<SEC-DOCUMENT>0001552781-21-000022.txt : 20210204
<SEC-HEADER>0001552781-21-000022.hdr.sgml : 20210204
<ACCEPTANCE-DATETIME>20210204131316
ACCESSION NUMBER:		0001552781-21-000022
CONFORMED SUBMISSION TYPE:	S-3ASR
PUBLIC DOCUMENT COUNT:		7
FILED AS OF DATE:		20210204
DATE AS OF CHANGE:		20210204
EFFECTIVENESS DATE:		20210204

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NORFOLK SOUTHERN CORP
		CENTRAL INDEX KEY:			0000702165
		STANDARD INDUSTRIAL CLASSIFICATION:	RAILROADS, LINE-HAUL OPERATING [4011]
		IRS NUMBER:				521188014
		STATE OF INCORPORATION:			VA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-3ASR
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-252723
		FILM NUMBER:		21590200

	BUSINESS ADDRESS:	
		STREET 1:		THREE COMMERCIAL PL
		CITY:			NORFOLK
		STATE:			VA
		ZIP:			23510-2191
		BUSINESS PHONE:		7576292680

	MAIL ADDRESS:	
		STREET 1:		THREE COMMERCIAL PL
		CITY:			NORFOLK
		STATE:			VA
		ZIP:			23510-2191
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-3ASR
<SEQUENCE>1
<FILENAME>e21042_nsc-s3asr.htm
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: center"><FONT STYLE="font-size: 10pt">As
filed with the Securities and Exchange Commission on February 4, 2021.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: right"><FONT STYLE="font-size: 10pt">Registration
Statement No.&nbsp;333-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: center"><FONT STYLE="font-size: 14pt">UNITED
STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="font-size: 12pt">Washington,
D.C. 20549</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: center"><FONT STYLE="font-size: 18pt">FORM
S-3<BR>
REGISTRATION STATEMENT</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0; text-align: center"><FONT STYLE="font-size: 10pt; font-weight: normal"><I>UNDER</I></FONT><FONT STYLE="font-size: 10pt"><BR>
<FONT STYLE="font-weight: normal"><I>THE SECURITIES ACT OF 1933</I></FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: center"><FONT STYLE="font-size: 24pt">NORFOLK
SOUTHERN CORPORATION</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="font-size: 10pt">(Exact name
of registrant as specified in its charter)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt"><B>Virginia</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt"><B>52-1188014</B></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>(State
                                         or other jurisdiction of</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>incorporation
        or organization)</B></FONT></P></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>(I.R.S.
                                         Employer</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Identification
        Number)</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Three Commercial
Place</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Norfolk, Virginia
23510</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>(757) 629-2600</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>(Address,
including zip code, and telephone number, including area code, of registrant&rsquo;s principal executive offices)</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Vanessa
Allen Sutherland, Esq.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Norfolk Southern
Corporation</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Three Commercial
Place</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Norfolk, Virginia
23510</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>(757) 629-2600</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>(Name, address,
including zip code, and telephone number, including area code, of agent for service)</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: center"><FONT STYLE="font-size: 10pt"><B><I>Copies
to:</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>David J. Goldschmidt,
Esq.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Skadden, Arps,
Slate, Meagher &amp; Flom LLP</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>One Manhattan
West</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>New York,
New York 10001</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Telephone:
(212) 735-3000</B><BR>
<B>Facsimile: (212) 735-2000</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: center"><FONT STYLE="font-size: 10pt">Approximate date
of commencement of proposed sale to the public: From time to time after the effective date of this registration statement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify"><FONT STYLE="font-size: 10pt">If the
only securities being registered on this Form are being offered pursuant to dividend or interest reinvestment plans, please check
the following box.&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">o</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">If any
of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under
the Securities Act of 1933, other than securities offered only in connection with dividend or interest reinvestment plans, check
the following box.&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">x</FONT></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">If this
Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check
the following box and list the Securities Act registration statement number of the earlier effective registration statement for
the same offering.&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">o</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify"><FONT STYLE="font-size: 10pt">If this
Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the
Securities Act registration statement number of the earlier effective registration statement for the same offering.&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">o</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify"><FONT STYLE="font-size: 10pt">If this
Form is a registration statement pursuant to General Instruction I.D. or a post-effective amendment thereto that shall become
effective upon filing with the Commission pursuant to Rule 462(e) under the Securities Act, check the following box.&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">x</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify"><FONT STYLE="font-size: 10pt">If this
Form is a post-effective amendment to a registration statement filed pursuant to General Instruction I.D. filed to register additional
securities or additional classes of securities pursuant to Rule 413(b) under the Securities Act, check the following box.&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">o</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify"><FONT STYLE="font-size: 10pt">Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
company, or an emerging growth company. See the definitions of &ldquo;large accelerated filer,&rdquo; &ldquo;accelerated filer,&rdquo;
&ldquo;smaller reporting company&rdquo; and &ldquo;emerging growth company&rdquo; in Rule 12b-2 of the Exchange Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 19%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-size: 10pt">Large
    accelerated filer</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 1%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 39%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font: 10pt Wingdings">x</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 22%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-size: 10pt">Accelerated
    filer</FONT></TD>
    <TD STYLE="text-align: left; width: 19%; vertical-align: top"><FONT STYLE="font: 10pt Wingdings">o</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-size: 10pt">Non-accelerated
    filer</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font: 10pt Wingdings">o</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-size: 10pt">Smaller
    reporting company</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font: 10pt Wingdings">o</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-size: 10pt">Emerging
    growth company</FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font: 10pt Wingdings">o</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">If an
emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act.&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">o</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#9;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">CALCULATION
OF REGISTRATION FEE</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 36%; border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Title
                                         of Each Class of</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Securities
        to be Registered</B></FONT></P></TD>
    <TD STYLE="width: 16%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Amount</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>to be</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Registered (1)(2)</B></FONT></P></TD>
    <TD STYLE="width: 16%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Proposed</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Maximum</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Offering Price</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Per Unit (1)(2)</B></FONT></P></TD>
    <TD STYLE="width: 16%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Proposed</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Maximum</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Aggregate</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Offering Price (1)(2)</B></FONT></P></TD>
    <TD STYLE="width: 16%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Amount
    of</B><BR>
    <B>Registration Fee (3)</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 10pt">Common
    Stock&#9;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 10pt">Preferred
    Stock&#9;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 10pt">Debt
    Securities&#9;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 10pt">Warrants&#9;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 10pt">Depositary
    Shares&#9;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 10pt">Stock
    Purchase Contracts&#9;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 10pt">Stock
    Purchase Units&#9;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
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<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(1)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Omitted
                                         pursuant to Form S-3 General Instruction II.E. </FONT></TD></TR></TABLE>

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<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(2)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">An
                                         unspecified number of the securities of each identified class of securities of Norfolk
                                         Southern Corporation is being registered for possible issuance from time to time at indeterminate
                                         prices. Separate consideration may or may not be received for securities that are issuable
                                         upon exercise, conversion or exchange of other securities or that are issued in units
                                         or represented by depositary shares. </FONT></TD></TR></TABLE>

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<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(3)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">In
                                         accordance with Rules 456(b) and 457(r) of the Securities Act of 1933, as amended, Norfolk
                                         Southern Corporation is deferring payment of all of the registration fee. In connection
                                         with the securities offered hereby, Norfolk Southern Corporation will pay &ldquo;pay-as-you-go
                                         registration fees&rdquo; in accordance with Rule 456(b).</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>



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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Prospectus</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 10pt 0; text-align: center"><FONT STYLE="font-size: 24pt">Norfolk
Southern Corporation</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Common Stock</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Preferred
Stock</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Debt Securities</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Warrants</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Depositary
Shares</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Stock Purchase
Contracts</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>and</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Stock Purchase
Units</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">We may offer,
issue and sell, together or separately:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">shares
                                         of our common stock;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">shares
                                         of our preferred stock;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">debt
                                         securities, which may be senior debt securities or subordinated debt securities;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">warrants
                                         to purchase our debt securities, shares of our common stock, shares of our preferred
                                         stock, depositary shares or securities of third parties or other rights;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">depositary
                                         shares representing an interest in our preferred stock;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">stock
                                         purchase contracts to purchase shares of our common stock; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">stock
                                         purchase units, each representing ownership of a stock purchase contract and debt securities,
                                         preferred securities or debt obligations of third parties, including U.S. treasury securities
                                         or any combination of the foregoing, securing the holder&rsquo;s obligation to purchase
                                         our common stock or other securities under the stock purchase contracts.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">We will
provide the specific prices and terms of these securities in one or more supplements to this prospectus at the time of offering.
You should read this prospectus and the accompanying prospectus supplement carefully before you make your investment decision.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">This prospectus
may not be used to sell securities unless accompanied by a prospectus supplement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Investing
in our securities involves a number of risks. See &ldquo;Risk Factors&rdquo; on page 5 before you make your investment
decision.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">We or any
selling security holders may offer securities through underwriting syndicates managed or co-managed by one or more underwriters
or dealers, through agents or directly to purchasers. The prospectus supplement for each offering of securities will describe
in detail the plan of distribution for that offering. For general information about the distribution of securities offered, please
see &ldquo;Plan of Distribution&rdquo; in this prospectus.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">Our common
stock is listed on the New York Stock Exchange under the trading symbol &ldquo;NSC.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Neither
the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or
determined if this prospectus or any accompanying prospectus supplement is truthful or complete. Any representation to the contrary
is a criminal offense.</B></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 10pt 0 0pt; text-align: center"><FONT STYLE="font-size: 10pt">The
date of this prospectus is February 4, 2021</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.5in; text-align: center; text-indent: -0.5in"><FONT STYLE="font-size: 10pt"><B>TABLE
OF CONTENTS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.5in; text-align: center; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 95%; text-align: left; text-indent: -0.5in; padding-left: 0.5in; font: 10pt Times New Roman, Times, Serif"><A HREF="#i21042a001"><FONT STYLE="font-size: 10pt">ABOUT THIS PROSPECTUS</FONT></A></TD>
    <TD STYLE="width: 5%; text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">1</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-left: 0.5in; font: 10pt Times New Roman, Times, Serif"><A HREF="#i21042a002"><FONT STYLE="font-size: 10pt">WHERE YOU CAN FIND MORE INFORMATION</FONT></A></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">2</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-left: 0.5in; font: 10pt Times New Roman, Times, Serif"><A HREF="#i21042a003"><FONT STYLE="font-size: 10pt">INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE</FONT></A></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">2</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-indent: -0.5in; padding-left: 0.5in; font: 10pt Times New Roman, Times, Serif"><A HREF="#i21042a004"><FONT STYLE="font-size: 10pt">FORWARD-LOOKING STATEMENTS</FONT></A></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">3</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-left: 0.5in; font: 10pt Times New Roman, Times, Serif"><A HREF="#i21042a005"><FONT STYLE="font-size: 10pt">NORFOLK SOUTHERN CORPORATION</FONT></A></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">4</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-left: 0.5in; font: 10pt Times New Roman, Times, Serif"><A HREF="#i21042a006"><FONT STYLE="font-size: 10pt">RISK FACTORS</FONT></A></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">5</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-indent: -0.5in; padding-left: 0.5in; font: 10pt Times New Roman, Times, Serif"><A HREF="#i21042a007"><FONT STYLE="font-size: 10pt">USE OF PROCEEDS</FONT></A></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">5</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-indent: -0.5in; padding-left: 0.5in; font: 10pt Times New Roman, Times, Serif"><A HREF="#i21042a008"><FONT STYLE="font-size: 10pt">DESCRIPTION OF SECURITIES</FONT></A></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">6</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-left: 0.5in; font: 10pt Times New Roman, Times, Serif"><A HREF="#i21042a009"><FONT STYLE="font-size: 10pt">DESCRIPTION OF DEBT SECURITIES</FONT></A></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">6</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-left: 0.5in; font: 10pt Times New Roman, Times, Serif"><A HREF="#i21042a010"><FONT STYLE="font-size: 10pt">DESCRIPTION OF CAPITAL STOCK</FONT></A></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">15</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-indent: -0.5in; padding-left: 0.5in; font: 10pt Times New Roman, Times, Serif"><A HREF="#i21042a011"><FONT STYLE="font-size: 10pt">DESCRIPTION OF WARRANTS</FONT></A></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">17</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-indent: -0.5in; padding-left: 0.5in; font: 10pt Times New Roman, Times, Serif"><A HREF="#i21042a012"><FONT STYLE="font-size: 10pt">DESCRIPTION OF DEPOSITARY SHARES</FONT></A></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">18</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-left: 0.5in; font: 10pt Times New Roman, Times, Serif"><A HREF="#i21042a013"><FONT STYLE="font-size: 10pt">DESCRIPTION OF STOCK PURCHASE CONTRACTS AND STOCK PURCHASE UNITS</FONT></A></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">21</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-indent: -0.5in; padding-left: 0.5in; font: 10pt Times New Roman, Times, Serif"><A HREF="#i21042a014"><FONT STYLE="font-size: 10pt">PLAN OF DISTRIBUTION</FONT></A></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">22</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-left: 0.5in; font: 10pt Times New Roman, Times, Serif"><A HREF="#i21042a015"><FONT STYLE="font-size: 10pt">LEGAL MATTERS</FONT></A></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">23</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#i21042a016"><FONT STYLE="font-size: 10pt">EXPERTS</FONT></A></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">23</FONT></TD></TR>
</TABLE>



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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt"><A NAME="i21042a001"></A>ABOUT
THIS PROSPECTUS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">This prospectus
is part of an &ldquo;automatic shelf&rdquo; registration statement that we filed with the Securities and Exchange Commission (the
&ldquo;SEC&rdquo;) as a &ldquo;well-known seasoned issuer&rdquo; as defined in Rule 405 under the Securities Act of 1933, as amended
(the &ldquo;Securities Act&rdquo;) using a &ldquo;shelf&rdquo; registration process. Under this process, we may sell common stock;
preferred stock; debt securities; warrants to purchase debt securities, common stock, preferred stock, depositary shares or securities
of third parties or other rights; depositary shares; stock purchase contracts and stock purchase units. This prospectus only provides
you with a general description of the securities that we may offer. Each time we sell securities, we will provide a supplement
to this prospectus that contains specific information about the terms of the securities. The prospectus supplement may also add,
update or change information contained in this prospectus. Before purchasing any securities, you should carefully read both this
prospectus and any accompanying prospectus supplement and any free writing prospectus prepared by or on behalf of us, together
with the additional information described under the headings &ldquo;Where You Can Find More Information&rdquo; and &ldquo;Incorporation
of Certain Documents by Reference.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">You should
rely only on the information contained or incorporated by reference in this prospectus, any prospectus supplement and any free
writing prospectus prepared by or on behalf of us. We have not authorized anyone to provide you with different information. We
are not making offers to sell the securities in any jurisdiction in which an offer or solicitation is not authorized or in which
the person making such offer or solicitation is not qualified to do so or to anyone to whom it is unlawful to make an offer or
solicitation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">The information
in this prospectus is accurate as of the date on the front cover. You should not assume that the information contained in this
prospectus is accurate as of any other date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">When used
in this prospectus, the terms &ldquo;Norfolk Southern,&rdquo; &ldquo;we,&rdquo; &ldquo;our,&rdquo; &ldquo;us&rdquo; and the &ldquo;company&rdquo;
refer to Norfolk Southern Corporation and its consolidated subsidiaries, unless otherwise specified or the context otherwise requires.</FONT></P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt"><A NAME="i21042a002"></A>WHERE
YOU CAN FIND MORE INFORMATION</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">We file
annual, quarterly and special reports, prospectus and other information with the SEC. Our SEC filings are available at the Internet
website maintained by the SEC at http://www.sec.gov. The filings are also available to the public on our website at http://www.nscorp.com.
The information on our website is not incorporated by reference into this prospectus or any prospectus supplement, and you should
not consider it a part of this prospectus or any prospectus supplement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">This prospectus
contains summaries of the material terms of certain documents and refers you to certain documents that we have filed with the
SEC. Copies of these documents, except for certain exhibits and schedules, will be made available to you without charge upon written
or oral request to:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">Investor Relations</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">Norfolk Southern
Corporation</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">1200 Peachtree
Street NE</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">Atlanta, Georgia
30309</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: center"><FONT STYLE="font-size: 10pt">(470) 867-4807</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 10pt 0 0pt; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt"><A NAME="i21042a003"></A>INCORPORATION
OF CERTAIN DOCUMENTS BY REFERENCE</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">The SEC
allows us to &ldquo;incorporate by reference&rdquo; information into this prospectus and any accompanying prospectus supplement,
which means that we can disclose important information to you by referring you to another document filed separately with the SEC.
The information incorporated by reference is deemed to be part of this prospectus and any accompanying prospectus supplement,
except that any statement contained in this prospectus, an accompanying prospectus supplement or a document incorporated by reference
into this prospectus or an accompanying prospectus supplement will be deemed to be modified or superseded for purposes of this
prospectus and an accompanying prospectus supplement to the extent that a statement contained herein or therein, or in any other
subsequently filed document that also is deemed to be incorporated herein or therein by reference, modifies or supersedes such
statement. A statement so modified or superseded will not be deemed, except as so modified or superseded, to constitute a part
of this prospectus or any accompanying prospectus supplement. This prospectus and any accompanying prospectus supplement incorporates
by reference the documents set forth below that we have previously filed with the SEC (other than information deemed furnished
and not filed in accordance with SEC rules, including Items 2.02 and 7.01 of Form 8-K). These documents contain important information
about Norfolk Southern Corporation and its finances.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Annual
                                         Report on <A HREF="http://www.sec.gov/Archives/edgar/data/702165/000070216521000006/nsc-20201231.htm" STYLE="-sec-extract: exhibit">Form 10-K</A> for the fiscal year ended December 31, 2020, as filed with the SEC
                                         on February 4, 2021 (the &ldquo;Fiscal 2020 Form 10-K&rdquo;);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Current
                                         Report on <A HREF="http://www.sec.gov/Archives/edgar/data/702165/000155278121000002/e21010_nsc-8k.htm" STYLE="-sec-extract: exhibit">Form 8-K</A> filed on January 8, 2021; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">The
                                         description of our common stock contained in our Registration Statement on <A HREF="http://www.sec.gov/Archives/edgar/data/702165/000095017200001662/0000950172-00-001662-0001.txt" STYLE="-sec-extract: exhibit">Form 8-A</A>,
                                         filed with the SEC on September 26, 2000, and any amendment or report filed for the purpose
                                         of updating such description.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">All documents
filed by us pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange
Act&rdquo;), after the date of this prospectus and any accompanying prospectus supplement and before the termination of the offering
shall also be deemed to be incorporated herein by reference. We are not, however, incorporating by reference any documents or
portions thereof, whether specifically listed above or filed in the future, that are not deemed &ldquo;filed&rdquo; with the SEC,
including our compensation committee report and performance graph or any information furnished pursuant to Items 2.02 or 7.01
of Form 8-K or certain exhibits furnished pursuant to Item 9.01 of Form 8-K.</FONT></P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt"><A NAME="i21042a004"></A>FORWARD-LOOKING
STATEMENTS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">This prospectus,
including the information incorporated by reference herein, contains &ldquo;forward-looking statements&rdquo; within the meaning
of the &ldquo;safe harbor&rdquo; provisions of the Private Securities Litigation Reform Act of 1995, as amended, that may be identified
by the use of words like &ldquo;may,&rdquo; &ldquo;will,&rdquo; &ldquo;could,&rdquo; &ldquo;would,&rdquo; &ldquo;should,&rdquo;
&ldquo;expect,&rdquo; &ldquo;plan,&rdquo; &ldquo;anticipate,&rdquo; &ldquo;intend,&rdquo; &ldquo;believe,&rdquo; &ldquo;estimate,&rdquo;
&ldquo;project,&rdquo; &ldquo;consider,&rdquo; &ldquo;predict,&rdquo; &ldquo;potential,&rdquo; &ldquo;feel,&rdquo; or other comparable
terminology. Forward-looking statements reflect our good-faith evaluation of information available at the time the forward-looking
statements were made. However, such statements are dependent on and, therefore, can be influenced by a number of external variables
over which we have little or no control, including: transportation of hazardous materials as a common carrier by rail; acts of
terrorism or war; capacity constraints that could negatively impact our service and operating efficiency; PTC Implementation;
general economic conditions including, but not limited to, fluctuation and competition within the industries of our customers;
competition and consolidation within the transportation industry; the operations of carriers with which we interchange; disruptions
to our technology infrastructure, including computer systems; labor difficulties, including strikes and work stoppages; commercial,
operating, environmental, and climate change legislative and regulatory developments; results of litigation; natural events such
as severe weather, hurricanes, and floods; unpredictable demand for rail services; fluctuation in supplies and prices of key materials,
in particular diesel fuel; volatility in energy prices; changes in securities and capital markets; and the risks and uncertainties
related to the COVID-19 pandemic. We have based these forward-looking statements on our
current expectations, assumptions, estimates, beliefs, and projections. While we believe these expectations, assumptions,
estimates, beliefs, and projections are reasonable, such forward-looking statements are only predictions and involve known and
unknown risks and uncertainties, many of which involve factors or circumstances that are beyond our control. These and other
important factors, including those discussed under &ldquo;Risk Factors&rdquo; in our Fiscal 2020 Form 10-K, which is incorporated
by reference in this prospectus, as well as our subsequent filings with the SEC, may cause actual results, performance, or achievements
to differ materially from those expressed or implied by these forward-looking statements. The forward-looking statements
herein are made only as of the date they were first issued, and unless otherwise required by applicable securities laws, we disclaim
any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future
events, or otherwise.</FONT></P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt"><A NAME="i21042a005"></A>NORFOLK
SOUTHERN CORPORATION</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">Norfolk
Southern Corporation is one of the nation&rsquo;s premier transportation companies. Our Norfolk Southern Railway Company subsidiary
operates approximately 19,300 route miles in 22 states and the District of Columbia, serves every major container port in the
eastern United States, and provides efficient connections to other rail carriers. We are a major transporter of industrial products,
including agriculture, forest and consumer products, chemicals, and metals and construction materials. In addition, we
operate the most extensive intermodal network in the East and are a principal carrier of coal, automobiles, and automotive parts.
The common stock of Norfolk Southern is listed on the New York Stock Exchange under the symbol &ldquo;NSC.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">Our executive
offices are located at Three Commercial Place, Norfolk, Virginia 23510-2191, and our telephone number is (757) 629-2600. Our website
is located at http://www.nscorp.com. The information on our website is not incorporated by reference in this prospectus or any
accompanying prospectus supplement and you should not consider it a part of this prospectus or any accompanying prospectus supplement.</FONT></P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt"><A NAME="i21042a006"></A>RISK
FACTORS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">Investing
in our securities involves risk. See the risk factors described in our Fiscal 2020 Form 10-K, in any applicable prospectus supplement
and any risk factors set forth in our other filings with the SEC, pursuant to Sections 13(a), 13(c), 14, or 15(d) of the Exchange
Act, including our Quarterly Reports on Form 10-Q and our Current Reports on Form 8-K, which are incorporated by reference in
this prospectus and any accompanying prospectus supplement. Before making an investment decision, you should carefully consider
these risks as well as other information we include or incorporate by reference in this prospectus and any accompanying prospectus
supplement. These risks could materially affect our business, results of operations or financial condition and cause the value
of our securities to decline. You could lose all or part of your investment. See &ldquo;Where You Can Find More Information.&rdquo;</FONT></P>


