<SEC-DOCUMENT>0001104659-24-026661.txt : 20240223
<SEC-HEADER>0001104659-24-026661.hdr.sgml : 20240223
<ACCEPTANCE-DATETIME>20240222185637
ACCESSION NUMBER:		0001104659-24-026661
CONFORMED SUBMISSION TYPE:	DFAN14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20240223
DATE AS OF CHANGE:		20240222

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NORFOLK SOUTHERN CORP
		CENTRAL INDEX KEY:			0000702165
		STANDARD INDUSTRIAL CLASSIFICATION:	RAILROADS, LINE-HAUL OPERATING [4011]
		ORGANIZATION NAME:           	01 Energy & Transportation
		IRS NUMBER:				521188014
		STATE OF INCORPORATION:			VA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DFAN14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-08339
		FILM NUMBER:		24666717

	BUSINESS ADDRESS:	
		STREET 1:		650 W PEACHTREE STREET NW
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30308
		BUSINESS PHONE:		470-463-6807

	MAIL ADDRESS:	
		STREET 1:		650 W PEACHTREE STREET NW
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30308

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ancora Advisors LLC
		CENTRAL INDEX KEY:			0001446114
		ORGANIZATION NAME:           	
		IRS NUMBER:				331033773
		STATE OF INCORPORATION:			OH
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DFAN14A

	BUSINESS ADDRESS:	
		STREET 1:		6060 PARKLAND BOULEVARD, SUITE 200
		CITY:			CLEVELAND
		STATE:			OH
		ZIP:			44124
		BUSINESS PHONE:		2168254000

	MAIL ADDRESS:	
		STREET 1:		6060 PARKLAND BOULEVARD, SUITE 200
		CITY:			CLEVELAND
		STATE:			OH
		ZIP:			44124

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Ancora Advisors, LLC
		DATE OF NAME CHANGE:	20080924
</SEC-HEADER>
<DOCUMENT>
<TYPE>DFAN14A
<SEQUENCE>1
<FILENAME>tm246697d3_dfan14a.htm
<DESCRIPTION>DFAN14A
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 12pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SCHEDULE 14A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Rule 14a-101)</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SCHEDULE 14A INFORMATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Proxy Statement Pursuant to Section&nbsp;14(a)
of</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>the Securities Exchange Act of 1934</B>&nbsp;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Filed by the Registrant <FONT STYLE="font-family: Wingdings">&uml;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Filed
by a Party other than the Registrant <FONT STYLE="font-family: Wingdings">x</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-bottom: 5pt"><FONT STYLE="font-size: 10pt">Check the appropriate box:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD>
    <TD STYLE="padding-bottom: 5pt; text-align: justify"><FONT STYLE="font-size: 10pt">Preliminary Proxy Statement</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD>
    <TD STYLE="padding-bottom: 5pt; text-align: justify"><FONT STYLE="font-size: 10pt">Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD>
    <TD STYLE="padding-bottom: 5pt; text-align: justify"><FONT STYLE="font-size: 10pt">Definitive Proxy Statement</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD>
    <TD STYLE="padding-bottom: 5pt; text-align: justify"><FONT STYLE="font-size: 10pt">Definitive Additional Materials</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Wingdings; font-size: 10pt">x</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Soliciting material Pursuant to &sect;240.14a-12</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Norfolk Southern Corporation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Name of Registrant as Specified in Its Charter)</B></P>

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ANCORA IMPACT FUND LP SERIES AA</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ANCORA IMPACT FUND LP SERIES BB</P>

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Name of Person(s) Filing Proxy Statement, if
other than the Registrant)</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Payment of Filing Fee (Check the appropriate box):</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Wingdings; font-size: 10pt">x</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">No fee required.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Fee paid previously with preliminary materials.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Ancora Alternatives LLC (&ldquo;Ancora&rdquo;),
together with the other participants named herein, intend to file a preliminary proxy statement and accompanying proxy card with the Securities
and Exchange Commission to be used to solicit proxies for the election of their slate of director nominees at the 2024 annual meeting
of shareholders of Norfolk Southern Corporation, a Virginia corporation (&ldquo;Norfolk Southern&rdquo; or the &ldquo;Company&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On February 22, 2024, Ancora Holdings Group, LLC, its affiliates and
the other participants in the solicitation issued the following press release:</P>

