                         |                                  |   |                               |   |   |   |   |   |
| Total fuel expense a         | $                                     | 2,687  |                               | $ | 329 |   | $ | 2,372 |
| BNSF Railway fuel surcharges | $                                     | 1,774  |                               | $ | 192 |   | $ | 1,226 |

|                             |   | Successor                             |   | Predecessor                        |
|----------------------------------|--------|---------------------------------------|--------|------------------------------------|
|                             |   | February 13 – December 31, 2010 |   | January 1 –February 12, 2010 |   | Year ended December 31, 2009 |
|                             |   |                                  |   |                               |   |   |   |   |   |
| Compensation and benefits        |   | $                                     | 3,544  |                               | $ | 439 |   | $ | 3,458 |
| Fuel                             |   |                                  | 2,687  |                               |   | 329 |   |   | 2,372 |
| Purchased services               |   |                                  | 1,787  |                               |   | 211 |   |   | 1,859 |
| Depreciation and amortization    |   |                                  | 1,531  |                               |   | 192 |   |   | 1,534 |
| Equipment rents                  |   |                                  | 670    |                               |   | 97 |   |   | 777 |
| Materials and other              |   |                                  | 652    |                               |   | 1 |   |   | 640 |
| Total operating expenses         |   | $                                     | 10,871 |                               | $ | 1,269 |   | $ | 10,640 |
|                             |   |                                  |   |                               |   |   |   |   |   |
| Interest expense                 |   | $                                     | 72     |                               | $ | 16 |   | $ | 124 |
| Interest income, related parties |   |  $                               | (15)   |                               | $ | (1) |   | $ | (3) |
| Other expense, net               |   | $                                     | 8      |                               | $ | 2 |   | $ | 6 |
| Income tax expense               |   | $                                     | 1,517  |                               | $ | 200 |   | $ | 1,067 |

| • | Sale of a line segment in the State of Washington was completed, resulting in a gain to materials and other expenses of $74 million. |
|---------|--------------------------------------------------------------------------------------------------------------------------------------|

| • | Consumer Products revenues included increased unit volumes within international intermodal, domestic intermodal and automotive, as well as improved yields. |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| • | Coal revenues reflected improved yields, as well as a slight increase in volumes due to strength in coal-fired electricity generation during 2010 which was partially offset by customer stockpiles. 2009 included a $66 million loss in excess of amounts previously accrued related to an unfavorable coal rate case decision during the first quarter of 2009 (see Note 12 to the Consolidated Financial Statements under the heading “Coal Rate Case Decision”), partially offset by approximately $30 million for contract settlements and adjustments with specific customers. |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| • | Industrial Products revenues included increased unit volumes primarily due to increased demand in construction products. |
|---------|--------------------------------------------------------------------------------------------------------------------------|

| • | Agricultural Products revenues reflected higher unit volumes due to increased grain shipments and improved fertilizer and ethanol loadings, as well as improved yields. |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| • | Increased fuel surcharges per unit, primarily due to increased fuel prices, impacted revenue in each of the business units. |
|---------|-----------------------------------------------------------------------------------------------------------------------------|

| • | Increased unit volumes, wage inflation, higher health and welfare expenses, merger-related stock-based compensation adjustments and improved performance against targets related to incentive compensation and profit sharing, which cover all non-union and about one quarter of union employees, all contributed to increased compensation and benefits expenses. |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| • | Higher fuel prices increased fuel expenses, partially offset by a higher loss from closed fuel derivatives in 2009. Higher locomotive fuel consumption due to improved unit volumes also impacted fuel expenses. |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| • | New intangible asset amortization resulting from the application of acquisition method accounting and continuing capital expenditures increased depreciation and amortization expenses. |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| • | Increased ramping, drayage and other volume-related costs increased purchased services expenses. Higher locomotive maintenance costs also increased purchased services expenses. |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| • | Materials and other expenses included higher environmental costs due to changes in estimates at certain of BNSF Railway’s more complex sites. See Note 12 to the Consolidated Financial Statements for further information. |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| • | There were no significant changes in the underlying trends for equipment rents expenses.   |
|---------|------------------------------------------------------------------------------------------------------|

| • | Interest expense included the impact of merger-related adjustments resulting from the application of acquisition method accounting, which decreased the expense. During 2009, interest expense included $8 million of expense related to an unfavorable coal rate case decision (see Note 12 to the Consolidated Financial Statements under the heading “Coal Rate Case Decision.”) Favorable tax settlements also impacted interest expense for 2009. |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| • | The effective tax rate for the period of February 13 – December 31, 2010, was 38.9 percent, compared with 34.6 percent for 2009. The increase in the effective tax rate includes the 2009 tax benefit resulting from the donation of a portion of a line segment located in the State of Washington. |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| • | Economic and industry conditions: material adverse changes in economic or industry conditions, both in the United States and globally; volatility in the capital or credit markets including changes affecting the timely availability and cost of capital; changes in customer demand, effects of adverse economic conditions affecting shippers or BNSF Railway’s supplier base, and effects due to more stringent regulatory policies such as the regulation of carbon dioxide emissions that could reduce the demand for coal or governmental tariffs or subsidies that could affect the demand for grain, changes in fuel prices and other key materials and disruptions in supply chains for these materials; competition and consolidation within the transportation industry; and changes in crew availability, labor and benefits costs and labor difficulties, including stoppages affecting either BNSF Railway’s operations or customers’ abilities to deliver goods to BNSF Railway for shipment; |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| • | Legal, legislative and regulatory factors: developments and changes in laws and regulations, including those affecting train operations or the marketing of services; the ultimate outcome of shipper and rate claims subject to adjudication or claims; investigations or litigation alleging violations of the antitrust laws; increased economic regulation of the rail industry through legislative action and revised rules and standards applied by the U.S. Surface Transportation Board in various areas including rates and services; developments in environmental investigations or proceedings with respect to rail operations or current or past ownership or control of real property or properties owned by others impacted by BNSF Railway operations; losses resulting from claims and litigation relating to personal injuries, asbestos and other occupational diseases; the release of hazardous materials, environmental contamination and damage to property; regulation, restrictions or caps, or other controls of diesel emissions that could affect operations or increase costs; the availability of adequate insurance to cover the risks associated with operations; and |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| • | Operating factors: changes in operating conditions and costs; operational and other difficulties in implementing positive train control technology, including increased compliance or operational costs or penalties; restrictions on development and expansion plans due to environmental concerns; constraints due to the nation’s aging infrastructure; disruptions to BNSF Railway’s technology network including computer systems and software, as well as natural events such as severe weather, fires, floods and earthquakes or man-made or other disruptions of BNSF Railway’s or other railroads’ operating systems, structures, or equipment including the effects of acts of terrorism on the Company’s system or other railroads’ systems or other links in the transportation chain. |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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Item 7A. Quantitative and Qualitative Disclosures About Market Risk

|                                                                            |   | Successor                             |   | Predecessor                        |   |
|---------------------------------------------------------------------------------|--------|---------------------------------------|--------|------------------------------------|--------|
|                                                                            |   | February 13 – December 31, 2010 |   | January 1 –February 12, 2010 |   | Year ended December 31, 2009 |   |
|                                                                            |   |                                  |   |                               |   |   |   |   |   |   |   |
| Fuel-derivative gain (loss) (including ineffective portion of unexpired hedges) |   | $                                     | 49     |                               |   | $ | (13 | ) | $ | (195 | ) |
| Tax effect                                                                      |   |                                  | (19    | )                                  |   |   | 5 |   |   | 75 |   |
| Derivative benefit (loss), net of tax                                           |   | $                                     | 30     |                               |   | $ | (8 | ) | $ | (120 | ) |

| Sensitivity Analysis              |
|-----------------------------------|
| Derivative Commodity Price Change |   | Fuel-Derivative Annual Pre-Tax Earnings Impact |   | Balance Sheet Impact of Change in Fuel-Derivative Fair Value |
| 10-percent increase               |   | $50 million increase |   | $68 million increase |
| 10-percent decrease               |   | $52 million decrease |   | $73 million decrease |

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| Sensitivity Analysis                  |
|---------------------------------------|
| Hypothetical Change in Interest Rates |   |   | Change in Fair Value |
| Total Debt                            |
|                                  |   |   |   |
| 1-percent decrease                    |   |   | $75 million increase |
| 1-percent increase                    |   |   | $66 million decrease |

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Item 8. Financial Statements and Supplementary Data

| Reports of Independent Registered Public Accounting Firms                                                                                                                                      |   | 15          |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------|
|  Consolidated Statements of Income for the periods February 13 – December 31, 2010, January 1 – February 12, 2010, and the years ended December 31, 2009 and 2008             |   |  17    |
|  Consolidated Balance Sheets as of December 31, 2010 and 2009                                                                                                                             |   |  18    |
|  Consolidated Statements of Cash Flows for the periods February 13 – December 31, 2010, January 1 – February 12, 2010, and the years ended December 31, 2009 and 2008         |   |  19    |
|  Consolidated Statements of Changes in Equity for the periods February 13 – December 31, 2010, January 1 – February 12, 2010, and the years ended December 31, 2009 and 2008  |   |  20    |
|  Notes to Consolidated Financial Statements                                                                                                                                               |   |  21-54 |

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Report of Independent Registered Public Accounting Firm

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Consolidated Statements of Income

|                             |   | Successor                             |   |   | Predecessor                        |   |
|----------------------------------|--------|---------------------------------------|--------|--------|------------------------------------|--------|
|                             |   | February 13 – December 31, 2010 |   |   | January 1 –February 12, 2010 |   | Year ended December 31, 2009 |   | Year ended December 31, 2008 |   |
|                             |   |                                  |   |   |                               |   |   |   |   |   |   |   |   |   |
| Revenues                         |   | $                                     | 14,835 |   |                               | $      | 1,768 |   | $ | 13,848 |   | $ | 17,787 |   |
| Operating expenses:              |   |                                  |   |   |                               |   |   |   |   |   |   |   |   |   |
| Compensation and benefits        |   |                                  | 3,544  |   |                               |   | 439 |   |   | 3,458 |   |   | 3,859 |   |
| Fuel                             |   |                                  | 2,687  |   |                               |   | 329 |   |   | 2,372 |   |   | 4,640 |   |
| Purchased services               |   |                                  | 1,787  |   |                               |   | 211 |   |   | 1,859 |   |   | 2,074 |   |
| Depreciation and amortization    |   |                                  | 1,531  |   |                               |   | 192 |   |   | 1,534 |   |   | 1,395 |   |
| Equipment rents                  |   |                                  | 670    |   |                               |   | 97 |   |   | 777 |   |   | 901 |   |
| Materials and other              |   |                                  | 652    |   |                               |   | 1 |   |   | 640 |   |   | 1,022 |   |
| Total operating expenses         |   |                                  | 10,871 |   |                               |   | 1,269 |   |   | 10,640 |   |   | 13,891 |   |
| Operating income                 |   |                                  | 3,964  |   |                               |   | 499 |   |   | 3,208 |   |   | 3,896 |   |
| Interest expense                 |   |                                  | 72     |   |                               |   | 16 |   |   | 124 |   |   | 97 |   |
| Interest income, related parties |   |                                  | (15    | )      |                               |   | (1 | ) |   | (3 | ) |   | (19 | ) |
| Other expense, net               |   |                                  | 8      |   |                               |   | 2 |   |   | 6 |   |   | 18 |   |
| Income before income taxes       |   |                                  | 3,899  |   |                               |   | 482 |   |   | 3,081 |   |   | 3,800 |   |
| Income tax expense               |   |                                  | 1,517  |   |                               |   | 200 |   |   | 1,067 |   |   | 1,438 |   |
| Net income                       |   | $                                     | 2,382  |   |                               | $      | 282 |   | $ | 2,014 |   | $ | 2,362 |   |

