<SEC-DOCUMENT>0001104659-24-049620.txt : 20240422
<SEC-HEADER>0001104659-24-049620.hdr.sgml : 20240422
<ACCEPTANCE-DATETIME>20240422060754
ACCESSION NUMBER:		0001104659-24-049620
CONFORMED SUBMISSION TYPE:	DFAN14A
PUBLIC DOCUMENT COUNT:		4
FILED AS OF DATE:		20240422
DATE AS OF CHANGE:		20240422

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:		24859453

	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>tm247441d18_dfan14a.htm
<DESCRIPTION>DFAN14A
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin: 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>&nbsp;</P>

<P STYLE="border-bottom: Black 1pt solid; 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; 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&nbsp;14a-101)</B>&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; 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)&nbsp;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="border-bottom: Black 1pt solid; 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Filed
by the Registrant </FONT><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">&#120;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; font-size: 10pt">Confidential, for Use of the Commission Only (as permitted by Rule&nbsp;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-family: Times New Roman, Times, Serif; font-size: 10pt">Definitive Proxy Statement</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT></TD>
    <TD STYLE="padding-bottom: 5pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Definitive Additional 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-family: Times New Roman, Times, Serif; 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">&nbsp;</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)&nbsp;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"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&#120;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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-family: Times New Roman, Times, Serif; 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>
  </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>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; border-bottom: Black 2pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<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>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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">Ancora Alternatives LLC (&ldquo;Ancora Alternatives&rdquo; and together
with its affiliates, &ldquo;Ancora&rdquo;) and the other participants named herein have filed a definitive 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 (&ldquo;Norfolk
Southern&rdquo; or the &ldquo;Company&rdquo;). From time to time, Ancora and the other participants named herein may refer shareholders
of the Company to such materials reproduced herein, recent articles or other materials. Certain of the materials disclosed herein may
be reproduced on the Ancora campaign website at www.movenscforward.com.</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">On April 15, 2024, Jeffrey Sonnenfeld and Steven Tian of the Yale School
of Management&rsquo;s Chief Executive Leadership Institute published an online article with Fortune Media (the &ldquo;Article&rdquo;)
along with an accompanying slide presentation (the &ldquo;Supplemental Presentation&rdquo;).</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">On April 18, 2024, counsel for Ancora sent a detailed letter, reproduced
below, to Messrs. Sonnenfeld and Tian. In the letter, counsel to Ancora raised concern that the Article and the Supplemental Presentation
contain misstatements and omissions.</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">On April 19, 2024, the Company filed the Article with the SEC on form
DEFA14A but did not file the Supplemental Presentation.</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">On April 20, 2024, counsel for Ancora sent a follow-up letter to Messrs.
Sonnenfeld and Tian. The letter expressed concern that the nature and extent of the relationships between the authors and Norfolk Southern
and its advisors have not been fully disclosed and that the Article and the Supplemental Presentation may constitute unlawful solicitation
materials under the SEC&rsquo;s proxy rules. The letter further noted that Mr. Sonnenfeld has a history of attacking investors who are
running proxy contests against clients of donors to his Yale program.</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">Below is the letter on behalf of Ancora to Messrs. Sonnenfeld and Tian
on April 18, 2024 as Item 1, followed by the subsequent letter on April 20, 2024 as Item 2.</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">Item 1: </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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 50%; text-align: left"><IMG SRC="tm247441d18_dfan14aimg004a.jpg" ALT=""></TD><TD STYLE="text-align: right; width: 50%"><IMG SRC="tm247441d18_dfan14aimg001a.jpg" ALT=""></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>

