<SEC-DOCUMENT>0001193125-24-084108.txt : 20240402
<SEC-HEADER>0001193125-24-084108.hdr.sgml : 20240402
<ACCEPTANCE-DATETIME>20240402080557
ACCESSION NUMBER:		0001193125-24-084108
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20240402
DATE AS OF CHANGE:		20240402

FILER:

	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:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-08339
		FILM NUMBER:		24812279

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEFA14A
<SEQUENCE>1
<FILENAME>d747334ddefa14a.htm
<DESCRIPTION>DEFA14A
<TEXT>
<HTML><HEAD>
<TITLE>DEFA14A</TITLE>
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<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12.5pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc"></A>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12.5pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center">Washington, D.C. 20549 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:16pt; font-family:Times New Roman" ALIGN="center"><B>SCHEDULE 14A </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><B>Proxy
Statement Pursuant to Section&nbsp;14(a) of the Securities </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><B>Exchange Act of 1934 (Amendment No. ) </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" ALIGN="center">


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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">&#9746;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Filed by the Registrant</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&#9744;</TD>
<TD VALIGN="bottom" ALIGN="right"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman">Filed by a Party other than the Registrant</P></TD></TR>
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<TD VALIGN="top" COLSPAN="3" STYLE="BORDER:1px solid #000000; padding-left:8pt; padding-right:2pt"><B>Check the appropriate box:</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">&#9744;&#8194;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">Preliminary Proxy Statement</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">&#9744;&#8194;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">CONFIDENTIAL, FOR USE OF THE COMMISSION ONLY (AS PERMITTED BY RULE <FONT STYLE="white-space:nowrap">14a-6(e)(2))</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">&#9744;&#8194;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">Definitive Proxy Statement</TD></TR>
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<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">&#9746;&#8194;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">Definitive Additional Materials</TD></TR>
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<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">Soliciting Material Under Rule <FONT STYLE="white-space:nowrap">14a-12</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:16pt; font-family:Times New Roman" ALIGN="center"><B>Norfolk Southern Corporation </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><I>(Name of Registrant as Specified In Its Charter) </I></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><I>(Name of Person(s) Filing Proxy Statement, if Other than the Registrant) </I></P>
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<TD VALIGN="top" COLSPAN="3" STYLE="BORDER:1px solid #000000; padding-left:8pt; padding-right:2pt"><B>Payment of Filing Fee (Check the appropriate box):</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">&#9746;&#8194;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt"><B>No fee required.</B></TD></TR>
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<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">&#9744;&#8194;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt"><B>Fee paid previously with preliminary materials.</B></TD></TR>
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<TD VALIGN="bottom" NOWRAP STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt"><B>Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules
<FONT STYLE="white-space:nowrap">14a-6(i)(1)</FONT> and <FONT STYLE="white-space:nowrap">0-11.</FONT></B></TD></TR>
</TABLE> <P STYLE="font-size:24pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
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<h5 align="left"><a href="#toc">Table of Contents</a></h5>


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<IMG SRC="g747334g0402072912987.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>FOR IMMEDIATE RELEASE </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Norfolk Southern outlines management team&#146;s progress to accelerate </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>balanced strategy and drive productivity </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>Urges shareholders to vote &#147;FOR&#148; ONLY Norfolk Southern&#146;s 13 highly qualified nominees on the
</I><B><I><U>WHITE</U></I></B><I> proxy card today </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>ATLANTA, April</B><B></B><B>&nbsp;2, 2024 &#150;</B> Norfolk Southern Corporation (NYSE: NSC)
today sent a letter to shareholders detailing the strength of its proven management team, who are accelerating the company&#146;s balanced strategy to narrow the operating ratio gap with peers and deliver sustainable shareholder value. In the letter
the company highlighted: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>CEO Alan Shaw&#146;s decisive, proven leadership in</B> <B>successfully</B> <B>executing Norfolk
Southern&#146;s strategic transformation</B>. Shaw has positioned the company to become the gold standard of safety in the industry, drive meaningful margin improvement, and outperform peers during freight recovery cycles, while delivering
industry-leading service for customers and forging strong relationships with key stakeholders. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>Norfolk Southern&#146;s newly appointed COO John Orr</B> <B>is accelerating the implementation of Norfolk
Southern&#146;s operating plan.</B> Orr&#146;s operational expertise and leadership has been lauded by industry leaders, and he has a successful track record of<B> </B>implementing scheduled railroading and operational improvements at multiple
Class&nbsp;I railroads, including rapidly remediating CPKC&#146;s challenged Mexico operations by implementing a high-efficiency operating model. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>The significant risks of Ancora&#146;s reckless plan and demands for a wholesale overhaul of management and
