Investor and Financial Analyst Conference

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1 Investor and Financial Analyst Conference August 11, 2005 Forward-looking Disclosure Statements 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 and the Company s website at

2 Michael Ward Chairman, President and Chief Executive Officer Opening Remarks Delivered six quarters of improvement Surface Transportation Operating Income Dollars in Millions $422 $204 $295 $250 $315 $351 Q Q Q Q Q Q Note: Operating income is adjusted for certain charges previously disclosed in the company s Quarterly Flash documents available on

3 Improvement driving stock appreciation One-year Stock Performance Indexed to July 29, /29/04 09/29/04 11/29/04 01/29/05 03/29/05 05/29/05 07/29/05 CSX S&P 500 Dow Jones Transportation CSX in the Rail Renaissance Positioning for the Future Les Passa, Vice President Strategic Planning Alan Blumenfeld, Senior Vice President Service Design Driving Operational Reliability Tony Ingram, Executive Vice President and Chief Operating Officer Capturing Marketplace Opportunities Clarence Gooden, Executive Vice President and Chief Commercial Officer Creating Shareholder Value Oscar Munoz, Executive Vice President and Chief Financial Officer

4 Les Passa Vice President Strategic Planning Positioning for the Future The CSX rail network is a competitive advantage Indianapolis East St. Louis Chicago Nashville Memphis Birmingham Detroit Columbus Louisville Montgomery Pensacola New Orleans Toledo Cincinnati Knoxville Atlanta Syracuse Buffalo Pittsburgh Charleston Charlotte Charleston Savannah Jacksonville Tampa Orlando Montreal Selkirk Newark New York Philadelphia Baltimore Washington D.C. Norfolk Boston Serves all major eastern markets Covers 22,000 miles in 23 states and two Canadian provinces Serves more than 70 ports Miami

5 CSX is part of a North American network, and the global supply chain Portland Vancouver South Seattle Tacoma Oakland Lathrop Los Angeles Kansas City Dallas Houston Laredo Monterrey Memphis Guadalajara Queretaro Mexico City Indianapolis St. Louis Atlanta Charleston Mobile Savannah Jacksonville New Orleans Orlando Tampa Miami Montreal Toronto Syracuse Chicago Detroit Buffalo Boston Cleveland Columbus New York Cincinnati Philadelphia Baltimore Evansville Nashville Portsmouth Charlotte Transportation demand is at record levels 120 Transportation Services Index Indexed: 2000 = Jan-90 Jan-92 Jan-94 Jan-96 Jan-98 Jan-00 Jan-02 Jan-04 Source: Bureau of Transportation Statistics

6 Growth is expected to continue 7 Transportation Forecast Ton Miles in Trillions Source: American Association of State Highway and Transportation Officials (all modes) Industrial production continues to grow U.S. Industrial Production Indexed: 1990= Source: Global Insights

7 U.S. population continues to grow U.S. Population Population in Millions Source: U.S. Census 2000 Driving increased consumption U.S. Consumption 2000 Dollars in Trillions $10 $9 $8 $7 $6 $5 $ Source: Global Insights

8 Consumption is increasingly being satisfied by imports U.S. Imports Indexed: 1990= Source: Global Insights Domestically, trucks gained a greater share of growth $500 Total Intercity Freight Revenue Dollars in Billions $400 $300 $200 $100 $ EST Rail Revenues Truck Revenues Source: Eno Transportation

9 Highway capacity has not kept pace Highway Infrastructure versus Miles Traveled Indexed: 1980=100% 250% 225% 200% 175% 150% 125% 100% 75% Vehicle Miles Traveled Lane Miles Source: Department of Transportation, National Transportation Statistics The trucking industry is facing constraints Origin Highways Labor Costs Destination Congested highways in need of repair Driver shortages and new hours of service laws Increasing fuel and insurance costs

