2014 Union Pacific Investor Day

Thank you for accessing Union Pacific Corporation's 2014 Investor Day held on Wednesday, Nov. 5, starting at 1:00 p.m. CT.

This presentation and related materials contain statements about the Corporation's future that are not statements of historical fact. These statements are, or will be, forward-looking statements as defined by the Securities Act of 1933 and the Securities Exchange Act of 1934. Forward-looking statements include, without limitation, information or statements regarding: expectations regarding demand for rail transportation services; statements and expectations involving economic conditions; expectations as to operational or service improvements, including the effectiveness of steps taken or to be taken to improve operations and the transportation plan, productivity, customer service, infrastructure, and shareholder returns; the time by which goals, targets or objectives will be achieved; expectations as to existing or proposed new products and services; expectations as to financial performance, revenue growth, cost savings, and capital expenditures; expectations regarding fuel prices; expectations as to the impact of any new regulatory activities or legislation on operations or financial results; and statements concerning projections, predictions, expectations, estimates or forecasts as to the Corporation's and its subsidiaries' business, financial and operational results, and future economic performance; and statements of management's beliefs, expectations, goals and objectives and other similar expressions concerning matters that are not historical facts. Forward-looking statements may be identified by their use of forward-looking terminology, such as "outlook," "believes," "expects," "may," "should," "will," "intends," "plans," "estimates," "anticipates," "projects," and similar words, phrases, derivations or expressions.

Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times that, or by which, such performance or results will be achieved. Forward-looking information, including expectations regarding operational and financial improvements and the Corporation's future performance or results are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the statement. Important factors, including risk factors, could affect the Corporation's and its subsidiaries' future results and could cause those results or other outcomes to differ materially from those expressed or implied in the forward-looking statements. Information regarding risk factors and other cautionary information are available in the Corporation's Annual Report on Form 10-K for 2013, which was filed with the SEC on February 7, 2014. The Corporation updates information regarding risk factors if circumstances require such updates in its periodic reports on Form 10-Q and its subsequent Annual Reports on Form 10-K (or such other reports that may be filed with the SEC).

Forward-looking statements speak only as of, and are based only upon information available on, the date the statements were made. The Corporation assumes no obligation to update forward-looking information to reflect actual results, changes in assumptions or changes in other factors affecting forward-looking information. If the Corporation does update one or more forward-looking statements, no inference should be drawn that the Corporation will make additional updates with respect thereto or with respect to other forward-looking statements. References to our website are provided for convenience and, therefore, information on or available through the website is not, and should not be deemed to be, incorporated by reference herein.