the board</B>. These draconian changes would decelerate the momentum of Norfolk Southern&#146;s strategic transformation, force substantial furloughs, and destroy long-term value for shareholders. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The letter to shareholders and other important information related to Norfolk Southern&#146;s Annual Meeting can be found at VoteNorfolkSouthern.com. The
website also includes video messages to shareholders from CEO Alan Shaw and COO John Orr. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The full text of the letter to shareholders follows: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Fellow Shareholder, </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">You face an important decision at our
upcoming Annual Meeting that will shape the future of Norfolk Southern and your investment in our company. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Norfolk Southern Corporation | 1 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Norfolk Southern&#146;s board of directors and management team are working closely together to strengthen
our railroad for success in the near- and long-term, and to deliver value to shareholders. Our strategy is taking hold. Already, it has catalyzed meaningful change, and proven its resilience to the significant challenges Norfolk Southern has faced.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The steps we are currently taking under chief executive officer Alan Shaw&#146;s leadership &#150; including the recent appointment of John Orr as chief
operating officer &#150; underscore our resolve to accelerate our progress and close the gap with our peers. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Our Goal and Our Promise Is To: </I></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>Deliver</B> industry-leading, safe service for our customers </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
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<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>Drive </B>continued productivity across our operations </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>Propel </B>sustainable value creation for our shareholders </P></TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Norfolk Southern&#146;s Board urges shareholders to VOTE the WHITE proxy card FOR ONLY Norfolk Southern&#146;s 13 nominees today. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ancora Alternatives LLC (&#147;Ancora&#148;) is attempting to impede the momentum of our transformation and jeopardize long-term value by replacing the board
and senior management team in order to implement their plan. The Norfolk Southern board strongly recommends shareholders reject Ancora&#146;s misguided efforts to implement destabilizing changes during this pivotal transition period for Norfolk
Southern. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">At the helm of Norfolk Southern is our experienced, tested, and responsible management team that is executing a plan in the best interests of
our shareholders: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><B>&#149;</B></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>Alan Shaw is a proven, decisive leader, and the right CEO to take Norfolk Southern forward.
</B></P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><B>&#149;</B></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>John Orr&#146;s appointment as COO will accelerate our operational improvements. </B></P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><B>&#149;</B></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>Ancora&#146;s <FONT STYLE="white-space:nowrap">ill-informed</FONT> plan and proposed wholesale overhaul of
management and the board would create significant execution risk and force substantial furloughs that will ultimately hurt shareholders. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Alan&#146;s Proven Leadership and Commitment to Operational Excellence </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Throughout his tenure, Alan has taken decisive actions that have improved our business and demonstrated his commitment to operational excellence through
precision scheduled railroading principles. When Alan stepped into the CEO role in May 2022, he quickly reoriented the company&#146;s strategy and improved operating performance. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;Our strategy unlocks shareholder value by adopting <B>a modern approach to PSR</B> that <B>delivers industry-competitive margins and <FONT
STYLE="white-space:nowrap">top-tier</FONT> EPS and </B> </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
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<B>revenue growth by balancing service, productivity, and growth, with safety at its core.</B>&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#150; ALAN SHAW</B>, <I>Norfolk Southern President and CEO</I> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In 2022, despite significant industry-wide challenges, <B>Alan and his management team delivered:</B> </P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>$12.7 Billion </B>record railway operating revenue </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>Low ~60% </B>operating ratio range &#150; closing the gap with Class&nbsp;1 peers </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>14% </B>improvement in train speed in Q4 2022 </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Alan again proved his leadership following the East Palestine derailment by supporting the needs of the community while protecting the franchise and
shareholders. With the support of the board, Alan accelerated investments in safety and made fundamental changes to our operating processes. These investments enhanced our position to deliver long-term growth, and are driving industry-leading safety
results and garnering strong support from our customers, regulators, and union leaders. Strong endorsements from our employees and customers, and cooperative relationships with our regulators, strengthen our ability to deliver long-term shareholder
value. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Stakeholders Support Norfolk Southern&#146;s Strategy and Leadership<SUP STYLE="font-size:75%; vertical-align:top">1</SUP> </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>We have been encouraged by recent data showing that Norfolk Southern has experienced a 34</B><B></B><B>&nbsp;percent reduction in the
rate of mainline derailments in the last year.</B> Less encouraging is the fact that data for 2023 suggest that Norfolk Southern is alone among the Class&nbsp;I railroads to achieve significant reductions in the rate of mainline derailments this
past year.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#150; PETE BUTTIGIEG,</B> <I>U.S. Secretary of Transportation</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;Norfolk Southern has stepped up to the plate when it comes to investing in East Palestine and doing what&#146;s right to ensure the
community continues to thrive well into the future. <B>Alan Shaw and his team have been extremely responsive and eager to have difficult conversations about the health and safety of the residents and the economic recovery process.</B> I look forward
to continuing to work with the NS team in their commitment to the residents of East Palestine and surrounding Ohio communities.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#150; MONICA BLASDEL,</B> <I>Ohio State Representative</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;Replacing Mr.&nbsp;Shaw with Ancora&#146;s proposed candidate would be a tremendous mistake and a detrimental step for Norfolk Southern,
its shareholders, and the entire Class&nbsp;I freight rail industry&#133;<B>The improvements that Mr.</B><B></B><B>&nbsp;Shaw has made and that stakeholders, including labor, are asking for will help retain shareholder value in the long
term.</B>&#148; </P> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Taken from publicly available sources. Permission to use quotes was neither sought nor obtained.
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#150; GREG REGAN, </B><I>President, Transportation Trades Department, <FONT
STYLE="white-space:nowrap">AFL-CIO</FONT></I> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;Since the derailment last year, <B>NS&#146; CEO has risen to the occasion and, through
his leadership, NS has become a safer, more efficient and customer focused company again.</B>&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#150; JERRY G. STURDIVANT,</B>
<I>BLET General Chairman, <FONT STYLE="white-space:nowrap">NS-Southern</FONT> Lines GCA</I> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Given this substantial progress, the company can now focus on
driving industry-competitive margins, as well as <FONT STYLE="white-space:nowrap">top-tier</FONT> revenue and earnings growth, while maintaining our steadfast commitment to quality service and safety. We expect to deliver: </P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>64% to 65% </B>operating ratio in 2H 2024, 400+ basis point improvement year-over-year<SUP
STYLE="font-size:75%; vertical-align:top">2</SUP> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B><FONT STYLE="white-space:nowrap">Sub-60%</FONT></B> operating ratio by 2026 &#150; 2027<SUP
STYLE="font-size:75%; vertical-align:top">3</SUP> </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">With the board and Alan&#146;s hiring of John Orr as COO, we have even more
confidence in our ability to achieve our near- and long-term operating and financial targets. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Accelerating Performance with Operations Expert John
Orr </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As he has demonstrated many times throughout his nearly <FONT STYLE="white-space:nowrap">40-year</FONT> career in the railroad industry,
John&#146;s leadership will enhance execution and accelerate the implementation of our operating plan. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Orr&#146;s Track Record Is In a Class&nbsp;of
Its Own </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>John is an expert and award-winning thought leader in precision scheduled railroading and brings a proven track record of improving
operations at multiple Class</B><B></B><B>&nbsp;I railroads in regions spanning Canada, the U.S., and Mexico.</B> His accomplishments include: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Spearheaded</B> turnaround of CPKC Mexico operations by successfully implementing a high-efficiency
operating model, driving a 65% improvement in velocity over four months. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Designed</B> and implemented a precision scheduled railroading strategy at KCS that improved safety,
service, and productivity. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Drove</B> substantial operating improvements as senior vice president and chief transportation officer at
CN, and also served as chief safety and sustainability officer. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The operating ratio figures are based on <FONT STYLE="white-space:nowrap">non-GAAP</FONT> operating ratio,
which excludes the impact of direct costs resulting from the East Palestine incident. See <FONT STYLE="white-space:nowrap">&#147;Non-GAAP</FONT> Financial Measures&#148; below for information regarding the definition and reconciliation to GAAP
operating ratio. </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The operating ratio improvements represent <FONT STYLE="white-space:nowrap">non-GAAP</FONT> operating ratio
measures. See <FONT STYLE="white-space:nowrap">&#147;Non-GAAP</FONT> Financial Measures&#148; below for information regarding the definition and reconciliation to GAAP operating ratio measures. </P></TD></TR></TABLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">John is a firm believer in our strategy and, in the nearly two weeks since his appointment, has spent time
in the field assessing our network firsthand and identifying key operational priorities, including: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Executing a <B>Safety Blitz</B> to reinforce best practices and set the tone for the safety culture he has been
associated with for his whole career; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Assembling a <B>Task Force</B> and <B>War Room</B> in our Network Operations Center to assess network-wide
resource utilization through white-boarding exercises to drive out waste; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Completing a <B>Heat Map</B> of the network to find bottlenecks and identify where delays are occurring in
