Union Pacific Announces Dividend Increase

Omaha, Neb., November 15, 2007 – Union Pacific Corporation (NYSE:UNP) announced that its Board of Directors today voted to increase the quarterly dividend on the company’s common stock by 26 percent to 44 cents per share.  The increased dividend is payable January 2, 2008 to stockholders of record November 29, 2007.

Today’s dividend increase is in addition to a 17 percent increase announced earlier this year.  In total, the Company has increased its dividend 47 percent over the last twelve months.

"We are pleased to be able to reward our shareholders with a second dividend increase in 2007," said Jim Young, Chairman and Chief Executive Officer.  "As a result of our productivity initiatives and capital investments, we have achieved record financial results this year, despite a softer than expected economic environment.  As we look ahead, we will continue to focus on enhancing the value of our company for all of our stakeholders - customers, shareholders, employees and the community."

Union Pacific has paid dividends on its common stock for 108 consecutive years.

About Union Pacific

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.

Contact for investors is Mike Bailey at 402-544-6178. 
Contact for media is Kathryn Blackwell at 402-544-3753. 

This press release contain  statements about the Corporation’s future that are not statements of historical fact, including specifically statements regarding the impact of productivity initiatives and capital investments on the Corporations operations and financial returns; management’s outlook on the economy;  the Corporation’s ability to improve returns, customer service, and shareholder value; and whether the Corporation will continue paying dividends to its shareholders in the future.  These statements are, or will be, forward-looking statements as defined by the Securities Act of 1933 and the Securities Exchange Act of 1934.  Forward-looking statements also generally include, without limitation, information or statements regarding: expectations as to continued or increasing demand for rail transportation services; expectations regarding operational improvements, including the effectiveness of network management initiatives that have been or will be implemented to improve operations, customer service, and shareholder returns; expectations as to increased returns, cost savings, revenue growth, and earnings;  expectations regarding fuel price and our ability to mitigate fuel costs;  the time by which certain objectives will be achieved, including expected improvements in operations and implementation of network management initiatives;  estimates of costs relating to environmental remediation and restoration; proposed new products and services; expectations that claims, lawsuits, environmental costs, commitments, contingent liabilities, labor negotiations or agreements, or other matters will not have a material adverse effect on our consolidated financial position, results of operations, or liquidity;  statements concerning projections, predictions, expectations, estimates or forecasts as to the Corporation’s and its subsidiaries’ business, financial, and operational results, and future economic performance;  and statements of management’s beliefs, expectations, goals, and objectives and other similar expressions concerning matters that are not historical facts.

Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times that, or by which, such performance or results will be achieved.  Forward-looking information, including expectations regarding operational and financial improvements and the Corporation’s future performance or results are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the statement. 

Important factors, including risk factors, could affect the Corporation’s and its subsidiaries’ future results and could cause those results or other outcomes to differ materially from those expressed or implied in the forward-looking statements.  Information regarding risk factors and other cautionary information are available in the Corporation’s Annual Report on Form 10-K for 2006, which was filed with the SEC on February 23, 2007.  The Corporation updates information regarding risk factors if circumstances require such updates in its periodic reports on Form 10-Q and its subsequent Annual Reports on Form 10-K (or such other reports that may be filed with the SEC).     

Forward-looking statements speak only as of, and are based only upon information available on, the date the statements were made.  The Corporation assumes no obligation to update forward-looking information to reflect actual results, changes in assumptions or changes in other factors affecting forward-looking information.  If the Corporation does update one or more forward-looking statements, no inference should be drawn that the Corporation will make additional updates with respect thereto or with respect to other forward-looking statements. 

References to our Web site are provided for convenience and, therefore, information on or available through the website is not, and should not be deemed to be, incorporated by reference herein.

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.