UBS GLOBAL INDUSTRIALS & JIM VENA – CHIEF EXECUTIVE OFFICER JENNIFER HAMANN – CHIEF FINANCIAL OFFICER KENNY ROCKER – EVP MARKETING & SALES UNION PACIFIC CORPORATION TRANSPORTATION CONFERENCE UP-NS Merger: Path to Completion The Board of Directors of both Union Pacific and Norfolk Southern have unanimously approved the transaction STB application anticipated to be filed before the end of the year; analyst conference call to follow Transaction subject to obtaining Surface Transportation Board ("STB") approval ...

Core Viewpoint - The proposed merger between Union Pacific and Norfolk Southern is seen as potentially disruptive and unlikely to benefit shippers or carriers, according to BNSF Railway [1]. Industry Impact - The merger is pitched as a means to enhance freight movement efficiency by reducing delays and costs associated with transferring freight between railroads at congested hubs [2]. - A combined UP-NS railroad could reshape the North American rail network, which raises concerns among other Class I railroads that rely on sharing freight with competitors [3]. Customer Concerns - BNSF's executive expressed that the merger would limit competitive options for customers, particularly in carload shipping, by reducing the number of transcontinental railroads available [4]. - Analysts estimate that the merged entity would control nearly 50% of U.S. rail freight, including significant shares of container traffic (45%), automotive shipments (47%), and metals transport (56%) [5]. Customer Sentiment - BNSF noted that its customers are not advocating for the merger, suggesting a disconnect between industry consolidation and customer needs [6]. - The response to the merger will depend on the specifics of the filing with the Surface Transportation Board, which is expected in early December [7].

Core Points - The Brotherhood of Railway Carmen (BRC) and Union Pacific Railroad have reached an agreement ensuring job security for hundreds of union employees following the merger of Union Pacific and Norfolk Southern to create America's first coast-to-coast railroad [1] Group 1 - The agreement provides a commitment of job security for BRC members employed at both Union Pacific and Norfolk Southern at the time of the merger [1]

Core Viewpoint - A coalition of nine Republican state attorneys general has expressed competition concerns regarding Union Pacific's proposed $85 billion acquisition of Norfolk Southern, which aims to create a larger freight transportation entity [1] Group 1: Competition Concerns - The attorneys general are worried that the merger could reduce competition in the freight transportation market, potentially leading to higher prices and reduced service quality for consumers [1] - The acquisition is seen as a significant consolidation in the industry, which may have implications for market dynamics and competition levels [1] Group 2: Financial Implications - The proposed deal is valued at $85 billion, indicating a substantial financial commitment from Union Pacific to expand its market presence [1] - The merger could reshape the competitive landscape of the freight transportation sector, affecting both operational efficiencies and pricing strategies [1]

Core Points - Union Pacific (UP) and Norfolk Southern (NS) have received overwhelming shareholder approval for their merger, with nearly 99% of NS shareholders and 99.5% of UP shareholders voting in favor of the $85 billion deal [1][2] - The merger aims to create America's first coast-to-coast transcontinental railroad, enhancing network capabilities and providing benefits to stakeholders [2] - NS shareholders will receive one share of Union Pacific common stock and $88.82 in cash for each share of Norfolk Southern [2] - UP shareholders approved the issuance of new shares of UP common stock as part of the merger process [3] - The railroads plan to file their merger application with the Surface Transportation Board in early December [3]

Core Viewpoint - The proposed $85 billion merger between Union Pacific and Norfolk Southern aims to create the first coast-to-coast rail network in the U.S., receiving overwhelming shareholder support but still requiring approval from the U.S. Surface Transportation Board [1][2]. Company Overview - Union Pacific CEO Jim Vena expressed confidence that the merger will unlock new opportunities for service, growth, and innovation, with plans to file a formal application by late November or early December [2]. - The merger is designed to connect Union Pacific's extensive Western network with Norfolk Southern's Eastern rail lines, resulting in over 50,000 miles of track across 43 states and access to major ports on both coasts [4]. Industry Impact - The merger has garnered support from the largest rail union and numerous shippers, although concerns have been raised by chemical manufacturers and competitor BNSF regarding potential negative impacts on competition and increased rates [3]. - The merger is expected to streamline the delivery of goods and raw materials nationwide by reducing delays during inter-railroad shipments [5]. Regulatory Environment - The U.S. Surface Transportation Board will conduct a thorough review of the merger, which must meet high standards established after previous industry consolidations caused significant operational issues [5]. - The merger's approval is anticipated to be influenced by the current pro-business administration, with historical context suggesting potential political dynamics affecting the board's decisions [7]. Financial Details - The merger proposal includes a cash offer of $20 billion and stock exchange terms, valuing Norfolk Southern at approximately $320 per share, with a breakup fee of $2.5 billion [8].