critical corridors that are draining resources; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Identifying two of our major hump yards as &#145;<B>High Performance Terminals</B>,&#146; where he has line of
sight to <B>33% improvement in dwell time in the next 60 days.</B> </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We are confident that John&#146;s expertise will help us achieve new
levels of safety, service, growth, and operating efficiencies. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Praise for John Orr is Unanimous and Strong<SUP
STYLE="font-size:75%; vertical-align:top">4</SUP> </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;I have had the pleasure to serve and lead with John [Orr] directly or
indirectly for over the last two decades. <B>His strong operating acumen and leadership capabilities</B> has enabled him to build a strong team currently leading our CPKC Mexico Operations.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#150; KEITH CREEL,</B> <I>CPKC President and CEO</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>John Orr is one of the most respected railroaders in the industry</B>, with decades of
<FONT STYLE="white-space:nowrap">hands-on</FONT> experience leading successful operating plans. [&#133;] Having worked side by side with John, I am confident that his strategic vision, steadfast commitment to safety, and deep expertise will make him
a tremendous addition to Norfolk Southern&#146;s team.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#150; PATRICK OTTENSMEYER, </B><I>Former KCS President and CEO</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;Both John Orr and the transportation team and our new VP of Engineering Raj Gupta had a big task, and their teams delivered. [&#133;]
<B>In closing, John and the team are working extremely hard to drive these results. And while we have lots of volume to move, their railroad experience in moving it is second to none.</B>&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#150; MIKE CORY,</B> <I>COO of CSX, Former COO of CN</I> </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Taken from publicly available sources. Permission to use quotes was neither sought nor obtained.
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Orr has a solid track record of operational excellence and, with four decades of
broad industry experience, is clearly one of the most effective operating leaders in the rail sector.</B> I&#146;ve worked closely with John at CN as we first implemented scheduled railroading with a more customer-centric agenda, and I can vouch for
his unwavering commitment to safety. <B>I&#146;m confident that he will help the NS team deliver on its balanced strategy to drive <FONT STYLE="white-space:nowrap">top-tier</FONT> revenue and earnings growth at industry-competitive
margins.</B>&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>&#150; CLAUDE MONGEAU,</B> <I>Former CN President and CEO, Current Norfolk Southern Independent Director</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;We believe Orr has a strong track record in the industry as a proven operator implementing scheduled railroading, including his role in
the task force he led to improve CPKC&#146;s operations in Mexico, and <B>we are constructive on the hire and Orr&#146;s ability to improve Norfolk&#146;s operations</B>.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#150; JP MORGAN </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;&#133;Mr.&nbsp;Orr has extensive PSR operating experience over a <FONT STYLE="white-space:nowrap">40-year</FONT> career &#150; much of
which was with the late Hunter Harrison. <B>We hold in high regard Mr.</B><B></B><B>&nbsp;Orr&#146;s PSR expertise, and view his appointment to COO positively.</B>&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#150; RBC CAPITAL MARKETS </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>The arrival of Mr.</B><B></B><B>&nbsp;Orr puts greater confidence in the timing of a potential operating improvement</B>, and now
allows NSC to provide investors with an acceleration of the operating margin outlook for a prior range of <FONT STYLE="white-space:nowrap">100-150</FONT> basis points a year to 400 basis points in the second half of 2024 alone. This would bring
NSC&#146;s operating margins within striking distance of industry peers within a year.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#150; VERTICAL RESEARCH PARTNERS
</B></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Orr Drove Rapid Improvements in CPKC&#146;s Mexico Operations </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As CPKC&#146;s executive vice president and chief transformation officer, John led the optimization of operations following CP&#146;s acquisition of KCS in
2021. One of his many achievements in this role was rapidly remediating the challenged Mexico operations by implementing a high-efficiency operating model. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The operational results clearly show John&#146;s swift and positive impact during this short time:<SUP STYLE="font-size:75%; vertical-align:top">5</SUP> </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>31% </B>network speed improvement </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>14% </B>average terminal dwell improvement </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>22% </B>car miles per car day improvement </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>10% </B>locomotive productivity improvement </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">5</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">From July to October 2023. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Orr is Recognized for Rapidly Delivering Successful
Outcomes<SUP STYLE="font-size:75%; vertical-align:top">6</SUP> </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>John Orr is leading the team [and] leading the charge in
Mexico</B>, [he] had a lot of experience, obviously, from his previous experience as the COO of KCS and KSC de Mexico. [&#133;] <B>We&#146;re seeing progress across all the operating metrics</B>, train speed, terminal dwell, car miles for care,
locomotive productivity, service experience for the customer.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#150; KEITH CREEL,</B> CPKC President and CEO <I>(9.13.23)</I>
