The document summarizes CSX Corporation's fourth quarter 2007 earnings conference call. The summary includes: 1) CSX reported strong earnings growth and record results for surface transportation despite higher fuel costs. Safety and service metrics were at all-time best levels. 2) Operations improvements including productivity gains helped lower the operating ratio. Revenues increased 8% to a record $2.6 billion due to yield management and improved service. 3) Comparable operating income increased 26% to $601 million, driven by revenue strength, cost control, and lower reserve requirements, which overcame the fuel cost impact. Expenses were up 3% overall but down 2% excluding fuel.

1. Fourth Quarter 2007
Earnings Conference Call
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Proxy Statement Disclosure
IMPORTANT INFORMATION
CSX Corporation plans to file with the SEC and furnish to its shareholders a Proxy Statement in connection with its
2008 Annual Meeting, and advises its security holders to read the Proxy Statement relating to the 2008 Annual Meeting
when it becomes available, because it will contain important information. Security holders may obtain a free copy of the
Proxy Statement and other documents (when available) that CSX files with the SEC at the SEC’s website at
www.sec.gov. The Proxy Statement and these other documents may also be obtained for free from CSX by directing a
request to CSX Corporation, Attn: Investor Relations, David Baggs, 500 Water Street C110, Jacksonville, FL 32202.
CERTAIN INFORMATION CONCERNING PARTICIPANTS
CSX, its directors and named executive officers may be deemed to be participants in the solicitation of CSX’s security
holders in connection with its 2008 Annual Meeting. Security holders may obtain information regarding the names,
affiliations and interests of such individuals in CSX’s Annual Report on Form 10-K for the year ended December 29,
2006 and its proxy statement dated March 30, 2007, each of which is on file with the SEC. To the extent holdings of
CSX securities have changed since the amounts printed in the proxy statement, dated March 30, 2007, such changes
have been or will be reflected on Statements of Change in Ownership on Form 4 or Form 5 filed with the SEC.
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2. 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,” “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.csx.com.
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Executive Summary
Michael Ward
Chairman, President and
Chief Executive Officer

3. Fourth quarter overview . . .
Strong earnings growth,
Fourth Quarter
despite fuel headwind
Earnings Per Share
Safety and service at all-time
$0.86 $0.85
$0.75 best levels and improving
$0.57
Revenues increase on
strong service levels
Operating ratio improves on
continued price/productivity
Reported Comparable
2006 2007
Note: Comparable EPS exclude gains on insurance recoveries and Conrail property, and income tax benefits
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Full year highlights . . .
Operating Income in Millions Strong double-digit growth
drives record results
$2,251 $2,224
$2,126
$1,958
14%
Surface Transportation:
Increase
— Revenues exceed $10
Reported Comparable
billion for first time ever
EPS from Continuing Operations
— Record operating income
$2.82 $2.74 $2.70
of over $2.2 billion
$2.22
22%
— Operating ratio below 78%
Increase
for first time in a decade
Reported Comparable
2006 2007
Note: Comparable EPS exclude gains on insurance recoveries and Conrail property, and income tax benefits
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4. Operations Review
Tony Ingram
Executive Vice President
Chief Operating Officer
Leadership, discipline and execution
Safety results at historical best
and improving
Productivity gains driving the
Performance
operating ratio lower Excellence
Service Execution
Service Execution
Network performance and
service at all-time highs Productivity Discipline
Productivity Discipline
Safety Leadership
Safety Leadership
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5. Helping lead one of the nation’s safest industries
FRA Personal Injury FRA Train Accidents
13 Week 13 Week
Average Average
1.26 2.85
1.46
1.42
3.54
3.34
1.31
3.11 3.01
1.24
1.21 2.83
Q4 Q1 Q2 Q3 Q4 Q4 Q1 Q2 Q3 Q4
2006 2007 2007 2007 2007 2006 2007 2007 2007 2007
Rolling 12-Month Averages
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On-time performance at all-time highs
On-Time Originations On-Time Arrivals
13 Week 13 Week
Average Average
81% 73%
70%
79% 69%
78%
66%
77%
76% 76% 63%
63%
Q4 Q1 Q2 Q3 Q4 Q4 Q1 Q2 Q3 Q4
2006 2007 2007 2007 2007 2006 2007 2007 2007 2007
Rolling 12-Month Averages
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6. Network efficiency provides strong service product
Dwell Time (hours) Velocity (mph)
13 Week 13 Week
Average Average
22.2 hrs 21.2 mph
25.1
20.8
24.7
20.4
24.3
20.1
23.7 19.9 19.9
23.2
Q4 Q1 Q2 Q3 Q4 Q4 Q1 Q2 Q3 Q4
2006 2007 2007 2007 2007 2006 2007 2007 2007 2007
Rolling 12-Month Averages
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Customer satisfaction levels remain at high levels
Customer Satisfaction Best results since inception of
Indexed: 2004 = 100 third-party survey
118
Correlates to internal
111
operating measure gains
109
100
Strong service supports
pricing initiatives
Q4 2004 Q4 2005 Q4 2006 Q4 2007
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7. Operations wrap-up . . .