10 Setting the stage for the Rail Renaissance Origin CSX & Rail Industry Destination Strong market trends New long haul opportunities Opportunity for rail / truck partnerships CSX s network serves a majority of the U.S. Montreal Indianapolis East St. Louis Chicago Nashville Memphis Birmingham Detroit Columbus Louisville Toledo Cincinnati Knoxville Atlanta Syracuse Buffalo Pittsburgh Charleston Charlotte Newark New York Philadelphia Baltimore Washington D.C. Charleston Selkirk Norfolk Boston Population Disposable Income Consumption Montgomery Pensacola New Orleans Savannah Jacksonville Tampa Orlando Miami

11 Northern CSX markets are large and rich, and the South is growing 2004 Income Income Growth Chicago New York Chicago New York Jacksonville Jacksonville New Orleans LT $50B $51B $150B $151 $250B GT $250B Miami New Orleans LT 5% 5.0% 5.5% 5.6% 6.0% GT 6.0% Miami Source: Bureau of Economic Analysis Key macro trend implications... Long distance supply chains growing Increasing consumption Highest growth trends are in the South Rail competitive position is strengthening CSX is well positioned in the global market with its strong eastern rail network

12 Alan Blumenfeld Senior Vice President Service Design Investing for the Future The network is a key competitive advantage Merchandise Contribution density

13 The network is a key competitive advantage Coal, Coke & Iron Ore Contribution Contribution density density The network is a key competitive advantage Intermodal Contribution Contribution density density

14 The network is a key competitive advantage Automotive Contribution Contribution density density The network is a key competitive advantage Total Surface Transportation Contribution Contribution density density

15 The network is a key competitive advantage I-90 Corridor Chicago New York Southeastern Corridor Coal I-95 Corridor Jacksonville New Orleans Miami Traffic growth on our network is expected to accelerate Traffic Growth <2% CAGR 2-5% CAGR >5% CAGR

16 Positioning our network for growth Network capacity determined by: Single track, double track, siding length, spacing, signals Theoretical versus practical Implications: Growth Economic Service reliability Recoverability Service Level Optimal Range of Operation Volume (trains per day) Historical context of the coal network Comprised of three predecessor railroads Baltimore & Ohio Chesapeake & Ohio Louisville & Nashville Routes designed for: Industrial Northeast Great Lakes market Export markets Chicago New Orleans Jacksonville Miami New York

17 Positioning the coal network for long-term growth Current operations Single track, 15 mph Sufficient route capacity Commercial outlook Moderate growth Source shifting Growth opportunities Western gateway and Illinois basin Chicago New Orleans Jacksonville Miami New York Historical context of the I-90 I Corridor High-speed, high capacity Industrialized Northeast Passenger traffic Access to eastern ports Chicago New York De-industrialization created excess capacity Evolved into high-speed intermodal and auto routes Jacksonville New Orleans Miami

18 Positioning the I-90 I Corridor for long-term growth Current operations Double track, mph High volume capable Commercial outlook Large market opportunities Population centers drive growth Growth opportunities River Line Chicago New Orleans Jacksonville Miami New York Historical context of the I-95 I Corridor Multiple predecessor railroads Developed for passenger service The Baltimore Washington commuter expansion of the 1980 s Chicago New York Principally a feeder-line, with short-haul shipments Jacksonville New Orleans Miami

19 Positioning the I-95 I Corridor for long-term growth Current operations Single and double track, mph Passenger trains Commercial outlook Limited growth Improve traffic mix Growth opportunities Public/private funding for passenger lanes Chicago New Orleans Jacksonville Miami New York Historical context of the Southeastern Corridor Multiple predecessor railroads Secondary U.S. cities and regions Physical characteristics: Single track Short sidings Difficult terrain Substantial grades Chicago Birmingham Nashville Atlanta New York Jacksonville New Orleans Miami

20 Positioning the Southeastern Corridor for long-term growth Operations Single track, mph Inconsistent service, limited recoverability Commercial Demographic shift creates growth potential Premier corridor opportunity Growth opportunities Chicago-Florida line Facilities and terminals Chicago Birmingham New Orleans Nashville Atlanta Jacksonville Miami New York Status of network investments Prioritized list of specific investments identified Simulations validate benefits and priorities Inspected property with division personnel Preliminary operations and environmental assessments Construction targeted to begin in early 2006 Chicago Birmingham Nashville Atlanta Jacksonville New York New Orleans Miami