<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 10pt 0 0pt; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt"><A NAME="i21042a007"></A>USE
OF PROCEEDS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">Except
as otherwise set forth in an accompanying prospectus supplement, we expect to use the net proceeds from the sale of securities
for general corporate purposes, including the redemption and refinancing of outstanding indebtedness, increasing our working capital
and other business opportunities.</FONT></P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt"><A NAME="i21042a008"></A>DESCRIPTION
OF SECURITIES</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">This prospectus
contains summary descriptions of the debt securities, common stock, preferred stock, warrants, depositary shares, stock purchase
contracts and stock purchase units that we may offer and sell from time to time. These summary descriptions are not meant to be
complete descriptions of each security. However, at the time of an offering and sale, this prospectus together with the accompanying
prospectus supplement will contain the material terms of the securities being offered.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 10pt 0 0pt; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt"><A NAME="i21042a009"></A>DESCRIPTION
OF DEBT SECURITIES</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">As used
in this prospectus, debt securities means the debentures, notes, bonds and other evidences of indebtedness that we may issue separately,
upon exercise of a debt warrant, in connection with a stock purchase contract or as part of a stock purchase unit from time to
time. The debt securities may either be senior debt securities or subordinated debt securities. Senior debt securities may be
issued under a &ldquo;Senior Indenture&rdquo; and subordinated debt securities may be issued under a &ldquo;Subordinated Indenture.&rdquo;
This prospectus sometimes refers to the Senior Indenture and the Subordinated Indenture collectively as the &ldquo;Indentures.&rdquo;
The Indentures have been filed with the SEC as exhibits to the registration statement on Form S-3 of which this prospectus forms
a part. We may also issue debt securities under a separate, new indenture. If that occurs, we will describe any differences in
the terms of any series or issue of debt securities in the prospectus supplement relating to that series or issue.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">The following
briefly summarizes the material provisions of the Indentures and the debt securities, other than pricing and related terms disclosed
in the accompanying prospectus supplement or pricing supplement, as the case may be. You should read the more detailed provisions
of the applicable Indenture, including the defined terms, for provisions that may be important to you. You should also read the
particular terms of an offering of debt securities, which will be described in more detail in the applicable prospectus supplement
or pricing supplement, as the case may be. Copies of the Indentures may be obtained from Norfolk Southern Corporation or the applicable
trustee.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">As used
in this &ldquo;Description of Debt Securities,&rdquo; the terms &ldquo;Norfolk Southern,&rdquo; &ldquo;we,&rdquo; &ldquo;our,&rdquo;
&ldquo;us&rdquo; and the &ldquo;company&rdquo; refer to Norfolk Southern Corporation, a Virginia corporation, and do not, unless
otherwise specified, include our subsidiaries.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 10pt 0 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">General</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">The debt
securities will be our direct unsecured obligations. The senior debt securities will rank equally with all of our other senior
unsecured and unsubordinated indebtedness. The subordinated debt securities will be subordinate and junior in right of payment
to all of our present and future senior indebtedness to the extent and in the manner set forth in the Subordinated Indenture.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">Since our
operations are partially conducted through our subsidiaries, the cash flow and the consequent ability to service our indebtedness,
including the debt securities, is partially dependent upon the earnings of our subsidiaries and the distribution of those earnings
or upon advances or other payments of funds by those subsidiaries to us. Our subsidiaries are separate and distinct legal entities
and have no obligation, contingent or otherwise, to pay any amounts due pursuant to the debt securities or to make funds available
to us, whether by dividends, loans or other payments. In addition, the payment of dividends and the making of loans and advances
to us by our subsidiaries may be subject to contractual or statutory restrictions, are contingent upon the earnings of those subsidiaries
and are subject to various business considerations. Any right we may have to receive assets of any of our subsidiaries upon their
liquidation or reorganization (and the consequent right of the holders of our debt securities to participate in those assets)
will be effectively subordinated to the claims of such subsidiary&rsquo;s creditors, including trade creditors.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">The Indentures
do not limit the aggregate principal amount of debt securities that we may issue and provide that we may issue debt securities
from time to time in one or more series, in each case with the same or various maturities, at par or at a discount. We may issue
additional debt securities of a particular series without the consent of the holders of the debt securities of such series outstanding
at the time of the issuance. Any such additional debt securities, together with all other outstanding debt securities of that
series, will constitute a single series of debt securities under the applicable Indenture. The Indentures also do not limit our
ability to incur other debt.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">Each prospectus
supplement will summarize the material terms relating to the specific series of debt securities being offered. These terms may
include some or all of the following:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">the
                                         title of debt securities and whether they are subordinated debt securities or senior
                                         debt securities;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">any
                                         limit on the aggregate principal amount of the debt securities;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">the
                                         price or prices at which we will sell the debt securities;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">the
                                         maturity date or dates of the debt securities;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">the
                                         rate or rates of interest, if any, which may be fixed or variable, at which the debt
                                         securities will bear interest, or the method of determining such rate or rates, if any;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">the
                                         date or dates from which any interest will accrue or the method by which such date or
                                         dates will be determined;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">the
                                         right, if any, to extend the interest payment periods and the duration of any such deferral
                                         period, including the maximum consecutive periods during which interest payment periods
                                         may be extended;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">whether
                                         the amount of payments of principal of (and premium, if any) or interest on the debt
                                         securities may be determined with reference to any index, formula or other method, such
                                         as one or more currencies, commodities, equity indices or other indices, and the manner
                                         of determining the amount of such payments;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">the
                                         dates on which we will pay interest on the debt securities and the record date for determining
                                         who is entitled to the interest payable on any interest payment date;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">the
                                         place or places where the principal of (and premium, if any) and interest on the debt
                                         securities will be payable;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">if
                                         we possess the option to do so, the periods within which and the prices at which we may
                                         redeem the debt securities, in whole or in part, pursuant to optional redemption provisions,
                                         and the other terms and conditions of any such provisions;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">our
                                         obligation, if any, to redeem, repay or purchase debt securities by making periodic payments
                                         to a sinking fund or through an analogous provision or at the option of holders of the
                                         debt securities, and the period or periods within which and the price or prices at which
                                         we will redeem, repay or purchase the debt securities, in whole or in part, pursuant
                                         to such obligation, and the other terms and conditions of such obligation;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">the
                                         denominations in which the debt securities will be issued, if other than denominations
                                         of $1,000 and integral multiples of $1,000;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">the
                                         portion, or methods of determining the portion, of the principal amount of the debt securities
                                         which we must pay upon the acceleration of the maturity of the debt securities in connection
                                         with an Event of Default (as described below), if other than the full principal amount;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">the
                                         currency, currencies or currency unit in which we will pay the principal of (and premium,
                                         if any) or interest, if any, on the debt securities, if not United States dollars;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">provisions,
                                         if any, granting special rights to holders of the debt securities upon the occurrence
                                         of specified events;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">any
                                         deletions from, modifications of or additions to the Events of Default or our covenants
                                         with respect to the applicable series of debt securities, and whether or not such Events
                                         of Default or covenants are consistent with those contained in the applicable Indenture;</FONT></TD></TR></TABLE>
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<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">the
                                         specific subordination provisions of the subordinated debt securities, including the
                                         extent of subordination of payments by us of the principal of (and premium, if any) and
                                         interest on such subordinated debt securities;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">any
                                         deletions from, modifications of or additions to the terms of the Indenture relating
                                         to defeasance and covenant defeasance (which terms are described below) to the debt securities;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">the
                                         terms, if any, upon which the holders may convert or exchange the debt securities into
                                         or for our common stock, preferred stock or other securities or property;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">whether
                                         any of the debt securities will be issued in global form and, if so, the terms and conditions
                                         upon which global debt securities may be exchanged for certificated debt securities;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">any
                                         change in the right of the trustee or the requisite holders of debt securities to declare
                                         the principal amount thereof due and payable because of an Event of Default;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">the
                                         depositary for global or certificated debt securities;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">any
                                         special tax implications of the debt securities;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">any
                                         trustees, authenticating or paying agents, transfer agents or registrars or other agents
                                         with respect to the debt securities; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">any
                                         other terms of the debt securities.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">Unless
otherwise specified in the applicable prospectus supplement, the debt securities will not be listed on any securities exchange
and will be issued in fully-registered form without coupons.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">Debt securities
may be sold at a substantial discount below their stated principal amount, bearing no interest or interest at a rate which at
the time of issuance is below market rates. The applicable prospectus supplement will describe the federal income tax consequences
and special considerations applicable to any such debt securities. The debt securities may also be issued as indexed securities
or securities denominated in foreign currencies, currency units or composite currencies, as described in more detail in the prospectus
supplement relating to any of the particular debt securities. The prospectus supplement relating to specific debt securities will
also describe any special considerations and certain additional tax considerations applicable to such debt securities.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">Subordination</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">The prospectus
supplement relating to any offering of subordinated debt securities will describe the specific subordination provisions, including
the extent of subordination of payments by us of the principal of (and premium, if any) and interest on such subordinated debt
securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">The Subordinated
Indenture does not limit the issuance of additional senior debt securities.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">Limitations
on Liens</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">We will
not, and will not permit any of our Subsidiaries to, create, assume, incur or suffer to exist any mortgage, pledge, lien, encumbrance,
charge or security interest of any kind, other than a Purchase Money Lien, upon any stock or indebtedness, owned on the date any
debt securities are first issued or thereafter acquired, of the Principal Subsidiary, to secure any Obligation (other than the
debt securities) of the company, any Subsidiary or any other Person, without in any such case making effective provision whereby
all of the outstanding debt securities are secured equally and ratably with such Obligation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">Such limitation
will not apply to any mortgage, pledge, lien, encumbrance, charge or security interest on any stock or indebtedness of a corporation
existing at the time such corporation becomes a Subsidiary. Such limitation will not restrict any of our other property or other
property of our Subsidiaries or restrict the sale by us or any Subsidiary of any stock or indebtedness of any Subsidiary.</FONT></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">Limitations
on Funded Debt</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">The Indentures
provide that we will not permit any Restricted Subsidiary to incur, issue, guarantee or create any Funded Debt unless, after giving
effect thereto, the sum of the aggregate amount of all outstanding Funded Debt of the Restricted Subsidiaries would not exceed
an amount equal to 15% of Consolidated Net Tangible Assets.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">The limitation
on Funded Debt will not apply to, and there will be excluded from Funded Debt in any computation under such restriction, Funded
Debt secured by:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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                                         on real or physical property of any corporation existing at the time such corporation
                                         becomes a Subsidiary;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Liens
                                         on real or physical property existing at the time of acquisition thereof or incurred
                                         within 180 days of the time of acquisition thereof (including, without limitation, acquisition
                                         through merger or consolidation) by us or any Restricted Subsidiary;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Liens
                                         on real or physical property acquired (or constructed) after the date of the applicable
                                         Indenture by us or any Restricted Subsidiary and created prior to, at the time of, or
                                         within 270 days after such acquisition (including, without limitation, acquisition through
                                         merger or consolidation) (or the completion of such construction or commencement of commercial
                                         operation of such property, whichever is later) to secure or provide for the payment
                                         of all or any part of the purchase price (or the construction price) thereof;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Liens
                                         in favor of the company or any Restricted Subsidiary;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Liens
                                         in favor of the United States of America, any State thereof or the District of Columbia,
                                         or any agency, department or other instrumentality thereof, to secure partial, progress,
                                         advance or other payments pursuant to any contract or the provisions of any statute;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Liens
                                         incurred or assumed in connection with the issuance of revenue bonds the interest on
                                         which is exempt from federal income taxation pursuant to Section 103(a) of the Internal
                                         Revenue Code of 1986, as amended, and the regulations thereunder;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Liens
                                         securing the performance of any contract or undertaking not directly or indirectly in
                                         connection with the borrowing of money, the obtaining of advances or credit or the securing
                                         of Funded Debt, if made and continuing in the ordinary course of business;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Liens
                                         incurred (no matter when created) in connection with Norfolk Southern or a Restricted
                                         Subsidiary engaging in a leveraged or single-investor lease transaction; provided, however,
                                         that the instrument creating or evidencing any borrowings secured by such Lien will provide
                                         that such borrowings are payable solely out of the income and proceeds of the property
                                         subject to such Lien and are not a general obligation of Norfolk Southern or such Restricted
                                         Subsidiary;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Liens
                                         under workers&rsquo; compensation laws, unemployment insurance laws or similar legislation,
                                         or good faith deposits in connection with bids, tenders, contracts or deposits to secure
                                         public or statutory obligations of Norfolk Southern or any Restricted Subsidiary, or
                                         deposits of cash or obligations of the United States of America to secure surety and
                                         appeal bonds to which we or any Restricted Subsidiary is a party or in lieu of such bonds,
                                         or pledges or deposits for similar purposes in the ordinary course of business, or Liens
                                         imposed by law, such as laborers&rsquo; or other employees&rsquo;, carriers&rsquo;, warehousemen&rsquo;s,
                                         mechanics&rsquo;, materialmen&rsquo;s and vendors&rsquo; Liens and Liens arising out
                                         of judgments or awards against us or any Restricted Subsidiary with respect to which
                                         we or such Restricted Subsidiary at the time shall be prosecuting an appeal or proceedings
                                         for review and with respect to which it shall have secured a stay of execution pending
                                         such appeal or proceedings for review, or Liens for taxes not yet subject to penalties
                                         for nonpayment or the amount or validity of which is being in good faith contested by
                                         appropriate proceedings by the company or any Restricted Subsidiary, as the case may
                                         be, or minor survey exceptions, minor encumbrances, easements or reservations of, or
                                         rights of others for, rights of way, sewers, electric lines, telegraph and telephone
                                         lines and other similar purposes, or zoning or other restrictions or Liens on the use
                                         of real properties, which Liens, exceptions, encumbrances, easements, reservations, rights
                                         and restrictions do not, in our opinion, in the aggregate materially detract from the
                                         value of said properties or materially impair their use in the operation of the business
                                         of Norfolk Southern and its Restricted Subsidiaries;</FONT></TD></TR></TABLE>
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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Liens
                                         incurred to finance construction, alteration or repair of any real or physical property
                                         and improvements thereto prior to or within 270 days after completion of such construction,
                                         alteration or repair;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Liens
                                         incurred (no matter when created) in connection with a Securitization Transaction;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Liens
                                         on property (or any Receivable arising in connection with the lease thereof) acquired
                                         by us or a Restricted Subsidiary through repossession, foreclosure or like proceeding
                                         and existing at the time of the repossession, foreclosure, or like proceeding; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Liens
                                         on deposits of Norfolk Southern or a Restricted Subsidiary with banks (in the aggregate,
                                         not exceeding $50 million), in accordance with customary banking practice, in connection
                                         with the providing by us or a Restricted Subsidiary of financial accommodations to any
                                         Person in the ordinary course of business; or any extension, renewal, refunding or replacement
                                         of the foregoing.</FONT></TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">Definition
of Certain Terms</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;Consolidated
Net Tangible Assets&rdquo; means, at any date, the total assets appearing on the most recent consolidated balance sheet of Norfolk
Southern and Restricted Subsidiaries as at the end of our fiscal quarter ending not more than 135 days prior to such date, prepared
in accordance with generally accepted accounting principles in the United States, less (1) all current liabilities (due within
one year) as shown on such balance sheet, (2) applicable reserves, (3) investments in and advances to Securitization
Subsidiaries and Subsidiaries of Securitization Subsidiaries that are consolidated on the consolidated balance sheet of Norfolk
Southern and its Subsidiaries and (4) Intangible Assets and liabilities relating thereto.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;Funded
Debt&rdquo; means (1) any indebtedness of a Restricted Subsidiary (excluding indebtedness in favor of another Restricted
Subsidiary or Norfolk Southern) maturing more than 12 months after the time of computation thereof, (2) guarantees by a Restricted
Subsidiary of Funded Debt or of dividends of others (except guarantees in connection with the sale or discount of accounts receivable,
trade acceptances and other paper arising in the ordinary course of business), (3) all preferred stock of a Restricted Subsidiary
and (4) all Capital Lease Obligations (as defined in the Indentures) of a Restricted Subsidiary.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;Indebtedness&rdquo;
means, at any date, without duplication, (1) all obligations for borrowed money of a Restricted Subsidiary or any other indebtedness
of a Restricted Subsidiary, evidenced by bonds, debentures, notes or other similar instruments and (2) Funded Debt, except
such obligations and other indebtedness of a Restricted Subsidiary and Funded Debt, if any, incurred as part of a Securitization
Transaction.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;Intangible
Assets&rdquo; means at any date, the value (net of any applicable reserves) as shown on or reflected in the most recent consolidated
balance sheet of Norfolk Southern and the Restricted Subsidiaries as at the end of our fiscal quarter ending not more than 135
days prior to such date, prepared in accordance with generally accepted accounting principles in the United States, of: (1) all
trade names, trademarks, licenses, patents, copyrights, service marks, goodwill and other like intangibles; (2) organizational
and development costs; (3) deferred charges (other than prepaid items, such as insurance, taxes, interest, commissions, rents,
deferred interest waiver, compensation and similar items and tangible assets being amortized); and (4) unamortized debt discount
and expense, less unamortized premium.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;Liens&rdquo;
means such pledges, mortgages, security interests and other liens, including purchase money liens, on property of the company
or any Restricted Subsidiary which secure Funded Debt.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;Obligation&rdquo;
means any indebtedness for money borrowed or indebtedness evidenced by a bond, note, debenture or other evidence of indebtedness.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;Person&rdquo;
means any individual, corporation, company (including any limited liability company), association, partnership, joint venture,
trust, unincorporated organization, government or any agency or political subdivision thereof or any other entity.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;Principal
Subsidiary&rdquo; means Norfolk Southern Railway Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;Purchase
Money Lien&rdquo; means any mortgage, pledge, lien, encumbrance, charge or security interest of any kind upon any indebtedness
of the Principal Subsidiary acquired after the date any debt securities are first issued if such Purchase Money Lien is for the
purpose of financing, and does not exceed, the cost to us or any Subsidiary of acquiring the indebtedness of the Principal Subsidiary
and such financing is effected concurrently with, or within 180 days after, the date of such acquisition.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;Receivables&rdquo;
mean any right of payment from or on behalf of any obligor, whether constituting an account, chattel paper, instrument, general
intangible or otherwise, arising, either directly or indirectly, from the financing by us or any Subsidiary of ours of property
or services, monies due thereunder, security interests in the property and services financed thereby and any and all other related
rights.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;Restricted
Subsidiary&rdquo; means each Subsidiary of Norfolk Southern other than Securitization Subsidiaries and Subsidiaries of Securitization
Subsidiaries.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;Securitization
Subsidiary&rdquo; means a Subsidiary of Norfolk Southern (1) which is formed for the purpose of effecting one or more Securitization
Transactions and engaging in other activities reasonably related thereto and (2) as to which no portion of the Indebtedness
or any other obligations (a) is guaranteed by any Restricted Subsidiary, or (b) subjects any property or assets of any
Restricted Subsidiary, directly or indirectly, contingently or otherwise, to any lien, other than pursuant to representations,
warranties and covenants (including those related to servicing) entered into in the ordinary course of business in connection
with a Securitization Transaction and inter-company notes and other forms of capital or credit support relating to the transfer
or sale of Receivables or asset-backed securities to such Securitization Subsidiary and customarily necessary or desirable in
connection with such transactions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;Securitization
Transaction&rdquo; means any transaction or series of transactions that have been or may be entered into by us or any of our Subsidiaries
in connection with or reasonably related to a transaction or series of transactions in which we or any of our Subsidiaries may
sell, convey or otherwise transfer to (1) a Securitization Subsidiary or (2) any other Person, or may grant a security
interest in, any Receivables or asset-backed securities or interest therein (whether such Receivables or securities are then existing
or arising in the future) of Norfolk Southern or any of our Subsidiaries, and any assets related thereto, including, without limitation,
all security interests in the property or services financed thereby, the proceeds of such Receivables or asset-backed securities
and any other assets which are sold in respect of which security interests are granted in connection with securitization transactions
involving such assets.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;Subsidiary&rdquo;
means, in respect of any Person, corporation, company (including any limited liability company), association, partnership, joint
venture or other business entity of which a majority of the total voting power of the Voting Stock (as defined in the Indentures)
is at the time owned or controlled, directly or indirectly, by such Person, such Person and one or more Subsidiaries of such Person,
or one or more Subsidiaries of such Person. Unless otherwise required by the context, Subsidiary shall refer to a Subsidiary of
the company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;U.S.
Government Obligations&rdquo; means securities that are (i) direct obligations of the United States for the payment of which
its full faith and credit is pledged or (ii) obligations of a Person controlled or supervised by and acting as an agency
or instrumentality of the United States the timely payment of which is unconditionally guaranteed as a full faith and credit obligation
by the United States, that, in either case under clauses (i) or (ii) are not callable or redeemable at the action of the
issuer thereof, and shall also include a depositary receipt issued by a bank or trust company as custodian with respect to any
such U.S. Government Obligation or a specific payment of interest on or principal of any such U.S. Government Obligation held
by such custodian for the account of the holder of a depositary receipt; provided that (except as required by law) such custodian
is not authorized to make any deduction from the amount payable to the holder of such depositary receipt from any amount received
by the custodian in respect of the U.S. Government Obligation or the specific payment of interest on or principal of the U.S.
Government Obligation evidenced by such depositary receipt.</FONT></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">Consolidation,
Merger and Sale of Assets</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">So long
as any debt securities are outstanding, we cannot consolidate with or merge into any other Person, or sell, assign, transfer,
convey, lease or otherwise dispose of all, or substantially all, of our assets, in one or more related transactions, to any Person,
unless:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">either
                                         we are the surviving entity or the Person formed by such consolidation or into which
                                         we are merged, or to which such sale, assignment, transfer, conveyance, lease or other
                                         disposition has been made is a corporation, partnership or limited liability company
                                         organized and existing under the laws of the United States, any state of the United States
                                         or the District of Columbia, and shall expressly assume, by a supplemental indenture
                                         in a form reasonably satisfactory to the trustee, our obligations under the debt securities
                                         and the respective Indenture;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">immediately
                                         after giving effect to such transaction and treating any indebtedness which becomes an
                                         Obligation of ours or any Subsidiary as a result of such transaction as having been incurred
                                         by us or such Subsidiary at the time of such transaction, no Event of Default (and no
                                         event which, after notice or lapse of time or both, would become an Event of Default)
                                         will have occurred and be continuing; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">we
                                         have delivered to the trustee an officers&rsquo; certificate and an opinion of counsel,
                                         each stating that such consolidation, merger, sale, assignment, transfer, conveyance,
                                         lease or other disposition complies with the respective Indenture and that all conditions
                                         precedent relating to such transaction have been complied with.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">Since we
are a holding company, if one of our Subsidiaries distributes its assets as a result of a liquidation or recapitalization of that
subsidiary, our rights, and indirectly the rights of our creditors and of the holders of debt securities to participate in such
Subsidiary&rsquo;s distribution of assets will be subject to the prior claims of such Subsidiary&rsquo;s creditors, except to
the extent that we may be a creditor with prior claims enforceable against such Subsidiary.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">Events
of Default</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">Under the
Indentures, the following are &ldquo;Events of Default&rdquo;:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">failure
                                         to pay the principal of and premium, if any, on the debt securities when due and payable
                                         at maturity or otherwise;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">failure
                                         to pay any interest on the debt securities when due and payable, and this failure continues
                                         for 30 days;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">failure
                                         to perform any other covenant or agreement in, or provisions of, the debt securities
                                         or the applicable Indenture, and the failure continues for 90 days after we receive from
                                         the trustee, or, in the case of notice by the holders, we and the trustee receive from
                                         the holders of at least 25% in aggregate principal amount of the outstanding debt securities
                                         of a particular series, a notice of default;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">acceleration
                                         of any of our indebtedness (or indebtedness of any &ldquo;significant subsidiary&rdquo;
                                         of Norfolk Southern, as defined in the federal securities laws) in an aggregate principal
                                         amount that exceeds $100,000,000 within 10 days after we receive from the trustee, or,
                                         in the case of notice by the holders, we and the trustee receive from the holders of
                                         at least 25% in aggregate principal amount of outstanding debt securities of a particular
                                         series, a notice of default;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">certain
                                         events of bankruptcy, insolvency or reorganization; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">any
                                         other Event of Default that may be set forth in the supplemental indenture or board resolution
                                         with respect to a particular series of debt securities.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">If an Event
of Default occurs and is continuing, either the trustee or the holders of at least 25% in aggregate principal amount of the outstanding
debt securities of a particular series, may notify Norfolk Southern (and the trustee, if notice is given by the holders) and declare
that the unpaid principal of (premium, if any) and accrued interest on, if any, the debt securities of such series is due and
payable immediately. However, under certain circumstances, the holders of a majority in aggregate principal amount of outstanding
debt securities of such series may be able to rescind and annul this declaration for accelerated payment. Norfolk Southern will
furnish the trustee with an annual statement that describes how Norfolk Southern has performed its obligations under the applicable
Indenture, and that specifies any defaults that may have occurred.</FONT></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">Discharge,
Defeasance and Covenant Defeasance</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">Unless
otherwise provided in an applicable Indenture supplement, we may discharge certain obligations to holders of any debt securities
issued under the Indenture of a particular series when:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">all
                                         debt securities of such series theretofore authenticated and delivered have been delivered
                                         to the trustee for cancellation; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">after
                                         the debt securities of such series have become due and payable, or will become due and
                                         payable at their stated maturity within one year, or are to be called for redemption
                                         within one year, we have irrevocably deposited or caused to be deposited with the trustee
                                         as trust funds in trust (a) money in an amount, or (b) U.S. Government Obligations
                                         that through the payment of principal and interest thereof in accordance with their terms
                                         will provide, not later than one day before the due date of any payment, money in an
                                         amount or (c) a combination of (a) and (b), sufficient to pay and discharge
                                         each installment of principal (including any mandatory sinking fund payments) of and
                                         premium, if any, and interest on the outstanding debt securities of that series on the
                                         dates such installments of interest or principal and premium are due;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">and if,
in either case, we have paid or caused to be paid all other sums payable by us under the Indenture with respect to the debt securities
of that series and we have delivered to the trustee an officers&rsquo; certificate and an opinion of counsel each stating that
the requisite conditions precedent have been complied with.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">In addition,
unless otherwise provided in an applicable Indenture supplement, we may elect with respect to any series of debt securities either:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">to
                                         defease and be discharged from our obligations with respect to those debt securities
                                         (except as otherwise provided in the Indenture) (&ldquo;defeasance&rdquo;), or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">to
                                         be released from our obligations with respect to those debt securities under certain
                                         restrictive covenants in the Indenture and, if indicated in the applicable Indenture
                                         supplement, our obligations with respect to any other restrictive covenant applicable
                                         to the debt securities of that series (&ldquo;covenant defeasance&rdquo;).</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">We may
exercise our defeasance option or our covenant defeasance option with respect to any series of debt securities, only if:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">we
                                         have irrevocably deposited or caused to be deposited with the trustee as trust funds
                                         in trust (a) money in an amount, or (b) U.S. Government Obligations that through the
                                         payment of principal and interest thereof in accordance with their terms will provide,
                                         not later than one day before the due date of any payment, money in an amount or (c)
                                         a combination of (a) and (b), sufficient to pay and discharge each installment of principal
                                         (including any mandatory sinking fund payments) of and premium, if any, and interest
                                         on the outstanding debt securities of that series on the dates such installments of interest
                                         or principal and premium are due; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">no
                                         event of default with respect to the debt securities of that series has occurred and
                                         is continuing on the date of the deposit.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">Absent
a change in federal tax laws, a defeasance is likely to be treated as a taxable exchange by holders of the relevant debt securities
for an issue consisting of either obligations of the trust or a direct interest in the cash and securities held in the trust,
with the result that such holders would be required for tax purposes to recognize gain or loss as if such obligations or the cash
or securities deposited, as the case may be, had actually been received by them in exchange for their debt securities. In addition,
if the holders are treated as the owners of their proportionate share of the cash or securities held in trust, such holders would
then be required to include in their income for tax purposes any income, gain or loss attributable thereto even though no cash
was actually received. Thus, such holders might be required to recognize income for tax purposes in different amounts and at different
times than would be recognized in the absence of defeasance. Prospective investors are urged to consult their own tax advisors
as to the specific consequences of defeasance.</FONT></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">Modification
and Waiver</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">Modification
                                         and amendments of the Indentures may be made by us and the trustee with the consent of
                                         the holders of not less than a majority in aggregate principal amount of the outstanding
                                         debt securities of each series affected thereby; provided, however, that no such modification
                                         or amendment may, without the consent of the holder of each outstanding debt security
                                         of a particular series affected thereby:</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">reduce
                                         the amount of debt securities of such series whose holders must consent to an amendment,
                                         supplement or waiver;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">reduce
                                         the rate of interest on any debt security of such series;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">reduce
                                         the principal amount of (or premium, if any, on) any debt security of such series, or
                                         change the stated maturity of such debt security;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">change
                                         the place, manner, timing or currency of payment of principal of (or premium, if any)
                                         or interest on, any debt security of such series;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">reduce
                                         the portion of the principal amount of an OID debt security of such series payable upon
                                         acceleration of its maturity; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">make
                                         any changes in the amendment and waiver provisions above.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">The holders
of not less than a majority in principal amount of the debt securities of a series affected thereby, on behalf of all of the holders
of the debt securities of such series, are permitted to waive any past default under the applicable Indenture with respect to
the debt securities of such series, and its consequences, except a default in the payment of the principal of (or premium, if
any) or interest on any debt security or a default in respect of a covenant or provision of the applicable Indenture which cannot
be modified or amended without the consent of the holder of each debt security affected. Any such consent or waiver by the holder
of a debt security shall be binding upon such holder and upon every subsequent holder of such security, irrespective of whether
or not any notation of such consent or waiver is made upon such debt security, unless revoked as provided in the applicable Indenture.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">Payment
and Paying Agents</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">The Indentures
provide that payment of interest on a debt security on any interest payment date will be made to the Person in whose name a debt
security is registered at the close of business on the record date for the interest.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">Holders
must surrender debt securities to a paying agent to collect principal payments. Unless specified otherwise in the applicable prospectus
supplement or pricing supplement, we will pay principal and interest in money of the United States of America that at the time
of payment is legal tender for payment of public and private debts. Payments in respect of the securities represented by a global
security (including principal (and premium, if any) and interest) will be made by wire transfer of immediately available funds
to the accounts specified by the depository, which shall be The Depository Trust Company, or DTC, its nominees and their respective
successors.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">The Indentures
provide that initially, U.S. Bank National Association, a national banking association, will act as paying agent and registrar.
We may appoint and change any paying agent, registrar or co-registrar without notice. We or any of our domestically incorporated
wholly owned subsidiaries may act as paying agent, registrar or co-registrar.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">We will
maintain an office or agency in the City of New York where debt securities may be presented for registration of transfer or for
exchange and an office or agency in the City of New York where debt securities may be presented for payment. The registrar shall
keep a register of the debt securities and of their transfer and exchange. We may have one or more co-registrars and one or more
additional paying agents.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">If money
for the payment of principal, premium, if any, or interest remains unclaimed for two years after such amount has become due and
payable, the trustee or paying agent shall pay the money back to us at our written request unless an abandoned property law designates
another person. After any such payment, holders entitled to the money must look only to us and not to the trustee or paying agent
for payment.</FONT></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">Denominations,
Registrations and Transfer</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">Unless
an accompanying prospectus supplement states otherwise, debt securities will be represented by one or more global certificates
