<SEC-DOCUMENT>0001104659-24-036683.txt : 20240320
<SEC-HEADER>0001104659-24-036683.hdr.sgml : 20240320
<ACCEPTANCE-DATETIME>20240320160514
ACCESSION NUMBER:		0001104659-24-036683
CONFORMED SUBMISSION TYPE:	DFAN14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20240320
DATE AS OF CHANGE:		20240320

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:		24767790

	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>tm247441d10_dfan14a.htm
<DESCRIPTION>DFAN14A
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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>

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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; 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"></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; 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>

<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-top: 5pt; padding-bottom: 5pt"><FONT STYLE="font-size: 10pt">Check the appropriate box:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px; 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">INVERNESS HOLDINGS LLC</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">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">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; text-align: center">&nbsp;</P>

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

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    <TD STYLE="padding-top: 5pt; text-align: justify"><FONT STYLE="font-size: 10pt">No fee required.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD>
    <TD STYLE="padding-top: 5pt; text-align: justify"><FONT STYLE="font-size: 10pt">Fee paid previously with preliminary materials.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD>
    <TD STYLE="padding-top: 5pt; text-align: justify"><FONT STYLE="font-size: 10pt">Fee computed on table in exhibit required by Item 25(b)&nbsp;per Exchange Act Rules&nbsp;14a-6(i)(1)&nbsp;and 0-11.</FONT></TD></TR>
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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 Alternatives&rdquo;),
together with the other participants named herein, have filed a preliminary proxy statement and accompanying BLUE proxy card with the
Securities and Exchange Commission (the &ldquo;SEC&rdquo;) 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 (the &ldquo;Company&rdquo;). Promptly
after filing its definitive proxy statement with the SEC, Ancora Alternatives will forward the definitive proxy statement and accompanying
BLUE proxy card to each stockholder entitled to vote at the 2024 Annual Meeting.</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">On March 20, 2024, Ancora Holdings Group, LLC
and its affiliates issued the following press release, which was simultaneously uploaded to its campaign website at www.movenscforward.com.</P>

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Ancora Details Serious Governance, Process and
Competition-Related Issues Stemming from Norfolk Southern&rsquo;s Appointment of John Orr as COO</P>

