<SEC-DOCUMENT>0001214659-24-006893.txt : 20240416
<SEC-HEADER>0001214659-24-006893.hdr.sgml : 20240416
<ACCEPTANCE-DATETIME>20240416113607
ACCESSION NUMBER:		0001214659-24-006893
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20240416
DATE AS OF CHANGE:		20240416
EFFECTIVENESS DATE:		20240416

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:		PX14A6G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-08339
		FILM NUMBER:		24846555

	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:			American Federation of Labor & Congress of Industrial Organizations
		CENTRAL INDEX KEY:			0001136858
		ORGANIZATION NAME:           	
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DC

	FILING VALUES:
		FORM TYPE:		PX14A6G

	BUSINESS ADDRESS:	
		STREET 1:		815 BLACK LIVES MATTER PLAZA NW
		CITY:			WASHINGTON
		STATE:			DC
		ZIP:			20006
		BUSINESS PHONE:		202-637-5000

	MAIL ADDRESS:	
		STREET 1:		815 BLACK LIVES MATTER PLAZA NW
		CITY:			WASHINGTON
		STATE:			DC
		ZIP:			20006

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AMERICAN FEDERATION OF LABOR CONGRESS OF INDUSTRIAL ORGAN
		DATE OF NAME CHANGE:	20010315
</SEC-HEADER>
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<TYPE>PX14A6G
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>U.S. SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>WASHINGTON, D.C. 20549</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>NOTICE OF EXEMPT SOLICITATION (VOLUNTARY SUBMISSION)</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"><B>NAME OF REGISTRANT:</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NAME OF PERSON RELYING ON EXEMPTION:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">American Federation of Labor and Congress of Industrial Organizations</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ADDRESS OF PERSON RELYING ON EXEMPTION:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">815 Black Lives Matter Plaza NW, Washington, D.C. 20006</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; color: #1A1A1A"><B>Written materials voluntary submitted pursuant to
Rule 14a-6(g)(1) promulgated under the Securities Exchange Act of 1934. </B></P>