<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">April&nbsp;18, 2024</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"><B>BY EMAIL, FEDEX</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">Jeffrey Sonnenfeld and Steven Tian <BR>
c/o Fortune Media</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">40 Fulton St.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York, NY 10038</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">Re: Apparent Involvement in Norfolk Southern Corporation&rsquo;s Attempt
to Mislead Shareholders</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">Messrs.&nbsp;Sonnenfeld and Tian:</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; text-indent: 1in"><FONT STYLE="font-size: 10pt">We
write to address your smear piece (the &ldquo;Article&rdquo;) that targets Ancora Holdings Group, LLC (collectively with its affiliates,
 &ldquo;Ancora&rdquo;) and its campaign to increase value for all shareholders of Norfolk Southern Corporation (&ldquo;Norfolk Southern&rdquo;).</FONT><FONT STYLE="font-size: 10pt"><SUP>1</SUP></FONT>
<FONT STYLE="font-size: 10pt">Much like your other curiously one-sided columns that aggressively attacked engaged shareholders, the Article&nbsp;is
essentially an encapsulation of Norfolk Southern&rsquo;s talking points pertaining to Ancora&rsquo;s campaign. We have serious concerns
that the article was in fact written at the behest of Norfolk Southern through its advisors, which would constitute a gross violation
of journalistic ethics and the securities laws.</FONT></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; text-indent: 1in">We believe that Norfolk Southern&rsquo;s
shareholders, regulators, and other stakeholders will look very poorly upon the presentation of what amounts to solicitation materials
on behalf of the company in this manner in the weeks leading up to a shareholder election. <B><U>For reasons summarized in this letter,
we contend the Article&nbsp;is misleading to investors and malicious, and we call upon you to immediately and publicly retract the Article&nbsp;to
mitigate the damage done by its publication.</U></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; text-align: justify; text-indent: 1in">Ancora is concerned that the
Article&nbsp;is a Norfolk Southern solicitation to shareholders in all but name, giving investors a false impression that it is an impartial
third-party assessment of the company&rsquo;s potential under its existing leadership and strategy in advance of its annual meeting of
shareholders on May&nbsp;9, 2024. We understand that Yale&rsquo;s Chief Executive Leadership Institute is supported by various financial
communications advisors. When you publish an article at the behest of any advisor on one side in a proxy fight that has supported your
organization financially, that article is proxy solicitation material and those financial ties must be disclosed. What&rsquo;s more, the
communication cannot contain misstatements or omissions.</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">Tel (212) 504-5757 Fax (212) 504-6666</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>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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"><IMG SRC="tm247441d18_dfan14aimg002.jpg" ALT=""></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">April&nbsp;18, 2024</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; text-indent: 1in">In light of these concerns,
Ancora directed a representative of one of its strategic advisors, Longacre Square Partners LLC (&ldquo;Longacre Square&rdquo;), to ask
you if you had any economic ties or undisclosed relationships with
Norfolk Southern and/or its advisors (without specifying any advisory firm by name). Two emails sent to you went unaddressed by you.
However, one of Norfolk Southern&rsquo;s advisors, Joele Frank Wilkinson Brimmer Katcher (&ldquo;Joele Frank&rdquo;), promptly
contacted Longacre Square. Longacre informed us that Joele Frank affirmatively stated that you reached out to them regarding
Ancora&rsquo;s directed inquiries. Joele Frank&rsquo;s response on your behalf validates the concerns we are raising in this
letter.</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; text-indent: 1in"><B><U>It appears that you and
your affiliated entities have therefore chosen to participate in the solicitation of proxies on behalf of Norfolk Southern. Like all other
participants, you should be subject to the Securities Exchange Act of 1934, as amended, and the rules&nbsp;thereunder (&ldquo;Exchange
Act&rdquo;). We have copied Norfolk Southern, which should promptly amend its public disclosures accordingly.</U></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; text-align: justify; text-indent: 1in">Make no mistake, we
recognize that Norfolk Southern has every right to scrutinize Ancora, its nominee directors and proposed management team, and their
plans. <B><U>However, Norfolk Southern does not have the right to indirectly peddle distortions through third parties over which it
has power and influence.</U></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"><I><U>Material Misstatements and Omissions</U>.</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; text-indent: 1in"><FONT STYLE="font-size: 10pt">To
the extent the Article&nbsp;is a proxy solicitation, it may not include material misstatements or omissions. The Article&nbsp;is polluted
with so many inaccuracies that we can only address here some of the most egregious misstatements and characterizations. First, as to
the East Palestine derailment, Norfolk Southern being compelled to pay for the consequences of an avoidable derailment is not remotely
equivalent to <I>&ldquo;investing . . . into the local community.&rdquo;</I> If you carried out rigorous independent research, you would
have quickly identified that Norfolk Southern is responsible for the derailment and its consequences. Put simply, remediation is not
investment.<SUP>2</SUP></FONT> Management&rsquo;s commitment to make things right&mdash;as if they could actually fix the damage&mdash;is
simply an acknowledgement of responsibility and the fact that Norfolk Southern, and indirectly its shareholders, are now required to
compensate for this terrible wrong. Whether the amounts you refer to in your Article&nbsp;come from a judicially implemented future payment
of $600 million dollars to the tragedy&rsquo;s victims,<FONT STYLE="font-size: 10pt"><SUP>3</SUP></FONT> or the $1.1 billion in recognized
expenses in 2023 for costs directly attributable to the derailment,<FONT STYLE="font-size: 10pt"><SUP>4</SUP></FONT> it is clear in all
events that Norfolk Southern and its owners are paying dearly for its mistake.</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; text-indent: 1in"><FONT STYLE="font-size: 10pt">Your
Article&nbsp;relays one local official&rsquo;s view of the East Palestine derailment, ignoring the intense criticism from leaders at
every level across the political spectrum &ndash; among them U.S. senators,</FONT><FONT STYLE="font-size: 10pt"><SUP>5</SUP></FONT> <FONT STYLE="font-size: 10pt">members
of Congress,</FONT><FONT STYLE="font-size: 10pt"><SUP>6</SUP></FONT> <FONT STYLE="font-size: 10pt">and the President of the United
States.</FONT><FONT STYLE="font-size: 10pt"><SUP>7 </SUP></FONT>Even East Palestine&rsquo;s Mayor
Conaway, who certainly cannot afford to completely alienate Norfolk Southern given his constituents&rsquo; need for the company to
rebuild their community, was critical of Norfolk <FONT STYLE="font-size: 10pt">Southern&rsquo;s
prioritizing building new track on top of contaminated soil as part of the cleanup.</FONT><FONT STYLE="font-size: 10pt"><SUP>8</SUP></FONT>
<FONT STYLE="font-size: 10pt">Even the blizzard of criticism from these leaders is drowned out altogether by the ongoing complaints of
residents themselves.</FONT><FONT STYLE="font-size: 10pt"><SUP>9</SUP></FONT> <FONT STYLE="font-size: 10pt">Amid this backlash, it is
nonsensical to highlight Company leadership engagement with the community when CEO Shaw&rsquo;s absence from East Palestine at critical
junctures has been prominently documented in the media.</FONT><FONT STYLE="font-size: 10pt"><SUP>10</SUP></FONT> <FONT STYLE="font-size: 10pt">This
mischaracterization of the public reaction to the East Palestine disaster calls into doubt the entire substance of the Article.</FONT>

