The document discusses CSX Corporation's strategies and financial performance in 2005. It outlines the company's core strategies of operating initiatives, organizational structure improvements, and building on foundations established in 2004. Key drivers of the company's increased operating income and declining operating ratio included price and volume increases, productivity improvements, and fuel surcharges. The company's stock performance exceeded benchmarks like the S&P 500 and transport indexes over the period discussed.

1. CSX Corporation
Citigroup Transportation Conference
November 9, 2005

2. Forward Looking Disclosure Statement
This presentation and other statements by the Company contain forward-looking statements within the
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
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
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
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
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
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
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
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
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
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
statement, no inference should be drawn that the Company will make additional updates with respect to
that statement or any other forward-looking statements.
that statement or any other forward-looking statements.
Forward-looking statements are subject to a number of risks and uncertainties, and actual performance
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
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
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
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,
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,
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
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
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
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
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.
the SEC’s website at www.sec.gov and the Company’s website at www.csx.com.
2
2

3. For 2005, our core strategies remained intact,
building on the foundation laid in 2004
Operating
Revenue Organizational
Improvements
Initiatives Structure
• Test Price Ceilings • Safety • Empowerment
• Focused Growth • One Plan • Measurement
• Offset Inflation • Process Improvement • Accountability
3
3

4. These strategies have improved the
company’s core earning power significantly
Operating Income Key Drivers
Rolling Twelve Months • Price and volume
Dollars in Billions
Dollars in Billions
• Productivity improvements
$1.4
$1.4
$1.3
$1.3
• Fuel surcharge and hedge
$1.2
$1.2
$1.1
$1.1
$1.0
$1.0
$1.0
$1.0
$0.9
$0.9
Earning the right to spend
• Dividends
Q1 Q2 Q3 Q4 Q1 Q2 Q3 • Capital Investment
Q1 Q2 Q3 Q4 Q1 Q2 Q3
'04 '04 '04 '04 '05 '05 '05
'04 '04 '04 '04 '05 '05 '05
Note: Excludes provision for casualty claims, management restructuring and the effect of the 53rd week
Note: Excludes provision for casualty claims, management restructuring and the effect of the 53rd week
4
4

5. Increasing yields reflect the strong
pricing environment
Revenue Yield
Year-Over-Year Improvement
9.7%
9.7% 9.3%
9.3%
8.6%
8.6%
7.9%
7.9%
6.6%
6.6%
2.4%
2.4%
0.1%
0.1%
Q1 2004 Q2 2004 Q3 2004 Q4 2004 Q1 2005 Q2 2005 Q3 2005
Q1 2004 Q2 2004 Q3 2004 Q4 2004 Q1 2005 Q2 2005 Q3 2005
5
5

6. In addition, the operating ratio has steadily
declined, driven by price, productivity and fuel
Surface Transportation
Operating Ratio
89.3%
89.3%
87.1%
87.1%
85.5%
85.5%
85.2%
85.2%
83.3%
83.3% 83.0%
83.0%
80.5%
80.5%
Q1 2004 Q2 2004 Q3 2004 Q4 2004 Q1 2005 Q2 2005 Q3 2005
Q1 2004 Q2 2004 Q3 2004 Q4 2004 Q1 2005 Q2 2005 Q3 2005
Note: Excludes provision for management restructuring and the effect of the 53rd week
Note: Excludes provision for management restructuring and the effect of the 53rd week
6
6

7. The company’s stock has performed well,
exceeding the S&P 500 and Transport indexes
Stock Performance
Indexed: March 31, 2004 = 100
160
160
150
150
140
140
130
130
120
120
110
110
100
100
90
90
Mar-04 May-04 Jul-04 Sep-04 Nov-04 Jan-05 Mar-05 May-05 Jul-05 Sep-05
Mar-04 May-04 Jul-04 Sep-04 Nov-04 Jan-05 Mar-05 May-05 Jul-05 Sep-05
CSX DJ Transporation Index S&P 500 Index
CSX DJ Transporation Index S&P 500 Index
7
7