21 Investments will support reliability and growth New and enhanced line capacity sidings and signals Increase line velocity Operate more and longer trains Improved service reliability and recoverability Expanded facilities and terminals: Address constraints at high growth locations Enhance the value of the line capacity improvements The CSX Network Summary Physical network is the key competitive advantage Access to eastern population centers and ports Uniquely positioned for Southeast demographic change Strategic network investments Leverage competitive route advantages Support long-term growth Improve operating reliability and recoverability Improve long-term shareholder value

22 Tony Ingram Executive Vice President and Chief Operating Officer Improving Operational Reliability Operations priorities have not changed Reliable Performance Service Productivity Safety Execution Discipline Leadership

23 Personal injuries declined 17% in the past 12 months 2.41 FRA Personal Injury Frequency Index 12-month rolling average Injuries Per 200,000 Man Hours Q Q Q Q Q Safety improvement is critical for people and business Train accidents are down 14% 4.90 FRA Train Accident Frequency Index Accidents per Million Train Miles 12-month rolling average Q Q Q Q Q Improvements are the foundation for culture change and operational improvements

24 Leadership drives safety New process and training Accountability defined Observations, audits, root cause analysis Significant productivity efforts underway Train Operations Fuel conservation Engineering / Mechanical Mobile Worker Initiative Equipment monitoring systems Terminal Efficiency Remote control operations Customer Service Automation of customer order and service

25 Productivity and service driven by discipline and execution ONE Plan Disciplined, scheduled approach to operating rail networks Reduce handlings, work load Reduce car and train miles Balance the network Recoverability ONE Plan boosted velocity initially System Velocity Miles per Hour ONE Plan Q Q Q Q Q2 2005

26 Team addressing ONE Plan performance decline Changed leadership where required Drive accountability and training Designed process to identify deviations, root causes and corrections Created integrated resource plans for locomotives, crews, terminals Locomotive Plan What s New Locomotive sets (consists) standardized Same sets pre-assigned to same trains every day Strict discipline in pairing locomotives back-to-back Plan Progress Paired 80% of sets back-to-back Major ONE Plan enhancement in full motion by September

27 ONE Plan cost saving possibilities ONE Plan will improve reliability Eliminates routing inefficiencies in the system Reduces overtime, relief crews and non-productive work Step function savings become possible Predictability allows for new crew balancing opportunities Minimizes travel needs and improves work-life balance ONE Plan cost saving possibilities Locomotive productivity New standard consist Locomotive Plan Increase gross ton miles / horsepower hour Fleet productivity and foreign car hire ONE Plan increases fleet utilization Reduce days per load

28 Operations Summary Safety and productivity gains are encouraging Early ONE Plan success provided a glimpse of our potential ONE Plan enhancements will drive consistent execution and cost savings Reliable Performance Service Productivity Execution Discipline Safety Leadership Clarence Gooden Executive Vice President and Chief Commercial Officer Capturing Marketplace Opportunities

29 A foundation for capturing market opportunities Business Environment Record demand Tight supply Continued growth Competitive Trends Trucking challenges Offshore sourcing Rail opportunity Service Delivery Excellent network Planned investments Service improvement The CSX rail network is a key competitive advantage Chicago Indianapolis East St. Louis Nashville Memphis Birmingham Detroit Columbus Louisville Montgomery Pensacola New Orleans Toledo Cincinnati Knoxville Atlanta Syracuse Buffalo Pittsburgh Charleston Charlotte Charleston Savannah Jacksonville Tampa Orlando Montreal Selkirk Newark New York Philadelphia Baltimore Washington D.C. Norfolk Boston Serves all major eastern markets Covers 22,000 miles in 23 states and two Canadian provinces Serves more than 70 ports Miami

