AGENDA

NS Routes NS Trackage or Haulage

MONDAY, SEPTEMBER 22

BELLEVUE 6:00 p.m. Reception – Courtyard (1st floor)

7:00 p.m. Dinner – Rockefeller Room (2nd floor) Wick Moorman, Chairman & CEO Welcoming Remarks

TUESDAY, SEPTEMBER 23

6:45 – 7:45 a.m. Breakfast Buffet, Rockefeller Room (2nd floor)

7:45 a.m. Management Presentations, Grand Ballroom (1st floor) Jim Squires, President Introductory Remarks and Overview of Morning Presentations

11:00 a.m. Bus Departures to Rockport Yard for Train Trip

11:30 a.m. Train Trip to Bellevue Yard

12:45 p.m. Arrival at Bellevue Yard Lunch and Afternoon Presentations, Building E5, Conference Room Tour of Bellevue Yard

3:15 p.m. Bus Departures to Airport/Hotel

NORFOLK SOUTHERN |2014 Investor and Financial Analyst Conference NORFOLK SOUTHERN | 2014 Investor and Financial Analyst Conference 1 SAFETY THE TRAIN

Safety is our top priority at Norfolk Southern. A safety briefing will be provided at the start of the trip to familiarize you with the emergency procedures and precautions on the train. Our train is powered by three F-series locomotives. These round-nosed locomotives from an earlier era have generated widespread interest among employees, rail fans, and photographers.

GETTING ON AND OFF THE TRAIN The F-locomotives were built in the early 1950s by the Electro-Motive Division of General Motors. Please board and detrain only at the designated doors, the They are numbered in the same 4200 series as the F-units once operated by Norfolk Southern locations of which will be announced in advance. A staff predecessor Southern Railway. The livery features a modern interpretation of the “tuxedo” paint member will be at the bottom of the steps to assist you. scheme reminiscent of the first F-unit built in 1939 for Southern Railway.

WHILE ON BOARD Today’s F-units were purchased from Kansas City Southern in 2005 and upgraded with new Be prepared for unexpected stops and starts. When standing, braking systems, modern safety equipment, increased horsepower, and ditch lights at Juniata keep a firm handhold. When walking between cars, always use Locomotive Shop in Altoona, Pa. Hundreds of employees had a hand in making the units efficient, caution as the cars may shift due to the train’s motion. Please powerful, smooth-running locomotives that should provide good service for years to come. be careful with hot drinks, as they could spill, and be aware of pinch points at foot level between the cars. TRAIN CONSIST (FOR DESCRIPTIONS AND PHOTOS OF THE RAIL CARS, SEE PAGE 22.)

Pennsylvania NS #39

STEPS NS #7 F Unit Locomotive F Unit Locomotive F Unit Locomotive Power Car Office Car

Carolina Michigan Georgia Indiana Ohio

NS #2 NS #4 NS #13 STEPS NS #12 NS #20 Office Car Office Car Sleeper Car Sleeper Car Office Car

West Virginia Kentucky Delaware New York Buena Vista STEPS STEPS STEPS NS #21 STEPS NS #19 NS #24 NS #26 NS #23 Office Car Dining-Lounge Car Dome Car Rolling Classroom Theater Car

2 NORFOLK SOUTHERN | 2014 Investor and Financial Analyst Conference NORFOLK SOUTHERN | 2014 Investor and Financial Analyst Conference 3 CLEVELAND, OHIO

Located at the confluence of Norfolk Southern’s busiest mainline routes from New York and Pennsylvania to Chicago, Cleveland relies on railroads to transport its coal, coke, steel, auto parts, chemicals, salt, stone and finished products. The 345 employees at NS’ Rockport Yard handle an average of 30 trains daily for customers such as ArcelorMittal Steel, which recently opened a second blast furnace in Cleveland — significantly increasing production and rail shipments.

Mechanical employees at the yard perform car and locomotive repairs, and the car shop at Macedonia, Ohio, gives new life to old rail cars by replacing bulkheads and doors, fixing upwards of 1,200 cars annually.

An NS intermodal terminal at Maple Heights handles consumer goods, including electronics, apparel, and auto parts, handling a record 118,000 containers in 2013.

Our Route Today

On today’s trip we’ll travel along our Chicago Line, the highest density segment on the Norfolk Southern network. Some 100 trains a day operate across this high-speed double-track route carrying intermodal, metals, automobiles, grain, lumber, coal, chemicals — just about every commodity that we transport. Departure point for the 53-mile trip is Rockport Yard in Cleveland. We will travel west to Vermilion, Ohio, where the landscape begins to change from industrial to rural as we change tracks to the Cleveland District towards Bellevue. At Bellevue, we’ll tour what will soon be the largest and most modern classification yard on the NS system. Major improvements under way here have widespread implications for NS’ operational efficiency and An eastbound coal train leaves Cleveland at sunset. customer service.

