1. BB&T Transportation Conference
February 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 registered another breakout year in 2006
Generated record financial results
Produced step-function service improvements
Delivered significant value for shareholders
Driving towards 2010 targets
Positioned for long-term profitable growth
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4. CSX produced record financial results in 2006
Dollars in millions, except EPS Year-Over-Year
Improvement
Surface Transportation
11%
Revenue $ 9,566
Expense 7,608
Operating Income $ 1,958 26%
Operating Ratio 79.5%
Consolidated EPS $ 2.22 31%
Note: Excludes insurance recoveries and income tax benefits
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5. Earnings improving; 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. Over $1 billion deployed for investors in 2006
Growing Cash Generation
& Improving ROIC
Debt Equity
Debt Equity
Company
Company
Holders Holders
Holders Holders
Maintain target Focused, strategic Competitive
debt levels investment dividend yield
for growth
Share buyback
program
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7. Recent actions reinforce shareholder focus
Increased Annual
Initiated $2.0 Billion
Dividend 20%
Share Repurchase
$0.48
Represents over 10% of
$0.40
outstanding shares
20%
20%
Increase
$0.26 Increase
Consistent with capital
$0.20
structure objectives
Targeting year-end 2008
completion
Q3 Q4 Q3 Q1
2005 2005 2006 2007
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8. Double-digit growth targeted through 2010
Set goals
Set goals
2006–2010
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%
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9. Surface Transportation above target growth
Operating Income in Millions
Five-year Target: 10%-12% CAGR
$2.5–$2.7
$2.5–$2.7
Billion
Billion
$1,958
$1,549
26%
26%
Increase
Increase
2005 2006 2007 2008 2009 2010
Note: 2006 excludes benefits from insurance recoveries
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10. Earnings per share above target growth
Earnings Per Share
Five-year Target: 12%-14% CAGR
$3.00–$3.30
$3.00–$3.30
$2.22
$1.70
31%
31%
Increase
Increase
2005 2006 2007 2008 2009 2010
Note: 2005 and 2006 excludes debt repurchase expenses, insurance recoveries and income tax benefits
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11. Rail earnings growth among leading sectors
Long-term Earnings Growth Expectations
Energy 18.2%
Railroads 15.4%
IT 15.3%
Health Care 14.9%
Industrials 12.9%
S&P 500 12.8%
Financials 10.9%
Utilities 7.7%
Telecom 5.6%
Source: Standard & Poor’s as of February 13, 2007
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12. However, rail PE’s continue to lag S&P 500
NTM Price-to-Earnings Ratio
Health Care 22.5
IT 21.6
S&P 500 18.3
Telecom 17.7
Financials 17.1
Industrials 16.6
Utilities 16.5
Railroads 13.9
Energy 11.2
Source: Standard & Poor’s as of February 13, 2007
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13. Rail Renaissance environment remains strong
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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14. 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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15. Demand remains high and increasing further
Transport Forecast
Ton-Miles in Trillions
7
6
5
4
3
2004 2006 2008 2010 2012 2014 2016 2018 2020
Source: AASHTO
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16. Highways are constrained and getting worse
Today 2020
CSX Territory
Source: USDOT FHWA Freight Analysis Framework
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17. Rail Renaissance is driving improving yields
Year-Over-Year Change
2 12.6%
R = P +V 11.8%
11.7%
11.0%
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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18. Imports showing strong long-term growth . . .
United States Imports
2000 Dollars in Trillions
$2.3
$2.2
$2.1
$2.0
$1.9
$1.8
$1.7
$1.6
$1.5
$1.5 $1.4
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
Source: Global Insight
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19. . . . with volume 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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20. 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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21. New CSX/BNSF service leverages that trend
BNSF BNSF–Memphis
CSX Charlotte
BNSF Atlanta
BNSF–Memphis
CSX Florida
February 26th start-up
February 26th start-up
Enhanced PSW-SE service
Enhanced PSW-SE service
Seamless connectivity
Seamless connectivity
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22. Broader industrial development is growing
Merchandise
• Ethanol Facilities
• Feed Mills
• Aggregate Facilities
Boston
• Plastics Plants
Chicago New York
Philadelphia
Coal
Baltimore
St Louis
• New Projects
Portsmouth
Intermodal
Memphis
• Port Development
Charleston
• Logistics Centers
Mobile
Jacksonville
Automotive
New Orleans
• Assembly Plant
• Supplier Facility
Miami
Income Growth
5-5.5%
LT 5%
5.6-6.0% GT 6%
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23. Access to new fertilizer receiving warehouses
Unit-train service
New Warehouses
— McLeansboro, IL
— Templeton, IA
— Mitchell, SD
— W Millbank SD
— Hutchinson, KS
— Yuma, CO
— Loomis, NE
— Oakland, NE
— Tamora, NE
— Ross, ND
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24. CSX creating industry-leading ethanol network
CSX Ethanol Terminals
Albany, NY
Albany
RI
Sewaren, NJ
Philadelphia NJ
Baltimore
Linden, NJ (new)
Providence, RI (new)
Philadelphia, PA (2 new)
Baltimore, MD, (2 new)
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25. CSX well positioned in Rail Renaissance
Serves every major
market in the east
Boston
Syracuse
Buffalo
Detroit
Direct access to all
New York
Cleveland
Chicago
Atlantic and Gulf ports
Philadelphia
Indianapolis Columbus
Baltimore
Cincinnati
St Louis
Access to Pacific ports
Evansville Portsmouth
Charlotte
with BNI/UNP alliances
Nashville
Memphis
Atlanta
Charleston
Population in Major Metropolitan Areas
Savannah
Mobile
Jacksonville GT 10,000,000
New Orleans 5,000,000 – 10,000,000
Tampa 2,500,000 – 5,000,000
1,500,000 – 2,500,000
Miami
1,000,000 – 1,500,000
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26. 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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27. BB&T Transportation Conference
February 2007
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