<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>

<!-- Field: Page; Sequence: 3; Options: NewSection; Value: 2 -->
    <DIV STYLE="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; text-align: right">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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"><IMG SRC="tm247441d18_dfan14aimg002.jpg" ALT=""></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">April&nbsp;18, 2024</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"><I><U>Safety is an Institutional Shortcoming at Norfolk Southern</U>.</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; text-indent: 1in">We have significant questions
about the analysis that leads to your conclusions regarding Norfolk Southern&rsquo;s safety record. Ancora, its nominees, and its proposed
senior management team pride themselves on their plans to prioritize safety improvements at Norfolk Southern after the 2024 annual meeting
of its shareholders. Regardless, you somehow seem to conclude that the railroad directly responsible for East Palestine and several more
derailments in 2024 is on the mend.</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; text-indent: 1in">Reality stands in stark contrast to your assessment. The
Federal Railroad <FONT STYLE="font-size: 10pt">Administration (&ldquo;FRA&rdquo;) concluded in August&nbsp;2023 that Norfolk
Southern <I>&ldquo;has not promptly or comprehensively responded to FRA&rsquo;s recommendations and significant findings&rdquo; </I>from
an audit just the previous year.<SUP>11</SUP></FONT> The FRA identified troubling findings, including that <I>&ldquo;employees and
the organization do not always work to foster mutual trust,&rdquo; &ldquo;training and resources are not always effective at
supporting safety efforts,&rdquo; </I>and Norfolk Southern <I>&ldquo;frequently focused solely on enforcing compliance with minimum
safety standards.&rdquo; </I>These are institutional problems and weaknesses, not one-off or random mistakes. Norfolk
Southern&rsquo;s own safety auditor, Atkins Nuclear Secured, echoed the FRA&rsquo;s safety concerns and made eighteen separate
safety recommendations in its report on September&nbsp;14, 2023.<FONT STYLE="font-size: 10pt"><SUP>12</SUP></FONT></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; text-indent: 1in"><FONT STYLE="font-size: 10pt">The
Article&nbsp;cites FRA statistics for a chart that purports to show safety improvements. But the selective data presented in the Article&nbsp;does
not show the whole picture.</FONT><FONT STYLE="font-size: 10pt"><SUP>13</SUP></FONT> <FONT STYLE="font-size: 10pt">Expand the parameters
for the FRA data to accidents along <I>all</I> track types (not just main lines), and Norfolk Southern makes up more than a fifth of
the total accidents of the railroads you identify. Among all these accidents, Norfolk Southern had 293 total along all track types in
2023 &ndash; a number that is <I>higher</I> than its 2021 total of 263. Norfolk Southern&rsquo;s overall FRA reported accident number
is still higher today than it was three years ago. Looking at more serious accidents, such as collisions, where on all tracks Norfolk
Southern increased from 10 in 2021, to 21 in 2022, to 24 in 2023. Your selective use of FRA figures and snapshot reporting gloss over
trends that show Norfolk Southern&rsquo;s problematic safety record continues under CEO Shaw&rsquo;s leadership.</FONT></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>

<!-- Field: Page; Sequence: 4; Value: 2 -->
    <DIV STYLE="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; text-align: right">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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"><IMG SRC="tm247441d18_dfan14aimg002.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></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">April&nbsp;18, 2024</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"><I><U>Numerous Mischaracterizations of Ancora and its Substance-Driven
Campaign</U>.</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; text-indent: 1in"><FONT STYLE="font-size: 10pt">The
Article&nbsp;also pervasively mischaracterizes Ancora and its efforts to improve Norfolk Southern. Ancora is a Cleveland, Ohio-based firm
with more than $8 billion in assets under management. Downtown Cleveland is a ninety-minute drive from the East Palestine derailment site.
Ancora has stated from the very first day of its public campaign that its work is &ldquo;<I>beyond just dollars and cents.&rdquo;</I></FONT><FONT STYLE="font-size: 10pt"><SUP>14</SUP></FONT>
Ancora has a long history of success, growing its assets under management by nearly 150% in the last decade. As an experienced activist
investor with a track record of creating shareholder value, Ancora ranked at the top of activism reviews in 2023 by Bloomberg, Lazard,
and Barclays &ndash; and has a pragmatic mindset.</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; text-indent: 1in"><FONT STYLE="font-size: 10pt">With
that context, the Article&rsquo;s characterization of Ancora and its campaign, is completely divorced from reality. Focusing on just one
point, your mischaracterization of settlement discussions, Ancora spent months attempting earnest discussions with the Norfolk Southern
board before moving forward with the proxy contest. This engagement was spelled out in detail in Ancora&rsquo;s proxy statement. These
negotiations reflect Ancora&rsquo;s practical viewpoint; in fact, it has successfully settled with ten companies in activist campaigns
since 2020. But Ancora has been very clear that its analysis shows that Mr.&nbsp;Shaw&rsquo;s management is inherently incompatible with
maximizing shareholder value. Ancora offered to settle the campaign on February&nbsp;9, 2024 for a <I>minority</I> change in board composition
plus a board commitment replace Mr.&nbsp;Shaw as CEO.</FONT><FONT STYLE="font-size: 10pt"><SUP>15</SUP></FONT> <FONT STYLE="font-size: 10pt">The
Article&rsquo;s depiction of Ancora&rsquo;s engagement with Norfolk Southern and its general approach to this investment is almost entirely
distinct from the facts disclosed in Ancora&rsquo;s definitive proxy statement.</FONT></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; text-indent: 1in"><FONT STYLE="font-size: 10pt">Furthermore,
while Ancora has a track record of success in its own right, it has relied on the decades of cumulative railroading experience among its
slate and the proposed management team and the support of other major Norfolk Southern investors and market analysts in this campaign.
The biographies of Ancora&rsquo;s director slate and proposed management team speak for themselves in terms of extensive experience, at
the levels of operator, manager, and investor. Ancora received early support from EdgePoint Investment Group, which then issued a statement
echoing Ancora&rsquo;s concerns and firmly supporting the changes that Ancora was publicly calling for even before Ancora made its initial
proxy filing with the U.S. Securities and Exchange Commission (&ldquo;SEC&rdquo;).</FONT><FONT STYLE="font-size: 10pt"><SUP>16</SUP></FONT>
<FONT STYLE="font-size: 10pt">All of this was disclosed to the SEC directly in correspondence that, as is customary, the SEC will publish
on its website. In addition, other investors and analysts have jumped to support Ancora&rsquo;s campaign and its nominees&rsquo; plans
for Norfolk Southern, including prominent institutional investor Neuberger Berman.</FONT><FONT STYLE="font-size: 10pt"><SUP>17</SUP></FONT>
<FONT STYLE="font-size: 10pt">To cite just a couple of supporters:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0"></TD><TD STYLE="width: 0.5in">1.</TD><TD STYLE="text-align: justify">Barclays publicly stated on March&nbsp;25,
                                            2024: <I>&ldquo;We see value in potential management <FONT STYLE="font-size: 10pt">change
                                            with Jim Barber as CEO and Jamie Boychuk as COO as proposed by the activist investor Ancora.&rdquo;</FONT></I><FONT STYLE="font-size: 10pt"><FONT STYLE="font-style: normal; font-weight: normal"><SUP>18</SUP></FONT></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>