4 NORFOLK SOUTHERN | 2014 Investor and Financial Analyst Conference NORFOLK SOUTHERN | 2014 Investor and Financial Analyst Conference 5 At that time, NS set aside enough property to double the size of the BELLEVUE, OHIO hump yard if business demanded it. More than 45 years later, that time arrived. In 2012, in response to steady increases in fracking, steelmaking, automotive production, and other merchandise freight Bellevue was founded in 1815 shipments, NS began construction of an additional 38 classification and has been a railroading tracks as part of a $160 million multi-year expansion center since 1882, when the and modernization project. New York, Chicago & St. Louis

Railroad built its main line Today, 100 trains, carrying through town. This is the railroad vehicles and parts, agricultural that quickly became known as products, and consumer goods, Three of the Nickel Plate Railroad’s Berkshire steam locomotives “The Nickel Plate Road,” as the originate, terminate, and transit moved freight and passengers through Bellevue at speeds up to quality of its construction was 70 mph during the 1940s and 1950s. through Bellevue on a typical high, and the entire enterprise day. “The biggest challenge initially had been funded with “The star of our destiny seems In 1966, NW completed its $13.5 during the construction has been cash rather than financed brightly in the ascendant,” million electronic classification to maintain operations, through banks and brokers. reported the Bellevue Local yard at Bellevue, designed to but the employees here are Incredibly, the new line was 600 News. “Fortune seems to anchor the northern part of its second to none, and they were miles long (including sidings) be pouring her favors onto newly expanded system from up to challenge,” said Bellevue and had been built in 600 days. the lap of Bellevue with a astride the carrier’s Buffalo- Terminal Superintendent generous hand.” to-Chicago mainline. Looking Will Washington. Bellevue was selected as a decades ahead, NS offered a center for the Nickel Plate’s Nickel Plate joined the Norfolk portent of the yard’s growing The yard is base for some car switching, locomotive & Western Railway system significance when it reported, 700 NS employees in the maintenance (in both the (a Norfolk Southern predecessor) “All realize that Bellevue is… transportation, mechanical steam and diesel eras), in 1964, as the modern era of a key to superior service for and engineering departments. track maintenance, and railroad mergers was getting shippers throughout the nation.” Bellevue Locomotive Shop can transportation offices. under way. house 14 locomotives under roof and services and repairs an average 320 units each month. Bellevue Car Shop helps Bellevue is… a key to superior service keep NS’ rail car fleet running, repairing an average 150 cars a for shippers throughout the nation. month and handling preventive maintenance on boxcars for the A 1967 aerial view of Bellevue Yard shows the newly constructed auto industry. classification yard on the left, with space reserved for future growth on the right.

6 NORFOLK SOUTHERN | 2014 Investor and Financial Analyst Conference NORFOLK SOUTHERN | 2014 Investor and Financial Analyst Conference 7 BELLEVUE

BUILDING FOR GROWTH Covering 620 acres and stretching more than 5.5 miles long, Norfolk Southern’s Bellevue Yard will be the largest and most modern classification facility on the NS system and one of the biggest in the United States. The $160 million project to increase capacity at the terminal included construction of 38 new tracks, at left. The expansion, which nearly doubles Bellevue’s yard capability, also is expected to increase operating efficiency across the entire NS network.

8 NORFOLK SOUTHERN | 2014 Investor and Financial Analyst Conference NORFOLK SOUTHERN | 2014 Investor and Financial Analyst Conference 9 THE BELLEVUE EXPANSION WILL HELP IMPROVE OPERATING EFFICIENCY, SERVICE RIGHT ASSET, RIGHT PLACE, RIGHT TIME RELIABILITY, ASSET UTILIZATION, AND STRENGTHEN NORFOLK SOUTHERN’S ENTIRE 22-STATE RAIL NETWORK. NEW YORK DETROIT METRO AREA CHICAGO

BELLEVUE PHILADELPHIA

KANSAS CITY ST. LOUIS NORFOLK

MEMPHIS

ATLANTA BIRMINGHAM

Norfolk Southern is making infrastructure investments to ensure “Bellevue is geographically that we have the right asset, in the right place, at the right time to and operationally located respond to today’s business opportunities while also preparing for at the right spot to tomorrow’s growth. leverage our existing infrastructure to position With our investment in new capacity at Bellevue, we can build us for business growth.” trains for direct delivery to western gateways and distant points Jim Squires on our system without making stops at additional rail yards for NS President switching. Reduced car handlings are expected to cut transit times and drive operating efficiencies across the entire NS network.

10 NORFOLK SOUTHERN | 2014 Investor and Financial Analyst Conference NORFOLK SOUTHERN | 2014 Investor and Financial Analyst Conference 11 ANTICIPATED BENEFITS

OPERATING EFFICIENCY

» Pre-blocking cars at Bellevue for longer hauls and direct interchanges with western carriers will reduce switching at other terminals.