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

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

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

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    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: white"><B>Rail Unions Believe that Ancora&rsquo;s
    Proposed Strategy</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: white"><B>For Norfolk Southern is Not &ldquo;Fit
    For Purpose&rdquo;</B></P></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>American Federation of Labor and Congress of
Industrial Organizations</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>815 Black Lives Matter Plaza NW, Washington
D.C. 20006</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"><B>Important Proxy Voting Materials</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Norfolk Southern Corporation (NYSE: NSC)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Meeting Date: May 9, 2024</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">April 16, 2024</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dear Shareholder:</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">We are writing to share our views on the director candidates that <FONT STYLE="color: #071930">Ancora
Catalyst Institutional, LP (&ldquo;Ancora&rdquo;) has nominated for election at Norfolk Southern Corporation&rsquo;s 2024 annual meeting.
In our view,</FONT> Ancora&rsquo;s business plan to reduce Norfolk Southern&rsquo;s operating ratio while improving safety and service
is not realistic. Railway labor unions,<SUP>1</SUP> shippers,<SUP>2</SUP> and federal regulators<SUP>3</SUP> have warned that Ancora&rsquo;s
plans may jeopardize the safety and service improvements that Norfolk Southern has made since the 2023 derailment in East Palestine, Ohio.
<FONT STYLE="color: #071930">For the reasons set forth below, we believe that Ancora&rsquo;s proposed strategy is not &ldquo;fit for purpose&rdquo;
and we therefore urge you to not support the </FONT>Ancora director nominees<FONT STYLE="color: #071930">.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</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">_____________________________</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"><SUP>1</SUP> AFL-CIO Transportation Trades Department, &ldquo;Rail
Labor Opposes Ancora&rsquo;s Proposed Ouster of Norfolk Southern CEO,&rdquo; March 8, 2024, https://ttd.org/policy/letters-to-industry/rail-labor-opposes-ancoras-proposed-ouster-of-norfolk-southern-ceo.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>2</SUP> Bill Stephens, &ldquo;Shipper Groups Sound Alarm Over
Norfolk Southern Proxy Fight,&rdquo; Trains, March 1, 2024, https://www.trains.com/trn/news-reviews/news-wire/shipper-groups-sound-alarm-over-norfolk-southern-proxy-fight.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>3</SUP> Bill Stephens, &ldquo;Activist Investor&rsquo;s Plans
To Oust Norfolk Southern&rsquo;s CEO Alarm Surface Transportation Board Chairman,&rdquo; Trains, February 1, 2024, https://www.trains.com/trn/news-reviews/news-wire/activist-investors-plans-to-oust-norfolk-southerns-ceo-alarm-surface-transportation-board-chairman/.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>We Believe That Ancora&rsquo;s Proposed Strategy Will Lead to Understaffing</B></P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ancora believes that through its proposed precision scheduled railroading
(&ldquo;PSR&rdquo;) operating model (what Ancora calls their &ldquo;PSR-powered Scheduled Network strategy&rdquo;), &ldquo;Norfolk Southern
can reduce its operating ratio to the low 60s within 12 months&rdquo; and up to 55% in the long run.<SUP>4</SUP> Ancora&rsquo;s proposed
55% operating ratio target is significantly lower than the 4th quarter operating ratios of Norfolk Southern (73.7%),<SUP>5</SUP> CSX (64.1%),<SUP>6</SUP>
Union Pacific (60.9%),<SUP>7</SUP> and BNSF (68.7%).<SUP>8</SUP></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">Each of the major four U.S. based Class I Freight Railroads have achieved
these operating ratios by reducing headcount over the last decade. From 2014 to 2023, annual totals of employee hours fell across Norfolk
Southern (28.7%),<SUP>9</SUP> CSX (39.5%),<SUP>10</SUP> UP (35.7%),<SUP>11</SUP> and BNSF (25.3%).<SUP>12</SUP> Ancora&rsquo;s proposed
strategy to achieve additional reductions in Norfolk Southern&rsquo;s operating ratio without significantly reducing headcount is, in
our view, not based in reality.</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">Surface Transportation Board Chairman Martin Oberman has voiced concerns
over whether Ancora&rsquo;s strategic goals for Norfolk Southern are attainable without significant cuts to Norfolk Southern&rsquo;s workforce.
On February 29, 2024, Chairman Oberman offered his view of Ancora&rsquo;s strategy in a speech to the Southeast Association of Rail Shippers:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in">&ldquo;Indeed, if Ancora is successful, we will have a national
rail network, in which half of it&mdash;UP and NS&mdash;will be run by CEOs answering to short term, cash maximizing, shareholders to
the detriment of the long-term investors&mdash;and most dangerously to the detriment of rail customers and rail workers &mdash;and ultimately
