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OMAHA, Neb. — In conjunction with Union Pacific Corporation’s Third Quarter 2002 earnings release, you are invited to listen to its presentation that will be broadcast live over the Internet or via teleconference on Thursday, October 24 at 8:45 A.M. Eastern Time.

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

When: Thursday, October 24, 2002 at 8:45 A.M. 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: 888/868-9083 International: 973/633-1010

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 all six 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 .)