2. CSX Corporation
Bear Sterns
Global Transportation Conference
Clarence Gooden
Executive Vice President
Chief Commercial Officer

3. CSX operates the largest rail network in
the eastern United States
• Covers 23,400 route miles in 23 Montreal
states, the District of Columbia,
and two Canadian Provinces
Selkirk Boston
Syracuse
Buffalo
• Serves all major eastern Detroit Newark New York City
Chicago
Toledo
markets and more ports than Willard Harrisburg Philadelphia
Pittsburgh
any other railroad Baltimore
Columbus
Cumberland
Washington D.C.
Indianapolis Cincinnati
Charleston
Huntington
East St. Louis Norfolk
Louisville
• Operates 144 terminals Rocky Mount
Knoxville
Nashville Charlotte
Hamlet
Memphis
• Operates over 100,000 freight Atlanta
Charleston
cars and over 4,000 locomotives Birmingham
Savannah
Montgomery
Waycross
Jacksonville
Pensacola
• Employs 34,000 dedicated New Orleans
individuals Orlando
Tampa West Palm Beach
Miami

4. Earnings improvement stalled in 2003, as
the operating ratio reached 88%
Rail Operating Income Rail Operating Ratio
Dollars in millions
Dollars in millions
90%
90%
$995
$995
88%
88%
87%
87%
$907 $902
$907 $902
86%
86%
$713
$713
2000 2001 2002 2003 2000 2001 2002 2003
2000 2001 2002 2003 2000 2001 2002 2003
Note: Operating income and operating ratio exclude one-time charges

5. Restoring the company’s earnings power
is being driven in three key areas
Revenue Operating Organizational
Impacts Improvements Effectiveness
••Price Leadership
Price Leadership ••Safety
Safety ••Organizational
Organizational
Effectiveness
Effectiveness
••Profitable Growth
Profitable Growth ••Zero-based Plan
Zero-based Plan
Initiative
Initiative
••Offset Inflation
Offset Inflation ••Asset Utilization
Asset Utilization
••Process
Process
••Productivity
Productivity Improvement
Improvement
Teams
Teams

6. The Surface Transportation management
reorganization is now complete
• Management reductions total approximately 900
• Annual savings estimated at $90 million
• Increased accountability across the organization
• Enhanced communication and speed of decision making

7. The CSX One Plan is being developed
to drive productivity
• Why a new operating plan
• What is involved
• The power of ONE
Process improvement will leverage best
practices with greater accountability

8. CSX will improve yield by leveraging our
network and an improving economy
Year-over-year Change in Revenue
Dollars in millions
Dollars in millions
$90
$90
$85
$85 $82
$81 $82
$81
$60
$60
$53
$53
$30
$30 $37
$37
$7
$7 $5 $31
$5 $31
$0
$0
($7) ($29)
($7) ($29)
($30)
($30)
($54)
($54)
($60)
($60)
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2001 2002 2003 2004

9. CSX’s intermodal network provides
coast to coast service
Vancouver
Seattle
Tacoma
Montreal
Portland
Toronto
Syracuse
Chicago Detroit Massachusetts
Buffalo
Cleveland
Indianapolis New York
Columbus
Kansas City
Philadelphia
Cincinnati
Oakland E. St. Louis Evansville Baltimore
Lathrop
Portsmouth
Nashville
Memphis Greensboro
Charlotte
Los Angeles
Greenville
Atlanta Charleston
Dallas Mobile
Savannah
Houston
Jacksonville
New Orleans Orlando
Tampa
Laredo
Miami
Monterrey
Guadalajara
Queretaro CSXI Rail Service Locations
CSXI Trucking Service
Mexico City

10. We continue to expand our market
reach with TRANSFLO

11. We are developing new markets and
converting traffic from other modes

12. CSX’s focus on increasing price has
never been stronger
• Service improvement is underway
• Rail-truck economics have never been better
Rail-truck
• The economy is rebounding
• Favorable STB rulings enhance pricing opportunities
• Revenue growth will offset inflation