registered in the name of a nominee for DTC. In such case, each holder&rsquo;s beneficial interest in the global securities will
be shown on the records of DTC and transfers of beneficial interests will only be effected through DTC&rsquo;s records.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">A holder
of debt securities may only exchange a beneficial interest in a global security for certificated securities registered in the
holder&rsquo;s name if:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">DTC
                                         notifies us that it is unwilling or unable to continue serving as the depositary for
                                         the relevant global securities or DTC ceases to maintain certain qualifications under
                                         the Exchange Act and no successor depositary has been appointed for 90 days; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">we
                                         determine, in our sole discretion, that the global security shall be exchangeable.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">If debt
securities are issued in certificated form, they will only be issued in the minimum denomination specified in the accompanying
prospectus supplement and integral multiples of such denomination. Transfers and exchanges of such debt securities will only be
permitted in such minimum denomination. Transfers of debt securities in certificated form may be registered at the trustee&rsquo;s
corporate office or at the offices of any paying agent or trustee appointed by us under the Indentures. Exchanges of debt securities
for an equal aggregate principal amount of debt securities in different denominations may also be made at such locations.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">Governing
Law</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">The Indentures
are and the debt securities will be governed by, and construed in accordance with, the internal laws of the State of New York,
except to the extent the Trust Indenture Act of 1939, as amended, and the regulations promulgated thereunder, shall be applicable.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">Regarding
the Trustee</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">The
trustee of the Indentures is U.S. Bank National Association. The trustee in its individual or any other capacity may become the
owner or pledgee of debt securities and may otherwise deal with us or our affiliates with the same rights it would have if it
were not trustee.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 10pt 0 0pt; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt"><A NAME="i21042a010"></A>DESCRIPTION
OF CAPITAL STOCK</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">General</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">The following
summary of our common stock and preferred stock is not meant to be a complete description. For more information, you also should
refer to our Restated Articles of Incorporation (the &ldquo;Articles of Incorporation&rdquo;), our Bylaws (the &ldquo;Bylaws&rdquo;)
and the Virginia Stock Corporation Act (the &ldquo;Virginia Act&rdquo;). Under the Articles of Incorporation, our authorized capital
stock consists of 1,350,000,000 shares of common stock, par value $1.00 per share, and 25,000,000 shares of preferred stock, without
par value. We will describe the specific terms of any common stock or preferred stock we may offer in a prospectus supplement.
The specific terms we describe in a prospectus supplement may differ from the terms we describe below.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">Common
Stock</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">As
of January 31, 2021, Norfolk Southern had 251,911,634 shares of common stock issued and outstanding, excluding 20,320,777
shares held by our wholly owned subsidiaries. For all matters submitted to a vote of shareholders, each holder of common
stock is entitled to one vote for each share registered in his or her name on our books. Our common stock does not have cumulative
voting rights. As a result, subject to the voting rights of any outstanding preferred stock (of which there currently is none),
the persons who hold a majority of the outstanding common stock entitled to elect members of the board of directors (the &ldquo;Board&rdquo;)
can elect all of the directors of the company.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">If the
Board declares a dividend, common shareholders will receive payments from the funds of Norfolk Southern that are legally available
to pay dividends. However, this dividend right is subject to any preferential dividend rights we may grant to the persons who
hold preferred stock, if any is issued. If Norfolk Southern is dissolved, the holders of common stock will be entitled to share
ratably in all the assets that remain after we pay (i) our liabilities and (ii) any amounts we may owe to the persons
who hold our preferred stock, if any is issued. Common shareholders do not have preemptive rights, and they have no right to convert
their common stock into any other securities. All outstanding shares of common stock are duly authorized, validly issued, fully
paid and nonassessable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">The transfer
agent and registrar for our common stock is American Stock Transfer and Trust Company.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">Preferred
Stock</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">No shares
of preferred stock are issued or outstanding. However, 600,000 shares of preferred stock designated as &ldquo;Series A Junior
Participating Preferred Stock&rdquo; are authorized by our Articles of Incorporation, which further authorize the Board to issue
preferred stock in one or more series and to determine the liquidation preferences, voting rights, dividend rights, conversion
rights and redemption rights of each such series. The ability of the Board to issue and set the terms of preferred stock could
make it more difficult for a third person to acquire control of Norfolk Southern. The Board has the authority to fix the following
terms of any series of preferred stock, each of which will be set forth in the related prospectus supplement:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">the
                                         designation of the series;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">the
                                         number of shares offered;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">the
                                         initial offering price;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">the
                                         dividend rate, the dividend periods, the dates payable and whether dividends will be
                                         cumulative or noncumulative;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">the
                                         voting rights;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">any
                                         redemption or sinking fund provisions;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">any
                                         conversion or exchange provisions;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">whether
                                         the shares will be listed on a securities exchange;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">the
                                         liquidation preference, and other rights that arise upon the liquidation, dissolution
                                         or winding-up of Norfolk Southern; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">any
                                         other rights, preferences and limitations that pertain to the series.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">Norfolk
Southern will designate the transfer agent and registrar for each series of preferred stock in a prospectus supplement.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">Certain
Provisions of the Virginia Stock Corporation Act</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">The Virginia
Stock Corporation Act, as amended and in effect from time to time (the &ldquo;Virginia Act&rdquo;) contains certain anti-takeover
provisions regarding, among other things, affiliated transactions and control share acquisitions. In general, the Virginia Act&rsquo;s
affiliated transactions provisions prevent a Virginia corporation from engaging in an &ldquo;affiliated transaction&rdquo; (as
defined in the Virginia Act) with an &ldquo;interested shareholder&rdquo; (generally defined as a person owning more than 10%
of any class of voting securities of the corporation) unless approved by a majority of the &ldquo;disinterested directors&rdquo;
(as defined in the Virginia Act) and the holders of at least two thirds of the outstanding voting stock not owned by the interested
shareholder, subject to certain exceptions.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">Under
the control share acquisitions provisions of the Virginia Act, shares acquired in a &ldquo;control share acquisition,&rdquo; generally
defined as transactions that increase the voting strength of the person acquiring such shares above certain thresholds in elections
of directors generally, have no voting rights unless they are granted by a majority of the outstanding voting stock not owned
by such acquiring person. If such voting rights are granted and the acquiring person controls 50% or more of the voting power,
all shareholders, other than the acquiring person, are entitled to receive &ldquo;fair value&rdquo; (as defined in the Virginia
Act) for their shares. If such voting rights are not granted, the corporation may, if authorized by its articles of incorporation
or bylaws, purchase the acquiring person&rsquo;s shares at their cost to the acquiring person. A Virginia corporation has the
right to &ldquo;opt out&rdquo; of the control share acquisition statute, and effective January 27, 2009, the Board amended our
bylaws to &ldquo;opt out&rdquo; of the statute, and the affiliated transaction statute.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 10pt 0 0pt; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt"><A NAME="i21042a011"></A>DESCRIPTION
OF WARRANTS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">This section
describes the general terms and provisions of our warrants to acquire our securities that we may issue from time to time. The
applicable prospectus supplement will describe the terms of any warrant agreements and the warrants issuable thereunder. If any
particular terms of the warrants described in the prospectus supplement differ from any of the terms described herein, then the
terms described herein will be deemed superseded by that prospectus supplement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">We may
issue warrants for the purchase of our debt securities, common stock, preferred stock, depositary shares or securities of third
parties or other rights, including rights to receive payment in cash or securities based on the value, rate or price of one or
more specified commodities, currencies, securities or indices, or any combination of the foregoing. We may issue warrants independently
or together with other securities, and they may be attached to or separate from the other securities. Each series of warrants
will be issued under a separate warrant agreement that we will enter into with a bank or trust company, as warrant agent, as detailed
in the applicable prospectus supplement. The warrant agent will act solely as our agent in connection with the warrants and will
not assume any obligation, or agency or trust relationship, with you. We will file a copy of the warrant and warrant agreement
with the SEC each time we issue a series of warrants, and these warrants and warrant agreements will be incorporated by reference
into the registration statement of which this prospectus is a part. A holder of our warrants should refer to the provisions of
the applicable warrant agreement and prospectus supplement for more specific information.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">The prospectus
supplement relating to a particular issue of warrants will describe the terms of those warrants, including, when applicable:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">the
                                         offering price;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">the
                                         currency or currencies, including composite currencies, in which the price of the warrants
                                         may be payable;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">the
                                         number of warrants offered;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">the
                                         securities underlying the warrants, including the securities of third parties or other
                                         rights, if any, to receive payment in cash or securities based on the value, rate or
                                         price of one or more specified commodities, currencies, securities or indices, or any
                                         combination of the foregoing, purchasable upon exercise of the warrants;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">the
                                         exercise price and the amount of securities you will receive upon exercise;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">the
                                         procedure for exercise of the warrants and the circumstances, if any, that will cause
                                         the warrants to be automatically exercised;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">the
                                         rights, if any, we have to redeem the warrants;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">the
                                         date on which the right to exercise the warrants will commence and the date on which
                                         the warrants will expire;</FONT></TD></TR></TABLE>
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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">the
                                         designation and terms of the securities with which the warrants are issued and the number
                                         of warrants issued with each such security;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">the
                                         date on and after which the warrants and the related securities will be separately transferable;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">U.S.
                                         federal income tax consequences;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">the
                                         name of the warrant agent; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">any
                                         other material terms of the warrants.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">After your
warrants expire they will become void. All warrants will be issued in registered form. The prospectus supplement may provide for
the adjustment of the exercise price of the warrants.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">Warrants
may be exercised at the appropriate office of the warrant agent or any other office indicated in the applicable prospectus supplement.
Before the exercise of warrants, holders will not have any of the rights of holders of the securities purchasable upon exercise
and will not be entitled to payments made to holders of those securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">The
applicable warrant agreement may be amended or supplemented without the consent of the holders of the warrants to which it applies
to effect changes that are not inconsistent with the provisions of the warrants and that do not materially and adversely affect
the interests of the holders of the warrants. However, any amendment that materially and adversely alters the rights of the holders
of warrants will not be effective unless the holders of at least a majority of the applicable warrants then outstanding approve
the amendment. Every holder of an outstanding warrant at the time any amendment becomes effective, by continuing to hold the warrant,
will be bound by the applicable warrant agreement as amended. The prospectus supplement applicable to a particular series of warrants
may provide that certain provisions of the warrants, including the securities for which they may be exercisable, the exercise
price and the expiration date, may not be altered without the consent of the holder of each warrant.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 10pt 0 0pt; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt"><A NAME="i21042a012"></A>DESCRIPTION
OF DEPOSITARY SHARES</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">Norfolk
Southern may elect to offer fractional shares of preferred stock rather than full shares of preferred stock. If so, Norfolk Southern
will issue receipts for these &ldquo;depositary shares,&rdquo; each of which will represent a fraction of a share of a particular
series of preferred stock. Each holder of a depositary share will be entitled, in proportion to the fraction of preferred stock
represented by that depositary share, to the rights and preferences of the preferred stock, including any dividend, voting, redemption,
conversion and liquidation rights. Norfolk Southern will enter into an agreement (the &ldquo;Deposit Agreement&rdquo;) with a
depositary, which will be named in the related prospectus supplement, and with the holders of the &ldquo;depositary receipts&rdquo;
that represent the depositary shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">The following
summary of the depositary shares is not meant to be complete. For more information, you should refer to the Deposit Agreement,
to the depositary receipts and the certificate of designation of the series of preferred stock that underlies that series of depositary
shares and to the related prospectus supplement. A form of Deposit Agreement, depositary receipt and certificate of designation
will be filed as exhibits to, or incorporated by reference into, the registration statement before we issue depositary receipts.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">General</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">In order
to issue depositary shares, Norfolk Southern will issue preferred stock, and immediately deposit these shares with the depositary.
The depositary then will issue and deliver depositary receipts to the persons who purchase depositary shares. The depositary will
issue depositary receipts in a form that reflects whole depositary shares, and each may evidence any number of whole depositary
shares.</FONT></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">Dividends
and Other Distributions</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">The depositary
will distribute all cash and non-cash distributions it receives, with respect to the underlying preferred stock, to the record
holders of depositary shares in proportion to the number of depositary shares they hold. In the case of non-cash distributions,
the depositary may determine that the distribution cannot be made proportionately or that it may not be feasible to make the distribution.
If so, the depositary will, with our approval, adopt a method it deems equitable and practicable to effect the distribution, including
the sale (public or private) of the securities or other non-cash property it receives in the distribution at a place and on terms
it deems proper. Norfolk Southern or the depositary may reduce the amount it distributes in order to pay taxes or other governmental
charges.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">Redemption
of Depositary Shares</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">If Norfolk
Southern redeems the series of preferred stock that underlies the depositary shares, the depositary will redeem the depositary
shares from the proceeds it receives from the redemption of the preferred stock it holds. The depositary will redeem the number
of depositary shares that represent the amount of underlying preferred stock that Norfolk Southern redeemed. The redemption price
per depositary share will be in proportion to the redemption price per share that Norfolk Southern paid for the underlying preferred
stock. If Norfolk Southern redeems less than all the depositary shares, the depositary will select by lot, or by some substantially
equivalent method, which depositary shares to redeem.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">After a
redemption date is fixed, the depositary shares to be redeemed no longer will be considered outstanding. The rights of the holders
of the depositary shares will cease, except the right to receive money or other property they are entitled to receive upon the
redemption. In order to redeem their depositary shares, holders will surrender their depositary receipts to the depositary. If
Norfolk Southern deposits funds with the depositary to redeem depositary shares, and the holders fail to redeem their receipts,
the money will be returned to Norfolk Southern within two years from the date the funds are deposited.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 10pt 0 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">Voting
the Preferred Stock</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">When Norfolk
Southern notifies the depositary about any meeting at which the holders of preferred stock are entitled to vote, the depositary
will mail the information to the record holders of depositary shares related to that preferred stock. Each record holder of such
depositary shares on the record date (which will be the same date as the record date for the related preferred stock) will be
entitled to instruct the depositary how to vote the shares of preferred stock represented by that holder&rsquo;s depositary shares.
The depositary will try to vote the preferred stock represented by the depositary shares in accordance with these instructions,
provided the depositary receives these instructions sufficiently in advance of the meeting. Norfolk Southern will take all reasonable
action necessary to provide the depositary with sufficient notice of any meeting. If the depositary does not receive instructions
from the holders of the depositary shares, the depositary will abstain from voting the preferred stock that underlies those depositary
shares.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">Withdrawal
of Preferred Stock</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">When a
holder surrenders depositary receipts at the corporate trust office of the depositary, and pays any necessary taxes, charges or
other fees, the holder will be entitled to receive the number of whole shares of the related series of preferred stock, and any
money or other property, if any, represented by their depositary shares. Once a holder exchanges depositary shares for whole shares
of preferred stock, that holder cannot &ldquo;re-deposit&rdquo; these shares of preferred stock with the depositary, or exchange
them for depositary shares. If a holder delivers depositary receipts that represent a number of depositary shares that exceeds
the number of whole shares of related preferred stock the holder seeks to withdraw, the depositary will issue a new depositary
receipt to the holder that evidences the excess number of depositary shares.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">Amendment
and Termination of the Deposit Agreement</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">Norfolk
Southern and the depositary can agree, at any time, to amend the form of depositary receipt and any provisions of the Deposit
Agreement. However, if an amendment has a material adverse effect on the rights of the holders of related depositary shares, it
must first be approved by the holders of at least a majority of these depositary shares then outstanding. Every holder of a depositary
receipt at the time an amendment becomes effective will be bound by the amended Deposit Agreement. However, subject to any conditions
in the Deposit Agreement or applicable law, no amendment can impair the right of any holder of a depositary share to receive shares
of the related preferred stock, and any money or other property represented by the depositary shares, upon surrender the depositary
receipts that represent their depositary shares.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">Norfolk
Southern can terminate the Deposit Agreement at any time, as long as it provides at least 60 days&rsquo; prior written notice
to the depositary. If Norfolk Southern terminates the Deposit Agreement, then within 30 days from the date the depositary receives
notice, the depositary will deliver whole or fractional shares of the related preferred stock to the holders of depositary shares,
when they surrender their depositary receipts. The Deposit Agreement will terminate automatically after all outstanding depositary
shares have been redeemed, or, in connection with any liquidation, dissolution or winding up of Norfolk Southern, after the final
distribution of Norfolk Southern&rsquo;s assets has been made to the holders of the related series of preferred stock and, in
turn, to the holders of depositary shares.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 10pt 0 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">Charges
of Depositary</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">Norfolk
Southern will pay the charges of the depositary, including charges in connection with the initial deposit of the related series
of preferred stock, the initial issuance of the depositary shares, and all withdrawals of shares of the related series of preferred
stock. Norfolk Southern also will pay all transfer and other taxes and the government charges that arise solely from the existence
of the depositary arrangements. However, holders of depositary shares will have to pay all other transfer and other taxes and
government charges, as provided in the Deposit Agreement.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">Resignation
and Removal of Depositary</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">The depositary
may resign, at any time, by delivering written notice of its decision to Norfolk Southern. We may remove the depositary at any
time. Any resignation or removal will take effect when we appoint a successor depositary. Norfolk Southern must appoint the successor
depositary within 60 days after delivery of the notice of resignation or removal, and the successor depositary must be a bank
or trust corporation that has its principal office in the United States, and has a combined capital and surplus of at least $50,000,000.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">Miscellaneous</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">Norfolk
Southern will be required to furnish certain information to the holders of the preferred stock. The depositary, as the holder
of the underlying preferred stock, will forward any reports or information it receives from Norfolk Southern to the holders of
depositary shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">Neither
the depositary nor Norfolk Southern will be liable if its ability to perform its obligations under the Deposit Agreement is prevented
or delayed by law or any circumstance beyond its control. Both Norfolk Southern and the depositary will be obligated to use their
best judgment and to act in good faith in performing their duties under the Deposit Agreement. Each of Norfolk Southern and the
depositary will be liable for gross negligence and willful misconduct in the performance of its duties under the Deposit Agreement.
They will not be obligated to appear in, prosecute or defend any legal proceeding with respect to any depositary receipts, depositary
shares or preferred stock unless they receive what they, in their sole discretion, determine to be a satisfactory indemnity. Norfolk
Southern and the depositary may rely on the advice of legal counsel (including in-house counsel) or accountants of their choice.
They may also rely on information provided by persons they believe, in good faith, to be competent, and on documents they believe,
in good faith, to be genuine.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">The
depositary&rsquo;s corporate trust office will be identified in the related prospectus supplement. Unless the prospectus supplement
indicates otherwise, the depositary will act as transfer agent and registrar for depositary receipts, and if Norfolk Southern
redeems shares of preferred stock, the depositary will act as redemption agent for the corresponding depositary receipts.</FONT></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt"><A NAME="i21042a013"></A>DESCRIPTION
OF STOCK PURCHASE CONTRACTS<BR>
AND STOCK PURCHASE UNITS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">We may
issue stock purchase contracts, including contracts obligating holders to purchase from or sell to us, and obligating us to sell
to or purchase from the holders, a specified number of shares of common stock or other securities at a future date or dates, which
we refer to in this prospectus as stock purchase contracts. The price per share of the securities and the number of shares of
the securities may be fixed at the time the stock purchase contracts are issued or may be determined by reference to a specific
formula set forth in the stock purchase contracts, and may be subject to adjustment under anti-dilution formulas. The stock purchase
contracts may be issued separately or as part of units consisting of a stock purchase contract and debt securities, preferred
securities or debt obligations of third parties, including U.S. treasury securities, any other securities described in the applicable
prospectus supplement or any combination of the foregoing, securing the holders&rsquo; obligations to purchase the securities
under the stock purchase contracts, which we refer to herein as stock purchase units. The stock purchase contracts may require
holders to secure their obligations under the stock purchase contracts in a specified manner. The stock purchase contracts also
may require us to make periodic payments to the holders of the stock purchase contracts or the stock purchase units, as the case
may be, or vice versa, and those payments may be unsecured or pre-funded on some basis.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">The applicable
prospectus supplement will describe the terms of the stock purchase contracts or stock purchase units. This description is not
complete and the description in the prospectus supplement will not necessarily be complete, and reference is made to the stock
purchase contracts, and, if applicable, collateral or depositary arrangements relating to the stock purchase contracts or stock
purchase units, which will be filed with the SEC each time we issue stock purchase contracts or stock purchase units. If any particular
terms of the stock purchase contracts or stock purchase units described in the prospectus supplement differ from any of the terms
described herein, then the terms described herein will be deemed superseded by that prospectus supplement. Material United States
federal income tax considerations applicable to the stock purchase units and the stock purchase contracts will also be discussed
in the applicable prospectus supplement.</FONT></P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt"><A NAME="i21042a014"></A>PLAN
OF DISTRIBUTION</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">We may
sell the securities being offered hereby from time to time in one or more transactions, including without limitation:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">to
                                         or through underwriters, brokers or dealers;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">through
                                         agents;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">on
                                         any national exchange on which the securities offered hereby are listed or any automatic
                                         quotation system through which the securities may be quoted;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">directly
                                         to one or more purchasers; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">through
                                         a combination of any of these methods.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">In addition,
we may enter into derivative or hedging transactions with third parties, or sell securities not covered by this prospectus to
third parties in privately negotiated transactions. In connection with such a transaction, the third parties may sell securities
covered by and pursuant to this prospectus and an applicable prospectus supplement. If so, the third party may use securities
borrowed from us or others to settle such sales and may use securities received from us to close out any related short positions.
We may also loan or pledge securities covered by this prospectus and an applicable prospectus supplement to third parties, who
may sell the loaned securities or, in an event of default in the case of a pledge, sell the pledged securities pursuant to this
prospectus and the applicable prospectus supplement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">We may
sell the securities offered by this prospectus at:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">a
                                         fixed price or prices, which may be changed;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">market
                                         prices prevailing at the time of sale;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">prices
                                         related to such prevailing market prices; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">negotiated
                                         prices.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">We will
identify the specific plan of distribution, including any underwriters, dealers, agents or direct purchasers and their compensation
in a prospectus supplement.</FONT></P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt"><A NAME="i21042a015"></A>LEGAL
MATTERS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">Unless
otherwise indicated in the applicable prospectus supplement, certain legal matters may be passed upon for us by Skadden, Arps,
Slate, Meagher &amp; Flom LLP, New York, New York and/or Vanessa Allen Sutherland, our Executive Vice President &amp; Chief Legal
Officer (or other senior general counsel as may be designated by us). Vanessa Allen Sutherland, in her capacity as Chief Legal
Officer of the Company, is a participant in various of our employee benefit and incentive plans, including stock option plans,
offered to employees of the Company. If the validity of any securities is also passed upon by counsel for the underwriters of
an offering of those securities, that counsel will be named in the prospectus supplement relating to that offering.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 10pt 0 0pt; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt"><A NAME="i21042a016"></A>EXPERTS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">The consolidated
financial statements of Norfolk Southern Corporation as of December 31, 2020 and 2019, and for each of the years in the three-year
period ended December 31, 2020 and management&rsquo;s assessment of the effectiveness of internal control over financial
reporting as of December 31, 2020 have been incorporated by reference herein in reliance upon the reports of KPMG LLP, independent
registered public accounting firm, incorporated by reference herein, and upon the authority of said firm as experts in accounting
and auditing. The audit report covering the December 31, 2020 consolidated financial statements refers to a change in accounting
for leases as of January 1, 2019 due to the adoption of Accounting Standards Update 2016-02, Leases (Topic 842) and the related
amendments.</FONT></P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: center"><FONT STYLE="font-size: 10pt">PART
II</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 10pt 0 0pt; text-align: center"><FONT STYLE="font-size: 10pt">INFORMATION
NOT REQUIRED IN PROSPECTUS</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 10pt 0 0"><FONT STYLE="font-size: 10pt">Item 14. Other Expenses
of Issuance and Distribution.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">The expenses
relating to the registration of the securities will be borne by the registrant. The following expenses, with the exception of
the Securities and Exchange Commission Registration Fee, are estimates.</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 60%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD NOWRAP STYLE="width: 83%; padding: 0; text-align: left; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-size: 10pt">Securities
and Exchange Commission Registration Fee</FONT></TD>
    <TD NOWRAP STYLE="width: 17%; padding: 0; text-align: right; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-size: 10pt">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD NOWRAP STYLE="padding: 0; text-align: left; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-size: 10pt">Accounting
Fees and Expenses</FONT></TD>
    <TD NOWRAP STYLE="padding: 0; text-align: right; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-size: 10pt">**</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD NOWRAP STYLE="padding: 0; text-align: left; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-size: 10pt">Legal
Fees</FONT></TD>
    <TD NOWRAP STYLE="padding: 0; text-align: right; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-size: 10pt">**</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD NOWRAP STYLE="padding: 0; text-align: left; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-size: 10pt">Printing
Fees</FONT></TD>
    <TD NOWRAP STYLE="padding: 0; text-align: right; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-size: 10pt">**</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD NOWRAP STYLE="padding: 0; text-align: left; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-size: 10pt">Transfer
Agent&rsquo;s and Trustee&rsquo;s Fees and Expenses</FONT></TD>
    <TD NOWRAP STYLE="padding: 0; text-align: right; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-size: 10pt">**</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD NOWRAP STYLE="padding: 0; text-align: left; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-size: 10pt">Rating
Agency Fees</FONT></TD>
    <TD NOWRAP STYLE="padding: 0; text-align: right; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-size: 10pt">**</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD NOWRAP STYLE="padding: 0; text-align: left; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-size: 10pt">Miscellaneous</FONT></TD>
    <TD NOWRAP STYLE="padding: 0; text-align: right; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-size: 10pt">**</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD NOWRAP STYLE="padding: 0; text-align: left; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-size: 10pt">Total</FONT></TD>
    <TD NOWRAP STYLE="padding: 0; text-align: right; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-size: 10pt">**</FONT></TD></TR>
</TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-transform: uppercase; text-align: center; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 5pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Deferred
                                         in reliance on Rule 456(b) and Rule 457(r) under the Securities Act.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">**</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">An
                                         estimate of the aggregate amount of these expenses will be reflected in the applicable
                                         prospectus supplement.</FONT></TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Item 15. Indemnification
of Directors and Officers.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">The Virginia
Stock Corporation Act, as amended and in effect from time to time (the &ldquo;Virginia Act&rdquo;), provides, in general, for
the indemnification of the registrant&rsquo;s directors and officers in a variety of circumstances, which may include indemnification
for liabilities under the Securities Act. Under Sections 13.1-697 and 13.1-702 of the Virginia Act, a Virginia corporation generally
is authorized to indemnify its directors and officers in civil or criminal actions if they acted in good faith and believed their
conduct to be in the best interests of the corporation and, in the case of criminal actions, had no reasonable cause to believe
that the conduct was unlawful.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">Article
VI of the registrant&rsquo;s Restated Articles of Incorporation provides, in general, for mandatory indemnification of directors
and officers (including former directors and officers), to the fullest extent permitted by the Virginia Act, against liability
incurred by them in proceedings by third parties, or by or on behalf of the registrant itself, by reason of the fact that such
person is, or was, a director or officer of the registrant, or is, or was, serving at the request of the registrant as a director,
trustee, partner or officer of another corporation, partnership, joint venture, trust, employee benefit plan or other enterprise.
However, the Virginia Act does not permit indemnity for willful misconduct or for a knowing violation of the criminal law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">Article
VI of the registrant&rsquo;s Restated Articles of Incorporation also provides that in every instance, and to the fullest extent
permitted by the Virginia Act the registrant&rsquo;s directors and officers (including former directors and officers) shall not
be liable to the registrant or its shareholders. Under current Virginia law, this provision cannot limit liability for willful
misconduct or for a knowing violation of the criminal law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">The individual
registrant directors and officers are covered by certain policies which insure against liabilities that directors or officers
may incur in such capacities.</FONT></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Item 16. List of
Exhibits.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">The Exhibits
to this registration statement are listed in the Exhibit Index below.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD NOWRAP STYLE="width: 8%; padding: 0; text-align: left; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-size: 10pt"><B><U>Exhibit
    No.</U></B></FONT></TD>
    <TD NOWRAP STYLE="width: 2%; padding: 0; text-align: center; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="width: 90%; padding: 0; text-align: center; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-size: 10pt"><B><U>Description
    of Exhibits</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: center; text-indent: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: center; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; text-align: left; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-size: 10pt">1.1</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-size: 10pt">Form
    of Underwriting Agreement for securities to be issued and sold.*</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; text-align: left; font: 10pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center; font: 10pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; text-align: left; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-size: 10pt">4.1</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/702165/000119312518062770/d536589dex41.htm" STYLE="-sec-extract: exhibit">Senior
    Indenture, dated as of February 28, 2018, between Norfolk Southern Corporation and U.S. Bank National Association, as Trustee
    (incorporated by reference from Norfolk Southern Corporation&rsquo;s Form 8-K filed February 28, 2018 (File No. 001-08339)).</A></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; text-align: left; font: 10pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center; font: 10pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; text-align: left; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-size: 10pt">4.2</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/702165/000119312518032221/d532668dex42.htm" STYLE="-sec-extract: exhibit">Form
    of Subordinated Indenture between Norfolk Southern Corporation and U.S. Bank National Association, as Trustee (incorporated
    by reference from Norfolk Southern Corporation&rsquo;s Registration Statement on Form S-3 filed on February 5, 2018 (File
    No. 333-222869)).</A></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; text-align: left; font: 10pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center; font: 10pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; text-align: left; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-size: 10pt">4.3</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-size: 10pt">Form
    of Senior Note.*</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; text-align: left; font: 10pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center; font: 10pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; text-align: left; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-size: 10pt">4.4</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-size: 10pt">Form
    of Subordinated Note.*</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; text-align: left; font: 10pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center; font: 10pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; text-align: left; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-size: 10pt">4.5</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-size: 10pt">Form
    of Certificate of Designation with respect to any preferred stock issued hereunder.*</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; text-align: left; font: 10pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center; font: 10pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; text-align: left; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-size: 10pt">4.6</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-size: 10pt">Form
    of Warrant Agreement.*</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; text-align: left; font: 10pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center; font: 10pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; text-align: left; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-size: 10pt">4.7</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-size: 10pt">Form
    of Warrant Certificate.*</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; text-align: left; font: 10pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center; font: 10pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; text-align: left; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-size: 10pt">4.8</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-size: 10pt">Form
    of Depositary Agreement.*</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; text-align: left; font: 10pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center; font: 10pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; text-align: left; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-size: 10pt">4.9</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-size: 10pt">Form
    of Depositary Receipt.*</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; text-align: left; font: 10pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center; font: 10pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; text-align: left; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-size: 10pt">4.10</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-size: 10pt">Form
    of Purchase Contract Agreement setting forth Stock Purchase Contracts and Stock Purchase Units.*</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; text-align: left; font: 10pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center; font: 10pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; text-align: left; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-size: 10pt">5.1</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-size: 10pt"><A HREF="e21042_ex5-1.htm">Opinion of Vanessa Allen Sutherland, Esq.</A></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; text-align: left; font: 10pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center; font: 10pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; text-align: left; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-size: 10pt">5.2</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-size: 10pt"><A HREF="e21042_ex5-2.htm">Opinion of Skadden, Arps, Slate, Meagher &amp; Flom LLP.</A></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; text-align: left; font: 10pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center; font: 10pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; text-align: left; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-size: 10pt">23.1</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-size: 10pt"><A HREF="e21042_ex23-1.htm">Consent of KPMG LLP, independent registered public accounting firm.</A></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; text-align: left; font: 10pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center; font: 10pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; text-align: left; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-size: 10pt">23.2</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-size: 10pt"><A HREF="e21042_ex5-1.htm">Consent of Vanessa Allen Sutherland, Esq. (included in Exhibit 5.1).</A></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; text-align: left; font: 10pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center; font: 10pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; text-align: left; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-size: 10pt">23.3</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-size: 10pt"><A HREF="e21042_ex5-2.htm">Consent of Skadden, Arps, Slate, Meagher &amp; Flom LLP (included in Exhibit 5.2).</A></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; text-align: left; font: 10pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center; font: 10pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; text-align: left; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-size: 10pt">24.1</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-size: 10pt"><A HREF="e21042_ex24-1.htm">Power of Attorney.</A></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; text-align: left; font: 10pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center; font: 10pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; text-align: left; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-size: 10pt">25.1</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-size: 10pt"><A HREF="e21042_ex25-1.htm">Form T-1 Statement of Eligibility under the Trust Indenture Act of 1939, as amended, of U.S. Bank National Association, with respect to the senior indenture.</A></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; text-align: left; font: 10pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center; font: 10pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; text-align: left; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-size: 10pt">25.2</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-size: 10pt"><A HREF="e21042_ex25-2.htm">Form T-1 Statement of Eligibility under the Trust Indenture Act of 1939, as amended, of U.S. Bank National Association, with respect to the subordinated indenture.</A></FONT></TD></TR>
</TABLE>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
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<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">To
                                         be filed by amendment or as an exhibit to a Report to be incorporated by reference herein
                                         in connection with the issuance and sale of securities.</FONT></TD></TR></TABLE>



