1. Merrill Lynch Global
Transportation Conference
June 2007
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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. Current state of the business . . .
Volumes remain soft
— Housing and automotive primary drivers
Pricing strength continues
— Same Store Sales pricing 6%–7% for 2007
Safety/service results continue to improve
Full-year and long-term targets remain on track
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CSX has created significant shareholder value
Stock Performance
Indexed: Year-end 2004 = 100
250
225
200
175
150
125
100
75
Dec-2004 Dec-2005 Dec-2006
CSX Class I Rails S&P 500 Dow Jones Transports
Note: Class I Rail Index includes BNI, CNI, CP, NSC and UNP
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3. CSX tops 95% of all companies in S&P 500
Performance driven by
Stock Performance
strong improvements in:
Dec 2004 - May 2007
Top 25 205%
— Safety
127%
26 CSX
— Service
27-50 114%
— Productivity
83%
51-100
101-150 62%
— Price
46%
151-200
201-250 33%
Growth sustainable in the
21%
251-300
Rail Renaissance
301-350 12%
4%
351-400
Capital structure supports
401-450 (7%)
balanced approach
451-500 (28%)
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Safety results are significantly improved
FRA Personal Injury FRA Train Accident
Frequency Index Frequency Index
2.13
4.88
4.45
1.79
3.43
1.42
2.98
1.24
CSX CSX
Ranks Ranks
#2 #2
2004 2005 2006 2007 2004 2005 2006 2007
YTD YTD
CSX U.S. Peer Group Average
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4. Service improvement has been substantial
On-time Originations On-time Arrivals
66%
77%
76% 63%
51%
49% 41% 40%
2004 2005 2006 2007 2004 2005 2006 2007
YTD YTD
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Price and productivity driving earnings growth
Surface Transportation Surface Transportation
Operating Income Operating Ratio
87.9%
$1,958M
86.8%
$1,549M
82.0%
$1,064M
$902M
79.5%
2003 2004 2005 2006 2003 2004 2005 2006
Note: Excludes provision for casualty claims, management restructuring and insurance recoveries
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5. Earnings growth driving substantial value
CSX Operating Income and Stock Price
$40
$2.0
$1.5
$34
$1.1
$1.0
$0.9 $0.9
$25
$0.7
$20
$18 $18
$14
$13
4Q00 4Q01 4Q02 4Q03 4Q04 4Q05 4Q06
Operating Income in Billions Stock Price
Note: Operating Income is expressed on a rolling twelve month basis
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CSX focused on long-term value creation
Operational Financial Value
Operational Financial Value
Drivers Performance Creation
Drivers Performance Creation
Safety and service Margin expansion Stock appreciation
Organic growth Earnings growth Business investment
Productivity focus Cash flow generation Share repurchases
Pricing potential ROIC improvement Dividend increase
CSX is building sustainable shareholder value
through consistent, continuous, improvement
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6. New targets established through 2010
2007–2010
CAGR Set goals
Set goals
Surface Transport 10%–12%
Operating Income
Consistent
Execute
Execute
continuous
and
and
Earnings Per Share 15%–17%
Monitor
Monitor improvement
Progress
Progress
Free Cash Flow* 10%–12%
Create
Create
plans
plans
Operating Ratio Mid-low 70’s
ROIC Exceed COC
Note: Free Cash Flow growth remains unchanged from the targets established in August 2005
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Double-digit growth targeted on higher base
Operating Income Earnings Per Share
Dollars in Billions
15%-17%
CAGR
10%-12%
CAGR
$3.00-3.30
$2.5 - $2.7
Billion
$2.0 $2.22
$1.5 $1.70
2005 2006 2007 2008 2009 2010 2005 2006 2007 2008 2009 2010
Note: Excludes debt repurchase, insurance recoveries, gain on Conrail property and tax benefits
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7. Tight capacity and strong service drive pricing
+
Tight Strong Pricing
Capacity Service Strength
Future Highway On-time “Same Store Sales”
Congestion Originations Price Increase
84%
80%
76% 6.6% 6-7%
5-6%
5.7%
51%
Pricing environment
strong through 2008+
2005 2006 2007 2008
2005 2006 2007 2008
CSX Territory
Note: 2007 and 2008 on-time originations and same store sales price increases represent targets
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Rail pricing still in the early stages of recovery
Railroad Freight Rates
Indexed: 1981=100 Inflation Adjusted
Post-Staggers Era
108
101
100 100
98
85
67
56
47
42 40
1964 1972 1980 1988 1996 2004
Source: Association of American Railroads
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8. Beyond ONE Plan, TSI will drive benefits
Total Service Integration (TSI)
Service
Requirements
Ideal Gap Conversion Profitable
Product Analysis Strategy Growth
Design
Operational
Capabilities
Grain Business Example Improved service
Train Length 90 Cars LT 1% 65% Train productivity
Load/Unload Time 15 hours 20% 75% Asset utilization
Unit Train Service 100% 65% 95% Increased capacity
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Price and service improving operating ratio
Surface Transportation Operating Ratio
87.9%
86.8%
82.0%
79.5%
Mid-high
Mid-
Mid-high
70’s
70’
70’s
Mid-70’s
Mid-70’s
Mid-low
Mid-low
70’s
70’s
2003 2004 2005 2006 2007 2008 2009 2010
Note: Excludes provision for casualty claims, management restructuring and insurance recoveries
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9. Stronger returns on targeted investments
Return on Invested Capital Investment
Capital Improving Dollars in Billions
Exceed COC $1.65
$1.60 $1.63
$1.43 $1.47
9%
7%
$1.06
2005 2006 2007 2008 2009 2010 2005 2006 2007 2008 2009 2010
Note: Core surface transportation capital only.
2006/2007 exclude Katrina-related capital
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Capital investment is strategic and focused
Capital Investment Maintenance 68%
$6.4 Billion 2007–2010 — Infrastructure
— Freight Cars
5%
8%
— Safety
13%
Productivity 18%
— Locomotives
— Technology
14% 60%
Growth 14%
Infrastructure
— Corridor capacity
Strategic Capital
Locomotives
— Terminals
Freight Cars
IT and Other
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10. Capital is part of CSX’s balanced approach
Growing Free Cash Flow
and Improving ROIC . . .
Capital Share
Capital Share
Dividends
Dividends
Investment Buybacks
Investment Buybacks
Focused, strategic Competitive yields Supported by free
investment for reflecting improving cash flow and
long-term growth earning power leverage
. . . While maintaining an investment grade profile
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Recent actions reinforce shareholder focus
Expanded Share Buyback Tripled Annualized
Program to $3.0 Billion Dividend Since 2005
$0.60
Consistent with capital
structure objectives $0.48
$0.40
Represents 15% of current $0.26
market capitalization $0.20
Targeting year-end 2008
completion
Q3 Q4 Q3 Q1 Q3
2005 2005 2006 2007 2007
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11. Wrap-up . . .
Substantial shareholder value being delivered
Core earning power now growing from higher base
Improving returns with focused capital investment
Capitalizing on long-term transportation environment
Balanced approach will drive long-term value
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Merrill Lynch Global
Transportation Conference
June 2007
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