Union Pacific Corporation Declares Quarterly Dividend of 30 Cents a Share

Omaha, Neb., May 4, 2006 – 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 July 3, 2006, to stockholders of record May 31, 2006.

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.

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

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