Norfolk Southern Corporation · NYSE:NSC
Norfolk Southern — Morgan Stanley's 13th Annual Laguna Conference (September 2025)
9 slides from Norfolk Southern's conference presentation, Sep 10, 2025
Slide 1: Union Pacific Corporation at Morgan Stanley's 13th Annual Laguna Conference
FILED BY UNION PACIFIC CORPORATION PURSUANT TO RULE 425 UNDER THE SECURITIES ACT OF 1933 AND DEEMED FILED PURSUANT TO RULE 14a-12 AND RULE 14d-2(b) UNDER THE SECURITIES EXCHANGE ACT OF 1934 SUBJECT COMPANY: NORFOLK SOUTHERN CORPORATION COMMISSION FILE NO. 001-08339 UNION PACIFIC CORPORATION TH MORGA
Slide 2: Cautionary Information
Cautionary Information This presentation and related materials contain statements that are forward looking statements. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times that, or by which, such
Slide 3: Unleashing the Power of U.S. Rail
Unleashing the Power of U.S. Rail Seattle Eastport Better for Our Nation Portland Duluth/Superior Buffalo Twin Cities Milwaukee Detroit New York City Chicago Enhances U.S. Philadelphia Omaha Columbus Competition Salt Lake City Cincinnati Denver Kansas City Norfolk Oakland St. Louis Las Vegas Charlot
Slide 4: Approaching Combination From a Position of Strength
Approaching Combination From a Third Quarter AAR Volumes* Position of Strength (Year Over Year Change) 8% Freight Car Velocity Freight Car Terminal Dwell Bulk 3% Industrial 22.7 224 22.4 221 219 22.1 215 21.8 -2% Premium 210 21.2 201 20.6 2% TOTAL *AAR Volumes Through Week 36 2025 Q2'24 Q3'24 Q4'24
Slide 5: Question & Answer
UNION PACIFIC CORPORATION QUESTION & ANSWER
Slide 6: No Offer or Solicitation; Non-GAAP Measures
No Offer or Solicitation This communication is for informational purposes only and does not constitute, or form a part of, an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction i
Slide 7: Cautionary Note Regarding Forward Looking Statements
Cautionary Note Regarding Forward Looking Statements Certain statements in this communication are “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, as amended. These statements relate to future events or future fi
Slide 8: Additional Information About the Transaction and Where to Find it
Additional Information About the Transaction and Where to Find it In connection with the Transaction, Union Pacific intends to file with the SEC a registration statement on Form S-4 (the “Registration Statement”), which will include a prospectus with respect to the shares of Union Pacific’s common s
Slide 9: Participants in the Solicitation
Participants in the Solicitation Union Pacific, Norfolk Southern and certain of their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from the shareholders of Norfolk Southern and Union Pacific in connection with the Transaction under the r
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