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>The Mexico task force led by John Orr is working to fully implement PSR across legacy KCSM after initially working on restoring
service levels and resiliency.</B> The team has identified opportunities to drive additional value with more asset turns that will require less than $100mm of capital investment and current car miles per day are up +30% while GTMs and throughput in
Mexico are at the highest GTMs per day level in KCSM history.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#150; JP MORGAN</B> <I>(3.14.24)</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Since the appointment of a special task force led by John Orr in late July, the Mexican operations have demonstrated steady
improvement.</B> We see significant runway for additional gains as the company identifies bottlenecks/inefficiencies and continues to deploy solutions.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#150; BMO CAPITAL MARKETS</B> <I>(11.12.23)</I> </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Orr Improved Safety, Service, and Productivity at KCS </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Before CPKC, John shaped and guided precision scheduled railroading initiatives at KCS with a relentless focus on improving service. Under his leadership, KCS
saw: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>41% </B>mainline accident rate improvement </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>11% </B>dwell time improvement </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>1% </B>train speed improvement </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">But don&#146;t take our word for it &#150; here is Ancora&#146;s own nominee, Sameh Fahmy, in 2021, praising John&#146;s work at KCS:<SUP
STYLE="font-size:75%; vertical-align:top">7</SUP> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>John and the team have been unbelievably focused.</B> That exercise in
Monterrey that John talked about was very intense, and we have a lot of customers around the Monterrey area. And you can have the trip as fast as you can from origin to destination, but if you don&#146;t get it to the industry when they need it,
then it doesn&#146;t make any difference.&#148; </P> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">6</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Taken from publicly available sources. Permission to use quotes was neither sought nor obtained.
</P></TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">7</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Taken from publicly available sources. Permission to use quotes was neither sought nor obtained.
</P></TD></TR></TABLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;Velocity is really being improved now with significant change in processes<B>. And
John came in, and he is bringing in a lot of fresh ideas and a lot of intensity and scrutiny train by train, why is it waiting, and all the rest at Laredo yard.</B> And we changed from <FONT STYLE="white-space:nowrap">6-hour</FONT> windows to <FONT
STYLE="white-space:nowrap">4-hour</FONT> windows this week, which is something we have been working on for 2 years. So, a lot of this is coming together, and the yard inventories are coming down. All that does is improves the locomotive
utilization.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">It is clear that despite Ancora&#146;s statements to the contrary, John Orr is well known as an effective and successful operator. In
addition to their misleading claims on Orr&#146;s background, <B>Ancora has made highly inaccurate claims regarding our agreement with CPKC in connection with appointing Orr, and the considerations related to the Meridian Speedway and the Meridian
Terminal.</B> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The agreement specifically addresses only domestic Intermodal between Dallas and the Southeast, which is a minority of our business (~25%)
on the Speedway and accounts for only approximately 1% of Norfolk Southern&#146;s overall revenue. The Meridian Speedway agreements ensure Norfolk Southern maintains a competitive advantage in having the fastest and highest capacity rail route for
transcontinental intermodal traffic between the Southwestern U.S. and the Southeast via Meridian, while providing CPKC with flexibility to move other Intermodal traffic along the Meridian Speedway corridor to and from the Dallas market. <B>The
revised agreement is by no means a consequential concession. Additionally, Norfolk Southern expects to drive long-term performance gains as a result of Orr&#146;s operational expertise.</B> </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Ancora&#146;s Misguided Strategy Would Impact All Stakeholders </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Fundamentally, Ancora is attempting to recycle a <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">slash-and-burn</FONT></FONT> playbook that
shows their clear lack of understanding of the current regulatory, labor, and competitive environments. This, combined with the wholesale management and board change they are pushing &#150; including ousting our CEO, COO, independent chair, and
several committee leads &#150; would introduce significant risk to the execution of our strategy, delay John Orr&#146;s ability to identify and pursue key operational priorities, and destroy long-term shareholder value. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The fact is that the math around Ancora&#146;s short-term targets, which were announced without a tangible, strategic plan to achieve them, exposes
Ancora&#146;s limited familiarity with our business and the broader railroad industry. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>The Reality of Ancora&#146;s Detrimental Plan </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Targeting a 60% operating ratio (~$1.2&nbsp;billion of improvement) in 13&#151;14 months would: </B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>Require ~1,500 &#150; 2,000 employee furloughs </B>in the first year, despite Ancora&#146;s assertion that
they would not furlough; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Which would<B> compromise and reverse our safety improvements</B>; and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>Result in increased scrutiny and punitive action from regulators, including the STB and FRA.