<!-- Field: Page; Sequence: 5; Value: 2 -->
    <DIV STYLE="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; text-align: right">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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"><IMG SRC="tm247441d18_dfan14aimg002.jpg" ALT="">&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">April&nbsp;18, 2024</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0"></TD><TD STYLE="width: 0.5in">2.</TD><TD STYLE="text-align: justify">Of Ancora nominees&rsquo; proposed management team, UBS said on March&nbsp;13, 2024: <I>&ldquo;We note
the difference in approach where the proposed executives indicated they would look to improving network velocity to enable growth in contrast
to the resilience approach of the current NSC team which relies on holding excess resources (people, equipment) in order to be able to
support potential volume growth. The proposed executives focused on</I> <FONT STYLE="font-size: 10pt"><I>improving
service (velocity, trip plan compliance) as a necessary step to enable the marketing and sales organisation to capture more price.&rdquo;</I></FONT><FONT STYLE="font-size: 10pt"><SUP>19</SUP></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; text-align: justify; text-indent: 1in">Ancora&rsquo;s campaign
has been predominantly driven by substance and metrics, not mudslinging. From the outset, Ancora has emphasized shareholder value as
well as the health of the organization and the welfare of its employees. As early as its public launch on February&nbsp;20, <FONT STYLE="font-size: 10pt">2024,
Ancora&rsquo;s campaign has directly linked Norfolk Southern&rsquo;s subpar performance to management decision-making and strategy.
On the morning of April&nbsp;15, 2024, just a few hours before your pre-prepared Article&nbsp;coincidentally published, Ancora and
its nominees released a nearly 200-page&nbsp;presentation outlining phased milestones and a detailed, operations-driven plan to
create shareholder value. The proposed reductions in operating ratio to 62-63% after 12 months, 60% after 24 months, and 57% after
36 months is reasonable and possible, based on the views of the experienced railroaders on the Ancora slate and proposed management
team. Ancora&rsquo;s slate has outlined a realistic approach to aggressively turning Norfolk Southern around &ndash; which contrasts
sharply with the existing company management&rsquo;s rushed pivot to some of the same points Ancora&rsquo;s team has already
outlined.</FONT><FONT STYLE="font-size: 10pt"><SUP>20</SUP></FONT></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; text-indent: 1in"><FONT STYLE="font-size: 10pt">Contrary
to your Article&rsquo;s allegations regarding Ancora&rsquo;s operational plans with respect to employees, with a sizable nine-figure investment
in Norfolk Southern, Ancora has no incentive to harm the company in which it has invested so much time and resources. By contrast, Ancora
believes in preserving and enhancing Norfolk Southern workers. The Ancora nominees proposal prominently states that <I>&ldquo;[h]eadcount
reduction will be achieved through attrition&rdquo;</I> not through <I>&ldquo;firings&rdquo;</I> as the Article&nbsp;falsely alleges.</FONT><FONT STYLE="font-size: 10pt"><SUP>21</SUP></FONT>
<FONT STYLE="font-size: 10pt">The Ancora nominees and proposed management, on safety grounds, publicly endorsed a two-person crew standard
on mainline trains in early March&nbsp;2024.</FONT><FONT STYLE="font-size: 10pt"><SUP>22</SUP></FONT> <FONT STYLE="font-size: 10pt">In
April, federal regulators agreed, as Secretary of Transportation Pete Buttigieg announced the two-person crew as the legal standard to
be implemented by rulemaking.</FONT><FONT STYLE="font-size: 10pt"><SUP>23</SUP></FONT> <FONT STYLE="font-size: 10pt">Of the 13,500 written
comments received, only 60 opposed the rule&nbsp;&ndash; one of them was from Norfolk Southern.</FONT><FONT STYLE="font-size: 10pt"><SUP>24</SUP></FONT>
<FONT STYLE="font-size: 10pt">If you were truly We cannot imagine why you would not include facts like some of the ones we have included
here if you didn&rsquo;t have an interest in an outcome.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><I>***</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; text-indent: 1in">We hope Norfolk Southern&rsquo;s
other shareholders that have already read your Article&nbsp;see it for what it is: a cynical and self-serving hit piece to protect Norfolk
Southern&rsquo;s management and board.</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>

