July 27, 2006

We are pleased to announce the following appointments, which are effective August 1:

Ed Sims has been appointed Vice President - Commercial Strategy. In his new position, Ed will lead a cross-functional effort to refine our Manifest strategy, focusing on our business processes on how we match demand with capacity to optimize yield and velocity. Our manifest business is a core and critical component of the Union Pacific franchise. Growing this business is equally critical to our Company's future success and we're excited about that opportunity. But in today's world, that means finding the right business, with the right operating characteristics, with the right returns so our manifest business can compete for capacity on our Railroad. In his new role, Ed will be co-chairing the Manifest Strategy Team and evaluating, not only our commercial strategy, but also the capital requirements and the economic trade-offs between business opportunities. Ed joined Union Pacific as the Chemicals group leader in 1983.

Diane Duren is appointed Vice President & General Manager-Chemicals. Diane began her career at Union Pacific in the Finance Department in 1985. Diane moved to the Marketing & Sales organization in 1991 where she has held a variety of positions in the Chemicals and Agricultural Products teams. For the last eight years, Diane has served as Vice President & General Manager-Agricultural Products.

Paul Hammes has been appointed Vice President & General Manager-Agricultural Products. Paul joined Union Pacific in 2003 as Assistant Vice President Grain Products. Prior to joining Union Pacific, Paul was an Assistant Vice President for Cargill, Inc. in their grain division.