Exhibit 12

Ratio of Earnings to Fixed Charges

Union Pacific Corporation and Subsidiary Companies

Millions of Dollars, Except for Ratios	2007		2006		2005		2004		2003
Fixed charges:
Interest expense including amortization of debt discount	$     482		$     477		$     504		$     527		$     574
Portion of rentals representing an interest factor	237		243		220		206		169
Total fixed charges	$     719		$     720		$     724		$     733		$     743
Earnings available for fixed charges:
Net income	$  1,855		$  1,606		$  1,026		$     604		$  1,056
Equity earnings net of distributions	(69	)	(59	)	(48	)	(47	)	15
Income taxes	1,154		919		410		252		581
Fixed charges	719		720		724		733		743
Earnings available for fixed charges	$  3,659		$  3,186		$  2,112		$  1,542		$  2,395
Ratio of earnings to fixed charges	5.1		4.4		2.9		2.1		3.2