Dick Davidson CorporationUnion Pacific2006 Outlook • Higher Cash Tax Rate • Growing Cash from Operations 2006E 2006E $300+ $300+ 2002 2003 2004 45.1% ...

Union PacificCorporation


Dick DavidsonChairman

Union Pacific Corporation

Dick DavidsonChairman




Jim YoungPresident &

Chief Executive Officer





Fourth Quarter ResultsUnion Pacific Corporation

Fourth Quarter ResultsUnion Pacific Corporation

20042004 20052005

$0.88$0.88

$1.10$1.10

* See Union Pacific web site under Investor Relations for a reconciliation to GAAP.* See Union Pacific web site under Investor Relations for a reconciliation to GAAP.

$0.30$0.30

Adjusted2004*

Adjusted2004*

• Kansas Washouts

• 42% Higher Fuel Prices

• Record Carloads & Revenue

• 18% Operating Income Growth*

• Kansas Washouts

• 42% Higher Fuel Prices

• Record Carloads & Revenue

• 18% Operating Income Growth*

+25%+25%

2005 RecapUnion Pacific Corporation

2005 RecapUnion Pacific Corporation

$2.89$2.89

$3.41$3.41

Adjusted2004*

Adjusted2004*

• Record Revenue

• Yield Improvement

• Operating Gains

– Recoverability

– Productivity

• Increased Profitability

• Record Revenue

• Yield Improvement

• Operating Gains

– Recoverability

– Productivity

• Increased Profitability

+18%+18%

Adjusted2005*

Adjusted2005*




Fourth Quarter 2005Fourth Quarter 2005



Rob KnightChief Financial Officer


Rob KnightChief Financial Officer


Commodity Revenue GrowthFourth Quarter - In Millions

Commodity Revenue GrowthFourth Quarter - In Millions

Q42004

Q42004

Q42005

Q42005

$3,070$3,070 -0.4%-0.4%

$3,455$3,455

+5.9%+5.9%

Volume& Mix

Volume& Mix

YieldYield FuelRecovery

FuelRecovery

+7.1%+7.1%

+12.6%+12.6%

Operating Revenues $3,621 $3,217 + 13 %

Operating ExpensesSalaries and Benefits 1,108 1,051 + 5Equipment & Other Rents 353 331 + 7Depreciation 300 282 + 6Fuel and Utilities 753 533 + 41Materials and Supplies 143 129 + 11Purchased Services & Other 431 440 - 2

Total Operating Expenses 3,088 2,766 + 12

Operating Income $ 533 $ 451 +18

Operating Revenues $3,621 $3,217 + 13 %

Operating ExpensesSalaries and Benefits 1,108 1,051 + 5Equipment & Other Rents 353 331 + 7Depreciation 300 282 + 6Fuel and Utilities 753 533 + 41Materials and Supplies 143 129 + 11Purchased Services & Other 431 440 - 2

Total Operating Expenses 3,088 2,766 + 12

Operating Income $ 533 $ 451 +18

Income Statement SummaryFourth Quarter - In Millions

Income Statement SummaryFourth Quarter - In Millions

2005 2004* Pct Chg 2005 2004* Pct Chg


AdjustedAdjusted

Operating ExpensesFourth Quarter – In Millions

Operating ExpensesFourth Quarter – In Millions

Salaries & BenefitsSalaries & Benefits

Total Operating Expenses: $3,088 +$322 or 12%*Total Operating Expenses: $3,088 +$322 or 12%*

$1,108 36%

Fuel & UtilitiesFuel & Utilities

$753 24%

$353 11%

Equipment & Other RentsEquipment & Other Rents

DepreciationDepreciation$300 10%

$143 5%

Materials & SuppliesMaterials & Supplies$431 14%

Purchased Services& Other*

Purchased Services& Other*


Salaries & BenefitsFourth Quarter – In Millions

Salaries & BenefitsFourth Quarter – In Millions

Salaries & Benefits: +$57 or 5%Salaries & Benefits: +$57 or 5%

Fourth Quarter Recap

• Better Crew Productivity

• Lower Training Expense

• Labor Inflation

• Incentive Compensation

• Workforce up 1%


• Better Crew Productivity

• Lower Training Expense

• Labor Inflation

• Incentive Compensation

• Workforce up 1%

$1,108 36%

Workforce LevelsAverage Annual Employees

Workforce LevelsAverage Annual Employees

2006 Outlook

• Workforce Levels Linkedto Volume & Productivity

• 3% Labor Inflation

• Options Expense

2006 Outlook

• Workforce Levels Linkedto Volume & Productivity

• 3% Labor Inflation

• Options Expense

* See Union Pacific web site under Investor Relations for recalculation ofprior period employee counts

