CSX Corporation presented at the BB&T Transportation Conference on February 15, 2006. CSX discussed its financial and operational strategies for 2006, which aim to deliver shareholder value through profitable growth and margin expansion. CSX also reviewed its strong financial performance in recent years, achieved through yield improvement, productivity gains, and an improving operating culture. Going forward, CSX expects steady double-digit growth in operating income, earnings, and free cash flow through 2010.

1. CSX Corporation
BB&T Transportation Conference
February 15, 2006

2. Forward Looking Disclosure Statement
This presentation and other statements by the Company contain forward-looking statements within the
meaning of the Private Securities Litigation Reform Act with respect to, among other items: projections
and estimates of earnings, revenues, cost-savings, expenses, or other financial items; statements of
management’s plans, strategies and objectives for future operation, and management’s expectations as
to future performance and operations and the time by which objectives will be achieved; statements
concerning proposed new products and services; and statements regarding future economic, industry or
market conditions or performance. Forward-looking statements are typically identified by words or
phrases such as “believe,” “expect,” “anticipate,” “project,” and similar expressions. Forward-looking
statements speak only as of the date they are made, and the Company undertakes no obligation to
update or revise any forward-looking statement. If the Company does update any forward-looking
statement, no inference should be drawn that the Company will make additional updates with respect to
that statement or any other forward-looking statements.
Forward-looking statements are subject to a number of risks and uncertainties, and actual performance
or results could differ materially from that anticipated by these forward-looking statements. Factors that
may cause actual results to differ materially from those contemplated by these forward-looking
statements include, among others: (i) the Company’s success in implementing its financial and
operational initiatives, (ii) changes in domestic or international economic or business conditions,
including those affecting the rail industry (such as the impact of industry competition, conditions,
performance and consolidation); (iii) legislative or regulatory changes; (iv) the inherent business risks
associated with safety and security; and (v) the outcome of claims and litigation involving or affecting the
Company. Other important assumptions and factors that could cause actual results to differ materially
from those in the forward-looking statements are specified in the Company’s SEC reports, accessible on
the SEC’s website at www.sec.gov and the Company’s website at www.csx.com. 2

3. For 2006, our core strategies remain intact as
the foundation for delivering value
Shareholder Value Creation
Profitable Growth Margin Expansion
Revenue Operational Performance
Impact Discipline Culture
Core Strategies
3

4. Those strategies have improved the
company’s earning power significantly
Surface Transportation Operating Income in Billions
Rolling Twelve Months
$1.5
$1.4
$1.3
$1.2
$1.1
$1.0
$1.0
$0.9
Q1 2004 Q2 2004 Q3 2004 Q4 2004 Q1 2005 Q2 2005 Q3 2005 Q4 2005
Note: Excludes 2003 provision for casualty claims, and 2003 and 2004 management restructuring charge
4

5. The strong pricing environment and
contribution focus have improved yields
Revenue Per Unit
Year-Over-Year Improvement
11.1%
9.7% 9.3%
8.6%
7.8%
6.6%
2.4%
0.1%
Q1 2004 Q2 2004 Q3 2004 Q4 2004 Q1 2005 Q2 2005 Q3 2005 Q4 2005
Note: Second quarter 2005 excludes a benefit from a rate case settlement
5

6. Yields, productivity and an improving
culture have driven the operating ratio
Surface Transportation
Operating Ratio
89.3%
87.1%
85.5%
85.2%
83.3% 83.0%
81.3%
80.5%
Q1 2004 Q2 2004 Q3 2004 Q4 2004 Q1 2005 Q2 2005 Q3 2005 Q4 2005
Note: The first three quarters of 2004 exclude management restructuring charges
6

7. Going forward, CSX expects steady
double-digit growth through 2010
2006 – 2010 CAGR
Operating Income 10% – 12%
Earnings 12% – 14%
Free Cash Flow 10% – 12%
Operating Ratio Mid 70’s
Return on Invested Capital Meet or Exceed COC
7

8. Safety momentum remains strong
FRA Personal Injury FRA Train Accident
Rolling 12-Month Average Rolling 12-Month Average
Injuries / 200,000 Man Hours Accidents / MM Train Miles
1.16 3.42
Six Week Six Week
2.29
4.79
Average Average
4.72
2.13
2.04
4.43
1.91 4.32
1.71 1.65 3.99
3.78
Q4 Q1 Q2 Q3 Q4 1QTD Q4 Q1 Q2 Q3 Q4 1QTD
2004 2005 2005 2005 2005 2006 2004 2005 2005 2005 2005 2006
8

