Union Pacific Elects James R. Young Chief Executive Officer

Davidson to Remain as Chairman

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Omaha, Neb., November 17, 2005 – Union Pacific Corporation (UNP) today announced that James R. Young has been elected chief executive officer and president of the Corporation effective January 1, 2006. Dick Davidson, the company’s current chairman, chief executive and president, will remain as chairman of the board. Young will also remain president of Union Pacific Railroad.

Young, 53, joined Union Pacific in 1978 in the Finance Department and has held a number of positions at both the Railroad and the Corporation during his career. He became executive vice president and chief financial officer of the Corporation in 1999 and was elected president and chief operating officer of the Railroad in January 2004. He was elected a director of Union Pacific in February 2005.

In commenting on the transition, Mr. Davidson said, "Jim has a strong record of leadership in our company and will be an outstanding chief executive officer. I know that Jim and his management team will do a great job for our customers and shareholders. It has been a real privilege for me to serve as our company’s chief executive for the past nine years. As I approach retirement, I know I will be leaving Union Pacific in good hands."

Young said "I am honored to have this opportunity. We have a first-class workforce and our future has never been brighter. I am looking forward to working with our customers on their priorities and rewarding our shareholders for their investment in Union Pacific."

Union Pacific Corporation owns one of America's leading transportation companies. Its principal operating company, Union Pacific Railroad, links 23 states in the western two-thirds of the country and serves the fastest-growing U.S. population centers. Union Pacific’s diversified business mix includes Agricultural Products, Automotive, Chemicals, Energy, Industrial Products and Intermodal. The railroad offers competitive long-haul routes from all major West Coast and Gulf Coast ports to eastern gateways. Union Pacific connects with Canada’s rail systems and is the only railroad serving all six major gateways to Mexico, making it North America’s premier rail franchise.

Media Contact: Kathryn Blackwell: 402 544-3753

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