* See Union Pacific web site under Investor Relations for recalculation ofprior period employee counts

20042004 20052005

48,32948,32949,74749,747 2005 Recap

• +2.9% Full-Year Workforce

2005 Recap

• +2.9% Full-Year Workforce

Equipment & Other RentsFourth Quarter – In Millions

Equipment & Other RentsFourth Quarter – In Millions

Equipment & Other Rents: +$22 or 7%Equipment & Other Rents: +$22 or 7%


• Increased Leasing ofLocomotives & OtherEquipment

• Improved Car Cycle Times

2006 Outlook

• Additional EquipmentLeases

• Improved Productivity


• Increased Leasing ofLocomotives & OtherEquipment

• Improved Car Cycle Times

2006 Outlook

• Additional EquipmentLeases

• Improved Productivity

$353 11%

DepreciationFourth Quarter – In Millions

DepreciationFourth Quarter – In Millions

Depreciation: +$18 or 6%Depreciation: +$18 or 6%

2006 Outlook

• Growth Tied toCapital Program

2006 Outlook

• Growth Tied toCapital Program

$300 10%

Fuel & UtilitiesFourth Quarter – In Millions

Fuel & UtilitiesFourth Quarter – In Millions

Fuel & Utilities: +$220 or 41%Fuel & Utilities: +$220 or 41%


• $2.08 Average Diesel FuelPrice

• Improved ConsumptionRate

2006 Outlook

• Crude Oil Price $60/Barrel

• Current Diesel Price =$1.80 per Gallon


• $2.08 Average Diesel FuelPrice

• Improved ConsumptionRate

2006 Outlook

• Crude Oil Price $60/Barrel

• Current Diesel Price =$1.80 per Gallon

$753 24%

Materials & SuppliesFourth Quarter – In Millions

Materials & SuppliesFourth Quarter – In Millions

Materials & Supplies: +$14 or 11%Materials & Supplies: +$14 or 11%


• Larger Locomotive Fleet

• Inflation

2006 Outlook

• Continued Inflation

• Larger MaintenancePrograms


• Larger Locomotive Fleet

• Inflation

2006 Outlook

• Continued Inflation

• Larger MaintenancePrograms

$143 5%

Purchased Services & OtherFourth Quarter – In Millions

Purchased Services & OtherFourth Quarter – In Millions

Purchased Services & Other: -$9 or (2%)*Purchased Services & Other: -$9 or (2%)*


• Partial Insurance Recovery

• Increased Joint FacilityCosts

2006 Outlook

• Productivity Drives Cost


• Partial Insurance Recovery

• Increased Joint FacilityCosts

2006 Outlook

• Productivity Drives Cost$431 14%


80

82

84

86

88

90

1Q 2Q 3Q 4Q

80

82

84

86

88

90

1Q 2Q 3Q 4Q

80

82

84

86

88

90

1Q 2Q 3Q 4Q

80

82

84

86

88

90

1Q 2Q 3Q 4Q

Operating Ratio (%)Operating Ratio (%) Adjusted Ratio (%)*(w/ Fuel @ 75¢)

Adjusted Ratio (%)*(w/ Fuel @ 75¢)

20042004

2005200520052005

20042004

90.190.1

89.189.1

86.086.0

88.188.1

87.387.3

85.285.2

82.382.381.9*81.9*

86.486.4

86.186.1

86.0*86.0*87.187.1

83.383.3

81.481.4

Operating RatioOperating Ratio

2005200520042004

85.385.3

80.780.7


($ Millions Except EPS) ($ Millions Except EPS)

Income Statement – Fourth QuarterUnion Pacific Corporation

Income Statement – Fourth QuarterUnion Pacific Corporation

$ 0.88 $ 0.88 $ 1.10 $ 1.10Diluted EPSDiluted EPS

$ 233 $ 233 $ 296 $ 296Net IncomeNet Income

(110) (110) (171) (171)Income Tax ExpenseIncome Tax Expense

343 343 467 467Income Before Income TaxesIncome Before Income Taxes

(130) (130) (120) (120)Interest ExpenseInterest Expense

22 22 54 54Other Income - NetOther Income - Net

451 451 533 533Operating IncomeOperating Income

2,766 2,766 3,088 3,088Operating ExpensesOperating Expenses

$3,217 $3,217 $3,621 $3,621Operating RevenuesOperating Revenues

2004* 2004* 2005 2005

Adjusted Adjusted


($ Millions Except EPS) ($ Millions Except EPS)

