Reminder: UP Shares Expire in April

Employees of Union Pacific and its subsidiaries as of April 30, 1998, were granted the option to buy 200 shares of UP stock at a fixed price of $55 per share. Those who have not already done so must exercise their option no later than April 30, 2008.

If this option is exercised when the UP stock price is $115, for example, the employee would realize a pre-tax gain of $60 per share, or $12,000.

To exercise the option, an employee must activate his or her E*TRADE account by signing and submitting the E*TRADE Stock Plan Account Activation Form included in the Stock Plan Welcome Kit, which also provides instructions.

For questions or to request another welcome kit, visit the E*TRADE Stock Plan Web site www.etrade.com/stockplans or call E*TRADE customer service at 800-838-0908.