Union Pacific Corporation Invites You to Join Its Fourth Quarter Earnings Release Broadcast

Omaha, Neb., January 3, 2005 – In conjunction with Union Pacific Corporation's (NYSE: UNP) Fourth Quarter 2004 Earnings Release, you are invited to listen to its presentation that will be broadcast live over the Internet or via teleconference on Monday, January 24, 2005 at 1:00 p.m. Eastern Time.

What: Union Pacific Corporation's Fourth Quarter 2004 Earnings Release
When: Monday, January 24, 2005 at 1:00 p.m. ET
Where: www.up.com (under Investors)
How: Live over the Internet – Simply logon to the Web at the address above

OR

Dial-in telephone access:

Domestic: (877) 407-8293
International: (201) 689-8349

Contact: Jennifer Hamann, Assistant Vice President - Investor Relations at (402) 544-4227.

Union Pacific Corporation owns one of America's leading transportation companies. Its principal operating company, Union Pacific Railroad, is the largest railroad in North America, covering 23 states across the western two-thirds of the United States. A strong focus on quality and a strategically advantageous route structure enable the company to serve customers in critical and fast growing markets. It is a leading carrier of low-sulfur coal used in electrical power generation and has broad coverage of the large chemical-producing areas along the Gulf Coast. With competitive long-haul routes between all major West Coast ports and eastern gateways, and as the only railroad to serve all six major gateways to Mexico, Union Pacific has the premier rail franchise in North America.

If you are unable to participate during the live teleconference, the call will be archived on Union Pacific's Web site at http://www.up.com. To access the replay, click on Investors.

(Minimum requirements to listen to broadcast:

Windows Media Player software downloadable free from http://www.microsoft.com/windows/windowsmedia/, and at least a 28.8 Kbps connection to the Internet.)

The statements and information contained in the news releases provided by Union Pacific speak only as of the date issued. Such information by its nature may become outdated, and investors should not assume that the statements and information contained in Union Pacific's news releases remain current after the date issued. Union Pacific makes no commitment, and disclaims any duty, to update any of this information.