CUSTOMER SERVICE

» Customers should see improvements of 1 to 2.3 days in transit times. A conductor uses a remote ASSET UTILIZATION control unit to operate a locomotive that pushes rail » Fewer locomotives will be needed for cars to the top of the hump in the classification yard. switching operations.

» Fewer car handlings, car miles and car days 3,600 CAR-PER-DAY CAPACITY » Increased yard capacity at Bellevue creates At Bellevue Terminal, rail cars arrive in the receiving yard, additional space at other terminals. below, are sorted by destination onto one of 80 tracks in the classification yard, center, and assembled into outbound trains on the forwarding tracks, left and right.

12 NORFOLK SOUTHERN | 2014 Investor and Financial Analyst Conference NORFOLK SOUTHERN | 2014 Investor and Financial Analyst Conference 13 INVESTING FOR GROWTH

PROJECT HIGHLIGHTS, BY THE NUMBERS

» $160 million NS » 140 computer- » 3 new buildings: investment in freight controlled switches a 4-story control rail capacity route cars to tower, mechanical A diamond-shaped crossover at the hump allows rail cars to access any of the 80 classification tracks classification tracks and maintenance-of- in the yard. » 3,600-car per day by destination way facilities classification capacity (previously 1,800) » 11 upgraded control » 11 100-foot tall high- points enable train mast aluminum light » 39 miles of new speeds to increase to towers illuminate yard track including: 25 mph from 10 mph 38 classification tracks, » 22 diesel-powered 5-mile main line » 145 miles of new generators provide track around yard, underground back-up power 3 forwarding tracks, communication to ensure reliable 2 receiving tracks, and signal cable operations 1 pullback track, 1 hump lead track NS invested in improvements to its Bellevue Mechanical facilities, adding tracks that allow inspections, servicing, fueling, and repairs to be accomplished trackside, which will reduce dwell time. A new vehicle access bridge, above, allows easy access to the car shop.

14 NORFOLK SOUTHERN | 2014 Investor and Financial Analyst Conference NORFOLK SOUTHERN | 2014 Investor and Financial Analyst Conference 15 BELLEVUE YARD

CLASSIFICATION YARD

» Locomotives push rail cars up a slight incline called a hump, where a conductor (left) pulls a pin to separate single cars, or blocks of cars, according to the data on an electronic display.

» A computer-controlled system calculates the speed of each car, based on car weight, and varying weather conditions such as precipitation, temperature, and wind. To control speed, retarders (bottom left) similar to automotive disc brakes, slow each car down.

» The computer routes cars to specific tracks based on destination, where the cars are assembled into blocks for outbound trains.

TO KEEP NS ROLLING

» Bellevue Locomotive Shop, at right, supports the 24/7 operations at the yard, servicing, repairing, and maintaining some 320 locomotives a month. On average, the shop uses 1.7 million gallons of fuel, 164 tons of sand and 12,630 gallons of lube oil every month to keep NS’ locomotive fleet rolling.

16 NORFOLK SOUTHERN | 2014 Investor and Financial Analyst Conference NORFOLK SOUTHERN | 2014 Investor and Financial Analyst Conference 17 CONNECTIONS IN ALL DIRECTIONS An aerial view of the interchange west of Bellevue Yard.

TO SANDUSKY, OHIO TO CLEVELAND TO TOLEDO, OHIO TO BELLEVUE YARD TO CHICAGO

WHEELING & LAKE ERIE RAILROAD

TO FORT WAYNE, IND. TO CHICAGO TO COLUMBUS, OHIO TO PITTSBURGH

18 NORFOLK SOUTHERN | 2014 Investor and Financial Analyst Conference NORFOLK SOUTHERN | 2014 Investor and Financial Analyst Conference 19 BUILT FOR GROWTH IN THE RIGHT LOCATION

1967 2014

20 NORFOLK SOUTHERN | 2014 Investor and Financial Analyst Conference NORFOLK SOUTHERN | 2014 Investor and Financial Analyst Conference 21 CAR DESCRIPTIONS AND PHOTOS

