Shaw says safely delivering reliable and resilient service is the foundation of the Norfolk Southern strategy

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05/11/2023 - 10:00 AM

Annual meeting of shareholders emphasizes long-term value and priorities

ATLANTA, May 11, 2023 /PRNewswire/ -- Norfolk Southern Corporation (NYSE: NSC) held its annual meeting of shareholders today, where the company reaffirmed its commitment to leading the industry on safety and service. Norfolk Southern's President and CEO Alan H. Shaw said the company's strategy announced at its Investor Day in December 2022 is even more relevant today. The strategy balances service, productivity, and growth to safely deliver reliable and resilient service to customers.

"A safer railroad is a better railroad. The events of the last few months have strengthened our commitment to leading the industry in rail safety," Shaw said. "Every day our company is entrusted with the responsibility of safely moving the goods and materials that drive the U.S. economy. We earn that trust by doing what we say we are going to do."

"That's what our new strategy is all about. Instead of a short-term focus on cost reduction, we charted a new course built around long-term value creation, business growth, and strengthening relationships with stakeholders. This customer-centric, operations-driven service model is a better way forward for Norfolk Southern," Shaw said.

Shaw said that the company's response to the derailment in East Palestine was an example of the company's focus on doing the right thing for the long term. "On my first visit immediately thereafter, I made a commitment to do whatever it takes to help the community recover and thrive. We made this commitment because it was the right thing to do and consistent with our long-term priorities and leading with our values."

"The Board and management team value engagement with, and feedback from shareholders, particularly over the last few months. As we look ahead, we will not stand still. Norfolk Southern will learn from the East Palestine derailment to become an even safer company," said Amy E. Miles, Chair of Norfolk Southern's Board of Directors. "The entire Board remains focused on driving the company forward as management continues to execute on its new strategy to deliver operational excellence and sustainable long-term value creation."

A recording of the meeting will be posted within the next week to the Invest in NS section of the company's website.

Preliminary Results of Official Business
In official business, based on preliminary results, shareholders elected Amy E. Miles, Chair of the Board and former Chair and Chief Executive Officer of Regal Entertainment Group, Inc., to serve for a one-year term expiring in 2024. Additionally, based on preliminary results, shareholders also elected the following 12 directors for one-year terms expiring in 2024:

Thomas D. Bell, Jr., Chairman of Mesa Capital Partners
Mitchell E. Daniels, Jr., former President of Purdue University and former Governor of Indiana
Marcela E. Donadio, former Partner and Americas Oil and Gas Sector Leader, Ernst & Young
John C. Huffard, Jr., co-Founder of Tenable Network Security, Inc., and Tenable Holdings, Inc.
Christopher T. Jones, former Corporate Vice President and President of the Technology Services Sector of Northrop Grumman Corporation
Thomas C. Kelleher, Chairman of UBS Group AG and former President of Morgan Stanley
Steven F. Leer, former Chairman and Chief Executive Officer of Arch Coal, Inc.
Michael D. Lockhart, former Chairman, President and Chief Executive Officer of Armstrong World Industries, Inc.
Claude Mongeau, former President and Chief Executive Officer, and Director of Canadian National Railway Company
Jennifer F. Scanlon, President, Chief Executive Officer, and Director of UL Solutions
Alan H. Shaw, President and Chief Executive Officer of Norfolk Southern Corporation
John R. Thompson, former Senior Vice President and General Manager of BestBuy.com LLC

In other preliminary results, shareholders ratified the appointment of KPMG LLP as independent auditors for 2023, approved an advisory resolution on the compensation of executive officers, recommended that the advisory resolution on executive compensation be held annually, and rejected a shareholder proposal regarding street name and non-street name shareholders' right to call a special meeting.

About Norfolk Southern
Since 1827, Norfolk Southern Corporation (NYSE: NSC) and its predecessor companies have safely moved the goods and materials that drive the U.S. economy. Today, it operates a customer-centric and operations-driven freight transportation network. Committed to furthering sustainability, Norfolk Southern helps its customers avoid 15 million tons of yearly carbon emissions by shipping via rail. Its dedicated team members deliver more than 7 million carloads annually, from agriculture to consumer goods, and is the largest rail shipper of auto products and metals in North America. Norfolk Southern also has the most extensive intermodal network in the eastern U.S., serving a majority of the country's population and manufacturing base, with connections to every major container port on the Atlantic coast as well as the Gulf of Mexico and Great Lakes. Learn more by visiting www.NorfolkSouthern.com.

Forward-looking statements
Certain statements in this press release may be considered "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 financial performance of Norfolk Southern Corporation ("we," "our," or "us") and involve known and unknown risks, uncertainties, and other factors that may cause our actual results, levels of activity, performance, or our achievements or those of our industry to be materially different from those expressed or implied by any forward-looking statements. In some cases, forward-looking statements may be identified by the use of words like "will," "believe," "expect," "anticipate," "estimate," "plan," "consider," "project," "may," "could," "would," "should," "intend," "predict," "potential," "feel," or other comparable terminology. We have based these forward-looking statements on our current expectations, assumptions, estimates, beliefs, and projections. While we believe these expectations, assumptions, estimates, beliefs, and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which involve factors or circumstances that are beyond our control. These and other important factors, including those discussed under "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2022, filed with the Securities and Exchange Commission (the "SEC"), as supplemented in Part II, Item 1A of our Form 10-Q for the period ended March 31, 2023, as well as our subsequent filings with the SEC, may cause actual results, benefits, performance, or achievements to differ materially from those expressed or implied by these forward- looking statements. Forward-looking statements are not, and should not be relied upon as, a guarantee of future events or performance, nor will they necessarily prove to be accurate indications of the times at or by which any such events or performance will be achieved. As a result, actual outcomes and results may differ materially from those expressed in forward-looking statements. The forward-looking statements herein are made only as of the date they were first issued, and unless otherwise required by applicable securities laws, we disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.