Business and Franchise Momentum Norfolk Southern Investor and Financial Analyst Conference
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1 Business and Franchise Momentum Norfolk Southern Investor and Financial Analyst Conference June 8, 2011 Donald W. Seale Executive Vice President & Chief Marketing Officer 1
2 Agenda Strong platform for accelerated rail growth NS business trends and franchise update NS market drivers, network and outlook NS long term focus and strategy 2
3 Favorable Environment for Rail Increasing focus on environmental stewardship Impact of CSA 2011 Tightening capacity across all modes Foreign trade growth & increased domestic containerization Public sentiment Seizing the opportunity from manufacturing growth Favorable Rail Environment Rail productivity gains 3
4 Shrinking Truckload Capacity Trends Units U.S. Class 8 Sales U.S. Trailer Production 300, ,000 Class 8 Replacement Rate 200, , ,000 50, Source: FTR Associates, Paccar 4
5 Compliance Safety Accountability Program 2011 & The Changing Truckload Market CSA 2011 safety rating program Calculates carriers and drivers safety ratings using defined set of criteria Hours of service regulations Reduction of workday to 10 hours of driving time FMCSA training requirements New regulations governing recruitment and improving training ID requirements Imposes strict national standards for issuance of state ID documents Net Effect More than 300,000 drivers will be disqualified between now and 2012 doubling current driver shortage Driver shortage may cost shippers an additional $25 billion Estimated that new regulations will decrease trucking productivity by over 5% 5
6 NS Railway Volume YTD through Week 21 vs million units YTD, up 153,894 or 6% vs % 1,259,969 7% 663,075 (3%) 251,169 (5%) 156,874 3% 258,691 (3%) 15% 128, ,212 Agriculture Chemicals MetCon Paper Automotive Intermodal Coal Source: AAR carloadings, which are reported weekly and may not equal NS reported volumes. 6
7 Record Revenue Per Unit in 1 st Quarter 2011 RPU Merchandise Intermodal Coal Total $2,400 $2,100 $1,800 $1,500 $1,200 $900 $600 $300 $ vs RPU CAGR 4.6% 70% increase since
8 Highest Revenue Per Ton Mile among U.S. Class I RRs Indexed to 2000 NS Carrier A Carrier B Carrier C vs RPTM CAGR 5.3% 68% increase since Source: AAR for UP, BNSF; NS and CSXT from Financial Statements, revenue per revenue ton mile 8
9 NS Volume vs. Low Tech IPI and Motor Carriers Indexed to 1Q 00 NS Volume Other U.S. RRs Volume less NS Truck Tonnage Low Tech IPI Source: AAR, FTR, Global Insight, NS 9
10 NS Revenue vs. Low Tech IPI and Motor Carriers Indexed to 2000 NS Revenue Other U.S. RRs Revenue less NS Truck Revenue Low Tech IPI Source: AAR, FTR, Global Insight, NS 10
11 NS Railway Revenue Growth Revenue in $ Millions $12,000 $10,000 $8,000 $6,000 $6, vs Up $3.36 billion or 55% increase 4.4% CAGR $6,170 $6,270 $6,468 $7,312 Intermodal Merchandise Coal $10,661 $9,407 $9,432 $9,516 $8,527 $7,969 $4,000 $2,000 $
12 Major Group Revenue Revenue in $ Millions CAGR Agriculture $609 $637 $727 $994 $1,282 $1, % Coal $1,435 $1,441 $1,728 $2,330 $3,111 $2, % Chemicals $756 $755 $864 $1,079 $1,238 $1, % Intermodal $1,119 $1,181 $1,537 $1,971 $2,058 $1, % MetCon $689 $692 $818 $1,168 $1,251 $1, % Paper $630 $603 $684 $891 $898 $ % Automotive $921 $961 $954 $974 $823 $648 (3.5%) Total $6,159 $6,270 $7,312 $9,407 $10,661 $9, % 12
13 Summary of NS Drivers of Volume and Revenue Since 2000 Strong global trade strong imports, and exports expansion Growth in utility, domestic, export and metallurgical coal New intermodal corridors, terminals and products Resurgent steel industry despite recessionary impact in 2009 Strong growth in ethanol and bio-fuels Robust industrial development Strong safety and service performance Pricing to market gains Effective fuel surcharge program 13
14 Balanced Portfolio of Business NS Network 74% of U.S. population 58% of total energy consumption in U.S. 63% of U.S. manufacturing Estimate 30M+ truck shipments over 550 miles touch our network % of 2010 NS Revenue Intermodal 19% Agriculture 14% Coal 28% Manufacturing 39% Extensive port access 14
15 A Network of Key Corridors and Port Access Chicago Burns Harbor Naples Granite City, IL Detroit Toledo Cincinnati Erie Ashtabula Cleveland Pittsburgh Portsmouth, OH Jeffersonville, IN Louisville NY / NJ Philadelphia Camden / South Jersey Wilmington Baltimore Norfolk Portsmouth Memphis Morehead City 15 St. Bernard New Orleans Braithwaite Mobile Charleston Savannah Brunswick Jacksonville NS Railway & Ports served by NS Seaports 16 River Ports 8 Lake Ports 7
