JP Morgan Aviation, Transportation & Defense Conference. Wick Moorman Chairman, President and Chief Executive Officer March 6, 2013

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1 JP Morgan Aviation, Transportation & Defense Conference Wick Moorman Chairman, President and Chief Executive Officer March 6,

2 Agenda Recap of 2012 Results Delivering Service Investing in the Franchise Current Markets and Outlook 2

3 Railway Operating Revenue 2012 vs Components of Revenue Change $ in Millions Revenue $11,172 ($143) ($12) $23 $11,040 $11 Billion, down 1% RPU $1,553, down 1% 2011 Price/Mix Volume Fuel Revenue $ in Millions & y-o-y Percent Change Volume 7,107,200 units, flat Coal $2,879 (17%) Intermodal $2,241 +5% Merchandise $5,920 +6% 3

4 Railway Volume 2012 vs Coal down 13% 17% decline in Utility 5% decline in Domestic Met 2% decline in Export 8, Volume (000 s) & y-o-y Percent Change 7, ,107.2 Intermodal up 5% 11% gain in Domestic more than offset 1% decline in International 6,000 Coal (13%) Merchandise up 2% Strength in Automotive, Chemicals and MetCon more than offset declines in Paper and Agriculture 4,000 2,000 Intermodal Merchandise +5% +2%

5 Railway Volume Year over Year Change 1Q12 2Q12 3Q12 4Q12 Coal (12%) (12%) (14%) (13%) Intermodal + 5% + 5% + 5% + 4% Merchandise + 5% + 4% (1%) + 1% 5

6 Consolidated Income Statement 2012 vs Favorable (Unfavorable) $ % Railway operating revenues $ 11,040 $ 11,172 $ (132) (1%) Railway operating expenses 7,916 7, % Income from railway operations 3,124 $ 3,213 $ (89) (3%) Other income net (31) (19%) Interest expense on debt (40) (9%) Income before income taxes 2,758 2,918 (160) (5%) Income taxes 1,009 1,002 (7) (1%) Net income $ 1,749 $ 1,916 $ (167) (9%) Diluted earnings per share $ 5.37 $ 5.45 $ (0.08) (1%) 6

7 Agenda Recap of 2012 Results Delivering Service Investing in the Franchise Current Markets and Outlook 7

8 Improving Overall Service Composite Service Performance By Quarter % % 75% 70% 65% 72.2% 82.8% 76.6% 82.9% 78.2% 83.3% 76.3% 83.4% 60% 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr 8

9 Train Speed NS Train Speed (miles per hour) Better Source: As reported publicly to the AAR 9

10 Operating Efficiencies Year-over-year Percentage Improvement, by Quarter Train & Engine Service Overtime Re-Crews Equipment Rents (Velocity Driven) 42% 35% 28% 32% 25% 16% 16% 8% 9% 20% 14% 14% 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter 10

11 Agenda Recap of 2012 Results Delivering Service Investing in the Franchise Current Markets and Outlook 11

12 Capital Expenditures ($ Millions) $2,160 $2,241 $2,008 $1,299 $1, B Positive Train Control 12

13 2013 Capital Improvement Budget ($ Millions) $184 Total Spending = $2.0 Billion Down $233M, or 10%, vs $57 $181 $229 $831 Roadway Infrastructure Facilities & Terminals Locomotives Freight Cars Technology PTC Other Projects $239 $203 $84 13

14 Agenda Recap of 2012 Results Delivering Service Investing in the Franchise Current Markets and Outlook 14

15 Current Railway Volume First Quarter through Week 9 (March 2, 2013) 1,225,200 units, up 4% Chemicals Change in Units 1QTD13 vs % 1,181.2 Units (000) 1,225.2 Intermodal 10% Paper Automotive (1%) (5%) (5%) 2% 1% Agriculture MetCon Coal

16 Business Outlook Utility coal impacted by reduced demand for electricity, competition from natural gas and higher stockpiles Softer domestic metallurgical market to support steel production Weak demand in European market for both met and steam coal, marginal improvement in Asia Continued opportunities for highway conversion New Intermodal service lanes ahead as new corridor terminals open Growth with international shipping partners Expansion in premium market segment Project growth in crude oil, increased plastics due to low-cost feedstock Gains in steel, but weaker aggregate market Continued automotive growth despite tougher comps Reduced U.S. corn and soybean crop Improved housing & related construction materials market Coal Intermodal Merchandise 16

17 Dynamics of Coal Market 2012 Western 26.3 M Tons 18% Illinois Basin 20.4 M Tons 14% Southern Appalachia 3.3 M Tons 2% Central Appalachia 57.6 M Tons 39% Northern Appalachia 41.1 M Tons 27% Norfolk Southern Railway and its Railroad Operating Subsidiaries NS Trackage and Haulage Rights 17 Excludes coke, iron ore & outbound Wheelersburg

18 Business Outlook Utility coal impacted by reduced demand for electricity, competition from natural gas and higher stockpiles Softer domestic metallurgical market to support steel production Weak demand in European market for both met and steam coal, marginal improvement in Asia Continued opportunities for highway conversion New Intermodal service lanes ahead as new corridor terminals open Growth with international shipping partners Expansion in premium market segment Project growth in crude oil, increased plastics due to low-cost feedstock Gains in steel, but weaker aggregate market Continued automotive growth despite tougher comps Reduced U.S. corn and soybean crop Improved housing & related construction materials market Coal Intermodal Merchandise 18

19 Intermodal Drivers Over 30 New Crescent Corridor Lanes Launched in Intermodal Scorecard Year-over-year Percent Improvement Bethlehem Harrisburg Greencastle Platform Utilization Percentage of Containers on Stack Cars 3% 6% To/From West To/From Mexico New Orleans Memphis Atlanta Charlotte Birmingham Units per Train 3% Terminal Investments Train Speed 6% 0% 2% 4% 6% Volume over the Crescent Corridor was up 21% in 2012 versus

20 Business Outlook Utility coal impacted by reduced demand for electricity, competition from natural gas and higher stockpiles Softer domestic metallurgical market to support steel production Weak demand in European market for both met and steam coal, marginal improvement in Asia Continued opportunities for highway conversion New Intermodal service lanes ahead as new corridor terminals open Growth with international shipping partners Expansion in premium market segment Project growth in crude oil, increased plastics due to low-cost feedstock Gains in steel, but weaker aggregate market Continued automotive growth despite tougher comps Reduced U.S. corn and soybean crop Improved housing & related construction materials market Coal Intermodal Merchandise 20

21 Merchandise Fundamentals are Positive 2.0 N.A. Vehicle Production U.S. Housing Starts U.S. Industrial Production - Basic Chemicals 1.0 Positive signs ahead, though housing still not back to pre-recession levels Source: Global Insight, Ward s

22 Railway Volumes and Operating Income ,593 7,350 Operating Income 6,764 7,115 7,107 $4 B 41% 41% 37% 35% 5,957 45% 47% 42% 43% 34% 34% 32% 33% $3 B $2 B $1 B 22% 24% 24% 23% 23% 20% $0 B Coal GM Intermodal Operating Income 22

23 23 Thank You

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