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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Item 17. Undertakings.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">The undersigned
registrant hereby undertakes:</FONT></P>

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<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(1)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">To
                                         file, during any period in which offers or sales are being made, a post-effective amendment
                                         to this registration statement:</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">To
                                         include any prospectus required by Section 10(a)(3) of the Securities Act of 1933;</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">To
                                         reflect in the prospectus any facts or events arising after the effective date of the
                                         registration statement (or the most recent post-effective amendment thereof) which, individually
                                         or in the aggregate, represent a fundamental change in the information set forth in the
                                         registration statement. Notwithstanding the foregoing, any increase or decrease in volume
                                         of securities offered (if the total dollar value of securities offered would not exceed
                                         that which was registered) and any deviation from the low or high end of the estimated
                                         maximum offering range may be reflected in the form of prospectus filed with the Commission
                                         pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent
                                         no more than a 20 percent change in the maximum aggregate offering price set forth
                                         in the &ldquo;Calculation of Registration Fee&rdquo; table in the effective registration
                                         statement;</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(iii)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">To
                                         include any material information with respect to the plan of distribution not previously
                                         disclosed in the registration statement or any material change to such information in
                                         the registration statement;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">provided,
however, that paragraphs (i), (ii) and (iii) of this section do not apply if the information required to be included in a
post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the registrant
pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in
this registration statement, or is contained in a form of prospectus filed pursuant to Rule 424(b) that is part of this registration
statement.</FONT></P>