Taking safety performance to the next level
Service reliability delivering value for customers
Driving productivity to lower the operating ratio
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Sales and Marketing Review
Clarence Gooden
Executive Vice President
Sales and Marketing

8. Revenues increased 8% to nearly $2.6 billion
Record quarterly Surface
Fourth Quarter
Transportation revenues
Revenue in Millions
$2,577
$181
Improved service enabling
revenue growth
$2,396
Yield management continues
to offset softer volumes
Uninterrupted revenue growth
for nearly 6 years
2006 Growth 2007
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Price continues to drive RPU growth
Year-Over-Year Change
12.6%
11.8%
11.7%
11.0% 10.5%
8.4% 8.1% 8.0%
6.9%
7.1%
6.8% 6.7% 6.7%
6.6% 6.5% 6.5%
6.3% 6.2%
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2005 2006 2006 2006 2006 2007 2007 2007 2007
Price Increase on 'Same Store Sales' Total Revenue per Unit
Note: ‘Same Store Sales’ price increases exclude impacts from fuel and mix
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9. Merchandise revenue increases 7%
Fourth Quarter Yield management continues
2007 versus 2006 to offset softer volumes
Continued softness in
RPU 11%
housing/auto related markets
Volume (4%)
Revenue 7%
Strength in agriculture,
phosphates, and chemicals
2006 Change 2007
RPU $ 1,736 $ 195 $ 1,931
Volume 675 (25) 650
(thousands)
Revenue $ 1,172 $ 83 $ 1,255
(millions)
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Coal revenue increases 13%
Fourth Quarter Export strength offsets
2007 versus 2006 decline in utility market
Tons shipped up nearly 1%
RPU 14%
on flat carload volume
Volume (0%)
Revenue 13%
Overall pricing environment
remains favorable
2006 Change 2007
RPU $ 1,282 $ 174 $ 1,456
Volume 471 (2) 469
(thousands)
Revenue $ 604 $ 79 $ 683
(millions)
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10. Automotive revenue increases over 2%
Fourth Quarter Softer economy and tight
2007 versus 2006 credit impacting auto sales
Big-3 production decline
RPU 5%
drove CSX volumes
Volume (3%)
Revenue 2%
2006 Change 2007
RPU $ 1,875 $ 97 $ 1,972
Volume 112 (3) 109
(thousands)
Revenue $ 210 $5 $ 215
(millions)
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Intermodal revenue is flat on lower volumes
Fourth Quarter Revenue was flat as yields
2007 versus 2006 and mix offset volume losses
International down on slowing
RPU 4%
imports/customer losses
Volume (3%)
Revenue 0%
Domestic traffic improved on
new services/new terminal
2006 Change 2007
RPU $ 649 $ 23 $ 672
Volume 552 (19) 533
(thousands)
Revenue $ 358 $0 $ 358
(millions)
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11. Intermodal reports record fourth quarter profit
Bottom line focus drove
Intermodal Operating
record fourth quarter results
Income in Millions
$9 $77
Cost control driven by greater
efficiency and productivity
$68
Operating ratio improved 2.5
points to 78.5%
2006 Growth 2007
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First quarter revenue outlook is positive
Favorable Neutral Unfavorable
Agricultural Products Automotive Food & Consumer
Emerging Markets Forest Products
Chemicals
Intermodal
Coal, Coke & Iron Ore
Metals
Phosphate & Fertilizer
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12. Financial Results
Oscar Munoz
Executive Vice President
Chief Financial Officer
Strong fourth quarter results . . .
Fourth Quarter Results
Dollars in Millions, Except EPS 2007 2006 Variance
Revenue $ 2,577 $ 2,396 $ 181
Expense 1,968 1,891 (77)
Surface Transportation Operating Income 609 505 104
Other Operating Income - 2 (2)
Consolidated Operating Income 609 507 102
Other Income (net) 76 62 14
Interest Expense 115 99 (16)
Income Taxes 205 123 (82)
Net Income $ 365 $ 347 $ 18
Earnings Per Share $ 0.86 $ 0.75 $ 0.11
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13. Comparable operating income increases 26%
Fourth Quarter Results
Dollars in Millions, Except EPS 2007 2006 Variance
Earnings Per Share $ 0.86 $ 0.75 $ 0.11
Less Gain on Insurance Recoveries (0.01) (0.04) 0.03
Less Gain on Conrail Property After-tax - (0.06) 0.06
Less Income Tax Benefits - (0.08) 0.08
Comparable Earnings Per Share $ 0.85 $ 0.57 $ 0.28
Surface Transportation Operating Income $ 609 $ 505 $ 104
(27)
Less Gain on Insurance Recoveries (8) 19
Comparable Operating Income $ 601 $ 478 $ 123
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Key fourth quarter operating income drivers . . .