the US economy and every member of the public.&rdquo;<SUP>13</SUP></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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>4</SUP> Ancora Holdings Group LLC and Ancora Alternatives LLC, Letter to Norfolk Southern Shareholders, March 26, 2024 (Form DFAN14A filed March 28, 2024), <A HREF="https://www.sec.gov/Archives/edgar/data/702165/000110465924040618/tm247441-13_dfan14a.htm" STYLE="text-decoration: none">https://www.sec.gov/Archives/edgar/data/702165/000110465924040618/tm247441-13_dfan14a.htm</A>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>5</SUP> Norfolk Southern also reported a 68.8% non-GAAP operating
ratio in Q4 2024, which excluded costs associated with the derailment in East Palestine, Ohio. Norfolk Southern Corp., &ldquo;Quarterly
Financial Data,&rdquo; p. 2, January 24, 2024, https://www.prnewswire.com/news-releases/norfolk-southern-reports-fourth-quarter-and-full-year-2023-results-302045419.html.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>6</SUP> CSX Corporation, &ldquo;CSX Corp. Announces Fourth Quarter
and Full Year 2023 Results,&rdquo; January 24, 2024,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">https://www.csx.com/index.cfm/about-us/media/press-releases/csx-corp-announces-fourth-quarter-and-full-year-2023-results.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>7</SUP> Union Pacific Railroad, &ldquo;Union Pacific Reports Fourth
Quarter and Full Year 2023 Results,&rdquo; January 25, 2024, https://www.up.com/media/releases/4q23-earnings-release-nr-240125.htm.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>8</SUP> BNSF, &ldquo;BNSF's Fourth Quarter 2023 Financial Performance,&rdquo;
February 22, 2024, https://www.bnsf.com/about-bnsf/financial-information/pdf/performance-summary-4q-2023.pdf.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>9</SUP> Office of Safety Analysis, Federal Railroad Administration,
&ldquo;1.12 - Ten Year Accident/Incident Overview by Calendar Year; Reporting Level: System; Railroad Group: Norfolk Southern Railway
Company [NS],&rdquo; 2014 - 2023, https://safetydata.fra.dot.gov/officeofsafety/publicsite/query/TenYearAccidentIncidentOverview.aspx,
accessed on April 9, 2024, Employee hours worked (Line 10), % Change From CY 2014 to CY 2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>10</SUP> Office of Safety Analysis, Federal Railroad Administration,
&ldquo;1.12 - Ten Year Accident/Incident Overview by Calendar Year; Reporting Level: System; Railroad Group: CSX Transportation [CSX],&rdquo;
2014 - 2023, https://safetydata.fra.dot.gov/officeofsafety/publicsite/query/TenYearAccidentIncidentOverview.aspx,
accessed on April 9, 2024, Employee hours worked (Line 10),% Change From CY 2014 to CY 2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>11</SUP> Office of Safety Analysis, Federal Railroad Administration,
&ldquo;1.12 - Ten Year Accident/Incident Overview by Calendar Year; Reporting Level: System; Railroad Group: Union Pacific Railway Company
[UP],&rdquo; 2014 - 2023, https://safetydata.fra.dot.gov/officeofsafety/publicsite/query/TenYearAccidentIncidentOverview.aspx,
accessed on April 9, 2024, Employee hours worked (Line 10), % Change From CY 2014 to CY 2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>12</SUP> Office of Safety Analysis, Federal Railroad Administration,
&ldquo;1.12 - Ten Year Accident/Incident Overview by Calendar Year; Reporting Level: System; Railroad Group: BNSF Railway Company [BNSF],&rdquo;
2014 - 2023, https://safetydata.fra.dot.gov/officeofsafety/publicsite/query/TenYearAccidentIncidentOverview.aspx,
accessed on April 9, 2024, Employee hours worked (Line 10), % Change From CY 2014 to CY 2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>13</SUP> Surface Transportation Board Chairman Martin J. Oberman,
Speech to Southeast Association of Rail Shippers 2024 Spring Meeting, February 29, 2024, https://www.stb.gov/wp-content/uploads/02-29-24_Oberman_SEARS-speech.pdf.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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">Norfolk Southern has also questioned whether Ancora&rsquo;s proposed
efficiency gains can be achieved without significant employee headcount reductions. According to Norfolk Southern, &ldquo;[t]he math around
Ancora&rsquo;s short-term targets that were advertised to our investors (~62% operating ratio in 18 months) only works with significant
and immediate employee furloughs &ndash; despite Ancora telling these same investors that they have no plans to furlough.&rdquo;<SUP>14</SUP></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>We Believe Ancora&rsquo;s Proposed COO Had a Poor Safety Record
at CSX</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 has proposed to appoint Jamie Boychuk, CSX&rsquo;s former executive
vice president of operations, as Norfolk Southern&rsquo;s Chief Operating Officer (&ldquo;COO&rdquo;).<SUP>15</SUP> Based on Mr. Boychuk&rsquo;s
previous track record at CSX, we believe that his appointment as COO will not help address safety concerns at Norfolk Southern.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notably, CSX had a deteriorating safety record between 2020 and 2023
during Mr. Boychuk&rsquo;s tenure as CSX&rsquo;s executive vice president of operations. According to data from the Federal Railroad Administration,
CSX&rsquo;s rate of total accidents/incidents per million train miles increased from 13.351 in 2020 to 14.146 in 2023.<SUP>16</SUP> In
