Norfolk Southern Investor and Financial Analyst Conference September 23, 2014

James A. Squires President

Norfolk Southern - Our Culture Our Core

Our World Our People Safety

Fundamentals of Long-Term Profit Growth

Profit Growth

Volume

Price

Productivity

Strategies for Success

Service

Infrastructure

Efficiency

Success

$9.4

$11.2 $1,882

$1,912

$2,600

$2,625

$1,511

317.6

676.6

$661

$662

$1,513

Measures of Success 2013 versus 2006 ($ in billions except EPS and Dividend)

Revenue 3% CAGR

$1.5

$1.9

Net Income 4% CAGR

$0.68

$2.04

$3.57

$6.04

EPS 8% CAGR

Dividend 17% CAGR

7-Day Avg. Carloads 2006

11,000.0

13,000.0

15,000.0

17,000.0

19,000.0

21,000.0

23,000.0

25,000.0

2006

7-Day Avg. Carloads 2006 and 2009

11,000.0

13,000.0

15,000.0

17,000.0

19,000.0

21,000.0

23,000.0

25,000.0

2006 2009

7-Day Avg. Carloads 2006, 2009 and 2014

11

13

15

17

19

21

23

25

Tho

usa

nd

s

2006 2009 2014

Strategies for Success

1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37

Weekly Carloads

Performance Metrics 1Q11 – 3QTD14

20.9

24.6

21.0

19.0

20.0

21.0

22.0

23.0

24.0

25.0

26.0

27.0

Mile

s p

er

Ho

ur

Train Speed Terminal Dwell

Hiring, and

Relocating Current T&E Employees

Service Execution

Adding Locomotives and

Infrastructure in 4Q

Designing for Service

Where

How

What

Network Design

Infrastructure Planning

Efficiency

Right Assets

Right Place

Right Time

Efficiency

Bellevue Yard