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Wells Fargo 2013 Industrial & Construction Conference

Rob Knight, CFO - May 8, 2013

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Cautionary Information This presentation and related materials contain statements about the Corporation’s future that are not statements of historical fact, including specifically the statements regarding the Corporation’s expectations with respect to general economic conditions and business growth; its ability to provide safe, efficient and reliable customer service and increase customer value and shareholder returns. These statements are, or will be, 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 Corporation’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 Corporation’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 risk factors, could affect the Corporation’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. Information regarding risk factors and other cautionary information are available in the Corporation’s Annual Report on Form 10-K for 2012, which was filed with the SEC on February 8, 2013. The Corporation updates information regarding risk factors if circumstances require such updates in its periodic reports on Form 10-Q and its subsequent Annual Reports on Form 10-K (or such other reports that may be filed with the SEC). Forward-looking statements speak only as of, and are based only upon information available on, the date the statements were made. The Corporation 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 Corporation does update one or more forward-looking statements, no inference should be drawn that the Corporation will make additional updates with respect thereto or with respect to other forward-looking statements. References to our website are provided for convenience and, therefore, information on or available through the website is not, and should not be deemed to be, incorporated by reference herein.

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Portland

Los Angeles

Calexico

Seattle

Brownsville

Houston New Orleans

Twin Cities

Nogales El Paso

Duluth

Oakland Omaha

Denver Salt Lake City

Kansas City

Chicago

Memphis

St. Louis

Fastest Growing States

Ports

Borders & Interchange

C

To/From Asia

Portla

Oaklala

To/From Asia

To Europe, South America

and Africa

Industrial 16%

Agricultural 19%

Chemicals 15%

asosEagle Pass Laredo

Dallas

Eastport

a

Industriiiiialallllll 16%

Agricuuuuuuultltltltltlturuuuuuuu al19%

ChChChChChemememememicicicicici alaallaaalss15%%

Intermodal 20%

Coal 20%

Autos 9%

Industrial 18%

Agricultural 17%

Chemicals 16%

Freight Revenue $19.7B in 2012

• Diverse Business Mix • Fastest Growing States • Broad Port Access • Interchange Traffic &

Border Crossings

The Strength of a Unique Franchise

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2004* 2012 2004* 2012

Successful Track Record 2004 to 2012

Operating Ratio 87.5%

67.8%

#1 – Industry Improvement

2004* 2012

EPS

$1.42

$8.27

ROIC

5.3%

14.0%

+25% CAGR

* 2004 adjusted for asbestos charge of $247.4 million.

-19.7 points

+8.7 points

7 Day Volume @ 184K

7 Day Volume @ 176K

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First Quarter 2013 Record Results

Positives • First Quarter Records

– Operating Revenue – Operating Income – Operating Ratio – Earnings – Customer Satisfaction

• Franchise Diversity • Network Efficiency

Challenges • Coal & Grain Volumes

2011 2012 2013

74.7

70.5 69.1

Operating Ratio (%) First Quarter

(1.4) pts

2011 2012 2013

$1.29

$1.79 $2.03 1st Qtr Record

+13%

Earnings Per Share First Quarter

1st Qtr Record

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2013 Volume Drivers

140

150

160

170

180

190

200

210

7-Day Monthly Carloadings (000s)

2006 @192

2010 @172

January December

2011 @176.5

2009 @152

Coal

Intermodal

YTD 2013 Volume Growth* (vs YTD 2012)

al

Agricultural

TOTAL

Flat

+2%

-8%

-15%

+2%

-2%

+13%

Automotive

Chemicals

Industrial Products

Sub Total (excl Coal) +2%

2012 @ 176

*Through May 5, 2013

2013* down 2% YTD

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Coal Trends

Natural Gas Prices (NYMEX)

Electricity Generation

Southern Powder River Basin

74%

Other 13%

Volume Impact (Weekly Carloadings)

1Q 4Q 27,000

31,000

35,000

39,000

43,000

47,000

2011

2012

2Q 3Q

1Q 2013 Drivers • 2013 Contract Loss • High Coal Stockpiles and

Inventory Management • Mine Production Issues

2013*

*Through May 4, 2013

50% 50% 48% 48% 47%

38% 42%

17% 20% 19% 21% 20%

27% 25%

2007 2009 2011 2013

% from coal % from natural gas

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

$2.71 $2.30

$2.49

$2.96 $2.92

$3.69 $3.35

$3.77 $4.14 2013 2012

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UP Positioned for Mexico Growth Opportunities Strong Investments – Foreign and Domestic

Ferromex (FXE) KCSM Ferrosur (FSRR)

UP Interchange Points

New Industrial Investment

'05 '06 '07 '08 '09 '10 '11 '12

708 764 776 743

600

750 817

857

Volume Growth (Carloads in Thousands)

+5%

Ports

2012 Business Mix (In Carloads)

Audi - $1.3B

Agricultural 14%

Autos 45%

Intermodal 24% Industrial

10%

Chemicals 6%

Coal 1%

+9%

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Portland

Los Angeles

Seattle

Houston New Orleans

Twin Cities

Duluth

Oakland Omaha

Denver Salt Lake City

Chicago

Memphis

St. Louis

Borders & Interchange

Industrial 16%

Dallas

Eastport

Industrial 17%

Distribution Centers/Ports (UP Owned/Leased and Private)

Assembly Centers (UP served and in Mexico)

Kansas City

Union Pacific Connecting NAFTA Markets Automotive

2003-2007 Avg.