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<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(2)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">That,
                                         for the purpose of determining any liability under the Securities Act of 1933, each such
                                         post-effective amendment shall be deemed to be a new registration statement relating
                                         to the securities offered therein, and the offering of such securities at that time shall
                                         be deemed to be the initial <I>bona fide</I> offering thereof.</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(3)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">To
                                         remove from registration by means of a post-effective amendment any of the securities
                                         being registered which remain unsold at the termination of the offering.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(4)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">That,
                                         for the purpose of determining liability under the Securities Act of 1933 to any purchaser:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Each
                                         prospectus filed by the registrant pursuant to Rule 424(b)(3) shall be deemed to be part
                                         of this registration statement as of the date the filed prospectus was deemed part of
                                         and included in this registration statement; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Each
                                         prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part
                                         of a registration statement in reliance on Rule 430B relating to an offering made pursuant
                                         to Rule 415(a)(1)(i), (vii) or (x) for the purpose of providing the information
                                         required by section 10(a) of the Securities Act of 1933 shall be deemed to be part of
                                         and included in this registration statement as of the earlier of the date such form of
                                         prospectus is first used after effectiveness or the date of the first contract of sale
                                         of securities in the offering described in the prospectus. As provided in Rule 430B,
                                         for liability purposes of the issuer and any person that is at that date an underwriter,
                                         such date shall be deemed to be a new effective date of the registration statement relating
                                         to the securities in the registration statement to which that prospectus relates, and
                                         the offering of such securities at that time shall be deemed to be the initial <I>bona
                                         fide</I> offering thereof. Provided, however, that no statement made in a registration
                                         statement or prospectus that is part of this registration statement or made in a document
                                         incorporated or deemed incorporated by reference into this registration statement or
                                         prospectus that is part of this registration statement will, as to a purchaser with a
                                         time of contract of sale prior to such effective date, supersede or modify any statement
                                         that was made in this registration statement or prospectus that was part of this registration
                                         statement or made in any such document immediately prior to such effective date.</FONT></TD></TR></TABLE>
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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(5)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">That,
                                         for the purpose of determining liability of the registrant under the Securities Act of
                                         1933 to any purchaser in the initial distribution of the securities, the undersigned
                                         registrant undertakes that in a primary offering of securities of the undersigned registrant
                                         pursuant to this registration statement, regardless of the underwriting method used to
                                         sell the securities to the purchaser, if the securities are offered or sold to such purchaser
                                         by means of any of the following communications, the undersigned registrant will be a
                                         seller to the purchaser and will be considered to offer or sell such securities to such
                                         purchaser:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Any
                                         preliminary prospectus or prospectus of the undersigned registrant relating to the offering
                                         required to be filed pursuant to Rule 424;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Any
                                         free writing prospectus relating to the offering prepared by or on behalf of the undersigned
                                         registrant or used or referred to by the undersigned registrant;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(iii)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">The
                                         portion of any other free writing prospectus relating to the offering containing material
                                         information about the undersigned registrant or its securities provided by or on behalf
                                         of the undersigned registrant; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(iv)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Any
                                         other communication that is an offer in the offering made by the undersigned registrant
                                         to the purchaser.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">The undersigned
registrant hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933, each filing of
the registrant&rsquo;s annual report pursuant to Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934
(and, where applicable, each filing of an employee benefit plan&rsquo;s annual report pursuant to Section 15(d) of the Securities
Exchange Act of 1934) that is incorporated by reference in the registration statement shall be deemed to be a new registration
statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the
initial <I>bona fide</I> offering thereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">Insofar
as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling
persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion
of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore,
unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant
of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action,
suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered,
the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court
of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and
will be governed by the final adjudication of such issue.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">The undersigned
registrant hereby undertakes to file an application for the purpose of determining the eligibility of the trustee to act under
subsection (a) of Section 310 of the Trust Indenture Act in accordance with the rules and regulations prescribed by
the Commission under Section 305(b)(2) of the Act.</FONT></P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="font-size: 10pt">SIGNATURES</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Pursuant to
the requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets
all of the requirements for filing on Form S-3 and has duly caused this registration statement to be signed on its behalf by the
undersigned, thereunto duly authorized, in the City of Norfolk, Commonwealth of Virginia, on this 4th day of February, 2021.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left; padding: 0; text-indent: 0">NORFOLK SOUTHERN CORPORATION</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding: 0 0 1pt; text-indent: 0">By:</TD>
    <TD STYLE="padding-top: 0; padding-right: 0; border-bottom: Black 1pt solid; padding-left: 0; text-indent: 0">/s/ James
    A. Squires</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 3%; padding: 0; text-indent: 0">Name:&nbsp;</TD>
    <TD STYLE="width: 47%; text-align: left; padding: 0; text-indent: 0">James A. Squires</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">Title:</TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0">Chairman, President and Chief Executive Officer</TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">Pursuant
to the requirements of the Securities Act of 1933, this registration statement has been signed on this 4th day of February, 2021
by the following persons on behalf of Norfolk Southern Corporation in the capacities indicated.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>



<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD NOWRAP STYLE="width: 30%; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: black 0.5pt solid; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>Signature</B></FONT></P></TD>
    <TD STYLE="width: 2%; text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 68%; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: black 0.5pt solid; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>Title</B></FONT></P></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">/s/
    James A. Squires</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top; padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 10pt">Chairman,
        President, Chief Executive Officer and Director</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 10pt">(Principal
        Executive Officer)</FONT></P></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">James
    A. Squires</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">/s/
    Mark R. George</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top; padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 10pt">Executive
        Vice President Finance and Chief Financial Officer</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 10pt">(Principal
        Financial Officer)</FONT></P></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Mark
    R. George</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">/s/
    Clyde H. Allison, Jr.</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top; text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Vice
    President and Controller (Principal Accounting Officer)</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Clyde
    H. Allison, Jr.</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: black 0.75pt solid; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">*</FONT></P></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top; padding: 0; text-align: justify; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Director</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Thomas
    D. Bell, Jr.</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: black 0.75pt solid; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">*</FONT></P></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top; padding: 0; text-align: justify; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Director</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Mitchell
    E. Daniels, Jr.</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: black 0.75pt solid; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">*</FONT></P></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top; padding: 0; text-align: justify; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Director</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Marcela
    E. Donadio</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: black 0.75pt solid; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">*</FONT></P></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top; padding: 0; text-align: justify; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Director</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">John
    C. Huffard, Jr.</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: black 0.75pt solid; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">*</FONT></P></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top; padding: 0; text-align: justify; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Director</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Christopher
    T. Jones</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: black 0.75pt solid; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">*</FONT></P></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top; padding: 0; text-align: justify; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Director</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Thomas
    C. Kelleher</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: black 0.75pt solid; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">*</FONT></P></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top; padding: 0; text-align: justify; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Director</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Steven
    F. Leer</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: black 0.75pt solid; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">*</FONT></P></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top; padding: 0; text-align: justify; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Director</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Michael
    D. Lockhart</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
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    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: black 0.75pt solid; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">*</FONT></P></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top; padding: 0; text-align: justify; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Director</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Amy
    E. Miles</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: black 0.75pt solid; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">*</FONT></P></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top; padding: 0; text-align: justify; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Director</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Claude
    Mongeau</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: black 0.75pt solid; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">*</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 10pt">Jennifer
        F. Scanlon</FONT></P></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0; text-align: justify; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Director</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: black 0.75pt solid; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">*</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 10pt">John
        R. Thompson</FONT></P></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 0; text-align: justify; text-indent: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Director</FONT></TD></TR>
</TABLE>

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    <TD STYLE="text-align: left; width: 50%; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; width: 3%; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">*By:&nbsp;</FONT></TD>
    <TD STYLE="width: 47%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">/s/
    Vanessa Allen Sutherland</FONT></TD></TR>
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    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Vanessa Allen Sutherland</FONT></TD></TR>
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    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Attorney-in-Fact</FONT></TD></TR>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 10pt"><U>Exhibit
5.1</U></FONT></P>

