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[notation: C/]

KNOW ALL MEN BY THESE PRESENTS: That THE BOARD OF TRUSTEES OF THE LELAND STANFORD JUNIOR UNIVERSITY for value received, have bargained, sold, assigned and transferred and by these presents do bargain, sell, assign and transfer unto ________ 250 First Mortgage Bonds of the UNION PACIFIC RAILROAD COMPANY,

maturing in 1947, being Nos. M 03778, M 03779, M 04179, M 04512, M 04514, M 04517, M 05435, M 05236, M 06854, M 06855, M 06857 to M 06868, both inclusive, M 07073, M 07306, M 07805 to M 07809, both inclusive, M 08367, M 08368, M 08370, M 10469, M 10470, M 11025 to M 11028, both inclusive, M 11253 to M 11257, both inclusive, M 11987, M 11946, M 11997, M 11998, M 11999, M 12000, M 12001, M 12290, M 12668, M 12669, M 13676, M 13700 to M 13708, both inclusive, M 13736, M 14212, M 14574, M 16414, M 16415, M 20638 to M 20642, both inclusive, M 20647 to M 20650, both inclusive, M 20823, M 21912, M 21913, M 21915, M 21916, M 21917, M 22410, M 22479, M 22480, M 23513 to M 23517, both inclusive, M 23519 to M 23523, both inclusive, M 25596, M 25615, M 25616, M 25617, M 25618 to M 25621, both inclusive, M 25951, M 25955, M 28807 to M 28811, both inclusive, M 29166, M 29167, M 29168 to M 29494, M 29595, M 29596, M 29848, M 21023, M 31024, M 31067, M 31096, M 32138, M 32529, M 32540, M 35241, M 32542, M 33464 to M 33467, both inclusive, M 33671 to M 33674, both inclusive, M 33851, M 33860 to M 33863, both inclusive, M 33934, M 35382, M 35383, M 35449, M 36049, M 36051, M 36619, M 36620, M 37031, M 37032, M 37033, M 37034, M 37040, M 37837, M 38269 to M 38275, both inclusive, M 38912 to M 38920, both inclusive, M 39995, M 39996, M 39997, M 40004, M 40005, M 41893, M 41894, M 42673, M 42679, M 42876, M 42877, M 43347, M 43495 to 43501, both inclusive, M 43972 to M 43982, both inclusive, M 43983 to M 43990, both inclusive, M 44050 to M 44059, both inclusive, M 45490, M 45688, M 45741, M 46301 to M 46310, both inclusive, M 46463, M 46506, M 46508, M 46570, M 46798, M 49730 to M 49734, both inclusive, M 50173, M 51598, M 51599, M51600,

for $

standing in our name on the books of said Company and do hereby constitute and appoint _________ our true and lawful attorney, irrevocably for us and in our name and stead, but to our use, to sell, assign, transfer and set over _______ the said bonds, and for that purpose to