Filed Pursuant to Rule 433
Free Writing Prospectus
Registration Statement No. 333-252723

Pricing Term Sheet
Dated as of January 26, 2023

Norfolk Southern Corporation

$500,000,000 4.450% Senior Notes due 2033

The following information, which should be read in conjunction with the Preliminary Prospectus Supplement dated January 26, 2023 (the “Preliminary Prospectus Supplement”), supplements, and to the extent it is inconsistent with replaces, the information set forth in the Preliminary Prospectus Supplement.


Issuer:   Norfolk Southern Corporation
Format:   SEC Registered
Expected Ratings* (Moody’s/S&P):   Baa1/BBB+
Denominations:   $2,000 x $1,000
Trade Date:   January 26, 2023
Settlement Date:   February 2, 2023 (T+5); under Rule 15c6-1 under the Securities Exchange Act of 1934, trades in the secondary market generally are required to settle in two business days, unless the parties to that trade expressly agree otherwise. Accordingly, purchasers who wish to trade the Notes before the second business day prior to the Settlement Date will be required, by virtue of the fact that the Notes initially will settle on a delayed basis, to specify an alternate settlement cycle at the time of any such trade to prevent a failed settlement, and should consult their own advisors with respect to these matters.
Principal Amount:   $500,000,000
Maturity Date:   March 1, 2033
Benchmark Treasury:   4.125% due November 15, 2032
Benchmark Treasury Price / Yield:   105-06+ / 3.493%
Spread to Benchmark Treasury:   T + 100 basis points
Yield to Maturity:   4.493%
Coupon:   4.450%
Interest Payment Dates:   March 1 and September 1, commencing September 1, 2023
Public Offering Price:   99.650% of the principal amount





Optional Redemption:   Any time at the following redemption price: (i) if the notes are redeemed prior to the date that is three months prior to the Maturity Date, the greater of 100% or the make-whole amount at a discount rate equal to the applicable Treasury Yield (as defined in the Preliminary Prospectus Supplement) plus 15 basis points, and (ii) if the notes are redeemed on or after the date that is three months prior to the Maturity Date, 100%.
CUSIP / ISIN:   655844 CQ9 / US655844CQ90
Joint Book-Running Managers:   Citigroup Global Markets Inc.
Goldman Sachs & Co. LLC
U.S. Bancorp Investments, Inc.
Co-Managers:   Capital One Securities, Inc.
Fifth Third Securities, Inc.
MUFG Securities Americas Inc.
PNC Capital Markets LLC
Siebert Williams Shank & Co., LLC
SMBC Nikko Securities America, Inc.


* Note: A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.


The Issuer has filed a registration statement and a prospectus with the Securities and Exchange Commission (the “SEC”) for the offering to which this communication relates. Before you invest, you should read the prospectus and the related preliminary prospectus supplement and other documents the Issuer has filed with the SEC for more complete information about the Issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at Alternatively, the representatives of the underwriters can arrange to send you the prospectus and related preliminary prospectus supplement if you request it by calling Citigroup Global Markets Inc. at 1-800-831-9146, Goldman Sachs & Co. LLC at 1-866-471-2526, or U.S. Bancorp Investments, Inc. at 1-877-558-2607. This information does not purport to be a complete description of these securities or the offering. Please refer to the preliminary prospectus supplement for a complete description of the securities. This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction to any person to whom it is unlawful to make such offer or solicitation in such jurisdiction.


Any disclaimer or other notice that may appear below is not applicable to this communication and should be disregarded. Such disclaimer or notice was automatically generated as a result of this communication being sent by Bloomberg or another email system.


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