</B></P></TD></TR></TABLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>This reckless approach would also lead to: </B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>Poor service</B>; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>Missed growth opportunities</B> (particularly during economic recoveries); and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>Damaged relationships with customers. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">It is not surprising to us that Jim Barber would endorse these targets, as he has never been a CEO, has no railroad experience, and doesn&#146;t know enough
about our industry to see the risks of Ancora&#146;s <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">slash-and-burn</FONT></FONT> timetable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Conversely, Alan is a seasoned, career railroader, and he and the management team have developed a strategy that is carefully calibrated to narrow the margin
gap through productivity and establish the gold standard in industry safety, while maintaining an appropriate level of resources to capture outsized gains during an economic upcycle. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Regulators and Government Officials are AGAINST Ancora and FOR Norfolk Southern<SUP STYLE="font-size:75%; vertical-align:top">8</SUP> </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>In fact, the rapid reduction in OR championed by Ancora can only be accomplished by new major reductions in the workforce.</B> Indeed,
Ancora rejects NS&#146; new long-term growth strategy and is particularly harsh on NS&#146; focus on all important intermodal traffic. <B>Clearly, their plan is to install a CEO ordered to reverse Norfolk Southern&#146;s recently instituted
corporate strategy to maintain a resilient workforce and to invest more in infrastructure to grow the railroad&#146;s capacity long term.</B>&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#150; MARTIN J. OBERMAN,</B> <I>Surface Transportation Board Chairman</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Sacrificing the U.S. freight-rail network&#146;s long-term viability for short-term gain would be tragic. </B>And the consequences
would be felt not only by the countless businesses that rely on rail transportation, but the American consumer who would ultimately pay higher prices. <B>In the end, I hope long-term investors will realize that this was no way to run a railroad and
confront these activist few who, if left unchecked, will no doubt make a quiet exit after fleecing the railroad and our national supply chain.</B>&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#150; ROBERT PRIMUS,</B> <I>Member of the Surface Transportation Board</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#147;While I recognize NS for the meaningful steps and results seen so far, often in notable contrast to industry peers, I want to emphasize
the importance of a durable and lasting path forward that continues to prioritize safety. <B>Any backsliding, as a result of a change in leadership or otherwise, on the safety-oriented path you have laid out and communicated to us will likely
attract renewed oversight attention from my office as we pursue our safety mission.&#148; </B> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#150; AMIT BOSE,</B> <I>Administrator
of the Federal Railroad Administration</I> </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">8</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Taken from publicly available sources. Permission to use quotes was neither sought nor obtained.
