1. Dahlman Rose
Global Transportation Conference
September 2008
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2. 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: www.investors.csx.com
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3. Current CSX environment
Strong earnings growth continues at record levels
— Yields supported by stable service platform and evolving marketplace
— Productivity driving greater efficiency and margin expansion
Secular strength overcoming effects of softer economy
— Diverse business portfolio offsets weakness in housing and auto markets
— Substantial earnings growth continues even in this environment
Long-term railroad environment remains strong
Fuel prices provide a tailwind for third quarter earnings
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4. Earnings and margin growth remains significant
Comparable Operating Comparable
Income in Millions Operating Margin
$2,495 23.3%
22.3%
$2,233
20.7%
$1,981
2006 2007 LTM 2006 2007 LTM
CSX Peer Group (indexed)
Note: See GAAP reconciliation; peer group includes BNI, CNI, CP, NSC and UNP
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5. Management actions driving margin expansion
Comparable Operating Margin
23.3%
22.3%
20.7%
18.1% Rolled out TSI initiative
Realigned network with disciplined investment
13.3%
11.6%
Focused on process excellence teams and value pricing
Rolled out ONE Plan Aligned resources with ONE Plan
Restructured management Developed a culture of accountability
2003 2004 2005 2006 2007 LTM
Note: See GAAP reconciliation
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6. Strong service and market environment driving price
+
Strong Evolving Pricing
Service Marketplace Opportunity
On-time Increasing Highway “Same Store Sales”
Originations Congestion Price Increase
6.7%
6.6% 6.6%
79% 79%
76%
5.7%
51%
Pricing environment
favorable through 2008+
CSX Territory
2005 2006 2007 LTM 2005 2006 2007 LTM
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7. Rail pricing is still in the early stages of recovery
Inflation-Adjusted Pricing Big-6 Capitalization
Indexed: 1981 = 100 Dollars in Billions
$157
100
$82 billion of
value created
51 $75
40
1981 2004 2008 2004 2008
Source: Association of American Railroads; Big-6 Capitalization reflects market performance through September 5, 2008
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8. Housing and automotive sectors remain weak . . .
Housing Starts Auto Production
6.3%
5.2%
(0.0%)
(0.7%)
(1.5%)
(3.1%)
(12.6%)
(15.8%)
(26.0%) (18.5%)
2004 2005 2006 2007 LTM 2004 2005 2006 2007 LTM
Source: Global Insight, August 2008
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9. . . . although ton miles and operations remain stable
Revenue Ton Miles Velocity (mph)
20.9
and Volume 20.8
19.9
19.2
253.0
249.0
247.9
247.4
7,358
7,350
2005 2006 2007 LTM
7,116
7,026
Dwell Time (hours)
29.7
25.1
23.2 22.7
2005 2006 2007 LTM
2005 2006 2007 LTM
RTM's (billions) Volume (000)
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10. Diversity of business is key to secular strength
2008 Year-to-Date Revenue
Forest
Automotive
. Emerging Mkts
7%
7%
6%
Chemicals
Food & Consumer
13% .
4%
.
Agriculture
9%
Intermodal
13%
Phosphates
5%
Metals
Coal
7%
29%
Note: Year-to-date data through June 2008
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11. Export coal growing 50% to 30 million tons in 2008
Newport News
— Source: Central Appalachia
— 2008 estimate: 19 million tons
Baltimore
—
Baltimore
Source: Northern Appalachia
— 2008 estimate: 5 million tons
Newport News
Mobile
— Source: Southern Appalachia
— 2008 estimate: 6 million tons
Mobile
Coal Reserves
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12. Global influences are driving long-term demand
• China evolved from being an
exporter to an importer of coal
• Australian and South African
coal being consumed by China
• Ocean freight rates have
increased significantly
• Foreign exchange rates favor
the U.S. dollar
Mining Regions Exports Increase Exports Decrease
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13. Long-term drivers support coal car investment
Reinvestment Profile Coal fleet continually exceeds
reinvestment hurdle rates
Strategic Ownership Value
Strategic ownership value is
high for this business
Investing in additional coal
car capacity
— $70 million in 2008
— $60 million in 2009
Returns by Car Type
Projected IRR
Bathtub Gondola Coal Cars
21%
Bottom Dump Coal Cars
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14. Macro trends drive long-term opportunity for CSX
Trucking industry is challenged
Today
Highway congestion worsening; fuel costs
and environmental advantages favor rail
Global consumption is rising
Population, globalization drive demand
for energy, food and other goods
Rail is valued by the public
2020
Public funding increasing for expanded
and improved service products
East Coast ports are growing
CSX
Panama Canal expansion and increased
Territory
Suez Canal trade flows create opportunity
Source: USDOT FHWA Freight Analysis Framework
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15. National Gateway enhances intermodal network
Links major metropolitan
Intermodal Network
markets with key ports
Boston
Ohio transfer yard brings
Chicago
service to major new markets
New York
Baltimore
Expedites traffic through
VA Ports
St Louis
Chicago and St Louis
Wilmington
Public-private partnership
Memphis
Atlanta
with CSX, federal and states
New Orleans National Gateway Project with Double-stack
Existing/Planned Double-stack Clearance
Central Florida
Howard Street Tunnel Clearance Restriction
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16. 2008 Financial Update . . .
