On September 28, 2023, the Board of Directors of Union Pacific Corporation accepted the request of Director Jose H. Villarreal to retire from his service on the Board. Mr. Villarreal will retire from the Board effective October 1, 2023, after 14 years of dedicated service. Mr. Villarreal's retirement does not relate to any disagreement with the Company, its management, or the Board on any matter relating to the Company's operations, policies, or practices.

The Company deeply appreciates Mr. Villarreal's service and wishes him well. As previously disclosed, Director Jane H. Lute will serve as Chair of the newly established Safety and Service Quality Committee. On September 28, 2023, the Board appointed Directors DoyleR.Simons, JohnP.Wiehoff, and William J. DeLaney to that Committee effective October 1, 2023.

On September 28, 2023, the Board also appointed Mr. Simons to the Compensation and Benefits Committee and Mr. Wiehoff to the Audit Committee, both effective October 1, 2023.