X0202 4 2005-11-28 0 0000100885 UNION PACIFIC CORP UNP 0001024379 DAVIDSON RICHARD K 1400 DOUGLAS STREET OMAHA NE 68179 1 1 0 0 CHRMN CEO & PRES Common Stock 2005-11-28 4 M 0 5100 56.5 A 276612 D Common Stock 2005-11-28 4 F 0 3749 76.85 D 272863 D Common Stock 2005-11-28 4 M 0 257400 56.5 A 530263 D Common Stock 2005-11-28 4 F 0 189240 76.85 D 341023 D Common Stock 2005-11-28 4 F 0 29861 76.85 D 311162 D Common Stock 2005-11-28 4 M 0 59000 56.5 A 370162 D Common Stock 2005-11-28 4 F 0 43376 76.85 D 326786 D Common Stock 2005-11-28 4 F 0 6845 76.85 D 319941 D Common Stock 323079.5209 I (1) Common Stock 5127.83 I by Managed Account Common Stock 15910 I by Spouse Common Stock 512911 I by Trust Incentive Stock Option (right to buy) 56.5 2005-11-28 4 M 0 5100 0 D 2000-01-01 2006-11-20 Common Stock 5100 0 D Non-Qualified Stock Option (right to buy) 56.5 2005-11-28 4 M 0 257400 0 D 2000-01-01 2006-11-20 Common Stock 257400 281000 D Non-Qualified Stock Option (right to buy) 56.5 2005-11-28 4 M 0 59000 0 D 2005-11-20 2006-11-20 Common Stock 59000 222000 D Represents conversion of restricted stock units to fully vested stock units with a distribution ratio of 1:1 - Payable only in shares of common stock at termination of employment or a date certain. Includes holdings in employee 401(k) benefit plan as of Transaction Date. The reporting person disclaims beneficial ownership of these securities. These shares were previously reported as directly beneficially owned but were contributed to trusts through various transactions, which represent merely a change in the form of beneficial ownership. The reporting person is both the trustee and beneficiary. By: Michael M. Hemenway, Attorney-in-Fact For: Richard K. Davidson 2005-11-29