FCF before dividends increases
FCF Before Dividends
to about $1.0 billion
Dollars in Millions
Capital spending increases to
$1,000
$1.75 billion; includes coal cars
Raising EPS guidance to
$3.65 – $3.75, driven by:
— Pricing gains of 6%+
$376
— Productivity and efficiency gains
— Diverse business portfolio
— Moderating fuel prices
2007 Actual 2008 Forecast
Note: Free Cash Flow and capital spending include the impact of recent storm related damages
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17. Moderating fuel prices will benefit third quarter
Highway Diesel Prices versus Two Month Lag
Positive Lag Impact
Negative Lag Impact
Q3 07 Q4 07 Q1 08 Q2 08 Q3 08 Q4 08
Weekly HDF Monthly HDF (two-month lag)
Source: Energy Information Administration and NYMEX; HDF actual data through August 2008
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18. Raising long-term targets on higher 2008 base . . .
New
Previous
2009–2010
2008–2010
Targets
Targets
15%–20%
Operating 13%–15%
CAGR
Income CAGR
20%–25%
Earnings 18%–21%
CAGR
Per Share CAGR
High 60’s
Operating Low 70’s
By 2010
Ratio By 2010
Built off Builds off
2007’s results 2008’s results
Note: New earnings per share targets include impact of current share repurchase program
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19. Dahlman Rose
Global Transportation Conference
September 2008
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20. Appendix: GAAP Reconciliation

21. GAAP Reconciliation Disclosure
CSX reports its financial results in accordance with generally accepted accounting principles (“GAAP”). However,
management believes that certain non-GAAP financial measures used to manage the company’s business that fall
within the meaning of Regulation G (Disclosure of Non-GAAP Financial Measures) by the SEC may provide users of
the financial information with additional meaningful comparisons to prior reported results.
CSX has provided financial information for certain items, which are non-GAAP financial measures. The company’s
management evaluates its business and makes certain operating decisions (e.g., budgeting, forecasting, employee
compensation, asset management and resource allocation) using these adjusted numbers
Likewise, this information facilitates comparisons to financial results that are directly associated with ongoing
business operations as well as provides comparable historical information. Lastly, earnings forecasts prepared by
stock analysts and other third parties generally exclude the effects of items that are difficult to predict or measure in
advance and are not directly related to CSX’s ongoing operations. A reconciliation between GAAP and the non-GAAP
measure is provided. These non-GAAP measures should not be considered a substitute for GAAP measures.
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22. GAAP reconciliation to comparable results
Dollars in millions 2003 2004 2005 2006 2007 LTM
Operating Revenue $ 7,573 $ 8,040 $ 8,618 $ 9,566 $ 10,030 $ 10,698
Operating Expense 7,058 7,043 7,062 7,417 7,770 8,192
Operating Income $ 515 $ 997 $ 1,556 $ 2,149 $ 2,260 $ 2,506
Less Pretax Gain on Insurance Recoveries - - - (168) (27) (11)
Plus Restructuring Charge 22 71 - - - -
Plus Provision for Casualty Claims 232 - - - - -
Plus Additional Loss on Sale 108 - - - - -
Comparable Operating Income $ 877 $ 1,068 $ 1,556 $ 1,981 $ 2,233 $ 2,495
Comparable Operating Margin 11.6% 13.3% 18.1% 20.7% 22.3% 23.3%
Note: LTM is July 2007 through June 2008
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