November 19, 2017

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Norfolk Southern announces pricing of previously announced exchange offers, interest rate for new notes and acceptance of tendered notes

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NORFOLK, Va., Nov. 14, 2017 /PRNewswire/ — Norfolk Southern Corporation (NYSE: NSC) (the “Company”) today announced the pricing of its offers (the “Exchange Offers”) to certain eligible holders to exchange outstanding debt securities listed in the table below (together, the “Existing Notes”) for cash and up to $750,000,000 aggregate principal amount of the Company’s new Notes due 2047 (the “New Notes”), the complete terms and conditions of which are set forth in a Confidential Offering Memorandum, dated Oct. 30, 2017 (the “Offering Memorandum”), and the related letter of transmittal. The Company also announced that it will pay interest on the New Notes at a rate per annum equal to 3.942%, as calculated in accordance with the Offering Memorandum.

Existing Notes validly tendered and accepted by the Company at or prior to 5 p.m., New York City time, on Nov. 13, 2017 (the “Early Exchange Date”), are expected to settle on Nov. 16, 2017 (the “Early Settlement Date”), unless extended by the Company. 

The table below indicates, among other things, the Total Exchange Consideration for each $1,000 principal amount of Existing Notes tendered and accepted as of the Early Exchange Date pursuant to the Exchange Offers (as determined in accordance with the Offering Memorandum):

Composition of Total

Exchange Consideration  (1)

Cusip

Numbers

Title of

Security

Reference

U.S. Treasury

Fixed

Spread

(Basis

points)

Yield Used to

Price Existing

Notes (2)

Early

Exchange

Premium (1)

Total Exchange
Consideration

(1)(2)(3)

Principal Amount

of New Notes (3)

Cash (3)(4)

655844AV0

6.000% Notes
due 2105

3.000% due May 15, 2047

+165

4.492%

$30.00

$1,328.70

$1,328.70

$0.00

655844AK4

7.900% Notes due 2097

3.000% due May 15, 2047

+175

4.592%

$30.00

$1,700.88

$1,700.88

$0.00

655844BD9

6.000% Notes due 2111

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