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Consolidated Balance Sheets

|                                                                                           |   | Successor         |   | Predecessor       |   |
|------------------------------------------------------------------------------------------------|--------|-------------------|--------|-------------------|--------|
|                                                                                           |   | December 31, 2010 |   | December 31, 2009 |   |
|                                                                                           |   |              |   |              |   |   |   |   |
| Assets                                                                                         |   |              |   |              |   |   |   |   |
| Current assets:                                                                                |   |              |   |              |   |   |   |   |
| Cash and cash equivalents                                                                      |   | $                 | 10     |              |   | $ | 20 |   |
| Accounts receivable, net                                                                       |   |              | 1,031  |              |   |   | 810 |   |
| Materials and supplies                                                                         |   |              | 652    |              |   |   | 632 |   |
| Current portion of deferred income taxes                                                       |   |              | 309    |              |   |   | 282 |   |
| Other current assets                                                                           |   |              | 272    |              |   |   | 375 |   |
| Total current assets                                                                           |   |              | 2,274  |              |   |   | 2,119 |   |
|                                                                                           |   |              |   |              |   |   |   |   |
| Property and equipment, net of accumulated depreciation of $659 and $10,731, respectively      |   |              | 45,473 |              |   |   | 32,278 |   |
| Goodwill                                                                                       |   |              | 14,803 |              |   |   | − |   |
| Intangible assets, net                                                                         |   |              | 1,732  |              |   |   | − |   |
| Other assets                                                                                   |   |              | 2,574  |              |   |   | 3,193 |   |
|     Total assets                                                           |   | $                 | 66,856 |              |   | $ | 37,590 |   |
|                                                                                           |   |              |   |              |   |   |   |   |
| Liabilities and Stockholder’s Equity                                                     |   |              |   |              |   |   |   |   |
| Current liabilities:                                                                           |   |              |   |              |   |   |   |   |
| Accounts payable and other current liabilities                                                 |   | $                 | 2,831  |              |   | $ | 2,548 |   |
| Long-term debt due within one year                                                             |   |              | 299    |              |   |   | 335 |   |
| Total current liabilities                                                                      |   |              | 3,130  |              |   |   | 2,883 |   |
|                                                                                           |   |              |   |              |   |   |   |   |
| Deferred income taxes                                                                          |   |              | 14,553 |              |   |   | 9,360 |   |
| Long-term debt                                                                                 |   |              | 2,096  |              |   |   | 2,118 |   |
| Intangible liabilities, net                                                                    |   |              | 1,790  |              |   |   | − |   |
| Casualty and environmental liabilities                                                         |   |              | 938    |              |   |   | 899 |   |
| Pension and retiree health and welfare liability                                               |   |              | 490    |              |   |   | 783 |   |
| Other liabilities                                                                              |   |              | 849    |              |   |   | 1,799 |   |
|     Total liabilities                                                      |   |              | 23,846 |              |   |   | 17,842 |   |
| Commitments and contingencies (see Notes 4, 11 and 12)                                         |   |              |   |              |   |   |   |   |
| Stockholder’s equity:                                                                    |   |              |   |              |   |   |   |   |
| Common stock, $1 par value, 1,000 shares authorized;issued and outstanding and paid-in-capital |   |              | 42,920 |              |   |   | 6,331 |   |
| Retained earnings                                                                              |   |              | 2,382  |              |   |   | 14,866 |   |
| Intercompany notes receivable                                                                  |   |              | (2,319 | )                 |   |   | (948 | ) |
| Accumulated other comprehensive income (loss)                                                  |   |              | 27     |              |   |   | (501 | ) |
|     Total stockholder’s equity                                       |   |              | 43,010 |              |   |   | 19,748 |   |
|     Total liabilities and stockholder’s equity                       |   | $                 | 66,856 |              |   | $ | 37,590 |   |

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Consolidated Statements of Cash Flows 

|                                                                              |   | Successor                             |    | Predecessor                        |   |
|-----------------------------------------------------------------------------------|--------|---------------------------------------|---------|------------------------------------|--------|
|                                                                              |   | February 13 – December 31, 2010 |    | January 1 –February 12, 2010 |   | Year ended December 31, 2009 |   | Year ended December 31, 2008 |   |
|                                                                              |   |                                  |    |                               |   |   |   |   |   |   |   |   |   |   |
| Operating Activities                                                              |   |                                  |    |                               |   |   |   |   |   |   |   |   |   |   |
| Net income                                                                        |   | $                                     | 2,382   |                               |   | $ | 282 |   | $ | 2,014 |   | $ | 2,362 |   |
| Adjustments to reconcile net income to net cash provided by operating activities: |   |                                  |    |                               |   |   |   |   |   |   |   |   |   |   |
| Depreciation and amortization                                                     |   |                                  | 1,531   |                               |   |   | 192 |   |   | 1,534 |   |   | 1,395 |   |
| Deferred income taxes                                                             |   |                                  | 674     |                               |   |   | 134 |   |   | 610 |   |   | 420 |   |
| Long-term casualty and environmental liabilities, net                             |   |                                  | (25     | )                                  |   |   | (2 | ) |   | (90 | ) |   | 150 |   |
| Contributions to qualified pension plan                                           |   |                                  | (400    | )                                  |   |   | − |   |   | (255 | ) |   | − |   |
| Other, net                                                                        |   |                                  | (83     | )                                  |   |   | (73 | ) |   | (6 | ) |   | 11 |   |
| Changes in current assets and liabilities:                                        |   |                                  |    |                               |   |   |   |   |   |   |   |   |   |   |
| Accounts receivable, net                                                          |   |                                  | (444    | )                                  |   |   | 217 |   |   | 120 |   |   | 176 |   |
| Change in accounts receivable securitization program                              |   |                                  | − |                               |   |   | − |   |   | (50 | ) |   | (250 | ) |
| Materials and supplies                                                            |   |                                  | (24     | )                                  |   |   | 4 |   |   | (108 | ) |   | 55 |   |
| Other current assets                                                              |   |                                  | 103     |                               |   |   | (129 | ) |   | (36 | ) |   | (28 | ) |
| Accounts payable and other current liabilities                                    |   |                                  | 926     |                               |   |   | (574 | ) |   | (245 | ) |   | (49 | ) |
| Net cash provided by operating activities                                         |   |                                  | 4,640   |                               |   |   | 51 |   |   | 3,488 |   |   | 4,242 |   |
|                                                                              |   |                                  |    |                               |   |   |   |   |   |   |   |   |   |   |
| Investing Activities                                                              |   |                                  |    |                               |   |   |   |   |   |   |   |   |   |   |
| Capital expenditures excluding equipment                                          |   |                                  | (1,829  | )                                  |   |   | (137 | ) |   | (1,988 | ) |   | (2,165 | ) |
| Acquisition of equipment                                                          |   |                                  | (445    | )                                  |   |   | (67 | ) |   | (733 | ) |   | (949 | ) |
| Proceeds from sale of equipment financed                                          |   |                                  | − |                               |   |   | − |   |   | 368 |   |   | 348 |   |
| Construction costs for facility financing obligation                              |   |                                  | − |                               |   |   | − |   |   | (37 | ) |   | (64 | ) |
| Partnership investment                                                            |   |                                  | (443    | )                                  |   |   | − |   |   | − |   |   | − |   |
| Other, net                                                                        |   |                                  | (252    | )                                  |   |   | 66 |   |   | (238 | ) |   | (228 | ) |
| Net cash used for investing activities                                            |   |                                  | (2,969  | )                                  |   |   | (138 | ) |   | (2,628 | ) |   | (3,058 | ) |
|                                                                              |   |                                  |    |                               |   |   |   |   |   |   |   |   |   |   |
| Financing Activities                                                              |   |                                  |    |                               |   |   |   |   |   |   |   |   |   |   |
| Proceeds from issuance of long-term debt                                          |   |                                  | − |                               |   |   | − |   |   | 75 |   |   | − |   |
| Payments on long-term debt                                                        |   |                                  | (194    | )                                  |   |   | (29 | ) |   | (228 | ) |   | (216 | ) |
| Proceeds from facility financing obligation                                       |   |                                  | − |                               |   |   | − |   |   | 51 |   |   | 68 |   |
| Net (increase) decrease in intercompany notes receivable classified as equity     |   |                                  | (1,481  | )                                  |   |   | 110 |   |   | (942 | ) |   | (850 | ) |
| Other, net                                                                        |   |                                  | − |                               |   |   | − |   |   | (5 | ) |   | (1 | ) |
| Net cash (used for) provided by financing activities                              |   |                                  | (1,675  | )                                  |   |   | 81 |   |   | (1,049 | ) |   | (999 | ) |
| (Decrease) increase in cash and cash equivalents                                  |   |                                  | (4      | )                                  |   |   | (6 | ) |   | (189 | ) |   | 185 |   |
| Cash and cash equivalents:                                                        |   |                                  |    |                               |   |   |   |   |   |   |   |   |   |   |
| Beginning of period                                                               |   |                                  | 14      |                               |   |   | 20 |   |   | 209 |   |   | 24 |   |
| End of period                                                                     |   | $                                     | 10      |                               |   | $ | 14 |   | $ | 20 |   | $ | 209 |   |
|                                                                              |   |                                  |    |                               |   |   |   |   |   |   |   |   |   |   |
| Supplemental Cash Flow Information                                                |   |                                  |    |                               |   |   |   |   |   |   |   |   |   |   |
| Interest paid, net of amounts capitalized                                         |   | $                                     | 109     |                               |   | $ | 10 |   | $ | 113 |   | $ | 112 |   |
| Income taxes paid, net of refunds                                                 |   | $                                     | 737     |                               |   | $ | − |   | $ | 626 |   | $ | 1,052 |   |
| Non-cash asset financing                                                          |   | $                                     | 40      |                               |   | $ | 8 |   | $ | 514 |   | $ | 258 |   |
| Non-cash dividend                                                                 |   | $                                     | − |                               |   | $ | − |   | $ | − |   | $ | 1,300 |   |

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Consolidated Statements of Changes in Stockholder’s Equity