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<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 33%">Norfolk Southern Corporation</TD>
    <TD STYLE="width: 34%">&nbsp;</TD>
    <TD STYLE="width: 33%"><P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">Vanessa Allen Sutherland</P></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-size: 9pt">Law Department</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 9pt">EVP Government Relations and CLO</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-size: 9pt">Three Commercial Place</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-size: 9pt">Norfolk, Virginia 23510-9241</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 1in 0 0; text-align: right; text-indent: 0"><FONT STYLE="font-size: 10pt">February
4, 2021</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Re:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;<U>Norfolk
Southern Corporation &mdash; Registration Statement on Form S-3</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Ladies and
Gentlemen:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">I am Executive
Vice President &amp; Chief Legal Officer of Norfolk Southern Corporation, a Virginia corporation (the &ldquo;Company&rdquo;).
I refer to the Automatic Shelf Registration Statement on Form S-3 (the &ldquo;Registration Statement&rdquo;), to be filed on the
date hereof by the Company with the Securities and Exchange Commission (the &ldquo;Commission&rdquo;) under the Securities Act
of 1933, as amended (the &ldquo;Securities Act&rdquo;), allowing for delayed offerings pursuant to Rule 415 of the General Rules
and Regulations under the Securities Act (the &ldquo;Rules and Regulations&rdquo;). The Registration Statement relates to the
issuance and sale from time to time by the Company of the following securities of the Company: (i) shares of common stock, par
value $1.00 per share, of the Company (the &ldquo;Common Stock&rdquo;); (ii) shares of preferred stock, without par value, of
the Company (the &ldquo;Preferred Stock&rdquo;), to be issued in one or more series, which may also be issued in the form of depositary
shares (the &ldquo;Depositary Shares&rdquo;) evidenced by depositary receipts pursuant to one or more depositary agreements (each,
a &ldquo;Depositary Agreement&rdquo;) to be entered into between the Company and one or more depositaries to be named in the applicable
Depositary Agreement; (iii) debt securities representing unsecured obligations of the Company (the &ldquo;Senior Debt Securities&rdquo;)
to be issued in one or more series pursuant to the senior indenture, dated as of February 28, 2018 (the &ldquo;Senior Indenture&rdquo;),
between the Company and U.S. Bank National Association, as trustee (the &ldquo;Senior Indenture Trustee&rdquo;), and subordinated
debt securities (the &ldquo;Subordinated Debt Securities&rdquo; and, together with the Senior Debt Securities, the &ldquo;Debt
Securities&rdquo;) to be issued in one or more series pursuant to a subordinated indenture (the &ldquo;Subordinated Indenture&rdquo;
and, together with the Senior Indenture, the &ldquo;Indentures&rdquo;) proposed to be entered into between the Company and U.S.
Bank National Association, as trustee (the &ldquo;Subordinated Indenture Trustee&rdquo;); (iv) warrants representing the right
to receive, upon exercise, Common Stock, Preferred Stock, Depositary Shares, Debt Securities or securities of third parties, or
other rights, including rights to receive payment in cash or securities based on the value, rate or price of one or more specified
commodities, currencies, securities or indices, or any combination of the foregoing (collectively, the &ldquo;Warrants&rdquo;),
which may be issued pursuant to one or more warrant agreements (each, a &ldquo;Warrant Agreement&rdquo;) proposed to be entered
into by the Company and one or more warrant agents to be named therein; (v) the Company&rsquo;s stock purchase contracts obligating
holders to purchase Common Stock, Preferred Stock or Depositary Shares at a future date or dates (the &ldquo;Stock Purchase Contracts&rdquo;),
which may be issued pursuant to one or more purchase contract agreements; (vi) the Company&rsquo;s stock purchase units (the &ldquo;Stock
Purchase Units&rdquo;), each consisting of a Stock Purchase Contract and either Debt Securities, Preferred Stock or debt obligations
of third parties, including U.S. Treasury securities, securing a holder&rsquo;s obligation to purchase Common Stock, Preferred
Stock or Depositary Shares under the Stock Purchase Contracts; and (vii) such indeterminate number of shares of Common Stock,
Preferred Stock, Debt Securities or Depositary Shares as may be issued upon conversion, exchange, settlement or exercise, as applicable,
of any Warrants, Debt Securities, Preferred Stock, Depositary Shares, Stock Purchase Contracts or Stock Purchase Units. The Common
Stock, the Preferred Stock, the Debt Securities, the Depository Shares, the Stock Purchase Contracts, the Stock Purchase Units
and the Warrants offered pursuant to the Registration Statement are collectively referred to herein as the &ldquo;Offered Securities.&rdquo;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">This opinion
is being furnished in accordance with the requirements of Item 601(b)(5) of Regulation S-K under the Securities Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">In rendering
the opinions stated herein, I have, or an attorney working for me has, examined and relied upon the following: (i) the Registration
Statement; (ii) the Restated Certificate of Incorporation of the Company, as amended to date (the &ldquo;Certificate of Incorporation&rdquo;);
(iii) the By-Laws of the Company, as currently in effect (the &ldquo;By-Laws&rdquo;); (iv) certain resolutions of the Board of
Directors of the Company relating to the issuance and sale of the Offered Securities and related matters; (v) a specimen certificate
evidencing the Common Stock; (vi) an executed copy of the Senior Indenture; and (vii) the form of Subordinated Indenture.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">I have,
or an attorney working for me has, also examined originals or copies, certified or otherwise identified to my satisfaction, of
such records of the Company and such agreements, certificates and receipts of public officials, certificates of officers or other
representatives of the Company and others, and such other documents as I have deemed necessary or appropriate as a basis for the
opinions stated below.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">In my examination,
I have assumed the genuineness of all signatures, including electronic signatures, the legal capacity and competency of all natural
persons, the authenticity of all documents submitted to me as originals, the conformity to original documents of all documents
submitted to me as facsimile, electronic, certified or photostatic copies and the authenticity of the originals of such copies.
In addition, I have assumed that the terms of the Offered Preferred Shares (as defined below) will have been established so as
not to violate, conflict with or constitute a default under (i) any agreement or instrument to which the Company or its respective
property is subject, (ii) any law, rule, or regulation to which the Company is subject, (iii) any judicial or administrative order
or decree of any governmental authority or (iv) any consent, approval, license, authorization or validation of, or filing, recording
or registration with any governmental authority. I have also assumed that (i) the stock certificates evidencing the Preferred
Stock to be issued will be in a form that complies with, and the terms of such Preferred Stock will be duly established in accordance
with, the Virginia Stock Corporation Act, as amended (the &ldquo;Virginia Act&rdquo;), and (ii) the stock certificate evidencing
any Common Stock issued will conform to the specimen certificate which I examined and will be duly executed and delivered.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">In making
my examination of executed documents or documents to be executed, I have assumed that the parties thereto, other than the Company,
had or will have the power, corporate or other, to enter into and perform all obligations thereunder and have also assumed the
due authorization by all requisite action, corporate or other, the execution and delivery by such parties of such documents and
the validity and binding effect thereof on such parties. As to any facts material to the opinions stated below which I did not
independently establish or verify, I have relied upon statements and representations of officers and other representatives of
the Company and others and of public officials.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">I am a member
of the Bar of the Commonwealth of Virginia, and I do not express any opinion with respect to the laws of any jurisdiction other
than the laws of the Commonwealth of Virginia and, to the extent that judicial or regulatory orders or decrees or consents, approvals,
licenses, authorizations, validations, filings, recordings or registrations with governmental authorities are relevant, to those
required under such laws (all of the foregoing being referred to as &ldquo;Opined on Law&rdquo;). I do not express any opinion
with respect to the law of any jurisdiction other than Opined on Law or as to the effect of any such non-Opined on Law on the
opinions stated below. The Offered Securities may be issued from time to time on a delayed or continuous basis, and the opinions
expressed herein are based on the laws, including the Rules and Regulations, in effect on the date hereof, which laws are subject
to change with possible retroactive effect, and I disclaim any undertaking to advise you of any subsequent changes in the facts
stated or assumed herein or of any subsequent changes in applicable laws. The Senior Indenture and the Subordinated Indenture
provide that they are governed by the laws of the State of New York. To the extent that the opinions stated below relate to matters
governed by the laws of the State of New York, I have relied, with their permission, as to all matters of New York law, on the
opinion of Skadden, Arps, Slate, Meagher &amp; Flom LLP, dated the date hereof, which is filed herewith as Exhibit 5.2 to the
Registration Statement, and my opinion is subject to the exceptions, qualifications and assumptions contained in such opinion.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Based upon
the foregoing and subject to the limitations, qualifications, exceptions and assumptions stated herein, I am of the opinion that:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">1.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Except as otherwise discussed in paragraph 3 below, with respect to any shares of Common Stock to be offered by the Company
pursuant to the Registration Statement (the &ldquo;Offered Common Shares&rdquo;), when (i) the Registration Statement, as finally
amended (including all necessary post-effective amendments), has become effective under the Securities Act; (ii) an appropriate
prospectus supplement with respect to the Offered Common Shares has been prepared, delivered and filed in compliance with the
Securities Act and the applicable Rules and Regulations; (iii) the issuance and sale of the Offered Common Shares have been duly
established by all necessary corporate action in conformity with the Certificate of Incorporation and the By-Laws; (iv) if the
Offered Common Shares are to be sold pursuant to a firm commitment underwritten offering, the underwriting agreement with respect
to the Offered Common Shares has been duly authorized, executed and delivered by the Company and the other parties thereto; and
(v) certificates representing the Offered Common Shares have been duly executed and delivered by the proper officers of the Company
to the purchasers thereof against payment of the agreed-upon consideration therefor in the manner contemplated in the Registration
Statement or any prospectus supplement or term sheet relating thereto, the Offered Common Shares, when issued and sold in accordance
with the applicable underwriting agreement or any other duly authorized, executed and delivered applicable purchase agreement,
will be duly authorized, validly issued, fully paid and nonassessable, provided that the consideration therefor is not less than
the par value thereof. In rendering the opinion set forth in this paragraph 1, I have assumed that, at the time of issuance of
any Offered Common Shares, the Certificate of Incorporation, the By-Laws and the Virginia Act shall not have been amended so as
to affect the validity of such issuance.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">2.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Except as otherwise discussed in paragraph 4 below, with respect to the shares of any series of Preferred Stock to be offered
by the Company pursuant to the Registration Statement (the &ldquo;Offered Preferred Shares&rdquo;), when (i) the Registration
Statement, as finally amended (including all necessary post-effective amendments), has become effective under the Securities Act;
(ii) an appropriate prospectus supplement with respect to the Offered Preferred Shares has been prepared, delivered and filed
in compliance with the Securities Act and the applicable Rules and Regulations; (iii) the terms of the Offered Preferred Shares
and of their issuance and sale have been duly established by all necessary corporate action in conformity with the Certificate
of Incorporation and the By-Laws; (iv) if the Offered Preferred Shares are to be sold pursuant to a firm commitment underwritten
offering, the underwriting agreement with respect to the Offered Preferred Shares has been duly authorized, executed and delivered
by the Company and the other parties thereto; and (vi) certificates representing the Offered Preferred Shares have been duly executed
and delivered by the proper officers of the Company to the purchasers thereof against payment of the agreed-upon consideration
therefor in the manner contemplated in the Registration Statement or any prospectus supplement or term sheet relating thereto,
any Offered Preferred Shares, when issued and sold in accordance with the applicable underwriting agreement or any other duly
authorized, executed and delivered applicable purchase agreement, will be duly authorized, validly issued, fully paid and nonassessable,
provided that the consideration therefor is not less than the par value thereof. In rendering the opinion set forth in this paragraph
2, I have assumed that, at the time of issuance of any Offered Preferred Shares, the Certificate of Incorporation, the By-Laws
and the Virginia Act shall not have been amended so as to affect the validity of such issuance.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">3.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>With respect to any shares of Common Stock issuable upon the conversion, exchange, exercise or settlement of any Preferred
Stock, Debt Securities, Warrants, Depositary Shares, Stock Purchase Contracts or Stock Purchase Units (together, the &ldquo;Convertible
Securities&rdquo;), which are by their terms convertible into or exchangeable, exercisable or can be settled for shares of Common
Stock, the shares of Common Stock issuable upon conversion, exchange, exercise or settlement of the Convertible Securities will
be duly authorized, validly issued, fully paid and nonassessable, assuming the issuance of the Common Stock upon conversion, exchange,
exercise or settlement of the Convertible Securities has been authorized by all necessary corporate action, that the Convertible
Securities have been converted, exchanged, exercised or settled in accordance with their terms and that the certificates evidencing
such shares of Common Stock are duly executed and delivered. In rendering the opinion set forth in this paragraph 3, I have assumed
that, at the time of issuance of any shares of Common Stock upon conversion, exchange, exercise or settlement of the Convertible
Securities, the Certificate of Incorporation, the By-Laws and the Virginia Act shall not have been amended so as to affect the
validity of such issuance.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">4.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>With respect to any shares of Preferred Stock issuable upon the conversion, exchange, exercise or settlement of any Convertible
Securities, which are by their terms convertible into or exchangeable, exercisable or can be settled for shares of Preferred Stock,
the shares of Preferred Stock issuable upon conversion, exchange, exercise or settlement of the Convertible Securities will be
duly authorized, validly issued, fully paid and nonassessable, assuming the issuance of the Preferred Stock upon conversion, exchange,
exercise or settlement of the Convertible Securities has been authorized by all necessary corporate action, that the Convertible
Securities have been converted, exchanged, exercised or settled in accordance with their terms and that the certificates evidencing
such shares of Preferred Stock are duly executed and delivered. In rendering the opinion set forth in this paragraph 4, I have
assumed that, at the time of issuance of any shares of Preferred Stock upon conversion, exchange, exercise or settlement of the
Convertible Securities, the Certificate of Incorporation, the By-Laws and the Virginia Act shall not have been amended so as to
affect the validity of such issuance.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">5.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>With respect to any Depositary Shares to be offered by the Company pursuant to the Registration Statement (the &ldquo;Offered
Depositary Shares&rdquo;), when (i) the Registration Statement, as finally amended (including all necessary post-effective amendments)
becomes effective under the Securities Act; (ii) an appropriate prospectus supplement with respect to the Offered Depositary Shares
has been prepared, delivered and filed in compliance with the Securities Act and the applicable Rules and Regulations; (iii) the
Depositary Agreement relating to the Offered Depositary Shares has been duly authorized, executed and delivered and the Depositary
Shares have been duly authorized by the Board of Directors of the Company; (iv) the terms of the Offered Depositary Shares and
of their issuance and sale have been duly established in conformity with the Depositary Agreement, and provided that such terms,
when established, do not violate any applicable law or result in a default under or breach of any agreement or instrument binding
upon the Company and comply with any requirement or restriction imposed by any court or governmental body having jurisdiction
over the Company; (v) if the Offered Depositary Shares are to be sold pursuant to a firm commitment underwritten offering, the
underwriting agreement with respect to the Offered Depositary Shares has been duly authorized, executed and delivered by the Company
and the other parties thereto; and (vi) the Offered Depositary Shares have been duly issued and sold as contemplated by the Registration
Statement and consideration therefor has been received by the Company, or upon the conversion, exchange or exercise of any other
Offered Security in accordance with the terms of such Offered Security or the instrument governing such Offered Security providing
for such conversion, exchange or exercise, the Offered Depositary Shares will be duly authorized.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">6.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>With respect to any Debt Securities to be offered by the Company pursuant to the Registration Statement (the &ldquo;Offered
Debt Securities&rdquo;), when (i) the Registration Statement, as finally amended (including all necessary post-effective amendments)
becomes effective under the Securities Act; (ii) an appropriate prospectus supplement with respect to the Offered Debt Securities
has been prepared, delivered and filed in compliance with the Securities Act and the applicable Rules and Regulations; (iii) the
applicable Indenture relating to the Offered Debt Securities has been duly authorized, executed and delivered and the Offered
Debt Securities have been duly authorized by the Board of Directors of the Company; (iv) the terms of the Offered Debt Securities
and of their issuance and sale have been duly established in conformity with the applicable Indenture, and provided that such
terms, when established, do not violate any applicable law or result in a default under or breach of any agreement or instrument
binding upon the Company and comply with any requirement or restriction imposed by any court or governmental body having jurisdiction
over the Company; (v) if the Offered Debt Securities are to be sold pursuant to a firm commitment underwritten offering, the underwriting
agreement with respect to the Offered Debt Securities has been duly authorized, executed and delivered by the Company and the
other parties thereto; and (vi) the Offered Debt Securities have been duly executed and countersigned in accordance with the applicable
Indenture and duly issued and sold as contemplated by the Registration Statement and consideration therefor has been received
by the Company, or upon the conversion, exchange or exercise of any other Offered Securities in accordance with the terms of such
Offered Securities or the instrument governing such Offered Securities providing for such conversion, exchange or exercise, the
Offered Debt Securities will be duly authorized.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">7.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>With respect to any Warrants to be offered by the Company pursuant to the Registration Statement (the &ldquo;Offered Warrants&rdquo;),
when (i) the Registration Statement, as finally amended (including all necessary post-effective amendments), has become effective
under the Securities Act; (ii) an appropriate prospectus supplement with respect to the Offered Warrants has been prepared, delivered
and filed in compliance with the Securities Act and the applicable Rules and Regulations; (iii) a Warrant Agreement relating to
the Offered Warrants has been duly authorized, executed and delivered and the Offered Warrants and the securities of the Company
into which the Offered Warrants are exercisable have been duly authorized by the Board of Directors of the Company; (iv) the terms
of the Offered Warrants and of their issuance and sale have been duly established in conformity with the Warrant Agreement, and
provided that such terms, when established, do not violate any applicable law or result in a default under or breach of any agreement
or instrument binding upon the Company and comply with any requirement or restriction imposed by any court or governmental body
having jurisdiction over the Company; (v) if the Offered Warrants are to be sold pursuant to a firm commitment underwritten offering,
the underwriting agreement with respect to the Offered Warrants has been duly authorized, executed and delivered by the Company
and the other parties thereto; and (vi) the Offered Warrants have been duly executed and countersigned in accordance with the
Warrant Agreement and duly issued and sold as contemplated by the Registration Statement and consideration therefor has been received
by the Company, the Offered Warrants will be duly authorized.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">8.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>With respect to any Stock Purchase Contracts to be offered by the Company pursuant to the Registration Statement (the &ldquo;Offered
Stock Purchase Contracts&rdquo;), when (i) the Registration Statement, as finally amended (including all necessary post-effective
amendments), has become effective under the Securities Act; (ii) an appropriate prospectus supplement with respect to the Offered
Stock Purchase Contracts has been prepared, delivered and filed in compliance with the Securities Act and the applicable Rules
and Regulations; (iii) a Stock Purchase Contract agreement relating to the Offered Stock Purchase Contracts (the &ldquo;Purchase
Contract Agreement&rdquo;) has been duly authorized, executed and delivered and the Offered Stock Purchase Contracts have been
duly authorized by the Board of Directors of the Company; (iv) the terms of the Offered Stock Purchase Contracts and of their
issuance and sale have been duly established in conformity with the Purchase Contract Agreement, and provided that such terms,
when established, do not violate any applicable law or result in a default under or breach of any agreement or instrument binding
upon the Company and comply with any requirement or restriction imposed by any court or governmental body having jurisdiction
over the Company; (v) if the Offered Stock Purchase Contracts are to be sold pursuant to a firm commitment underwritten offering,
the underwriting agreement with respect to the Offered Stock Purchase Contracts has been duly authorized, executed and delivered
by the Company and the other parties thereto; and (vi) the Offered Stock Purchase Contracts have been duly executed and countersigned
in accordance with the Purchase Contract Agreement and duly issued and sold as contemplated by the Registration Statement and
consideration therefor has been received by the Company, the Offered Stock Purchase Contracts will be duly authorized.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">9.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>With respect to any Stock Purchase Units to be offered by the Company pursuant to the Registration Statement (the &ldquo;Offered
Stock Purchase Units&rdquo;), when (i) the Registration Statement, as finally amended (including all necessary post-effective
amendments), has become effective under the Securities Act; (ii) an appropriate prospectus supplement with respect to the Offered
Stock Purchase Units has been prepared, delivered and filed in compliance with the Securities Act and the applicable Rules and
Regulations; (iii) the terms of the collateral arrangements, if any, relating to the Offered Stock Purchase Units (the &ldquo;Collateral
Arrangements&rdquo;) have been duly authorized, executed and delivered and the Offered Stock Purchase Units have been duly authorized
by the Board of Directors of the Company; (iv) the terms of the Offered Stock Purchase Units and of their issuance and sale have
been duly established in conformity with the Collateral Arrangements, if any, and provided that such terms, when established,
do not violate any applicable law or result in a default under or breach of any agreement or instrument binding upon the Company
and comply with any requirement or restriction imposed by any court or governmental body having jurisdiction over the Company;
(v) if the Offered Stock Purchase Units are to be sold pursuant to a firm commitment underwritten offering, the underwriting agreement
with respect to the Offered Stock Purchase Units has been duly authorized, executed and delivered by the Company and the other
parties thereto; and (vi) the Offered Stock Purchase Units have been duly executed and countersigned in accordance with the Collateral
Arrangements, if any, and duly issued and sold as contemplated by the Registration Statement and consideration therefor has been
received by the Company, the Offered Stock Purchase Units will be duly authorized.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0pt; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">I hereby
consent to the filing of this opinion with the Commission as Exhibit 5.1 to the Registration Statement. I also hereby consent
to the reference to me under the caption &ldquo;Legal Matters&rdquo; in the prospectus which forms a part of the Registration
Statement. In giving this consent, I do not thereby admit that I am within the category of persons whose consent is required under
Section 7 of the Securities Act or the Rules and Regulations. This opinion is expressed as of the date hereof unless otherwise
expressly stated, and I disclaim any undertaking to advise you of any subsequent changes in the facts stated or assumed herein
or of any subsequent changes in applicable laws.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0pt; text-indent: 0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%">&nbsp;</TD>
    <TD STYLE="width: 30%">Sincerely,</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Vanessa Allen Sutherland</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>Vanessa Allen Sutherland</TD></TR>
</TABLE>




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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 0pt; text-align: right"><FONT STYLE="font-size: 10pt">Exhibit
5.2</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 18pt; font-variant: small-caps">Skadden,
Arps, Slate, Meagher &amp; Flom llp</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 2pt 0 0; text-align: center"><FONT STYLE="font-size: 12pt">ONE MANHATTAN
WEST</FONT></P>

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    <TD NOWRAP STYLE="width: 33%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 34%; text-align: center; vertical-align: top"><FONT STYLE="font-size: 12pt">NEW YORK, NY 10001<BR>
</FONT>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: uppercase">________</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: center"><FONT STYLE="font-size: 10pt">TEL: (212)
735-3000</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 2pt 0 0; text-align: center"><FONT STYLE="font-size: 10pt">FAX: (212)
735-2000</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 2pt 0 0; text-align: center"><FONT STYLE="font-size: 10pt">www.skadden.com</FONT></P>