30 The CSX Intermodal network provides coast-to-coast to-coast coverage Portland Vancouver South Seattle Tacoma Oakland Lathrop Los Angeles Kansas City Dallas Houston Laredo Monterrey Memphis Guadalajara Queretaro Mexico City Indianapolis St. Louis Atlanta Charleston Mobile Savannah Jacksonville New Orleans Orlando Tampa Miami Montreal Toronto Syracuse Chicago Detroit Buffalo Boston Cleveland Columbus New York Cincinnati Philadelphia Baltimore Evansville Nashville Portsmouth Charlotte TRANSFLO provides off-rail reach for bulk transloading customers

31 It Starts With The Customer Over 6,000 customers Over 250 Sales & Marketing professionals State of the art customer service center Independent customer satisfaction research Equipment Quality Tracking Order Fulfillment Order Management Settlement Drivers of Customer Satisfaction Contracts/ Pricing Customer Service Center Service Reliability Account Representative CSX has a diverse business portfolio Chemicals 7% Automotive 7% Agriculture 5% Metals 5% Forest 6% Food & Consumer 3% Intermodal 31% Phosphates 6% Emerging Markets 7% Coal 23% Note: Percentage of Total Volume

32 The cyclical risk profile is low to moderate Chemicals 7% Automotive 7% Agriculture 5% Forest Metals 6% 5% Food & Consumer 3% Intermodal 31% Phosphates 6% Emerging Markets 7% Note: Percentage of Total Volume Coal 23% Low Cyclical Risk Cyclical Risk Coal, Coke, and Iron Ore 2004 Revenue: $1.78 Billion Stockpile rebuilding into 2006 Electricity demand to increase 2.1% annually Continued growth of Western and Illinois Basin coal Favorable pricing environment continues

33 Automotive 2004 Revenue: $835 Million Production to grow 1% annually through 2010 Mix shift between traditional and new domestics Service improvement upside Yield gains through price and fuel surcharge Hyundai Assembly Plant Montgomery, Ala. Intermodal 2004 Revenue: $1.33 Billion Network Simplification Initiatives completed Capacity to grow without adding train starts Continued emphasis on asset productivity and terminal throughput Pricing environment continues to be very favorable

34 Intermodal operating income improvement CSX Intermodal Quarterly Operating Income in Millions $71 $52 $56 $22 $27 $29 $32 $22 $33 $31 Q Q Q Q Q Q Q Q Q Q Agricultural and Industrial Products 2004 Revenue: $2.08 Billion Population and consumption will continue to drive demand Ethanol volume growth expected New unit train products

35 Chemicals, Phosphate & Fertilizer 2004 Revenue: $1.41 Billion Expanding Southeast plastic business Non-traditional reach through TRANSFLO facilities New phosphate unit trains Pricing environment remains favorable Emerging Markets 2004 Revenue: $504 Million Aggregates, waste and cement growth will continue Demand in the growing Southeast Industrial development and private investments driving success

36 New industrial development investments Merchandise Ethanol facilities Feed mills Aggregates facilities Plastics plants Coal Energy plants New projects Intermodal Port developments Logistics centers Automotive Assembly plant Supplier facility Volume growth is achievable as service improves Strong demand, with additional growth expected Network advantage, with further investments planned Diversification minimizes impact of economic cycles Industrial development contributes to volume growth

37 Pricing gains are sustainable Favorable outlook will drive high demand Rail capacity continues at a premium Truck industry cost structure has escalated Trucking capacity faces uncertainty Internal discipline and bottom line focus continues? Commercial focus is on the bottom line Focus on freight car hurdle rates Focus on right business Pricing discipline Supplemental revenue focus

38 Progress is being made toward achieving reinvestment targets Percent of Rail Cars Above Reinvestment Hurdle Rates First Quarter 2004 Second Quarter % 70% 35% 30% Above Hurdle Below Hurdle Fuel surcharges continue to partially offset rising fuel prices 20% 16% 12% 8% 4% Current program implemented in June 2003 CSXT Fuel Surcharge Program $65 $55 $45 $35 $25 0% $15 Jan-03 May-03 Sep-03 Jan-04 May-04 Sep-04 Jan-05 May-05 Sep-05 CSX Fuel Surcharge % Average WTI