| Predecessor                                                                                                                                                                                     |   | Common Stock and Paid-in-Capital |    | Retained Earnings |   | Intercompany Notes Receivable |   | Accumu­lated Other Comprehensive (Loss) Income |    | Total Stockholder’s Equity |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------|---------|-------------------|--------|-------------------------------|--------|-----------------------------------------------------|---------|----------------------------------|--------|
| Balance at December 31, 2007                                                                                                                                                                    |   | $                                | 6,331   |              | $      | 11,797                        |   | $                                                   | (456    | )                                | $      | (148 | ) | $ | 17,524 |   |
| Comprehensive income:                                                                                                                                                                           |   |                             |    |              |   |                          |   |                                                |    |                             |   |   |   |   |   |   |
| Net income                                                                                                                                                                                      |   |                             | – |              |   | 2,362                         |   |                                                | – |                             |   | – |   |   | 2,362 |   |
| Change in unrecognized prior service credit and actuarial losses, net of tax benefit of $219                                                                                                    |   |                             | – |              |   | –                       |   |                                                | – |                             |   | (353 | ) |   | (353 | ) |
| Change in fuel hedge mark-to-market, net of tax benefit of $189                                                                                                                                 |   |                             | – |              |   | –                       |   |                                                | – |                             |   | (305 | ) |   | (305 | ) |
| Change in other comprehensive income of equity method investees                                                                                                                                 |   |                             | – |              |   | –                       |   |                                                | – |                             |   | (5 | ) |   | (5 | ) |
| Total comprehensive income                                                                                                                                                                      |   |                             | – |              |   | 2,362                         |   |                                                | – |                             |   | (663 | ) |   | 1,699 |   |
| Adjustment to change the measurement date pursuant to adoption of authoritative accounting guidance related to defined benefit pension and other postretirement plans, net of tax benefit of $3 |   |                             | – |              |   | (7                            | )      |                                                | – |                             |   | 2 |   |   | (5 | ) |
| Adjustment to initially apply authoritative accounting guidance related to defined benefit pension and other postretirement plans to equity method investees                                    |   |                             | – |              |   | –                       |   |                                                | – |                             |   | (2 | ) |   | (2 | ) |
| Non-cash dividend ($1.3 per share)                                                                                                                                                              |   |                             | – |              |   | (1,300                        | )      |                                                | – |                             |   | – |   |   | (1,300 | ) |
| Intercompany notes receivable                                                                                                                                                                   |   |                             | – |              |   | –                       |   |                                                | 450     |                             |   | – |   |   | 450 |   |
| Balance at December 31, 2008                                                                                                                                                                    |   |                             | 6,331   |              |   | 12,852                        |   |                                                | (6      | )                                |   | (811 | ) |   | 18,366 |   |
| Comprehensive income:                                                                                                                                                                           |   |                             |    |              |   |                          |   |                                                |    |                             |   |   |   |   |   |   |
| Net income                                                                                                                                                                                      |   |                             | – |              |   | 2,014                         |   |                                                | – |                             |   | – |   |   | 2,014 |   |
| Change in unrecognized prior service credit and actuarial losses, net of tax expense of $13                                                                                                     |   |                             | – |              |   | –                       |   |                                                | – |                             |   | 24 |   |   | 24 |   |
| Change in fuel hedge mark-to-market, net of tax expense of $177                                                                                                                                 |   |                             | – |              |   | –                       |   |                                                | – |                             |   | 286 |   |   | 286 |   |
| Total comprehensive income                                                                                                                                                                      |   |                             | – |              |   | 2,014                         |   |                                                | – |                             |   | 310 |   |   | 2,324 |   |
| Intercompany notes receivable                                                                                                                                                                   |   |                             | – |              |   | –                       |   |                                                | (942    | )                                |   | – |   |   | (942 | ) |
| Balance at December 31, 2009                                                                                                                                                                    |   |                             | 6,331   |              |   | 14,866                        |   |                                                | (948    | )                                |   | (501 | ) |   | 19,748 |   |
| Comprehensive income:                                                                                                                                                                           |   |                             |    |              |   |                          |   |                                                |    |                             |   |   |   |   |   |   |
| Net income                                                                                                                                                                                      |   |                             | – |              |   | 282                           |   |                                                | – |                             |   | – |   |   | 282 |   |
| Change in unrecognized prior service credit and actuarial losses, net of tax expense of $1                                                                                                      |   |                             | – |              |   | –                       |   |                                                | – |                             |   | 2 |   |   | 2 |   |
| Change in fuel hedge mark-to-market, net of tax benefit of $28                                                                                                                                  |   |                             | – |              |   | –                       |   |                                                | – |                             |   | (45 | ) |   | (45 | ) |
| Change in other comprehensive income of equity method investees                                                                                                                                 |   |                             | – |              |   | –                       |   |                                                | – |                             |   | 2 |   |   | 2 |   |
| Total comprehensive income                                                                                                                                                                      |   |                             | – |              |   | 282                           |   |                                                | – |                             |   | (41 | ) |   | 241 |   |
| Intercompany notes receivable                                                                                                                                                                   |   |                             | – |              |   | –                       |   |                                                | 110     |                             |   | – |   |   | 110 |   |
| Balance at February 12, 2010                                                                                                                                                                    |   | $                                | 6,331   |              | $      | 15,148                        |   | $                                                   | (838    | )                                | $      | (542 | ) | $ | 20,099 |   |

| Successor                                                         |   | Common Stock and Paid-in-Capital |    | Retained Earnings |   | Intercompany Notes Receivable |   | Accumu­lated Other Comprehensive Income |    | Total Stockholder’s Equity |   |
|-------------------------------------------------------------------|--------|----------------------------------|---------|-------------------|--------|-------------------------------|--------|----------------------------------------------|---------|----------------------------------|--------|
| Balance at February 13, 2010                                      |   | $                                | – |              | $      | –                       |   | $                                            | (838    | )                                | $      | – |   | $ | (838 | ) |
| Comprehensive income:                                             |   |                             |    |              |   |                          |   |                                         |    |                             |   |   |   |   |   |   |
| Net income                                                        |   |                             | – |              |   | 2,382                         |   |                                         | – |                             |   | – |   |   | 2,382 |   |
| Change in unrecognized actuarial losses, net of tax benefit of $8 |   |                             | – |              |   | –                       |   |                                         | – |                             |   | (13 | ) |   | (13 | ) |
| Change in fuel hedge mark-to-market, net of tax expense of $26    |   |                             | – |              |   | –                       |   |                                         | – |                             |   | 41 |   |   | 41 |   |
| Change in other comprehensive loss of equity method investees     |   |                             | – |              |   | –                       |   |                                         | – |                             |   | (1 | ) |   | (1 | ) |
| Total comprehensive income                                        |   |                             | – |              |   | 2,382                         |   |                                         | – |                             |   | 27 |   |   | 2,409 |   |
| Net contribution from Berkshire Hathaway Inc.                     |   |                             | 42,919  |              |   | –                       |   |                                         | – |                             |   | – |   |   | 42,919 |   |
| Capital contribution from Burlington Northern Santa Fe, LLC       |   |                             | 1       |              |   | –                       |   |                                         | – |                             |   | – |   |   | 1 |   |
| Intercompany notes receivable                                     |   |                             | – |              |   | –                       |   |                                         | (1,481  | )                                |   | – |   |   | (1,481 | ) |
| Balance at December 31, 2010                                      |   | $                                | 42,920  |              | $      | 2,382                         |   | $                                            | (2,319  | )                                | $      | 27 |   | $ | 43,010 |   |

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1. The Company

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

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

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

| • | 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. |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------|

| • | 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. |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

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| Assets                                   |   |   |         |          | Liabilities and net assets acquired              |   |   |         |
|------------------------------------------|--------|--------|--------------|---------------|--------------------------------------------------|--------|--------|--------------|
| Cash and cash equivalents                |   | $      | 14      |          | Accounts payable and other current liabilities   |   | $      | 2,197   |
| Accounts receivable                      |   |   | 829     |     | Long-term debt due within one year               |   |   | 342     |
| Materials and supplies                   |   |   | 629     |          | Long-term debt                                   |   |   | 2,326   |
| Current portion of deferred income taxes |   |   | 202     |          | Deferred income taxes                            |   |   | 13,696  |
| Other current assets                     |   |   | 272     |          | Intangible liabilities                           |   |   | 2,056   |
| Property and equipment                   |   |   | 43,970  |          | Casualty and environmental liabilities           |   |   | 928     |
| Goodwill                                 |   |   | 14,803  |          | Pension and retiree health and welfare liability |   |   | 865     |
| Intangible assets                        |   |   | 2,018   |          | Other liabilities                                |   |   | 492     |
| Other assets                             |   |   | 2,246   |          | Intercompany notes receivable                    |   |   | (838)        |
|                                     |   |   |         |          | Net assets acquired                              |   |   | 42,919  |
| Total assets                             |   | $      | 64,983  |          | Total liabilities and net assets acquired        |   | $      | 64,983  |

|       |   | Year ended December 31, |
|------------|--------|-------------------------|
|       |   | 2010                    |   | 2009 |
|       |   |                    |   |   |   |   |
| Revenues   |   | $                       | 16,636 |   | $ | 14,122 |
| Net income |   | $                       | 2,699 |   | $ | 2,172 |

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|                            |   | Successor         |    | Predecessor       |   |
|---------------------------------|--------|-------------------|---------|-------------------|--------|
|                            |   | December 31, 2010 |    | December 31, 2009 |   |
|                            |   |              |    |              |   |   |   |   |
| Short-term derivative asset     |   | $                 | 69      |              |   | $ | 20 |   |
| Long-term derivative asset      |   |              | 17      |              |   |   | 40 |   |
| Short-term derivative liability |   |              | (4      | )                 |   |   | (25 | ) |
| Long-term derivative liability  |   |              | − |              |   |   | (12 | ) |
| Total derivatives               |   | $                 | 82      |              |   | $ | 23 |   |

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Table of Contents

| Fair Value of Derivative Instruments                                          |
|-------------------------------------------------------------------------------|
|  Asset Derivatives                                                       |
|                                                                          |   | Successor |   | Predecessor |   |   |
|                                                                          |   | December 31, 2010 |   | December 31, 2009 |   | Balance Sheet Location |
|                                                                          |   |   |   |   |   |   |   |   |
| Asset derivatives designated as hedging instruments under ASC 815-20          |   |   |   |   |   |   |   |   |
| Fuel Contracts                                                                |   | $ | 60  |   | $ | 20 |   | Other current assets |
| Fuel Contracts                                                                |   |   | 17  |    |   | 40 |   | Other assets |
| Fuel Contracts                                                                |   |   |  −  |   |   | 10 |   | Accounts payable and other current liabilities |
| Fuel Contracts                                                                |   |   | −  |   |   | 3 |   | Other liabilities |
| Total asset derivatives designated as hedging instruments under ASC 815-20    |   | $ | 77  |     | $ | 73 |   |   |
|                                                                          |   |   |   |   |   |   |   |   |
| Asset derivatives not designated as hedging instruments under ASC 815-20      |   |   |   |   |   |   |   |   |
| Fuel contracts                                                                |   | $ | 10  |   | $ |  − |   | Other current assets  |
| Total asset derivatives not designated ashedging instruments under ASC 815-20 |   | $ | 10  |     | $ | − |   |   |
|                                                                          |   |   |   |   |   |   |   |   |
| Total asset derivatives                                                       |   | $ | 87  |   | $ | 73 |   |   |

| Liability Derivatives                                                          |
|--------------------------------------------------------------------------------|
|                                                                           |   | Successor |   | Predecessor |   |   |
|                                                                           |   | December 31, 2010 |   | December 31, 2009 |   | Balance Sheet Location |
|                                                                           |   |   |   |   |   |   |   |   |
| Liability derivatives designated as hedging instruments under ASC 815-20       |   |   |   |   |   |   |   |   |
| Fuel Contracts                                                                 |   | $ | 1  |   | $ | − |   | Other current assets |
| Fuel Contracts                                                                 |   |   |  4  |     |   | 35 |   | Accounts payable and other current liabilities  |
| Fuel Contracts                                                                 |   |   | −  |   |   | 15 |   | Other liabilities |
| Total liability derivatives designated as hedging instruments under ASC 815-20 |   | $ | 5  |   | $ | 50 |   |   |
|                                                                           |   |   |   |   |   |   |   |   |
| Total liability derivatives                                                    |   | $ | 5  |   | $ | 50 |   |   |

