Union Pacific Corporation Declares Quarterly Dividend of 30 Cents a Share

Omaha, Neb., February 24, 2005 – The Board of Directors of Union Pacific Corporation (NYSE: UNP) has declared a quarterly dividend of 30 cents per share on its common stock, payable April 1, 2005, to stockholders of record March 9, 2005.

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 also 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 is the premier rail franchise in North America.

Contact for investors is Jennifer Hamann at (402) 544-4227.
Contact for media is Kathryn Blackwell (402) 544-3753.

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 Such information by its nature may become outdated, and investors should not assume that the statements and information contained in Union Pacific's news releases remain current after the date issued.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.