Union Pacific Corporation to Host Analyst Conference and Webcast

Omaha, Neb., May 16, 2005 – Union Pacific Corporation (NYSE: UNP) will host a live Webcast of a meeting for financial analysts and investors in Omaha, Neb. The conference will begin at 1:00 p.m. Central Time, Tuesday, May 24, and conclude at approximately 6:00 p.m.

What: Union Pacific Corporation's 2005 Analyst Conference

When: Tuesday, May 24, 2005 – 1:00 p.m. CT

Where: www.up.com (under Investors)

How: Live over the Internet - Simply logon to the Web at the address above

Contact: Jennifer Hamann, Assistant Vice President - Investor Relations at 402/544-4227

Also on May 24, the 2004 Analyst Fact Book will be made available via the Web at www.up.com (under Investors).

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 Such information by its nature may become outdated, and investors should not assume that the statements and information contained in Union Pacific's news releases remain current after the date issued.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