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| The Effects of Derivative Instruments Gains and Losses for the Periods February 13 – December 31, 2010 (Successor), January 1 – February 12, 2010 (Predecessor) and the Years Ended December 31, 2009 and 2008 (Predecessor) |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|              |   | Amount of Gain or (Loss) Recognized in OCI on Derivatives (Effective Portion) |
|-------------------|--------|-------------------------------------------------------------------------------|
|              |   | Successor                                                                     |   | Predecessor |
|              |   | February 13 – December 31, 2010                                         |   | January 1 – February 12, 2010 |   | Year Ended December 31, 2009 |   | Year Ended December 31, 2008 |
| Fuel Contracts    | $      | 93                                                                       | $ | (79) | $ | 268 | $ | (499) |
| Total derivatives | $      | 93                                                                       | $ | (79) | $ | 268 | $ | (499) |

|              |                                                        |     | Amount of Gain or (Loss) Recognized from AOCI into Income (Effective Portion) |
|-------------------|-------------------------------------------------------------|----------|-------------------------------------------------------------------------------|
|              |                                                        |     | Successor                                                                     |   | Predecessor |
|              | Location of Gain or (Loss) Recognized from AOCI into Income |     | February 13 – December 31, 2010                                         |   | January 1 – February 12, 2010 |   | Year Ended December 31, 2009 |   | Year Ended December 31, 2008 |
| Fuel Contracts    | Fuel expense                                                | $        | 26                                                                       | $ | (6) | $ | (227) | $ | 12 |
| Total derivatives | $                                                           | 26  | $                                                                             | (6) | $ | (227) | $ | 12 |

|              |                                                           |     | Amount of Gain or (Loss) Recognized in Income on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing)a |
|-------------------|----------------------------------------------------------------|----------|------------------------------------------------------------------------------------------------------------------------------------|
|              |                                                           |     | Successor                                                                                                                          |   | Predecessor |
|              | Location of Gain or (Loss) Recognized in Income on Derivatives |     | February 13 – December 31, 2010                                                                                              |   | January 1 – February 12, 2010 |   | Year Ended December 31, 2009 |   | Year Ended December 31, 2008 |
| Fuel Contracts    | Fuel expense                                                   | $        | 10                                                                                                                            | $ | (7) | $ | 32 | $ | (17) |
| Total derivatives | $                                                              | 10  | $                                                                                                                                  | (7) | $ | 32 | $ | (17) |

|              |                                                           |     | Amount of Gain or (Loss) Recognized in Income on Derivatives |
|-------------------|----------------------------------------------------------------|----------|--------------------------------------------------------------|
|              |                                                           |     | Successor                                                    |   | Predecessor |
|              | Location of Gain or (Loss) Recognized in Income on Derivatives |     | February 13 – December 31, 2010                        |   | January 1 – February 12, 2010 |   | Year Ended December 31, 2009 |   | Year Ended December 31, 2008 |
| Fuel Contracts    | Fuel expense                                                   | $        | 13                                                      | $ | − | $ | − | $ | − |
| Total derivatives | $                                                              | 13  | $                                                            | − | $ | − | $ | − |

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|                                                     |   | Successor                             |   |   | Predecessor                         |
|----------------------------------------------------------|--------|---------------------------------------|--------|--------|-------------------------------------|
|                                                     |   | February 13 – December 31, 2010 |   |   | January 1 – February 12, 2010 |   | Year Ended December 31, 2009 |   | Year Ended December 31, 2008 |
|                                                     |   |                                  |   |   |                                |   |   |   |   |   |   |   |   |
| Current:                                                 |   |                                  |   |   |                                |   |   |   |   |   |   |   |   |
| Federal                                                  |   | $                                     | 711    |   |                                | $ | 57 |   | $ | 420 |   | $ | 866 |
| State                                                    |   |                                  | 132    |   |                                |   | 9 |   |   | 38 |   |   | 152 |
| Total current                                            |   |                                  | 843    |   |                                |   | 66 |   |   | 458 |   |   | 1,018 |
| Deferred:                                                |   |                                  |   |   |                                |   |   |   |   |   |   |   |   |
| Federal                                                  |   |                                  | 580    |   |                                |   | 86 |   |   | 554 |   |   | 382 |
| State                                                    |   |                                  | 94     |   |                                |   | 48 |   |   | 55 |   |   | 38 |
|        Total deferred |   |                                  | 674    |   |                                |   | 134 |   |   | 609 |   |   | 420 |
|       Total                |   | $                                     | 1,517  |   |                                | $ | 200 |   | $ | 1,067 |   | $ | 1,438 |

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|                                           |   | Successor                             |    |   | Predecessor                        |   |
|------------------------------------------------|--------|---------------------------------------|---------|--------|------------------------------------|--------|
|                                           |   | February 13 – December 31, 2010 |    |   | January 1 –February 12, 2010 |   | Year Ended December 31, 2009 |   | Year Ended December 31, 2008 |   |
|                                           |   |                                  |    |   |                               |   |   |   |   |   |   |   |   |   |
| U.S. Federal statutory income tax rate         |   |                                  | 35.0    | %      |                               |   | 35.0 | % |   | 35.0 | % |   | 35.0 | % |
| State income taxes, net of federal tax benefit |   |                                  | 3.8     |   |                               |   | 7.7 |   |   | 2.0 |   |   | 3.2 |   |
| Property donations                             |   |                                  | – |   |                               |   | – |   |   | (2.6 | ) |   | – |   |
| Other, net                                     |   |                                  | 0.1     |   |                               |   | (1.2 | ) |   | 0.2 |   |   | (0.4 | ) |
| Effective tax rate                             |   |                                  | 38.9    | %      |                               |   | 41.5 | % |   | 34.6 | % |   | 37.8 | % |

|                                                                     |   | Successor         |    |   | Predecessor       |   |
|--------------------------------------------------------------------------|--------|-------------------|---------|--------|-------------------|--------|
|                                                                     |   | December 31, 2010 |    |   | December 31, 2009 |   |
|                                                                     |   |              |    |   |              |   |   |   |
| Deferred tax liabilities:                                                |   |              |    |   |              |   |   |   |
| Property and equipment                                                   |   | $                 | (15,635 | )      |              | $      | (9,938 | ) |
| Hedging                                                                  |   |              | (29     | )      |              |   | (10 | ) |
| Other                                                                    |   |              | (295    | )      |              |   | (182 | ) |
| Total deferred tax liabilities                                           |   |              | (15,959 | )      |              |   | (10,130 | ) |
| Deferred tax assets:                                                     |   |              |    |   |              |   |   |   |
| Intangible assets and liabilities                                        |   |              | 474     |   |              |   | − |   |
| Casualty and environmental                                               |   |              | 384     |   |              |   | 382 |   |
| Compensation and benefits                                                |   |              | 371     |   |              |   | 139 |   |
| Pension and retiree health and welfare benefits                          |   |              | 207     |   |              |   | 328 |   |
| Long-term debt fair value adjustment under acquisition method accounting |   |              | 69      |   |              |   | − |   |
| Other                                                                    |   |              | 210     |   |              |   | 203 |   |
| Total deferred tax assets                                                |   |              | 1,715   |   |              |   | 1,052 |   |
| Net deferred tax liability                                               |   | $                 | (14,244 | )      |              | $      | (9,078 | ) |
|                                                                     |   |              |    |   |              |   |   |   |
| Non-current deferred income tax liability                                |   | $                 | (14,553 | )      |              | $      | (9,360 | ) |
| Current portion of deferred income taxes                                 |   |              | 309     |   |              |   | 282 |   |
| Net deferred tax liability                                               |   | $                 | (14,244 | )      |              | $      | (9,078 | ) |

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|                                                          |   | Successor                             |   |   | Predecessor                                  |   |
|---------------------------------------------------------------|--------|---------------------------------------|--------|--------|----------------------------------------------|--------|
|                                                          |   | February 13 – December 31, 2010 |   |   | January 1  –February 12,2010 |   | Year ended December 31, 2009 |   | Year ended December 31, 2008 |   |
|                                                          |   |                                  |   |   |                                         |   |   |   |   |   |   |   |   |   |
| Beginning balance                                             |   | $                                     | 167    |   |                                         | $      | 166 |   | $ | 150 |   | $ | 125 |   |
| Additions for tax positions related to current year           |   |                                  | 24     |   |                                         |   | 1 |   |   | 49 |   |   | 19 |   |
| (Reductions) additions for tax positions taken in prior years |   |                                  | (58    | )      |                                         |   | – |   |   | (8 | ) |   | 9 |   |
| (Reductions) additions for tax positions as a result of:      |   |                                  |   |   |                                         |   |   |   |   |   |   |   |   |   |
|     Settlements                           |   |                                  | (10    | )      |                                         |   | – |   |   | (13 | ) |   | 2 |   |
|     Lapse of statute of limitations       |   |                                  | (11    | )      |                                         |   | – |   |   | (12 | ) |   | (5 | ) |
| Ending balance                                                |   | $                                     | 112    |   |                                         | $      | 167 |   | $ | 166 |   | $ | 150 |   |

----

|                                           |   | Successor         |   |   | Predecessor       |   | 2010                           |
|------------------------------------------------|--------|-------------------|--------|--------|-------------------|--------|--------------------------------|
|                                           |   | December 31, 2010 |   |   | December 31, 2009 |   | Range of Estimated Useful Life |
|                                           |   |              |   |   |              |   |                           |   |   |
| Land                                           |   | $                 | 5,899  |   |              | $      | 1,794                          |   | – |
| Track structure                                |   |              | 15,711 |   |              |   | 20,095                         |   | 15 – 45 years |
| Other roadway                                  |   |              | 19,752 |   |              |   | 12,946                         |   | 5 – 100 years |
| Locomotives                                    |   |              | 2,846  |   |              |   | 4,749                          |   | 5 – 37 years |
| Freight cars and other equipment               |   |              | 1,233  |   |              |   | 2,237                          |   | 1 – 37 years |
| Computer hardware, software and other          |   |              | 238    |   |              |   | 664                            |   | 5 – 9 years |
| Construction in progress                       |   |              | 453    |   |              |   | 524                            |   | – |
| Total cost                                     |   |              | 46,132 |   |              |   | 43,009                         |   |   |
| Less accumulated depreciation and amortization |   |              | (659   | )      |              |   | (10,731                        | ) |   |
| Property and equipment, net                    |   | $                 | 45,473 |   |              | $      | 32,278                         |   |   |

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|              |   | Successor                             |    | Predecessor                         |
|-------------------|--------|---------------------------------------|---------|-------------------------------------|
|              |   | February 13 – December 31, 2010 |    | January 1 – February 12, 2010 |   | Year Ended December 31, 2009 |
|              |   |                                  |    |                                |   |   |   |   |   |
| Beginning balance |   | $                                     | − |                                | $ | − |   | $ | − |
| Additions         |   |                                  | 14,803  |                                |   | − |   |   | − |
| Ending balance    |   | $                                     | 14,803  |                                | $ | − |   | $ | − |

|                             |   | Successor               |   | Predecessor              |
|----------------------------------|--------|-------------------------|--------|--------------------------|
|                             |   | As of December 31, 2010 |   | As of December 31, 2009  |
|                             |   | Gross Carrying Amount   |   | Accumulated Amortization |   | Gross Carrying Amount |   | Accumulated Amortization |
|                             |   |                    |   |                     |   |   |   |   |   |   |   |   |
| Amortized intangible assets      |   | $                       | 2,013  |                     | $ | 281 |   | $ | − |   | $ | − |
| Amortized intangible liabilities |   | $                       | 2,056  |                     | $ | 266 |   | $ | − |   | $ | − |

|                                   |   | Successor                             |   | Predecessor                         |
|----------------------------------------|--------|---------------------------------------|--------|-------------------------------------|
|                                   |   | February 13 – December 31, 2010 |   | January 1 – February 12, 2010 |   | Year Ended December 31, 2009 |
|                                   |   |                                  |   |                                |   |   |   |   |   |
| Amortization of intangible assets      |   | $                                     | 281    |                                | $ | − |   | $ | − |
| Amortization of intangible liabilities |   | $                                     | 266    |                                | $ | − |   | $ | − |

|   |   | Amortization of intangible assets |   | Amortization of intangible liabilities |
|--------|--------|-----------------------------------|--------|----------------------------------------|
|   |   |                              |   |                                   |   |   |
| 2011   |   | $                                 | 307    |                                   | $ | 293 |
| 2012   |   | $                                 | 307    |                                   | $ | 282 |
| 2013   |   | $                                 | 307    |                                   | $ | 252 |
| 2014   |   | $                                 | 307    |                                   | $ | 179 |
| 2015   |   | $                                 | 54     |                                   | $ | 115 |