9. ONE Plan is gaining traction;
on-time performance is improving
On-Time Originations On-Time Arrivals
Rolling 12-Month Average Rolling 12-Month Average
43.0%
54.3%
40.9%
40.1%
51.1% 39.6%
50.3% 50.3% 38.9%
38.4%
49.0%
75% 62%
48.2%
Six Week Six Week
Average Average
Q4 Q1 Q2 Q3 Q4 1QTD Q4 Q1 Q2 Q3 Q4 1QTD
2004 2005 2005 2005 2005 2006 2004 2005 2005 2005 2005 2006
9

10. ONE Plan is gaining traction;
Dwell and cars-on-line are stable
Dwell Time (Hours) Cars-On-Line
Rolling 12-Month Average Rolling 12-Month Average
27.1 225K
Six Week Six Week
Average Average
234,132 233,876
29.7 29.7
29.6 29.4
29.3
28.7 232,172
234,165
233,271 233,118
Q4 Q1 Q2 Q3 Q4 1QTD Q4 Q1 Q2 Q3 Q4 1QTD
2004 2005 2005 2005 2005 2006 2004 2005 2005 2005 2005 2006
10

11. ONE Plan is gaining traction;
velocity to improve with Gulf restored
Velocity (mph) 20.1
Six Week
Rolling Twelve Months Average
20.3
19.9 19.8 19.7
19.3
19.2
Q4 2004 Q1 2005 Q2 2005 Q3 2005 Q4 2005 1QTD 2006
11

12. Competitor yields are accelerating,
implying continued opportunity
Year-Over-Year Growth in Revenue Per Unit
18%
16%
15%
13%
11%
11%
12%
9%
6%
3%
0%
CSX NSC BNI UNP
3Q 2004 4Q 2004 1Q 2005 2Q 2005 3Q 2005 Q4 2005
12

13. Volume growth will reflect continued
focus on higher margin traffic
2006 Volume Growth and Contribution
Intermodal Coal Merchandise Auto
Volume Growth Long-term Contribution
13

14. That focus drove a 63% increase in
intermodal operating income in 2005
2003-2005 Intermodal Profitability
Dollars in Millions
91.2%
$248
88.7%
$152
$110 81.8%
2003 2004 2005
Operating Income Operating Ratio
14

15. Intermodal volume growth will be
concentrated in key service lanes
• On-time performance provides
foundation for growth
Syracuse
Buffalo Boston
– Chicago-Florida 80%
Detroit
– Chicago-Northeast 90%
New York
Chicago Cleveland
Philadelphia
– Northeast-Florida 90%
Columbia Baltimore
Cincinnati
St Louis Evansville Portsmouth
• Key service lanes have train
Charlotte
capacity to handle growth
Nashville
Memphis
Atlanta
Charleston
• Trucking capacity is expected
Savannah
to remain tight
Mobile
Jacksonville
New Orleans
Tampa Intermodal Terminals
Miami
Priority Intermodal Corridors 15

16. Coal volume growth is expected
to remain strong
• Stockpiles remain low
Syracuse
• Utility demand remains strong
Buffalo Boston
New York
Chicago Cleveland
• Car utilization is improving
Philadelphia
Baltimore
• New plants being served
St Louis Portsmouth
• Western coal use to increase
Memphis
Charleston
Savannah
Jacksonville
New Orleans
Tampa Coal-fired Utilities
Coal Reserves
Miami
16

17. The strong economy is expected
to drive Merchandise growth
Merchandise Revenue • Manufacturing remains strong
$4.2 Billion
• Plastics production increasing
10%
26%
• Customer service is improving
13%
– Supports long-term growth
– Drives increased utilization
14% 12%
8%
17% Chemicals Emerging Markets Metals
Forest Products Phosphates & Fertilizers Agriculture Food & Consumer
17

18. Automotive volume growth will
be limited near-term
• Light vehicle production
expected to be flat
Syracuse
Buffalo Boston
• Traditional Big-3 expected to
Detroit
continue losing market share
New York
Chicago Cleveland
Philadelphia
Columbia Baltimore
Cincinnati
• Production at the CSX-served
St Louis Evansville Portsmouth
Hyundai plant is increasing
Charlotte
Nashville
Memphis
• Long-term strategy continues
Atlanta
Charleston
to focus on “new domestics”
Savannah
Jacksonville
New Orleans
Big-3 Assembly Plants
Tampa
“New Domestics” Assembly Plants
Miami Distribution Centers
18

19. Industrial development will
further drive long-term growth
Merchandise
Ethanol facilities
Feed mills
Syracuse
Buffalo Boston Aggregates facilities
Detroit
Plastics plants
New York
Chicago Cleveland
Philadelphia
Coal
Columbia Baltimore
New projects
St Louis Portsmouth
Intermodal
Nashville
Port developments
Memphis
Atlanta
Logistics centers
Charleston
Savannah
Automotive
Jacksonville
New Orleans
Assembly plant
Tampa
Supplier facility
Miami
19

