<SEC-DOCUMENT>0001104659-24-029681.txt : 20240301
<SEC-HEADER>0001104659-24-029681.hdr.sgml : 20240301
<ACCEPTANCE-DATETIME>20240301090522
ACCESSION NUMBER:		0001104659-24-029681
CONFORMED SUBMISSION TYPE:	DFAN14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20240301
DATE AS OF CHANGE:		20240301

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:		24707188

	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>
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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: 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>

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<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></P>

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

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<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">&#168;</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"><FONT STYLE="font-family: Wingdings">&#120;</FONT></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">&#168;</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">&#168;</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">&#168;</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">&#168;</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">&#120;</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>

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    <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">&#168;</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">&#168;</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>

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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 March 1, 2024, Ancora Holdings Group, LLC, its affiliates and the
other participants in the solicitation issued the following open letter (the &ldquo;Open Letter&rdquo;) to the Chair of Norfolk Southern&rsquo;s
Board of Directors, Amy Miles. <FONT STYLE="background-color: #FEFEFE">Ancora also simultaneously published the Open Letter on its website,
located at www.movenscforward.com (the &ldquo;Website&rdquo;). From time to time, Ancora or the other participants named herein may publish
materials, or portions thereof, on the Website relating to the Company or otherwise disseminate such materials.</FONT></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 Asks Norfolk Southern Chair Amy
Miles to Address Decisions to Raise CEO Pay 37% and Run a Scorched-Earth Campaign</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; text-align: center"><B><I>Questions Whether the Board is Serving at
the Pleasure of CEO Alan Shaw &ndash; Rather Than the Other Way Around</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>Recommends the Board Abandon its Apparent
Efforts to Poison the Well with Employees, Customers, Regulators and Other Key Stakeholders </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>Urges the Board to Join the Investor Group
in Running a Contest Centered on Facts, Ideas and Value Creation Plans</I></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">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 an open letter to the Company&rsquo;s Chair, Amy Miles.</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; text-align: justify">As a reminder, the Investor Group recently announced
the nomination of&nbsp;eight highly qualified, independent candidates&nbsp;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&nbsp;a proposed management team&nbsp;that includes transportation network leader Jim Barber, Jr. as Chief Executive
Officer and lifelong railroad operator Jamie Boychuk as Chief Operating Officer. Learn more at&nbsp;www.MoveNSCForward.com.</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: center"><BR>
</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">March 1, 2024</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">Norfolk Southern Corp.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Attn: Amy Miles, Chair of the Board of Directors</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">650 W. Peachtree Street NW</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Atlanta, Georgia 30308</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">Dear Amy,</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">Prior to publicly disclosing our slate of director
candidates and proposed management team, the Investor Group spent more than two months privately providing you and your fellow directors
with data and facts that demonstrated the urgent need for meaningful change at Norfolk Southern. We made clear that your current CEO has
presided over industry-worst operating results, sustained share price underperformance and an ineffective and tone-deaf response to the
preventable derailment in East Palestine, Ohio. We also exposed the impractical elements of management&rsquo;s go-forward strategy and
spotlighted persistent issues with respect to safety, as evidenced by this year&rsquo;s new derailments and the recent death of an engineer.
As these points were raised, we offered viable solutions in the form of exceptional people with a strategic vision for delivering better
service, enhanced safety, improved growth and stronger value creation. We even offered to settle for minority representation on the Board
in the event the Company initiated an orderly management change.</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">Although we were initially disappointed with the
Board&rsquo;s dismissiveness, the Company&rsquo;s recently filed proxy statement and ongoing low-road smear campaign against us have clarified
a great deal. It appears that the Board is serving at the pleasure of CEO Alan Shaw &ndash; rather than the other way around. But with
