Union Pacific Corp. (UNP): 2Q26 EPS Beat, FY26 EPS Guide Raised to HSD from MSD; Pending Transcontinental Rail Merger Remains in Focus

Research evidence excerpt

Union Pacific Corp. (UNP): 2Q26 EPS Beat, FY26 EPS Guide Raised to HSD from MSD; Pending Transcontinental Rail Merger Remains in Focus

Goldman Sachs Union Pacific Corp. (UNP)

Additional disclosures required under the laws and regulations of jurisdictions other than the United States

The following disclosures are those required by the jurisdiction indicated, except to the extent already made above pursuant to United States laws and

regulations. Australia: Goldman Sachs Australia Pty Ltd and its affiliates are not authorised deposit-taking institutions (as that term is defined in the

Banking Act 1959 (Cth)) in Australia and do not provide banking services, nor carry on a banking business, in Australia. This research, and any access to

it, is intended only for “wholesale clients” within the meaning of the Australian Corporations Act, unless otherwise agreed by Goldman Sachs. In

producing research reports, members of Global Investment Research of Goldman Sachs Australia may attend site visits and other meetings hosted by

the companies and other entities which are the subject of its research reports. In some instances the costs of such site visits or meetings may be met in

part or in whole by the issuers concerned if Goldman Sachs Australia considers it is appropriate and reasonable in the specific circumstances relating to

the site visit or meeting. To the extent that the contents of this document contains any financial product advice, it is general advice only and has been

prepared by Goldman Sachs without taking into account a client’s objectives, financial situation or needs. A client should, before acting on any such

advice, consider the appropriateness of the advice having regard to the client’s own objectives, financial situation and needs. A copy of certain