<!-- Field: Page; Sequence: 6; Value: 2 -->
    <DIV STYLE="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; text-align: right">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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"><IMG SRC="tm247441d18_dfan14aimg002.jpg" ALT=""></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">April&nbsp;18, 2024</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; text-indent: 1in">We reiterate Ancora&rsquo;s
firm request that you retract the Article&nbsp;from publication and take appropriate measures consistent with academic and journalistic
best practices to alert the public and the Norfolk Southern shareholders of the published errors. Publishing a correction of the various
factual errors and misleading omissions we identified above, at minimum, along with the retraction should begin to set the public record
straight. Should you fail to promptly retract the Article&nbsp;and publish such correction and reply to this letter confirming the same
we will be forced to escalate the matter. We also ask that Norfolk Southern, which is copied, correct its disclosures in accordance with
the proxy rules. Ancora reserves all rights with respect to the matters described in this letter.</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; text-indent: 1in">Ancora and its nominees and
advisors have stood behind their statements throughout this campaign. We fail to understand why Norfolk Southern cannot make its own case.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%"><FONT STYLE="font-size: 10pt">Sincerely,</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">/s/ Richard Brand&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Richard Brand</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Cadwalader, Wickersham&nbsp;&amp; Taft LLP</FONT></TD></TR>
  </TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 5%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">cc:</FONT></TD><TD STYLE="text-align: justify; width: 95%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Michael
J. Aiello, Partner, Weil, Gotshal&nbsp;&amp; Manges LLP</FONT></TD>
</TR><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">Denise W. Hutson, Legal Secretary, Norfolk Southern Corporation
<BR>
Alan Murray, Chief Executive Officer, Fortune Media</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">Steven Weissman, General Counsel, Fortune Media</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">James Chadwick, President, Alternatives, Ancora Alternatives
LLC <BR>
Gregory Marose, Managing Partner, Longacre Square Partners <BR>
Dan Zacchei, Managing Partner, Longacre Square Partners</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>

<!-- Field: Page; Sequence: 7; Value: 2 -->
    <DIV STYLE="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; text-align: right">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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"><IMG SRC="tm247441d18_dfan14aimg002.jpg" ALT=""></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">April&nbsp;18, 2024</P>

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

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0pt; margin-bottom: 0pt; width: 25%"><DIV STYLE="border-top: Black 1pt solid; font-size: 1pt">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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



