1. JP Morgan Aviation and
Transportation Conference
March 2007
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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,” 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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3. CSX has created significant shareholder value
Stock Performance
Indexed: Year-end 2003 = 100
250
200
150
100
50
Dec-2003 Dec-2004 Dec-2005 Dec-2006
CSX S&P 500 Dow Jones Transports
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4. Recent actions reinforce shareholder focus
Increased Annual
Initiated $2.0 Billion
Dividend 20%
Share Repurchase
Consistent with capital $0.48
structure objectives
$0.40
20%
Builds on the $465 million 20%
Increase
$0.26 Increase
repurchased in 2006
$0.20
Represents over 10% of
outstanding shares
Targeting year-end 2008
Q3 Q4 Q3 Q1
completion
2005 2005 2006 2007
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5. Record earnings with momentum to mid-70’s
Surface Transportation Surface Transportation
Operating Income Operating Ratio
87.9%
$1,958M
$1,549M 84.6%
82.0%
$1,064M
$902M
79.5%
2003 2004 2005 2006 2003 2004 2005 2006
Notes: Excludes provision for casualty claims, management restructuring and insurance recoveries
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6. Temporal headwinds affecting first quarter
Softer volume environment – housing and auto
— Pent-up demand drove 2006 volume
Winter season in 2007 more typical
— Mild 2006 winter benefit was $25 million
Fuel hedge benefit in 2006 was $35 million
Brooks, KY costs approaching $30 million
Strong pricing and foundation for
long-term growth remain in place
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7. On track for delivering double-digit growth
2006–2010 Set goals
Set goals
CAGR
Surface Transport 10%–12%
Consistent
Execute
Execute
Operating Income
continuous
and
and
Monitor
Monitor improvement
Progress
Progress
Earnings Per Share 12%–14%
Create
Create
plans
plans
Free Cash Flow 10%–12%
CSX’s long-term strategy and new financial
targets to be outlined September 6th
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8. Rail Renaissance environment remains strong
2005 & 2006 2007
Strong Moderating
Economy Economy
Tight Transportation Tight Transportation
Capacity Capacity
Pricing Pricing
Strength Strength
Extending Extending
Supply Chains Supply Chains
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9. Moderating economy continues to grow
GDP and Industrial Production
Year-Over-Year Change
4.1% 4.1%
3.2%
2.2%
3.9%
3.3%
3.2%
2.7%
2.5%
0.8%
1.6%
0.0%
(0.3%)
(3.6%)
2001 2002 2003 2004 2005 2006 2007
Gross Domestic Product Industrial Production
Source: Global Insight
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10. Highways are constrained and getting worse
Today 2020
CSX Territory
Source: USDOT FHWA Freight Analysis Framework
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11. Rail Renaissance is driving improving yields
Year-Over-Year Change
12.6%
11.8%
11.7%
11.0%
Same pricing momentum expected in 2007
9.6% 9.0%
8.6% 8.4%
6.8% 6.7% 6.6%
6.3% 6.2%
6.0% 5.6%
4.8%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2005 2005 2005 2005 2006 2006 2006 2006
Price Increase on 'Same Store Sales' Total Revenue per Unit
Note: Price increases on a ‘Same Store Sales’ basis exclude fuel surcharge and mix impacts
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12. Long-term growth focused at the major ports
15.8
7.0
3.6
4.5
CSX Intermodal Network
CSX Intermodal Network
Seattle/Tacoma
59.4
NY/NJ
3.4 5.6
2.0
1.8
Oakland
Virginia
6.6
1.9
Charleston
9.4
13.1
TEU in Millions
1.7
6.2
2004
1.4 Savannah
2020
Houston
LA/LB
Source: Containerization International and TranSystems.
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13. Increasing port volumes will drive rail volumes
Today 2020
CSX Territory
Source: TranSystems and USDOT Federal Railroad Administration Office of Policy
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14. Capacity projects leverage growth potential
Strategic sidings total 120
miles of new track
Albany
Chicago
Nearly half are on-line
New York
with the balance targeted
for 2007 completion
Strengthens position in
northeastern markets
Leverages fast growing
Jacksonville
southeastern markets
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15. Capital philosophy supports long-term growth
Increased productivity or
“self help”
Public-private partnerships
Chicago
Northern VA
Redeployment of proceeds
from asset sales
Improvements:
On-time departures
Capital targets returns
Terminal efficiency
above cost of capital
Train velocity
2007 Capital Budget
12%
$1.4 Billion
Central FL
Infrastructure 12%
New Capacity
Public Funding Locomotives 58%
18%
Frt Cars & Other
Asset Redeployment
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16. Looking forward . . .
Rail renaissance environment remains strong
Financial and operational momentum continues
In our 180th year, targeting record results again
Capitalizing on long-term growth trends
Delivering value for shareholders
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17. JP Morgan Aviation and
Transportation Conference
March 2007
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