2015 SUSTAINABILITY REPORT

Governance — strategic approach

Norfolk Southern recognizes that good corporate governance is the foundation for achieving the company’s vision to be the safest, most customer-focused, and successful transportation company in the world. Maintaining the company’s good name and reputation is essential to ongoing business success.

Employees and members of the board of directors are held to the highest standards of ethical behavior in the workplace, the marketplace, and the communities we serve. Expectations for behavior are spelled out clearly in the company’s SPIRIT values and in the Thoroughbred Code of Ethics. The railroad’s six core SPIRIT values — Safety, Performance, Integrity, Respect, Innovation, and Teamwork — are fundamental to everything we do. The Thoroughbred Code guides business conduct and relationships with customers, co-workers, shareholders, suppliers, competitors, and other stakeholders.

Guided by these core ethical principles, the railroad serves customers to the best of our ability while creating long-term economic, environmental, and social value.