Income Statement – Full YearUnion Pacific Corporation

Income Statement – Full YearUnion Pacific Corporation

$ 2.89 $ 2.89 $ 3.41 $ 3.41Diluted EPSDiluted EPS

$ 758 $ 758 $ 908 $ 908Net IncomeNet Income

(345) (345) (528) (528)Income Tax ExpenseIncome Tax Expense

1,103 1,103 1,436 1,436Income Before Income TaxesIncome Before Income Taxes

(527) (527) (504) (504)Interest ExpenseInterest Expense

88 88 145 145Other Income - NetOther Income - Net

1,542 1,542 1,795 1,795Operating IncomeOperating Income

10,673 10,673 11,783 11,783Operating ExpensesOperating Expenses

$12,215 $12,215 $13,578 $13,578Operating RevenuesOperating Revenues

2004 2004 2005 2005

Adjusted* Adjusted*


Long-Term & Flexible Operating LeasesLong-Term & Flexible Operating Leases

Capital SpendingIn Millions

Capital SpendingIn Millions

2005200520042004

$2,860$2,860

$1,876

$2,402$2,402

$2,169

Cash Capital & Capital LeasesCash Capital & Capital Leases

$2,700+$2,700+

2006E2006E

$215$215

2005200520042004

$234$234

Free Cash Flow*After Dividends – In Millions

Free Cash Flow*After Dividends After Dividends –– In Millions In Millions


2005 Recap

• Cash from Operations up $338

• Higher Cash Capital

• Increased Cash Taxes

2006 Outlook

• Higher Cash Tax Rate

• Growing Cash from Operations

2005 Recap

• Cash from Operations up $338

• Higher Cash Capital

• Increased Cash Taxes

2006 Outlook

• Higher Cash Tax Rate

• Growing Cash from Operations

2006E2006E

$300+$300+

20022002 20032003 20042004

45.1%45.1%43.6%43.6%

51.7%51.7%

44.8%44.8%

20052005

Debt-to-CapitalLease Adjusted – As of December 31

Debt-to-CapitalLease Adjusted – As of December 31

20012001

55.0%55.0%

Lease adjusted debt to capital is computed as follows:Total debt plus net present value of operating leases divided by total debt plus equity plus netpresent value of operating leases.

Lease adjusted debt to capital is computed as follows:Total debt plus net present value of operating leases divided by total debt plus equity plus netpresent value of operating leases.



Jack KoraleskiExecutive Vice President

Marketing & Sales

Union Pacific Railroad

Jack KoraleskiExecutive Vice President

Marketing & Sales


Fourth Quarter HighlightsFourth Quarter Highlights

• All-Time Record Revenue:

– Agricultural Products,Automotive, Chemicals,Industrial Products andIntermodal

• All-Time Record ARC:

– Agricultural Products,Chemicals, IndustrialProducts and Intermodal

• Energy: Record FourthQuarter Revenue & ARC

• Improving CustomerSatisfaction

• All-Time Record Revenue:

– Agricultural Products,Automotive, Chemicals,Industrial Products andIntermodal

• All-Time Record ARC:

– Agricultural Products,Chemicals, IndustrialProducts and Intermodal

• Energy: Record FourthQuarter Revenue & ARC

• Improving CustomerSatisfaction

Agricultural ProductsAgricultural ProductsFourth Quarter

• $558 MM Revenue: +18%

• Volume: (1%)

• Average Revenue Per Car: +19%

Quarterly Highlights

• Continued Strong Demand for DryFeed Ingredients, Meals andEthanol

• Strength in Mexico Market:Northbound Beer and SouthboundGrain and Grain Products

Fourth Quarter

• $558 MM Revenue: +18%

• Volume: (1%)



• Continued Strong Demand for DryFeed Ingredients, Meals andEthanol

• Strength in Mexico Market:Northbound Beer and SouthboundGrain and Grain Products

GrainProducts

39%

WholeGrains

39%

Food/Refrig.