contrast, Norfolk Southern&rsquo;s total accidents/incidents per million train miles decreased from 13.639 in 2020 to 13.569 in 2023.<SUP>17</SUP></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>14</SUP> Norfolk Southern Corporation, &ldquo;Norfolk Southern
highlights its balanced strategy and clear pathway to delivering sustainable shareholder value,&rdquo; March 20, 2024, https://www.prnewswire.com/news-releases/norfolk-southern-highlights-its-balanced-strategy-and-clear-pathway-to-delivering-sustainable-shareholder-value-302094549.html.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>15</SUP> Ancora Holdings Group LLC and Ancora Alternatives LLC, Letter to Norfolk Southern Shareholders, March 26, 2024 (Form DFAN14A filed March 28, 2024), <A HREF="https://www.sec.gov/Archives/edgar/data/702165/000110465924040618/tm247441-13_dfan14a.htm" STYLE="text-decoration: none">https://www.sec.gov/Archives/edgar/data/702165/000110465924040618/tm247441-13_dfan14a.htm</A>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>16</SUP> Office of Safety Analysis, Federal Railroad Administration,
&ldquo;1.12 - Ten Year Accident/Incident Overview by Calendar Year; Reporting Level: System; Railroad Group: CSX Transportation [CSX],&rdquo;
2014 - 2023. https://safetydata.fra.dot.gov/officeofsafety/publicsite/query/TenYearAccidentIncidentOverview.aspx,
accessed on April 8, 2024, Rate of Total Accidents/Incidents per million train miles.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>17</SUP> Office of Safety Analysis, Federal Railroad Administration,
&ldquo;1.12 - Ten Year Accident/Incident Overview by Calendar Year; Reporting Level: System; Railroad Group: Norfolk Southern Railway
Company [NS],&rdquo; 2014 - 2023. https://safetydata.fra.dot.gov/officeofsafety/publicsite/query/TenYearAccidentIncidentOverview.aspx,
accessed on April 8, 2024, Rate of Total Accidents/Incidents per million train miles.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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">During 2020-2023, CSX had 100 fatalities per year on average<SUP>18</SUP>
compared to an average of 87.25 fatalities per year at Norfolk Southern.<SUP>19</SUP> CSX&rsquo;s fatality rate per million miles increased
from 1.53 in 2020 to 1.65 in 2023,<SUP>20</SUP> compared to Norfolk Southern&rsquo;s fatality rate per million miles of 1.10 in 2020 and
1.30 in 2023.<SUP>21</SUP></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">Furthermore, during Boychuk&rsquo;s tenure as executive vice president
of operations, CSX&rsquo;s rate of derailments increased from 1.87 per million miles in 2020 to 2.18 per million miles in 2023.<SUP>22</SUP>
During that same period, Norfolk Southern&rsquo;s rate of derailments per million miles decreased from 2.02 in 2020 to 1.99 in 2023.<SUP>23</SUP>
On August 3rd, CSX announced Boychuk&rsquo;s departure without naming his replacement.<SUP>24</SUP> Boychuk&rsquo;s departure occurred
less than a month after fifteen cars of a CSX train derailed outside of Philadelphia carrying fertilizer and an industrial degreaser.<SUP>25</SUP></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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>18</SUP> Office of Safety Analysis, Federal Railroad Administration,
&ldquo;1.12 - Ten Year Accident/Incident Overview by Calendar Year; Reporting Level: System; Railroad Group: CSX Transportation [CSX],&rdquo;
2014 - 2023, https://safetydata.fra.dot.gov/officeofsafety/publicsite/query/TenYearAccidentIncidentOverview.aspx,
accessed on April 9, 2024, Total Fatalities (2020 Total Fatalities 94, 2021 Total Fatalities 94, 2022 Total Fatalities 106, 2023 Total
Fatalities 106).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>19</SUP> Office of Safety Analysis, Federal Railroad Administration,
&ldquo;1.12 - Ten Year Accident/Incident Overview by Calendar Year; Reporting Level: System; Railroad Group: Norfolk Southern Railway
Company [NS],&rdquo; 2014 - 2023, https://safetydata.fra.dot.gov/officeofsafety/publicsite/query/TenYearAccidentIncidentOverview.aspx,
accessed on April 9, 2024, Total Fatalities (2020 Total Fatalities 80; 2021 Total Fatalities 92; 2022 Total Fatalities 81; 2023 Total
Fatalities 96).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>20</SUP> Office of Safety Analysis, Federal Railroad Administration,
&ldquo;1.12 - Ten Year Accident/Incident Overview by Calendar Year; Reporting Level: System; Railroad Group: CSX Transportation [CSX],&rdquo;
2014 - 2023, https://safetydata.fra.dot.gov/officeofsafety/publicsite/query/TenYearAccidentIncidentOverview.aspx,
accessed on April 9, 2024. Fatality rate per million miles calculated by dividing Total Fatalities by Total Train Miles (2020 Total Fatalities
94/Total Train Miles 61,344,064; 2023 Total Fatalities 106/Total Train Miles 64,189,012) and multiplying by 1 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>21</SUP> Office of Safety Analysis, Federal Railroad Administration,
&ldquo;1.12 - Ten Year Accident/Incident Overview by Calendar Year; Reporting Level: System; Railroad Group: Norfolk Southern Railway
Company [NS],&rdquo; 2014 - 2023, https://safetydata.fra.dot.gov/officeofsafety/publicsite/query/TenYearAccidentIncidentOverview.aspx,
accessed on April 9, 2024. Fatality rate per million miles calculated by dividing Total Fatalities by Total Train Miles (2020 Total Fatalities
80/Total Train Miles 72,734,571; 2023 Total Fatalities 96/Total Train Miles 73,917,244) and multiplying by 1 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>22</SUP> Office of Safety Analysis, Federal Railroad Administration,
