SPOTLIGHT TOPIC UPDATE - Agricultural Products

Financial Management • Shareholder Returns • Flexible - No target/minimum requirement Excess cash - defined as cash after: • Maintenance capital • Expansion capital Liquidity Manage Metrics to Target Ranges¹ Adjusted debt to EBITDAR less maintenance capital - 3 to 4x • EBITDAR less maintenance capital interest coverage - 5 to 6x BNSF 1. Metrics are non-GAAP. Please refer to the Appendix of this presentation for a Non-GAAP Reconciliation of the "Adjusted Debt to EBITDAR Less Maintenance Capital" and "EBITDAR less Maintenance Capital Interest Coverage" pursuant to SEC Regulation G. 28

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