16 Our Coal Network Coal Robust electrical generating base Strong export network with increased demand in European, Asian & South American markets Custom coking coal blending Expansive coal sourcing More productive coal car fleet Corridor/terminal investment Cutting edge supply chain management (CTMS) 10 Year 6.6CAGR Revenue % 6.6% % of 2010 Tonnage Domestic Met 12% Export 13% Industrial 4% Utility 71% 16
17 Our Coal Network Utility Coal Reaches 103 utility coal generation plants Directly serves 86 plants 55 in the North 31 in the South Access to an additional 17 plants through connecting carriers and lake service 17
18 Lamberts Point, VA Coal Terminal Export Coal Largest and fastest export coal loading terminal in the Northern Hemisphere Handled 40 million tons in Tonnage vs st Q 15% April 34% May 59% Available for capacity growth Steam coal opportunities ahead 18
19 CNX Marine Terminal, Baltimore, MD Export Coal CONSOL announced Baltimore export terminal expansion April 28, million ton capacity expansion to 16 million tons/year Rail infrastructure expansion online in 2012 Long term potential for additional expansion 19
20 Fairless, PA and Charleston, SC Coal Tonnage Moving Today Powder River Basin Northern Appalachia Fairless, PA Illinois Basin Charleston, SC Central Appalachia Norfolk Southern Railway and its Railroad Operating Subsidiaries NS Trackage and Haulage Rights 20
21 Wheelersburg, OH Coal Terminal Domestic Met Coal 9 million tons/year throughput 1.2 million tons ground storage capacity, with optimized pile configuration Custom blending for domestic coke production Expansion plans to support new steam coal 21
22 NS Coal Network Flows Tonnage % Change YTD thru May vs Utility 7% Export 26% Domestic Met (9%) Industrial (5%) % of 2010 Tonnage Domestic Met 12% Export 13% Industrial 4% Utility 71% 22
23 NS Origin Coal 2010 Volume (Tons) Powder River Basin 32.8 M Tons 21% Illinois Basin 11.1 M Tons 8% Northern Appalachia 45.3 M Tons 29% Central Appalachia 64.8 M Tons 42% Norfolk Southern Railway and its Railroad Operating Subsidiaries NS Trackage and Haulage Rights 23
24 NS Mid-America Corridor to reach Illinois Basin Corinth, MS Illinois Basin 11.1 M Tons 8% Norfolk Southern Railway and its Railroad Operating Subsidiaries NS Trackage and Haulage Rights 24
25 Increased Coal Car Capacity Hoppers Old steel hopper payload capacity: 104 tons New stainless body hopper payload capacity: 113 tons Gons Old steel gondola payload capacity: 112 tons New hybrid body gondola payload capacity: 118 tons 25
26 Our Manufacturing Network Manufacturing Resurgence of U.S. Manufacturing Metals, Construction, Chemicals, Automotive and Paper 63% of U.S. manufacturing in our service territory Highest revenue per unit network for NS 10 Year CAGR Revenue 2.1% % of NS Mfg Revenue Paper 19% Auto 18% MetCon 28% Chemicals 35% 26
27 Pillar of Growth - NS Industrial Development Revenue in $ Millions $300 $250 $200 $150 $100 $50 $0 Revenue Carloads 95 projects 132,000 carloads Carloads 160, , , ,000 80,000 60,000 40,000 20,
28 Our Manufacturing Network Continues to Expand ThyssenKrupp Steel and Stainless USA, Calvert, AL $5 billion investment 5.3 million metric tons of annual production 3,460 acres (155 under roof) 28
29 Our Manufacturing Network Continues to Expand VW Automotive Assembly plant Chattanooga, TN $1 billion investment Annual production of 150,000 vehicles 46 acres under roof 29
30 Our Manufacturing Network Continues to Expand Major Auto Projects 30
31 Our Manufacturing Network Continues to Expand First Quality Tissue Anderson, SC $1 billion investment 1,000 new jobs Among the Top Ten Deals for industrial development projects in North America in
32 Our Manufacturing Network Continues to Expand PBF Energy Partners, LP Delaware City, DE $130 million reinvestment in the facility Previously dormant refinery Reopened due to increased demand for refinery production and byproducts 32
33 Our Manufacturing Network Continues to Expand Biofuels and Energy Investments 33
34 NS Manufacturing Network Flows Volume % Change YTD thru May vs MetCon 3% Chemicals (5%) Paper (3%) Automotive 15% % of NS Mfg Revenue Paper 19% Auto 18% MetCon 28% Chemicals 35% 34