&ldquo;1.12 - Ten Year Accident/Incident Overview by Calendar Year; Reporting Level: System; Railroad Group: CSX Transportation [CSX],&rdquo;
2014 - 2023, https://safetydata.fra.dot.gov/officeofsafety/publicsite/query/TenYearAccidentIncidentOverview.aspx,
accessed on April 9, 2024. Derailment rate per million miles calculated by dividing Total Derailments by Total Train Miles(2020 Total
Derailments 115/Total Train Miles 61,344,064; 2023 Total Derailments 140/Total Train Miles 64,189,012) and multiplying by 1 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>23</SUP> Office of Safety Analysis, Federal Railroad Administration,
&ldquo;1.12 - Ten Year Accident/Incident Overview by Calendar Year; Reporting Level: System; Railroad Group: Norfolk Southern Railway
Company [NS],&rdquo; 2014 - 2023, https://safetydata.fra.dot.gov/officeofsafety/publicsite/query/TenYearAccidentIncidentOverview.aspx,
accessed on April 9, 2024. Derailment rate per million miles calculated by dividing Total Derailments by Total Train Miles (2020 Total
Derailments 140/Total Train Miles 69,293,135; 2023 Total Derailments 147/Total Train Miles 73,917,244) and multiplying by 1 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>24</SUP> CSX Corporation, &ldquo;CSX Announces Departure of Operations
Executive Jamie Boychuk,&rdquo; August 4, 2023, https://www.csx.com/index.cfm/about-us/media/press-releases/csx-announces-departure-of-operations-executive-jamie-boychuk/.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>25</SUP> Chris Mautner, &ldquo;Train that derailed in Pa was carrying
silicone, fertilizer, more: reports,&rdquo; PennLive, July 18, 2023, https://www.pennlive.com/news/2023/07/train-that-derailed-in-pa-was-carrying-silicone-fertilizer-more-reports.html.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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 has also proposed safety reforms that are already in place at
Norfolk Southern. After the collision of Norfolk Southern trains on March 2, 2024 in Saucon Township, Pennsylvania, Ancora called for
the implementation of two-person crews on mainline trains.<SUP>26</SUP> However, in the previous year on March 23, 2023, Norfolk Southern
had withdrawn its collective bargaining proposal to SMART-TD to reduce train crew staffing levels.<SUP>27</SUP> Two person crews became
a regulatory requirement on April 2, 2024, when the Federal Railroad Administration finalized a final rule that would require two-person
crews on most Class I freight trains.<SUP>28</SUP></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>We Believe Ancora&rsquo;s Proposed Strategy Carries Significant
Execution Risk</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">We are also concerned that Ancora&rsquo;s proposed strategy could damage
Norfolk Southern&rsquo;s relationship with regulators and customers. Upon Mr. Boychuk&rsquo;s departure from CSX in 2023, CSX noted his
role in the implementation of precision scheduled railroading,<SUP>29</SUP> however Surface Transportation Board Chair Oberman has criticized
the similarities between Ancora&rsquo;s proposed strategy for Norfolk Southern and CSX&rsquo;s cost-cutting strategy in 2017:</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 0.5in">&ldquo;In fact, the rapid reduction in OR championed by Ancora
can only be accomplished by new major reductions in the workforce. Indeed, Ancora rejects NS&rsquo; new long-term growth strategy and
is particularly harsh on NS&rsquo; focus on all important intermodal traffic. Clearly, their plan is to install a CEO ordered to reverse
Norfolk Southern&rsquo;s recently instituted corporate strategy to maintain a resilient workforce and to invest more in infrastructure
to grow the railroad&rsquo;s capacity long term.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in">The implications of significant cost-cutting at one railroad are
ominous for the US economy. The fall out could extend to the entire freight rail system. Railroads crisscross North America in an intertwined
network; freight is often handed from one railroad to another before reaching its destination. When one railroad has a service meltdown,
it has a ripple effect across all other railroads. Such a debacle occurred in 2017 when CSX went on a cost-cutting rampage&mdash;a shock
to the system from which it took years to recover.&rdquo;<SUP>30</SUP></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">In October 2017, the Surface Transportation Board held a public listening
session after &ldquo;learning of growing rail service problems resulting from operating changes at CSX.&rdquo;<SUP>31</SUP> During the
hearing, CSX&rsquo;s then CEO Hunter Harrison personally apologized for the problems that CSX&rsquo;s shippers had experienced.<SUP>32</SUP>
This hearing featured a panel of representatives from companies including Cargill, the Chemours Company, and Dow Chemical Company, testifying
on their issues with CSX&rsquo;s services.<SUP>33</SUP></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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>26</SUP> Ancora Alternatives, &ldquo;Norfolk Southern Board Nominees State Serious and Urgent Concerns About Recent Unpublicized Norfolk Southern Locomotive Collisions,&rdquo; March 7, 2024, <A HREF="https://www.sec.gov/Archives/edgar/data/702165/000110465924031883/tm247441d6_dfan14a.htm" STYLE="text-decoration: none">https://www.sec.gov/Archives/edgar/data/702165/000110465924031883/tm247441d6_dfan14a.htm</A>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>27</SUP> Norfolk Southern Corporation and the International Association
