UNION PACIFIC CORPORATION (NYSE:UNP) Files An 8-K Regulation FD Disclosure
Item 7.01 Regulation FD Disclosure.

With the enactment of the Tax Cuts and Jobs Act (the “Act”), Union Pacific Corporation’s (the “Company”) financial results for 2017 will include a non-cash reduction in income tax expense of approximately $5.8 billion resulting primarily from the revaluation of the Company's deferred tax liabilities to reflect the recently enacted21% federal corporate tax rate. In addition, the Company will recognize an approximately $200 million non-cash reduction to operating expense related to income tax adjustments at equity-method affiliates.

These estimates are based on the Company's initial analysis of the Act. Given the significant complexity of the Act, anticipated guidance from the Internal Revenue Service about implementing the Act, and the potential for additional guidance from the Securities and Exchange Commission or the Financial Accounting Standards Board related to the Act, these estimates may be adjusted when the Company announces its financial results for 2017 or in future periods during 2018. The Company will announce financial results for the quarter and year ended December 31, 2017, on January 25, 2018.

This Form 8-K disclosure contains forward-looking statements that are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the statements. Important factors, including risk factors, regarding forward-looking information and these risks and uncertainties are discussed in the Company’s filings with the Securities and Exchange Commission.

About UNION PACIFIC CORPORATION (NYSE:UNP)

Union Pacific Corporation operates through its principal operating company, Union Pacific Railroad Company. Union Pacific Railroad Company links approximately 20 states in the western two-thirds of the country by rail, providing link in the supply chain. The Company’s business mix includes agricultural products, automotive, chemicals, coal, industrial products and intermodal. The Company operates from West Coast and Gulf Coast ports to eastern gateways, connects with Canada’s rail systems and serves approximately six Mexico gateways. The Company is a Class I railroad operating in the United States. The Company’s network includes approximately 32,080 route miles, linking Pacific Coast and Gulf Coast ports with the Midwest and Eastern United States gateways and providing several corridors to Mexican gateways. The Company owns approximately 26,060 miles and operates on the remainder pursuant to trackage rights or leases.