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| Unamortized investment balance classified as Other Assets |   | Remaining commitments classified as Other Liabilities |   | Maximum exposure to loss |
|-----------------------------------------------------------|--------|-------------------------------------------------------|--------|--------------------------|
| $                                                         | 562    |                                                  | $      | 148                      |   | $ | 562 |

|                                   |   | Successor         |   | Predecessor       |
|----------------------------------------|--------|-------------------|--------|-------------------|
|                                   |   | December 31, 2010 |   | December 31, 2009 |
|                                   |   |              |   |              |   |   |
| Compensation and benefits payable      |   | $                 | 686    |              | $ | 510 |
| Accounts payable                       |   |              | 332    |              |   | 305 |
| Income tax liabilities                 |   |              | 255    |              |   | 106 |
| Casualty and environmental liabilities |   |              | 215    |              |   | 250 |
| Property tax liabilities               |   |              | 187    |              |   | 177 |
| Rents and leases                       |   |              | 174    |              |   | 283 |
| Customer incentives                    |   |              | 156    |              |   | 125 |
| Other                                  |   |              | 826    |              |   | 792 |
| Total                                  |   | $                 | 2,831  |              | $ | 2,548 |

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|                                                                                           |   | Successor           |   | Predecessor         |   |
|------------------------------------------------------------------------------------------------|--------|---------------------|--------|---------------------|--------|
|                                                                                           |   | December 31, 2010 a |   | December 31, 2009 a |   |
|                                                                                           |   |                |   |                |   |   |   |   |   |   |   |   |
| Notes and debentures, due 2022                                                                 |   | $                   | 200    |                | 8.8    | % |   | $ | 200 |   | 8.8 | % |
| Equipment obligations, due 2011 to 2027                                                        |   |                | 228    |                | 6.0    |   |   |   | 271 |   | 6.2 |   |
| Capitalized lease obligations, due 2011 to 2028                                                |   |                | 1,378  |                | 5.9    |   |   |   | 1,589 |   | 5.5 |   |
| Mortgage bonds, due 2011 to 2047                                                               |   |                | 91     |                | 5.1    |   |   |   | 94 |   | 5.9 |   |
| Financing obligations, due 2011 to 2028                                                        |   |                | 314    |                | 6.2    |   |   |   | 323 |   | 6.2 |   |
| Unamortized fair value adjustment under acquisition method accounting, discount and other, net |   |                | 184    |                |   |   |   |   | (24 | ) |   |   |
| Total                                                                                          |   |                | 2,395  |                |   |   |   |   | 2,453 |   |   |   |
| Less current portion of long-term debt                                                         |   |                | (299   | )                   | 5.9    | % |   |   | (335 | ) | 6.2 | % |
| Long-term debt                                                                                 |   | $                   | 2,096  |                |   |   |   | $ | 2,118 |   |   |   |

|                          |   | December 31, 2010 (Successor) |
|-------------------------------|--------|-------------------------------|
|                          |   |                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | Total Including |   | TotalExcluding |   | Fair ValueExcluding |
|                          |   | Maturity Date                 |   | Capital |   | Capital |   | Capital |
|                          |   | 2011                          |   | 2012 |   | 2013 |   | 2014 |   | 2015 |   | Thereafter |   | Leases |   | Leases | a | Leases |
|                          |   |                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Fixed-rate debt (in millions) |   | $                             | 299 |   | $ | 221 |   | $ | 202 |   | $ | 146 |   | $ | 115 |   | $ | 1,412 |   | $ | 2,395 |   | $ | 904 |   | $ | 930 |
| Average interest rate         |   |                          | 5.9 | % |   | 5.9 | % |   | 6.1 | % |   | 5.9 | % |   | 6.0 | % |   | 6.4 | % |   | 6.2 | % |   |   |   |   |   |

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|                                                                                       |   | Guarantees                       |   |                       |   |
|--------------------------------------------------------------------------------------------|--------|----------------------------------|--------|----------------------------|--------|
|                                                                                       |   | BNSF RailwayOwnership Percentage |   | PrincipalAmount Guaranteed |   | MaximumFuture Payments |   | MaximumRecourseAmount a |   | Remaining Term (in years | ) | Capitalized Obligations |   |
|                                                                                       |   |                             |   |                       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Kinder Morgan Energy Partners, L.P.                                                        |   | 0.5                              | %      | $                          | 190    |   | $ | 190 |   | $ | – |   | Termination of Ownership |   | $ | 2 | b |
| Chevron Phillips         Chemical Company, LP |   | 0.0                              | %      |                       | N/A    | d |   | N/A | d |   | N/A | d | 7 |   | $ | 11 | c |
| All other                                                                                  |   | 0.0                              | %      | $                          | 2      |   | $ | 2 |   | $ | – |   | Various |   | $ | – |   |

| a  | Reflects the maximum amount the Company could recover from a third party other than the counterparty. |
|---------|-------------------------------------------------------------------------------------------------------|

| b  | Reflects capitalized obligations that are recorded on the Company’s Consolidated Balance Sheet. |
|---------|-------------------------------------------------------------------------------------------------------|

| c  | Reflects the asset and corresponding liability for the fair value of these guarantees required by authoritative accounting guidance related to guarantees. |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------|

| d     | There is no cap to the liability that can be sought from BNSF Railway for BNSF Railway’s negligence or the negligence of the indemnified party.  However, BNSF Railway could receive reimbursement from certain insurance policies if the liability exceeds a certain amount. |
|---------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| December 31,                                                                                  |   | Capital Leases |   | Operating Leases | a      |
|-----------------------------------------------------------------------------------------------|--------|----------------|--------|------------------|--------|
|                                                                                          |   |           |   |             |   |   |   |
| 2011                                                                                          |   | $              | 311    |             | $      | 594 |   |
| 2012                                                                                          |   |           | 229    |             |   | 571 |   |
| 2013                                                                                          |   |           | 176    |             |   | 554 |   |
| 2014                                                                                          |   |           | 145    |             |   | 534 |   |
| 2015                                                                                          |   |           | 113    |             |   | 508 |   |
| Thereafter                                                                                    |   |           | 828    |             |   | 3,477 |   |
|  Total                                                                                  |   |           | 1,802  |             | $      | 6,238 |   |
| Less amount representing interest                                                             |   |           | (424   | )                |   |   |   |
|  Present value of minimum lease payments                                                |   | $              | 1,378  |             |   |   |   |
| aExcludes leases having non-cancelable lease terms of less than one year and per diem leases. |   |

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| • | 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 for the period 2004-2006. |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| • | An estimate of the future anticipated dismissal rate by type of claim was computed using the Company’s historical average dismissal rates observed in 2005-2007. |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| • | 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 2005-2007. |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| • | 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. |
|---------|----------------------------------------------------------------------------------------------------------------------------------|

|              |   | Successor                             |   |   | Predecessor                                         |   |
|-------------------|--------|---------------------------------------|--------|--------|-----------------------------------------------------|--------|
|              |   | February 13 – December 31, 2010 |   |   | January 1  – February 12, 2010 |   | Year ended December 31, 2009 |   | Year ended December 31, 2008 |   |
|              |   |                                  |   |   |                                                |   |   |   |   |   |   |   |   |   |
| Beginning balance |   | $                                     | 664    |   |                                                | $      | 632 |   | $ | 693 |   | $ | 709 |   |
| Accruals          |   |                                  | 21     |   |                                                |   | 10 |   |   | 73 |   |   | 159 |   |
| Payments          |   |                                  | (110   | )      |                                                |   | (9 | ) |   | (134 | ) |   | (175 | ) |
| Ending balance    |   | $                                     | 575    |   |                                                | $      | 633 |   | $ | 632 |   | $ | 693 |   |

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|              |   | Successor                             |   |   | Predecessor                                   |   |
|-------------------|--------|---------------------------------------|--------|--------|-----------------------------------------------|--------|
|              |   | February 13 – December 31, 2010 |   |   | January 1  –February 12, 2010 |   | Year ended December 31, 2009 |   | Year ended December 31, 2008 |   |
|              |   |                                  |   |   |                                          |   |   |   |   |   |   |   |   |   |
| Beginning balance |   | $                                     | 514    |   |                                          | $      | 517 |   | $ | 546 |   | $ | 380 |   |
| Accruals          |   |                                  | 144    |   |                                          |   | 6 |   |   | 64 |   |   | 251 |   |
| Payments          |   |                                  | (80    | )      |                                          |   | (9 | ) |   | (93 | ) |   | (85 | ) |
| Ending balance    |   | $                                     | 578    |   |                                          | $      | 514 |   | $ | 517 |   | $ | 546 |   |

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|                           |   | Pension Benefits                      |    |
|--------------------------------|--------|---------------------------------------|---------|
|                           |   | Successor                             |    | Predecessor |   |
|                           |   | February 13 – December 31, 2010 |    | January 1 – February 12, 2010 |   | Year ended December 31, 2009 |   | Year ended December 31, 2008 |   |
|                           |   |                                  |    |   |   |   |   |   |   |   |   |   |   |   |
| Service cost                   |   | $                                     | 28      |   |   | $ | 3 |   | $ | 28 |   | $ | 25 |   |
| Interest cost                  |   |                                  | 95      |   |   |   | 12 |   |   | 102 |   |   | 102 |   |
| Expected return on plan assets |   |                                  | (108    | ) |   |   | (14 | ) |   | (107 | ) |   | (112 | ) |
| Amortization of net loss       |   |                                  | – |   |   |   | 4 |   |   | 24 |   |   | 16 |   |
| Net cost recognized            |   | $                                     | 15      |   |   | $ | 5 |   | $ | 47 |   | $ | 31 |   |

|                                 |   | Retiree Health and Welfare Benefits   |    |
|--------------------------------------|--------|---------------------------------------|---------|
|                                 |   | Successor                             |    | Predecessor |   |
|                                 |   | February 13 – December 31, 2010 |    | January 1 –February 12,2010 |   | Year ended December 31, 2009 |   | Year ended December 31, 2008 |   |
|                                 |   |                                  |    |   |   |   |   |   |   |   |   |   |   |   |
| Service cost                         |   | $                                     | 1       |   |   | $ | – |   | $ | 3 |   | $ | 2 |   |
| Interest cost                        |   |                                  | 13      |   |   |   | 2 |   |   | 15 |   |   | 18 |   |
| Amortization of net loss             |   |                                  | – |   |   |   | – |   |   | 1 |   |   | 5 |   |
| Amortization of prior service credit |   |                                  | – |   |   |   | – |   |   | (6 | ) |   | (8 | ) |
| Net cost recognized                  |   | $                                     | 14      |   |   | $ | 2 |   | $ | 13 |   | $ | 17 |   |

|                                                 |   | Pension Benefits                           |   |
|------------------------------------------------------|--------|--------------------------------------------|--------|
|                                                 |   | Successor                                  |   | Predecessor |   |
| Change in Benefit Obligation                         |   | February 13 – December 31, 2010 |   | January 1 – February 12,2010 |   | Year ended December 31, 2009 |   |
|                                                 |   |                                       |   |   |   |   |   |   |   |   |   |
| Projected benefit obligation at beginning of perioda |   | $                                          | 1,986  |   |   | $ | 1,864 |   | $ | 1,840 |   |
| Service cost                                         |   |                                       | 28     |   |   |   | 3 |   |   | 28 |   |
| Interest cost                                        |   |                                       | 95     |   |   |   | 12 |   |   | 102 |   |
| Actuarial loss                                       |   |                                       | 100    |   |   |   | – |   |   | 35 |   |
| Benefits paid                                        |   |                                       | (126   | ) |   |   | (11 | ) |   | (141 | ) |
| Settlements                                          |   |                                       | (15    | ) |   |   | – |   |   | − |   |
| Projected benefit obligation at end of period        |   |                                       | 2,068  |   |   |   | 1,868 |   |   | 1,864 |   |
| Component representing future salary increases       |   |                                       | (63    | ) |   |   | (51 | ) |   | (53 | ) |
| Accumulated benefit obligation at end of period      |   | $                                          | 2,005  |   |   | $ | 1,817 |   | $ | 1,811 |   |

|                                                |   | Retiree Health and Welfare Benefits        |   |
|-----------------------------------------------------|--------|--------------------------------------------|--------|
|                                                |   | Successor                                  |   | Predecessor |   |
| Change in Benefit Obligation                        |   | February 13 – December 31, 2010 |   | January 1 – February 12,2010 |   | Year ended December 31, 2009 |   |
|                                                |   |                                       |   |   |   |   |   |   |   |   |   |
| Projected benefit obligation at beginning of period |   | $                                          | 265    |   |   | $ | 266 |   | $ | 269 |   |
| Service cost                                        |   |                                       | 1      |   |   |   | – |   |   | 3 |   |
| Interest cost                                       |   |                                       | 13     |   |   |   | 2 |   |   | 15 |   |
| Plan participants’ contributions              |   |                                       | 6      |   |   |   | 1 |   |   | 9 |   |
| Actuarial loss                                      |   |                                       | 18     |   |   |   | – |   |   | – |   |
| Medicare subsidy                                    |   |                                       | 1      |   |   |   | – |   |   | 2 |   |
| Benefits paid                                       |   |                                       | (25    | ) |   |   | (4 | ) |   | (32 | ) |
| Projected benefit obligation at end of period       |   | $                                          | 279    |   |   | $ | 265 |   | $ | 266 |   |

