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SURFACE TRANSPORTATION BOARD
OFFICE OF ECONOMICS, ENVIRONMENTAL ANALYSIS, AND ADMINISTRATION
WASHINGTON, DC 20423

CLASS I FREIGHT RAILROADS - SELECTED EARNINGS DATA

(000 OMITTED)

QUARTER ENDED MARCH 31 12 MONTHS ENDED MARCH 31

Net Net Return
Railway Railway Revenue Railway Railway Revenue On Net
Operating Operating Net Ton-Miles Operating Operating Net Ton-Miles Investment
Revenues Income Income Of Freight Revenues Income Income Of Freight (%)
Railroad Year (1) (1) (2)
TOTAL ALL CLASS I 2001 $8,519,406 $960,560 $555,904 370,383,313 $34,125,824 $3,996,089 $2,519,201 1,467,434,615 6.50%
FREIGHT RR'S ............ 2000 8,411,777 901,879 542,810 364,063,621 32,948,768 3,765,993 2,642,857 1,436,174,710 6.17%

Burlington Northern - Santa Fe 2001 2,290,611 301,250 198,387 125,727,720 9,175,584 1,355,578 1,050,502 496,682,926 8.49%
2000 2,262,285 342,923 266,020 121,003,675 9,168,229 1,487,691 1,243,729 495,198,418 9.53%
CSX Transportation 2001 1,531,976 106,525 30,783 53,152,000 6,091,687 382,095 106,200 208,800,300 3.50%
2000 1,515,305 92,648 22,049 52,704,000 5,840,926 261,395 116,351 200,752,200 2.49%
CNW/Grand Trunk Western 2001 95,478 21,377 19,491 3,071,453 370,665 63,515 61,132 11,378,051 14.76%
2000 96,184 12,214 10,326 2,823,501 358,271 87,413 81,178 10,763,090 26.20%
CNW/Illinois Central 2001 179,831 34,779 22,830 6,965,973 685,337 95,402 51,351 25,739,637 7.89%
2000 176,835 25,077 33,236 6,657,836 687,291 94,888 66,814 25,401,942 8.30%
Kansas City Southern 2001 130,178 9,828 7,475 4,726,216 516,759 59,798 29,703 19,217,334 6.67%
2000 135,399 18,055 11,924 5,467,327 545,382 60,618 22,656 22,100,175 6.80%
Norfolk Southern 2001 1,539,770 163,444 60,110 46,770,124 6,159,402 689,686 271,736 195,002,765 6.25%
2000 1,508,253 59,320 (31,358) 48,626,840 5,672,699 356,076 153,377 181,729,713 3.04%
Soo Line 2001 145,847 10,115 7,943 6,251,827 560,024 49,873 28,243 22,686,602 5.64%
2000 139,630 19,890 16,222 5,537,442 546,666 50,107 39,061 21,272,172 4.86%
Union Pacific 2001 2,605,715 313,242 208,885 123,718,000 10,566,366 1,300,142 920,334 487,927,000 6.47%
2000 2,577,886 331,752 214,391 121,243,000 10,129,304 1,367,805 919,691 478,957,000 6.91%

SOURCES OF DATA:

Railway Operating Revenues, Net Railway Operating Income, and Net Income are from the "Quarterly Report of Revenues,
Expenses, and Income - Railroads" (Form RE&I).

Revenue Ton Miles of Freight are from the "Quarterly Condensed Balance Sheet - Railroads (Form CBS).

NOTES:

(1) Net Railway Operating Income is the difference between railway operating revenues and the total of railway operating expenses, railway tax accruals, and net
equipment and joint facility rents.

(2) Return on Net Investment (ROI) is the ratio of net railway operating income to net investment in railway property used in transportation services at end of previous
calendar year. The latter includes an allowance for working capital. Accumulated deferred income tax reserves are subtracted from the net investment base.
Since net investment figures are only available on an end-of-year basis from the Annual Report Form R-1's, filed on March 31 of each year, the net investment
bases used to compute returns on net investment in this report are the most recent year-end figures available (data as of the end of 2000 and 1999).

ROI's, as computed by the Board for its annual determination of the revenue adequacy of each class I railroad, will differ from the ROI's computed for this
report. ROI's for the revenue adequacy determination are based upon the average of the beginning and end-of-year net investment bases, while ROI's for this
report are based on end-of-year data only. Also, ROI's for revenue adequacy determinations are computed using data reported by the class I railroads in Annual
Report Form R-1, Schedule 250, "Consolidated Information for Revenue Adequacy Determination." The data contained in Schedule 250 differ somewhat from the
data in the Form RE&I, and are therefore not totally compatible.

