<DOCUMENT>
<TYPE>EX-21
<SEQUENCE>7
<FILENAME>d03483exv21.txt
<DESCRIPTION>LIST OF SUBSIDIARIES
<TEXT>
<PAGE>
                                                                      EXHIBIT 21



SIGNIFICANT SUBSIDIARIES OF UNION PACIFIC CORPORATION

<Table>
<Caption>
                                                                                                 State of
Name of Corporation                                                                              Incorporation
-------------------                                                                              -------------
<S>                                                                                              <C>
Union Pacific Railroad Company.................................................................  Delaware
Southern Pacific Rail Corporation..............................................................  Utah
Overnite Transportation Company................................................................  Virginia
</Table>


</TEXT>
</DOCUMENT>
