Norfolk Southern Investor and Financial Analyst Conference September 23, 2014

Marta R. Stewart Executive Vice President Finance

and Chief Financial Officer

2006 2007 2008 2009 2010 2011 2012 2013

$2.21 $2.33

$2.72

$1.86

$2.71

$3.23 $3.07 $3.08

Cash From Operations ($ billions)

21

Capital Deployment

Cash from Operations

Reinvest in Existing Asset

Base

Invest for Growth

Pay Dividend Repurchase

Shares

2006 2007 2008 2009 2010 2011 2012 2013

Reinvested and PTC Growth Dividends Shares

Uses of Cash Flow ($ millions)

21

Balanced Cash Flow Utilization 2006 through 2013

Capital Expenditures Share Repurchases Dividends

$13.2 Billion $12.1 Billion*

$8.1 Billion

$4.0 Billion

* See reconciliation of Total Shareholder Distributions to GAAP posted on our website, www.nscorp.com.

Dividend and Share Repurchases 2006 through 2013

Dividends

ShareRepurchases $8.1 Billion

$4.0 Billion

* See reconciliation of Total Shareholder Distributions to GAAP posted on our website, www.nscorp.com.

17% CAGR

137M shares avg. $59.37/share

Bellevue: Generating Value

Tom Werner Vice President & Treasurer

Returning Shareholder Value

Shareholder

Value

Customer

Needs

Service

Infrastructure

Efficiency

2014 Capital Improvement Budget Core vs. Growth vs. PTC

66%

24%

10%

Core/Replacement Investments

Rail, Tie, Ballast programs

Locomotive rebuild program

Coal car replacements

Growth/Productivity Investments

New locomotives

Yard expansions

Technology

Infrastructure improvements

Positive Train Control

Maintain the franchise, invest in business growth.

Capital Plan Outlook

• Maintenance of Way • Continued Freight Car Investments • Renewal of Locomotive Fleet

Locomotive Rebuild Programs

Return on Investment

ROI

Define Benefits

Define

Costs

Model and Analyze

Audit

Overall: $500+ million investment

Chicago Elkhart Butler Cleveland

Bellevue

18 line of road projects between Chicago and Cleveland

Toledo

Ft. Wayne

Overall: $500+ million investment

Chicago Elkhart Butler Cleveland

Bellevue

18 line of road projects between Chicago and Cleveland

Toledo

Ft. Wayne

Overall: $500+ million investment

Chicago Elkhart Butler Cleveland

Bellevue

18 line of road projects between Chicago and Cleveland

Toledo

Ft. Wayne

NS Project Evaluation Process

Forecast Business Develop

Operating Plan Improve

Infrastructure Analyze Return

• Design & Construction Adjust for New State

NS Project Evaluation Process

Forecast Business Develop

Operating Plan Improve

Infrastructure Analyze Return

Adjust for New State

Manage Risk