22%

Revenue MixRevenue Mix

AutomotiveAutomotiveFourth Quarter

• $352 MM Revenue: +8%

• Volume: (1%)



• Strong Demand for Quarter-EndFinished Vehicles Shipments

• New Model Production atHermosillo, Mexico Facility

Fourth Quarter


• Volume: (1%)



• Strong Demand for Quarter-EndFinished Vehicles Shipments

• New Model Production atHermosillo, Mexico Facility

AutoParts18%

FinishedVehicles

82%


ChemicalsChemicalsFourth Quarter


• Volume: (6%)



• Softer Demand for Export Potash

• Plastics Volume Down Due to WeakExport Market & Hurricane Impact

Fourth Quarter


• Volume: (6%)



• Softer Demand for Export Potash

• Plastics Volume Down Due to WeakExport Market & Hurricane Impact


Plastics21%

Liquid & DryChemicals

26% Soda Ash18%

Petro &Other21%

Fertilizer14%

EnergyEnergyFourth Quarter


• Volume: +1%



• SPRB Volume Growth RestrictedDue to Joint Line Repair

• CO/UT Volumes Hindered by MineShutdowns

Fourth Quarter


• Volume: +1%



• SPRB Volume Growth RestrictedDue to Joint Line Repair

• CO/UT Volumes Hindered by MineShutdowns


CO/UT25%

SPRB67%

Other8%

Other8%

Industrial ProductsIndustrial ProductsFourth Quarter

• $746 MM Revenue: +19%

• Volume: Flat



• Strong Demand for LumberDriven by Housing Market

• Heavy Demand for Stone inSouthern States

Fourth Quarter

• $746 MM Revenue: +19%

• Volume: Flat



• Strong Demand for LumberDriven by Housing Market

• Heavy Demand for Stone inSouthern States


Paper15%

Paper15%

Lumber27%

Steel16%

ConstructionProducts

18%

ConstructionProducts

18%

Consumer/Gov’t/

Waste 11%

Consumer/Gov’t/

Waste 11%

Non-Ferrous

13%

Non-Ferrous

13%

Fourth Quarter

• $694 MM Revenue: +14%

• Volume: +5%

• Average Revenue Per Unit: +9%


• Continued Strength inInternational Volume

• Improved Balance of East/WestTraffic

• Increased Domestic Revenue,Despite Volume Decline

Fourth Quarter

• $694 MM Revenue: +14%

• Volume: +5%

• Average Revenue Per Unit: +9%


• Continued Strength inInternational Volume

• Improved Balance of East/WestTraffic

• Increased Domestic Revenue,Despite Volume Decline

IntermodalIntermodal


International52%

Domestic41%

Premium7%

Premium7%

Customer Satisfaction Index2005 CSI & Average 7-Day Carloadings

Customer Satisfaction Index2005 CSI & Average 7-Day Carloadings

Q1Q1

60

63

6667

Q2Q2 Q3Q3 Q4Q4

Customer Service IndexCustomer Service Index

Average 7-Day Carloadings (000s)Average 7-Day Carloadings (000s)

180180

185185

188188190190

2006 Commodity Revenue Outlook2006 Commodity Revenue Outlook

Key Drivers

• Volume: 3%

• Revenue Growth in AllGroups

• Volume Growth in IndustrialProducts and Intermodal

• Significant Coal Volume andRevenue Growth

• Yield Gains

• Fuel Cost Recovery

Key Drivers

• Volume: 3%

• Revenue Growth in AllGroups

• Volume Growth in IndustrialProducts and Intermodal

• Significant Coal Volume andRevenue Growth

• Yield Gains

• Fuel Cost Recovery

Total Revenue Growth of 10%+Total Revenue Growth of 10%+

2006

13%

2007+

32% Repriced

55%

2006

13%

2007+

32% Repriced

55%

Pricing Opportunity% of Commodity Revenue

Pricing Opportunity% of Commodity Revenue



Dennis DuffyExecutive Vice President

Operations


Dennis DuffyExecutive Vice President

Operations


Hurricanes

Kansas FloodsKansas Floods

Blizzards

PRB IssuesPRB Issues

Network Operations2005 AAR Velocity - MPH

Network Operations2005 AAR Velocity - MPH

JanJan FebFeb MarMar AprApr MayMay JunJun JulJul AugAug SepSep OctOct NovNov DecDec Jan ‘06MTD

