Norfolk Southern (NSC) Presents At J.P. Morgan 2022 Industrials Conference

Financial Performance & Shareholder Value - Norfolk Southern achieved a 60.1% operating ratio in 2021[4] - The company delivered a 110% total shareholder return over three years[5] - Norfolk Southern distributed approximately $10 billion to shareholders cumulatively over three years[5] - The company experienced a 27% growth in earnings per share over three years[5] Productivity & Operational Improvements - The company has made significant progress since the launch of the TOP21 operating plan[8] - Train weight has improved by 20% since Q3 2019[9, 10] - Train length has improved by 21% since Q3 2019[9, 10] - The company anticipates a 50-100 bps improvement in operating ratio for 2022[25] 2022 Outlook & Capital Allocation - Norfolk Southern expects upper single-digit year-over-year revenue growth[25] - The company plans capital expenditures of approximately $1.8-1.9 billion[25] - Dividends are projected to be 35-40% of net income[25]