NORFOLK SOUTHERN CORP

Ticker: NSC CUSIP: 655844108 Class: COM

STATE OF MICHIGAN RETIREMENT SYSTEM's Holding History (CIK: 0000762152)

Note: Option positions (PUT/CALL) are excluded.

Q4 2025

Shares 58,790 Value ($000) $16,974 Avg Close $288.62 Range $277.08 - $300.79

Q3 2025

Shares 60,690 Value ($000) $18,232 Avg Close $276.03 Range $252.95 - $299.47

Q2 2025

Shares 61,290 Value ($000) $15,688 Avg Close $233.06 Range $198.48 - $255.81

Q1 2025

Shares 61,390 Value ($000) $14,540 Avg Close $239.35 Range $222.00 - $264.36

Q4 2024

Shares 61,390 Value ($000) $14,408 Avg Close $248.46 Range $225.19 - $271.79

Q3 2024

Shares 61,590 Value ($000) $15,305 Avg Close $233.00 Range $204.24 - $253.86

Q2 2024

Shares 61,890 Value ($000) $13,287 Avg Close $224.21 Range $200.19 - $246.91

Q1 2024

Shares 61,890 Value ($000) $15,774 Avg Close $237.76 Range $214.83 - $253.85

Q4 2023

Shares 61,890 Value ($000) $14,630 Avg Close $200.12 Range $174.02 - $227.48

Q3 2023

Shares 62,190 Value ($000) $12,247 Avg Close $205.00 Range $184.44 - $225.83

Q2 2023

Shares 62,590 Value ($000) $14,193 Avg Close $200.25 Range $185.68 - $215.05

Q1 2023

Shares 62,590 Value ($000) $13,269 Avg Close $216.72 Range $184.28 - $242.90

Q4 2022

Shares 62,890 Value ($000) $15,497 Avg Close $220.43 Range $189.06 - $244.31

Q3 2022

Shares 63,590 Value ($000) $13,332 Avg Close $222.85 Range $194.58 - $245.30

Q2 2022

Shares 64,290 Value ($000) $14,612 Avg Close $226.47 Range $202.60 - $262.57

Q1 2022

Shares 60,490 Value ($000) $17,253 Avg Close $252.93 Range $227.90 - $273.69

Q4 2021

Shares 61,311 Value ($000) $18,253 Avg Close $255.22 Range $218.02 - $273.89

Q3 2021

Shares 62,011 Value ($000) $14,836 Avg Close $233.46 Range $217.60 - $249.27

Q2 2021

Shares 62,911 Value ($000) $16,697 Avg Close $250.29 Range $237.13 - $267.99

Q1 2021

Shares 63,211 Value ($000) $16,973 Avg Close $228.85 Range $207.42 - $247.83

Q4 2020

Shares 63,911 Value ($000) $15,186 Avg Close $204.73 Range $176.03 - $223.49

Q3 2020

Shares 65,111 Value ($000) $13,933 Avg Close $179.92 Range $151.06 - $201.91

Q2 2020

Shares 65,411 Value ($000) $11,484 Avg Close $150.98 Range $121.35 - $179.10

Q1 2020

Shares 59,749 Value ($000) $8,723 Avg Close $163.63 Range $100.01 - $194.41

Q4 2019

Shares 63,049 Value ($000) $12,240 Avg Close $165.56 Range $146.52 - $174.77

Q3 2019

Shares 63,349 Value ($000) $11,381 Avg Close $161.51 Range $148.22 - $182.44

Q2 2019

Shares 63,649 Value ($000) $12,687 Avg Close $173.34 Range $164.54 - $184.28

Q1 2019

Shares 77,049 Value ($000) $14,400 Avg Close $150.47 Range $124.50 - $164.26

Q4 2018

Shares 77,949 Value ($000) $11,656 Avg Close $142.35 Range $120.21 - $160.07

Q3 2018

Shares 83,449 Value ($000) $15,063 Avg Close $147.16 Range $128.72 - $161.27

Q2 2018

Shares 83,649 Value ($000) $12,620 Avg Close $125.28 Range $109.19 - $136.18

Q1 2018

Shares 83,649 Value ($000) $11,358 Avg Close $122.67 Range $112.62 - $133.63

Q4 2017

Shares 83,849 Value ($000) $12,150 Avg Close $113.99 Range $106.48 - $124.43

Q3 2017

Shares 87,449 Value ($000) $11,564 Avg Close $102.71 Range $93.81 - $113.26

Q2 2017

Shares 95,249 Value ($000) $11,592 Avg Close $98.76 Range $93.02 - $105.49

Q1 2017

Shares 95,449 Value ($000) $10,687 Avg Close $97.78 Range $88.22 - $104.69

Q4 2016

Shares 95,449 Value ($000) $10,315 Avg Close $83.99 Range $74.46 - $92.84

Q3 2016

Shares 102,405 Value ($000) $9,939 Avg Close $75.16 Range $68.43 - $80.53

Q2 2016

Shares 102,705 Value ($000) $8,743 Avg Close $69.72 Range $63.83 - $76.86

