1. Second Quarter 2008
Earnings Conference Call
1
Forward-Looking Disclosure
This information 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,” “estimate” 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: http://investors.csx.com/
2

2. Executive Summary
Michael Ward
Chairman, President and
Chief Executive Officer
Second quarter overview . . .
Delivered record revenues,
Second Quarter
operating income and EPS
Earnings Per Share
$0.93
$0.89
Safety and service levels
remain strong
$0.71 $0.71 25%
Increase
Revenue growth strong on
diverse portfolio of business
Operating ratio improves,
overcoming fuel headwind
Reported Comparable
2007 2008
Note: Comparable results exclude income tax benefits
4

3. Operations Review
Tony Ingram
Executive Vice President
Chief Operating Officer
Leadership, discipline and execution
Safety performance remains
near record levels
Service near historical best
Performance
despite challenging conditions Excellence
Service Execution
Service Execution
Productivity gains helping to
offset the cost of inflation Productivity Discipline
Productivity Discipline
Safety Leadership
Safety Leadership
6

4. Helping lead one of the nation’s safest industries
FRA Personal Injury FRA Train Accidents
13 Week 13 Week
Average Average
1.25 2.36
1.32
3.14
1.25 3.06
1.22 1.22
2.86
1.16 2.80
2.73
Q2 Q3 Q4 Q1 Q2 Q2 Q3 Q4 Q1 Q2
2007 2007 2007 2008 2008 2007 2007 2007 2008 2008
Rolling 12-Month Averages
7
Network efficiency resilient in the second quarter
Dwell Time (hours) Velocity (mph)
13 Week 13 Week
Average Average
23.3 hrs 20.0 mph
24.3
20.9 20.9
20.8
23.7
20.4
23.2 20.1
22.8 22.7
Q2 Q3 Q4 Q1 Q2 Q2 Q3 Q4 Q1 Q2
2007 2007 2007 2008 2008 2007 2007 2007 2008 2008
Rolling 12-Month Averages
8

5. On-time performance declines
On-Time Originations On-Time Arrivals
13 Week 13 Week
Average Average
75% 65%
72%
81% 71%
70%
79%
79% 69%
78%
66%
77%
Q2 Q3 Q4 Q1 Q2 Q2 Q3 Q4 Q1 Q2
2007 2007 2007 2008 2008 2007 2007 2007 2008 2008
Rolling 12-Month Averages
9
Customer satisfaction scores remain strong
CSX’s overall rating remains
Customer Satisfaction
near historical high
Overall Score
Satisfaction continues to lead
the peer group average
Rails have significantly
closed the gap with trucks
7.1 6.9
6.4
6.3
Q2 2005 Q2 2006 Q2 2007 Q2 2008
CSX Truck Other Railroads
Note: Results based on an independent third-party study of CSX customers
10

6. On track to deliver targeted productivity gains
2008-2010
Continued focus on service
and efficiency through design Productivity Plan
Fuel Efficiency
Network
Process improvement teams 30%
40%
driving long-term savings
Total Service Integration
takes service to next level
Car & Terminal Locomotive
15% 15%
Targeting over $400 million of productivity benefits through 2010
11
Operations wrap-up . . .
Focused on regaining momentum
Striving for industry leadership in safety and service
Customer satisfaction continues to lead peers
Productivity initiatives delivering value
12

7. Sales and Marketing Review
Clarence Gooden
Executive Vice President
Sales and Marketing
Revenues increased 15% to $2.9 billion
Record quarterly revenues
Second Quarter
Revenue in Millions
Yield management continues
to offset softer volumes
$377 $2,907
Consistent service driving
$2,530
strong revenue growth
Secular strength reflected in
six years of revenue growth
2007 Growth 2008
14

