News Release

BNSF Selects Memphis Intermodal Facility for Expansion Plan

MEMPHIS, Tennessee, March 23, 2004:

The Burlington Northern and Santa Fe Railway Company (BNSF) today announced a plan to expand its Tennessee Yard, an intermodal facility in Memphis, located at Shelby Drive and Lamar Avenue. BNSF’s expansion project represents a $40 million capital investment and will create about 150 new jobs over the next few years.

"This cooperative agreement with the City of Memphis and Shelby County is a critical step that will enable BNSF to successfully meet our projected growth demands for container traffic" said Fritz Draper, vice president, Business Development. "As a result, we anticipate doubling our capacity to 400,000 container lifts within the next five years, and we also will have the capacity to meet future expansion needs."

The Memphis Industrial Development Board of Memphis and Shelby County granted tax freezes to BNSF ranging from nine to13 years, dependent on the company's level of operating performance. For the nine-year tax freeze, the company must achieve 400,000 lifts and create 150 new jobs.

"This decision by BNSF further reinforces our position as a major transportation hub for the nation and enhances our capacity to compete in the worldwide logistics network," said Memphis Mayor Willie W. Herenton.

Shelby County Mayor A C Wharton acknowledged the importance of rail infrastructure to Memphis’ economic development and applauded the effort of the local economic development team in cooperation with the State of Tennessee.

"We again witness how our local and state governments are working together to bring jobs and capital investment into our community," he said. "This announcement is a good start for 2004 and will be a catalyst to further economic prosperity in our area."

A subsidiary of Burlington Northern Santa Fe Corporation (NYSE:BNI), BNSF operates one of the largest railroad networks in North America, with about 32,500 route miles covering 28 states and two Canadian provinces. The BNSF currently operates two intermodal facilities in the Memphis region handling over 250,000 containers and trailers per year. The railway is among the world's top transporters of intermodal traffic, moves more grain than any other American railroad, transports the components of many of the products we depend on daily, and hauls enough coal to generate about ten percent of the electricity produced in the United States.

BNSF Headquarters
BNSF Railway Company
2650 Lou Menk Dr. 2nd Floor
P.O. Box 961057
Fort Worth, TX 76161-0057
Phone: (817) 352-1000