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Investor Group Reinforces Commitment to Safety
at Norfolk Southern and Reiterates the Facts Regarding the Poor Record of CEO Alan Shaw</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>Expresses Concern About Norfolk Southern&rsquo;s
Lobbying Efforts, Which Appear to be About Using Misinformation and Inappropriate Influence to Protect Mr. Shaw&rsquo;s Status as One
of the Railroad Industry&rsquo;s Highest-Paid Executives</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>Remains Inspired by President Joe Biden&rsquo;s
Statements About the Importance of Holding Norfolk Southern Accountable </I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">CLEVELAND--(BUSINESS WIRE)--Ohio-based Ancora
Holdings Group, LLC, its affiliates and the other participants in its solicitation (collectively, the &ldquo;Investor Group&rdquo; or
 &ldquo;we&rdquo;), who collectively own a large equity stake in Norfolk Southern Corporation (NYSE: NSC) (&ldquo;Norfolk Southern&rdquo;
or the &ldquo;Company&rdquo;), today issued the below statement following the Federal Railroad Administration&rsquo;s recent letter.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As a reminder, the Investor Group recently announced
the nomination of eight highly qualified, independent candidates (the &ldquo;Investor Slate&rdquo;) for election to the Company&rsquo;s
Board of Directors (the &ldquo;Board&rdquo;) at the 2024 Annual Meeting of Shareholders (the &ldquo;Annual Meeting&rdquo;). In addition,
the Investor Group announced it has identified a proposed management team that includes transportation network leader Jim Barber, Jr.
as Chief Executive Officer and lifelong railroad operator and turnaround expert Jamie Boychuk as Chief Operating Officer. To learn more
about the Investor Slate and proposed management team, download a copy of the Investor Group&rsquo;s presentation, entitled <I>The Case
for Leadership, Safety and Strategy Changes at Norfolk Southern</I>, at <B>www.MoveNSCForward.com</B>.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;We agree with the Federal Railroad Administration&rsquo;s
statement that Norfolk Southern&rsquo;s path to &lsquo;immediate and long-term success is through a relentless focus on safety.&rsquo;
We also share the agency&rsquo;s concerns regarding &lsquo;backsliding&rsquo; at the Company. Despite making reactionary safety commitments
following the preventable derailment in East Palestine, Ohio in 2023, Norfolk Southern&rsquo;s Board and management team have overseen
multiple derailments and the tragic death of an engineer in 2024. This is one of the primary reasons why our proposed management team
and slate of director candidates, which includes former policymakers with relevant expertise, continue to follow President Joe Biden&rsquo;s
calls to hold Norfolk Southern accountable.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We believe Chair Amy Miles and the Board have
presided over yet another failure of oversight by allowing Chief Executive Officer Alan Shaw to allocate millions of dollars to wide-ranging
lobbying and public relations efforts, which now appear to be geared toward saving his role as one of the railroad industry&rsquo;s highest-paid
executives. We know for a fact that the Company&rsquo;s private jets have been heading to Washington, D.C. with great frequency since
we privately nominated a slate of director candidates in November of 2023. According to public records, the Company is represented by
41 lobbyists, who are tasked with engaging governmental bodies that include the Department of Transportation, Surface Transportation Board
and Federal Railroad Administration.<SUP>1</SUP> Nearly 80% of these lobbyists are considered &lsquo;revolvers,&rsquo; meaning they previously
worked at the very government entities they are now talking to on behalf of Mr. Shaw and Norfolk Southern.<SUP>2</SUP> Fortunately, dedicated
and engaged public officials are likely to see through Norfolk Southern&rsquo;s defensive efforts and villainizing of the Investor Group.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">While Mr. Shaw is allowed to continue wasting
money on self-serving lobbying and public relations strategies, rather than allocating that stream of funds to safety initiatives, we
are going to focus on facts that include:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 26.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Our slate&rsquo;s Scheduled Network strategy
would position the Company to enhance safety and reduce risks by shrinking the number of trains on the track and reducing dangerous workloads
that can lead to exhaustion-driven mistakes. </FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 26.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Our slate&rsquo;s top priority is safety because
Norfolk Southern cannot deliver sustained value for any stakeholder without first establishing a safety-first culture &ndash; Company
billboards and photo ops do not translate to a real safety-first culture. </FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 26.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Our slate is publicly committing to releasing
a 100-day transition plan and detailed strategy overview after it is able to begin soliciting support for proposals at the 2024 Annual
Meeting. </FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 26.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Mr. Shaw has had more than 30 years to help establish
a safety-first culture at Norfolk Southern, but stakeholders continue to have legitimate concerns about the lapses that are still occurring.
</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 26.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Mr. Shaw has never held a senior role in operations,
which is typically where safety protocols are established and enforced. </FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 26.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The employees and partners of Ancora, which is
an Ohio-based asset manager that serves the needs of individuals, families, pension funds and other institutions, have loved ones and
family who have been directly impacted by the tragedy in East Palestine, Ohio &ndash; meaning this campaign is about much more than financial
returns to Ancora.&rdquo; </FONT></TD></TR></TABLE>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Founded in 2003, Ancora Holdings Group, LLC offers
integrated investment advisory, wealth management, retirement plan services and insurance solutions to individuals and institutions across
the United States. The firm is a long-term supporter of union labor and has a history of working with union groups and public pension
plans to deliver long-term value. Ancora&rsquo;s comprehensive service offering is complemented by a dedicated team that has the breadth
of expertise and operational structure of a global institution, with the responsiveness and flexibility of a boutique firm. For more
information about Ancora, please visit <FONT STYLE="color: Blue"><U>https://ancora.net</U></FONT>.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cadwalader, Wickersham &amp; Taft LLP is serving
as legal advisor, with Longacre Square Partners LLC serving as communications and strategy advisor and D.F. King &amp; Co., Inc. serving
as proxy solicitor.</P>