Q1 2016

Shares 102,705 Value ($000) $8,550 Avg Close $61.54 Range $52.69 - $70.78

Q4 2015

Shares 102,105 Value ($000) $8,637 Avg Close $69.12 Range $61.01 - $79.94

Q3 2015

Shares 108,805 Value ($000) $8,313 Avg Close $65.12 Range $57.94 - $70.74

Q2 2015

Shares 118,205 Value ($000) $10,326 Avg Close $77.43 Range $69.21 - $84.64

Q1 2015

Shares 118,605 Value ($000) $12,207 Avg Close $84.19 Range $78.29 - $88.38

Q4 2014

Shares 127,505 Value ($000) $13,976 Avg Close $85.81 Range $79.24 - $92.28

Q3 2014

Shares 126,905 Value ($000) $14,163 Avg Close $82.62 Range $77.74 - $88.50

Q2 2014

Shares 126,905 Value ($000) $13,075 Avg Close $76.02 Range $70.92 - $81.20

Q1 2014

Shares 126,405 Value ($000) $12,283 Avg Close $71.41 Range $66.84 - $75.69

Q4 2013

Shares 125,605 Value ($000) $11,660 Avg Close $65.71 Range $58.01 - $71.47

Q3 2013

Shares 126,905 Value ($000) $9,816 Avg Close $56.99 Range $54.14 - $60.17

Q2 2013

Shares 128,005 Value ($000) $9,300 Avg Close $57.67 Range $53.20 - $61.33

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2025	58,790	$16,974	$288.62	$277.08 - $300.79
Q3 2025	60,690	$18,232	$276.03	$252.95 - $299.47
Q2 2025	61,290	$15,688	$233.06	$198.48 - $255.81
Q1 2025	61,390	$14,540	$239.35	$222.00 - $264.36
Q4 2024	61,390	$14,408	$248.46	$225.19 - $271.79
Q3 2024	61,590	$15,305	$233.00	$204.24 - $253.86
Q2 2024	61,890	$13,287	$224.21	$200.19 - $246.91
Q1 2024	61,890	$15,774	$237.76	$214.83 - $253.85
Q4 2023	61,890	$14,630	$200.12	$174.02 - $227.48
Q3 2023	62,190	$12,247	$205.00	$184.44 - $225.83
Q2 2023	62,590	$14,193	$200.25	$185.68 - $215.05
Q1 2023	62,590	$13,269	$216.72	$184.28 - $242.90
Q4 2022	62,890	$15,497	$220.43	$189.06 - $244.31
Q3 2022	63,590	$13,332	$222.85	$194.58 - $245.30
Q2 2022	64,290	$14,612	$226.47	$202.60 - $262.57
Q1 2022	60,490	$17,253	$252.93	$227.90 - $273.69
Q4 2021	61,311	$18,253	$255.22	$218.02 - $273.89
Q3 2021	62,011	$14,836	$233.46	$217.60 - $249.27
Q2 2021	62,911	$16,697	$250.29	$237.13 - $267.99
Q1 2021	63,211	$16,973	$228.85	$207.42 - $247.83
Q4 2020	63,911	$15,186	$204.73	$176.03 - $223.49
Q3 2020	65,111	$13,933	$179.92	$151.06 - $201.91
Q2 2020	65,411	$11,484	$150.98	$121.35 - $179.10
Q1 2020	59,749	$8,723	$163.63	$100.01 - $194.41
Q4 2019	63,049	$12,240	$165.56	$146.52 - $174.77
Q3 2019	63,349	$11,381	$161.51	$148.22 - $182.44
Q2 2019	63,649	$12,687	$173.34	$164.54 - $184.28
Q1 2019	77,049	$14,400	$150.47	$124.50 - $164.26
Q4 2018	77,949	$11,656	$142.35	$120.21 - $160.07
Q3 2018	83,449	$15,063	$147.16	$128.72 - $161.27
Q2 2018	83,649	$12,620	$125.28	$109.19 - $136.18
Q1 2018	83,649	$11,358	$122.67	$112.62 - $133.63
Q4 2017	83,849	$12,150	$113.99	$106.48 - $124.43
Q3 2017	87,449	$11,564	$102.71	$93.81 - $113.26
Q2 2017	95,249	$11,592	$98.76	$93.02 - $105.49
Q1 2017	95,449	$10,687	$97.78	$88.22 - $104.69
Q4 2016	95,449	$10,315	$83.99	$74.46 - $92.84
Q3 2016	102,405	$9,939	$75.16	$68.43 - $80.53
Q2 2016	102,705	$8,743	$69.72	$63.83 - $76.86
Q1 2016	102,705	$8,550	$61.54	$52.69 - $70.78
Q4 2015	102,105	$8,637	$69.12	$61.01 - $79.94
Q3 2015	108,805	$8,313	$65.12	$57.94 - $70.74
Q2 2015	118,205	$10,326	$77.43	$69.21 - $84.64
Q1 2015	118,605	$12,207	$84.19	$78.29 - $88.38
Q4 2014	127,505	$13,976	$85.81	$79.24 - $92.28
Q3 2014	126,905	$14,163	$82.62	$77.74 - $88.50
Q2 2014	126,905	$13,075	$76.02	$70.92 - $81.20
Q1 2014	126,405	$12,283	$71.41	$66.84 - $75.69
Q4 2013	125,605	$11,660	$65.71	$58.01 - $71.47
Q3 2013	126,905	$9,816	$56.99	$54.14 - $60.17
Q2 2013	128,005	$9,300	$57.67	$53.20 - $61.33