New York, May 02, 2016 -- Moody's Investors Service ("Moody's") assigned a Aa2 rating to the $151 million Pass Through Certificates, Series 2016-1 (the "Certificates") that Union Pacific Railroad Company ("UPRR") plans to issue through the Union Pacific Railroad Company 2016-1 Pass Through Trust. Moody's also affirmed the A3 senior unsecured and P-2 short term ratings of Union Pacific Corporation ("Union Pacific") and all ratings of its subsidiaries, including UPRR. The rating outlook is stable.

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