Important Update on UP-NS Merger and What it Means for You

As the date Union Pacific (UP) and Norfolk Southern (NS) plan to file their merger application quickly approaches, we want to share important updates and resources.

By December 1, UP and NS intend to file their merger application-and they are pushing for a short review timeline. This merger would concentrate nearly half of the nation's freight under one railroad, limiting shipper choices and reducing long-term competitiveness. UP suggests this deal is inevitable and requires minimal regulatory scrutiny. That is simply not the case. Policymakers and industry leaders are increasingly raising concerns and calling for a thorough examination of this proposal.

Why This Matters:

• On October 30, a large bipartisan group of 18 U.S. Senators sent a letter to the Surface Transportation Board (STB) urging a rigorous and comprehensive review of the merger. That letter was endorsed by a coalition of 20 organizations representing rail shipper interests. Their message was clear: this deal could reshape the rail industry in ways that harm competition and customer choice. Read the full letter here.
• Vice President Vance recently voiced concerns about corporate consolidation, highlighting the risks of concentrated market power and its negative impact on the nation's prosperity. Watch the video clip here.
• Forty chemical company CEOs warned President Trump and regulators that the proposed UP-NS merger would harm competition and leave them with fewer choices, higher costs and less reliable service. Read the full letter here.

These developments underscore what many in the industry already believe: this merger introduces significant risks to competition, service reliability and economic resilience.

What Customers Are Saying:

At our recent Industrial Supply Chain Summit, we surveyed customers, shortlines and transloaders. The results were compelling:

• 97% did not believe further rail consolidation was necessary before this merger was announced.
• 95% are concerned about UP and NS integrating their networks successfully.
• 91% lack confidence in government safeguards against negative supply chain impacts.
• 87% disagree with UP-NS's projected volume growth claims.
• 68% are apprehensive about expressing public opposition.

Your Voice Matters:

We encourage you to participate in the STB review process and share your perspective. Let regulators know that preserving competition and customer choice is essential for a healthy supply chain and economy. Visit BNSF.com/PreserveRailCompetition for resources and guidance.

Thank you for your continued partnership. Together, we can advocate for a better path forward-one that prioritizes customer needs and supply chain resilience.

Sincerely,

Tom G. Williams
Executive Vice President & Chief Marketing Officer