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EXHIBIT 12(b)
UNION PACIFIC CORPORATION AND SUBSIDIARY COMPANIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(UNAUDITED)
<Table>
<Caption>
Six Months Ended June 30,
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Millions, Except Ratios 2001 2000
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Earnings:
Net income ...................................................... $ 424 $ 429
Undistributed equity earnings ................................... (15) 60
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Total earnings ....................................................... 409 489
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Income taxes ......................................................... 255 247
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Fixed charges:
Interest expense including amortization of debt discount ........ 359 362
Portion of rentals representing an interest factor .............. 20 86
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Total fixed charges .................................................. 379 448
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Earnings available for fixed charges ................................. $ 1,043 $ 1,184
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Ratio of earnings to fixed charges ................................... 2.8 2.6
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</Table>