<FONT STYLE="font-size: 12pt"></FONT></TD>
    <TD NOWRAP STYLE="width: 17%">&nbsp;</TD>
    <TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif; width: 16%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 8pt">FIRM/AFFILIATE
                                         <BR>
                                         OFFICES</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 8pt">-----------</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 8pt">BOSTON</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 8pt">CHICAGO</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 8pt">HOUSTON</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 8pt">LOS ANGELES</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 8pt">PALO ALTO</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 8pt">WASHINGTON,
        D.C.</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 8pt">WILMINGTON</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 8pt">-----------</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 8pt">BEIJING</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 8pt">BRUSSELS</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 8pt">FRANKFURT</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 8pt">HONG KONG</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 8pt">LONDON</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 8pt">MOSCOW</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 8pt">MUNICH</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 8pt">PARIS</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 8pt">S&Atilde;O
        PAULO</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 8pt">SEOUL</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 8pt">SHANGHAI</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 8pt">SINGAPORE</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 8pt">TOKYO</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 8pt">TORONTO</FONT></P></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">February 4,
    2021</FONT></TD></TR>
</table>
<P STYLE="margin: 0; text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">Norfolk
Southern Corporation<BR>
Three Commercial Place<BR>
Norfolk, Virginia 23510</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 67.5pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 40.5pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Re:</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Norfolk
                                         Southern Corporation<BR>
                                         Automatic Shelf Registration Statement on Form S-3</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Ladies and Gentlemen:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">We
have acted as special United States counsel to Norfolk Southern Corporation, a Virginia corporation (the &ldquo;Company&rdquo;),
in connection with the registration statement on Form S-3 (the &ldquo;Registration Statement&rdquo;) to be filed on the date hereof
by the Company with the Securities and Exchange Commission (the &ldquo;Commission&rdquo;) under the Securities Act of 1933 (the
&ldquo;Securities Act&rdquo;). The Registration Statement relates to the issuance and sale by the Company from time to time, pursuant
to Rule 415 of the General Rules and Regulations of the Commission promulgated under the Securities Act (the &ldquo;Rules and
Regulations&rdquo;), of (i) shares of common stock, par value $1.00 per share, of the Company (&ldquo;Common Stock&rdquo;), (ii)
shares of preferred stock, without par value, of the Company (&ldquo;Preferred Stock&rdquo;), which may be issued in one or more
series, which may also be issued in the form of depositary shares (the &ldquo;Depositary Shares&rdquo;) evidenced by depositary
receipts pursuant to one or more depositary agreements (each, a &ldquo;Depositary Agreement&rdquo;) to be entered into between
the Company and one or more depositaries to be named in the applicable Depositary Agreement, (iii) debt securities representing
unsecured obligations of the Company (the &ldquo;Senior Debt Securities&rdquo;) to be issued in one or more series under the senior
indenture, dated as of February 28, 2018 (the &ldquo;Senior Indenture&rdquo;), between the Company and U.S. Bank Trust National
Association, as trustee, which is filed as an exhibit to the Registration Statement, (iv) subordinated debt securities (the &ldquo;Subordinated
Debt Securities&rdquo; and, together with the Senior Debt Securities, the &ldquo;Debt Securities&rdquo;) to be issued in one or
more series under a subordinated indenture (the &ldquo;Subordinated Indenture&rdquo; and, together with the Senior Indenture,
the &ldquo;Indentures&rdquo;) proposed to be entered into between the Company and U.S. Bank Trust National Association, as trustee,
the form of which is filed as an exhibit to the Registration Statement (v) warrants representing the right to receive, upon exercise,
Common Stock, Preferred Stock, Depositary Shares, Debt Securities or securities of third parties or other rights, including rights
to receive payment in cash or securities based on the value, rate or price of one or more specified commodities, currencies, securities
or indices, or any combination of the foregoing (collectively, the &ldquo;Warrants&rdquo;), which may be issued pursuant to one
or more warrant agreements (each, a &ldquo;Warrant Agreement&rdquo;), proposed to be entered into by the Company and one or more
warrant agents to be named therein, (vi) the Company&rsquo;s stock purchase contracts (the &ldquo;Stock Purchase Contracts&rdquo;)
obligating the holders thereof to purchase from the Company, and the Company to sell to such holders, shares of Common Stock,
shares of Preferred Stock or Depositary Shares at a future date or dates, which may be issued pursuant to one or more purchase
contract agreements proposed to be entered into by the Company and one or more purchase contract agents to be named therein, (vii)
the Company&rsquo;s stock purchase units (the &ldquo;Stock Purchase Units&rdquo;), each consisting of a Stock Purchase Contract
and either Debt Securities, Preferred Stock or debt obligations of third parties, including U.S. Treasury securities, securing
a holder&rsquo;s obligation to purchase shares of Common Stock, shares of Preferred Stock or Depositary Shares under the Stock
Purchase Contracts, which may be issued pursuant to one or more agreements proposed to be entered into by the Company and one
or more purchase unit agents to be named therein and (viii) such indeterminate number of shares of Common Stock, Preferred Stock
or Depositary Shares and indeterminate amount of Debt Securities as may be issued upon conversion, exchange, settlement or exercise,
as applicable, of any Preferred Stock, Depositary Shares, Debt Securities, Warrants, Stock Purchase Contracts or Stock Purchase
Units (collectively, &ldquo;Indeterminate Securities&rdquo;).</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Norfolk Southern
Corporation</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">February 4,
2021</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Page 2</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">This
opinion is being furnished in accordance with the requirements of Item 601(b)(5) of Regulation S-K under the Securities Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">In
rendering the opinion stated herein, we have examined and relied upon the following:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">the
                                         Registration Statement; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">an
                                         executed copy of the Senior Indenture; and </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">the
                                         form of Subordinated Indenture.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">We
have also examined originals or copies, certified or otherwise identified to our satisfaction, of such records of the Company
and such agreements, certificates and receipts of public officials, certificates of officers or other representatives of the Company
and others, and such other documents as we have deemed necessary or appropriate as a basis for the opinion stated below.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">In
our examination, we have assumed the genuineness of all signatures including electronic signatures, the legal capacity and competency
of all natural persons, the authenticity of all documents submitted to us as originals, the conformity to original documents of
all documents submitted to us as facsimile, electronic, certified or photocopied copies, and the authenticity of the originals
of such copies. As to any facts relevant to the opinion stated herein that we did not independently establish or verify, we have
relied upon statements and representations of officers and other representatives of the Company and others and of public officials.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Norfolk Southern
Corporation</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">February 4,
2021</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Page 3</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">We
do not express any opinion with respect to the laws of any jurisdiction other than the laws of the State of New York (&ldquo;Opined-on
Law&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">As
used herein, &ldquo;Transaction Documents&rdquo; means the Indentures and the supplemental indentures establishing the terms of
the Debt Securities issued pursuant thereto and any applicable underwriting or purchase agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
opinion stated in the paragraph below presumes that all of the following (collectively, the &ldquo;general conditions&rdquo;)
shall have occurred prior to the issuance of the Debt Securities: (i) the Registration Statement, as finally amended (including
all necessary post-effective amendments), has become effective under the Securities Act; (ii) an appropriate prospectus supplement
or term sheet with respect to the Offered Debt Securities (as defined below) has been prepared, delivered and filed in compliance
with the Securities Act and the applicable Rules and Regulations; (iii) the applicable Transaction Documents shall have been duly
authorized, executed and delivered by the Company and the other parties thereto, including, if the Offered Debt Securities are
to be sold or otherwise distributed pursuant to a firm commitment underwritten offering, the underwriting agreement or purchase
agreement with respect thereto; (iv) the Board of Directors of the Company, including any duly authorized committee thereof, shall
have taken all necessary corporate action to approve the issuance and sale of the Offered Debt Securities and related matters
and appropriate officers of the Company have taken all related action as directed by or under the direction of the Board of Directors
of the Company; and (v) the terms of the applicable Transaction Documents and the issuance and sale of the Offered Debt Securities
have been duly established in conformity with the articles of incorporation of the Company so as not to violate any applicable
law, the articles of incorporation of the Company or the bylaws of the Company, or result in a default under or breach of any
agreement or instrument binding upon the Company, and so as to comply with any requirement or restriction imposed by any court
or governmental body having jurisdiction over the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Based
upon the foregoing and subject to the qualifications and assumptions stated herein, we are of the opinion that, with respect to
any series of Debt Securities offered by the Company, including any Indeterminate Securities constituting Debt Securities of such
series (the &ldquo;Offered Debt Securities&rdquo;), when (a) the general conditions shall have been satisfied, (b) with respect
to any Offered Debt Securities that are Subordinated Debt Securities, the Subordinated Indenture has been qualified under the
Trust Indenture Act of 1939, (c) the issuance, sale and terms of the Offered Debt Securities and related matters have been approved
and established in conformity with the applicable Transaction Documents and (d) the certificates evidencing the Offered Debt Securities
have been issued in a form that complies with the provisions of the applicable Transaction Documents and have been duly executed
and authenticated in accordance with the provisions of the applicable Indenture and any other applicable Transaction Documents
and issued and sold or otherwise distributed in accordance with the provisions of the applicable Transaction Documents upon payment
of the agreed-upon consideration therefor, the Offered Debt Securities will constitute valid and binding obligations of the Company,
enforceable against the Company in accordance with their respective terms under the laws of the State of New York.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Norfolk Southern
Corporation</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">February 4,
2021</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Page 4</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
opinion stated herein is subject to the following qualifications:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>we do not express any opinion with respect to the effect on the opinion stated herein of any bankruptcy, insolvency, reorganization,
moratorium, fraudulent transfer, preference and other similar laws or governmental orders affecting creditors&rsquo; rights generally,
and the opinion stated herein is limited by such laws and by general principles of equity (regardless of whether enforcement is
sought in equity or at law);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>we do not express any opinion with respect to any law, rule or regulation that is applicable to any party to any of the
Transaction Documents or the transactions contemplated thereby solely because such law, rule or regulation is part of a regulatory
regime applicable to any such party or any of its affiliates as a result of the specific assets or business operations of such
party or such affiliates;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>except to the extent expressly stated in the opinion contained herein, we have assumed that each of the Transaction Documents
constitutes the valid and binding obligation of each party to such Transaction Document, enforceable against such party in accordance
with its terms;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>we do not express any opinion with respect to the enforceability of any provision contained in any Transaction Document
relating to any indemnification, contribution, non-reliance, exculpation, release, limitation or exclusion of remedies, waiver
or other provisions having similar effect that may be contrary to public policy or violative of federal or state securities laws,
rules or regulations, or to the extent any such provision purports to, or has the effect of, waiving or altering any statute of
limitations;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>we do not express any opinion with respect to the enforceability of any provision of any Transaction Document to the extent
that such section purports to bind the Company to the exclusive jurisdiction of any particular federal court or courts;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>we call to your attention that irrespective of the agreement of the parties to any Transaction Document, a court may decline
to hear a case on grounds of forum non conveniens or other doctrine limiting the availability of such court as a forum for resolution
of disputes; in addition, we call to your attention that we do not express any opinion with respect to the subject matter jurisdiction
of the federal courts of the United States of America in any action arising out of or relating to any Transaction Document;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>we have assumed that any agent of service will have accepted appointment as agent to receive service of process and call
to your attention that we do not express any opinion if and to the extent such agent shall resign such appointment; further, we
do not express any opinion with respect to the irrevocability of the designation of such agent to receive service of process;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Norfolk Southern
Corporation</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">February 4,
2021</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Page 5</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(h)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>we have assumed that the choice of New York law to govern the Indentures and any supplemental indenture thereto is and
will be a valid and legal provision;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>we have assumed that the Subordinated Indenture will be duly authorized, executed and delivered by the trustee in substantially
the form reviewed by us, and that any Debt Securities that may be issued will be manually authenticated, signed or countersigned,
as the case may be, by duly authorized officers of any trustee; </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(j)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>we do not express any opinion with respect to the enforceability of any provision contained in any Transaction Document
providing for indemnity by any party thereto against any loss in obtaining the currency due to such party under any Transaction
Document from a court judgment in another currency;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(k)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>we have assumed that the choice of a currency other than U.S. dollars as the currency in which any of the Offered Debt
Securities may be denominated does not contravene any exchange control or other laws of the jurisdiction of any such currency,
and further we call to your attention that a court may not award a judgment in any currency other than U.S. dollars; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(l)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>to the extent that the opinion stated herein relates to the enforceability of the choice of New York law and choice of
New York forum provisions contained in any Transaction Document, the opinion stated herein is subject to the qualification that
such enforceability may be subject to, in each case, (i) the exceptions and limitations in New York General Obligations Law sections
5-1401 and 5-1402 and (ii) principles of comity and constitutionality.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">In
addition, in rendering the foregoing opinion we have assumed that:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Company (i) is duly incorporated and is validly existing and in good standing, (ii) has requisite legal status and
legal capacity under the laws of the jurisdiction of its organization and (iii) has complied and will comply with all aspects
of the laws of the jurisdiction of its organization in connection with the transactions contemplated by, and the performance of
its obligations under, the Transaction Documents;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Company has the corporate power and authority to execute, deliver and perform all its obligations under each of the
Transaction Documents;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>neither the execution and delivery by the Company of the Transaction Documents nor the performance by the Company of its
obligations thereunder, including the issuance and sale of the Offered Debt Securities: (i) conflicts or will conflict with the
articles of incorporation or bylaws of the Company, (ii) constitutes or will constitute a violation of, or a default under, any
lease, indenture, agreement or other instrument to which the Company or its property is subject, (iii) contravened or will contravene
any order or decree of any governmental authority to which the Company or its property is subject, or (iv) violates or will violate
any law, rule or regulation to which the Company or its property is subject (except that we do not make the assumption set forth
in this clause (iv) with respect to the Opined-on Law); and</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Norfolk Southern
Corporation</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">February 4,
2021</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Page 6</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>neither the execution and delivery by the Company of the Transaction Documents nor the performance by the Company of its
obligations thereunder, including the issuance and sale of the Offered Debt Securities, requires or will require the consent,
approval, licensing or authorization of, or any filing, recording or registration with, any governmental authority under any law,
rule or regulation of any jurisdiction.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Vanessa
Allen Sutherland, Executive Vice President &amp; Chief Legal Officer of the Company, may rely on this opinion, subject to the
limitations and assumptions set forth in this opinion, as if it were addressed to her in rendering her opinion dated the date
hereof, which is to be filed herewith as Exhibit 5.1 to the Registration Statement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">We
hereby consent to the reference to our firm under the heading &ldquo;Legal Matters&rdquo; in the prospectus forming part of the
Registration Statement. We also hereby consent to the filing of this opinion with the Commission as an exhibit to the Registration
Statement. In giving this consent, we do not thereby admit that we are within the category of persons whose consent is required
under Section 7 of the Securities Act or the Rules and Regulations. This opinion is expressed as of the date hereof unless otherwise
expressly stated, and we disclaim any undertaking to advise you of any subsequent changes in the facts stated or assumed herein
or of any subsequent changes in applicable laws.</FONT></P>

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<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%">Very truly yours,</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>/s/ Skadden, Arps, Slate, Meagher &amp; Flom LLP</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">DJG</P>

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<TYPE>EX-23.1
<SEQUENCE>4
<FILENAME>e21042_ex23-1.htm
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<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: right"><B><U>Exhibit 23.1</U></B></P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: center"><B>Consent of Independent Registered
Public Accounting Firm</B></P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The Board of Directors</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Norfolk Southern Corporation:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; background-color: white">We consent to the use of our reports
with respect to the consolidated financial statements and financial statement schedule of valuation and qualifying accounts as
listed in Item 15(A)2 and the effectiveness of internal control over financial reporting incorporated by reference herein and to
the reference to our firm under the heading &ldquo;Experts&rdquo; in the prospectus. Our report on the financial statements refers
to a change in accounting for leases as of January 1, 2019 due to the adoption of Accounting Standards update 2016-02, Leases (Topic
842) and the related amendments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0 1in; text-align: center; background-color: white">/s/ KPMG LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; background-color: white">Atlanta, Georgia</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">February 4, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"></P>

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<TYPE>EX-24.1
<SEQUENCE>5
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><U>Exhibit
24.1</U></B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 10pt 0; text-align: center"><B>POWER OF ATTORNEY</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 10pt 0; text-align: justify">KNOW ALL MEN BY THESE PRESENTS, that the
individuals whose signatures appear below hereby constitute and appoint Vanessa Allen Sutherland and Christopher Neikirk (with
full power to each of them to act alone), his/her true and lawful attorneys-in-fact and agents for him/her and on his/her behalf
and in his/her name, place and stead, in all cases with full power of substitution and resubstitution, in any hand and all capacities,
to sign, execute and affix his/her seal to and file with the Securities and Exchange Commission (or any other governmental or regulatory
authority) on behalf of Norfolk Southern Corporation a Form S-3 Automatic Shelf Registration Statement, and all amendments or supplements
thereto, with all exhibits and any and all documents required to be filed with respect thereto, and grants to each of them full
power and authority to do and to perform each and every act and thing requisite and necessary to be done in and about the premises
in order to effectuate the same as fully and to all intents and purposes as he/she himself/herself might or could do if personally
present, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, may lawfully do or cause to
be done by virtue hereof.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">IN WITNESS WHEREOF,
each of the undersigned directors has hereunto set his/her hand, as of the date specified.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">[CONTINUED ON NEXT PAGE]</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><BR STYLE="clear: both">
</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Signature Page:</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Please authorize your
electronic consent below:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; width: 45%">/s/ Thomas D. Bell, Jr.</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 45%">/s/ Steven F. Leer</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Thomas D. Bell, Jr.</TD>
    <TD>&nbsp;</TD>
    <TD>Steven F. Leer</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>January 28, 2021</TD>
    <TD>&nbsp;</TD>
    <TD>January 26, 2021</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Mitchell E. Daniels, Jr. </TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Michael D. Lockhart</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Mitchell E. Daniels, Jr.</TD>
    <TD>&nbsp;</TD>
    <TD>Michael D. Lockhart</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>January 27, 2021</TD>
    <TD>&nbsp;</TD>
    <TD>January 26, 2021</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Marcela E. Donadio</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Amy E. Miles</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Marcela E. Donadio</TD>
    <TD>&nbsp;</TD>
    <TD>Amy E. Miles</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>January 26, 2021</TD>
    <TD>&nbsp;</TD>
    <TD>January 26, 2021</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid">/s/ John C. Huffard, Jr. </TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Claude Mongeau</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>John C. Huffard, Jr.</TD>
    <TD>&nbsp;</TD>
    <TD>Claude Mongeau</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>January 26, 2021</TD>
    <TD>&nbsp;</TD>
    <TD>January 26, 2021</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Christopher T. Jones</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Jennifer F. Scanlon</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Christopher T. Jones</TD>
    <TD>&nbsp;</TD>
    <TD>Jennifer F. Scanlon</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>January 26, 2021</TD>
    <TD>&nbsp;</TD>
    <TD>January 26, 2021</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Thomas C. Kelleher</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ John R. Thompson</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Thomas C. Kelleher</TD>
    <TD>&nbsp;</TD>
    <TD>John R. Thompson</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>January 26, 2021</TD>
    <TD>&nbsp;</TD>
    <TD>January 27, 2021</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

