Union Pacific Reports Record First Quarter Diluted Earnings per Share up 39 Percent Omaha, Neb., April 19, 2012 – Union Pacific Corporation (NYSE: UNP) today reported 2012 first quarter net income of $863 million, or $1.79 per diluted share, compared to $639 million, or $1.29 per diluted share, in the first quarter 2011. First Quarter Records Diluted earnings per share of $1.79 improved 39 percent. Operating revenues totaled $5.1 billion, up 14 percent and a best-ever quarterly record. Operating income totaled $1.5 billion, up 33 percent. Operating ratio of 70.5 percent improved 4.2 points. Customer satisfaction index reached 93, up 2 points and a best-ever quarterly record. "Union Pacific achieved record financial results across the board this quarter," said Jack Koraleski, Union Pacific chief executive officer. "We're clearly realizing the benefits of our diverse franchise, despite current coal challenges. We remain focused on delivering safe, efficient, high-quality service that creates value for our customers and increased financial returns for our shareholders." First Quarter Summary First quarter business volumes, as measured by total revenue carloads, grew 1 percent versus 2011. Four of Union Pacific's six business groups - automotive, industrial products, chemicals and intermodal - reported volume growth. Quarterly operating revenue increased 14 percent in the first quarter 2012 to $5.1 billion versus $4.5 billion in the first quarter 2011. In addition: Each of Union Pacific's six business groups reported freight revenue growth in the first quarter, driven by core pricing gains and improved fuel surcharge recovery. Volume growth in four of our six business groups also contributed to revenue growth. Union Pacific's operating ratio of 70.5 percent was a first quarter best, 4.2 points better than the previous first quarter record set in 2011. Pricing gains, volume growth, efficient operations, and improved fuel surcharge recovery contributed to this record performance. Average quarterly diesel fuel prices increased 12 percent to $3.23 per gallon in the first quarter 2012 from $2.88 per gallon in the first quarter 2011. The Customer Satisfaction Index of 93 set a new all-time quarterly record and was two points better than the first quarter 2011. Quarterly train speed, as reported to the Association of American Railroads, was 26.3 mph, increasing 1 percent compared to the first quarter 2011. The Company repurchased 3.9 million shares in the first quarter 2012 at an average share price of $110.64 and an aggregate cost of $433 million. Summary of First Quarter Freight Revenues Automotive up 26 percent Industrial Products up 25 percent Chemicals up 16 percent Intermodal up 15 percent Agricultural up 6 percent Energy up 5 percent 2012 Outlook "With a strong first quarter behind us, we're focused on the prospects that lie ahead," said Koraleski. "Although softer coal demand remains a challenge, the benefits of our diverse franchise should support continued opportunities in other markets, driving record financial results for the year. We're moving forward with our capital investment strategy, investing today to strengthen the network and build capacity that will drive continued improvement in customer service and increased shareholder returns in the future." About Union Pacific It was 150 years ago that Abraham Lincoln signed the Pacific Railway Act of July 1, 1862, creating the original Union Pacific. One of America's iconic companies, today, Union Pacific Railroad is the principal operating company of Union Pacific Corporation (NYSE: UNP), linking 23 states in the western two-thirds of the country by rail and providing freight solutions and logistics expertise to the global supply chain. From 2000 through 2011, Union Pacific spent more than $31 billion on its network and operations, making needed investments in America's infrastructure and enhancing its ability to provide safe, reliable, fuel-efficient and environmentally responsible freight transportation. Union Pacific's diversified business mix includes Agricultural Products, Automotive, Chemicals, Energy, Industrial Products and Intermodal. The railroad serves many of the fastest-growing U.S. population centers and emphasizes excellent customer service. Union Pacific operates competitive routes 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. Investor contact is Michelle Gerhardt, (402) 544-4227 Media contact is Donna Kush, (402) 544-3753.