Union Pacific (UNP) Corporate presentation summary

Operating performance

• August YTD service performance: 95% for Manifest, 95% for Intermodal and 98% for Bulk.

• August YTD network fluidity: freight car velocity 231 miles/day, up 6% YoY; terminal dwell 19.8 hours, down 8%; train velocity 20.6 mph, up 6%.

Proposed merger and customer benefits

• Proposed Norfolk Southern transaction aims to provide coast-to-coast service, end-to-end visibility, a single point of contact, committed gateway pricing and new premium lanes.

• Integration plan includes six new Manifest trains and a $2.0B investment to support future customer growth.

• Customer support letters represent 30%+ of business based on customers' total business value, versus an opposition claim of 6% of rail cargo.

Competition and market position

• Presentation estimates the combined network would handle 43% of U.S. carloadings and represent 11% of the U.S. transportation market by ton-miles.

• Trucks remain the largest competitive opportunity, with 2.1M annual truckloads targeted for conversion; 91% of current open locations remain accessible to BNSF.

• In head-to-head comparisons, BNSF has 53% overall share, 60% in Intermodal and 94% access in South Dakota.