Application Volume 1:

Supporting Information and Summary of Benefits

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*This is a preview version and includes only the first five pages of the document.

BEFORE THE

SURFACE TRANSPORTATION BOARD

DOCKET NO. FD 36873

UNION PACIFIC CORPORATION AND UNION PACIFIC RAILROAD COMPANY

—CONTROL—

NORFOLK SOUTHERN CORPORATION AND NORFOLK SOUTHERN

RAILWAY COMPANY

RAILROAD CONTROL APPLICATION

VOLUME 1 OF 4

SUPPORTING INFORMATION, SUMMARY OF BENEFITS

EXHIBITS 1, 8, 10–12 AND 16–19, STATEMENTS OF APPLICANTS’ PRINCIPAL

OFFICERS AND OTHER SUPPORTING STATEMENTS

RAYMOND A. ATKINS

CARRIE C. MAHAN

MATTHEW J. WARREN

ALLISON C. DAVIS

MARC A. KORMAN

Sidley Austin LLP

1501 K Street, NW

Washington, DC 20005

(202) 736-8000

JASON M. MORRIS

JOSEPH H. CARPENTER IV

THOMAS E. ZOELLER

HANNA M. CHOUEST

T. MATTHEW LOCKHART

Norfolk Southern Railway Company

650 W. Peachtree Street NW

Atlanta, GA 30308

Attorneys for Norfolk Southern Corporation and Norfolk Southern Railway Company

December 19, 2025

MICHAEL L. ROSENTHAL

DEREK LUDWIN

JAMES J. O’CONNELL

MATTHEW J. GLOVER

PEGAH NABILI

Covington & Burling LLP

One CityCenter

850 Tenth Street, NW

Washington, DC 20001

(202) 662-6000

CHRISTINA B. CONLIN

JAMES B. BOLES

TONYA W. CONLEY

TANYA L. SPRATT

Union Pacific Railroad Company

1400 Douglas Street

Omaha, NE 68179

Attorneys for Union Pacific Corporation and Union Pacific Railroad Company

MASTER TABLE OF CONTENTS

VOLUME 1

SUPPORTING INFORMATION; SUMMARY OF BENEFITS;

EXHIBITS 1, 8, 10–12 AND 16–21; STATEMENTS OF APPLICANTS’