Jan ‘06MTD

2323

2121

1919

GoodGood

West Coast Storm

30.1

33.132.3

35.2

Oct Nov Dec Jan

MTD

30.1

33.132.3

35.2

Oct Nov Dec Jan

MTD

Coal OperationsAverage Trains Per Day – Southern Powder River Basin

Coal OperationsAverage Trains Per Day – Southern Powder River Basin

December Performance

• 1st Half: 29.3 TPD

• 2nd Half: 35.0 TPD

December Performance

• 1st Half: 29.3 TPD

• 2nd Half: 35.0 TPD

Critical ResourcesImproved Recoverability

Critical ResourcesImproved Recoverability

Crews 2004 2005 2006*

Trainmen Grads 4,979 2,072 2,500

Engineer Grads 680 1,700 1,100

Locomotives 2004 2005 2006*

New Freight 393 317 200

Freight Cars 2004 2005 2006*

New or Leased Cars 5,000 4,200 2,700

* Estimates* Estimates

• Design for Achievability

•Maintain for Reliability

• Drive Asset Utilization

• Leverage the Network

• Transfer Knowledge Effectively

• Design for Achievability

•Maintain for Reliability

• Drive Asset Utilization

• Leverage the Network

• Transfer Knowledge Effectively

Productivity2004 vs. 2005

Productivity2004 vs. 2005

1.301.301.331.33

2005200520042004

10.910.911.211.2

2005200520042004

Freight Car UtilizationDays

Freight Car UtilizationDays

Fuel Consumption RateGallons per Thousand GTMs

Fuel Consumption RateGallons per Thousand GTMs

PrinciplesPrinciples

155

140

134137

Q1 Q2 Q3 Q4

155

140

134137

Q1 Q2 Q3 Q4

324

322

2004 2005

324

322

2004 2005

30.5

28.7

2004 2005

30.5

28.7

2004 2005

Unified Plan2005 Performance

Unified Plan2005 Performance

29.3

27.3

25.8

24.7

Q1 Q2 Q3 Q4

29.3

27.3

25.8

24.7

Q1 Q2 Q3 Q4

-6% -1%

Switches Per 1,000 CarloadsExcludes Coal

Switches Per 1,000 CarloadsExcludes Coal

Work Events Per 1,000 CarloadsExcludes Coal

Work Events Per 1,000 CarloadsExcludes Coal

Inventory (000s)UP Measurement

Inventory (000s)UP MeasurementDwell (AAR)Dwell (AAR)

-12% -16%

ImplementedImplemented

In ProcessIn Process

FutureFuture

CIMS RolloutCIMS Rollout

CIMSCustomer Inventory Management System

CIMSCustomer Inventory Management System

El Paso

Los AngelesLos Angeles

Las Vegas

Phoenix

TucsonTucson

San AntonioAddisAddis

HoustonHouston

Ft. Worth

Portland

Kansas CityRoseville

Salt Lake City

• Pro-Active Inventory Control

– Production Performance

– Customer Behavior

• Asset Productivity

• Capacity Creation

• Improvements:

– Inventory: 25-40%

– Dwell: 20-25%

– To/From Industry: 35-50%

• Pro-Active Inventory Control

– Production Performance

– Customer Behavior

• Asset Productivity

• Capacity Creation

• Improvements:

– Inventory: 25-40%

– Dwell: 20-25%

– To/From Industry: 35-50%

LaredoLaredo

MasonCity

El PasoEl Paso

KansasCityKansasCity

St. LouisSt. Louis

Yuma

Laredo

Houston

ChicagoChicago

North PlatteNorth Platte

Phoenix

Las VegasLas Vegas

2006 Capital PlanMajor Projects

2006 Capital PlanMajor Projects

Los AngelesLos Angeles

TerminalImprovementsTerminalImprovements

CorridorImprovementsCorridorImprovements

Seattle

PortlandPortland

OaklandOakland

Salt LakeCitySalt LakeCity

DenverDenver

DallasFort WorthDallasFort Worth

Tucson

2006 Performance Outlook2006 Performance Outlook

• CustomerService

• AssetUtilization

• FinancialPerformance

• CustomerService

• AssetUtilization

• FinancialPerformance

• Safety – Employee, Customer, & Public

• Network Simplification – Plan Compliance

– Unified Plan

– CIMS

• Productivity Initiatives

– Process Improvement

– Technology

– Failure Cost Reduction

• Strategic Capital Investments

• Safety – Employee, Customer, & Public

• Network Simplification – Plan Compliance

– Unified Plan

– CIMS

• Productivity Initiatives

– Process Improvement

– Technology

– Failure Cost Reduction

• Strategic Capital Investments









2006 Outlook2006 Outlook


$300+Free Cash Flow (after Dividends, in Millions)*

$2.7+Total Capital (in Billions)