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|                                              |   | Pension Benefits                     |   |
|---------------------------------------------------|--------|--------------------------------------|--------|
|                                              |   | Successor                            |   | Predecessor |   |
| Change in Plan Assets                             |   | February 13 – December 31,2010 |   | January 1 – February 12,2010 |   | Year ended December 31, 2009 |   |
|                                              |   |                                 |   |   |   |   |   |   |   |   |   |
| Fair value of plan assets at beginning of perioda |   | $                                    | 1,342  |   |   | $ | 1,319 |   | $ | 1,034 |   |
| Actual return on plan assets                      |   |                                 | 206    |   |   |   | 13 |   |   | 160 |   |
| Employer contributionsb                           |   |                                 | 421    |   |   |   | 1 |   |   | 266 |   |
| Benefits paid                                     |   |                                 | (126   | ) |   |   | (11 | ) |   | (141 | ) |
| Settlements                                       |   |                                 | (15    | ) |   |   | – |   |   | – |   |
| Fair value of plan assets at measurement date     |   | $                                    | 1,828  |   |   | $ | 1,322 |   | $ | 1,319 |   |

|                                             |   | Retiree Health and Welfare Benefits |    |
|--------------------------------------------------|--------|-------------------------------------|---------|
|                                             |   | Successor                           |    | Predecessor |   |
| Change in Plan Assets                            |   | February 13 –December 31,2010 |    | January 1 – February 12,2010 |   | Year ended December 31, 2009 |   |
|                                             |   |                                |    |   |   |   |   |   |   |   |   |
| Fair value of plan assets at beginning of period |   | $                                   | – |   |   | $ | – |   | $ | – |   |
| Employer contributionsa                          |   |                                | 19      |   |   |   | 3 |   |   | 21 |   |
| Plan participants’ contributions           |   |                                | 6       |   |   |   | 1 |   |   | 9 |   |
| Medicare subsidy                                 |   |                                | – |   |   |   | – |   |   | 2 |   |
| Benefits paid                                    |   |                                | (25     | ) |   |   | (4 | ) |   | (32 | ) |
| Fair value of plan assets at measurement date    |   | $                                   | – |   |   | $ | – |   | $ | – |   |

|                                                           |   | Pension Benefits  |   | Retiree Health and Welfare Benefits |   |
|----------------------------------------------------------------|--------|-------------------|--------|-------------------------------------|--------|
|                                                           |   | Successor         |   | Predecessor                         |   | Successor |   | Predecessor |   |
|                                                           |   | December 31, 2010 |   | December 31, 2009                   |   | December 31, 2010 |   | December 31, 2009 |   |
|                                                           |   |              |   |                                |   |   |   |   |   |   |   |   |   |   |   |
| Funded status (plan assets less projected benefit obligations) |   | $                 | (240   | )                                   |   | $ | (545 | ) | $ | (279 | ) |   | $ | (266 | ) |

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|                                                                                                        |   | Pension Benefits                     |    |
|-------------------------------------------------------------------------------------------------------------|--------|--------------------------------------|---------|
|                                                                                                        |   | Successor                            |    | Predecessor |   |
| Change in AOCI                                                                                              |   | February 13 –December 31, 2010 |    | January 1 –February 12,2010 |   | Year ended December 31, 2009 |   | Year ended December 31, 2008 |   |
|                                                                                                        |   |                                 |    |   |   |   |   |   |   |   |   |   |   |   |
| Beginning balancea                                                                                          |   | $                                    | – |   |   | $ | 792 |   | $ | 834 |   | $ | 233 |   |
| Measurement date adjustment pursuant to adoption of authoritative accounting guidance issued September 2006 |   |                                 | – |   |   |   | – |   |   | – |   |   | (4 | ) |
| Amortization of actuarial loss                                                                              |   |                                 | – |   |   |   | (3 | ) |   | (24 | ) |   | (16 | ) |
| Actuarial loss (gain)                                                                                       |   |                                 | 2       |   |   |   | – |   |   | (18 | ) |   | 621 |   |
| Ending balance                                                                                              |   | $                                    | 2       |   |   | $ | 789 |   | $ | 792 |   | $ | 834 |   |

|                                                                                                        |   | Retiree Health and Welfare Benefits   |    |
|-------------------------------------------------------------------------------------------------------------|--------|---------------------------------------|---------|
|                                                                                                        |   | Successor                             |    | Predecessor |   |
| Change in AOCI                                                                                              |   | February 13 – December 31, 2010 |    | January 1 – February 12,2010 |   | Year ended December 31, 2009 |   | Year ended December 31, 2008 |   |
|                                                                                                        |   |                                  |    |   |   |   |   |   |   |   |   |   |   |   |
| Beginning balancea                                                                                          |   | $                                     | – |   |   | $ | 19 |   | $ | 14 |   | $ | 46 |   |
| Measurement date adjustment pursuant to adoption of authoritative accounting guidance issued September 2006 |   |                                  | – |   |   |   | – |   |   | – |   |   | 1 |   |
| Amortization of actuarial loss                                                                              |   |                                  | – |   |   |   | – |   |   | (1 | ) |   | (5 | ) |
| Amortization of prior service credit                                                                        |   |                                  | – |   |   |   | – |   |   | 6 |   |   | 8 |   |
| Actuarial loss (gain)                                                                                       |   |                                  | 19      |   |   |   | – |   |   | – |   |   | (36 | ) |
| Ending balance                                                                                              |   | $                                     | 19      |   |   | $ | 19 |   | $ | 19 |   | $ | 14 |   |

|                                                |   | Pension Benefits |    | Retiree Health and Welfare Benefits |   |
|-----------------------------------------------------|--------|------------------|---------|-------------------------------------|--------|
|                                                |   | Successor        |    | Predecessor                         |   | Successor |   | Predecessor |   |
|                                                |   | 2010             |    | 2009                                |   | 2010 |   | 2009 |   |
|                                                |   |             |    |                                |   |   |   |   |   |   |   |   |   |   |   |
| Net actuarial loss                                  |   | $                | 2       |                                |   | $ | 792 |   | $ | 19 |   |   | $ | 25 |   |
| Prior service credit                                |   |             | − |                                |   |   | − |   |   | − |   |   |   | (6 | ) |
| Pre-tax amount recognized in AOCI at December 31,   |   |             | 2       |                                |   |   | 792 |   |   | 19 |   |   |   | 19 |   |
| After-tax amount recognized in AOCI at December 31, |   | $                | 1       |                                |   | $ | 489 |   | $ | 12 |   |   | $ | 11 |   |

|                                             |   | Pension Benefits                      |   |
|--------------------------------------------------|--------|---------------------------------------|--------|
|                                             |   | Successor                             |   | Predecessor |   |
| Assumptions Used to Determine Net Cost           |   | February 13 – December 31, 2010 |   | January 1 – February 12, 2010 |   | Year ended December 31, 2009 |   | Year ended December 31, 2008 |   |
|                                             |   |                                  |   |   |   |   |   |   |   |   |   |   |   |   |
| Discount rate                                    |   |                                  | 5.75   | % |   |   | 5.75 | % |   | 5.75 | % |   | 6.00 | % |
| Expected long-term rate of return on plan assets |   |                                  | 8.00   | % |   |   | 8.00 | % |   | 8.00 | % |   | 8.00 | % |
| Rate of compensation increase                    |   |                                  | 3.80   | % |   |   | 3.80 | % |   | 3.80 | % |   | 3.80 | % |

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|                                   |   | Retiree Health and Welfare Benefits   |   |
|----------------------------------------|--------|---------------------------------------|--------|
|                                   |   | Successor                             |   | Predecessor |   |
| Assumptions Used to Determine Net Cost |   | February 13 – December 31, 2010 |   | January 1 – February 12, 2010 |   | Year ended December 31, 2009 |   | Year ended December 31, 2008 |   |
|                                   |   |                                  |   |   |   |   |   |   |   |   |   |   |   |   |
| Discount rate                          |   |                                  | 5.75   | % |   |   | 5.75 | % |   | 5.75 | % |   | 6.00 | % |
| Rate of compensation increase          |   |                                  | 3.80   | % |   |   | 3.80 | % |   | 3.80 | % |   | 3.80 | % |

|                                              |   | Pension Benefits  |   | Retiree Health and Welfare Benefits |   |
|---------------------------------------------------|--------|-------------------|--------|-------------------------------------|--------|
|                                              |   | Successor         |   | Predecessor                         |   | Successor |   | Predecessor |   |
| Assumptions Used to Determine Benefit Obligations |   | December 31, 2010 |   | December 31, 2009                   |   | December 31, 2010 |   | December 31, 2009 |   |
|                                              |   |              |   |                                |   |   |   |   |   |   |   |   |   |   |   |
| Discount rate                                     |   |              | 5.25   | %                                   |   |   | 5.75 | % |   | 5.25 | % |   |   | 5.75 | % |
| 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                           |   | $4 million increase |   | $300 thousand increase |
| 50 basis point increase                           |   | $1 million increase |   | $400 thousand increase |
| Hypothetical Rate of Return on Plan Assets Change |   | Pension |   |   |
| 50 basis point decrease                           |   | $8 million increase |   |   |
| 50 basis point increase                           |   | $8 million decrease |   |   |

|                                                                        |   | Successor                             |   | Predecessor                         |   |
|-----------------------------------------------------------------------------|--------|---------------------------------------|--------|-------------------------------------|--------|
|                                                                        |   | February 13 – December 31, 2010 |   | January 1 – February 12, 2010 |   | Year ended December 31, 2009 |   | Year ended December 31, 2008 |   |
|                                                                        |   |                                  |   |                                |   |   |   |   |   |   |   |   |   |   |
| Assumed health care cost trend rate for next year                           |   |                                  | 9.00   | %                                   |   |   | 9.00 | % |   | 9.00 | % |   | 9.75 | % |
| Rate to which health care cost trend rate is expected to decline and remain |   |                                  | 4.80   | %                                   |   |   | 5.00 | % |   | 5.00 | % |   | 5.00 | % |
| Year that the rate reaches the ultimate trend rate                          |   |                                  | 2022   |                                |   |   | 2016 |   |   | 2016 |   |   | 2016 |   |

|                                        |   | One Percentage-Point Increase |   | One Percentage-Point Decrease |   |
|---------------------------------------------|--------|-------------------------------|--------|-------------------------------|--------|
|                                        |   |                          |   |                          |   |   |   |
| Effect on total service and interest cost   |   | $                             | 1      |                          | $      | (1 | ) |
| Effect on postretirement benefit obligation |   | $                             | 22     |                          | $      | (19 | ) |