<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"></P>

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

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><SUP>1&#8239;</SUP>Jeffrey
Sonnenfeld&nbsp;&amp; Steven Tian, &ldquo;Norfolk Southern is getting back on track&ndash;but activist investor Ancora is trying to derail
it in a vicious proxy fight,&rdquo; <I>Fortune</I>, Apr.&nbsp;15, 2024, <U>https://fortune.com/2024/04/15/norfolk- southern-back-track-activist-investor-ancora-derail-proxy-fight/
</U>&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><SUP>2&#8239;</SUP>Even
those commitments that are not direct remediation have been slow to materialize. <I>See, e.g.</I>, &ldquo;A look and update of Norfolk
Southern funded projects in East Palestine,&rdquo; Salem News, Apr.&nbsp;10, 2024, <U>https://www.salemnews.net/news/local-news/2024/04/a-look-and-update-of-norfolk-southern-funded-projects-in-
east-palestine/#:~:text=Major%20elements%20of%20the%20proposed,parking%20lots%20and%20improved%20traffic</U> &nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><SUP>3&#8239;</SUP><I>See
</I>NSC Filing on Form&nbsp;8-K, Apr.&nbsp;9, 2024, ex. 99.1.</FONT></P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><SUP>4&#8239;</SUP><I>See
</I>NSC Filing on Form&nbsp;10-K, Feb.&nbsp;5, 2024, p. K78.</FONT></P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><SUP>5&#8239;</SUP><I>See</I>,
<I>e.g.</I>, &ldquo;Brown Demands Norfolk Southern Keep its Promises to East Palestine,&rdquo; Sept. 20, 2023, </FONT> <U>https://www.brown.senate.gov/newsroom/press/release/brown-demands-norfolk-southern-keep-its-promises-to-east-palestine</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><SUP>6&#8239;</SUP>See
Rich Pierce, &ldquo;East Palestine residents react to NTSB chair&rsquo;s testimony on necessity of controlled burn, explosion,&rdquo;
WPXI-TV, Mar.&nbsp;6, 2024, <U>https://www.wpxi.com/news/local/east-palestine-residents-react-ntsb-chairs</U>-<U>testimony-necessity-controlled-burn-explosion/T4RLZPVVW5AJHCE6PTXUVMP2B4/</U></FONT></P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><SUP>7&#8239;</SUP>Jeff
Mason&nbsp;&amp; Nandita Bose, &ldquo;Biden calls Ohio train derailment 'an act of greed' as he visits area a year later,&rdquo; Reuters,
Feb.&nbsp;20, 2024, <U>https://www.reuters.com/world/us/biden-visit-ohio-town-year-after-toxic-train-derailment- 2024-02-16/</U> &nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><SUP>8&#8239;</SUP>&ldquo;CEO:
Norfolk Southern in East Palestine for the Long Haul,&rdquo; Business Journal, Jan.&nbsp;16, 2024, <U>https://businessjournaldaily.com/ceo-norfolk-southern-in-east-palestine-for-the-long-haul/</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><SUP>9&#8239;</SUP><I>See,
e.g.</I>, ABC News, &ldquo;Ohio train derailment: Residents confront officials as Norfolk Southern announces new cleanup plan,&rdquo;
Feb.&nbsp;23, 2023, <U>https://abcnews.go.com/US/ohio-train-derailment-residents-confront-officials-norfolk-southern/story?id=97408436</U></FONT></P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><SUP>10&#8239;</SUP><I>See
</I>Minyvonne Burke, &ldquo;Norfolk Southern CEO a no-show at town hall meeting to discuss derailment,&rdquo; Mar.&nbsp;3, 2023, <U>https://www.nbcnews.com/news/us-news/norfolk-southern-ceo-no-show-town-hall-meeting-discuss-
derailment-rcna72869</U></FONT></P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><SUP>11&#8239;</SUP><I>See
</I>U.S. Department of Transportation, FRA, <I>Norfolk Southern Safety Assessment</I>, Aug.&nbsp;2023,<U>https://railroads.dot.gov/sites/fra.dot.gov/files/2023-
08/2023%20NS%20Safety%20Culture%20Assessment_08.09.23.pdf</U></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><SUP>12&#8239;</SUP>Atkins
Nuclear Secured, &ldquo;Summary of Initial Observations, Opportunities for Improvement, and Recommendations Regarding Norfolk Southern&rsquo;s
Safety Culture,&rdquo; Sept. 14, 2023, <U>https://filecache.mediaroom.com/mr5mr_norfolksouthern/179033/ANS%20Phase%20One%20Report%20Executive
%20Summary%20-%20Sept%202023.pdf</U></FONT></P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><SUP>13&#8239;</SUP><I>See
</I>FRA, Office of Safety Analysis, <U>https://safetydata.fra.dot.gov/OfficeofSafety/Default.aspx#</U></FONT></P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><SUP>14&#8239;</SUP>James
Chadwick, President, Ancora Alternatives, CNBC interview, Feb.&nbsp;20, 2024.</FONT></P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><SUP>15&#8239;</SUP><I>See
</I>Ancora&rsquo;s Definitive Proxy Statement, p. 13.</FONT></P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><SUP>16&#8239;</SUP>&ldquo;EdgePoint
Investment Group Inc. - Statement Regarding Norfolk Southern,&rdquo; Mar.&nbsp;4, 2024,<U>https://www.prnewswire.com/news-releases/edgepoint-investment-group-inc--statement-regarding-norfolk-
southern-302077927.html</U></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><SUP>17&#8239;</SUP>&ldquo;Ancora&rsquo;s
activist campaign gains support of Norfolk Southern investor (updated),&rdquo; Trains.com, Apr.&nbsp;8, 2023, <U>https://www.trains.com/trn/news-reviews/news-wire/ancoras-activist-campaign-gains-support-of-norfolk-southern-investor/</U></FONT></P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><SUP>18&#8239;</SUP><I>See
</I>Barclays note, &ldquo;COO Management Change Comes with Costs,&rdquo; Mar.&nbsp;25, 2024.</FONT></P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><SUP>19&#8239;</SUP>UBS
note, &ldquo;Takeaways from a Meeting with the Proposed Executive,&rdquo; Mar.&nbsp;13, 2024.</FONT></P>



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

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

<!-- Field: Page; Sequence: 8; Value: 2 -->
    <DIV STYLE="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; text-align: right">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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"><IMG SRC="tm247441d18_dfan14aimg002.jpg" ALT=""></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">April&nbsp;18, 2024</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>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0pt; margin-bottom: 0pt; width: 25%"><DIV STYLE="border-top: Black 1pt solid; font-size: 1pt">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><SUP>20&#8239;</SUP><I>See
</I>&ldquo;Move NSC Forward: The Case for Operationally Proficient Leaders and a PSR-Powered Scheduled Network, Apr.&nbsp;15, 2024 Presentation,
p. 42, <U>https://ancora.s3.us-west-1.amazonaws.com/MoveNSCForward- InvestorPresentation-April152024.pdf</U>&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><SUP>21</SUP>&#8239;The
only party actually cutting Norfolk Southern staff at his point is the Norfolk Southern management team itself. <I>See</I> Bill Stevens,
 &ldquo;Norfolk Southern cutting 7% of management and staff positions,&rdquo; <I>Trains.com</I>, Jan.&nbsp;7, 2024, <U>https://www.trains.com/trn/news-reviews/news-wire/norfolk-southern-cutting-7-of-management-and-staff-positions/</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><SUP>22&#8239;</SUP><I>See
</I>&ldquo;Ancora&rsquo;s Proposed Directors and Management Team Release Statement and White Paper Regarding Opportunities for Enhanced
Safety at Norfolk Southern,&rdquo; <I>BusinessWire</I>, Mar.&nbsp;7, 2024, <U>https://www.businesswire.com/news/home/20240307029957/en/Ancora%E2%80%99s-Proposed-Directors-and-
Management-Team-Release-Statement-and-White-Paper-Regarding-Opportunities-for-Enhanced-Safety-at-Norfolk-Southern</U>&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><SUP>23&#8239;</SUP><I>See
</I>U.S. Department of Transportation Press Release, &ldquo;Biden-Harris Administration Announces Final Rule&nbsp;on Train Crew Size
Safety Requirements to Improve Rail Safety,&rdquo; Apr.&nbsp;2, 2024, <U>https://www.transportation.gov/briefing-room/biden-harris-administration-announces-final-rule-train-crew-size-
safety-requirements</U>. <I>See also</I> Esther Fung, &ldquo;U.S. to Impose Two-Person Crew Mandate on Freight Trains,&rdquo; <I>WSJ</I>,
Apr.&nbsp;2, 2024, <U>https://www.wsj.com/business/logistics/u-s-to-impose-two-person-crew-mandate-on-freight-trains-94352762</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><SUP>24&#8239;</SUP>Comment
from Norfolk Southern Railway Company, Posted by the FRA, Dec.&nbsp;22, 2022, <U>https://www.regulations.gov/comment/FRA-2021-0032-13045</U></FONT></P>



