CLASS I FREIGHT RAILROADS - SELECTED EARNINGS DATA
(000 OMITTED)
		QUARTER ENDED SEPTEMBER 30
			Net
		Railway	Railway		Revenue
		Operating	Operating	Net	Ton-Miles
		Revenues	Income	Income	Of Freight
Railroad	Year		(1)
TOTAL ALL CLASS I	2001	$8,541,187	$1,104,167	$738,065	367,728,975
FREIGHT RR'S (1)............	2000	8,610,833	1,107,021	725,136	376,029,673
Burlington Northern - Santa Fe	2001	2,340,819	337,720	262,481	125,619,629
	2000	2,341,832	377,604	308,643	127,484,361
CSX Transportation	2001	1,495,774	125,221	57,855	50,732,000
	2000	1,499,899	98,691	22,650	52,632,500
CNW/Grand Trunk Western	2001	89,156	13,045	18,110	2,819,089
	2000	85,351	13,000	11,877	2,759,608
CNW/Illinois Central	2001	149,152	8,679	(3,691)	5,966,193
	2000	170,967	25,612	15,166	6,839,023
Kansas City Southern	2001	133,941	16,314	11,597	5,033,032
	2000	132,819	17,421	52	5,094,354
Norfolk Southern	2001	1,508,546	206,648	93,589	44,472,746
	2000	1,534,865	173,902	77,850	49,676,037
Soo Line	2001	141,877	13,414	12,226	5,514,286
	2000	141,015	14,545	14,815	5,472,790
Union Pacific	2001	2,681,922	383,126	285,898	127,572,000
	2000	2,704,085	386,246	274,083	126,071,000

		12 MONTHS ENDED SEPTEMBER 30
			Net			Return
		Railway	Railway		Revenue	On Net
		Operating	Operating	Net	Ton-Miles	Investment
		Revenues	Income	Income	Of Freight	(%)
Railroad	Year		(1)			(2)
TOTAL ALL CLASS I	2001	$34,181,232	$3,952,283	$2,533,966	1,464,050,244	6.43%
FREIGHT RR'S (1)............	2000	34,020,938	4,072,718	2,714,409	1,472,582,964	6.68%
Burlington Northern - Santa Fe	2001	9,238,983	1,277,450	979,182	497,647,695	8.00%
	2000	9,232,046	1,453,173	1,182,647	497,113,747	9.31%
CSX Transportation	2001	6,095,352	462,190	202,423	206,638,800	4.24%
	2000	6,070,866	277,947	66,713	210,433,800	2.65%
CNW/Grand Trunk Western	2001	375,689	69,491	73,649	11,654,613	16.15%
	2000	373,117	70,123	59,656	11,233,039	21.02%
CNW/Illinois Central	2001	651,594	64,870	14,957	25,185,224	5.37%
	2000	699,163	122,284	92,929	26,318,501	10.70%
Kansas City Southern	2001	515,946	53,899	36,065	18,851,109	6.01%
	2000	536,916	68,537	16,538	21,234,372	7.69%
Norfolk Southern	2001	6,164,022	729,917	255,546	185,553,636	6.61%
	2000	6,105,950	585,283	246,754	197,677,965	5.00%
Soo Line	2001	567,873	50,271	41,281	22,890,167	5.69%
	2000	549,849	55,403	32,179	21,760,540	5.38%
Union Pacific	2001	10,571,773	1,244,195	930,863	495,629,000	6.19%
	2000	10,453,031	1,439,968	1,016,993	486,811,000	7.28%

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 AnnualReport Form R-1, Schedule 250, "Consolidated Information for Revenue Adequacy Determination." The data contained in Schedule 250 differ somewhat from thedata in the Form RE&I, and are therefore not totally compatible.