View 2008 Fact Book - Union Pacific

Cautionary InformationThe 2008 Analyst “Fact Book” provides additional explanatoryinformation regarding Union Pacific that may not beavailable, included or directly derived from information inthe Company’s Annual Report. The information provided issupplemental in nature and is not, and should not be construedas, better than that available in the Company’s publiclyavailable reports filed with the SEC. Additionally, some of theinformation in the Fact Book is derived from the Company’saudited financial statements, but the Fact Book and its contentshave not been, and should not be considered, audited.This Fact Book includes statements and information regardingfuture expectations or results of the Company that are nothistorical facts. These statements and information are, or willbe, forward looking as defined by the federal securities laws.Forward looking statements and information can be identifiedby use of forward looking terminology (and derivationsthereof), such as “believes”, “expects”, “may”, “should”, “will”,“would”, “intends”, “plans”, “estimates”, “anticipates”, “projects”and other words or phrases of similar intent. Forward lookingstatements and information generally include statementsand information included under sections of this Fact Bookentitled “Safety and the Environment”, “Investing in OurFuture”, “Expense Initiatives” and “2009 Market Drivers”, andspecifically include statements and information regarding: theCompany’s expectations or forecasts with respect to generaleconomic conditions in the U.S. and the world; the Company’sfinancial and operational performance; increases of theCompany’s earnings; demand for the Company’s rail service;the continued ability of the Company to increase prices; plansor expectations regarding contract renegotiations; improvingcustomer service; enhancing profitability; volume and revenuegrowth; efficiency improvements and increasing returns;improving asset utilization; the effectiveness or growth ofnew and newer services; total amount of capital investments;completion and effectiveness of capacity expansion and othercapital investments, and other investments in upgrading oradding signals and facilities; returns on capital investments;improvements regarding safety of our operations andequipment; effectiveness of the Unified Plan and otherinitiatives, such as projects involving the Lean managementprocess and Project OR; the impact of adjusting to theeconomy; and business operations over the next 2 to 3 years.Forward-looking statements and information should not beread as a guarantee of future performance or results, and willnot necessarily be accurate indications of the times that, or bywhich, such performance or results will be achieved. Forwardlookingstatements and information are subject to risks anduncertainties that could cause actual performance or results todiffer materially from those expressed in the statements.Forward-looking statements and information reflect the goodfaith consideration by management of currently availableinformation, and may be based on underlying assumptionsbelieved to be reasonable under the circumstances. However,such information and assumptions (and, therefore, suchforward-looking statements and information) are or maybe subject to variables or unknown or unforeseeable eventsor circumstances over which management has little or noinfluence or control. The Risk Factors in Item 1A of theCompany’s Annual Report on Form 10-K, filed on February6, 2009, could affect our future results and could cause thoseresults or other outcomes to differ materially from thoseexpressed or implied in the forward-looking statements andinformation. This Fact Book should be read in considerationof these Risk Factors. To the extent circumstances require orthe Company deems it otherwise necessary, the Company willupdate or amend these Risk Factors in subsequent AnnualReports, periodic reports on Form 10-Q or current reports onForm 8-K.Forward-looking statements speak only as of the date thestatement was made. We assume no obligation to updateforward-looking information to reflect actual results, changesin assumptions or changes in other factors affecting forwardlookinginformation. If we do update one or more forwardlookingstatements, no inference should be drawn that we willmake additional updates with respect thereto or with respect toother forward-looking statements.39