8. Revenue growth is strong across most markets
Second Quarter
Year-Over-Year Revenue Growth
Coal 29%
Agricultural Products 29%
Phosphates & Fertilizers 23%
Metals 15%
Chemicals 15%
Intermodal 12%
Emerging Markets 4%
Revenues impacted by
Food & Consumer 2% the continued softness in
the housing and automotive
Forest Products (1%)
sectors of the economy
Automotive (8%)
15
Price and fuel cost recovery drive RPU growth
Year-Over-Year Change
18.3%
14.4%
10.5%
8.1% 8.0%
6.9%
7.1% 6.8%
6.7%
6.5% 6.5% 6.4%
Q1 2007 Q2 2007 Q3 2007 Q4 2007 Q1 2008 Q2 2008
Price Increase on 'Same Store Sales' Total Revenue per Unit
Note: ‘Same Store Sales’ price increases exclude impacts from fuel and mix
16

9. Merchandise revenue increases 13%
Second Quarter Yield management continues
2008 versus 2007 to offset softer volumes
Continued weakness in
RPU 17%
housing related markets
Volume (4%)
Revenue 13%
Strength in agriculture,
chemicals, metals & fertilizer
2007 Change 2008
RPU $ 1,804 $ 314 $ 2,118
Volume 703 (27) 676
(thousands)
Revenue $ 1,268 $ 164 $ 1,432
(millions)
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Coal revenue increases 29%
Second Quarter Export strength offsets
2008 versus 2007 decline in utility market
Overall pricing environment
RPU 26%
remains favorable
Volume 2%
Revenue 29%
Utility inventories are now
below prior year levels
2007 Change 2008
RPU $ 1,369 $ 358 $ 1,727
Volume 466 11 477
(thousands)
Revenue $ 638 $ 186 $ 824
(millions)
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10. Automotive revenue declines 8%
Second Quarter Softer economy and tight
2008 versus 2007 credit impacting auto sales
Fuel prices causing switch
RPU 19%
from SUV’s to compacts
Volume (23%)
Revenue (8%)
Higher yields reflect stronger
pricing and fuel recovery
2007 Change 2008
RPU $ 1,874 $ 354 $ 2,228
Volume 119 (27) 92
(thousands)
Revenue $ 223 ($ 18) $ 205
(millions)
19
Intermodal revenue increases 12%
Second Quarter Record quarterly revenue
2008 versus 2007
RPU higher on fuel recovery
and favorable traffic mix
RPU 14%
Volume (2%)
Domestic strength partially
Revenue 12%
offsets international softness
2007 Change 2008
RPU $ 636 $ 90 $ 726
Volume 539 (9) 530
(thousands)
Revenue $ 343 $ 42 $ 385
(millions)
20

11. Intermodal reports record second quarter profit
Intermodal Operating Bottom line focus continues
to drive improving results
Income in Millions
$76
Revenue growth overcomes
$71
softer volume environment
$63
Productivity partially offsets
$55
rising fuel costs
Q2 2005 Q2 2006 Q2 2007 Q2 2008
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Third quarter revenue outlook is positive
Third Quarter Outlook
Agricultural Products
Percent of Revenue
Chemicals
10%
Coal, Coke & Iron Ore
Favorable
15%
Intermodal
Metals
Phosphate & Fertilizer
Emerging Markets
Neutral
Food & Consumer
75%
Automotive
Unfavorable
Favorable Neutral Unfavorable
Forest Products
22

12. Financial Results
Oscar Munoz
Executive Vice President
Chief Financial Officer
Double-digit growth in operating income and EPS
Second Quarter Results
Dollars in millions, except EPS 2008 2007 Variance
Revenue $ 2,907 $ 2,530 $ 377
Expense 2,190 1,918 (272)
Operating Income $ 717 $ 612 $ 105
Other Income (net) 6 3 3
Interest Expense (133) (101) (32)
Income Taxes (205) (190) (15)
Net Income $ 385 $ 324 $ 61
Fully Diluted Shares in Millions 415.1 458.9 43.8
Earnings Per Share $ 0.93 $ 0.71 $ 0.22
24

