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2015 Citi Industrials Conference

Marta R. Stewart

Executive Vice President Finance

And Chief Financial Officer

*NI and EPS exclude 2013 Michigan land sale gain - please see reconciliation to GAAP posted on our web site., www.nscorp.com

Revenue $11,624 3%

Income From Ops $3,575 10%

Operating Ratio 69.2 3%

Net Income* $2,000 8%

Earnings per Share* $6.39 9%

Record Financial Results 2014 vs. 2013 % ($ in millions, except per share)

2014 was a record year.

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Revenue $5,280 (8)%

Income From Ops $1,420 (16)%

Operating Ratio 73.1 (4)%

Net Income $743 (20)%

Earnings per Share $2.41 (19)%

2015 Financial Results – First Six Months 2015 vs. 2014 % (Decrease) ($ in millions, except per share)

Reduced coal and fuel revenues impacted results.

3

Revenue 1Q10 – 2Q15

19

219

419

619

819

1,019

1,219

1,419

1,619

1,8191

Q1

0

2Q

10

3Q

10

4Q

10

1Q

11

2Q

11

3Q

11

4Q

11

1Q

12

2Q

12

3Q

12

4Q

12

1Q

13

2Q

13

3Q

13

4Q

13

1Q

14

2Q

14

3Q

14

4Q

14

1Q

15

2Q

15

Rev

en

ue

Coal Merchandise Intermdal

2014 vs. 2013 up 3%

Six Months 2015 vs. 2014 down (8)%.

4

$274

$306 $321

$353

$295

$358 $368

$308

$163

$119

$0

$50

$100

$150

$200

$250

$300

$350

$400

1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15

Revenue ($M)

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Decline in fuel surcharges should start to level out after 2015.

Fuel Surcharge Revenue Headwinds

Current Railway Volume Third Quarter through Week 36 (September 12, 2015)

Agriculture

Automotive

Chemicals

Paper

Intermodal

MetCon

Coal

1,528.1 1,473.4

2014 2015

Units (000) Change in Units

3QTD 2015 vs. 2014

(4%)

6

4,832 / 4%

2,321 / 3%

1,103 / 1%

(1,143) / (2%)

(5,378) / (1%)

(12,705) / (8%)

(43,719) / (17%)

Better( )

16

18

20

22

24

26

01/0

4/1

4

01/2

5/1

4

02/1

5/1

4

03/0

8/1

4

03/2

9/1

4

04/1

9/1

4

05/1

0/1

4

05/3

1/1

4

06/2

1/1

4

07/1

2/1

4

08/0

2/1

4

08/2

3/1

4

09/1

3/1

4

10/0

4/1

4

10/2

5/1

4

11/1

5/1

4

12/0

6/1

4

12/2

7/1

4

01/1

7/1

5

02/0

7/1

5

02/2

8/1

5

03/2

1/1

5

04/1

1/1

5

05/0

2/1

5

05/2

3/1

5

06/1

3/1

5

07/0

4/1

5

07/2

5/1

5

08/1

5/1

5

09/0

5/1

5

Speed (mph)

Train Speed recovers as resources come into fruition.

Train Speed 2014 – 3rd QTR-to-Date 2015

7

Better( )

15

20

25

30

35

01/0

4/1

4

03/0

4/1

4

05/0

4/1

4

07/0

4/1

4

09/0

4/1

4

11/0

4/1

4

01/0

4/1

5

03/0

4/1

5

05/0

4/1

5

07/0

4/1

5

09/0

4/1

5

Dwell (Hrs)

Dwell has also benefited from additional resources.

Terminal Dwell 2014 – 3rd QTR-to-Date 2015

8

Crews

‒ Increased T&E employees

‒ Now hiring for attrition

‒ Addressing geographic needs

o Temporary transfers

o Furloughs

Capital

‒ Moorman Yard

‒ 51st Street Yard – Chicago

‒ Indiana connection track

‒ Locomotives

Resources for Improved Service

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Cash Deployment 2015

Capital Plan

$2.3 Billion

69%

21%

10%

} Renewal

Growth

PTC

Quarterly Dividend/Share

$0.59 4%

Share Repurchases

$1.2 Billion

D&H Strategic Investment

$0.2 Billion

Reinvesting in franchise, returning funds to shareholders, strategic investment.

10

Dividends and Share Repurchases 2006 through First Half 2015

Dividends

ShareRepurchases $9.2 Billion

$5.0 Billion

* See reconciliation of Total Shareholder Distributions to GAAP posted on our website, www.nscorp.com.

15% CAGR

147.2M shares

avg. ~ $62/share

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Thank You

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