SURFACE TRANSPORTATION BOARD
OFFICE OF ECONOMICS, ENVIRONMENTAL ANALYSIS, AND ADMINISTRATION
WASHINGTON, DC 20423

CLASS I FREIGHT RAILROADS - SELECTED EARNINGS DATA

(000 OMITTED)

		QUARTER ENDED MARCH 31				12 MONTHS ENDED MARCH 31

			Net				Net			Return
		Railway	Railway		Revenue	Railway	Railway		Revenue	On Net
		Operating	Operating	Net	Ton-Miles	Operating	Operating	Net	Ton-Miles	Investment
		Revenues	Income	Income	Of Freight	Revenues	Income	Income	Of Freight	(%)
Railroad	Year		(1)				(1)			(2)
TOTAL ALL CLASS I	2001	$8,519,406	$960,560	$555,904	370,383,313	$34,125,824	$3,996,089	$2,519,201	1,467,434,615	6.50%
FREIGHT RR'S ............	2000	8,411,777	901,879	542,810	364,063,621	32,948,768	3,765,993	2,642,857	1,436,174,710	6.17%

Burlington Northern - Santa Fe	2001	2,290,611	301,250	198,387	125,727,720	9,175,584	1,355,578	1,050,502	496,682,926	8.49%
	2000	2,262,285	342,923	266,020	121,003,675	9,168,229	1,487,691	1,243,729	495,198,418	9.53%
CSX Transportation	2001	1,531,976	106,525	30,783	53,152,000	6,091,687	382,095	106,200	208,800,300	3.50%
	2000	1,515,305	92,648	22,049	52,704,000	5,840,926	261,395	116,351	200,752,200	2.49%
CNW/Grand Trunk Western	2001	95,478	21,377	19,491	3,071,453	370,665	63,515	61,132	11,378,051	14.76%
	2000	96,184	12,214	10,326	2,823,501	358,271	87,413	81,178	10,763,090	26.20%
CNW/Illinois Central	2001	179,831	34,779	22,830	6,965,973	685,337	95,402	51,351	25,739,637	7.89%
	2000	176,835	25,077	33,236	6,657,836	687,291	94,888	66,814	25,401,942	8.30%
Kansas City Southern	2001	130,178	9,828	7,475	4,726,216	516,759	59,798	29,703	19,217,334	6.67%
	2000	135,399	18,055	11,924	5,467,327	545,382	60,618	22,656	22,100,175	6.80%
Norfolk Southern	2001	1,539,770	163,444	60,110	46,770,124	6,159,402	689,686	271,736	195,002,765	6.25%
	2000	1,508,253	59,320	(31,358)	48,626,840	5,672,699	356,076	153,377	181,729,713	3.04%
Soo Line	2001	145,847	10,115	7,943	6,251,827	560,024	49,873	28,243	22,686,602	5.64%
	2000	139,630	19,890	16,222	5,537,442	546,666	50,107	39,061	21,272,172	4.86%
Union Pacific	2001	2,605,715	313,242	208,885	123,718,000	10,566,366	1,300,142	920,334	487,927,000	6.47%
	2000	2,577,886	331,752	214,391	121,243,000	10,129,304	1,367,805	919,691	478,957,000	6.91%

SOURCES OF DATA:

Railway Operating Revenues, Net Railway Operating Income, and Net Income are from the "Quarterly Report of Revenues, Expenses, and Income - Railroads" (Form RE&I).


Revenue Ton Miles of Freight are from the "Quarterly Condensed Balance Sheet - Railroads (Form CBS).

NOTES:

(1) Net Railway Operating Income is the difference between railway operating revenues and the total of railway operating expenses, railway tax accruals, and net equipment and joint facility rents.


(2) Return on Net Investment (ROI) is the ratio of net railway operating income to net investment in railway property used in transportation services at end of previous calendar year. The latter includes an allowance for working capital. Accumulated deferred income tax reserves are subtracted from the net investment base. Since net investment figures are only available on an end-of-year basis from the Annual Report Form R-1's, filed on March 31 of each year, the net investment bases used to compute returns on net investment in this report are the most recent year-end figures available (data as of the end of 2000 and 1999).




ROI's, as computed by the Board for its annual determination of the revenue adequacy of each class I railroad, will differ from the ROI's computed for this report. ROI's for the revenue adequacy determination are based upon the average of the beginning and end-of-year net investment bases, while ROI's for this report are based on end-of-year data only. Also, ROI's for revenue adequacy determinations are computed using data reported by the class I railroads in Annual Report Form R-1, Schedule 250, "Consolidated Information for Revenue Adequacy Determination." The data contained in Schedule 250 differ somewhat from the data in the Form RE&I, and are therefore not totally compatible.