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<TYPE>EX-25.1
<SEQUENCE>6
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<P STYLE="text-align: right; margin: 0; font: 10pt Times New Roman, Times, Serif"><B><U>Exhibit 25.1</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 14pt; font-variant: small-caps"><B>securities
and exchange commission</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Washington,
D.C. 20549</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">__________________________</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 18pt"><B>FORM T-1</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>Statement
of Eligibility Under</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>The
Trust Indenture Act of 1939 of a </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>Corporation
Designated to Act as Trustee</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">Check if an Application
to Determine Eligibility of</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">a Trustee Pursuant
to Section 305(b)(2) <FONT STYLE="font-family: Wingdings">o</font></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">_______________________________________________________</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 24pt"><B>U.S. BANK
NATIONAL ASSOCIATION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">(Exact name of
Trustee as specified in its charter)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>31-0841368</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">I.R.S. Employer
Identification No.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 50%; border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">800
                                         Nicollet Mall</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">Minneapolis,
        Minnesota</FONT></P></td>
    <TD STYLE="width: 50%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">55402</FONT></P></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">(Address
    of principal executive offices)</FONT></td>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">(Zip
    Code)</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">Christopher J.
Grell</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">U.S. Bank National
Association</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">100 Wall Street,
6th Fl.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">New York, NY
10005</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">(212) 951-6990<BR>
(Name, address and telephone number of agent for service)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 24pt"><B>NORFOLK SOUTHERN
CORPORATION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">(Issuer with
respect to the Securities)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 50%; border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Virginia</B></FONT></td>
    <TD STYLE="width: 50%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>52-1188014</B></FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">(State
    or other jurisdiction of incorporation or organization)</FONT></td>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">(I.R.S.
    Employer Identification No.)</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 50%; border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Three
        Commercial Place</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 27pt"><FONT STYLE="font-size: 10pt"><B>Norfolk,
        Virginia </B></FONT></P></td>
    <TD STYLE="width: 50%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>23510</B></FONT></P></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">(Address
    of Principal Executive Offices)</FONT></td>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">(Zip
    Code)</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Senior Debt
Securities</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>(Title of
the Indenture Securities)</B></FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B><U>FORM T-1</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.75in; text-align: left"><FONT STYLE="font-size: 10pt"><B>Item 1.</B></FONT></TD><TD><FONT STYLE="font-size: 10pt"><B>GENERAL INFORMATION<I>.
</I></B>Furnish the following information as to the Trustee.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.35in; text-indent: -0.35in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.75in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.35in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">a)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><I>Name
                                         and address of each examining or supervising authority to which it is subject.</I></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0%; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 1.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Comptroller
                                         of the Currency</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0%; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 1.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Washington,
                                         D.C.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.35in; text-indent: -0.35in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.35in; text-align: left"><FONT STYLE="font-size: 10pt">b)</FONT></TD><TD><FONT STYLE="font-size: 10pt"><I>Whether it is authorized
to exercise corporate trust powers.</I></FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 1.25in; text-align: left">&nbsp;</TD><TD><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.35in; text-indent: -0.35in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.75in; text-align: left"><FONT STYLE="font-size: 10pt"><B>Item 2.</B></FONT></TD><TD><FONT STYLE="font-size: 10pt"><B>AFFILIATIONS WITH OBLIGOR.
<I> </I></B><I>If the obligor is an affiliate of the Trustee, describe each such affiliation.</I></FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0%; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.75in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">None</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.35in; text-indent: -0.35in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.75in; text-align: left"><FONT STYLE="font-size: 10pt"><B>Items 3-15</B></FONT></TD><TD><FONT STYLE="font-size: 10pt"><I>Items 3-15 are not applicable
because to the best of the Trustee&rsquo;s knowledge, the obligor is not in default under any Indenture for which the Trustee
acts as Trustee.</I></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-indent: -0.75in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.75in; text-align: left"><FONT STYLE="font-size: 10pt"><B>Item 16.</B></FONT></TD><TD><FONT STYLE="font-size: 10pt"><B>LIST OF EXHIBITS:</B>
<I> List below all exhibits filed as a part of this statement of eligibility and qualification.</I></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-indent: -0.75in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.35in; text-align: left"><FONT STYLE="font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">A copy of the Articles of
Association of the Trustee.*</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-indent: -0.5in; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in; text-align: left"></TD><TD STYLE="width: 0.35in; text-align: left"><FONT STYLE="font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">A copy of the certificate
of authority of the Trustee to commence business.**</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-indent: -0.5in; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in; text-align: left"></TD><TD STYLE="width: 0.35in; text-align: left"><FONT STYLE="font-size: 10pt">3.</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">A copy of the certificate
of authority of the Trustee to exercise corporate trust powers.**</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-indent: -0.5in; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in; text-align: left"></TD><TD STYLE="width: 0.35in; text-align: left"><FONT STYLE="font-size: 10pt">4.</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">A copy of the existing bylaws
of the Trustee.***</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -1in; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in; text-align: left"></TD><TD STYLE="width: 0.35in; text-align: left"><FONT STYLE="font-size: 10pt">5.</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">A copy of each Indenture
referred to in Item 4. Not applicable.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-indent: -0.5in; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in; text-align: left"></TD><TD STYLE="width: 0.35in; text-align: left"><FONT STYLE="font-size: 10pt">6.</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">The consent of the Trustee
required by Section 321(b) of the Trust Indenture Act of 1939, attached as Exhibit 6.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in; text-align: left"></TD><TD STYLE="width: 0.35in; text-align: left"><FONT STYLE="font-size: 10pt">7.</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Report of Condition of the
Trustee as of September 30, 2020 published pursuant to law or the requirements of its supervising or examining authority, attached
as Exhibit 7.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 27pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 27pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">*
                                         Incorporated by reference to Exhibit 25.1 to Amendment No. 2 to registration statement
                                         on S-4, Registration Number 333-128217 filed on November 15, 2005.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 27pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">**
                                         Incorporated by reference to Exhibit 25 to registration statement on form S-3ASR, Registration
                                         Number 333-236877 filed on March 4, 2020.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 27pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">***
                                         Incorporated by reference to Exhibit 25.1 to registration statement on form S-3ASR, Registration
                                         Number 333-199863 filed on November 5, 2014.</FONT></TD></TR></TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>SIGNATURE</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: center; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Pursuant to the
requirements of the Trust Indenture Act of 1939, as amended, the Trustee, U.S. BANK NATIONAL ASSOCIATION, a national banking association
organized and existing under the laws of the United States of America, has duly caused this statement of eligibility and qualification
to be signed on its behalf by the undersigned, thereunto duly authorized, all in the City of New York in the State of New York
on the 27th day of January, 2021.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif; padding: 0 0 1pt; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%; padding: 0 0 1pt; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-size: 10pt">By:</FONT>&nbsp;</TD>
    <TD STYLE="width: 47%; text-align: left; padding-top: 0; padding-right: 0; border-bottom: Black 1pt solid; padding-left: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-size: 10pt">/s/
    Christopher J. Grell</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Christopher J. Grell</FONT><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0; font: 10pt Times New Roman, Times, Serif; padding: 0"></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Vice
    President</FONT><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B><U>Exhibit
6</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>CONSENT</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: left; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">In
accordance with Section 321(b) of the Trust Indenture Act of 1939, as amended, the undersigned, U.S. BANK NATIONAL ASSOCIATION
hereby consents that reports of examination of the undersigned by Federal, State, Territorial or District authorities may be furnished
by such authorities to the Securities and Exchange Commission upon its request therefor.&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Dated: January 27, 2021</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif; padding: 0 0 1pt; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%; padding: 0 0 1pt; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-size: 10pt">By:</FONT>&nbsp;</TD>
    <TD STYLE="width: 47%; text-align: left; padding-top: 0; padding-right: 0; border-bottom: Black 1pt solid; padding-left: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-size: 10pt">/s/
    Christopher J. Grell</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Christopher J. Grell</FONT><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0; font: 10pt Times New Roman, Times, Serif; padding: 0"></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Vice
    President</FONT><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>Exhibit
7</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>U.S.
Bank National Association</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Statement
of Financial Condition</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>As
of 9/30/2020</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>&nbsp;
&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>($000&rsquo;s)</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; padding-left: 8.65pt; text-indent: -8.65pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; padding-bottom: 1pt; padding-left: 8.65pt; text-indent: -8.65pt"><B>&nbsp;</B></TD><TD STYLE="padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><B>9/30/2020</B></TD><TD STYLE="padding-bottom: 1pt"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 8.65pt; text-indent: -8.65pt"><B>Assets</B></TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: right"><B>&nbsp;</B></TD><TD STYLE="text-align: left"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 87%; text-align: left; padding-left: 17.3pt; text-indent: -8.65pt">Cash and Balances Due From</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">43,891,940</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 25.95pt; text-indent: -8.65pt">Depository Institutions</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt">Securities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">132,530,990</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 17.3pt; text-indent: -8.65pt">Federal Funds</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">898</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 17.3pt; text-indent: -8.65pt">Loans &amp; Lease Financing Receivables</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">307,196,612</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 17.3pt; text-indent: -8.65pt">Fixed Assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,598,340</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 17.3pt; text-indent: -8.65pt">Intangible Assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,549,045</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 17.3pt; text-indent: -8.65pt">Other Assets</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">26,728,893</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 17.3pt; text-indent: -8.65pt"><B>Total Assets</B></TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><B>$</B></TD><TD STYLE="text-align: right"><B>530,496,718</B></TD><TD STYLE="text-align: left"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 8.65pt; text-indent: -8.65pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 8.65pt; text-indent: -8.65pt"><B>Liabilities</B></TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: right"><B>&nbsp;</B></TD><TD STYLE="text-align: left"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt">Deposits</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">426,766,411</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 17.3pt; text-indent: -8.65pt">Fed Funds</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,460,030</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 17.3pt; text-indent: -8.65pt">Treasury Demand Notes</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 17.3pt; text-indent: -8.65pt">Trading Liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">859,917</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 17.3pt; text-indent: -8.65pt">Other Borrowed Money</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">29,719,033</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt">Acceptances</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 17.3pt; text-indent: -8.65pt">Subordinated Notes and Debentures</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,850,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 17.3pt; text-indent: -8.65pt">Other Liabilities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">14,732,819</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 17.3pt; text-indent: -8.65pt"><B>Total Liabilities</B></TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><B>$</B></TD><TD STYLE="text-align: right"><B>477,388,210</B></TD><TD STYLE="text-align: left"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 8.65pt; text-indent: -8.65pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 8.65pt; text-indent: -8.65pt"><B>Equity</B></TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: right"><B>&nbsp;</B></TD><TD STYLE="text-align: left"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 17.3pt; text-indent: -8.65pt">Common and Preferred Stock</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18,200</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt">Surplus</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,266,915</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 17.3pt; text-indent: -8.65pt">Undivided Profits</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">38,022,958</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 17.3pt; text-indent: -8.65pt">Minority Interest in Subsidiaries</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">800,435</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 25.95pt; text-indent: -8.65pt"><B>Total Equity Capital</B></TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><B>$</B></TD><TD STYLE="text-align: right"><B>53,108,508</B></TD><TD STYLE="text-align: left"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 8.65pt; text-indent: -8.65pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 8.65pt; text-indent: -8.65pt"><B>Total Liabilities and Equity Capital</B></TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><B>$</B></TD><TD STYLE="text-align: right"><B>530,496,718</B></TD><TD STYLE="text-align: left"><B>&nbsp;</B></TD></TR>
</TABLE>




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<P STYLE="text-align: right; margin: 0; font: 10pt Times New Roman, Times, Serif"><B><U>Exhibit 25.2</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 14pt; font-variant: small-caps"><B>securities
and exchange commission</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Washington,
D.C. 20549</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">__________________________</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 18pt"><B>FORM T-1</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>Statement
of Eligibility Under</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>The
Trust Indenture Act of 1939 of a </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>Corporation
Designated to Act as Trustee</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">Check if an Application
to Determine Eligibility of</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">a Trustee Pursuant
to Section 305(b)(2) <FONT STYLE="font-family: Wingdings">o</font></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">_______________________________________________________</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 24pt"><B>U.S. BANK
NATIONAL ASSOCIATION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">(Exact name of
Trustee as specified in its charter)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>31-0841368</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">I.R.S. Employer
Identification No.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 50%; border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">800
                                         Nicollet Mall</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">Minneapolis,
        Minnesota</FONT></P></td>
    <TD STYLE="width: 50%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">55402</FONT></P></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">(Address
    of principal executive offices)</FONT></td>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">(Zip
    Code)</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">Christopher J.
Grell</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">U.S. Bank National
Association</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">100 Wall Street,
6th Fl.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">New York, NY
10005</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">(212) 951-6990<BR>
(Name, address and telephone number of agent for service)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 24pt"><B>NORFOLK SOUTHERN
CORPORATION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">(Issuer with
respect to the Securities)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 50%; border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Virginia</B></FONT></td>
    <TD STYLE="width: 50%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>52-1188014</B></FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">(State
    or other jurisdiction of incorporation or organization)</FONT></td>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">(I.R.S.
    Employer Identification No.)</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 50%; border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Three
        Commercial Place</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 27pt"><FONT STYLE="font-size: 10pt"><B>Norfolk,
        Virginia </B></FONT></P></td>
    <TD STYLE="width: 50%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>23510</B></FONT></P></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">(Address
    of Principal Executive Offices)</FONT></td>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">(Zip
    Code)</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Subordinated
Debt Securities</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>(Title of
the Indenture Securities)</B></FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B><U>FORM T-1</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.75in; text-align: left"><FONT STYLE="font-size: 10pt"><B>Item 1.</B></FONT></TD><TD><FONT STYLE="font-size: 10pt"><B>GENERAL INFORMATION<I>.
</I></B>Furnish the following information as to the Trustee.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.35in; text-indent: -0.35in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.75in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.35in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">a)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><I>Name
                                         and address of each examining or supervising authority to which it is subject.</I></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0%; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 1.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Comptroller
                                         of the Currency</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0%; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 1.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Washington,
                                         D.C.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.35in; text-indent: -0.35in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.35in; text-align: left"><FONT STYLE="font-size: 10pt">b)</FONT></TD><TD><FONT STYLE="font-size: 10pt"><I>Whether it is authorized
to exercise corporate trust powers.</I></FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 1.25in; text-align: left">&nbsp;</TD><TD><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.35in; text-indent: -0.35in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.75in; text-align: left"><FONT STYLE="font-size: 10pt"><B>Item 2.</B></FONT></TD><TD><FONT STYLE="font-size: 10pt"><B>AFFILIATIONS WITH OBLIGOR.
<I> </I></B><I>If the obligor is an affiliate of the Trustee, describe each such affiliation.</I></FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0%; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.75in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">None</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.35in; text-indent: -0.35in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.75in; text-align: left"><FONT STYLE="font-size: 10pt"><B>Items 3-15</B></FONT></TD><TD><FONT STYLE="font-size: 10pt"><I>Items 3-15 are not applicable
because to the best of the Trustee&rsquo;s knowledge, the obligor is not in default under any Indenture for which the Trustee
acts as Trustee.</I></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-indent: -0.75in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.75in; text-align: left"><FONT STYLE="font-size: 10pt"><B>Item 16.</B></FONT></TD><TD><FONT STYLE="font-size: 10pt"><B>LIST OF EXHIBITS:</B>
<I> List below all exhibits filed as a part of this statement of eligibility and qualification.</I></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-indent: -0.75in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.35in; text-align: left"><FONT STYLE="font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">A copy of the Articles of
Association of the Trustee.*</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-indent: -0.5in; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in; text-align: left"></TD><TD STYLE="width: 0.35in; text-align: left"><FONT STYLE="font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">A copy of the certificate
of authority of the Trustee to commence business.**</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-indent: -0.5in; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in; text-align: left"></TD><TD STYLE="width: 0.35in; text-align: left"><FONT STYLE="font-size: 10pt">3.</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">A copy of the certificate
of authority of the Trustee to exercise corporate trust powers.**</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-indent: -0.5in; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in; text-align: left"></TD><TD STYLE="width: 0.35in; text-align: left"><FONT STYLE="font-size: 10pt">4.</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">A copy of the existing bylaws
of the Trustee.***</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -1in; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in; text-align: left"></TD><TD STYLE="width: 0.35in; text-align: left"><FONT STYLE="font-size: 10pt">5.</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">A copy of each Indenture
referred to in Item 4. Not applicable.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-indent: -0.5in; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in; text-align: left"></TD><TD STYLE="width: 0.35in; text-align: left"><FONT STYLE="font-size: 10pt">6.</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">The consent of the Trustee
required by Section 321(b) of the Trust Indenture Act of 1939, attached as Exhibit 6.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in; text-align: left"></TD><TD STYLE="width: 0.35in; text-align: left"><FONT STYLE="font-size: 10pt">7.</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Report of Condition of the
Trustee as of September 30, 2020 published pursuant to law or the requirements of its supervising or examining authority, attached
as Exhibit 7.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 27pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 27pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">*
                                         Incorporated by reference to Exhibit 25.1 to Amendment No. 2 to registration statement
                                         on S-4, Registration Number 333-128217 filed on November 15, 2005.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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<TD STYLE="width: 0pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 27pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">**
                                         Incorporated by reference to Exhibit 25 to registration statement on form S-3ASR, Registration
                                         Number 333-236877 filed on March 4, 2020.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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<TD STYLE="width: 0pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 27pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">***
                                         Incorporated by reference to Exhibit 25.1 to registration statement on form S-3ASR, Registration
                                         Number 333-199863 filed on November 5, 2014.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 27pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"></TD></TR></TABLE>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>SIGNATURE</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: center; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Pursuant to the
requirements of the Trust Indenture Act of 1939, as amended, the Trustee, U.S. BANK NATIONAL ASSOCIATION, a national banking association
organized and existing under the laws of the United States of America, has duly caused this statement of eligibility and qualification
to be signed on its behalf by the undersigned, thereunto duly authorized, all in the City of New York in the State of New York
on the 27th day of January, 2021.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif; padding: 0 0 1pt; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%; padding: 0 0 1pt; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-size: 10pt">By:</FONT>&nbsp;</TD>
    <TD STYLE="width: 47%; text-align: left; padding-top: 0; padding-right: 0; border-bottom: Black 1pt solid; padding-left: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-size: 10pt">/s/
    Christopher J. Grell</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Christopher J. Grell</FONT><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0; font: 10pt Times New Roman, Times, Serif; padding: 0"></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Vice
    President</FONT><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B><U>Exhibit
6</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>CONSENT</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: left; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">In
accordance with Section 321(b) of the Trust Indenture Act of 1939, as amended, the undersigned, U.S. BANK NATIONAL ASSOCIATION
hereby consents that reports of examination of the undersigned by Federal, State, Territorial or District authorities may be furnished
by such authorities to the Securities and Exchange Commission upon its request therefor.&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Dated: January 27, 2021</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif; padding: 0 0 1pt; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%; padding: 0 0 1pt; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-size: 10pt">By:</FONT>&nbsp;</TD>
    <TD STYLE="width: 47%; text-align: left; padding-top: 0; padding-right: 0; border-bottom: Black 1pt solid; padding-left: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-size: 10pt">/s/
    Christopher J. Grell</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Christopher J. Grell</FONT><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0; font: 10pt Times New Roman, Times, Serif; padding: 0"></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Vice
    President</FONT><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>Exhibit
7</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>U.S.
Bank National Association</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Statement
of Financial Condition</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>As
of 9/30/2020</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>&nbsp;
&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>($000&rsquo;s)</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; padding-left: 8.65pt; text-indent: -8.65pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; padding-bottom: 1pt; padding-left: 8.65pt; text-indent: -8.65pt"><B>&nbsp;</B></TD><TD STYLE="padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><B>9/30/2020</B></TD><TD STYLE="padding-bottom: 1pt"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 8.65pt; text-indent: -8.65pt"><B>Assets</B></TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: right"><B>&nbsp;</B></TD><TD STYLE="text-align: left"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 87%; text-align: left; padding-left: 17.3pt; text-indent: -8.65pt">Cash and Balances Due From</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">43,891,940</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 25.95pt; text-indent: -8.65pt">Depository Institutions</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt">Securities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">132,530,990</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 17.3pt; text-indent: -8.65pt">Federal Funds</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">898</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 17.3pt; text-indent: -8.65pt">Loans &amp; Lease Financing Receivables</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">307,196,612</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 17.3pt; text-indent: -8.65pt">Fixed Assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,598,340</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 17.3pt; text-indent: -8.65pt">Intangible Assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,549,045</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 17.3pt; text-indent: -8.65pt">Other Assets</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">26,728,893</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 17.3pt; text-indent: -8.65pt"><B>Total Assets</B></TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><B>$</B></TD><TD STYLE="text-align: right"><B>530,496,718</B></TD><TD STYLE="text-align: left"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 8.65pt; text-indent: -8.65pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 8.65pt; text-indent: -8.65pt"><B>Liabilities</B></TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: right"><B>&nbsp;</B></TD><TD STYLE="text-align: left"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt">Deposits</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">426,766,411</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 17.3pt; text-indent: -8.65pt">Fed Funds</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,460,030</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 17.3pt; text-indent: -8.65pt">Treasury Demand Notes</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 17.3pt; text-indent: -8.65pt">Trading Liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">859,917</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 17.3pt; text-indent: -8.65pt">Other Borrowed Money</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">29,719,033</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt">Acceptances</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 17.3pt; text-indent: -8.65pt">Subordinated Notes and Debentures</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,850,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 17.3pt; text-indent: -8.65pt">Other Liabilities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">14,732,819</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 17.3pt; text-indent: -8.65pt"><B>Total Liabilities</B></TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><B>$</B></TD><TD STYLE="text-align: right"><B>477,388,210</B></TD><TD STYLE="text-align: left"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 8.65pt; text-indent: -8.65pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 8.65pt; text-indent: -8.65pt"><B>Equity</B></TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: right"><B>&nbsp;</B></TD><TD STYLE="text-align: left"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 17.3pt; text-indent: -8.65pt">Common and Preferred Stock</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18,200</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt">Surplus</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,266,915</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 17.3pt; text-indent: -8.65pt">Undivided Profits</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">38,022,958</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 17.3pt; text-indent: -8.65pt">Minority Interest in Subsidiaries</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">800,435</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 25.95pt; text-indent: -8.65pt"><B>Total Equity Capital</B></TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><B>$</B></TD><TD STYLE="text-align: right"><B>53,108,508</B></TD><TD STYLE="text-align: left"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 8.65pt; text-indent: -8.65pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 8.65pt; text-indent: -8.65pt"><B>Total Liabilities and Equity Capital</B></TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><B>$</B></TD><TD STYLE="text-align: right"><B>530,496,718</B></TD><TD STYLE="text-align: left"><B>&nbsp;</B></TD></TR>
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