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

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

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





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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>1</SUP></FONT> <FONT STYLE="font-size: 10pt; color: blue"><U>www.opensecrets.org</U></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>2</SUP></FONT> <FONT STYLE="font-size: 10pt; color: blue"><U>www.opensecrets.org</U></FONT>.</P>


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING
STATEMENTS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The information herein contains &ldquo;forward-looking
statements.&rdquo; Specific forward-looking statements can be identified by the fact that they do not relate strictly to historical or
current facts and include, without limitation, words such as &ldquo;may,&rdquo; &ldquo;will,&rdquo; &ldquo;expects,&rdquo; &ldquo;believes,&rdquo;
 &ldquo;anticipates,&rdquo; &ldquo;plans,&rdquo; &ldquo;estimates,&rdquo; &ldquo;projects,&rdquo; &ldquo;potential,&rdquo; &ldquo;targets,&rdquo;
 &ldquo;forecasts,&rdquo; &ldquo;seeks,&rdquo; &ldquo;could,&rdquo; &ldquo;should&rdquo; or the negative of such terms or other variations
on such terms or comparable terminology. Similarly, statements that describe our objectives, plans or goals are forward-looking. Forward-looking
statements are subject to various risks and uncertainties and assumptions. There can be no assurance that any idea or assumption herein
is, or will be proven, correct. If one or more of the risks or uncertainties materialize, or if the underlying assumptions of Ancora (defined
below) or any of the other participants in the proxy solicitation described herein prove to be incorrect, the actual results may vary
materially from outcomes indicated by these statements. Accordingly, forward-looking statements should not be regarded as a representation
by Ancora that the future plans, estimates or expectations contemplated will ever be achieved. You should not rely upon forward-looking
statements as a prediction of actual results and actual results may vary materially from what is expressed in or indicated by the forward-looking
statements. Except to the extent required by applicable law, neither Ancora nor any participant will undertake and specifically declines
any obligation to disclose the results of any revisions that may be made to any projected results or forward-looking statements herein
to reflect events or circumstances after the date of such projected results or statements or to reflect the occurrence of anticipated
or unanticipated events. Certain statements and information included herein have been sourced from third parties. Ancora does not make
any representations regarding the accuracy, completeness or timeliness of such third party statements or information. Except as may be
expressly set forth herein, permission to cite such statements or information has neither been sought nor obtained from such third parties.
Any such statements or information should not be viewed as an indication of support from such third parties for the views expressed herein.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>CERTAIN INFORMATION CONCERNING THE PARTICIPANTS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Ancora Alternatives LLC (&ldquo;Ancora Alternatives&rdquo;)
and the other Participants (as defined below) intend to file a preliminary proxy statement and accompanying BLUE universal proxy card
(the &ldquo;Proxy Statement&rdquo;) with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;) to be used to solicit proxies
for, among other matters, the election of its slate of director nominees at the 2024 annual meeting of shareholders (the &ldquo;2024 Annual
Meeting&rdquo;) of Norfolk Southern Corporation, a Virginia corporation (&ldquo;Norfolk Southern&rdquo; or the &ldquo;Corporation&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The participants in the proxy solicitation are
currently anticipated to be Ancora Catalyst Institutional, LP (&ldquo;Ancora&rdquo;), Ancora Merlin Institutional, LP, (&ldquo;Ancora
Merlin Institutional&rdquo;), Ancora Merlin, LP (&ldquo;Ancora Merlin&rdquo;), Ancora Catalyst, LP (&ldquo;Ancora Catalyst&rdquo;), Ancora
Bellator Fund, LP (&ldquo;Ancora Bellator&rdquo;), Ancora Impact Fund LP Series AA (&ldquo;Ancora Impact AA&rdquo;) and Ancora Impact
Fund LP Series BB (&ldquo;Ancora Impact BB&rdquo;) (each of which is a series fund within Ancora Impact Fund LP) (Ancora, Ancora Merlin
Institutional, Ancora Merlin, Ancora Catalyst, Ancora Bellator, Ancora Impact AA and Ancora Impact BB, collectively, the &ldquo;Ancora