Like treasured family heirlooms handed down through NS 12 – INDIANA generations, Norfolk Southern’s business cars endure, symbolic Pullman built NS 12 as a dining car in 1949 for an Norfolk & of the powerful legacies of predecessor companies that helped Western passenger train called the Powhatan Arrow, a postwar create the rich history and future promise of the American streamliner. A contest to name the train resulted in 100,000 railroad industry. The following is the history of the 11 passenger entries. A retired NW employee submitted the winner and cars that make up our train today, arranged in order from front collected a $500 first prize. His entry honored Native American (Pennsylvania) to rear (Buena Vista). Chief Powhatan, a member of the tribe of the same name. Originally a 33-seat diner, it was converted at Roanoke Car NS 7 – PENNSYLVANIA Shops to an NW staff car. Today, it is an eight-bedroom sleeper, The Pennsylvania is the oldest car in Norfolk Southern’s fleet. refurbished in 1989. The names of employees involved in the It was the first all-steel business car built for Norfolk & Western restoration are inscribed on a brass plate Railway. After the formation of Norfolk Southern in 1982, the inside the car. car was renumbered NS 7 and named Pocahontas. It kept that name and number until 1988 when Conrail CEO Richard NS 13 – GEORGIA Sanborn acquired the car and renamed it Boston in honor of his The Georgia began its life as Southern Railway office car No. Massachusetts hometown. In 1999, the car became part of the 18. In 1968, Southern Railway’s Hayne Shop converted the car NS fleet and renamed Pennsylvania. The car can sleep six, as the to an eight-bedroom, four-bathroom sleeper with eight upper bedrooms each have two beds, including one that folds up into berths. In 2006, the car was renumbered NS 13 and redesigned the ceiling when not in use. and renovated to have four bedrooms with private baths and an adjacent exercise room. NS 20 – OHIO The office car Ohio was built in 1920 as a 12-section, one- NS 4 – MICHIGAN drawing-room sleeper. In 1943, Pullman rebuilt it into a Pullman built NS 4 as a 12-section, one-drawing-room sleeper 13-section tourist sleeper. Southern Railway bought the car in in 1927. Southern Railway acquired the car in 1948 and later 1947 and converted it to a dinette-coach the following year. An converted it into an office car. Norfolk Southern acquired it in article in the Southern Railway Historical Association magazine 1999 and officially designated it NS 4 in 2000. As with some Ties reported that the car made a profit of $47 in its first 10 days of the other cars, cedar closets and cherry wood bureaus are of service. Revenue of $431 in food and bar service exceeded among the bedroom appointments of NS 4. The dining room costs of labor, food, spirits, and supplies totaling $384. has two beds that fold into the wall and a typewriter shelf that folds into the counter – an ingenious space saver. Michigan was refurbished in 2012 to a four-bedroom executive sleeper with private bathrooms and a crew room with a bunk.

22 NORFOLK SOUTHERN | 2014 Investor and Financial Analyst Conference NORFOLK SOUTHERN | 2014 Investor and Financial Analyst Conference 23 CAR DESCRIPTIONS AND PHOTOS

NS 2 – CAROLINA NS 26 – NEW YORK The Carolina was built as a four-bedroom sleeper by the Pullman The Budd Company built this coach in early 1947 among a Company for Southern Railway in 1928. Over the years, many group of cars ordered for service on the New York Central. The of the car’s fixtures have been carefully preserved. The Carolina car was used in NYC passenger trains such as the Pacemaker, was refurbished in early 2013 to a four-bedroom executive Ohio State Limited, and New England States. The car was later sleeper with private bathrooms and a crew room. owned by Penn Central, Amtrak, and Conrail. It became part of Norfolk Southern’s fleet in 1999. A 2012 renovation added new NS 21 – WEST VIRGINIA exterior windows and an audio-visual system that includes a 50- Built by Pullman between 1926 and 1929, this former heavy- inch main screen and two 32-inch side wall screens. This rolling weight car, built almost entirely from steel, was converted classroom seats 54 for presentations and allows passengers to into an office car in 1950 at Southern Railway’s Hayne Shop enjoy views of the countryside. in Spartanburg, S.C. In 2006-2007, the West Virginia was converted to a lounge car. NS 23 – BUENA VISTA The Buena Vista affords a close-up look at the track from a NS 19 – KENTUCKY large window at the observation end of this unique car. Most Pullman built the Kentucky in October 1949 as the 36-seat diner often used for official inspection trips, it features 28 theater- Norfolk & Western 494 for service in the Powhatan Arrow, an style seats facing the rear window. The car was originally built NW passenger train. In April 2008, the Kentucky was converted as a 16-section sleeper called Cuyama. In 1973, it was converted to a dedicated dining car seating 48. to a roadway inspection car and named Buena Vista.

NS 24 – DELAWARE NS 24 was built in 1954 as a stainless steel dome lounge for the Santa Fe Railway passenger train, the San Francisco Chief. Conrail acquired the car after it served on the Northeast-to- Florida “Auto-Train.” As part of a complete renovation and systems upgrade in 2004, the last vestiges of its southwestern motif were removed.

24 NORFOLK SOUTHERN | 2014 Investor and Financial Analyst Conference NORFOLK SOUTHERN | 2014 Investor and Financial Analyst Conference 25 Three Commercial Place | Norfolk, Virginia 23510 | www.nscorp.com

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