13. Core earning power improves 20%
Operating Income in Millions
$124 $717
$612 ($19)
Q2 2007 YOY Reserve Earnings Q2 2008
Adjustments Momentum
25
Core operating ratio improves 320 basis points
Operating Ratio Drivers
(3.2%)
2.0%
0.7%
75.8%
75.3%
Q2 2007 YOY Reserve Fuel Core Q2 2008
Adjustments Headwind Improvement
Note: Fuel headwind reflects the revenue and expense impact from a $222 million year-over-year increase in fuel prices
26

14. Expenses up 14% overall; up 3% excluding fuel
Second Quarter Operating Expenses
Year-Over-Year Change
Labor and Fringe ($ 10) (1%)
Material, Supplies, and Other 9%
43
Fuel 70%
221
Equipment Rent 5%
5
Depreciation 2%
5
Inland Transportation 13%
8
Total Expenses 14%
$ 272
27
Fuel price more than offsets efficiency and volume
Gallons Per Thousand Second Quarter
Gross Ton Miles Fuel Analysis in Millions
1.26
1.24
1.22 2007 Fuel Expense $ 316
1.18
Increase in Price 222
Change in Volume/Mix (4)
Fuel Efficiency (9)
Net Non-locomotive Fuel 12
2008 Fuel Expense $ 537
Q2 2005 Q2 2006 Q2 2007 Q2 2008
28

15. Labor and Fringe decrease 1%
Employee Headcount Second Quarter
Labor Analysis in Millions
34,718
34,419
33,630
33,159
2007 Labor Expense $ 743
Wage & Benefit Inflation 22
Labor Productivity, Other (32)
2008 Labor Expense $ 733
Q2 2005 Q2 2006 Q2 2007 Q2 2008
Note: Headcount reflects the company’s transportation businesses only
29
MS&O increase 9%
Cycling the impact of casualty
MS&O Expense
reserve adjustments
Dollars in Millions
Proxy and related litigation
$43 $513
costs, as well as inflation are
also key drivers
$470
Q2 2007 Variance Q2 2008
30

16. Rent expenses increase 5%
Payable Days Per Load Second Quarter
Rents Analysis in Millions
Total Carloads Excluding Multilevels
18.7
15.6 2007 Rent Expense $ 107
15.3
14.8 14.8
14.2
12.8 Inflation 1
12.4
Volume/Other (3)
Equipment Utilization 7
2008 Rent Expense $ 112
Q2 2005 Q2 2006 Q2 2007 Q2 2008
Note: Reflects equipment utilization in the carload network on freight cars where CSX incurs rent
31
Other expenses increase 5%
Higher capital base increased
Second Quarter
depreciation expense
Expense in Millions
$227
$222 Partially offset by lower rates
from prior year life studies
Inland Transportation driven
by transcontinental volumes
$68 and inflation
$60
Q2 2007 Q2 2008
Depreciation Inland Transportation
32

17. Dividend and share repurchase update . . .
Quarterly Dividend Cumulative Share
Repurchase in Billions
$3.1
$0.22
$2.9
$2.6
$0.18
$0.15 $2.1
$0.12
$0.10
$1.2
$0.07
$0.6
Q4 Q3 Q1 Q3 Q2 Q3 Q1 Q2 Q3 Q4 Q1 Q2
2005 2006 2007 2007 2008 2008 2007 2007 2007 2007 2008 2008
33
Financial targets for full-year 2008 . . .
Earnings per share at higher
end of $3.40 – $3.60 range
Guidance driven by:
— Price increases of 6%+
— Continued productivity gains
— Diverse portfolio of business
Note: Price increases of 6%+ are stated on a same store sales basis
34

18. Concluding Remarks
Michael Ward
Chairman, President and
Chief Executive Officer
Relentless pursuit of excellence . . .

19. Second Quarter 2008
Earnings Conference Call
37