2017E

16.6

14.4

16.6

U.S. Vehicle Sales* (MM)

* April 2013 IHS Global Insight

2012

2005 2017E

1.6

2.9

3.9

2012

Mexico Auto Production* (MM)

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Permian Basin

Marcellus

Eagle Ford

Niobrara

Bakken

Canadian Crude

Current UP Origins Current UP Destinations Connecting Railroad Origins

Utica

Barnett

$105 Brent

$105 Brent

$105 Brent

$107 LLS

$83

$85

$92

Crude prices as of 5/3/13 Source: Plains Posting & Argus Research

$92

FY11 1Q12 2Q12 3Q12 4Q12 1Q13

36.7

22.0

33.7 40.5 41.3

45.6

Crude Oil Carloads (000s)

Union Pacific Crude-by-Rail

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Shreveport

Ft. Worth

Dallas

Houston New Orleans

San Antonio

Brownsville

Ethylene Plants New Plant/Expansions

Expanding Chemical Franchise Texas/Louisiana Investments

Formosa Plastics Corp. • >$1.7 Billion investment in cracker

and additional capacity projects. • Cracker capacity: 800,000 mt/year • Estimated completion in 2016

Dow Chemical Co. • $1.7 Billion investment in cracker

and additional capacity projects. • Total capacity: 1.5 million mt/year • Estimated completion in 2017

Chevron Phillips Chemical Co. • $5 Billion investment in cracker &

additional capacity projects. • Total capacity: 1.5 million mt/year • Estimated completion in 2017

k

Gruppo Mossi & Ghisolfi • Investment in new PET & PTA plants. • Capacity: 1.0 & 1.2 million mt/year • Estimated completion in 2016

Source: Public Announcements

Exxon Mobil Corp. • Investment in steam cracker. • Total capacity: 1.5 million mt/year • Estimated completion in 2016

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0.0

0.5

1.0

1.5

2.0

2.5

0

2,000

4,000

6,000

8,000

10,000

12,000

2005 2013* 2007 2009 2011

UP Wkly Carloadings

Housing Starts (mils)

Housing Trends

*Through May 4, 2013

• Housing represents ~8% of current UP volumes

• Lumber, Stone & Glass down 2,500 carloads a week, a 1.5% overall volume impact

• Housing also drives appliances, roofing, rebar, aggregates, and cement demand

• Including IP, Chemicals & Intermodal, return to normal could add volume growth opportunity of ~5%

Lumber, Stone & Glass

2013 YTD Lumber up

19%

‘04

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Highway Conversions • Comprehensive Network

– ~10 Million Domestic Truck-Load Conversion Opportunity

– ~3 Million Truckload Opportunity Originating from Mexico

• Strong Value Proposition – Competitive Service at an

Affordable Price – Environmental Friendliness

• Truck’s Traditional Advantage is Eroding – Regulations & Rising Costs – Highway Congestion &

Infrastructure

1Q12 2Q12 3Q12 4Q12 1Q13

6%

3%

1%

4%

Flat

-3%

3%

1%

Flat

8%

Volume Growth (Qtr-over-Qtr Volume Growth)

International Domestic

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Pricing Opportunity Strong Fundamentals Continue

2014 $100

2016 $100

2007 2008 2009 2010 2011 2012 1Q13

6% 6%

4.5% 5% 4.5% 4.5% 4%

Core Pricing Gains

202022222 141$100

20202202 16$100

Contracts > 1 Year

40% Contracts < 1 Year

30%

Tariffs 30%

Balanced Revenue Portfolio

• Value is the Key to Future Price Improvement

• New Business Supports Margin Improvement

• Balanced Portfolio Provides Flexibility for Repricing as Value Grows

• Remaining Legacy Portfolio

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Delivering Value to Shareholders

Cumulative Share Repurchases ($ In Billions)

Future Allocation

2008 2009 2010 2011 2012 2013E

$3.1 $2.5 $2.5

$3.2 $3.7 ~$3.6

Returns & Investments (Capital in Billions)

10.2%

14.0%

ROIC*

Declared Dividends Per Share

2007 2008 2009 2010 2011 2012

$0.745 $0.98 $1.08

$1.31

$1.93

$2.49 +3x

Cumulative Share Repurchases ($ In Billions)

2008 2009 2010 2011 2012 1Q'13

$1.5 $1.5

$2.8

$4.2

$5.7 $6.1

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Union Pacific – A Promising Future • 2013 Shaping up to be

Another Record Year

• Market-Based Pricing at Reinvestible Levels

• Focus on Productivity, Efficiency, and Innovation

• Leverage Strengths of Diverse Franchise

• Invest to Strengthen and Enhance Network

• Drive Increased Shareholder Returns

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Question & Answer Session