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|                    | Target Allocation |          | Percentage of Pension Plan Assets |   |
|-------------------------|-------------------|---------------|-----------------------------------|--------|
|                    | Successor         |          | Predecessor                       |   |
|                    | 2010              |          | 2010                              |   |   | 2009 |   |
| Equity Securities       |              | 45 – 75 | %                                 |   | 60 | % |   |   | 62 | % |
| Fixed Income Securities |              | 25 – 45 | %                                 |   | 34 |   |   |   | 30 |   |
| Real Estate             |              | 0 – 10  | %                                 |   | 6 |   |   |   | 8 |   |
| Total                   |              |          | 100                               | %      |   |   | 100 | % |

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| Asset Category                                                                                                                                                                                                                                              |   | Total as of December 31, 2010 |   | Level 1Inputs a |   | Level 2Inputs a |   | Level 3Inputs a |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------|--------|-----------------|--------|-----------------|--------|-----------------|
|                                                                                                                                                                                                                                                        |   |                          |   |            |   |            |   |            |   |   |   |   |
| Equity securities:                                                                                                                                                                                                                                          |   |                          |   |            |   |            |   |            |   |   |   |   |
|    U.S.                                                                                                                                                                                                                                      |   | $                             | 367    |            | $      | 367             |   | $               | − |   | $ | − |
|    International                                                                                                                                                                                                                             |   |                          | 322    |            |   | 322             |   |            | − |   |   | − |
| Corporate debt securities                                                                                                                                                                                                                                   |   |                          | 356    |            |   | −         |   |            | 356 |   |   | − |
| Registered investment companies                                                                                                                                                                                                                             |   |                          | 298    |            |   | 298             |   |            | − |   |   | − |
| Government debt securities:                                                                                                                                                                                                                                 |   |                          |   |            |   |            |   |            |   |   |   |   |
|    U.S.                                                                                                                                                                                                                                      |   |                          | 150    |            |   | −         |   |            | 149 |   |   | 1 |
|    International                                                                                                                                                                                                                             |   |                          | 8      |            |   | −         |   |            | 8 |   |   | − |
| Real estate                                                                                                                                                                                                                                                 |   |                          | 116    |            |   | −         |   |            | − |   |   | 116 |
| Common/collective trust                                                                                                                                                                                                                                     |   |                          | 108    |            |   | −         |   |            | 108 |   |   | − |
| Collateralized obligations and mortgage backed securities (MBS)                                                                                                                                                                                             |   |                          | 64     |            |   | −         |   |            | 61 |   |   | 3 |
| Cash and cash equivalents                                                                                                                                                                                                                                   |   |                          | 28     |            |   | −         |   |            | 28 |   |   | − |
| Totalb                                                                                                                                                                                                                                                      |   | $                             | 1,817  |            | $      | 987             |   | $               | 710 |   | $ | 120 |
| a  See Note 2 to the Consolidated Financial Statements under the heading “Fair Value Measurements” for a definition of each of these levels of inputs.b  Excludes $11 million accrued for dividend and interest receivable. |

| Level 3 Inputs                                                    |   | Total               |                   | Real Estate |                | Collateralized Obligations & MBS |   |
|-------------------------------------------------------------------|--------|---------------------|------------------------|-------------|---------------------|--------------------------------------|--------|
|                                                              |   |                |                   |        |                |                                 |   |   |   |   |
| Balance as of December 31, 2009                                   |   | $    | 104     |        | $    | 103              |   | $    | 1     |   |
| Actual return on plan assets:                                     |   |                |                   |        |                |                                 |   |   |   |   |
|    Relating to assets still held at reporting date |   |                | −           |        |                | −                         |   |   | −   |   |
|    Relating to assets sold during the period       |   |                | −           |        |                | −                         |   |   | −   |   |
| Purchases, sales and settlements                                  |   |                | 1       |        |                | −                         |   |   | 1     |   |
| Transfers out of Level 3                                          |   |                | −           |        |                | −                         |   |   | −   |   |
| Balance as of February 12, 2010                                   |   | $    | 105     |        | $    | 103                   |   | $    | 2     |   |

| Level 3 Inputs                                                    |   | Total               |                        | U.S. Government Debt Securities |                | Real Estate          |          | Collateralized Obligations & MBS |                          |
|-------------------------------------------------------------------|--------|---------------------|-----------------------------|---------------------------------|---------------------|----------------------|---------------|--------------------------------------|-------------------------------|
|                                                              |   |                |                        |                            |                |                 |          |                                 |                          |   |   |   |   |
| Balance as of February 13, 2010                                   |   | $    | 105          |                            | $    | −         |          | $                     | 103            |   | $    | 2     |   |
| Actual return on plan assets:                                     |   |                |                        |                            |                |                 |          |                                 |                          |   |   |   |   |
|    Relating to assets still held at reporting date |   |                | 17           |                            |                | −         |          |                                 | 17             |   |   | −   |   |
|    Relating to assets sold during the period       |   |                | (4)               |                            |                | −         |          |                                 | (4)       |   |   | −   |   |
| Purchases, sales and settlements                                  |   |                | 3       |                            |                | 1     |          |                                 | −                  |   |   | 2     |   |
| Transfers out of Level 3                                          |   |                | (1)          |                            |                | −         |     |                                 | −                  |   |   | (1)      |   |
| Balance as of December 31, 2010                                   |   | $    | 120     |                            | $    | 1     |          | $                     | 116            |   | $    | 3     |   |

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| Asset Category                                                                                                                                                                                                                                             |   | Total as of December 31, 2009 |   | Level 1 Inputs a |   | Level 2 Inputs a |   | Level 3 Inputs a |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------|--------|------------------|--------|------------------|--------|------------------|
|                                                                                                                                                                                                                                                       |   |                          |   |             |   |             |   |             |   |   |   |   |
| Equity securities:                                                                                                                                                                                                                                         |   |                          |   |             |   |             |   |             |   |   |   |   |
|    U.S.                                                                                                                                                                                                                                     |   | $                             | 443    |             | $      | 443              |   | $                | − |   | $ | − |
|    International                                                                                                                                                                                                                            |   |                          | 336    |             |   | 336              |   |             | − |   |   | − |
| Corporate debt securities                                                                                                                                                                                                                                  |   |                          | 157    |             |   | −          |   |             | 157 |   |   | − |
| Registered investment companies                                                                                                                                                                                                                            |   |                          | 34     |             |   | 23               |   |             | 11 |   |   | − |
| Government debt securities                                                                                                                                                                                                                                 |   |                          |   |             |   |             |   |             |   |   |   |   |
|    U.S.                                                                                                                                                                                                                                     |   |                          | 113    |             |   | −          |   |             | 113 |   |   | − |
|    International                                                                                                                                                                                                                            |   |                          | 1      |             |   | −          |   |             | 1 |   |   | − |
| Real estate                                                                                                                                                                                                                                                |   |                          | 103    |             |   | −          |   |             | − |   |   | 103 |
| Collateralized obligations and mortgage backed securities (MBS)                                                                                                                                                                                            |   |                          | 78     |             |   | −          |   |             | 77 |   |   | 1 |
| Cash and cash equivalents                                                                                                                                                                                                                                  |   |                          | 48     |             |   | 38               |   |             | 10 |   |   | − |
| Total b                                                                                                                                                                                                                                                    |   | $                             | 1,313  |             | $      | 840              |   | $                | 369 |   | $ | 104 |
| a  See Note 2 to the Consolidated Financial Statements under the heading “Fair Value Measurements” for a definition of each of these levels of inputs.b  Excludes $6 million accrued for dividend and interest receivable. |

| Level 3 Inputs                                                                                                                                                                         |   | Total               |                        | U.S. Equity Securities |                | Corporate Debt Securities                           |                | Registered Investment Companies |                            | Real Estate |                | Collateralized Obligations & MBS |   | Cash and Cash Equivalentsa |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------|-----------------------------|------------------------|---------------------|-----------------------------------------------------|---------------------|---------------------------------|---------------------------------|-------------|---------------------|--------------------------------------|--------|----------------------------|
|                                                                                                                                                                                   |   |                |                        |                   |                |                                                |                |                            |                            |        |                |                                 |   |                       |   |   |   |   |   |   |   |
| Balance as of December 31, 2008                                                                                                                                                        |   | $    | 162          |                   | $    | 1                                    |                | $                | 6                |        | $    | 2                     |   | $           | 151     |   | $    | 4     |   | $    | (2)    |
| Actual return on plan assets:                                                                                                                                                          |   |                |                        |                   |                |                                                |                |                            |                            |        |                |                                 |   |                       |   |   |   |   |   |   |   |
|    Relating to assets still held at reporting date                                                                                                                      |   |                | (39)              |                   |                | −                              |                |                            | 2                |        |                | −               |   |                       | (42)    |   |   | (1) 1 |   |   | 2     |
|    Relating to assets sold during the period                                                                                                                            |   |                | (5)          |                   |                | (1)                                       |                |                            | −          |        |                | −               |   |                       | (2) 2 |   |   | −     |   |   | (2)    |
| Purchases, sales and settlements                                                                                                                                                       |   |                | (8)          |                   |                | −                              |      |                            | (3)                   |        |                | (2)                        |   |                       | (4)    |   |   | (1)    |   |   | 2     |
| Transfers out of Level 3                                                                                                                                                               |   |                | (6)          |                   |                | −          |           |                            | (5)              |        |                | −          |   |                       | −     |   |   | (1)      |   |   | −     |
| Balance as of December 31, 2009                                                                                                                                                        |   | $    | 104     |                   | $    | −          |                | $                | −     |        | $    | −          |   | $           | 103     |   | $    | 1     |   | $    | −     |
| a  Balance at December 31, 2008, represents a temporary deficit in a securities lending program. As of December 31, 2009, the Company no longer participated in the program. |

| Fiscal year                                                                                                                                                 |   | Expected Pension Plan Benefit Payments | a      | Expected Retiree Health and Welfare Payments |   | Expected Medicare Subsidy |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------|--------|--------------------------------------------------------|--------|---------------------------|--------|
|                                                                                                                                                        |   |                                   |   |                                                   |   |                      |   |   |   |   |
| 2011                                                                                                                                                        |   | $                                      | 158    |                                                   | $      | 23                        |   | $ |  (2 | ) |
| 2012                                                                                                                                                        |   |                                   | 156    |                                                   |   | 24                        |   |   |  (3 | ) |
| 2013                                                                                                                                                        |   |                                   | 158    |                                                   |   | 24                        |   |   |  (3 | ) |
| 2014                                                                                                                                                        |   |                                   | 161    |                                                   |   | 24                        |   |   |  (3 | ) |
| 2015                                                                                                                                                        |   |                                   | 158    |                                                   |   | 24                        |   |   |  (3 | ) |
| 2016–2020                                                                                                                                             |   |                                   | 761    |                                                   |   | 118                       |   |   |  (17 | ) |
| aPrimarily consists of the BNSF Retirement Plan payments, which are made from the plan trust and do not represent an immediate cash outflow to the Company. |

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|                                                   | Successor                            |   | Predecessor                       |   |
|--------------------------------------------------------|--------------------------------------|--------|-----------------------------------|--------|
|                                                   | February 13 –December 31, 2010 |   | January 1 –February 12,2010 |   | Year ended December 31, 2009 |   | Year ended December 31, 2008 |   |
|                                                   |                                 |   |                              |   |   |   |   |   |   |   |   |   |   |
| Weighted average expected life (years)                 |                                 | 2.4    |                              |   |   | N/A |   |   | 4.8 |   |   | 4.7 |   |
| Weighted average expected volatility                   |                                 | 26.0   | %                                 |   |   | N/A | % |   | 29.6 | % |   | 24.0 | % |
| Weighted average expected dividend yield               |                                 | 0.00   | %                                 |   |   | N/A | % |   | 1.96 | % |   | 1.50 | % |
| Weighted average risk free interest rate               |                                 | 0.73   | %                                 |   |   | N/A | % |   | 2.15 | % |   | 3.09 | % |
| Weighted average fair value per share at date of grant | $                                    | 13.29  |                              |   | $ | N/A |   | $ | 15.09 |   | $ | 22.92 |   |