of Sheet Metal, Air, Rail and Transportation Workers &mdash; Transportation Division, &ldquo;Norfolk Southern and SMART-TD statement on
conductor redeployment bargaining,&rdquo; March 23, 2023, https://www.smart-union.org/norfolk-southern-and-smart-td-statement-on-conductor-redeployment-bargaining/.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>28</SUP> Mark Walker, &ldquo;U.S. Finalizes Rule Requiring Two-Person
Crews on Freight Trains,&rdquo; New York Times, April 2, 2024, https://www.nytimes.com/2024/04/02/us/politics/freight-train-crew-rule.html.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>29</SUP> CSX Corporation, &ldquo;CSX Announces Departure of Operations
Executive Jamie Boychuk,&rdquo; August 4, 2023, https://www.csx.com/index.cfm/about-us/media/press-releases/csx-announces-departure-of-operations-executive-jamie-boychuk/.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>30</SUP> Surface Transportation Board Chairman Martin J. Oberman,
Speech to Southeast Association of Rail Shippers 2024 Spring Meeting, February 29, 2024, p. 7, https://www.stb.gov/wp-content/uploads/02-29-24_Oberman_SEARS-speech.pdf.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>31</SUP> Surface Transportation Board, &ldquo;Public Listening
Session on CSX Transportation, Inc&rsquo;s Rail Service Issues: Docket NO. EP 742,&rdquo; p. 7, October 11, 2017, https://www.stb.gov/wp-content/uploads/Transcript-2017-10-11.pdf.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>32</SUP> Id., p. 11.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>33</SUP> Id., p. 65.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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">Should similar problems arise from the implementation of Ancora&rsquo;s
strategy at Norfolk Southern, a deterioration of service at Norfolk Southern may lead to an intervention by the Surface Transportation
Board. As recently stated by Surface Transportation Board Chair Oberman: &ldquo;... if service suffers, ultimately the STB would be called
in&mdash;and may have little alternative but to institute more accountability hearings and more regulatory intervention to protect the
public, an outcome which neither railroad investors nor the STB would relish.&rdquo;<SUP>34</SUP></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">Industry trade groups representing Norfolk Southern&rsquo;s customers
have expressed concern regarding Ancora&rsquo;s proposed strategy for Norfolk Southern. According to a spokesperson for the Freight Rail
Customer Alliance, the National Industrial Transportation League, and the Private Railcar Food and Beverage Association:</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 0.5in">&ldquo;Seems as if NS is making strides on improving service which,
to a certain degree, means abandoning some of the Precision Scheduled Railroading practices, and focusing more on capital improvements,
its employees, shippers, and ultimately the end-consumer&hellip;.However, this proposed new leadership slate seems to be an excessive
reaction to what may be a brief rise in NS&rsquo; operating ratio where they are only interested in short-term gain rather than what is
needed in the long run for NS to better serve its customers and its investors.&rdquo;<SUP>35</SUP></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>We Believe Norfolk Southern Has Made Significant Safety Commitments</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">In our view, railroad safety requires strong oversight of operations
by management and the board of directors to ensure that the railroad is properly staffed and equipped to safely transport all cargo, including
hazardous materials, through cities and communities. We believe that following the derailment in East Palestine, Ohio, Norfolk Southern
CEO Alan Shaw has improved Norfolk Southern&rsquo;s safety mechanisms relative to other Class I Railroads, as described below.</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">In February 2024, Norfolk Southern entered into a memorandum of agreement
to implement a Confidential Close Call Reporting System pilot program with the Federal Railroad Administration, the Brotherhood of Locomotive
Engineers and Trainmen and the International Association of Sheet Metal, Air, Rail and Transportation Workers-Transportation Division.<SUP>36</SUP>
This pilot program allows workers to confidentially report close calls at certain locations.<SUP>37</SUP></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>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>34</SUP> Surface Transportation Board Chairman Martin J. Oberman,
Speech to Southeast Association of Rail Shippers 2024 Spring Meeting, February 29, 2024, p. 8, https://www.stb.gov/wp-content/uploads/02-29-24_Oberman_SEARS-speech.pdf.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>35</SUP> Bill Stephens, &ldquo;Shipper Groups Sound Alarm Over
Norfolk Southern Proxy Fight,&rdquo; Trains, March 1, 2024, https://www.trains.com/trn/news-reviews/news-wire/shipper-groups-sound-alarm-over-norfolk-southern-proxy-fight.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>36</SUP> Federal Railroad Administration, &ldquo;Confidential
