CN Statement on UP-NS STB Filing

Group 1 - The merger application by Union Pacific and Norfolk Southern does not demonstrate enhanced competition or significant public benefits, falling short of the standards set by the Surface Transportation Board (STB) [1] - The merger would reduce rail transportation options for customers and create a single entity controlling over 40% of the US freight rail market, which could lead to increased prices and reduced consumer choice [2] - CN emphasizes the importance of protecting competition to keep costs down and maintain a sound economy, and it will actively participate in the STB process to ensure stakeholder voices are heard [2] Group 2 - CN operates a nearly 20,000-mile rail network, transporting over 300 million tons of natural resources, manufactured products, and finished goods across North America annually [3] - The company has been contributing to sustainable trade and community prosperity since its establishment in 1919 [3]