NORFOLK SOUTHERN CORP

Ticker: NSC CUSIP: 655844108 Class: COM

Municipal Employees' Retirement System of Michigan's Holding History (CIK: 0001588873)

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

Q1 2020

Shares 3,730 Value ($000) $545 Avg Close $163.63 Range $100.01 - $194.41

Q4 2019

Shares 3,730 Value ($000) $724 Avg Close $165.56 Range $146.52 - $174.77

Q3 2019

Shares 3,730 Value ($000) $670 Avg Close $161.51 Range $148.22 - $182.44

Q2 2019

Shares 3,700 Value ($000) $738 Avg Close $173.34 Range $164.54 - $184.28

Q1 2019

Shares 8,450 Value ($000) $1,580 Avg Close $150.47 Range $124.50 - $164.26

Q4 2018

Shares 12,280 Value ($000) $1,837 Avg Close $142.35 Range $120.21 - $160.07

Q2 2018

Shares 15,440 Value ($000) $2,329 Avg Close $125.28 Range $109.19 - $136.18

Q1 2018

Shares 13,780 Value ($000) $1,871 Avg Close $122.67 Range $112.62 - $133.63

Q4 2017

Shares 13,780 Value ($000) $1,997 Avg Close $113.99 Range $106.48 - $124.43

Q3 2017

Shares 13,780 Value ($000) $1,822 Avg Close $102.71 Range $93.81 - $113.26

Q2 2017

Shares 15,750 Value ($000) $1,917 Avg Close $98.76 Range $93.02 - $105.49

Q1 2017

Shares 12,000 Value ($000) $1,344 Avg Close $97.78 Range $88.22 - $104.69

Q4 2016

Shares 12,000 Value ($000) $1,297 Avg Close $83.99 Range $74.46 - $92.84

Q3 2016

Shares 9,360 Value ($000) $908 Avg Close $75.16 Range $68.43 - $80.53

Q2 2016

Shares 9,340 Value ($000) $795 Avg Close $69.72 Range $63.83 - $76.86

Q1 2016

Shares 9,160 Value ($000) $763 Avg Close $61.54 Range $52.69 - $70.78

Q4 2015

Shares 9,090 Value ($000) $769 Avg Close $69.12 Range $61.01 - $79.94

Q3 2015

Shares 9,040 Value ($000) $691 Avg Close $65.12 Range $57.94 - $70.74

Q2 2015

Shares 12,120 Value ($000) $1,059 Avg Close $77.43 Range $69.21 - $84.64

Q1 2015

Shares 9,100 Value ($000) $937 Avg Close $84.19 Range $78.29 - $88.38

Q4 2014

Shares 10,700 Value ($000) $1,173 Avg Close $85.81 Range $79.24 - $92.28

Q3 2014

Shares 10,700 Value ($000) $1,194 Avg Close $82.62 Range $77.74 - $88.50

Q2 2014

Shares 10,500 Value ($000) $1,082 Avg Close $76.02 Range $70.92 - $81.20

Q1 2014

Shares 10,500 Value ($000) $1,020 Avg Close $71.41 Range $66.84 - $75.69

Q4 2013

Shares 10,500 Value ($000) $975 Avg Close $65.71 Range $58.01 - $71.47

Q3 2013

Shares 10,500 Value ($000) $812 Avg Close $56.99 Range $54.14 - $60.17

Period	Shares	Value ($000)	Average Close	Price Range
Q1 2020	3,730	$545	$163.63	$100.01 - $194.41
Q4 2019	3,730	$724	$165.56	$146.52 - $174.77
Q3 2019	3,730	$670	$161.51	$148.22 - $182.44
Q2 2019	3,700	$738	$173.34	$164.54 - $184.28
Q1 2019	8,450	$1,580	$150.47	$124.50 - $164.26
Q4 2018	12,280	$1,837	$142.35	$120.21 - $160.07
Q2 2018	15,440	$2,329	$125.28	$109.19 - $136.18
Q1 2018	13,780	$1,871	$122.67	$112.62 - $133.63
Q4 2017	13,780	$1,997	$113.99	$106.48 - $124.43
Q3 2017	13,780	$1,822	$102.71	$93.81 - $113.26
Q2 2017	15,750	$1,917	$98.76	$93.02 - $105.49
Q1 2017	12,000	$1,344	$97.78	$88.22 - $104.69
Q4 2016	12,000	$1,297	$83.99	$74.46 - $92.84
Q3 2016	9,360	$908	$75.16	$68.43 - $80.53
Q2 2016	9,340	$795	$69.72	$63.83 - $76.86
Q1 2016	9,160	$763	$61.54	$52.69 - $70.78
Q4 2015	9,090	$769	$69.12	$61.01 - $79.94
Q3 2015	9,040	$691	$65.12	$57.94 - $70.74
Q2 2015	12,120	$1,059	$77.43	$69.21 - $84.64
Q1 2015	9,100	$937	$84.19	$78.29 - $88.38
Q4 2014	10,700	$1,173	$85.81	$79.24 - $92.28
Q3 2014	10,700	$1,194	$82.62	$77.74 - $88.50
Q2 2014	10,500	$1,082	$76.02	$70.92 - $81.20
Q1 2014	10,500	$1,020	$71.41	$66.84 - $75.69
Q4 2013	10,500	$975	$65.71	$58.01 - $71.47
Q3 2013	10,500	$812	$56.99	$54.14 - $60.17