each passing day of disruptive fear mongering and transparently manufactured attacks on our people, we contend that current leadership
is simply sealing its fate with the shareholders to whom it owes fiduciary duties. Norfolk Southern&rsquo;s owners, who appear to share
our view that a railroad should be pro-labor, safe and value-generating all at once, recognize the playbook being run.</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">We ask that the Board reflect on the points below
before continuing to spend Norfolk Southern&rsquo;s money, time and reputational currency on a scorched earth campaign that will forever
be associated with the incumbent directors.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in"><B><I>I.</I></B></TD><TD STYLE="text-align: justify"><B><I>Shareholders are confounded by the Board&rsquo;s decision to award Mr. Shaw a raise for 2023. </I></B></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: justify">It is astonishing to us that the Board would
reward Mr. Shaw with a 37% increase in the value of compensation to a total of $13.4 million for a year in which the Company&rsquo;s
customers, employees, shareholders and community partners all suffered.<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>1</SUP></FONT>
This figure includes more than $10 million in stock and option awards, which were granted to Mr. Shaw even though he missed all six
annual incentive targets pertaining to financial performance, customer service and safety.<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>2</SUP></FONT>
To add insult to injury, Mr. Shaw appears to be a major beneficiary of the <I>&ldquo;East Palestine Adjustment&rdquo;</I> that
increased Performance Stock Unit payout percentages from 56% to 96.3% of target.<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>3</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We challenge the Board&rsquo;s determination
that it had to adjust executive compensation in 2023 to <I>&ldquo;retain key talent</I>.<I>&rdquo;</I><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>4</SUP></FONT>
We do not see how the Board could have actually viewed Mr. Shaw as a flight risk. In addition to being a more than 30-year insider at
Norfolk Southern, he was a relatively new, unproven CEO off to an extremely rocky start. The fact that this decision was made suggests
concerning deference to management and a lack of respect for shareholders and stakeholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">While we recognize policymakers will not determine
the outcome of the vote at the Annual Meeting, we are nonetheless surprised that the Board made a compensation decision that is a direct
affront to President Joe Biden&rsquo;s recent comments about greed and a lack of accountability at Norfolk Southern.<SUP>5</SUP> There
are numerous examples of boards of directors taking the responsible step of reducing &ndash; not raising &ndash; executive pay following
disasters. In situations we deem comparable to the East Palestine derailment, like BP p.l.c.&rsquo;s 2010 oil spill and The Boeing Company&rsquo;s
737 MAX accidents, boards of directors typically terminate or hold the CEO accountable. To the contrary, Norfolk Southern&rsquo;s Board
instead rewarded its CEO with a massive pay raise, elevating his compensation to more than 100x that of the median employee.<SUP>6</SUP></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in"><B><I>II.</I></B></TD><TD STYLE="text-align: justify"><B><I>Shareholders are concerned the Board is pursuing a scorched-earth campaign that involves poisoning
the well with key stakeholders of the railroad. </I></B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Norfolk Southern is a beacon of American commerce
due to its exceptional employees, strong customer base and storied brand. This is one of the primary reasons why we were able to attract
director candidates and proposed executives who have achieved tremendous success over the course of their careers in the public and private
sectors. Amongst this collection of high-integrity individuals, there is a unanimous view that neither side should go into the gutter
during an election contest. There was an assumption that the Company&rsquo;s Board, which includes highly respected individuals like Admiral
Philip Davidson (retired) and Thomas C. Kelleher, would share our view.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>1</SUP> Page 87 of the Company&rsquo;s preliminary proxy statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>2</SUP> Page 77 of the Company&rsquo;s preliminary proxy statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>3</SUP> Page 73 of the Company&rsquo;s preliminary proxy statement.</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><SUP>4</SUP> Page 60 of the Company&rsquo;s preliminary proxy statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>5 </SUP>At a February 16<SUP>th</SUP> press conference in East
Palestine, Ohio, President Joe Biden commented: <I>&ldquo;Let me be clear: While there are acts of God, <B>this was an act of greed that
was 100 percent preventable</B>. Let me say it again: an act of greed that was 100 percent preventable. We were pushing railroads to take
more precautions, to deal with braking, to deal with a whole range of things that were not dealt with. <B>Norfolk Southern failed its
responsibility.</B> You know, multimillion-dollar railroad companies transporting toxic chemicals have responsibility to do it safely.
And, again, Norfolk Southern failed.&rdquo;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>6</SUP> Page 102 of the Company&rsquo;s preliminary proxy statement.</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; 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">Unfortunately, you have not responded to our prior