<P STYLE="font: 18pt 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 (collectively with its affiliates, &ldquo;Ancora&rdquo; or &ldquo;we&rdquo;), which owns a large equity stake in Norfolk
Southern Corporation (NYSE: NSC) (&ldquo;Norfolk Southern&rdquo; or the &ldquo;Company&rdquo;), today issued the below statement in response
to the Company&rsquo;s appointment of <U>its third COO in two years under CEO Alan Shaw</U>:</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"><I>&ldquo;The Board and Mr. Shaw put their own
interests ahead of shareholders&rsquo; interests by paying $25 million and giving up part of Norfolk Southern&rsquo;s long-term franchise,
in the form of concessions related to the Meridian Speedway and Terminal, just to hire a COO without any experience at an Eastern railroad
and whose most recent role was eliminated altogether at CPKC.<B><SUP>1</SUP></B> Keep in mind that Norfolk Southern invested approximately
$300 million for a 30% stake in the Meridian assets in 2006, suggesting the net present value of that stake is worth significantly more
in 2024. The deal disclosed today allows Norfolk Southern to hire one questionable executive while permitting CPKC to leverage concessions
to realize greater value from its transaction involving the Meridian &amp; Bigbee Railroad, which it is pursuing with CSX.<B><SUP>2</SUP></B>
The deal also proceeded despite Norfolk Southern&rsquo;s previous concerns about CPKC and CSX&rsquo;s partnership plans.<B><SUP>3</SUP></B>
It appears the Board and Mr. Shaw struck a fool&rsquo;s bargain that gets Norfolk Southern a short-term PR win while CPKC and CSX, the
Company&rsquo;s closest peer, strengthen their partnership and competitive offerings. Based on the real and implied cost of securing Mr.
Orr, who analysts and investors have told us they never heard of prior to today, the sitting directors may have signed off on one of the
most expensive and overpriced hires in industry history. </I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Norfolk Southern&rsquo;s leadership took this
costly and defensive step amidst an election contest, absent a comprehensive search and interview process, and without providing shareholders
any say in the decision.<B><SUP>4</SUP></B> We believe this action does not just deprive shareholders of the best possible COO and strengthen
two other Class I railroads, but it puts in place an individual with limited experience as an operations leader and little involvement
in any recent PSR implementation. The fact is Mr. Orr was appointed EVP of Operations at Kansas City Southern after it had already announced
its merger with Canadian Pacific in March 2021 and well after Sameh Fahmy, our director candidate, oversaw a multi-year network transformation
as EVP of PSR at Kansas City Southern. </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"><I>It is important to note that the Board not
only rejected the opportunity to speak with our proposed COO, who has received extremely positive feedback from shareholders, but it never
even offered to have a substantive discussion with us about freeing him up from expiring employment obligations. It speaks volumes about
the Board and Mr. Shaw&rsquo;s motives that they would not even have an introductory call with a seemingly superior operator, who was
the EVP of Operations at CSX when it outperformed Norfolk Southern on every key railroading metric (despite the wildly misleading claims
in the Company&rsquo;s March 20<SUP>th</SUP> letter). They made this conscious decision, which entailed an excessive cash payment and
commercial concessions, despite fully knowing that our candidate is getting strong praise from the investment community, suggesting a
disregard for shareholders&rsquo; feedback and interests. This decision was also made after the Board became aware of publicly filed legal
actions involving Mr. Orr.</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></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"><FONT STYLE="font-size: 10pt"><SUP>1</SUP></FONT>
See press releases issued by Norfolk Southern and CPKC on March 20, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><SUP>2</SUP></FONT>
See press release issued by CPKC on March 20, 2024 and Freight Waves article, &ldquo;CPKC and CSX file plans paving way to Mexico-Southeast
corridor,&rdquo; dated October 17, 2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>3</SUP></FONT> See Freight Waves
article, &ldquo;Norfolk Southern wants close look at proposed CPKC-CSX Southeast corridor,&rdquo; dated October 27, 2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><SUP>4</SUP></FONT>
See press releases and securities filings made by Norfolk Southern, which reveal no detail on a wide-ranging search process or an intent
to provide shareholders an opportunity to vote.</P>


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Based on Norfolk Southern&rsquo;s repeated
acts of desperation and factually inaccurate attacks on our people, it seems the Board and Mr. Shaw will do and say anything to try to
stay in place. However, the appointment of Mr. Orr and the publication of seemingly fanciful financial and operational targets do not
represent a &lsquo;reset&rsquo; for Norfolk Southern&rsquo;s reeling leadership &ndash; to the contrary, what has come out today only
reinforces the need for sweeping leadership changes atop the Company. Norfolk Southern needs a Board that puts shareholders&rsquo; interests
ahead of insiders&rsquo; interests.&rdquo;</I></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></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: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Norfolk Southern has paid $25 million and given away a key element of
its franchise to hire Mr. Orr, resulting in what we consider to be an ill-conceived deal that benefits competitors and harms shareholders.<BR>
</B></FONT></TD></TR></TABLE>

<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: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Mr. Orr, who was hastily hired without a broad search and lacks Eastern
railroad experience, does not appear to be the best available executive to implement PSR principles and help transform Norfolk Southern&rsquo;s
network.</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Much to our disappointment, the Board refused to even speak with our proposed
COO, Jamie Boychuk, who oversaw best-in-class operating metrics and network efficiencies at CSX. </B></FONT></TD></TR></TABLE>

<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: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Rather than putting the best people in place to drive shareholder value,
the Board seems to be making costly deals and poor decisions at the expense of shareholders in order to insulate CEO Alan Shaw and incumbent
directors.</B></FONT></TD></TR></TABLE>

<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: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Mr. Orr&rsquo;s hire does not change our view that the Company continues
to have the wrong CEO in Mr. Shaw and the wrong strategy in the form of &ldquo;resilience&rdquo; railroading. </B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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&nbsp;<FONT STYLE="color: Blue"><U>https://ancora.net</U></FONT>.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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"><B>&nbsp;</B></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 Alternatives
LLC (&ldquo;Ancora Alternatives&rdquo;) 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 Alternatives 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 Alternatives
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.</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">Certain statements and information included herein
have been sourced from third parties. Ancora Alternatives 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"><B>&nbsp;</B></P>