20. To support growth, increased capital
expands capacity along key corridors
Surface Transportation 2006 Capital Spending
Capital Spending in Millions
53%
$1,420
$1,055
$960
15%
14% 18%
Infrastructure New Capacity
2004 2005* 2006* Locomotive Cars & Other
Note: 2005 and 2006 excludes capital spending relating to Katrina
20

21. The investment will leverage the rich
northeast and growing southeast markets
1994-2004 Income Growth
2004 Income
Chicago
Chicago
New York
New York
Jacksonville
Jacksonville
New Orleans
New Orleans
LT 5%
LT $50B Miami
Miami
5.0% – 5.5%
$51B – $150B
5.6% – 6.0%
$151 – $250B
GT 6.0%
GT $250B
21
Source: Bureau of Economic Analysis

22. Sixty projects are scheduled through 2007;
first twenty are already underway
Albany to
Albany
New York
Chicago New York
2 Locations
Terre Haute Terre Haute
To Nashville Nashville
10 Locations Waycross
Atlanta
To Atlanta
Waycross
8 Locations
New Orleans
22
Miami

23. Of the first twenty, eight are focused
between Atlanta and Waycross
Capacity Expansion Projects
Lily, GA
Atlanta, GA – Waycross, GA
Rock Spur, GA
Rock Spur, GA Upton, GA
Upton, GA Third Quarter 2006
Woodbury, GA
Woodbury, GA
Fourth Quarter 2006
Bartlett, GA
Ambrose, GA
Ambrose, GA Jacksonville
Haywood, GA
Haywood, GA
Waycross, GA
23

24. Another ten will be completed this year
between Terre Haute and Nashville
Capacity Expansion Projects
Terre Haute, IN – Nashville, TN
Chicago
Third Quarter 2006
Carlisle, IN
Carlisle, IN Smith, IN
Fourth Quarter 2006
Hazelton, IN
Hazelton, IN
Rankin, KY
Rankin, KY
Rankin, KY Casky,, KY
Casky
Staughters, KY
Staughters, KY
Cedar Hill, TN
Trenton, KY
Trenton, KY
Goodlettsville, TN
Goodlettsville, TN
24

25. In addition, two projects will be completed
between Albany and New York
Capacity Expansion Projects
Albany, NY – New York, NY
Third Quarter 2006
Fourth Quarter 2006
Albany
West Park, NY
Fort Montgomery, NY Newark / New York
25

26. Transportation demand is at record
levels, with further growth expected
Transportation Services Index Transportation Demand
Indexed: 2000=100 Indexed: 2000=100
120 125
110 115
100 105
90 95
80 85
70 75
60 65
2000 2002 2004 2006 2008 2010
1990 1993 1996 1999 2002 2005
Sources: Bureau of Transportation Statistics and Association of State Highway and Transportation Officials
26

27. More consumption is being sourced through
imports, extending the supply chain
U.S. Consumption U.S. Production and Imports
2000 Dollars in Trillions Indexed: 2000=100
$10 180
U.S. Imports
$9 160
U.S. Industrial Production
$8 140
$7 120
100
$6
80
$5
60
$4
2000 2002 2004 2006 2008 2010
2000 2002 2004 2006 2008 2010
Source: Global Insights
27

28. The competitive environment
supports the Rail Renaissance
Intercity Freight Revenue
• The trucking industry is faced
Dollars in Billions
with several challenges
$525
$450
– Congested highways
$375
– Labor shortages $300
– New hour of service laws $225
– Rising fuel costs $150
$75
$0
• Rail-truck partnerships bridge
'60 '70 '75 '80 '85 '90 '95 '00 '05
those challenges, creating value
Est
for both
Rail Truck
Source: Eno Transportation
28

29. Yet rail stocks continue to trade
at a discount to the S&P 500
Price-to-Earnings Ratios by Industry
23.1
Healthcare
19.4
Industrials
18.7
Transportation
17.9
S&P 500
17.4
Utilities
17.0
Telecom
15.9
Railroads
Note: Reflects closing January stock prices and LTM earnings per share
29

30. CSX’s price-to-earnings ratio
has room for improvement
Price-to-Earnings Ratios
18.4
16.9
16.7
15.3
15.2
14.4
CSX NSC CP CNI BNI UNP
Note: Reflects closing January stock prices and 2006 First Call earnings estimate
30

31. CSX’s commitment towards achieving its
targets will drive that improvement
Evolving Investment Thesis 2006-2010 Targets
• Operating ratio Commitment • Mid – 70’s
• Economic cycle Commitment • Grow through the cycle
• Cost of capital Commitment • Meet or exceed COC
• Long-term growth Commitment • Double-digit growth
31

32. CSX Corporation
BB&T Transportation Conference
February 15, 2006