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  "documentTitle": "Norfolk Southern Corporation (NSC)",
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  "authorName": "Frederick D. DiSanto and James Chadwick",
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  "notes": "Uses a two-column layout to frame the Board's arguments as false and the Slate's plan as fact-based.",
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      "text": "Using conservative assumptions, our plan is forecast to deliver a $420 share price by month 36.",
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      "text": "Our proposed plan will result in storing the oldest and most unreliable engines... Norfolk Southern's average age for in-service locomotives is 28.5 years, which is 3.5 years greater than CSX's average age of 25 years.",
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      "text": "Reduced switching costs from network redesign... Our team was able to remove over 200 million out-of-route miles during the network redesign.",
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      "text": "Our strategy will restore service to competitive levels... with every 18-22 new carloads translating into a new job at the railroad.",
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      "text": "Using conservative assumptions, our plan is forecast to deliver a $420 share price by month 36.",
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      "text": "The Shareholder Slate's \"strategy would require thousands of job cuts, put the franchise at risk, and be detrimental to long-term shareholder value.\"",
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      "text": "The Shareholder Slate's plan is \"not supported by the mathematical reality.\" (Cont.)",
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      "text": "Norfolk Southern has ~15% fewer merchandise volumes and ~12% fewer gross ton miles than CSX.",
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      "text": "Class I railroads have a normal attrition rate of 7% to 8% per year. The only headcount reduction anticipated in our detailed business plan is an assumed 3% attrition rate.",
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      "text": "18 NSC and CSX 2023 10-K filings. 19 R-1 Data, https://www.stb.gov/reports-data/economic-data/annual-report-financial-data/.",
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      "text": "Vote the BLUE Proxy Card TODAY",
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