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| Successor                                |   | Options |   | Weighted Average Exercise Prices |   | Weighted Average Remaining Contractual Term (in years) |   | Aggregate Intrinsic Value |   |
|------------------------------------------|--------|---------|--------|----------------------------------|--------|--------------------------------------------------------|--------|---------------------------|--------|
|                                     |   |    |   |                             |   |                                                   |   |                      |   |   |   |   |   |
| Balance at February 13, 2010             |   |    | 12,685 |                             | $      | 52.14                                                  |   |                      |   |   |   |   |   |
| Granted                                  |   |    | 78     |                             |   | 80.67                                                  |   |                      |   |   |   |   |   |
| Exercised                                |   |    | (1,706 | )                                |   | 39.62                                                  |   |                      |   |   |   |   |   |
| Cancelled                                |   |    | (54    | )                                |   | 53.32                                                  |   |                      |   |   |   |   |   |
| Balance at December 31, 2010             |   |    | 11,003 |                             | $      | 54.28                                                  |   |                      | 5.51   |   | $ | 285 |   |
| Options exercisable at December 31, 2010 |   |    | 8,486  |                             | $      | 53.79                                                  |   |                      | 4.77   |   | $ | 224 |   |

| Predecessor                 |   | Options |    | Weighted Average Exercise Prices |
|-----------------------------|--------|---------|---------|----------------------------------|
|                        |   |    |    |                             |   |   |
| Balance at January 1, 2010  |   |    | 10,020  |                             | $ | 68.24 |
| Granted                     |   |    | − |                             |   | − |
| Exercised                   |   |    | (544    | )                                |   | 38.43 |
| Cancelled                   |   |    | (21     | )                                |   | 68.67 |
| Balance at February12, 2010 |   |    | 9,455   |                             | $ | 69.96 |

| Successor                    |   | Time Based |   | PerformanceBased Units |    | PerformanceStock |    | Total  |
|------------------------------|--------|------------|--------|------------------------|---------|------------------|---------|--------|
|                         |   |       |   |                   |    |             |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance at February 13, 2010 |   | 364        |   | $                      | 76.90   |             | 1,816   |   | $ | 76.90 |   | 884 |   | $ | 76.90 |   | 3,064 |   | $ | 76.90 |
| Granted                      |   | −    |   |                   | − |             | − |   |   | − |   | − |   |   | − |   | − |   |   | − |
| Vested                       |   | (189       | )      |                   | 76.90   |             | (31     | )      |   | 76.90 |   | − |   |   | − |   | (220 | ) |   | 76.90 |
| Forfeited                    |   | −    |   |                   | − |             | (671    | )      |   | 76.90 |   | (332 | ) |   | 76.90 |   | (1,003 | ) |   | 76.90 |
| Balance at December 31, 2010 |   | 175        |   | $                      | 76.90   |             | 1,114   |   | $ | 76.90 |   | 552 |   | $ | 76.90 |   | 1,841 |   | $ | 76.90 |

| Predecessor                  |   | Time Based |   | Performance Based Units |    | Performance Stock |    | Total  |
|------------------------------|--------|------------|--------|-------------------------|---------|------------------------|---------|--------|
|                         |   |       |   |                    |    |                   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance at January 1, 2010   |   | 276        |   | $                       | 74.89   |                   | 1,365   |   | $ | 83.24 |   | 666 |   | $ | 79.67 |   | 2,307 |   | $ | 81.21 |
| Granted                      |   | −    |   |                    | − |                   | − |   |   | − |   | − |   |   | − |   | − |   |   | − |
| Vested                       |   | −    |   |                    | − |                   | (4      | )      |   | 69.08 |   | − |   |   | − |   | (4 | ) |   | 69.08 |
| Forfeited                    |   | (5         | )      |                    | 83.21   |                   | (7      | )      |   | 75.07 |   | (6 | ) |   | 75.39 |   | (18 | ) |   | 77.13 |
| Balance at February 12, 2010 |   | 271        |   | $                       | 74.72   |                   | 1,354   |   | $ | 83.32 |   | 660 |   | $ | 79.71 |   | 2,285 |   | $ | 81.25 |

| Grant Date Fair Market Value of Awards Granted  |   | Time Based |   | Performance Based Units |   | PerformanceStock |
|------------------------------------------------------|--------|------------|--------|-------------------------|--------|------------------|
| Year ended December 31, 2009                         |   | $          | 66.67  |                    | $      | 64.97            |   | $ | 59.75 |
| Year ended December 31, 2008                         |   | $          | 102.06 |                    | $      | 105.23           |   | $ | 100.13 |

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| Total Fair Value of Shares Vested (in millions)   |   |   | Time Based |   |   | Performance Based Units |   |   | PerformanceStock |   |   | Total   |
|---------------------------------------------------|--------|--------|------------|--------|--------|-------------------------|--------|--------|------------------|--------|--------|---------|
|                                              |   |   |       |   |   |                    |   |   |             |   |   |    |
| February 13 – December 31, 2010 (Successor) |   | $      | 15         |   | $      | 2                       |   | $      | −          |   | $      | 17      |
| January 1 – February 12, 2010 (Predecessor) |   | $      | −    |   | $      | −                 |   | $      | −          |   | $      | − |
| Year ended December 31, 2009                      |   | $      | 15         |   | $      | 14                      |   | $      | 4                |   | $      | 33      |
| Year ended December 31, 2008                      |   | $      | 31         |   | $      | 30                      |   | $      | 15               |   | $      | 76      |

|                          |   | Successor                                                                                    |   | Predecessor                                                                                  |   |
|-------------------------------|--------|----------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------|--------|
|                          |   |     February 13 –    December 31,    2010 |   |     January 1 –     February 12,     2010 |   |     Year ended     December 31,     2009 |   |     Year ended     December 31,     2008 |   |
|                          |   |                                                                                         |   |                                                                                         |   |   |   |   |   |   |   |   |   |   |
| Compensation cost             |   | $                                                                                            | 114    |                                                                                         |   | $ | 8 |   | $ | 41 |   | $ | 69 |   |
| Income tax benefit            |   |                                                                                         | (40    | )                                                                                            |   |   | (3 | ) |   | (15 | ) |   | (25 | ) |
| Total                         |   | $                                                                                            | 74     |                                                                                         |   | $ | 5 |   | $ | 26 |   | $ | 44 |   |
| Compensation cost capitalized |   | $                                                                                            | 4      |                                                                                         |   | $ | − |   | $ | 6 |   | $ | 6 |   |

|                                                                             |   | Successor         |   | Predecessor       |   |
|----------------------------------------------------------------------------------|--------|-------------------|--------|-------------------|--------|
|                                                                             |   | December 31, 2010 |   | December 31, 2009 |   |
|                                                                             |   |              |   |              |   |   |   |   |
| Unrecognized actuarial losses and prior service credit, net of tax (see Note 13) |   | $                 | (13    | )                 |   | $ | (500 | ) |
| Fuel/interest hedge mark-to-market, net of tax (see Note 4)                      |   |              | 41     |              |   |   | 5 |   |
| Accumulated other comprehensive loss of equity method investees                  |   |              | (1     | )                 |   |   | (6 | ) |
| Total accumulated other comprehensive income (loss)                              |   | $                 | 27     |              |   | $ | (501 | ) |

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|             |   | Successor                 |   | Predecessor  |
|------------------|--------|---------------------------|--------|--------------|
| 2010             |   |     Fourth |   |   Third |   |    Second |   |      February 13 –    March 31 |   |    January 1 –   February 12 |
|             |   |                      |   |         |   |   |   |   |   |   |   |   |   |   |   |
| Revenues         |   | $                         | 4,437  |         | $ | 4,322 |   | $ | 4,031 |   | $ | 2,045  |   | $ | 1,768 |
| Operating income |   | $                         | 1,134  |         | $ | 1,227 |   | $ | 1,072 |   | $ | 531  |   | $ | 499 |
| Net income       |   | $                         | 611    |         | $ | 774 |   | $ | 656 |   | $ | 341  |   | $ | 282 |

|             |   | Predecessor               |
|------------------|--------|---------------------------|
| 2009             |   |     Fourth |   |    Third |   |    Second |   |   First |
|             |   |                      |   |   |   |   |   |   |   |   |   |   |
| Revenues         |   | $                         | 3,641 |   | $ | 3,549 |   | $ | 3,275 |   | $ | 3,383 |
| Operating income |   | $                         | 865 |   | $ | 890 |   | $ | 792 |   | $ | 661 |
| Net income       |   | $                         | 620 |   | $ | 546 |   | $ | 464 |   | $ | 384 |

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Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure

Item 9A. Controls and Procedures 

Item 9B. Other Information

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Item 14. Principal Accountant Fees and Services

|           |   | 2010   |    | 2009   |
|----------------|--------|--------|---------|--------|
|           |   |   |    |   |   |   |
| Audit fees     |   | $      | 2,222   |   | $ | 2,790 |
| Tax fees       |   |   | 13      |   |   | 79 |
| All other fees |   |   | − |   |   | 78 |
| Total          |   | $      | 2,235   |   | $ | 2,947 |

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Item 15. Exhibits and Financial Statement Schedules

| (a)  | The following documents are filed as part of this report: |
|-----------|-----------------------------------------------------------|

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

|   |  Schedules are omitted because they are not required or applicable, or the required information is included in the Consolidated Financial Statements or related notes. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

|   |  See Index to Exhibits beginning on page E-1 for a description of the exhibits filed as a part of this Report on Form 10-K. |
|--------|----------------------------------------------------------------------------------------------------------------------------------|

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Signatures 

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|                     | BNSF Railway Company |
|--------------------------|----------------------|
|      | By:                  | /s/ Matthew K. Rose |   |
| Dated: February 28, 2011 |                 | Matthew K. Rose |   |
|                     |                 | Chairman and |   |
|                     |                 | Chief Executive Officer |   |

| Signature                      | Title                                                  |
|--------------------------------|--------------------------------------------------------|
|                           |                                                   |
| /s/ Matthew K. Rose       | Chairman and Chief Executive Officer                   |
| Matthew K. Rose           | (Principal Executive Officer), and Director            |
|                           |                                                   |
| /s/ Thomas N. Hund        | Executive Vice President and Chief Financial Officer   |
| Thomas N. Hund            | (Principal Financial Officer), and Director            |
|                           |                                                   |
| /s/ Julie A. Piggott      | Vice President - Planning & Studies and Controller |
| Julie A. Piggott          | (Principal Accounting Officer)                         |
|                           |                                                   |
| /s/ Gregory C. Fox        | Director                                          |
| Gregory C. Fox            |                                                   |
|                           |                                                   |
| /s/ Carl R. Ice           | Director                                          |
| Carl R. Ice               |                                                   |
|                           |                                                   |
| /s/ John P. Lanigan, Jr.  | Director                                          |
| John P. Lanigan, Jr.           |                                                   |
|                           |                                                   |
| /s/ Roger Nober                | Director                                          |
| Roger Nober                    |                                                   |
|                           |                                                   |

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Table of Contents

Exhibit Index

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|  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 August 30, 2005.                                                   |   | 10-Q |   | 10/25/2005 |   | 001-06324 |   | 3.1 |
|                                 |   |                                                                                                           |   |   |   |   |   |   |   |   |
| 12.1                                 |   | Computation of Ratio of Earnings to Fixed Charges.*                                                            |   |   |   |   |   |   |   |   |
|                                 |   |                                                                                                           |   |   |   |   |   |   |   |   |
| 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).*              |   |   |   |   |   |   |   |   |
|                                 |   |                                                                                                           |   |   |   |   |   |   |   |

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