- - --------------------------------------- 
                FORM 5                  
- - ---------------------------------------                                                            --------------------------------
                                                                                                              OMB APPROVAL
                                                                                                   --------------------------------
    / / CHECK THIS BOX IF NO LONGER                                                                  OMB Number:           3235-0362
        SUBJECT TO SECTION 16. FORM 4 OR FORM                                                        Expires:     September 30, 1998
        5 OBLIGATIONS MAY CONTINUE. SEE                                                              Estimated average burden   
           INSTRUCTION 1(b).                                                                         hours per response          1.0
    / / FORM 3 HOLDINGS REPORTED                                            
   / /  FORM 4 TRANSACTIONS REPORTED           U.S. SECURITIES AND EXCHANGE COMMISSION
        (Print or Type Responses)                      WASHINGTON, D.C. 20549

                                         ANNUAL STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

             Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility
                         Holding Company Act of 1935 or Section 30(f) of the Investment Company Act of 1940
- - ------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                 
1.Name and Address of Reporting Person*(1) 2. Issuer Name and Ticker or Trading Symbol       6. Relationship of Reporting 
                                                                                                Person to Issuer
   Anschutz  Philip      F.                     Union Pacific Corporation (UNP)                (Check all applicable)
- - --------------------------------------------------------------------------------------------
   (Last)   (First)   (Middle)           3. IRS or Social   4. Statement for Month/Year       [X] Director  [ ] 10% Owner
                                            Security Number                                   [ ] Officer   [ ] Other
    555 Seventeenth Street                  of Reporting       1998                               (give title   (specify
    Suite 2400                              Person                                                below)        below)
- - ---------------------------------------     (Voluntary)                                           
        (Street)
                                                                                                  ----------------------------
- - ------------------------------------------------------------------------------------------------------------------------------------
    Denver, Colorado   80202                                5. If Amendment,    7. Individual or Joint/Group Filing
- - ---------------------------------------                        Date of Original    (Check Applicable Line)
   (City)   (State)     (Zip)                                  (Month/Year)
                                                                                   [X] Form filed by One Reporting Person
                                                                                   [ ] Form filed by More than One Reporting Person
- - ------------------------------------------------------------------------------------------------------------------------------------
                          TABLE I - NON-DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED
- - ------------------------------------------------------------------------------------------------------------------------------------
1. Title of Security  2. Trans-   3. Trans-     4. Securities Acquired (A)        5. Amount of     6. Ownership Form:  7. Nature of
   (Instr.3)             action      action Code   or Disposed of (D)                Securities       Direct (D) or       Indirect
                         Date        (Instr. 8)    (Instr. 3,4 and 5)                Beneficially     Indirect (I)        Beneficial
                                                                                     Owned at End of  (Instr. 4)          Ownership
                         (Month/                                                     Issuer's                             (Instr. 4)
                         Day/Year)-------------------------------------------------  Fiscal Year
                                     Code     V       Amount  (A) or (D)    Price   (Instr. 3 and 4)
- - ------------------------------------------------------------------------------------------------------------------------------------

- - ------------------------------------------------------------------------------------------------------------------------------------

*If the form is filed by more than one reporting person, SEE Instruction 4(b)(v).                                        Page 1 of 2
                                                                                                                      SEC 2270(7-97)


FORM 5 (continued) Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (E.G., puts, calls, warrants, options, convertible securities) - - --------------------------------------------------------------------------------- 1. Title of 2. Conversion 3. Transaction 4. Transaction 5. Number of Derivative or Exercise Date Code Derivative Security Price of (Month/Day/Year) (Instr. 8) Securities (Instr. 3) Derivative Acquired (A) Security or Disposed of (D) (Instr. 3, 4 and 5) ---------------- (A) (D) - - --------------------------------------------------------------------------------- Phantom Stock Units 1-for-1 4/1/98 A (1) 272 shares - - --------------------------------------------------------------------------------- Phantom Stock Units 1-for-1 7/1/98 A (2) 351 shares - - --------------------------------------------------------------------------------- Phantom Stock Units 1-for-1 10/1/98 A (3) 362 shares - - --------------------------------------------------------------------------------- Phantom Stock Units 1-for-1 1/4/99 A (4) 343 shares - - --------------------------------------------------------------------------------- - - ----------------------------------------------------------------------------------------------------------- 6. Date 7. Title and Amount 8. Price of 9. Number of 10. Ownership 11. Nature of Exercisable of Underlying Derivative Derivative Form of Indirect and Expiration Securities Security Securities Derivative Beneficial Date (Instr. 3 and 4) (Instr. 5) Beneficially Security: Ownership (Month/Day/Year) Owned at Direct (D) or (Instr. 4) End of Indirect (I) Year (Instr. 4) (Instr. 4) ------------------------------------------ Amount Date Expir- or Exer- ation Number cisable Date Title of Shares - - ----------------------------------------------------------------------------------------------------------- (5) (5) Common Stock 272 shares - - ----------------------------------------------------------------------------------------------------------- (5) (5) Common Stock 351 shares - - ----------------------------------------------------------------------------------------------------------- (5) (5) Common Stock 362 shares - - ----------------------------------------------------------------------------------------------------------- (5) (5) Common Stock 343 shares 2,658 shares D - - ----------------------------------------------------------------------------------------------------------- Explanation of Responses: (1) Phantom Stock Units for the period January 1, 1998, to March 31, 1998, calculated as of April 1, 1998. (2) Phantom Stock Units for the period April 1, 1998, to June 30, 1998, calculated as of July 1, 1998. (3) Phantom Stock Units for the period July 1, 1998, to Septemtber 30, 1998, calculated as of October 1, 1998. (4) Phantom Stock Units for the period October 1, 1998, to December 31, 1998, calculated as of January 4, 1999. (5) Phantom Stock Units are payable in cash only commencing at retirement. (6) Philip F. Anschutz executed a Power of Attorney that authorizes Thomas A. Richardson to sign this Form 5 on his behalf. ** Intentional misstatements or omissions of facts constitute Federal Criminal Violations SEE 18 U.S.C. 1001 and 15 U.S.C. 78ff(a). Note: File three copies of this Form, one of which must be manually signed. If space provided is insufficient, SEE instruction 6 for procedure. Philip F. Anschutz By: Thomas A. Richardson Potential persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB number. /s/ THOMAS A. RICHARDSON February 12, 1999 ------------------------- ----------------- **Signature of Reporting Person Date Thomas A Richardson ATTORNEY-IN-FACT(6) Page 2 of 2 SEC 2270 (7-97)