OCTOBER 31, 2017 STB UPDATE

OCTOBER 31, 2017 STB UPDATE

Network performance levels consistent Highlights Dwell reaches new measurement-period low of 10.4 hours Customer problem logs remain near lowest level in measurement period and in normal range Dwell further improved and velocity steady Right Car Right Train moving higher Crew and power resource levels remain well matched to demand Hump yard performance steady, four humps remaining Western terminals performing well Empty car fulfillment remained near 80% 1 Local pull and place performance stable Customer problem logs remain at lower levels Interchange volumes current and gateways fluid 2 1 Normalized fill rate

Dwell and velocity performance at or better than 2016 levels On Time Originations (%) On Time Arrivals (%) 100% 80% 60% 84% 81% 88% 74% 74% 73% 74% 71% 68% 72% Weekly Average 75% 75% 74% 73% 100% 80% 60% 68% 64% 81% 60% 70% 64% 63% 61% 62% 67% 70% 64% 58% 60% On-Time +2 hrs 40% 40% On-Time 20% 0% 2016 Q1 Q2 Q3 40 41 42 2017 Weeks 20% 0% Oct. 21 Oct. 27 2016 Q1 Q2 Q3 40 41 42 Oct. 21 Oct. 27 2017 Weeks +2 hrs Dwell (hours) Velocity (mph) 16.0 14.0 12.0 10.0 11.2 11.6 10.8 12.1 10.7 11.0 10.5 9.4 10.1 12.1 11.1 10.5 10.3 9.5 18.0 16.0 14.0 14.9 14.2 16.2 14.0 15.7 15.4 14.9 15.6 15.1 15.1 14.9 14.4 14.4 14.6 8.0 12.0 6.0 2016 Q1 Q2 Q3 40 41 42 10.0 Oct. 21 Oct. 27 2016 Q1 Q2 Q3 40 41 42 Oct. 21 Oct. 27 2017 Weeks 2017 Weeks 3 Note: Dwell and velocity displayed according to CSX methodology; explanation of CSX methodology can be found in appendix. Q3 dwell and velocity exclude the Hurricane Irma-impacted period for terminals that held cars and specific trains held through storm, respectively.

Right Car Right Train moving higher; less relevant in PSR 90% 85% 80% 75% 70% 65% 60% 55% 50% Right Car Right Train 1 86% 86% 82% 75% 76% 76% 73% Weekly Average 75% 73% 77% 75% 78% 79% 2016 Q1 Q2 Q3 40 41 42 Oct. 21 Oct. 27 2017 Weeks 80% Right Car Right Train is no longer a measure that CSX uses to manage its operation In precision scheduled railroading (PSR), if a car can be advanced on another train to speed transit or ensure its on-time arrival, there is not one right train Car priority is to move cars quickly, on next available train Asset utilization a key tenet of PSR Train priority is blocking integrity and departing all available, relevant cars from the yard Blocking integrity certifies that a train is built correctly and shipments are headed to the correct location Managed through field supervision 4 1 Right Car Right Train is defined as the percentage of cars that departed from a yard in accordance with their car scheduling trip plan

Resourcing appropriately to meet business needs Active Locomotives Train & Engine Headcount and Re-crew Rate 1 4,000 3,600 3,200 2,800 2,400 2,000 9,900 3,763 3,673 9,771 9,700 3,376 9,690 3,200 3,182 3,184 3,162 3,165 9,500 9,445 9,300 9,223 9,278 9,264 9,247 9,225 9,100 8,900 2017 Weeks 2017 Weeks 10% 9% 8% 7% 6% 5% 4% 3% 2% 1% 0% Locomotive level stable; engines in place to support grain harvest season Re-crew rates remain at historic lows and stable Power and crew availability steady in fourth quarter at approximately 99% and 95%, respectively 5 1 Re-crew rate is re-crew people starts as a percent of total measured people starts, and represents incidences of replacing a crew on the same train ID (generally due to hours of service)

Hump yard performance steady CSX Hump Terminal Overview Transitioned to flat-switching operations Hump terminals Total hump yard volumes remain in a consistent band week-over-week, well below capacity of yards Willard removed from current and future weeks data, transitioned to a flat switching operation in prior week Toledo, OH Avon, IN Louisville, KY Nashville, TN Birmingham, AL Selkirk, NY Willard, OH Cumberland, MD Cincinnati, OH Hamlet, NC Atlanta, GA Waycross, GA Key hump productivity and efficiency measures performing well 28.0 24.0 20.0 19.9 20.6 17.2 Dwell at Hump Terminals 1 19.8 17.7 18.8 18.7 19.2 22.5 23.1 Weekly Average 22.3 20.5 18.6 18.4 16.0 12.0 Absolute number of humps not good or bad ; goal is best mix of hump and flat yards for processing efficiency 8.0 2016 Q1 Q2 Q3 40 41 42 2017 Weeks Oct. 21 Oct. 27 6 1 Dwell displayed according to CSX methodology; explanation of CSX methodology can be found in appendix. Q3 dwell excludes the Hurricane Irma-impacted period for terminals that held cars through the storm.

