Financial

Union Pacific Announces Annual Payments of Interest on Certain Bonds and Debentures

Omaha, Neb., March 17, 2017

Union Pacific Railroad Company announced today that it has determined the contingent interest and sinking fund payments due in respect of Available Net Income for 2016 under the terms of certain bonds and debentures originally issued by the Missouri Pacific Railroad Company (MPRR). Union Pacific Railroad Company is required to publicly announce such annual determination. The bonds and debentures were assumed by Union Pacific Railroad Company as a result of the merger of MPRR with and into Union Pacific Railroad Company on Jan. 1, 1997.

On April 1, 2017, Union Pacific Railroad Company will pay contingent interest ($4.75 per $100 principal amount) on each of the Missouri Pacific Railroad Company 4 ¾% General Mortgage Income Bonds Series A Due 2020 and the Missouri Pacific Railroad Company 4 ¾% General Mortgage Income Bonds Series B Due 2030. The Company will also on April 1, 2017, make sinking fund payments of $349,630 and $338,020, respectively, for the Series A and Series B bonds. In addition, on April 1, 2017, Union Pacific Railroad Company will make contingent interest payments ($5.00 per $100 principal amount) for the Missouri Pacific Railroad Company 5% Income Debentures Due 2045.

The close of business on March 28, 2017, has been established as the record date for determining persons owning registered Bonds and Debentures without coupons who are entitled to receive interest. Interest on registered Bonds and Debentures without coupons will be paid by check mailed to the registered holder, as of the record date, at the address indicated in the Trustee’s records.

A copy of the 2016 Available Net Income calculation is available for inspection during regular business hours at the Trustee’s offices, The Bank of New York Mellon Trust Company, N.A., 2 North LaSalle, Suite 1020, Chicago, IL 60602.

The Bank of New York Mellon Trust Company contact: Daniel Donovan, Vice President, (312) 827-8547

Union Pacific contact: Gary Grosz, Assistant Vice President-Corporate Finance, (402) 544-6175

ABOUT UNION PACIFIC

Union Pacific Railroad is the principal operating company of Union Pacific Corporation (NYSE: UNP). One of America's most recognized companies, Union Pacific Railroad connects 23 states in the western two-thirds of the country by rail, providing a critical link in the global supply chain. From 2007-2016, Union Pacific invested approximately $34 billion in its network and operations to support America's transportation infrastructure. The railroad's diversified business mix includes Agricultural Products, Automotive, Chemicals, Coal, Industrial Products and Intermodal. Union Pacific serves many of the fastest-growing U.S. population centers, operates from all major West Coast and Gulf Coast ports to eastern gateways, connects with Canada's rail systems and is the only railroad serving all six major Mexico gateways. Union Pacific provides value to its roughly 10,000 customers by delivering products in a safe, reliable, fuel-efficient and environmentally responsible manner.

The statements and information contained in the news releases provided by Union Pacific speak only as of the date issued. Such information by its nature may become outdated, and investors should not assume that the statements and information contained in Union Pacific's news releases remain current after the date issued. Union Pacific makes no commitment, and disclaims any duty, to update any of this information.

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