Norfolk Southern (NSC) 8-K Regulation FD Disclosure

Information presented by Alan H. Shaw at the Bank of America Merrill Lynch 2016 Transportation Conference on May 17th, 2016 (posted elsewhere on our website) included non-GAAP financial measures, as defined by SEC Regulation G. Non-GAAP financial measures should be considered in addition to, not as a substitute for, the financial measure reported in accordance with U.S. generally accepted accounting principles (GAAP). Revenue Per Unit First Quarter 2016 2015 Change % Change Coal revenue per unit $ 1,626 $ 1,642 $ (16) -1% Less: Fuel surcharge revenue per unit 19 83 (64) -77% Coal revenue per unit less fuel surcharge revenue1 $ 1,607 $ 1,559 $ 48 3% Intermodal revenue per unit $ 562 $ 639 $ (77) -12% Less: Fuel surcharge revenue per unit 43 97 (54) -56% Intermodal revenue per unit less fuel surcharge revenue1 $ 519 $ 542 $ (23) -4% Merchandise revenue per unit $ 2,526 $ 2,541 $ (15) -1% Less: Fuel surcharge revenue per unit 8 83 (75) -90% Merchandise revenue per unit less fuel surcharge revenue1 $ 2,518 $ 2,458 $ 60 2% Intermodal revenue per unit $ 562 $ 639 $ (77) -12% Less: Triple Crown revenue per unit 9 47 (38) -81% Intermodal revenue per unit less Triple Crown2 553 592 (39) -7% Less: Fuel surcharge revenue per unit 41 86 (45) -52% Intermodal revenue per unit less Triple Crown and fuel surcharge revenue1,2 $ 512 $ 506 $ 6 1% 1 Revenue per unit as used here is to reflect average revenue per unit absent the effect of fuel surcharges. 2 Intermodal per unit as used here is to reflect this measure absent Triple Crown due to its restructuring. Reconciliation of Non-GAAP Financial Measures