35 Our Agriculture Network Agriculture NS serves more than 330 shippers and receivers of corn and soybeans Extensive Ag network for domestic and export grain markets Extensive supply chain support for ethanol producers and distributors Projected rise in global demand 10 Year CAGR Revenue 8.1% % of NS Agriculture 2010 Revenue Corn 18% Ethanol 16% Soybeans 4% Sweeteners 12% Fertilizers 10% Other 40% 35
36 Our Unit Grain Train Network NS Unit Grain Train Network Car Unit Train Receivers Shreveport Car Unit Train Loaders 36
37 Our Agriculture Network Ethanol 74 terminals served 25 production plants in service territory 2.4 billion production gallons annually, 16% of U.S. demand E15 long term growth Carload Growth 124% Yr % Yr Three new NS Terminals Opening in VA, TN and PA 37
38 NS Agriculture Network Flows Volume % Change YTD thru May vs Ethanol (4%) Corn (8%) Soybeans 35% Sweeteners 5% Fertilizer (9%) Other (1%) % of NS Agriculture 2010 Revenue Corn 18% Soybeans 4% Sweeteners 12% Fertilizers 10% Ethanol 16% Other 40% 38
39 Our Intermodal Network Intermodal Extensive distribution network 10 Year CAGR Revenue 4.8% 97% of network cleared for doublestack Public/private partnerships Investment in key corridors and equipment % of NS Intermodal 2010 Revenue Triple Crown 18% Premium 11% Terminal network supports East Coast and West Coast flows International 29% Domestic 42% 39
40 U.S. Intermodal Year-over-Year Change in Units Since 2009 % Change in Units Y-o-Y Domestic International 40% 30% 20% 10% 0% -10% -20% -30% -40% Source: IANA Jan Mar May Jul Sep Nov Jan Mar May Jul Sep Nov Jan Mar
41 NS Domestic and International Intermodal Long-Term Growth Units Domestic Units International Units 600, , , , , ,000 0 Source: NS traffic data 41
42 Import/Export TEU Projections are Strong 40,000,000 35,000,000 30,000,000 25,000,000 20,000,000 15,000,000 10,000,000 5,000,000 0 Imports 2015 vs. 2010: +5.5 M units, +34% Imports (U.S. TEUs) Exports (U.S. TEUs) Source: TTX, 04/08/11 42
43 Key Intermodal Corridors PanAm Southern Corridor Premier Route Heartland Corridor Corridors Volume % Change 2011 YTD thru May vs Crescent Corridor Meridian Speedway Heartland Corridor 13% 164% Meridian Speedway Central Florida PanAm Southern Crescent Corridor 3% 32% Premier Route 10% 43 Central Florida 19%
44 Key Intermodal Corridors Meridian Speedway JV with KCS NS investment of $300 million Meridian Speedway Fastest route LA to Atlanta (4 days) Volume up 13% YTD thru May Domestic and international growth
45 Key Intermodal Corridors Heartland Corridor Heartland Corridor Completed in Sept Total investment $191 million (NS 51%, 49% public) Meridian Speedway Reduced over 200 route miles Volume up 164% YTD thru May 2011 Port, corridor, and terminals ready for big ships NOW 45
46 Key Intermodal Corridors PanAm Southern Corridor PanAm Southern Corridor Heartland Corridor JV with PanAm Railway Initial investment $140 million 46 Meridian Speedway Direct access to Boston & New England markets Volume up 3% YTD thru May 2011 Mechanicville / Albany terminal under construction Efficient intermodal terminal at Ayer, MA
47 Key Intermodal Corridors PanAm Southern Corridor Meridian Speedway Crescent Corridor Heartland Corridor Crescent Corridor Largest NS corridor project Total investment $599 million (NS 55%, public 45%) Targets I-81 and I-40 truck corridors Volume up 32% YTD thru May new terminals under construction
48 NS Intermodal Terminal Expansion Update Terminal Ground Breaking Date Completion Date Annual Volume Capability (Lifts) Mechanicville, NY July 2010 Spring ,000 Greencastle, PA October 2010 Fall ,000 Memphis, TN January 2011 Fall ,000 Birmingham, AL June 2011 Fall ,000 Charlotte, NC Summer 2011 Summer ,000 48
49 NS Intermodal Network Flows Volume % Change YTD thru May vs Domestic 17% International 2% Chicago Harrisburg % of NS Intermodal 2010 Revenue Triple Crown 18% International 29% Premium 11% Domestic 42% Atlanta Golden Triangle volume represents approx. 90% of total NS Intermodal volume 49
50 Long-Term Business Focus and Strategy Market and volume growth across all markets Collaboration with supply chain partners in support of manufacturing resurgence Collaboration with key global trade partners in support of continued international bulk and intermodal growth Strategic investments in network and terminals to support profitable growth Pricing to the market, exceeding rail inflation 50
51 Thank You 51
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