Western terminals performing well Western Corridor Key Terminals Avon, IN Key terminal productivity and performance measures recovered in former trouble spots Dwell improved further this week, and remains below 2016 Train plan adjustments have recovered service Leveraged Avon as offset of increased volume flow through Russell, Columbus and Louisville Evansville, IN Nashville, TN Dwell at Western Terminals 1 22.0 Weekly Average Birmingham, AL Montgomery, AL Mobile, AL 18.0 14.0 10.0 13.0 13.6 13.4 15.6 12.6 14.4 12.1 10.6 12.3 12.9 10.6 12.5 11.2 9.6 Western terminals 6.0 2016 Q1 Q2 Q3 40 41 42 2017 Weeks Oct. 21 Oct. 27 7 1 Dwell displayed according to CSX methodology; explanation of CSX methodology can be found in appendix. Q3 dwell excludes the Hurricane Irma-impacted period for terminals that held cars through the storm.

Car order fulfillment stable near 80% Cars Ordered 7,000 Weekly Car Orders and Normalized Fill Rate 1 Normalized Fill Rate 90% 85% Empty car dwell remains elevated at customer locations Indicates improved car supply and availability Customers maintaining buffer stock, which elongates total asset turn times 6,000 5,000 80% 75% 70% Improvements to car ordering process being introduced 4,000 3,000 2,000 65% 60% 55% 50% 45% 40% Intended to improve accountability in ordering and fulfillment to better capture demand in a timely manner Active communication underway and to continue over coming weeks to ensure customer understanding/alignment 2017 Weeks Weekly Orders Normalized Order Fill % Q1 Avg. Weekly Car Orders 8 1 Normalized fill rate is a proxy of demand fulfillment against historical/expected order levels, as current order levels are disconnected with demand

Last mile performance stable Local Service Measurement 1 Local Service Measurement (LSM) is no longer a metric that CSX uses to manage its operation 100% 90% 80% 94% 95% 90% 81% 84% 83% 85% 85% In precision scheduled railroading (PSR), focus on endto-end transit and customer expectations Last mile performance must be in combination with, not independent of, overall performance 70% 60% 50% 40% 30% 20% 10% 0% 2017 Weeks Accordingly, LSM as a reported metric was discontinued upon start of PSR implementation At request of STB, last mile tracking reinstated to monitor through implementation period Data reflects passive information flow, lacking prior focus on field reporting to ensure LSM capture Reliable pull and place expected as part of service to customers 9 1 Local Service Measurement is defined as the percentage of cars that were pulled or placed at a customer location based upon daily customer request, the local service plan and available inventory at the local serving yard

Customer problem logs remained at lower levels Customer Inquiries Daily Average Log Volume Delayed cars have returned to normal levels (<1% of traffic) 570 563 537 567 Trend in problem logs mirrors timeframe of network challenges and recovery, followed by Hurricane Irma 458 499 Lower levels of long-dwelling cars reflects overall fluidity improvements 354 368 286 374 374 330 294 272 281 265 278 247 253 Lower level of logs, improved communication allowing faster, more comprehensive resolution Managing pipeline of customer concerns to full resolution 25 27 29 31 33 35 37 39 41 43 Weeks Delayed Cars Bad Order Switching Issues 10

Interchanges current and performing to expectations 800 East St. Louis Daily Average Interchange Volume From To 2,000 Chicago Daily Average Interchange Volume 600 400 200 1,600 1,200 800 400 0 2017 Weeks 0 2017 Weeks 600 New Orleans Daily Average Interchange Volume 300 Memphis Daily Average Interchange Volume 400 200 200 100 0 0 2017 Weeks 2017 Weeks 11

Precision scheduled railroading producing service improvement Operational Focus Service Improvements & Productivity Improvements Balanced Train Plan Improved Frequency Better Reliability Rolling Stock Utilization People Efficiency Terminal Fluidity Faster Transit Quicker Turnaround Fuel Optimization Train Density Improve Service Operate Safely Control Costs Drive Asset Utilization Develop People Realigned service frequency in second quarter Set the groundwork of a balanced train plan in early July Terminals improved efficiency and traffic flow adjustments have recovered service Improved execution on this foundation to drive long-term service and productivity improvements 12

APPENDIX

CSX has changed methodology on some metrics reported publicly Velocity Dwell Cars Online Former Line of road miles per hour Former Car time at terminal, excluding cars on the same train ID Former All cars on CSX, as determined by RailInc Current Total miles traveled per hour, including intermediate dwell of the train Current All car time with a terminal work event, including through cars on same train ID (e.g. crew change) Current RailInc cars on CSX, excluding cars stored, under repair, sold, and private cars ex online inventory Change Reason Includes full trip of a train and ability to diagnose overall speed profile (in support of improvement in asset cycle) Change Reason Includes all dwell with ability to diagnose all events impacting car movement (in support of improvement in asset cycle) Change Reason More accurate measurement of active cars on line, i.e. cars for which CSX is focused on realtime, efficient movement Effect on Metric Reported velocity will be lower Effect on Metric Reported dwell will be lower Effect on Metric Reported cars online will be lower Restated historical data in new methodology available on csx.com/servicemetrics 14