1. Rail Capacity & Economic Recovery Scott D. McGregor Group Vice President Paper, Clay & Forest Products March 22, 2011

2. Railway Volume 2010 Volume vs. 2009 Fourth quarter volume of 1,708,800 –Increase of 141,600 units, or 9% –Record Agriculture volume –52-week high loadings for Agriculture, Coal & Intermodal 2010 volume of 6,764,100 –Increase of 806,800 units, or 14% –Record Agriculture volume Strong project growth Corridor initiatives Conversions from the highway Economic recovery

3. Merchandise Comparisons Fourth Quarter 2010 vs. 2009 Total Merchandise revenue of $1.2 billion, up $117 million, or 10% Total Merchandise volume of 558,500 carloads up 16,600, or 3% – MetCon volume growth driven by new business & 11% increase in domestic steel production – Record Agriculture volume led by fertilizer and corn – Chemicals growth led by gains in petroleum, plastics and industrial intermediates – Paper volume led by newsprint, pulpboard & lumber – Automotive comparisons impacted by network redesign and quality holds 4Q 2010 Volume (000) & y-o-y Percent Change

4. Coal Comparisons Fourth Quarter 2010 vs. 2009 Total Coal revenue of $685 million, up $105 million, or 18% Total Coal volume of 395,300 carloads, up 40,800 or 12% – Utility volume increased due to stockpile re- building – Metallurgical volume was up due to new business & increased steel production – Export volume was impacted by strong 4Q 2009 comparisons 4Q 2010 Volume (000) & y-o-y Percent Change

5. Intermodal Comparisons Fourth Quarter 2010 vs. 2009 Total Intermodal revenue of $471 million, up $64 million or 16% Total Intermodal volume of 755,000 units up 84,200 or 13% – Domestic volume up 22%, led by highway conversions – International volume up 4%, driven by improving global demand – Premium volume up 14%, driven by gains in parcel and LTL markets 4Q 2010 Volume (000) & y-o-y Percent Change

6. Outlook – Business Portfolio Manufacturing recovery Chemicals Build out of ethanol network and export grain growth Agriculture Highway conversions Domestic Intermodal Improving imports/exports International Intermodal & Export Coal Recovery in global steel production Domestic Met Coal & Steel Falling stockpiles and increased electricity generation Utility Coal New business, improved auto production and sales Automotive Uncertainty in housing, but improving paper markets Forest Products

7. Total Capital Program = $2.2B in 2011 Baseline Capital Program – $1.7B; 19% more than 2010 total – Maintain Safety; Support Business Growth – Maintenance of Way; Facilities & Terminals; Locomotives; Technology – Infrastructure (Mid - America; Crescent Corridor, CREATE) Additional Capital Program – $480M – Freight Car Purchases – historically leased {$334M} – Positive Train Control – upgrades to system and track structure {$146M} NS 2011 Capital Improvement Budget $763M $334M $212M $79M $146M

8. Hot Topics in Rail Transportation: Capex Source: AAR 2011 – Large Rail Capex U.S. Class I Railroad Capital Spending ($ Billions) e - preliminary AAR estimate

9. Chicago Cincinnati Columbus Pritchard Roanoke Norfolk Detroit Philadelphia Ayer Atlanta Charlotte Lynchburg Corinth Shreveport Meridian New Orleans Memphis NY/NJ Bethlehem Titusville Jacksonville Corridor Volume Increases 4Q 2010 vs. 2009 2010 vs. 2009 Premier Route13%18% PanAm Southern21%32% Crescent Corridor33%31% Meridian Speedway 27%36% Titusville78%146% NS Corridor Strategy Greencastle Mechanicville Birmingham

10. NS has made significant progress on network investments targeting Intermodal growth Meridian Speedway:$300mm – Complete 2010 Heartland Corridor: $290mm – Service Launched Sept. 2010 Pan Am Southern:$140mm – Complete 2010 / 2011 Ph I Crescent Corridor: $600mm – Launched 2008

11. Jacksonville Atlanta North Memphis - Chattanooga Macon - Jacksonville Atlanta B’ham - Atlanta Burstall, AL Meridian, MS New Castle Harrisburg, PA Croxton, NJ Cleveland, OH Claypool, IN Dayton District Illinois CNOTP Mt. Carmel, IL Alloy, WV Charleston Corridor Eastern N. Carolina Savannah, GA Northeast PA Sidings Jacksonville Atlanta North Memphis - Chattanooga Macon - Jacksonville Atlanta B’ham - Atlanta Burstall, AL Meridian, MS New Castle Harrisburg, PA Croxton, NJ Cleveland, OH Claypool, IN Dayton District Illinois CNOTP Mt. Carmel, IL Alloy, WV Charleston Corridor Eastern N. Carolina Savannah, GA Northeast PA Sidings NS Infrastructure Investment

12. The Rail Market Ahead Complexity - multiple markets, channels, and shifting industrial production/global trade patterns Motor carrier costs will continue to rise and capacity will decline or remain static Approximately 80% of intercity freight tonnage originates or terminates within the NS service area Highway conversions and continued yield management will be key drivers Environmental advantages of rail shipping will become more prominent

13. Our Goal: Be the safest, most customer-focused and successful transportation company in the world Revenue Growth from New Business Industrial Development Market research Growth markets Market Reach Extension Corridor development Public Private Partnerships Truck Diversions Coal sourcing network Distribution Network Customer Satisfaction Customer survey Communication and outreach Continuous improvement in service Resource Management Technology Locomotives Employees Track Structures