</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Norfolk Southern Corporation | 9 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Ancora Has Refused to Settle and Is Insistent on Wholesale Change </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We have remained open to finding a reasonable resolution with Ancora. We interviewed all of their proposed board nominees, and offered settlements that
included significant board representation on multiple occasions. However, Ancora was adamant that any resolution would be predicated on Norfolk Southern terminating our CEO, who is delivering results and executing on our transformation at a critical
moment for Norfolk Southern. Simply put, Ancora&#146;s nominees are tasked with, and proxies for, a single objective &#150; wholesale management and board change that would cede control of Norfolk Southern to Ancora and place our strategy and your
investment at risk. Norfolk Southern&#146;s shareholders should take seriously such a risk. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Vote The White Proxy Card Today </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Norfolk Southern has the right board and management team in place to continue delivering on our strategic transformation, with the precision scheduled
railroading expertise and experience necessary to enhance operating performance and strengthen Norfolk Southern&#146;s industry leadership for years to come. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>We strongly urge you vote for the entire slate of 13 highly qualified and experienced Norfolk Southern director nominees.</B> Your vote is extremely
important, no matter how many shares you own. Please use the enclosed <B>WHITE</B> proxy card to vote <B>FOR ONLY</B> Norfolk Southern&#146;s 13 nominees today. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Thank you for your continued support and investment in Norfolk Southern. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Sincerely, </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Norfolk Southern Board of Directors </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Your Vote is Important </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Norfolk Southern believes
all of its 13 nominees are uniquely qualified to oversee the company&#146;s strategy, drive sustainable value, and hold management accountable. <B>Norfolk Southern strongly urges shareholders to protect their investment by VOTING the WHITE proxy
card FOR ONLY Norfolk Southern&#146;s 13 nominees</B>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Please simply <B>DISCARD</B> any Blue proxy card you may receive from Ancora. If you inadvertently
voted using a Blue proxy card, you may cancel that vote simply by voting again TODAY using the company&#146;s WHITE proxy card. Only your latest-dated vote will count! </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Norfolk Southern Corporation | 10 </P>

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<TD HEIGHT="4" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt; padding-right:2pt">
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">If you have any questions or require any assistance with respect to voting your shares, please contact our proxy solicitor:</P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>INNISFREE M&amp;A INCORPORATED</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Shareholders may call:</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1 (877)
750-9496 (toll-free from the U.S. and Canada)</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">+1 (412) 232-3651 (from other countries)</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>About Norfolk Southern </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Since 1827, Norfolk Southern Corporation (NYSE: NSC) and its predecessor companies have safely moved the goods and materials that drive the U.S. economy.
Today, it operates a customer-centric and operations-driven freight transportation network. Committed to furthering sustainability, Norfolk Southern helps its customers avoid approximately 15&nbsp;million tons of yearly carbon emissions by shipping
via rail. Its dedicated team members deliver more than 7&nbsp;million carloads annually, from agriculture to consumer goods, and Norfolk Southern originates more automotive traffic than any other Class&nbsp;I Railroad. Norfolk Southern also has the
most extensive intermodal network in the eastern U.S. It serves a majority of the country&#146;s population and manufacturing base, with connections to every major container port on the Atlantic coast as well as major ports in the Gulf of Mexico and
Great Lakes. Learn more by visiting <U>www.NorfolkSouthern.com</U>. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Media Inquiries: </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Media Relations </U></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Investor Inquiries: </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Luke Nichols</U>, <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">470-867-4807</FONT></FONT> </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Important Additional Information and Where to Find It </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company has filed a definitive proxy statement (the &#147;2024 Proxy Statement&#148;) on Schedule 14A and a WHITE proxy card with the Securities and
Exchange Commission (the &#147;SEC&#148;) in connection with the solicitation of proxies for its 2024 Annual Meeting of Shareholders (the &#147;2024 Annual Meeting&#148;). SHAREHOLDERS ARE STRONGLY ADVISED TO READ THE COMPANY&#146;S 2024 PROXY
STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO), THE WHITE PROXY CARD AND ANY OTHER DOCUMENTS FILED WITH THE SEC WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Shareholders may obtain a free copy of the 2024
Proxy Statement, any amendments or supplements to the 2024 Proxy Statement and other documents that the Company files with the SEC from the SEC&#146;s website at www.sec.gov or the Company&#146;s website at https://norfolksouthern.investorroom.com
as soon as reasonably practicable after such materials are electronically filed with, or furnished to, the SEC. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Certain Information Regarding
Participants in Solicitation </B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Norfolk Southern Corporation | 11 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company, its directors and certain of its executive officers and employees may be deemed participants in
the solicitation of proxies from shareholders in connection with the matters to be considered at the 2024 Annual Meeting. Information regarding the direct and indirect interests, by security holdings or otherwise, of the persons who may, under the
rules of the SEC, be considered participants in the solicitation of shareholders in connection with the 2024 Annual Meeting is included in Norfolk Southern&#146;s 2024 Proxy Statement, filed with the SEC on March&nbsp;20, 2024. To the extent