PRINCIPAL OFFICERS; AND OTHER SUPPORTING STATEMENTS

SUPPORTING INFORMATION

Introduction [Section 1180.6] 1-12
Summary of Public Interest Considerations [Section 1180.6] 1-14
Summary of Transaction [Section 1180.6(a)(1)(i)] 1-17
Proposed Time Schedule [Section 1180.6(a)(1)(ii)] 1-20
Purpose [Section 1180.6(a)(1)(iii)] 1-20
Nature and Amount of Any New Securities or Other Financial Arrangements [Section 1180.6(a)(1)(iv)] 1-22
Public Interest Justifications [Section 1180.6(a)(2)] 1-23
Effects on Competition [Section 1180.6(a)(2)(i)] 1-24
Financial Considerations; Traffic, Revenues and Earnings Increases; Operating Economies [Section 1180.6(a)(2)(ii)] 1-27
Effect of Increase in Total on Fixed Charges [Section 1180.6(a)(2)(iii)] 1-28
Effect on Adequacy of Transportation [Section 1180.6(a)(2)(iv)] 1-29
Effect on Employees [Section 1180.6(a)(2)(v)] 1-32
Effect of Inclusion of Other Railroads [Section 1180.6(a)(2)(vi)] 1-35
Other Supporting Statements [Section 1180.6(a)(3)] 1-35
Opinions of Counsel [Section 1180.6(a)(4)] 1-36
Lists of States [Section 1180.6(a)(5)] 1-36
Map [Section 1180.6(a)(6)] 1-37
Nature and Terms of Proposed Transaction [Section 1180.6(a)(7)(i)] 1-38
Agreements [Section 1180.6(a)(7)(ii)] 1-38
Description of Resulting Company [Section 1180.6(a)(7)(iii)] 1-38
Court Order [Section 1180.6(a)(7)(iv)] 1-39
Property Included in Proposed Transaction [Section 1180.6(a)(7)(v)] 1-39
Description of Principal Routes [Section 1180.6(a)(7)(vi)] 1-39
Governmental Assistance [Section 1180.6(a)(7)(vii)] 1-41
Environmental Data [Section 1180.6(a)(8)] 1-41
Form 10-Ks [Section 1180.6(b)(1)] 1-42
Form S-4s [Section 1180.6(b)(2)] 1-42
Change in Control [Section 1180.6(b)(3)] 1-43
Annual Reports [Section 1180.6(b)(4)] 1-43
Relevant Issues [Section 1180.6(b)(5)] 1-44
Corporate Charts [Section 1180.6(b)(6)] 1-45
Statement of Common Officers and Directors [Section 1180.6(b)(6)(i)] 1-45
Carrier Status List [Section 1180.6(b)(6)(ii)] 1-45
Information on Non-Carrier Applicants [Section 1180.6(a)(7)] 1-46
Statement of Direct and Indirect Intercorporate Financial Relationships [Section 1180.6(b)(8)] 1-46
Employee Impact Exhibit [Section 1180.6(b)(9)] 1-46
Conditions to Mitigate and Offset Merger-Related Harms [Section 1180.6(b)(10)] 1-46
Calculation of Public Benefits [Section 1180.6(b)(11)] 1-48
Downstream Merger Applications [Section 1180.6(b)(12)] 1-49
Purpose of the Proposed Transaction [Section 1180.6(b)(13)] 1-51
Market Impact Analysis [Section 1180.7] 1-52
Safety Integration Plan [Section 1180.8(a)(1)] 1-54
Measures to Address Blocked Crossings [Section 1180.8(a)(2)] 1-55
Operating Plan [Section 1180.8(a)(1)-(4)] 1-55
Density Charts [Section 1180.8(a)(5)] 1-56
Operating Plan (Minor Transactions) [Section 1180.8(b)]  1-56
Pro Forma Balance Sheets [Section 1180.9(a)] 1-56
Pro Forma Income Statements [Section 1180.9(b)] 1-56
Sources and Applications of Funds Statements [Section 1180.9(c)] 1-56
Property Encumbrances [Section 1180.9(d)] 1-56
Current Balance Sheets and Income Statements [Section 1180.9(e)] 1-57
Service Assurance Plan [Section 1180.10] 1-57
Transnational and Other Informational Requirements [Section 1180.11]  1-58
Prayer for Relief 1-60
Opinions of Counsel 1-61
Signature Pages 1-63
Certificate of Service 1-69
Appendix A – Maps (Exhibit 1) 1-70
Appendix B – Summary of Benefits Exhibit 1-72
Appendix C – Change in Control Exhibit (Exhibit 8) 1-74
Appendix D – Corporate Charts (Exhibit 11)  1-85
Appendix E – Pro Forma Balance Sheets (Exhibit 16) 1-131
Appendix F – Pro Forma Income Statements (Exhibit 17) 1-140
Appendix G – Sources and Application of Funds (Exhibit 18) 1-148

STATEMENTS OF APPLICANTS’ PRINCIPAL OFFICERS

Verified Statement of V. James Vena 1-157
Verified Statement of Mark R. George 1-186

OTHER SUPPORTING STATEMENTS

Verified Statement of Kenny Rocker and Claude E. “Ed” Elkins 1-216
Verified Statement of Katherine N. Novak 1-312
Verified Statement of Grant Janke 1-406
Verified Statement of Carrie Powers 1-430
Verified Statement of Joshua Perkes 1-436
Verified Statement of Maqui B. Parkerson 1-447
Verified Statement of Michael Boyles and Dr. Divya Mathur 1-459
Verified Statement of Gaurav Dua 1-521
Verified Statement of Matthew Graham 1-548
Verified Statement of Morgan Stanley & Co. LLC 1-565
Verified Statement of Wells Fargo Securities, LLC 1-571
Verified Statement of BofA Securities, Inc. 1-577
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