FRA Certification Helpline: (216) 694-0240

OMAHA, Neb. — In conjunction with Union Pacific Fourth Quarter 2002 earnings release, you are invited to listen to its presentation that will be broadcast live over the Internet or via teleconference on Wednesday, January 22, 2003 at 1:00 PM Eastern Time, the railroad announced.

What: Union Pacific Corporation’s Fourth Quarter 2002 Earnings Release

When: Wednesday, January 22, 2003 at 1:00 PM ET

Where: www.up.com (under Investors)

How: Live over the Internet — Simply log on to the Web at the address above

OR

Dial-in telephone access
Domestic: 888/560-1989
International: 973/582-2824

Contact: Jennifer Hamann, Assistant Vice President – Investor Relations at 402/271-4227

Union Pacific Corporation is 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 the six major gateways to Mexico, Union Pacific has the premier rail franchise in North America. The Corporation’s trucking operations include Overnite Corporation which owns less-than-truckload carriers, Overnite Transportation and Motor Cargo.

If you are unable to participate during the live teleconference, the call will be archived on the Union Pacific’s Web site at www.up.com . To access the replay, click on Investors.

(Minimum Requirements to listen to broadcast: The Windows Media Player software, downloadable free from http://www.microsoft.com/windows/windowsmedia/EN/default.asp , and at least a 28.8 Kbps connection to the Internet. If you experience problems listening to the broadcast, send an email to webcastsupport@tfn.com .)