holdings by our directors and executive officers of Norfolk Southern securities reported in the 2024 Proxy Statement for the 2024 Annual Meeting have changed, such changes have been or will be reflected on Statements of Change of Ownership on Forms
3, 4 or 5 filed with the SEC. These documents are available free of charge as described above. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Cautionary Statement on Forward-Looking Statements
</B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Certain statements in this press release are &#147;forward-looking statements&#148; within the meaning of the &#147;safe harbor&#148; provisions of
the Private Securities Litigation Reform Act of 1995, as amended. These statements relate to future events or our future financial performance, including statements relating to our ability to execute on our strategic plan and our 2024 Annual Meeting
and involve known and unknown risks, uncertainties, and other factors that may cause our actual results, levels of activity, performance, or our achievements or those of our industry to be materially different from those expressed or implied by any
forward-looking statements. In some cases, forward-looking statements may be identified by the use of words like &#147;may,&#148; &#147;will,&#148; &#147;could,&#148; &#147;would,&#148; &#147;should,&#148; &#147;expect,&#148; &#147;plan,&#148;
&#147;anticipate,&#148; &#147;intend,&#148; &#147;believe,&#148; &#147;estimate,&#148; &#147;project,&#148; &#147;consider,&#148; &#147;predict,&#148; &#147;potential,&#148; &#147;feel,&#148; or other comparable terminology. The Company has based
these forward-looking statements on its current expectations, assumptions, estimates, beliefs, and projections. While the Company believes 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 Company&#146;s control. These and other important factors, including those discussed under &#147;Risk
Factors&#148; in our Annual Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the year ended December&nbsp;31, 2023, as well as the Company&#146;s subsequent filings with the SEC, may cause actual results, performance, or achievements
to differ materially from those expressed or implied by these forward-looking statements. The forward-looking statements herein are made only as of the date they were first issued, and unless otherwise required by applicable securities laws, the
Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><FONT STYLE="white-space:nowrap">Non-GAAP</FONT> Financial Measures </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This document includes the presentation and discussion of <FONT STYLE="white-space:nowrap">non-GAAP</FONT> operating ratio. This figure adjusts our GAAP
financial results to exclude the effects of the direct costs resulting from the East Palestine incident. We use this <FONT STYLE="white-space:nowrap">non-GAAP</FONT> financial measure internally and believe this information provides useful
supplemental information to investors to facilitate making <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">period-to-period</FONT></FONT> comparisons by excluding the 2023 costs arising from the East Palestine incident. While we
believe that this <FONT STYLE="white-space:nowrap">non-GAAP</FONT> financial measure is useful in evaluating our business, this information should be considered as supplemental in nature and is not meant to be considered in isolation from, or as a
substitute for, the related financial information prepared in accordance with GAAP. In addition, this <FONT STYLE="white-space:nowrap">non-GAAP</FONT> financial measure may not be the same as similar measures presented by other companies. See below
for a reconciliation of the 2023 <FONT STYLE="white-space:nowrap">non-GAAP</FONT> operating ratio figures provided in this document to GAAP operating ratio. With respect to projections and estimates for future
<FONT STYLE="white-space:nowrap">non-GAAP</FONT> operating ratio, the Company is unable to predict or estimate with reasonable certainty the ultimate outcome of certain items required for the GAAP measure without unreasonable effort. Information
about the adjustments that are not currently available to the Company could have a potentially unpredictable and significant impact on future GAAP results. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Norfolk Southern Corporation | 12 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following table adjusts our 2023 GAAP financial results to exclude the effects of the East Palestine
incident. The income tax effects of this <FONT STYLE="white-space:nowrap">non-GAAP</FONT> adjustment were calculated based on the applicable tax rates to which the <FONT STYLE="white-space:nowrap">non-GAAP</FONT> adjustment related: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="84%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="68%"></TD>

<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD ROWSPAN="3" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B><FONT STYLE="white-space:nowrap">Non-GAAP</FONT> Reconciliation for 2023</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">Reported<BR>(GAAP)</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">East&nbsp;Palestine<BR>Incident</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">Adjusted<BR><FONT STYLE="white-space:nowrap">(non-GAAP)</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B></B><I>($ in millions, except per share amounts)</I><B></B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Income from railway operations</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2,851</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,116</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">3,967</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Income taxes</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">493</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">270</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">763</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net income</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,827</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">846</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2,673</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Diluted earnings per share</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">8.02</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">3.72</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">11.74</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Railway operating ratio (percent)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">76.5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(9.1</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">67.4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Norfolk Southern Corporation | 13 </P>

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