Stock Symbol: NSC

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Business Description
Norfolk Southern Corp. is engaged in the operation of railroads. The Company controls two major operating railroads, Norfolk and Western Railway Company and Southern Railway Company. Through a jointly owned entity, Norfolk Southern and CSX Corporation own the stock of Conrail Inc., which owns the major freight railroad in the Northeast. As of Dec. 31, 2001, the Company's railroads operated approximately 21,500 miles of road in the states of Alabama, Delaware, Florida, Georgia, Illinois, Indiana, Iowa, Kentucky, Louisiana, Maryland, Michigan, Mississippi, Missouri, New Jersey, New York, North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee, Virginia and West Virginia, and in the Province of Ontario, Canada.

Financial Information
Norfolk Southern Corp. is a holding company engaged principally in the transportation of freight by rail, primarily in the Southeast and Midwest. For the six months ended 6/30/02, revenues decreased 1% to $3.09 billion. Net income from continuing operations increased 22% to $205 million. Revenues reflect weaknesses in several businesses, including paper and forest products, construction materials, and chemicals. Earnings benefitted from lower fuel costs.