Exhibit 12.1



BURLINGTON NORTHERN SANTA FE CORPORATION AND SUBSIDIARIES

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(in millions, except ratio
amounts)

(Unaudited)



|                                                                                            |  |                         |       |      |   |       |  |   |      
|------------------------------------------------------------------------------------------- |  | ----------------------- | ----- | ---- | - | ----- |  | - | -----
|                                                                                            |  | Year Ended December 31,
|                                                                                            |  | 2003                    |       | 2002 |   | 2001 
|Earnings:                                                                                   |  |                         |       |      |   |       |  |   |      
|Income before income taxes and cumulative effect of accounting change                       |  | $                       | 1,231 |      | $ | 1,216 |  | $ | 1,173
|Add:                                                                                        |  |                         |       |      |   |       |  |   |      
|Interest and fixed charges, excluding capitalized interest                                  |  |                         | 420   |      |   | 428   |  |   | 463  
|Portion of rent under long-term operating leases representative of an interest factor       |  |                         | 182   |      |   | 178   |  |   | 173  
|Distributed income of investees accounted for under the equity method                       |  |                         | 3     |      |   | 3     |  |   | 5    
|Amortization of capitalized interest                                                        |  |                         | 8     |      |   | 8     |  |   | 7    
|Less: Undistributed equity in earnings of investments accounted for under the equity method |  |                         | 14    |      |   | 17    |  |   | 23   
|                                                                                            |  |                         |       |      |   |       |  |   |      
|Total earnings available for fixed charges                                                  |  |                         | 1,830 |      | $ | 1,816 |  | $ | 1,798
|                                                                                            |  |                         |       |      |   |       |  |   |      
|Fixed charges:                                                                              |  |                         |       |      |   |       |  |   |      
|Interest and fixed charges                                                                  |  | $                       | 429   |      | $ | 441   |  | $ | 477  
|Portion of rent under long-term operating leases representative of an interest factor       |  |                         | 182   |      |   | 178   |  |   | 173  
|                                                                                            |  |                         |       |      |   |       |  |   |      
|Total fixed charges                                                                         |  |                         | 611   |      | $ | 619   |  | $ | 650  
|                                                                                            |  |                         |       |      |   |       |  |   |      
|Ratio of earnings to fixed charges                                                          |  |                         | 3.00x |      |   | 2.93x |  |   | 2.77x