Union Pacific Announces 2-For-1 Stock Split, Additional Share Repurchase Authorization and Second Quarter Dividend

Omaha, Neb., May 01, 2008 – Union Pacific Corporation (NYSE:UNP) announced that its Board of Directors voted today to authorize a two-for-one stock split, distributed as a stock dividend.  Shareholders will receive one additional share of Union Pacific common stock for each common share held.  The stock dividend will be paid on May 28, 2008, to shareholders of record on May 12, 2008.  This action will not change the proportionate interest that a shareholder maintains in the company. 

Separately, the Board of Directors also authorized the repurchase of 20 million common shares (40 million shares post-split) by March 31, 2011.  This new authorization is in addition to the 20 million share repurchase program initiated in January 2007.  Since last January, Union Pacific has repurchased 16 million shares of common stock, returning $1.9 billion to shareholders.  Approximately 4 million shares (8 million shares post-split) remain to be repurchased under the prior authorization.  When completed, these two repurchase authorizations will have reduced total shares outstanding by roughly 15 percent since the start of the first program.  The timing and volume of share repurchases under these authorizations will be at the discretion of management.  Any share repurchase under these programs may be made in the open market, or otherwise. 

Today, the Board of Directors also declared a quarterly dividend of 44 cents per common share (22 cents per share post-split) for the second quarter of 2008.  The dividend is payable on July 1, 2008, to shareholders of record May 30, 2008.  Union Pacific has paid dividends on its common stock for 109 consecutive years.

"We remain committed to improving returns," said Jim Young, Chairman and Chief Executive Officer.  "Union Pacific is building a strong track record of delivering results for its shareholders.  The actions we are taking today reflect our confidence in the bright future of our Company.  Our strong financial performance will enable us to continue to invest for safety and growth, maintain a strong balance sheet and enhance shareholder value."
 
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.

Contact for investors is Jennifer Hamann at 402-544-4227. 
Contact for media is Bob Turner at 402-544-5255 or 402-203-0194.

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.