Direct Stock Purchase and Dividend Reinvestment Option

Union Pacific Corporation is pleased to offer a direct stock purchase and dividend reinvestment plan. The Plan is sponsored and administered by Computershare, Union Pacific Corporation’s transfer agent, and is completely voluntary. It provides a convenient method to purchase shares in Union Pacific Corporation without paying a commission fee. The Plan also covers the reinvestment of dividends in Union Pacific Common Stock. Through its arrangements with Computershare, Union Pacific absorbs applicable bank service charges and brokerage commissions normally charged by Computershare, allowing the total amount of dividends and voluntary cash payments to be applied to the purchase of additional shares.

Union Pacific provides this plan as a convenience for its shareholders and is not providing investment advice regarding the purchase or sale of Union Pacific stock. You should consult an investment advisor regarding the purchase or sale of investment securities, including Union Pacific stock.

To enroll in the Plan, or if you have questions, there are three options for contacting Computershare Investor Services:

Mail:Computershare Investor Services, LLC
P.O. Box 30170
College Station, TX 77842
Phone:1-800-317-2512
Online:www.computershare.com/investor