Investor Group Reinforces Commitment to Safety at Norfolk Southern and Reiterates the Facts Regarding the Poor Record of CEO Alan Shaw

Ohio-based Ancora Holdings Group, LLC, its affiliates and the other participants in its solicitation (collectively, the “Investor Group” or “we”), who collectively own a large equity stake in Norfolk Southern Corporation (NYSE: NSC) (“Norfolk Southern” or the “Company”), today issued the below statement following the Federal Railroad Administration’s recent letter.

As a reminder, the Investor Group recently announced the nomination of eight highly qualified, independent candidates (the “Investor Slate”) for election to the Company’s Board of Directors (the “Board”) at the 2024 Annual Meeting of Shareholders (the “Annual Meeting”). In addition, the Investor Group announced it has identified a proposed management team that includes transportation network leader Jim Barber, Jr. as Chief Executive Officer and lifelong railroad operator and turnaround expert Jamie Boychuk as Chief Operating Officer. To learn more about the Investor Slate and proposed management team, download a copy of the Investor Group’s presentation, entitled The Case for Leadership, Safety and Strategy Changes at Norfolk Southern, at www.MoveNSCForward.com.

The Investor Group commented:

“We agree with the Federal Railroad Administration’s statement that Norfolk Southern’s path to ‘immediate and long-term success is through a relentless focus on safety.’ We also share the agency’s concerns regarding ‘backsliding’ at the Company. Despite making reactionary safety commitments following the preventable derailment in East Palestine, Ohio in 2023, Norfolk Southern’s Board and management team have overseen multiple derailments and the tragic death of an engineer in 2024. This is one of the primary reasons why our proposed management team and slate of director candidates, which includes former policymakers with relevant expertise, continue to follow President Joe Biden’s calls to hold Norfolk Southern accountable.

We believe Chair Amy Miles and the Board have presided over yet another failure of oversight by allowing Chief Executive Officer Alan Shaw to allocate millions of dollars to wide-ranging lobbying and public relations efforts, which now appear to be geared toward saving his role as one of the railroad industry’s highest-paid executives. We know for a fact that the Company’s private jets have been heading to Washington, D.C. with great frequency since we privately nominated a slate of director candidates in November of 2023. According to public records, the Company is represented by 41 lobbyists, who are tasked with engaging governmental bodies that include the Department of Transportation, Surface Transportation Board and Federal Railroad Administration.¹ Nearly 80% of these lobbyists are considered ‘revolvers,’ meaning they previously worked at the very government entities they are now talking to on behalf of Mr. Shaw and Norfolk Southern.² Fortunately, dedicated and engaged public officials are likely to see through Norfolk Southern’s defensive efforts and villainizing of the Investor Group.