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

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

<!-- Field: Page; Sequence: 9; Value: 2 -->
    <DIV STYLE="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; text-align: right">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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">Item 2: </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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 50%; text-align: left"><IMG SRC="tm247441d18_dfan14aimg004a.jpg" ALT=""></TD><TD STYLE="text-align: right; width: 50%"><IMG SRC="tm247441d18_dfan14aimg001a.jpg" ALT=""></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">April&nbsp;20, 2024</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"><B>BY EMAIL, FEDEX</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">Jeffrey Sonnenfeld and Steven Tian <BR>
c/o Fortune Media</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">40 Fulton St.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York, NY 10038</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">Re: Failure to Retract or Correct the Article&nbsp;Misleading Norfolk
Southern&rsquo;s Shareholders</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">Messrs.&nbsp;Sonnenfeld and Tian:</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; text-indent: 1in">We write again on behalf of
Ancora Holdings Group, LLC (together with its affiliates, &ldquo;Ancora&rdquo;) to express our concern regarding your failure to disclose
the nature and extent of your relationship with Norfolk Southern Corporation (&ldquo;Norfolk Southern&rdquo;) and its advisors.</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; text-indent: 1in">We observe that Norfolk Southern
has filed your April&nbsp;15, 2024 article as proxy solicitation materials with the U.S. Securities and Exchange Commission (&ldquo;SEC&rdquo;).
This disclosure does not address the real issue, which is that we believe there remain many material misstatements and omissions in your
article and in your accompanying presentation.</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; text-indent: 1in">It appears that one of the major
omissions relates to the nature and extent of your relationship with Norfolk Southern and its advisors. Unless and until you retract your
article and disclose the nature and the extent of those relationships, serious concerns remain that your article and accompanying presentation
constitute unlawful solicitation materials under the SEC&rsquo;s proxy rules.</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; text-indent: 1in">You have a history of attacking
investors who are running proxy contests against clients of your program&rsquo;s donors. Is Yale University aware of the way you are using
their name to advance the agenda of the failing management team of a major American corporation? Ancora reserves all rights with respect
to the matters described in this letter.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%"><FONT STYLE="font-size: 10pt">Sincerely,</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">/s/ Richard Brand</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Richard Brand</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Cadwalader, Wickersham&nbsp;&amp; Taft LLP</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">Tel (212) 504-5757 Fax (212) 504-6666</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>

<!-- Field: Page; Sequence: 10 -->
    <DIV STYLE="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; text-align: right"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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"><IMG SRC="tm247441d18_dfan14aimg002.jpg" ALT=""></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">April&nbsp;20, 2024</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 5%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">cc:</FONT></TD><TD STYLE="text-align: justify; width: 95%"><FONT STYLE="font-size: 10pt">Michael
                                            J. Aiello, Partner, Weil, Gotshal&nbsp;&amp; Manges LLP</FONT></TD>
</TR><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Denise W. Hutson, Legal Secretary,
                                        Norfolk Southern Corporation <BR>
Alan Murray, Chief Executive Officer, Fortune Media</FONT></TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Steven Weissman, General Counsel,
                                        Fortune Media</FONT></TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Alexander E. Dreier, Senior Vice
                                        President and General Counsel, Yale University <BR>
James Chadwick, President, Alternatives, Ancora
                                        Alternatives LLC</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>

<!-- Field: Page; Sequence: 11; Options: NewSection; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; text-align: right">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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"># # #</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">&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;intends,&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 relate to future events or future performance and involve known and unknown risks, uncertainties,
and other factors that may cause actual results, levels of activity, performance or achievements or those of the industry to be materially
different from those expressed or implied by any forward-looking statements. Norfolk Southern Corporation, a Virginia corporation (&ldquo;Norfolk
Southern&rdquo;), has also identified additional risks relating to its business in its public filings with the Securities and Exchange
Commission (the &ldquo;SEC&rdquo;). Ancora Alternatives LLC (&ldquo;Ancora Alternatives&rdquo;), and as applicable the other participants
in the proxy solicitation, have based these forward-looking statements on current expectations, assumptions, estimates, beliefs, and projections.
While Ancora Alternatives and the other participants, as applicable, believe these expectations, assumptions, estimates, and projections
are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which
involve factors or circumstances that are beyond the participants&rsquo; control. 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 or any of the other participants 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">&nbsp;</P>

