CSX : Code of Ethics (Code of Ethics 6253b9)

CSX ETH ICS HELPLINE: 800-737-1663

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Act With Integrity: Always Do the Right Things

0 C T 0 B E R 2 0 2 5

A Message from Our President and Chief Executive Officer

CSX Team,

Of all the qualities that define the success of an individual or a company, none is more

important than ethical behavior.

It is the foundation of trust - trust among colleagues, with our customers and shareholders, and with the communities we serve.

At CSX, ethics means acting with integrity, being transparent in our decisions, and showing respect by valuing every person's contribution. These principles

are at the core of ONE CSX and are essential to operating safely, serving reliably, and growing sustainably.

For a railroad, trust and safety go hand in hand. Our work depends on trust that rules will be followed, risks will

be reported, and that every railroader is committed to protecting one another and the communities we serve.

Often, the right course of action is clear. But when it's not, our Code of Ethics exists to guide us. If you ever encounter questionable behavior, I urge you to speak up, whether

by talking with a supervisor or using the CSX Ethics Help Line. And know this: retaliation has no place at CSX.

We are committed to protecting anyone who raises a good-faith concern.

The strength of CSX lies in its people. In recent years, you demonstrated resilience, professionalism, and

compassion - supporting communities after devastating storms, advancing our SAFE CSX culture, and achieving new milestones in sustainability. These accomplishments are a testament to your commitment to doing the right thing, every time.

But ethi0s require daily practice. Every decision we make must reflect integrity, transparency, and respect. That's how we will lead our industry ill safety, service, and sustainability. It's how we will build a stronger future for our customers, shareholders, communities, and each other. This is how we become the nation's best-run railroad.

Thank you for everything you do every day for CSX. Together, I know we will achieve great things.

Steve Angel

CSX President and Chief Executive Officer

02

The CSX Guiding

Principles

IMPROVE CUSTOMER SERVICE

Do what we say we are going to do. Know your customer and understand how you can drive value. Proactively communicate at all times including when we cannot meet our commitments.

CONTROL COSTS

Eliminate unnecessary steps that add complexity and costs.

The Guiding Principles are the core tenets of how CSX runs an effective railroad - one that meets customers' needs, makes a profit and provides a safe and rewarding work

environment for employees.

Improve Customer Service Control Costs

Optimize Asset Utilization Operate Safely

Value and Develop Employees

OPTIMIZE ASSET UTILIZATION

Do more with less by maximizing the value of our assets through increased transit speed and lower dwell.

OPERATE SAFELY

Maintain 100% compliance with safety and operating rules 100% of the time to protect our employees, our customers' freig ht, and the communities in which we operate.

VALUE AND DEVELOP EMPLOYEES

Act with integrity, make sure employees know what is expected of them and reward them when they do the right things, and always strive to get better.

Table of Contents

A Message from Steve Angel

The CSX Guiding Principles

Our Responsibilities

2 To One Another 15

Engagement and Inclusion 15

A Harassment-Free Workplace 17

Safety and Security 19

Our Responsibilities To Protect Information and Assets

Responsible Use of

Our Assets and Property

Our Responsibilities To Comply with the Law

33 Working with the Government 47

Antitrust and Fair Competition 51

33

Anti-Bribery and

Meeting Our Responsibilities -Applying The Guiding Principles 7

How to Use Our Code

Preventing Workplace

Violence 20

Drug and Alcohol Use 20

Fraud and Theft 33

Employee Travel and Expenses 3s Financial Reporting and

Combatting Corruption 53

Insider Trading 55

Business Across Borders 57

Who Must Follow Our Code 8

Value and Develop Employees 8

Additional Responsibilities

of Leadership 9

Using Good Judgment,

Making Good Decisions 10

Accountability 11

Speaking Up 11

The CSX Ethics Helpline 11

No Retaliation 13

Security Awareness 20

Protecting Privacy 23

Our Responsibilities

To Our Business Partners 25

Working with Our

External Business Partners 25

Conflicts of Interest 27

Outside Employment

and Financial Interests 29

Corporate Opportunities 29

Family and Friends 29

Directorships 29

Gifts and Entertainment 31

Accurate Recordkeeping

Safeguarding Confidential Information

Acquiring Competitive Information

Communicating with the Public and the Media

Using Social Media Artificial Intelligence

37

39 Our Responsibilities

To Our Neighbors 59

1. Community Safety 59

   Community Involvement 60

2. Environmental Stewardship 61

3. Political Activities 63

45

Important Contacts 65

Meeting Our Responsibilities -Applying the Guiding Principles

HOW TO USE OUR CODE

Our Code of Ethics is designed to build on the Guiding Principles and give you the tools and the resources you need to preserve CSX's ethical culture. This is your resource for information about our company's policies and expectations.

While the Code cannot provide the answer

Nothing in this Code is intended to prohibit or interfere with your

right to participate as a complainant or witness in a governmental

agency investigation including any activities protected under the whistleblower provisions of applicable law or regulations, during which communications

can be made without authorization

or notification to the company.

Our Code reflects the Guiding Principles and our dedication to integrity in

everything we do.

to every ethics and compliance question that may arise in your day-to-day work, it can help you determine the appropriate next steps and guide you to someone who can help. To view the policies referenced in this document, visit the Employee Gateway. Policies are located under CSX Company Information.

Our Internal Audit & Compliance Department oversees both our Code and our Ethics and Compliance Program. Their team helps ensure that our company is meeting our legal and regulatory obligations and that our employees are complying with company policies

and procedures.

WHO MUST FOLLOW OUR CODE

Everyone at all levels of our company has a responsibility to know and follow our Code, including:

• All employees and officers of CSX and its wholly-owned subsidiaries.

• All members of the CSX Board of Directors.

Third parties conducting business with or on behalf of CSX can have a direct impact on our reputation through their behavior. For this reason, we want to work with business partners that share our commitment to safety, ethics and compliance. We expect our business partners and their employees to act in a way that is consistent with our Code. We will take the appropriate measures where we believe they have not met our high standards or their

contractual obligations.

Waivers of our Code for CSX Board members or executive officers must be approved by the Board and promptly disclosed to shareholders along with the reasons for the waiver.

VALUE AND DEVELOP EMPLOYEES

At CSX, we act with integrity. We make sure employees know what is expected of them and reward them when they do the rig ht things, and always strive to get better. Each of us must take responsibility to act in a safe and

ethical manner that is always consistent with the law, regulations and the

Guiding Principles. Our responsibilities also include the following:

Knowing the information in this Code and company policies, paying particular attention to the topics that pertain to your job responsibilities.

Seeking help if you are ever unsure

of the rig ht course of action and raise concerns about any violations of our Code that you see or suspect.

Treating others with respect and dignity.

Remembering that no one, at any level of the company, has the authority to tell you to do something illegal or unethical.

Never Retaliating against anyone who makes a good faith report of suspected misconduct.

Cooperating fully and honestly in any internal investigations of misconduct.