Core Viewpoint - Union Pacific shareholders have approved a merger with Norfolk Southern, indicating a significant consolidation in the railroad industry [1] Company Summary - Union Pacific and Norfolk Southern are both major railroad operators in the United States, and this merger represents a strategic move to enhance operational efficiencies and market presence [1]

Core Points - U.S. President Donald Trump is funding a $300 million White House ballroom with contributions from himself and 37 donors, including various sectors such as tech, crypto, and philanthropy [1][20] Tech Sector - Major tech companies have contributed, including Amazon, Apple, Google, Meta, Microsoft, and others, with each donating $1 million to Trump's inauguration [3][4][8][20] - Amazon's streaming service paid $40 million for a Melania Trump documentary, and its cloud division is a significant government contractor [3] - Apple CEO Tim Cook has engaged with Trump on EU tax issues and presented him with a customized glass plaque [4] - Microsoft CEO Satya Nadella has met Trump multiple times regarding AI regulations [8] Crypto Sector - Notable crypto donors include Coinbase, Ripple, Tether, and the Winklevoss twins, who have been active in supporting pro-Trump initiatives [10][11] - Trump has eased regulations on cryptocurrencies, which has positively impacted firms like Ripple [11] Energy & Industrial Sector - Companies like Caterpillar and NextEra Energy have contributed, with Caterpillar primarily supporting Republican initiatives [12] - NextEra Energy is the largest U.S. electric utility, aligning with Trump's vision for tech companies needing electricity for AI data centers [12] Philanthropy - The Adelson Family Foundation and other philanthropic organizations have made contributions, focusing on various causes including support for Israel and the arts [13] Defense & National Security - Defense contractors like Booz Allen Hamilton and Lockheed Martin have shown support for Trump's initiatives, with Booz Allen settling government lawsuits under the Biden administration [17] Individual Donors - Several individual donors, including biotech entrepreneur Stefan E. Brodie and sports team owners like Edward Glazer, have contributed to Trump's campaigns [18][19]

BAIRD 2025 GLOBAL INDUSTRIALS CONFERENCE UNION PACIFIC CORPORATION JIM VENA – CHIEF EXECUTIVE OFFICER JENNIFER HAMANN – CHIEF FINANCIAL OFFICER Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be 1 Cautionary Information 2 3 Strategic Execution Driving Industry Leading Results SAFETY + SERVICE & OPERATIONAL EXCELLENCE 210 219 215 221 226 238 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25** 86% 89% 94% 99% 98% 100% 89% 96% 93% 97% 100% 100% Q3'24 Q4 ...

Core Viewpoint - The proposed merger between Union Pacific and Norfolk Southern, valued at $85 billion, is viewed negatively by Canadian railroads, including Canadian Pacific Kansas City and Canadian National, who argue it will harm the industry and reduce customer options [1][2]. Group 1: Industry Concerns - CPKC stated that the merger is "not in the public interest," "unnecessary," and would dominate rail transportation markets, limiting customer choices [2]. - CN's president emphasized that the industry does not require a merger to enhance service, advocating for more cooperation instead of consolidation [3]. - Both CPKC and CN have launched campaigns urging shippers to voice their opposition to the merger to the Surface Transportation Board (STB) [2][3]. Group 2: Regulatory Process - Union Pacific and Norfolk Southern plan to submit their merger application to the STB by early December, seeking to expedite the review process by requesting a 45-day reduction [4]. - The STB's review is anticipated to take between 17 to 22 months, with the timeline for shippers to file notices typically set for 45 days post-application submission [4]. - CPKC's CEO has called for a thorough review of the merger application, indicating that a comprehensive evaluation cannot be completed in less than 16 to 17 months [5][6].