$4.60 to $4.80$0.80 to $0.90Earnings Per Share

2.5 to 3 pts3+ ptsOperating Ratio Improvement

10%+15%+Commodity Revenue Growth

Full YearFirstQuarter

Union Pacific Is Committed To Be ACompany Where

Union Pacific Is Committed To Be ACompany Where

Employees AreProud To Work

Employees AreProud To Work

Customers Want ToDo Business

Customers Want ToDo Business

Safety of the Publicand Our Employees is

Our Top Priority

Safety of the Publicand Our Employees is

Our Top Priority

Shareholder ValueIs Created

Shareholder ValueIs Created

SafetySafety

CustomersCustomers ShareholdersShareholders

EmployeesEmployees

Cautionary InformationCautionary InformationThis presentation and related materials may contain statements about the Corporation’s future that are not statements of historical fact.

These statements are, or will be, forward-looking statements as defined by the Securities Act of 1933 and the Securities Exchange Act of 1934.Forward-looking statements include, without limitation, statements regarding: expectations as to continued or increasing demand for railtransportation in excess of supply; expectations regarding operational improvements, including the effectiveness of network managementinitiatives that have been or will be implemented to improve system velocity, customer service and shareholder returns; expectations as toincreased returns, cost savings, revenue growth and earnings; expectations regarding fuel price; the time by which certain objectives will beachieved, including expected improvements in velocity and implementation of network management initiatives; estimates of costs relating toenvironmental remediation and restoration; proposed new products and services; expectations that claims, lawsuits, environmental costs,commitments, contingent liabilities, labor negotiations or agreements, or other matters will not have a material adverse effect on ourconsolidated financial position, results of operations or liquidity; and statements concerning projections, predictions, expectations, estimatesor forecasts as to the Corporation’s and its subsidiaries’ business, financial and operational results, and future economic performance; andstatements of management’s beliefs, expectations, goals and objectives and other similar expressions concerning matters that are nothistorical facts.

Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurateindications of the times that, or by which, such performance or results will be achieved. Forward-looking information, including expectations asto operational, service and network fluidity improvements are subject to risks and uncertainties that could cause actual performance or resultsto differ materially from those expressed in the statements.

Important factors that could affect the Corporation’s and its subsidiaries’ future results and could cause those results or other outcomesto differ materially from those expressed or implied in the forward-looking statements include, but are not limited to: whether the Corporationand its subsidiaries are fully successful in implementing their financial and operational initiatives, including those plans and managementinitiatives to improve system velocity and network performance or otherwise improve operations; the impact of ongoing track maintenance andrestoration work being performed in the Southern Powder River Basin of Wyoming; industry competition, conditions, performance andconsolidation; general legislative and regulatory developments, including possible enactment of initiatives to re-regulate the rail industry;legislative, regulatory and legal developments involving taxation, including enactment of new federal or state income tax rates, revisions ofcontrolling authority and the outcome of tax claims and litigation; changes in securities and capital markets; natural events such as severeweather, fire, floods, hurricanes and earthquakes; the effects of adverse general economic conditions, both within the United States andglobally; any adverse economic or operational repercussions from terrorist activities and any governmental response thereto; war or risk ofwar; changes in fuel prices; changes in labor costs; labor stoppages; and the outcome of claims and litigation, including those related toenvironmental contamination, personal injuries, and occupational illnesses arising from hearing loss, repetitive motion and exposure toasbestos and diesel fumes.

Forward-looking statements speak only as of the date the statements were made. The Corporation assumes no obligation to updateforward-looking information to reflect actual results, changes in assumptions or changes in other factors affecting forward-looking information.If the Corporation does update one or more forward-looking statements, no inference should be drawn that the Corporation will make additionalupdates with respect thereto or with respect to other forward-looking statements. References to our website are provided for convenience and,therefore, information on the website is not, and should not be construed to be, incorporated by reference herein.



Fourth Quarter 2005Fourth Quarter 2005

Dick Davidson CorporationUnion Pacific2006 Outlook • Higher Cash Tax Rate • Growing Cash from Operations 2006E 2006E $300+ $300+ 2002 2003 2004 45.1% ...

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