1. `
Third Quarter 2006
Earnings Presentation
1
1
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.
2
2

2. Executive Summary
Michael Ward
Chairman, President and
Chief Executive Officer
3
3
Third quarter overview . . .
Surface Transportation
Third Quarter
produces record results
Earnings Per Share
$0.71
Pricing environment
$0.54
remains strong
$0.36 $0.36
ONE Plan sustains
strong momentum
Economic environment
Reported Comparable
remains positive
2005 2006
Note: Comparable 2006 earnings per share exclude Katrina insurance recoveries and income tax benefits
4
4

3. Sales and Marketing Review
Clarence Gooden
Executive Vice President
Sales and Marketing
5
5
Revenues increased 14%
Record revenues of $2.4 Third Quarter
billion, up $293 million Revenue in Millions
Overall volumes increased
$2,418
nearly 2%
$2,125
Renewed growth in
Intermodal
Yield environment
remains strong
2005 2006
6
6

4. Revenue per unit increased 12%
Third Quarter Revenue Per Unit
2006 versus 2005
Surface Transportation 12%
Merchandise 17%
Coal 9%
Automotive 4%
Intermodal 4%
7
7
Merchandise revenue increased 16%
Pricing remains strong
Third Quarter
2006 versus 2005
Impact of prior phosphate
plant closures continues
17%
16%
Housing market softening
Outlook favorable
(1%)
Revenue Volume RPU
8
8

5. Merchandise volume was mixed
Third Quarter Volume
2006 versus 2005
Agriculture 16%
Metals 3%
Chemicals 2%
Emerging Markets 1%
Food and Consumer (2%)
Forest Products (7%)
Phosphates & Fertilizers (16%)
9
9
Coal revenue increased 18%
Utility demand strong
Third Quarter
2006 versus 2005
Coal production strong
18%
Pricing strength continues
9%
Outlook favorable
7%
Revenue Volume RPU
10
10

6. Automotive revenue decreased 9%
“Big 3” volume down on
Third Quarter
production decline
2006 versus 2005
New Domestics continue
4%
to gain market share
Continued contract
renewal opportunities
(9%)
Outlook unfavorable
(12%)
Revenue Volume RPU
11
11
Intermodal revenue increased 8%
Volume favorable
Third Quarter
2006 versus 2005
Pricing strength continues
8%
Income improvement
for ten quarters
4% 4%
Outlook favorable
Revenue Volume RPU
12
12

7. Economic forecasts remain positive
Economic Forecast
2006-2008
4.3%
3.4%
3.1%
2.3%
2.2% 2.1%
2006 2007 2008
GDP Industrial Production
Source: Global Insight
13
13
Looking forward . . .
Surface Transportation
2006 Volume Growth
Service improvements
supporting growth
2%–3%
Favorable pricing 1.8%
environment continues
0.1%
Remain focused on
(1.0%)
profitable growth
Q1 Q2 Q3 Q4
Fcst
14
14

8. Operations Review
Tony Ingram
Executive Vice President
Chief Operating Officer
15
15
Leadership, discipline and execution
Safety performance
continues to improve
Operating momentum
Reliable
Reliable
sustained Performance
Performance
Service Execution
Service Execution
Capacity projects
on schedule Productivity Discipline
Productivity Discipline
Safety Leadership
Safety Leadership
16
16

9. Safety performance remains strong
FRA Personal Injury FRA Train Accident
13 Week 13 Week
Average Average
1.37 3.14
4.65
1.92 4.41
1.71 3.98
1.64 3.85
1.51 3.52
1.37
Q3 Q4 Q1 Q2 Q3 Q3 Q4 Q1 Q2 Q3
2005 2005 2006 2006 2006 2005 2005 2006 2006 2006
Rolling 12-month Averages
17
17
On-time performance is improving
On-Time Originations On-Time Arrivals
13 Week 13 Week
Average Average
77% 63%
71% 57%
65% 52%
46%
57%
40%
40%
51%
50%
Q3 Q4 Q1 Q2 Q3 Q3 Q4 Q1 Q2 Q3
2005 2005 2006 2006 2006 2005 2005 2006 2006 2006
Rolling 12-month Averages
18
18

