Wolfe Research Transportation Conference

May 21, 2008 Webcast Presentation Webcast Replay Presentations (PDF File) If you have "pop-up" blocking software installed, press and hold the CTRL key when you click on the Registration link. Please contact your IT group if you are unable to override this feature.

Thank you for accessing Union Pacific Corporation's participation in the Wolfe Research Transportation Conference, held at 11:00 a.m. EDT on Tuesday, May 21, 2008.

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 and can be identified by the inclusion of forward-looking terminology, such as "outlook," "believes," "expects," "may," "should," "will," "intends," "plans," "estimates," "anticipates," "projects," and similar words, derivations or expressions. 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 improvements, including the effectiveness of network management initiatives that have been or will be implemented to improve system velocity, productivity, customer service 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 and information are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the statements and information and should not be read as a guarantee of future performance or results or accurate indications of when such performance or results will be achieved. 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. These events and uncertainties include the "Risk Factors" described in the Corporation’s Annual Report on Form 10-K for 2007, which was filed with the SEC on February 28, 2008. All forward-looking statements and information are qualified by, and should be considered in conjunction with, these Risk Factors. The Corporation updates information regarding risk factors if circumstances require such updates in its periodic reports on Form 10-Q (or such other reports that may be filed with the SEC).

Forward-looking statements speak only as of 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.