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3
PART I
Item 1. Business
GENERAL
Union Pacific Corporation owns one of America’s leading transportation companies. Its principal operating
company, Union Pacific Railroad Company, links 23 states in the western two-thirds of the country and serves
the fastest-growing U.S. population centers. Union Pacific Railroad Company’s diversified business mix
includes agricultural products, automotive, chemicals, energy, industrial products, and intermodal. It offers
competitive long-haul routes from all major West Coast and Gulf Coast ports to eastern gateways. Union
Pacific Railroad Company connects with Canada’s rail systems and is the only railroad serving all six major
gateways to Mexico, making it North America’s premier rail franchise.
Union Pacific Corporation was incorporated in Utah in 1969 and maintains its principal executive offices at
1400 Douglas Street, Omaha, NE 68179. The telephone number at that address is (402) 544-5000. The
common stock of Union Pacific Corporation is listed on the New York Stock Exchange (NYSE) under the
symbol “UNP”.
For purposes of this report, unless the context otherwise requires, all references herein to “UPC”,
“Corporation”, “we”, “us”, and “our” shall mean Union Pacific Corporation and its subsidiaries, including
Union Pacific Railroad Company, which we separately refer to as “UPRR” or the “Railroad”.
Available Information – Our Internet website is www.up.com. We make available free of charge on our
website (under the “Investors” caption link) our Annual Reports on Form 10-K; our Quarterly Reports on
Form 10-Q; our current reports on Form 8-K; our proxy statements; Forms 3, 4, and 5, filed on behalf of
directors and executive officers; and amendments to such reports filed or furnished pursuant to the Securities
Exchange Act of 1934, as amended (the Exchange Act), as soon as reasonably practicable after such material is
electronically filed with, or furnished to, the Securities and Exchange Commission (SEC). We also make
available on our website previously filed SEC reports and exhibits via a link to EDGAR on the SEC’s Internet
site at www.sec.gov. Additionally, our corporate governance materials, including By-Laws, Board Committee
charters, governance guidelines and policies, and codes of conduct and ethics for directors, officers, and
employees are available on our website. From time to time, the corporate governance materials on our website
may be updated as necessary to comply with rules issued by the SEC and the NYSE or as desirable to promote
the effective and efficient governance of our company. Any security holder wishing to receive, without charge,
a copy of any of our SEC filings or corporate governance materials should send a written request to: Secretary,
Union Pacific Corporation, 1400 Douglas Street, Omaha, NE 68179.
We have included the Chief Executive Officer (CEO) and Chief Financial Officer certifications regarding our
public disclosure required by Section 302 of the Sarbanes-Oxley Act of 2002 as Exhibits 31(a) and (b) to this
report. Additionally, we filed with the NYSE the CEO’s certification regarding our compliance with the
NYSE’s Corporate Governance Listing Standards (Listing Standards) pursuant to Section 303A.12(a) of the
Listing Standards, which was dated May 9, 2007, and indicated that the CEO was not aware of any violations
of the Listing Standards by the Corporation.
References to our website address in this report, including references in Management’s Discussion and
Analysis of Financial Condition and Results of Operations, Item 7, are provided as a convenience and do not
constitute, and should not be deemed, an incorporation by reference of the information contained on, or
available through, the website. Therefore, such information should not be considered part of this report.