Close Call Reporting System Pilot Program Implementing Memorandum of Understanding (C3RS/IMOU),&rdquo; February 15, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">https://railroads.dot.gov/sites/fra.dot.gov/files/2024-02/Pilot%20NS-SMART-BLET-FRA%20IMOU_FINAL%20Signed%2002152024.pdf.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>37</SUP> Id.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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">In October 2023, Norfolk Southern entered into a Signal Safety Collaborative
pilot program with the Brotherhood of Railroad Signalmen to enhance signal safety.<SUP>38</SUP> In May 2023, Norfolk Southern also commissioned
a third-party safety review by Atkins Nuclear Secured.<SUP>39</SUP> We also note that Norfolk Southern has formed a standing safety committee
of the Board of Directors that is responsible for reviewing staffing levels and their impact on safety.<SUP>40</SUP></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">Norfolk Southern reported a 38% decrease in mainline rail accidents
in 2023, which according to Norfolk Southern is its lowest mainline accident rate in years and is among the best of the North American
Class I railroads.<SUP>41</SUP> Norfolk Southern&rsquo;s improved safety is also reflected in the Federal Railroad Administration&rsquo;s
accident and incident database. For example, Norfolk Southern&rsquo;s derailment rate per million miles decreased from 2.03 in 2022 to
1.99 in 2023.<SUP>42</SUP> Norfolk Southern also had a decrease in the rate of total accidents/incidents per million miles from 13.917
in 2022 to 13.569 in 2023.<SUP>43</SUP></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</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"><SUP>38</SUP> Norfolk Southern Corporation, &ldquo;Norfolk Southern
and Brotherhood of Railroad Signalmen partner to enhance safety,&rdquo; October 19, 2023,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">https://www.prnewswire.com/news-releases/norfolk-southern-and-brotherhood-of-railroad-signalmen-partner-to-enhance-safety-301962411.html.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>39</SUP> Norfolk Southern Corporation, &ldquo;Norfolk Southern
appoints Atkins Nuclear Secured to lead independent safety review,&rdquo; May 25, 2023, 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"><SUP>40</SUP> Norfolk Southern Corporation, Charter of the Safety Committee
of the Board of Directors, February 21, 2024, https://filecache.investorroom.com/mr5ir_nscorp/918/Safety%20Co%20Charter%20-%20NSC_2.21.24.pdf.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>41</SUP> Norfolk Southern Corporation, Letter to Norfolk Southern Shareholders,
March 20, 2024 (Form DEFA14A filed March 21, 2024), <A HREF="https://www.sec.gov/Archives/edgar/data/702165/000119312524073411/d812412ddefa14a.htm" STYLE="text-decoration: none">https://www.sec.gov/Archives/edgar/data/702165/000119312524073411/d812412ddefa14a.htm</A>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>42</SUP> Office of Safety Analysis, Federal Railroad Administration,
&ldquo;1.12 - Ten Year Accident/Incident Overview by Calendar Year; Reporting Level: System; Railroad Group: Norfolk Southern Railway
Company [NS],&rdquo; 2014 - 2023, https://safetydata.fra.dot.gov/officeofsafety/publicsite/query/TenYearAccidentIncidentOverview.aspx,
accessed on April 9, 2024. Derailment rate per million miles calculated by dividing Total Derailments by Total Train Miles (2022 Total
Derailments 140/Total Train Miles 68,908,947; 2023 Total Derailments 147/Total Train Miles 73,917,244) and multiplying by 1 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>43</SUP> Office of Safety Analysis, Federal Railroad Administration.
&ldquo;1.12 - Ten Year Accident/Incident Overview by Calendar Year; Reporting Level: System; Railroad Group: Norfolk Southern Railway
Company [NS],&rdquo; 2014 - 2023. https://safetydata.fra.dot.gov/officeofsafety/publicsite/query/TenYearAccidentIncidentOverview.aspx,
accessed on April 9, 2024. Rate of Total Accidents/Incidents per million train miles.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">These safety improvements have also carried over to the transportation
of hazmat materials. Norfolk Southern decreased the number of hazmat cars damaged or derailed from 67 in 2022 to 55 in 2023,<SUP>44</SUP>
while in contrast, CSX experienced an increase in the number of hazmat cars damaged or derailed from 36 in 2022 to 52 in 2023 over the
same period.<SUP>45</SUP> Norfolk Southern&rsquo;s rate of hazmat cars damaged or derailed per million miles decreased from 0.97 in 2022
to 0.74 in 2023,<SUP>46</SUP> while CSX&rsquo;s rate of hazmat cars damaged or derailed per million miles increased from 0.59 in 2022
to 0.81 in 2023.<SUP>47</SUP></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Conclusion</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">In our opinion, Ancora&rsquo;s proposed strategy for Norfolk Southern
is &ldquo;not fit for purpose&rdquo; and the election of Ancora&rsquo;s proposed directors will derail the safety and service improvements
that are currently underway at Norfolk Southern. We believe that if Ancora wins this proxy contest, Norfolk Southern&rsquo;s workers,
communities, customers, and long-term shareholders will be left to pick up the tab. For these reasons, <FONT STYLE="color: #071930">we
urge you to not support the </FONT>Ancora director nominees.</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>