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

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<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"><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 and the other Participants
(as defined below) have filed a preliminary proxy statement and accompanying BLUE 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;). Promptly after filing its definitive
proxy statement with the SEC, Ancora Alternatives will forward the definitive proxy statement and accompanying BLUE proxy card to each
stockholder entitled to vote at the 2024 Annual Meeting. The participants in the proxy solicitation are Ancora Catalyst Institutional,
LP (&ldquo;Ancora Catalyst Institutional&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 Catalyst Institutional, 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 918,804 shares of Common Stock (of which 836,004 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 Holdings, as the sole member of each of Ancora
Alternatives, Ancora Group and Inverness Holdings, may be deemed to beneficially own in the aggregate 928,921.28 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 Holdings,
may be deemed to beneficially own in the aggregate 928,921.28 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 928,921.28 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"><B>&nbsp;</B></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 ALTERNATIVES 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 ALTERNATIVES 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;<FONT STYLE="color: Blue"><U>WWW.SEC.GOV</U></FONT>.
THE DEFINITIVE PROXY STATEMENT, WHEN FILED, AND OTHER RELEVANT DOCUMENTS, WILL ALSO BE AVAILABLE ON&nbsp;<FONT STYLE="color: Blue"><U>WWW.MOVENSCFORWARD.COM</U></FONT>&nbsp;AND
THE SEC WEBSITE, FREE OF CHARGE, OR BY DIRECTING A REQUEST TO THE PARTICIPANTS&rsquo; PROXY SOLICITOR, D.F. KING &amp; CO., INC., 48
WALL STREET, 22ND FLOOR, NEW YORK, NEW YORK 10005 (SHAREHOLDERS CAN CALL TOLL-FREE: +1 (866) 227-7300).</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Longacre Square Partners<BR>
Joe Germani / Charlotte Kiaie, 646-386-0091<BR>
<FONT STYLE="color: Blue"><U>MoveNSCForward@longacresquare.com</U></FONT><BR>
<BR>
D.F. King &amp; Co., Inc.<BR>
Edward McCarthy<BR>
212-229-2634<BR>
<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: center">* * *</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"><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 Alternatives
LLC (&ldquo;Ancora Alternatives&rdquo;) 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 Alternatives 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 Alternatives
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.</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">Certain statements and information included herein
have been sourced from third parties. Ancora Alternatives 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"><B>&nbsp;</B></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">&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 and the other Participants
(as defined below) have filed a preliminary proxy statement and accompanying BLUE 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;). Promptly after filing its definitive
proxy statement with the SEC, Ancora Alternatives will forward the definitive proxy statement and accompanying BLUE proxy card to each
stockholder entitled to vote at the 2024 Annual Meeting. The participants in the proxy solicitation are Ancora Catalyst Institutional,
LP (&ldquo;Ancora Catalyst Institutional&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 Catalyst Institutional, 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., 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 918,804 shares of Common Stock (of which 836,004 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 Holdings, as the sole member of each of Ancora
Alternatives, Ancora Group and Inverness Holdings, may be deemed to beneficially own in the aggregate 928,921.28 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 Holdings,
may be deemed to beneficially own in the aggregate 928,921.28 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 928,921.28 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"><B>&nbsp;</B></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="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">ANCORA ALTERNATIVES 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 ALTERNATIVES 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;<FONT STYLE="color: blue"><U>WWW.SEC.GOV</U></FONT>. THE DEFINITIVE
PROXY STATEMENT, WHEN FILED, AND OTHER RELEVANT DOCUMENTS, WILL ALSO BE AVAILABLE ON&nbsp;<FONT STYLE="color: blue"><U>WWW.MOVENSCFORWARD.COM</U></FONT>&nbsp;AND
THE SEC WEBSITE, FREE OF CHARGE, OR BY DIRECTING A REQUEST TO THE PARTICIPANTS&rsquo; PROXY SOLICITOR, D.F. KING &amp; CO., INC., 48 WALL
STREET, 22ND FLOOR, NEW YORK, NEW YORK 10005 (SHAREHOLDERS CAN CALL TOLL-FREE: +1 (866) 227-7300).</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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