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

Omaha, Neb., December 21, 2005 – In conjunction with Union Pacific Corporation's (NYSE: UNP) Fourth Quarter 2005 Earnings Release, you are invited to listen to its presentation that will be broadcast live over the Internet or via teleconference on Thursday, January 19, 2006, at 8:45 a.m. Eastern Time.

What:  Union Pacific Corporation's Fourth Quarter 2005 Earnings Release
When: Thursday, January 19, 2006 at 8:45 a.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, 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.

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 https://www.microsoft.com/windows/windowsmedia/default.aspx, 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 Such information by its nature may become outdated, and investors should not assume that the statements and information contained in Union Pacific's news releases remain current after the date issued.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.