Wolfe Trahan Global Transportation Conference

James A. SquiresExecutive Vice President Finance

and Chief Financial Officer

May 22, 2012

Norfolk Southern Update

Current Results2nd Qtr-to-date Volumes

2nd Qtr-to-date Service Performance

Corridors and Terminals

Business Outlook

Current Railway VolumeSecond Quarter through Week 20 (May 19, 2012)

936

967 977

2010 2011 2012

Units (000) Quarter-to-date

Change in UnitsQTD12 vs. QTD11

3%

1%

16%

6%

5%

4%

1%

-- %

-12%

Automotive

Intermodal

Agriculture

Chemicals

Paper

Coal

MetCon

Train Speed2011 through May 11, 2012

18.0

19.0

20.0

21.0

22.0

23.0

24.0

25.0

NS Train Speed (miles per hour) Better

Source: As reported publicly to the AAR

Terminal Dwell2011 through May 11, 2012

17.019.021.023.025.027.029.031.033.0

NS Terminal Dwell (hours) Better

Source: As reported publicly to the AAR

Chicago

Cincinnati

Columbus

Pritchard Roanoke

Norfolk

Detroit

Philadelphia

Ayer

Atlanta

Charlotte

Lynchburg

Corinth

Shreveport

Meridian

New Orleans

Memphis

NY/NJ

Bethlehem

NS Corridor Strategy

Greencastle

Mechanicville

Birmingham

XCrescent Corridor

CrescentCorridor

Terminal Under Construction

7

Intermodal Terminal Expansion Update

Ground Breaking Date

Completion Date

Annual Volume Capability (Lifts)

Memphis, TN January 2011 Fall 2012 200,000

Greencastle, PA June 2011 Fall 2012 85,000

Birmingham, AL June 2011 Fall 2012 100,000

Charlotte, NC Spring 2012 Fall 2013 200,000

Memphis (Rossville) TN Intermodal Facility

21

Birmingham (McCalla) AL Intermodal Facility

21

Greencastle, PA Intermodal Facility

21

IntermodalIncreasing opportunities for highway conversion amidst tightening truck capacity Favorable international trade patternsGrowth in premium

Business Outlook

IntermodalIncreasing opportunities for highway conversion amidst tightening truck capacity Favorable international trade patternsGrowth in premium

MerchandiseProject growth in crude oil and waste products

Stronger steel/automotive production and new business gains

Increasing demand for materials in natural gas drilling operations

Growth in ethanol to terminals

Business Outlook

CoalImpact of mild temperatures and competition from natural gasContinued strength within the domestic metallurgical market due to robust domestic demand for steel Weaker demand in European market, partially offset by new steam coal opportunities Improving world met coal prices and tighter supply

IntermodalIncreasing opportunities for highway conversion amidst tightening truck capacity Favorable international trade patternsGrowth in premium

Business Outlook

MerchandiseProject growth in crude oil and waste products

Stronger steel/automotive production and new business gains

Increasing demand for materials in natural gas drilling operations

Growth in ethanol to terminals

Thank you