private letter that encouraged Norfolk Southern to avoid poisoning the well with valued stakeholders. You have also failed to address
our concerns about the manner in which Norfolk Southern appears to be sending private planes to Washington, D.C. and misrepresenting our
views to regulators. You, as Chair, and Mr. Shaw, as CEO, are no doubt aware that our <U>published materials reveal no emphasis on cost
cutting, headcount reductions or short-sighted tactics</U>. To the contrary, our slate and proposed management team have repeatedly committed
to pursuing stronger growth and implementing a network strategy that will leverage Norfolk Southern&rsquo;s existing assets. We find it extremely disingenuous for the Company to miscast our intentions, especially since Mr. Shaw stated
during 4Q23 earnings that Norfolk Southern&rsquo;s &ldquo;<I>cost structure is too high</I>.&rdquo;<SUP>7</SUP> For the avoidance
of doubt, our network strategy accounts for responsible cost management and the principles of scheduled railroading &ndash; just like
Mr. Shaw&rsquo;s resilience strategy, as can be seen in numerous public statements.</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">When it comes to safety, you and Mr. Shaw are
also undoubtedly aware of what we have committed to. Our proposed CEO, Jim Barber, believes the health and safety of the Company&rsquo;s
constituencies is the bedrock of long-term success. Our proposed COO, Jamie Boychuk, helped CSX dramatically improve customer service
and go roughly two-and-a-half years without any work-related fatalities. They firmly believe that the health and safety of Norfolk Southern&rsquo;s
people and communities are the highest priorities. Mr. Barber plans to leverage his background overseeing nationwide networks to bring
new risk management technologies and initiatives to Norfolk Southern. He and Mr. Boychuk have a shared vision for employee-led safety
committees and establishing programs that reward and spotlight worker contributions to the Company&rsquo;s harm reduction agenda. Our
slate and proposed management team know a better-run Norfolk Southern will have the financial power to invest more in safety and service,
while enabling employees to benefit from the prosperity of the railroad.</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 more you direct your agents and surrogates
to publicize inaccurate information about the Investor Group, the more it looks like incumbent leadership has no track record or viable
plans of its own to run on.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in"><B><I>III.</I></B></TD><TD STYLE="text-align: justify"><B><I>Shareholders want an election contest to be defined by facts and ideas.</I></B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Please recognize that Norfolk Southern&rsquo;s
shareholders, who seem to have no appetite for campaigns built on incessant smears, are the ones who will ultimately determine which slate
is elected at the Annual Meeting. Please know that we are going to run a contest defined by a transparent articulation of facts and ideas.
This means we are going to be publicly critical of leadership&rsquo;s business mistakes when they can be cited and documented. This also
means we are going to be candid about our slate&rsquo;s transition plan and strategy, including their components and targets.</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">To avoid destabilizing the Company more than it
already has been over the past 12 months, we urge you to reduce your reliance on advisors and shadow games in favor of starting to run
a high-road contest focused on track records and plans. And, to the extent you want to reengage with us about a settlement framework that
accounts for Board refreshment and orderly management changes, we are here to have private conversations. Either way, you and your fellow
directors owe it to Norfolk Southern and all of its stakeholders to run a campaign befitting of this great organization.</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">Sincerely,</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">Jim Chadwick, on behalf 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: 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">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&nbsp;https://ancora.net.</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">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"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><SUP>7</SUP> Mr. Shaw&rsquo;s commentary during
Norfolk Southern&rsquo;s January 26<SUP>th</SUP> 4Q23 earnings call: <I>&ldquo;&hellip;it's clear that our cost structure is too high
for our revenue base entering 2024.&rdquo;</I></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;&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">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">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). 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">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&nbsp;www.sec.gov. 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: 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">Longacre Square Partners<BR>
Greg Marose / Charlotte Kiaie, 646-386-0091<BR>
MoveNSCForward@longacresquare.com<BR>
<BR>
D.F. King &amp; Co., Inc.<BR>
Edward McCarthy<BR>
212-493-6952<BR>
MoveNSCForward@dfking.com</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>

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

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