Union Pacific (UNP)

Commodity revenue set an all-time quarterly record, up 3 percent to $3.9 billion. Four of the six business groups posted revenue increases in the quarter as total average revenue per car (ARC) grew 7 percent.

Second quarter 2007 carloads declined 3 percent versus the second quarter of 2006 to 2.4 million. Severe weather in the Midwest, a softer housing market and decreased auto sales all contributed to the decline.

The second quarter 2007 operating ratio improved to 80.5 percent compared to 81.7 percent in the second quarter of 2006. This was the best second quarter operating ratio in four years.

Quarterly operating metrics, as reported to the Association of American Railroads, improved. Average terminal dwell time improved 11 percent to 24.7 hours versus 27.6 hours reported in the second quarter of 2006. Average quarterly train speed was 21.6 mph versus 21.2 mph in the second quarter of 2006, a two percent increase.

The Company repurchased more than 3.6 million common shares at an average share price of $116.40 in the second quarter of 2007. Year-to-date purchases total 5.7 million common shares or 28 percent of the 20 million share repurchase program.

Union Pacific Corporation reported record operating revenue of $3.2 billion in the first

quarter of 2005 compared to last year’s $2.9 billion. Operating income in the first quarter of

2005 was $313 million compared to $314 million for the same period in 2004.

Commodity revenue was a first quarter record of $3.0 billion, up 8 percent, compared to $2.8

billion in 2004. Drivers of the increase were a 1 percent increase in volumes as well as

higher fuel surcharge recoveries and improved yields.

First quarter 2005 average revenue per car was at an all-time best of $1,306 per car, versus

$1,214 in the first quarter of 2004.

The operating margin decreased to 9.9 percent in the first quarter of 2005 from 10.9 percent

in 2004, primarily due to the impact of the January storm and higher fuel prices.

The Railroad’s average quarterly fuel price of $1.45 per gallon compares to $1.02 per gallon

paid a year ago.

Although impacted by the January storm, quarterly average system speed, as reported to the

Association of American Railroads, averaged 21.1 mph, 0.8 mph slower than the first quarter

of 2004, but 0.6 mph higher than the prior quarter.