8. Yet, the company’s price-to-earnings ratio
price-to-earnings
continues to trail the other major railroads
CSX Price-to-Earnings Ratio
Relative to the Other Major Railroads
6
6
4
4
2
2
0
0
(2)
(2)
(4)
(4)
Jun-99 Jun-00 Jun-01 Jun-02 Jun-03 Jun-04 Jun-05
Jun-99 Jun-00 Jun-01 Jun-02 Jun-03 Jun-04 Jun-05
8
8

9. Velocity on the Southeastern Corridor should
improve as the New Orleans line is restored
Year-Over-Year
Year-Over-Year
Decline in Velocity
Chicago
New York
5% – 10%
10% – 15%
Nashville
Memphis
20% – 25%
Atlanta
Birmingham
25% – 30%
Montgomery
Jacksonville
New Orleans
9
9
Miami

10. . . . And other key measures are
already improving
Year-Over-Year Improvement
Key Operating Performance Measures Since Katrina
10%
10% 9%
9%
1%
1% 1%
1%
(6%)
(6%)
Velocity Cars-on-line Dwell Time On-time On-time
Velocity Cars-on-line Dwell Time On-time On-time
Originations Arrivals
Originations Arrivals
10
10

11. Carload growth is in-line with peers, while
in-line
CSX is streamlining its intermodal business
2005 Year-to-Date Volume Growth
9.7%
9.7%
9.4%
9.4%
4.6%
4.6%
4.2%
4.2%
1.9%
1.9%
1.6% 1.6%
1.6% 1.6% 0.5%
0.5%
(1.0%)
(1.0%) (1.4%)
(1.4%) (2.6%)
(2.6%)
(4.6%)
(4.6%)
CSX NSC BNI UNP CNI CP
CSX NSC BNI UNP CNI CP
Carload Intermodal
Carload Intermodal
11
11

12. Intermodal operating income has more than
doubled; operating ratio improved 890 bps
Year-to-Date Year-to-Date
Operating Income Operating Ratio
(Dollars in Millions)
$175
$175 91.2%
91.2%
82.3%
82.3%
$85
$85
2004 2005 2004 2005
2004 2005 2004 2005
Note: Excludes provision for 2004 management restructuring
Note: Excludes provision for 2004 management restructuring
12
12

13. The headwind associated with the declining
fuel hedge in 2006 will be managed
Key Drivers
Fuel Expense
• Expanded surcharge coverage
• Fuel management programs
• New fuel efficient locomotives
• Headwind of about $100 million
$450M
Headwind of
Headwind of
About $100 Million
About $100 Million
2002 2003 2004 2005 2006
2002 2003 2004 2005 2006
Gross Fuel Expense Net of Surcharge Net of Surcharge and Hedge
Gross Fuel Expense Net of Surcharge Net of Surcharge and Hedge
13
13

14. Even with the headwind, CSX expects steady
double-digit growth over the next five years
double-digit
2006 – 2010 CAGR
Operating Income 10% – 12%
Earnings 12% – 14%
Core Free Cash Flow 10% – 12%
Return on Invested Capital Meet or Exceed COC
14
14

15. CSX is well positioned, connecting the rich
northeast with the growing southeast
1994-2004 Income Growth
2004 Income 1994-2004
Chicago
Chicago Chicago
Chicago
New York
New York New York
New York
Jacksonville
Jacksonville Jacksonville
Jacksonville
New Orleans
New Orleans New Orleans
New Orleans
LT 5%
LT $50B LT 5% Miami
LT $50B Miami Miami
Miami
5.0% – 5.5%
$51B – $150B 5.0% – 5.5%
$51B – $150B
5.6% – 6.0%
$151 – $250B 5.6% – 6.0%
$151 – $250B
GT 6.0%
GT $250B GT 6.0%
GT $250B
15
15
Source: Bureau of Economic Analysis
Source: Bureau of Economic Analysis

16. Creating Shareholder Value . . .
• The company’s earning power is accelerating
– Solid revenue growth and productivity drives results
• Capital structure remains strong
– Solid free cash flows and improving returns enhance value
• Continued investment for reliability and growth
– Focus will remain on earning the right to spend
16
16

17. CSX Corporation
Citigroup Transportation Conference
November 9, 2005