Evans to Retire From Union Pacific

Omaha, Neb., January 27, 2005 – Union Pacific Corporation (NYSE: UNP) said today that Ivor J. (Ike) Evans has announced his intention to retire as vice chairman and a director of the company effective February 28, 2005. Evans, 62, joined the company as President and Chief Operating Officer of Union Pacific Railroad in September of 1998. He became vice chairman in February of 2004.

During Evans’ tenure, revenue at Union Pacific grew from $9 billion to over $12 billion at a time when industrial production was essentially flat. His customer-driven mindset was behind the development of a number of new and successful products such as Blue Streak and Express Lane. These products, combined with productivity improvements, allowed the company to grow significantly faster than its historic pattern.

In addition, he created an industrial engineering capability in the company that is essential to increasing the throughput of the company’s 33,000-mile rail network by identifying and eliminating bottlenecks.

Richard K. Davidson, chairman and chief executive officer, said," Ike’s retirement caps a highly successful career where he contributed significantly at three great companies: General Motors, Emerson Electric and Union Pacific. We are fortunate that he chose to join our company, as we were able to benefit from his extensive experience in manufacturing. Union Pacific is a better company as a result of his leadership. Our board and I offer our thanks and best wishes to Ike and his wife Letty as they begin the next phase of their lives. We are sorry to see him go."

"The past six and a half years have been a wonderful experience that I’ve enjoyed immensely," Evans said. "Union Pacific is a great company with thousands of terrific people whose future couldn’t be brighter. I’ve been proud to be a part of the UP team."

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.

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

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