Funds&rdquo;), Ancora Advisors, LLC (&ldquo;Ancora Advisors&rdquo;), The Ancora Group LLC (&ldquo;Ancora Group&rdquo;), Ancora Family
Wealth Advisors, LLC (&ldquo;Ancora Family Wealth&rdquo;), Inverness Holdings LLC (&ldquo;Inverness Holdings&rdquo;), Ancora Alternatives,
Ancora Holdings Group, LLC (&ldquo;Ancora Holdings&rdquo;) and Frederick DiSanto (collectively, the &ldquo;Ancora Parties&rdquo;); and
Betsy Atkins, James Barber, Jr., William Clyburn, Jr., Nelda Connors, Sameh Fahmy, John Kasich, Gilbert Lamphere and Allison Landry (the
 &ldquo;Ancora Nominees&rdquo; and, collectively with the Ancora Parties, the &ldquo;Participants&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Ancora Alternatives, as the general partner and
investment manager of each of the Ancora Funds and as the investment manager of the Ancora Alternatives separately managed accounts (each,
an &ldquo;SMA&rdquo;) may be deemed to beneficially own in the aggregate 913,180 shares of Common Stock (of which 830,380 shares of Common
Stock are directly and beneficially owned by the Ancora Funds, including the 123,500 shares of Common Stock underlying 1,235 American
call options held directly and beneficially in aggregate by the Ancora Funds, and of which 82,800 shares of Common Stock are held indirectly
and beneficially by the Ancora Alternatives SMAs). Ancora Advisors, as the investment advisor to the SMA of Ancora Advisors, may be deemed
to beneficially own all of the 270 shares of Common Stock held in the Ancora Advisors SMA. Ancora Group, as the sole member of Ancora
Advisors, may be deemed to beneficially own all of the 270 shares of Common Stock held in the Ancora Advisors SMA. Ancora Family Wealth,
as the investment advisor to the Ancora Family Wealth SMAs, may be deemed to beneficially own all of the 9,847.28 shares of Common Stock
held in the Ancora Family Wealth SMAs. Inverness Holdings, as the sole member of Ancora Family Wealth, may be deemed to beneficially own
all of the 9,847.28 shares of Common Stock held in the Ancora Family Wealth SMAs. Ancora, as the sole member of each of Ancora Alternatives,
Ancora Group and Inverness Holdings, may be deemed to beneficially own in the aggregate 923,297.28 shares of Common Stock held by the
Ancora Funds (including the 123,500 shares of Common Stock underlying 1,235 American call options), the Ancora Alternatives SMAs, the
Ancora Advisors SMA and the Ancora Family Wealth SMAs. Mr. DiSanto, as the Chairman and Chief Executive Officer of Ancora, may be deemed
to beneficially own in the aggregate 923,297.28 shares of Common Stock held by the Ancora Funds (including the 123,500 shares of Common
Stock underlying 1,235 American call options), the Ancora Alternatives SMAs, the Ancora Advisors SMA and the Ancora Family Wealth SMAs.
The Ancora Parties beneficially own 923,297.28 shares of Common Stock in the aggregate (including the 123,500 shares of Common Stock underlying
1,235 American call options).&nbsp;Gilbert Lamphere owns 1,200 shares of Common Stock and Sameh Fahmy owns 3,000 shares of Common Stock.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>IMPORTANT INFORMATION AND WHERE TO FIND IT</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ANCORA STRONGLY ADVISES ALL SHAREHOLDERS OF NORFOLK
SOUTHERN TO READ THE PRELIMINARY PROXY STATEMENT, ANY AMENDMENTS OR SUPPLEMENTS TO SUCH PROXY STATEMENT, THE DEFINITIVE PROXY STATEMENT,
AND OTHER PROXY MATERIALS FILED BY ANCORA AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. SUCH PROXY MATERIALS
WILL BE AVAILABLE AT NO CHARGE ON THE SEC&rsquo;S WEBSITE AT <FONT STYLE="color: Blue"><U>WWW.SEC.GOV</U></FONT>. IN ADDITION, THE PARTICIPANTS
IN THIS PROXY SOLICITATION WILL PROVIDE COPIES OF THE PROXY STATEMENT WITHOUT CHARGE, WHEN AVAILABLE, UPON REQUEST. REQUESTS FOR COPIES
SHOULD BE DIRECTED TO THE PARTICIPANTS&rsquo; PROXY SOLICITOR.</P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Greg Marose / Charlotte Kiaie, 646-386-0091</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Blue"><U>MoveNSCForward@longacresquare.com</U></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">D.F. King &amp; Co., Inc.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">212-493-6952</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Blue"><U>MoveNSCForward@dfking.com</U></FONT></P>

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

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

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

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

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

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

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