Norfolk Southern (NSC)

13 .   Stock Purchase Program

In March 2007, NS’ Board of Directors amended NS’ share repurchase program and increased the authorized amount of share repurchases from 50 million to 75 million shares and shortened the authorized period from 2015 to 2010.   The timing and volume of purchases is guided by management’s assessment of market conditions and other pertinent facts.   Near-term purchases under the program are expected to be made with internally generated cash; however, future funding sources could include proceeds from the sale of commercial paper notes or the increase of long-term debt.   NS purchased and retired 23.6 million shares and 21.7 million shares of its common stock under this program in 2007 and 2006, respectively, at a cost of $1.2 billion and $964 million, respectively.

4.   Stock Purchase Program

In March 2007, NS’ Board of Directors amended NS’ share repurchase program authorizing the repurchase of up to 75 million shares of Common Stock through the end of 2010.   The timing and volume of any purchases will be guided by management’s assessment of market conditions and other pertinent facts.   Near-term purchases under the program are expected to be made with internally generated cash; however, future funding sources could include proceeds from financings.

NS purchased and retired 15.1 million shares of its common stock under this program in the first nine months of 2007 at a cost of $769 million, of which $702 million was charged to retained income.   Since inception, NS has purchased and retired 36.9 million shares at a total cost of $1.7 billion under this program.

4.   Stock Purchase Program

In March 2007, NS’ Board of Directors amended NS’ share repurchase program authorizing the repurchase of up to 75 million shares of Common Stock through the end of 2010.   The timing and volume of any purchases will be guided by management’s assessment of market conditions and other pertinent facts.   Near-term purchases under the program are expected to be made with internally generated cash; however, future funding sources could include proceeds from the sale of commercial paper notes or the increase of long-term debt.

NS purchased and retired 8.4 million shares of its common stock under this program in the first six months of 2007 at a cost of $427 million, of which $391 million was charged to retained income.   Since inception, NS has purchased and retired 30.2 million shares at a total cost of $1.4 billion under this program.

4.   Stock Purchase Program

In March 2007, NS’ Board of Directors amended NS’ share repurchase program authorizing the repurchase of up to 75 million shares of Common Stock through the end of 2010.   The timing and volume of any purchases will be guided by management’s assessment of market conditions and other pertinent facts.   Near-term purchases under the program are expected to be made with internally generated cash; however, future funding sources could include proceeds from the sale of commercial paper notes or the increase of long-term debt.

NS purchased and retired 5.6 million shares of its common stock under this program in the first quarter of 2007 at a cost of $276 million, of which $252 million was charged to retained income.   In total, NS has purchased and retired 27.4 million shares at a total cost of $1.2 billion under this program.

13 .   Stock Purchase Program

In November 2005, NS’ Board of Directors authorized the repurchase of up to 50 million shares of Common Stock through the end of 2015.   The timing and volume of purchases is guided by management’s assessment of market conditions and other pertinent facts.   Near-term purchases under the program are expected to be made with internally generated cash; however, future funding sources could include proceeds from the sale of commercial paper notes or the increase of long-term debt.   NS purchased and retired 21.8 million shares of its common stock under this program in 2006 at a cost of $964 million.

7.   Stock Purchase Program

In November 2005, NS’ Board of Directors authorized the repurchase of up to 50 million shares of Common Stock through the end of 2015.   The timing and volume of any purchases will be guided by management’s assessment of market conditions and other pertinent facts.   Near-term purchases under the program are expected to be made with internally generated cash; however, future funding sources could include proceeds from the sale of commercial paper notes or the increase of long-term debt.

NS purchased and retired 17.1 million shares of its common stock under this program in the third quarter of 2006 at a cost of $730 million, of which $662 million was charged to retained earnings.   For the first nine months of 2006, NS purchased and retired 20.7 million shares of its common stock under this program at a cost of $916 million, of which $835 million was charged to retained earnings.

7.   Stock Purchase Program

In November 2005, NS’ Board of Directors authorized the repurchase of up to 50 million shares of Norfolk Southern Corporation Common Stock (Common Stock) through the end of 2015.   The timing and volume of any purchases will be guided by management’s assessment of market conditions and other pertinent facts.   Near-term purchases under the program are expected to be made with internally generated cash; however, funding sources could include proceeds from the sale of commercial paper notes or the increase of long-term debt.

NS has purchased and retired 2.3 million shares of its common stock under this program in the second quarter of 2006 at a cost of $120 million, of which $111 million was charged to retained earnings.   For the first six months of 2006, NS purchased and retired 3.6 million shares of its common stock under this program at a cost of $186 million, of which $173 million was charged to retained earnings.

7.   Stock Purchase Program

In November 2005, NS’ Board of Directors authorized the repurchase of up to 50 million shares of Norfolk Southern Corporation Common Stock (Common Stock) through the end of 2015.   The timing and volume of any purchases will be guided by management’s assessment of market conditions and other pertinent facts.   Near-term purchases under the program are expected to be made with internally generated cash; however, future funding sources could include proceeds from the sale of commercial paper notes or the increase of long-term debt.

NS has purchased and retired 1,310,000 shares of its common stock under this program in the first quarter of 2006 at a cost of $67 million, of which $61 million was charged to retained earnings.