1. Citigroup Global
Transportation Conference
November 2006
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Forward Looking Disclosure
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.
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2. CSX has achieved record results year-to-date
Surface Transportation
3rd Quarter 2006 YTD YOY
Dollars in Millions
Growth
12%
$ 7,170
Revenue
5,690
Expense
31%
$ 1,480
Operating Income
79.4%
Operating Ratio
40%
$1.65
Earnings Per Share
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August 2005 long-term guidance
2006-2010 CAGR
Revenue Growth 4% – 6%
— Yield improvement 2% – 3%
— Volume growth 2% – 3%
Surface Trans. Op. Inc. 10% – 12%
Operating Ratio Mid-to-High 70%’s
Earnings per Share 12% – 14%
Core Free Cash Flow 10% – 12%
ROIC Meet or Exceed COC
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3. Long-term environment favorable
Economic Forecast
Manufacturing and foreign
2006-2008
trade are driving demand
Service improvements are 4.4%
supporting growth
3.3% 3.3%
2.4% 2.3%
2.2%
Strong pricing
environment continues
Intermodal demand will
lead volume growth 2006 2007 2008
GDP Industrial Production
Source: Global Insight
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Rail transportation increasingly attractive
Cost per Mile
Highway congestion
24-28%
Driver shortages
New hours of service law
8-12%
High fuel costs
Emission requirements
Rising insurance costs Q1 2003 Q1 2006
Trucks Rail
Source: Estimate based on CSX analysis
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4. Rail competitiveness – highway congestion
Highway Miles versus Transport Forecast
Ton Miles in Trillions
Miles Traveled
250% 7
200% 6
150% 5
100% 4
50% 3
0% 2
1980 1985 1990 1995 2000 2000 2004 2008 2012 2016 2020
Miles Traveled Lane Miles
Source: American Association of State
Source: Department of Transportation Highway and Transportation Officials
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CSX capitalizing on growing demand
Merchandise
• Ethanol Facilities
• Feed Mills
• Aggregate Facilities
Boston
• Plastics Plants
Chicago New York
Philadelphia
Coal
Baltimore
St Louis • New Projects
Portsmouth
Intermodal
Memphis
• Port Development
Charleston
• Logistics Centers
Mobile
Jacksonville
Automotive
New Orleans
• Assembly Plant
• Supplier Facility
Miami
Income Growth
5-5.5%
LT 5%
5.6-6.0% GT 6%
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5. And we are focused on competitive rates
Revenue Per Unit
Year-Over-Year Improvement
12%
12% 12%
11%
20% of
10%
contracts still to
9%
Mix/
9%
be re-priced
Fuel
8%
7%
Carry-over
price impacts
Yield
projected to
be strong
into 2007
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2004 2004 2005 2005 2005 2005 2006 2006 2006
Note: The second quarter of 2005 excludes a
$17 million coal rate case settlement
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Rail Renaissance driving improving yields
Long-term demand will Value for service
continue to outpace initiatives will continue
transportation supply
Future volume growth
Strategic rail capacity profitable, favorable mix
investments improve focused
service and volumes
2
R =P + volume
growth
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6. Yield, volume and operations driving results
Rail environment has been Surface Transportation
favorable and is projected Operating Income in Millions
to continue $519
$487 $474
$415
Strong pricing for service
Operational improvements
$1.9B
driving service and
Trailing 12 months
productivity gains
Q4 Q1 Q2 Q3
2005 2006 2006 2006
Op Inc (millions)
Note: The second and third quarters of 2006 exclude $141 million of insurance recoveries
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CSX will continue its balanced use of cash
Growing Cash Generation
Growing Cash Generation
& Improving ROIC
& Improving ROIC
Debt Equity
Debt Equity
Company
Company
Holders Holders
Holders Holders
Maintain target Focused, strategic Competitive
debt levels investment for dividend yield
growth
Balanced
share repurchase
program
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7. Looking Forward…
CSX leveraging all components of its strategy
— Continued value for services
— Volume growth
— Operational efficiencies
On track for record 2006 results
Capitalizing on the Rail Renaissance
— Tight transportation supply
— Rail transportation increasingly attractive
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Citigroup Global
Transportation Conference
November 2006
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