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NEWS RELEASE Union Pacific Reports First Quarter 2021 Results • Strong Core Results - Impacted by Weather and Fuel • Affirm 2021 Guidance FOR IMMEDIATE RELEASE UNION PACIFIC BUILDING AMERICAⓇ Omaha , Neb . , April 22 , 2021 – Union Pacific Corporation ( NYSE : UNP ) today reported 2021 first quarter net income of $ 1.3 billion , or $ 2.00 per diluted share . This compares to $ 1.5 billion , or $ 2.15 per diluted share , in the first quarter 2020 . " The first quarter presented some real challenges that impacted our results , but the team did a great job managing the business , ” said Lance Fritz , Union Pacific chairman , president , and chief executive officer . " We generated solid productivity through efficient use of our resources despite the significant weather event that covered most of our network in February and early March . I am particularly proud of the women and men of Union Pacific who rolled up their sleeves and kept the network safe , efficient and stable . Looking to the rest of the year , an improving economic outlook , our continued commitment to value based pricing that exceeds inflation and the opportunity for strong productivity give us confidence to affirm our 2021 guidance . " First Quarter Summary Operating revenue of $ 5.0 billion was down 4 % in first quarter 2021 compared to first quarter 2020. First quarter business volumes , as measured by total revenue carloads , decreased 1 % compared to 2020 driven by declines in industrial and bulk shipments , partially offset by strength in premium carloads . In addition , for the first quarter 2021 compared to 2020 : -more-