Comparable Surface Transporation
Operating Income in Millions
$601
$67
$56
$478
Q4 2006 Net Reserve Earnings Q4 2007
Adjustments Momentum
Improving safety performance lowers reserve requirements
Revenue strength and cost control overcome impact of fuel headwind
Note: Exclude gains from insurance recoveries in 2006 and 2007
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14. Expenses up 3% overall; down 2% excluding fuel
Fourth Quarter Operating Expenses
Year-Over-Year Change
Labor and Fringe 1%
Materials, Supplies, and Other (6%)
Fuel 32%
Equipment Rent (9%)
Depreciation 2%
Inland Transportation 3%
Note: Results exclude gains from insurance recoveries
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Fuel price more than offsets efficiency and volume
Gallons Per GTM Fourth Quarter
Fuel Analysis in Millions
1.32
1.29
1.28
2006 Fuel Expense $ 271
Increase in Price 104
1.23
Change in Volume/Mix (9)
Fuel Efficiency (9)
2007 Fuel Expense $ 357
Q4 2004 Q4 2005 Q4 2006 Q4 2007
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15. Labor and Fringe increased 1%
Employee Headcount Fourth Quarter
Labor and Fringe in Millions
34,668
34,153
2006 Labor and Fringe $ 753
33,591 33,469 Year-over-year change 6
2007 Labor and Fringe $ 759
Wage and benefit inflation
totaled $22 million
Rightsizing resources drove
3% lower headcount
Q4 2004 Q4 2005 Q4 2006 Q4 2007
Note: Headcount reflects the company’s Surface Transportation businesses
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MS&O declines on lower personal injuries
FRA Personal Injury Fourth Quarter
MS&O in Millions
48%
2.32
Improvement
2006 MS&O $ 496
1.79
Year-over-year change (29)
1.46
2007 MS&O $ 467
1.21
Sustained improvements in
safety lower net reserves
Partially offset by inflation
and derailment costs
2004 2005 2006 2007
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16. Rents decline on volume and productivity
Payable Days Per Load Fourth Quarter
Rents Analysis in Millions
15.1 15.0
13.7
2006 Rent Expense $ 121
13.0
Inflation 3
Volume/Mix/Other (10)
Equipment Utilization (4)
2007 Rent Expense $ 110
Q4 2004 Q4 2005 Q4 2006 Q4 2007
Note: Reflects equipment utilization in the carload network on freight cars where CSX incurs rent
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Other expenses increase 2%
Higher capital base increased
Fourth Quarter
depreciation expense
Expense in Millions
Partially offset by lower rates
$220
$216
from asset life studies
Increased trucking expenses
driving inland transportation
$63
$61
Q4 2006 Q4 2007
Depreciation Inland Transportation
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17. Price and productivity driving operating ratio lower
Surface Transportation
Comparable Operating Ratio
85.6%
81.3%
80.1%
76.7%
Q4 2004 Q4 2005 Q4 2006 Q4 2007
Note: Exclude gains from insurance recoveries in 2006 and 2007
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Full-year results reflect strong double-digit growth
Comparable Operating Comparable EPS From
Income in Millions Continuing Operations
$2.70
$2,224
$1,958
$2.22
14% 22%
$1,549 Increase Increase
$1.70
$1,064
$1.00
2004 2005 2006 2007 2004 2005 2006 2007
Note: Exclude management restructuring, gains on insurance recoveries and Conrail property, and income tax benefits
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18. Full-year Free Cash Flow . . .
Generated $145 million in 2007
— Consistent with $100+ million target outlined at
September Investor Conference
Stronger earnings and cash flows supported:
— Locomotive capital investment
— Pension contribution
— Dividend increases
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Cash flows and capital structure support buyback
Cumulative Shares Repurchased
Dollars in Millions
$2,639
$565
$2,074
$1,192
$644
$465
2006 Q1 2007 Q2 2007 Q3 2007 Q4 2007
Note: Approximately $2.1 billion of the $2.6 billion has been repurchased under the current $3.0 billion program
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19. Double-digit growth targeted off record 2007 base
2008 – 2010
Guidance
Operating Income 10% – 12%
CAGR
Earnings Per Share 15% – 17%
CAGR
Operating Ratio Mid-low 70’s
by 2010
Free Cash Flow $800M – $1B
Before Dividends in 2010
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Concluding Remarks
Michael Ward
Chairman, President and
Chief Executive Officer

20. Looking forward . . .
Delivering superior long-term value for shareholders
Leveraging the growing secular strength of the industry
Driving greater cost efficiency through productivity
Capitalizing on growth potential with key investments
Building on momentum to produce record 2008 results
Relentless Pursuit of Excellence
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Fourth Quarter 2007
Earnings Conference Call
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