2010 Union Pacific Security Analyst Meeting

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Thank you for accessing Union Pacific Corporation's 2010 Security Analyst Meeting held on Thursday, Nov. 4.

This presentation and related materials may contain statements about the Corporation's future that are not statements of historical fact. 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 include, without limitation, information or statements regarding: expectations regarding demand for rail transportation services; statements and expectations involving economic conditions; expectations as to operational or service improvements, including the effectiveness of steps taken or to be taken to improve operations and the transportation plan, productivity, customer service, infrastructure, and shareholder returns; expectations regarding increased returns, cost savings, revenue growth and earnings; expectations regarding fuel price; the time by which certain objectives will be achieved; 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; and 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 may be identified by their use of forward-looking terminology, such as “outlook,” “believes,” “expects,” “may,” “should,” “will,” “intends,” “plans,” “estimates,” “anticipates,” “projects,” and similar words, phrases, derivations or expressions.

Forward-looking statements and information reflect the good faith consideration by management of currently available information, and may be based on underlying assumptions believed to be reasonable under the circumstances. However, such information and assumptions (and, therefore, such forward-looking statements and information) are or may be subject to variables or unknown or unforeseeable events or circumstances over which management has little or no influence or control. The Risk Factors in the Corporation's 2009 Annual Report on Form 10-K, filed February 5, 2010, could affect the Corporation's future results and could cause those results or other outcomes to differ materially from those expressed or implied in the forward-looking statements and this presentation. To the extent circumstances require or management deems it otherwise necessary, the Corporation will update or amend these risk factors in a Form 10-Q or Form 8-K. 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 is subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the statements.

Forward-looking statements speak only as of the date the statement was 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.