Bni 111709 V2

Railroad Company Comparables Analysis BNI Revenues less: COGS Gross Profit less: SG&A EBITDA less: D&A less: Operating Leases EBIT less: Taxes NOPAT

2008 $18,018 12,709 $5,309 0 $5,309 1,397 686 $3,226 1,253 $1,973

2007 $15,802 11,023 $4,779 0 $4,779 1,293 706 $2,780 1,128 $1,652

2006 $14,985 10,288 $4,697 0 $4,697 1,176 665 $2,856 1,107 $1,749

2005 $12,987 8,949 $4,038 0 $4,038 1,111 565 $2,362 919 $1,443

2004 $10,946 8,248 $2,698 0 $2,698 1,012 496 $1,190 482 $708

2003 $9,413 6,838 $2,575 0 $2,575 910 462 $1,203 454 $749

2002 $8,979 6,392 $2,587 0 $2,587 931 448 $1,208 456 $752

Total Debt PV of Operating Leases Total Preferred Stock Total Equity Total Capital

$9,555 6,980 0 11,131 $27,666

$8,146 7,498 0 11,144 $26,788

$7,385 7,496 0 10,528 $25,409

$7,154 6,143 0 9,508 $22,805

$6,516 5,412 0 9,311 $21,239

$6,684 5,346 0 8,495 $20,525

$6,814 5,537 0 7,932 $20,283

7.4%

6.5%

7.7%

6.8%

3.4%

3.7%

3.8%

Gross Margin EBITDA Margin EBIT Margin NOPAT Margin

29.5% 29.5% 17.9% 11.0%

30.2% 30.2% 17.6% 10.5%

31.3% 31.3% 19.1% 11.7%

31.1% 31.1% 18.2% 11.1%

24.6% 24.6% 10.9% 6.5%

27.4% 27.4% 12.8% 8.0%

28.8% 28.8% 13.5% 8.4%

Debt/EBITDA Debt/Total Capital

1.80x 34.5%

1.70x 30.4%

1.57x 29.1%

1.77x 31.4%

2.42x 30.7%

2.60x 32.6%

2.63x 33.6%

$3,977 3,116 $861

$3,492 2,248 $1,244

$3,189 2,014 $1,175

$2,706 1,750 $956

$2,377 1,527 $850

$2,285 1,726 $559

$2,106 1,358 $748

22.1% 17.3% 4.8%

22.1% 14.2% 7.9%

21.3% 13.4% 7.8%

20.8% 13.5% 7.4%

21.7% 14.0% 7.8%

24.3% 18.3% 5.9%

23.5% 15.1% 8.3%

$36,403 0.49x

$33,583 0.47x

$31,797 0.47x

$30,304 0.43x

$28,925 0.38x

$26,947 0.35x

$25,767 0.35x

$0 (1,147) $1,147 (471) $1,618

$0 (1,265) $1,265 (380) $1,645

$0 (730) $730 (310) $1,040

$0 (1,399) $1,399 (267) $1,666

$0 (376) $376 (231) $607

$0 (217) $217 (191) $408

$0 (353) $353 (183) $536

40.7%

47.1%

32.6%

61.6%

25.5%

17.9%

25.5%

ROIC

CFO Capex FCF CFO / Revs Capex / Revs FCF / Revs Total Assets Asset Turnover Issuance of Stock Repurchase of Stock Net Repurchases Dividends Return of Capital RoC/CFO

2001 $9,208 6,549 $2,659 0 $2,659 909 443 $1,307 442 $865

2000 $9,205 6,202 $3,003 0 $3,003 895 424 $1,684 605 $1,079

1999 $9,195 6,093 $3,102 0 $3,102 897 435 $1,770 682 $1,088

$6,651 5,537 0 7,849 $20,037

$6,846 4,606 0 7,480 $18,932

$5,813 3,722 0 8,172 $17,707

4.6%

6.1%

6.1%

28.9% 28.9% 14.2% 9.4%

32.6% 32.6% 18.3% 11.7%

33.7% 33.7% 19.2% 11.8%

2.50x 33.2%

2.28x 36.2%

1.87x 32.8%

$2,197 1,459 $738

$2,317 1,399 $918

$2,424 1,788 $636

23.9% 15.8% 8.0%

25.2% 15.2% 10.0%

26.4% 19.4% 6.9%

$24,721 0.37x

$24,375 0.38x

$23,700 0.39x

$0 (317) $317 (190) $507

$0 (1,496) $1,496 (206) $1,702

$0 (688) $688 (224) $912

23.1%

73.5%

37.6%