Slide 1: Dear Fellow Shareholder
Dear Fellow Shareholder, Norfolk Southern’s transformation is at an inflection point. The board of directors has taken action to strengthen our business, protect our franchise, and ensure Norfolk Southern is positioned to deliver long-term shareholder value. Our railroad has been a pillar of the Ame
Slide 2: Management strategy improved service levels, starting with Intermodal
Alan and the management team’s strategy to enhance operations resulted in improved service levels, starting with our Intermodal business, which is our most service-sensitive product. Intermodal Service Performance
Slide 3: The East Palestine Derailment Occurred as Our Company Was Improving Operations and Delivering Results
The East Palestine Derailment Occurred as Our Company Was Improving Operations and Delivering Results Prior to the derailment in East Palestine, Ohio in February 2023, the balanced strategy that Alan and the management team implemented was improving operations and driving results: ✔ Delivered record
Slide 4: A safer railroad is a more successful railroad
A safer railroad is a more successful railroad – and we’re proving it every day. The investments in safety are paying dividends with fewer accidents, more fluidity and fewer injuries, and ultimately, this will lead to lower costs .
Slide 5: 3-Year Operating Ratio Glidepath
3-Year Operating Ratio Glidepath*
Slide 6: Margin Improvement Plan
sar Margin Improvement Plan 67.4% 00+) bps (400+) bps: 2023 Rev Grows Preset G5me35%) 160 bps Normal Economic Recovery (800+) bps.
Slide 7: In the coming weeks, Norfolk Southern will continue to provide updates
In the coming weeks, Norfolk Southern will continue to provide updates on how our strategy can deliver substantial incremental shareholder value. We encourage you to visit VoteNorfolkSouthern.com to learn more. Thank you for your continued support and investment in Norfolk Southern. Sincerely,
Slide 8: Board of directors signatures
Thomas D. Bell, Jr. Thpestinn 6, tment Marcela E. Donadio Shine F Kia Steven F. Leer Jennifer F. Scanlon reba). litchell E. Daniels, Jr. Sug John ©. Huffard, Jr Yychat Dtpeorost Michael D. Lockhart Ala He Shaw Alan H. Shaw ws Philip S. Davidson Opes fom ‘Christopher T. Jones Oe et Amy E. Miles fet b