<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 13.55pt 0pt 8pt"><B>&nbsp;</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13.55pt 0pt 8pt"><B>The American Federation of Labor and Congress of Industrial
    Organizations (the &ldquo;AFL-CIO&rdquo;) is a federation of labor unions that represent 12.5 million union members including affiliated
    rail unions of the AFL-CIO Transportation Trades Department that represent various employees of Norfolk Southern Corporation. Members
    of AFL-CIO affiliated unions also participate in pension plans that are investors in the AFL-CIO Equity Index Funds, which is a collective
    investment trust and a shareholder of Norfolk Southern Corporation. For more information, please contact the AFL-CIO at invest@aflcio.org.</B></P></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">&nbsp;</P>

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

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    <TD STYLE="width: 100%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: white"><B>The AFL-CIO is not seeking to
    act as a proxy for any shareholder. </B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: white"><B>We will not accept proxy cards,
    and any proxy cards received will be returned.</B></P></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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>44</SUP> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Office
of Safety Analysis, Federal Railroad Administration. &ldquo;1.12 - Ten Year Accident/Incident Overview by Calendar Year; Reporting Level:
System; Railroad Group: Norfolk Southern Railway Company [NS],&rdquo; 2014 - 2023. </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">https://safetydata.fra.dot.gov/officeofsafety/publicsite/query/TenYearAccidentIncidentOverview.aspx</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
accessed on April 9, 2024. Total Hazmat Cars damaged/derailed.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>45</SUP> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Office
of Safety Analysis, Federal Railroad Administration. &ldquo;1.12 - Ten Year Accident/Incident Overview by Calendar Year; Reporting Level:
System; Railroad Group: CSX Transportation [CSX],&rdquo; 2014 - 2023. </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">https://safetydata.fra.dot.gov/officeofsafety/publicsite/query/TenYearAccidentIncidentOverview.aspx</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
accessed on April 9, 2024. Total Hazmat Cars damaged/derailed.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>46</SUP> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Office
of Safety Analysis, Federal Railroad Administration. &ldquo;1.12 - Ten Year Accident/Incident Overview by Calendar Year; Reporting Level:
System; Railroad Group: Norfolk Southern Railway Company [NS],&rdquo; 2014 - 2023. </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">https://safetydata.fra.dot.gov/officeofsafety/publicsite/query/TenYearAccidentIncidentOverview.aspx</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
accessed on April 9, 2024. Rate of Hazmat cars damaged or derailed rate per million miles calculated by dividing Total Hazmat Cars Damaged/Derailed
by Total Train Miles (2022 Total Hazmat Cars Damaged/Derailed 67/Total Train Miles 68,908,947; 2023 Total Hazmat Cars Damaged/Derailed
55/Total Train Miles 73,917,244) and multiplying by 1 million.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>47</SUP> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Office
of Safety Analysis, Federal Railroad Administration. &ldquo;1.12 - Ten Year Accident/Incident Overview by Calendar Year; Reporting Level:
System; Railroad Group: CSX Transportation [CSX],&rdquo; 2014 - 2023. </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">https://safetydata.fra.dot.gov/officeofsafety/publicsite/query/TenYearAccidentIncidentOverview.aspx</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
accessed on April 9, 2024. Rate of Hazmat cars damaged or derailed per million miles calculated by dividing Hazmat Cars Damaged/Derailed
by Total Train Miles (2022 Hazmat Cars Damaged/Derailed 36/Total Train Miles 60,683,204; 2023 Hazmat Cars Damaged/Derailed 52/Total Train
Miles 64,189,012) and multiplying by 1 million.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">8</P>

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

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