Union Pacific Railroad Company -- Moody's says Aa2 rating of Union Pacific's Pass Through Certificates, Series 2014-1 unaffected by increase in offering size

New York, May 06, 2014 -- Moody's Investors Service ("Moody's") said that the Aa2 rating of the Pass Through Certificates, Series 2014-1 that Union Pacific Railroad Company ("UPRR") plans to issue through the Union Pacific Railroad Company 2014-1 Pass Through Trust is unaffected by the increase in the offering size to $500 million from $351 million. Earlier today, Moody's announced that it had assigned an Aa2 rating to the $351 million Pass Through Certificates, Series 2014-1 that UPRR originally planned to issue. Upsizing of the transaction does not materially increase financial leverage in a way that affects the underlying credit profile of Union Pacific Corporation. Moreover, the upsizing does not alter the primary considerations underlying the original rating, including the structure of the transaction, the criticality to the company of the equipment securing the transaction, and the estimated loan-to-value ratio of the Equipment Trust Certificates. For more information please see www.moodys.com.

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