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5
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. Union Pacific Railroad Company serves many of the fastest-growing U.S. population centers and
provides Americans with a fuel-efficient, environmentally responsible and safe mode of freight
transportation. Union Pacific Railroad Company s diversified business mix includes Agricultural
Products, Automotive, Chemicals, Energy, Industrial Products and Intermodal. Union Pacific Railroad
Company emphasizes excellent customer service and offers competitive 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; eXtensible Business Reporting Language (XBRL) documents for our 2009 Annual Report on
Form 10-K and our 2009 Quarterly Reports on Form 10-Q for the second and third quarters; 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 (CFO) 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.
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.