39 CSX positioned for continued growth Revenue growth Annual growth of 4%-6% over the next 5 years Continued strong emphasis on price Disciplined approach Rail versus truck economics favorable Oscar Munoz Executive Vice President & Chief Financial Officer Creating Shareholder Value

40 2005 Outlook Continued revenue strength Full year growth of 8% 10% 60% earnings growth* Full year EPS* of $3.15 $3.25 Core Free Cash Flow of $450M + Strong balance sheet Targeted leverage has been achieved Note: Adjusted for 2004 restructuring charge and 2005 Debt & Ohio Tax items as previously disclosed in the company's Quarterly Flash available on CSX comparison with industry leaders 81.9% 5.4% Class I American Railroads First Six Months Operating Ratio 76.0% 2.2% 5 point Opportunity 78.1% 4.3% 88.1% 0.5% CSX NS BNSF UP 2005 Operating Ratio 2005 YOY Operating Ratio Pts. Change

41 Industry leaders have common traits Markets Service Product Line of Road Locomotives Selective / Profitable Efficient and predictable Maintain for reliability Invest in core assets Resources Cars Technology People Focus on ROI hurdle rates Strategic alignment Invest in people Operational Performance Focus on reliability and safety Financial Outlook 5 Year CAGR Surface Transportation Operating Income 10% 12% Earnings per Share 12% 14% Core Free Cash Flow 10% 12%

42 Investing for the future Capital program expanding Investing for reliability and growth Earning the right to spend Capital Spending $1.3B $1.4B per year 2008 & Beyond $1.2B per year % of Revenue 14% 15% 12% 13% Investing for reliability and growth Infrastructure expansion Southeastern Corridor River Line Western Coal Projects Facilities and terminals Chicago New York Capital Investment $300M $400M New Orleans Jacksonville Miami

43 Ongoing capital program will expand Improving reliability Consistent investment in core assets (locomotives and cars) Line-of-road enhancements Technology-based productivity Mobile Worker Initiative Equipment monitoring systems Locomotive training simulators Revenue Outlook Leverage evolving marketplace Trucking constraints Solid rail demand, especially in the South Focus on contribution Favorable pricing environment Selective volume growth Rail Cars Above Reinvestment Hurdle 1Q04 2Q05

44 Revenue Outlook Revenue growth 4% 6% Yield improvement 2% 3% Volume growth 2% 3% Fuel surcharge 5 Year CAGR Trend to 100% coverage Fuel price remain at current levels ($60/barrel) Operating Initiatives Safety Injury reduction Train accident reduction Improvements critical for people and business Reliable Performance Service Productivity Safety Execution Discipline Leadership

45 Operating Initiatives Productivity Technology investments Process Improvement Teams Lean, Six Sigma System-wide cost focus Reliable Performance Service Productivity Safety Execution Discipline Leadership Operating Initiatives Service ONE Plan efficiencies Locomotive Plan Car Utilization Crew Balancing Reliable Performance Service Productivity Safety Execution Discipline Leadership

46 Operating Ratio Outlook Operating Ratio Narrow the gap with industry leaders Drive to record levels for CSX 5 Year Horizon Mid to High 70s CSX s Outlook is aligned with industry best practices Markets Service Product Line of Road Locomotives Commercial bottom-line focus Consistent execution Investing for reliability and growth Systematic investment in core assets Resources Cars Technology People Specific rail car reinvestment hurdles Facilitates new productivity initiatives Training and accountability Operational Performance Integrated view of safety and service

47 Financial Outlook 5 Year CAGR Surface Transportation Operating Income 10% 12% Earnings per Share 12% 14% Core Free Cash Flow 10% 12% 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

48 Michael Ward Chairman, President and Chief Executive Officer Closing Remarks

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