Help Preserve Rail Competition-Your Voice Matters

As part of our commitment to keeping you informed, I'm reaching out today regarding the proposed merger between Union Pacific (UP) and Norfolk Southern (NS). This is a significant development in the freight rail industry, and as a valued customer and partner in America's supply chain, your perspective is important.

The UP-NS merger has the potential to reshape the competitive landscape that supports your business. The Surface Transportation Board (STB), which oversees rail mergers, is committed to a transparent and inclusive review process-and they want to hear directly from those who will be most impacted.

At BNSF, we believe in collaboration, not consolidation. Our recent partnership with CSX is a reflection of that belief, offering new intermodal lanes and expanded service options that deliver immediate benefits. We're also investing in infrastructure like the Barstow International Gateway to support long-term growth and innovation-rather than pursuing costly acquisitions.

We encourage you to share your views with the STB. Your input can help the Board understand how this merger may affect your business and the broader supply chain. Specifically, your feedback can highlight:

• Impacts to your industry and facilities - Whether through reduced routing options, increased rates, or stranded investments due to service changes-your supply chain will be impacted.
• Concerns about service disruptions - Integration challenges have historically caused ripple effects across the national network, even for customers not directly served by the merging railroads. When UP was challenged during the supply chain crisis, they issued over 1,000 embargoes causing competitive and financial harm to many customers and invited STB intervention.
• UP's cost-cutting model - Past reductions in headcount and elimination of key service offerings, such as unit trains for bulk commodities, have had significant impacts-particularly for agricultural and coal shippers.
• Skepticism about growth claims - UP has stated it will fund the merger through 10% volume growth, yet its last merger resulted in volume declines and increased pricing.
• Traditional remedies not sufficient to overcome competitive harms - UP leadership has publicly stated they will not offer competitive fixes, nor have they consistently honored prior merger commitments, often requiring litigation and STB intervention.

The STB cannot assume the full impact of this merger-they need to hear directly from stakeholders like you. Your feedback will help ensure that the Board has a clear understanding of the practical implications for shippers, industries, and communities.

You can submit your comments to the Surface Transportation Board through multiple channels. Step-by-step guidance is available here. If you have questions, or would like support in crafting your message, your marketing representative is available to assist.

Thank you for your continued partnership and support. We appreciate your ongoing engagement as we prepare to participate in the STB process. Together, we can help protect the integrity of our supply chain and ensure a future built on choice, service, and resilience.

Sincerely,

Tom G. Williams
Executive Vice President & Chief Marketing Officer