STB Sets Merger Review Schedule; Key Deadline Sept. 4

Dear BNSF Customers,

The Surface Transportation Board (STB) yesterday established the schedule for the next phase of its review of the proposed Union Pacific-Norfolk Southern merger. More than a full year after UP and NS announced their intent to merge, the proceeding is now moving into the critical, full-merits review phase. Yesterday's procedural decision indicates that, if the application does proceed through the entire merits review, the Board would expect to reach a decision sometime in the third or fourth quarter of 2027.

The most important immediate deadline for customers is Friday, Sept. 4, when Notices of Intent to Participate (NOIPs) are due.

If your company has not already filed a NOIP, we encourage you to do so before the deadline. Filing a NOIP preserves your ability to participate in the proceeding later. It does not commit you to file comments, take a position or engage in any additional activity.

The STB cannot fully understand how this transaction may affect shippers, industries and supply chains without input from customers like you who rely on the rail network every day. Filing a NOIP is easy and ensures that option remains available to you.

More than 65 individual shippers and more than 325 total stakeholders have already filed NOIPs-a broad recognition of how important it is to preserve participation rights in a proceeding of this magnitude. We appreciate the many customers who have already made their voices heard through Notices of Intent to Participate and other submissions, and we encourage those who haven't yet done so to join them before the deadline, just over two weeks away.

Step-by-step instructions for filing a NOIP are available on BNSF's Preserve Rail Competition webpage.

One notable aspect of yesterday's procedural decision is what the Board did not address. The STB has not yet ruled on the pending threshold question of whether the UP-NS application satisfies the Board's prima facie requirements and thus should proceed through the entire merits review process. As discussed in my previous update, multiple rail customer organizations, BNSF, other railroads and state attorneys general have argued that the application falls short of the Board's merger standards and should be rejected on that basis. The Board said it will address the prima facie issue in a subsequent decision. We will provide an update as soon as additional information becomes available.

As this proceeding advances into its next phase, customer engagement is even more critically important than ever. The STB's review will shape the future competitive structure of the rail industry, and stakeholders who may be affected should preserve their opportunity to participate.

Thank you for your continued partnership. We will keep you informed as this process continues.

Sincerely,

Tom G. Williams
Executive Vice President & Chief Marketing Officer