Union Pacific Elects President and CEO James R. Young Chairman of the Board

Board Recognizes Retiring Chairman Dick Davidson’s 47 Years of Service

Omaha, Neb., January 30, 2007 – Union Pacific Corporation (NYSE: UNP) today elected James R. Young, its president and chief executive officer, to the additional post of chairman of its board of directors, effective February 1, 2007. A 29-year veteran with the railroad, Young has held a variety of professional, managerial, and senior management positions, including Chief Financial Officer. He was elected president and chief operating officer of Union Pacific Railroad in January 2004, and chief executive officer of Union Pacific Corporation effective Jan. 1, 2006.

In naming Young to his new position, the board also paid tribute to retiring Chairman Dick Davidson. After a 47-year career that took him from brakeman to chairman of the nation’s largest railroad corporation, Davidson is retiring effective Jan. 31, 2007.

"Dick’s retirement marks the end of a long and successful career," said Young. We all owe Dick a huge debt of gratitude for his leadership and vision in helping create today’s Union Pacific.  We wish him a long, healthy and happy retirement, which is very well deserved."

Davidson’s career parallels a period of great technological and economical advancement in the nation’s railroad industry.  When Davidson began his railroad career in 1960, radios were just coming into use. Today, technology has revolutionized every aspect of the industry, from track and locomotive maintenance to train-control systems - helping boost safety and quality while improving productivity.

Davidson was a manager in the Operating Department when partial de-regulation took place in 1980, and he played a role in the subsequent consolidations and mergers that made Union Pacific the nation’s largest railroad. During his 10 years as chairman of the corporation, Davidson helped launch unprecedented quality control and construction projects to handle growing shipping volume - and built a foundation for Union Pacific’s future growth.

About 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.

For further information, contact Kathryn Blackwell at (402) 544-3753.

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