Item 7.01 Regulation FD Disclosure.

U.S. Surface Transportation Board - Revised Service Recovery Plan Filing

On June 23, 2022, Union Pacific Railroad Company (the Railroad), the principal operating subsidiary of Union Pacific Corporation (the Company), filed a revised service recovery plan (the revised plan) in response to a request from the U.S. Surface Transportation Board and Docket No. EP 770. The revised plan provides projections for key Railroad metric operating targets and performance indicators. The revised plan is publicly available as filing number 304844 on the STB website at https://www.stb.gov/proceedings-actions/filings.

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, statements and information regarding future expectations, outcomes or results of the company, projections, predictions, expectations, estimates or forecasts 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, outcomes 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, outcomes or results are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the statement, as well as the risk factors discussed in the Company's Annual Report on Form 10-K for 2021, which was filed with the SEC on February 4, 2022.

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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