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

<!-- Field: Page; Sequence: 12 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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">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">&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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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&nbsp;AA (&ldquo;Ancora Impact AA&rdquo;) and Ancora Impact Fund
LP Series&nbsp;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;),&nbsp;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,&nbsp;Jr., William Clyburn,&nbsp;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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Ancora Alternatives and the other Participants
have filed a definitive proxy statement and accompanying BLUE proxy card (the &ldquo;Definitive Proxy Statement&rdquo;) with the SEC on
March&nbsp;26, 2024 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 of Norfolk Southern.</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>IMPORTANT INFORMATION AND WHERE TO FIND IT</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; text-align: justify">ANCORA ALTERNATIVES STRONGLY ADVISES ALL SHAREHOLDERS
OF NORFOLK SOUTHERN TO READ THE DEFINITIVE PROXY STATEMENT, ANY AMENDMENTS OR SUPPLEMENTS TO SUCH DEFINITIVE PROXY STATEMENT, AND OTHER
PROXY MATERIALS FILED BY ANCORA ALTERNATIVES AS THEY CONTAIN IMPORTANT INFORMATION. SUCH PROXY MATERIALS ARE AVAILABLE AT NO CHARGE ON
THE SEC&rsquo;S WEBSITE AT&nbsp;<U>WWW.SEC.GOV</U>&nbsp;AND AT ANCORA ALTERNATIVE&rsquo;S WEBSITE AT&nbsp;<U>WWW.MOVENSCFORWARD.COM</U>.
THE DEFINITIVE PROXY STATEMENT AND ACCOMPANYING PROXY CARD WILL BE FURNISHED TO SOME OR ALL OF THE COMPANY&rsquo;S SHAREHOLDERS. SHAREHOLDERS
MAY&nbsp;ALSO DIRECT A REQUEST TO THE PARTICIPANTS&rsquo; PROXY SOLICITOR, D.F. KING&nbsp;&amp; CO.,&nbsp;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; text-align: justify">Information about the Participants and a description
of their direct or indirect interests by security holdings or otherwise can be found in the Definitive 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"></P>

<!-- Field: Page; Sequence: 13; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>tm247441d18_dfan14aimg001a.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 tm247441d18_dfan14aimg001a.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0@)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" !# /(# 2(  A$! Q$!_\0
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M%X7V ,''5@"H^IW+@>XKB8? <PTV_AEM[0S2Z,UG;%VW^3(SSL0&*\ >8@R
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M&Z0?[2;!COR:P(]%\4V^D2:IY;S:YI\\=O9Q/-\MQ!$K1;F[?/YDDG/HOIP
M>DT5YK!X6U^&TO8))KB:31D7^R)FFYNF\P3G=S_LI%SV#>M3:/IWB33]2%SJ
M=M<W=M$K:FL44BEOM4RA6A7) VI^](SQ\XQTH ]$HK@HK&_M]3NI7T*[NM7^
MW7$D=\MP(D-N0YB4OG)4*43R\<,-V.-U8-EH^N+:W43:/=K92K923V\">1YP
M21_/0 RLS,0R98D%PA]L@'J=O>PW4]W#$27M)1#+D8PQ17X]?E=:L5YB="UF
M.UOKO0-/N=.>34V2""9P"MO+:Q0F3&3@)(H<+U C(P,XISZ%KD&EW,%Q9/=P
MVT\6GVRR,TVZTC9G$K('4R$[D4J3SY>3D<$ ]$:]A748[ D^>\+3*,<;5*@\
M_5A5BO+K?2]?30E6;2KAY8H;JW\J0X_=O>(R !),D"'^ -R$*Y[T6>DZDD=O
M'J>C7EQH\%[.QLHHU4%7C0Q.L0D.$#"3Y<_*6!QQP >DV-[#J%K]HMR3'O=,
MD8Y5BI_535BO(I/#>N_8(8Y+*^1!9NMI$H$TMO<&>9B=_F (Y5XOWA)^Z>>Q
MZJPT[4[!M8D%O<OJ-_=2Q0732;DA3R04<J3@+O7'RC.3TQ0!V=%>:II-]_8B
MPV&@ZA:SK#;_ -IEKC:]T5E0RH/FQ([()/WF>0<9^;B>T\-R7VIQ(VF3VWAX
MWCNEC(VP*GV?:24!X4R9^7U&<<T >AT5QGA+0KO2;S3Y9(9T,NCQK?-)*7+W
M(*_>R3E@-PSZ<=,5V= !1110 4444 %%%% !1110 4444 %%%% !1110 444
M4 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110
7 4444 %%%% !1110 4444 %%%% '_]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>tm247441d18_dfan14aimg002.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 tm247441d18_dfan14aimg002.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0@)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1"  E /\# 2(  A$! Q$!_\0
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M>O6*X7PSX"G\+^-]=UNUO(YK36)#+)"X*M$Q<MQC@\L?2NZH **** "BBB@
MHHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "B
-BB@ HHHH **** /_V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>tm247441d18_dfan14aimg004a.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 tm247441d18_dfan14aimg004a.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0@)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1"  D 4X# 2(  A$! Q$!_\0
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M.X<<CU'(_.I*Y2R\%6VE^/\ _A(=.2*WMI=/EMIK=,A1(9(W#JO09"MNQCD
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MZ (_/A^T?9_-3S]F_P O<-VW.,XZXSWJ2OGC6_%NH:)\<=)\37C[-%U&+[/
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MF!2:QA88[?(,C\#Q6LZ))&T<BJR,"&5AD$'L16!9^$;?25>+1=1O]+M68O\
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' %%%% '_V0$!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
