Item 7.01 Regulation FD Disclosure.

On June 9, 2020 Jennifer L. Hamann, Executive Vice President and Chief Financial Officer of Union Pacific Corporation (the Company) presented at the Deutsche Bank 2020 Global Industrials & Materials Summit. While reaffirming guidance Ms. Hamann provided during first quarter earnings on April 23, 2020, the presentation provided an update on the Company's second quarter-to-date volume, including expectations for volume to be down closer to twenty percent (20%), as well as updates on operational changes made in response to volume declines from the COVID-19 pandemic. Ms. Hamann also noted that the Company does not expect its second quarter operating ratio to improve on a year over year basis. The full presentation is available on the Company's website www.up.com under Investors; Earnings Release and Management Presentations; Analysts Conferences.

This Form 8-K contains forward-looking statements as defined by the Securities Act of 1933 and the Securities Exchange Act of 1934. Forward-looking statements also generally include, without limitation, information or statements regarding: projections, predictions, expectations, estimates or forecasts as to the Company's and its subsidiaries' business, financial, and operational results, and future economic performance; and management's beliefs, expectations, goals, and objectives and other similar expressions concerning matters that are not historical facts.

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 Company'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 the impact of the COVID-19 pandemic and responses by governments, businesses, and individuals thereto, and risk factors discussed in the Company's Annual Report on Form 10-K for 2019, which was filed with the SEC on February 7, 2020, and risk factors in the Company's subsequent Quarterly Report on Form 10-Q filed with the SEC on April 23, 2020 could affect the Company'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.

Forward-looking statements speak only as of, and are based only upon information available on, the date the statements were made. The Company 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 Company does update one or more forward-looking statements, no inference should be drawn that the Company will make additional updates with respect thereto or with respect to other forward-looking statements.




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