<SEC-DOCUMENT>0001104659-24-057151.txt : 20240506
<SEC-HEADER>0001104659-24-057151.hdr.sgml : 20240506
<ACCEPTANCE-DATETIME>20240506060532
ACCESSION NUMBER:		0001104659-24-057151
CONFORMED SUBMISSION TYPE:	DFAN14A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20240506
DATE AS OF CHANGE:		20240506

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:		24915401

	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
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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; 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>

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<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>

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    <TD STYLE="padding-bottom: 5pt; text-align: justify"><FONT STYLE="font-size: 10pt">Preliminary Proxy Statement</FONT></TD></TR>
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<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>

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<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="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;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ancora Alternatives LLC (&ldquo;Ancora Alternatives&rdquo;), together
with 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 (the &ldquo;Company&rdquo;). From time
to time, Ancora Alternatives and the other participants named herein may refer shareholders of the Company to such materials reproduced
herein, recent articles or other materials. The materials disclosed herein may be posted to the Ancora Alternatives 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 May 5, 2024, Jim Chadwick, President of Ancora Alternatives, sent
the following letter to  Chair Amy Miles of the board of directors of the Company.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><IMG SRC="tm2413232d4img001.jpg" ALT="" STYLE="height: 116px; width: 720px"></FONT></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: right">May 5, 2024</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Atlanta, Georgia 30308</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Attn: Amy Miles, Chair of Board</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; text-indent: 0.5in"><U>Subject</U>: Incumbent
Director Mongeau Should not Serve on the Norfolk Southern Board</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We recently saw reports that the U.S. Department
of Justice launched an investigation into TD Bank in connection with a money laundering scheme involving hundreds of millions of dollars
from illicit narcotics. Given Norfolk Southern Director Claude Mongeau&rsquo;s membership on the TD Bank board, we have looked closely
at other companies where he has served as a director. While we have no reason to believe that Mr. Mongeau is or ever has been involved
in any wrongdoing, we see an unfortunate pattern that certain of those companies have had significant regulatory and compliance problems,
as detailed below.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Norfolk Southern currently operates under heightened
scrutiny in an already heavily regulated sector. We do not believe it is appropriate for Mr. Mongeau to continue to serve on the Norfolk
Southern Board given the recent disclosures at TD Bank.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have identified a pattern of high profile regulatory
and compliance problems at companies where Mr. Mongeau has served as a director:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Mr. Mongeau sat for over a decade on SNC-Lavalin Group Inc. board and audit committee, from 2003 to 2015.<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>1</SUP></FONT>
Between 2001 and 2011, a senior company executive admitted paying tens of millions of dollars of company funds in bribes to secure construction
projects in Libya.<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>2</SUP></FONT> Mr. Mongeau&rsquo;s tenure on the SNC-Lavalin
board overlapped in large part with the board&rsquo;s oversight failures with respect to these illicit payments.</TD></TR></TABLE>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></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"><SUP>1</SUP></FONT>
https://financialpost.com/news/fp-street/cns-claude-mongeau-joins-snc-lavalin-audit-committee</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"><SUP>2</SUP></FONT>
https://www.cbc.ca/news/business/snc-lavalin-trial-board-1.5096153</P>


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

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

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

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">We note that the SNC-Lavalin owns Atkins Nuclear Secured, the company hired by Norfolk Southern to perform
a safety assessment after East Palestine &ndash; despite having no railroad industry experience.<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>3</SUP></FONT></TD></TR></TABLE>

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

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Since 2015, Mr. Mongeau has served as a director of TD Bank. In 2023, Canadian financial regulator FinTRAC
fined the company millions and &ldquo;deemed its anti-money-laundering compliance to be unsatisfactory.&rdquo;<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>4</SUP></FONT></TD></TR></TABLE>

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

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">This week&rsquo;s news is even more troubling. The <I>Wall Street Journal</I> reported that the DOJ &ldquo;investigation
into TD Bank&rsquo;s internal controls focuses on how Chinese crime groups and drug traffickers used the Canadian lender to launder money
from U.S. fentanyl sales.&rdquo;<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>5</SUP></FONT> TD Bank disclosed three
other anti-money laundering investigations and has set aside as an initial provision of $450 million for just one of those, noting it
expects additional monetary penalties. FinTRAC also separately fined TD Bank again this week.<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>6</SUP></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">We note that Mr. Mongeau serves on the corporate governance committee, the responsibilities of which are
to &ldquo;[p]rovide oversight of enterprise-wide conduct risk and enterprise-wide complaints, and act as the conduct review committee
for the Bank and certain of its Canadian subsidiaries that are federally regulated financial institutions.&rdquo;<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>7</SUP></FONT>
TD Bank&rsquo;s announcement this week said that its anti-money laundering &ldquo;program was insufficient to effectively monitor, detect,
report, and respond to suspicious activity.&rdquo;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Mr. Mongeau&rsquo;s time with the TD Bank board has failed to result in the implementation of the rigorous
oversight programs that were needed to prevent authorities in more than one country from pursuing multiple enforcement actions against
the company. These board failures will apparently result in quite significant costs TD Bank&rsquo;s shareholders.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In light of the newly disclosed regulatory concerns
combined with the previous instances, we believe you should ask Mr. Mongeau to step down. Multiple regulators and government agencies
are dedicating their focus to Norfolk Southern&rsquo;s actions every day &ndash; the Board needs the contributions of directors with a
track record of success in developing and overseeing compliance programs.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 50%">Regards,  <U></U></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Jim Chadwick</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>James Chadwick &nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>President </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>Ancora Alternatives LLC</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: center"># # #</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></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"><SUP>3</SUP></FONT>
https://norfolksouthern.mediaroom.com/2023-05-25-Norfolk-Southern-appoints-Atkins-Nuclear-Secured-to-lead-independent-safety-review</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"><SUP>4</SUP></FONT>
https://www.theglobeandmail.com/business/article-td-bank-fintrac-penalties-anti-money-laundering-controls/</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"><SUP>5</SUP></FONT>
https://www.wsj.com/articles/td-bank-probe-tied-to-laundering-of-illicit-fentanyl-profits-aae71243?mod=Searchresults_pos1&amp;page=1</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"><SUP>6</SUP></FONT>
https://nowtoronto.com/news/td-bank-slammed-with-over-9m-fine-for-numerous-violations/</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"><SUP>7</SUP></FONT>
https://www.td.com/ca/en/about-td/corporate-profile/committees-of-the-board</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"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <!-- Field: /Page -->

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

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

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


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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"><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">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;WWW.SEC.GOV&nbsp;AND AT ANCORA ALTERNATIVE&rsquo;S WEBSITE AT&nbsp;WWW.MOVENSCFORWARD.COM. THE DEFINITIVE PROXY STATEMENT AND
ACCOMPANYING PROXY CARD WILL BE FURNISHED TO SOME OR ALL OF THE COMPANY&rsquo;S SHAREHOLDERS. SHAREHOLDERS MAY ALSO DIRECT 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">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">&nbsp;</P>

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    <!-- Field: /Page -->

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

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