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Bear Stearns Transportation Conference May 8, 2007 New York, New York

Bear Stearns Transportation Conference May 8, 2007 New York, New York James A. Squires Executive Vice President Finance Railway Operating Revenue First Quarter 2007 vs. 2006 Total - $2.247 Billion Down $56 Million, 2% vs. 1Q 2006 19 consecutive quarters of growth 2Q 2002 – 4Q 2006

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Bear Stearns Transportation Conference May 8, 2007 New York, New York

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  1. Bear Stearns Transportation ConferenceMay 8, 2007New York, New York James A. Squires Executive Vice President Finance

  2. Railway Operating RevenueFirst Quarter 2007 vs. 2006 Total- $2.247 Billion Down $56 Million, 2% vs. 1Q 2006 • 19 consecutive quarters of growth 2Q 2002 – 4Q 2006 • Declines driven by volume and mix • 4% net pricing gain Coal $557 (0%) Merchandise $1,228 Intermodal $462 (4%) (1%) Rev. $Millions

  3. Income From Railway OperationsFirst Quarter 2007 vs. 2006($ Millions) Favorable (Unfavorable) First Qtr 2007 First Qtr 2006 $ % Railway Operating Revenues $ 2,247 $ 2,303 $ (56)(2%) Railway Operating Expenses 1,719 1,752 33 2 Income From Railway Operations $ 528 $ 551 $ (23)(4%) Railway Operating Ratio 76.5 76.1 (0.4)(1%)

  4. Net Income and Diluted Earnings per ShareFirst Quarter($ Millions except per share) Net Income Diluted Earnings per Share $ 305 $ 285 $ 0.72 $ 0.71 2006 2007 2006 2007 % Change vs. Prior Period - 7% - 1%

  5. Freight Transportation Environment Highway Congestion/Port Congestion Driver Shortages in Trucking Historically High Fuel Costs

  6. Capital Expenditures($ Millions) $ 1,340 $ 1,178 $ 1,041 $ 1,025 $ 720 2003 2004 2005 2006 2007 Budget

  7. UP and NS to offer fastest service between Southern California and Southeast UP-NS eastbound domestic transcontinental service will move over Shreveport starting May 21 New route combines UP Sunset Route and KCS-NS route between Shreveport and Meridian Norfolk Southern & Union Pacific Expand Intermodal Service

  8. Dividends per Share($ Dollars)

  9. Share Repurchase Program • Share repurchase program originally authorized in November 2005 • Program amended to increase number of shares from 50 to 75 million and shorten term by five years • 27.4 million shares repurchased for $1.2 billion,including 5.6 million shares in first quarter 2007

  10. Shares Repurchase and Stock Price History

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