Union Pacific Corporation Announces 10 Percent Dividend Increase for First Quarter 2019 and New Share Repurchase Authorization.

Omaha, Neb., February 7, 2019

Union Pacific Corporation (NYSE: UNP) announced that its Board of Directors today voted to increase the quarterly dividend on the Company’s common shares by 10 percent to 88 cents per share. The dividend is payable March 29, 2019, to shareholders of record February 28, 2019. This marks Union Pacific’s fourth dividend increase in the past six quarters. Union Pacific has paid dividends on its common stock for 120 consecutive years.

The Board today also approved a new share repurchase authorization, enabling the Company to buy up to 150 million of its common shares by March 31, 2022. The new authorization is effective April 1, 2019, and replaces the current authorization, which will now expire on March 31, 2019. The new authorization allows for the repurchase of 21 percent of current outstanding shares.

Since announcing its share repurchase program in January 2007, the Company has repurchased 38 percent of its outstanding shares at a total cost of approximately $31.9 billion, through February 6, 2019, with an average purchase price of $77.43 per share.

“The dividend increase and new share repurchase authorization are consistent with financial guidance we provided at our investor conference last year, including maintaining a dividend payout ratio between 40 and 45 percent and repurchasing approximately $20 billion of shares between 2018 and 2020,” said Rob Knight, Union Pacific chief financial officer. “These actions demonstrate our confidence in Union Pacific’s ability to continue growing cash returns for our shareholders.”

The timing and volume of share repurchases may be executed at the discretion of management on an opportunistic basis, or pursuant to trading plans or other arrangements. Share repurchases under this program may be made in the open market, in privately negotiated transactions, or otherwise.

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