11

Les PassaCSX VP – Strategic Planning

22

Transportation marketplace supports long term rail growthTransportation marketplace supports long term rail growth

Global market opportunities are increasing

CSX’s network is a competitive advantage

Competitive environment is favorable

Industry positioned as efficient and sustainable

CSX has proven its ability to execute and deliver

33

Rail demand expected to benefit from global trendsRail demand expected to benefit from global trends

6.6

7.0

7.4

7.8

2005 2010 2015 2020

$46

$63

$94

$132

2005 2010 2015 2020

$2.6$3.2

$5.1

$6.8

2005 2010 2015 2020

Global Populationin Billions

Source: UN, Department of Economic and Social Affairs, Population Division (2011) – Global Insight

Global GDPin Trillions

U.S. Import/Exportin Trillions

Current environment moderating; long term intactCurrent environment moderating; long term intact

Domestic and global economy growing at a slower pace

— Near term growth still expected; but likely at lower rate than originally expected

Most CSX markets are holding up well quarter-to-date

— Year-over-year growth in Merchandise in line with second quarter and declines in Coal are moderating; International growth softer

Long-term environment still remain favorable

— Opportunities provide strong upside

55

Freight railroads support America’s economy Freight railroads support America’s economy

66

Freight railroads deliver significant benefitsFreight railroads deliver significant benefits

Safe and SecureSafe and SecureSafe and SecureSafe and SecureRailroads are one of the safest and most secure modes of surface transportation

EfficientEfficientEfficientEfficientOne intermodal train can carry the load of 280 trucks, reducing highway congestion

““Green”Green”““Green”Green”A locomotive can haul a ton of freight almost 500 miles on one gallon of fuel

SustainableSustainableSustainableSustainableRailroad capital investment relies principally on private funds

77

CSX’s network provides competitive advantageCSX’s network provides competitive advantage

New OrleansNew Orleans

CharlestonCharleston

MemphisMemphis

FloridaFlorida

PiedmontAtlantic

PiedmontAtlanticGulf CoastGulf Coast

MidwestMidwest

St LouisSt Louis

ChicagoChicago

New YorkNew York

BostonBoston

NorfolkNorfolk

JacksonvilleJacksonville

MiamiMiami

NortheastNortheast CSX serves over two thirds of U.S. population

Significant majority of U.S. consumption in the east

Connects all mega-regions in the eastern U.S.

Network positioned to attract

new businesses

Market reach into Northeast and Florida

SavannahSavannah

WilmingtonWilmington

TampaTampa

MobileMobile

BaltimoreBaltimore

88

Global supply chains will continue to evolveGlobal supply chains will continue to evolve

Panama Canal capacity doubles by 2015

Vessel queues reduced with Panama Canal expansion

Larger ships move to all-water routes

New supply chains create opportunity for eastern ports

CSX positioned for global competition

99

Structural changes continue to impact trucking Structural changes continue to impact trucking

Fuel Prices Driver ShortagesEnvironmental

Mandates

Increased regulations in hours of service, safety

reporting and background checks

Progressively more stringent environmental

mandates

Source: US EIA Weekly Retail On-Highway Diesel Prices

Higher fuel prices continue to favor rail.

1010

. . . and ports with consumption markets

St LouisSt Louis

New YorkNew York

BostonBoston

NorfolkNorfolk

JacksonvilleJacksonville

MiamiMiamiTampaTampa

MobileMobile

BaltimoreBaltimore

WilmingtonWilmington

PhiladelphiaPhiladelphia

New OrleansNew Orleans

CharlestonCharleston

SavannahSavannahPiedmontAtlantic

PiedmontAtlantic

MidwestMidwest

Network positioned for long-term profitable growthNetwork positioned for long-term profitable growth

New OrleansNew Orleans

CharlestonCharleston

MemphisMemphis

St LouisSt Louis

ChicagoChicagoNew YorkNew York

BostonBoston

NorfolkNorfolk

JacksonvilleJacksonville

MiamiMiamiTampaTampa

MobileMobile

BaltimoreBaltimore

WilmingtonWilmington

PhiladelphiaPhiladelphia

Network connects naturalresources to ports . .

SavannahSavannah

ChicagoChicago

1111

Rail is a solution to freight infrastructure challengesRail is a solution to freight infrastructure challenges

Source: USDOT FHWA Freight Analysis Framework

CSX Territory

2020 Highway Congestion

Freight demand projected to grow more than 60% by 2040

Vehicle highway miles are beginning to grow again

Recession amplifies funding challenges for highways

Repairs and maintenance are disruptive and prolonged

1212

CSX continues to invest for the long-termCSX continues to invest for the long-term

Supports infrastructure and equipment needs

Provides funding for key strategic investments

Foundation for consistent and reliable service

Improves competitiveness of US transportation system

Capital investment is expected to average 18% of revenue through 2015

2.20

1.801.64

1.721.66

1.44

1.06

15.1%

16.5%

15.3%15.8%

17.2%

12.8%

0.0

0.5

1.0

1.5

2.0

2.5

'05 '06 '07 '08 '09 '10 '11

8.00%

13.00%

18.00%

Capital ExpendituresDollars in Billions

Base CapEx % of Revenue

1313

Public private partnerships accelerate infrastructure investment Public private partnerships accelerate infrastructure investment

National Gateway— Double stack clearances— Northwest Ohio

Florida Initiative— Winter Haven, FL

Massachusetts Initiative— Worcester, MA

New and Expanded Terminals— Louisville, KY (New)— Charlotte, NC (Expanded)— Columbus, OH (Expanded)— Pittsburgh, PA (New)

National Gateway

Louisville

Charlotte

Pittsburgh

Columbus

Worchester

Winter Haven, FL

1414

Supports sustainable economic growth and job creation

Provides long term infrastructure improvements supported with private capital

Freight and passenger solutions possible when well planned

Passenger solutions must comply with four principles:Rail solutions are valuableRail solutions are valuable

The public is recognizing the value of rail solutionsThe public is recognizing the value of rail solutions

1) Uncompromised Safety

2) Enhanced Capacity

3) No Fault Liability

4) Appropriate Compensation

1515

Creating a growth environmentCreating a growth environment

• Public and Communities

• Customer Relations

• Current Employees

• Prospective Employees

• Investors

Engaged Citizens

15

1616

Beyond Our Rails- www.beyondourrails.org Beyond Our Rails- www.beyondourrails.org

Safety— Operation Lifesaver, Emergency Response Training

Green— Trees For Tracks – 16,172 trees planted to date

Giving— Partnerships with City Year, National Safe Place

Wellness— Programs for employee health & wellness

1717

Relentless pursuit of excellence . . .Relentless pursuit of excellence . . .