10. The network is more fluid
Dwell Time (hours) Cars-On-Line (000)
13 Week 13 Week
Average Average
25.5 hrs 225K
233.9 233.1
29.7 29.7
28.9 230.7
27.7
227.6
26.8 225.8
Q3 Q4 Q1 Q2 Q3 Q3 Q4 Q1 Q2 Q3
2005 2005 2006 2006 2006 2005 2005 2006 2006 2006
Rolling 12-month Averages
19
19
Train velocity is stable
Consistent plan execution
Velocity (mph)
13 Week
Average
Improved recoverability
19.8 mph
19.7 19.5 19.5
19.4
19.2
Increased asset utilization
Improving service reliability
Q3 Q4 Q1 Q2 Q3
2005 2005 2006 2006 2006
Rolling 12-month Averages
20
20

11. Looking forward . . .
Safety momentum will
be sustained
Continue to build on
Reliable
Reliable
operating improvement Performance
Performance
Service Execution
Service Execution
Capacity projects will
remain on schedule Productivity Discipline
Productivity Discipline
Safety Leadership
Safety Leadership
21
21
Financial Results
Oscar Munoz
Executive Vice President
Chief Financial Officer
22
22

12. CSX reports strong third quarter results
Third Quarter Results
Dollars in millions, except EPS 2006 2005 Variance
Surface Transportation Operating Income $ 489 $ 361 $ 128
Other Operating Income - (8) 8
Consolidated Operating Income $ 489 $ 353 $ 136
Other Income (net) 25 11 14
Interest Expense (97) (100) 3
Income Taxes (89) (100) 11
Net Earnings $ 328 $ 164 $ 164
Earnings Per Share $ 0.71 $ 0.36 $ 0.35
23
23
Comparable EPS increased 50%
Third Quarter Results
Dollars in millions, except EPS 2006 2005 Variance
Surface Transportation Operating Income $ 489 $ 361 $ 128
Less Gain on Insurance Recoveries (15) - (15)
Comparable Operating Income $ 474 $ 361 $ 113
Earnings Per Share $ 0.71 $ 0.36 $ 0.35
Less Gain on Insurance Recoveries (0.02) - (0.02)
Less Income Tax Benefit (0.15) - (0.15)
Comparable Earnings Per Share $ 0.54 $ 0.36 $ 0.18
24
24

13. Surface Transportation income up 31%
Third Quarter Results
Dollars in millions 2006 2005 Variance
Revenue $ 2,418 $ 2,125 14%
Expenses
Labor and Fringe 736 725 (2%)
Materials, Supplies and Other 478 455 (5%)
Depreciation 213 204 (4%)
Fuel 300 188 (60%)
Building and Equipment Rent 135 129 (5%)
Inland Transportation 63 54 (17%)
Conrail Rents, Fees and Services 19 9 (111%)
Operating Expenses 1,944 1,764 (10%)
Operating Income $ 474 $ 361 31%
Operating Ratio 80.4% 83.0% 2.6 pts
Note: 2006 results exclude Katrina-related gain on insurance recoveries
25
25
Labor and fringe increased 2%
Primarily due to wage and
Third Quarter
benefit inflation
Dollars in Millions
T&E employees increased
by over 400 primarily due
to advanced hiring
$11 $736
Partially offset by lower
$725
incentive compensation
2005 Variance 2006
26
26

14. MS&O increased 5%
Primarily driven by
Third Quarter
inflation and costs related
Dollars in Millions
to higher business volumes
Partially offset by
continued improvement
$23 $478
in locomotive productivity
$455
2005 Variance 2006
27
27
Fuel increased 60%
Consumed 144 million
Third Quarter
gallons at average gross
Dollars in Millions
price of $2.09 a gallon
$112 $300 Comparison impacted by
$76 million lower hedge
$188
CSX has no hedge
positions going forward
2005 Variance 2006
28
28

15. Rents increased 5%
Current year expenses
Third Quarter
moving with volumes
Dollars in Millions
Year-over-year change
primarily due to prior
year item
$135
$6
$129
2005 Variance 2006
29
29
All other expenses increased 10%
Third Quarter
Dollars in Millions
$28 $295
$267 $19
$9
$63
$54
$213
$204
2005 Variance 2006
Depreciation Inland Transportation Conrail Fees
30
30

16. Looking forward . . .
$500 million share buyback program initiated,
with $272 million repurchased
— Shares repurchased year-to-date total
$422 million, including prior programs
On track to deliver $300+ million Free Cash
Flow in 2006
— Including Katrina insurance recoveries
31
31
Concluding Remarks
Michael Ward
Chairman, President and
Chief Executive Officer
32
32

17. Looking forward . . .
Core strategies sustaining solid momentum
Revenue Operational Performance
Impact Discipline Culture
Team delivering consistent, strong results
Rail and intermodal environment remains strong
Volume growth is building further momentum
33
33
Third Quarter 2006
Earnings Presentation
34
34