11

JP Morgan Aviation andTransportation Conference

March 2007

JP Morgan Aviation andTransportation Conference

March 2007

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Forward Looking DisclosureThis 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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CSX has created significant shareholder value

Stock PerformanceIndexed: Year-end 2003 = 100

50

100

150

200

250

Dec-2003 Dec-2004 Dec-2005 Dec-2006

CSX S&P 500 Dow Jones Transports

44

Recent actions reinforce shareholder focus

Initiated $2.0 BillionShare Repurchase

Consistent with capital structure objectives

Builds on the $465 million repurchased in 2006

Represents over 10% of outstanding shares

Targeting year-end 2008 completion

Increased Annual Dividend 20%

$0.20$0.26

$0.40

$0.48

Q32005

Q42005

Q32006

Q12007

20%Increase

20%Increase

55

Record earnings with momentum to mid-70’s

$902M$1,064M

$1,549M

$1,958M

Surface Transportation Operating Income

2003 2004 2005 2006

Surface Transportation Operating Ratio

87.9%

84.6%

82.0%

79.5%

2003 2004 2005 2006

Notes: Excludes provision for casualty claims, management restructuring and insurance recoveries

66

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

77

On track for delivering double-digit growth

2006–2010CAGR

Surface TransportOperating Income

10%–12%

Earnings Per Share 12%–14%

Free Cash Flow 10%–12%

Execute and

MonitorProgress

Execute and

MonitorProgress

Set goalsSet goals

Create plans

Create plans

Consistent Consistent continuous continuous

improvementimprovement

CSX’s long-term strategy and new financial targets to be outlined September 6th

88

Rail Renaissance environment remains strong

Tight Transportation Tight Transportation CapacityCapacity

2005 & 2006

StrongStrongEconomyEconomy

PricingPricingStrengthStrength

2007

Tight Transportation Tight Transportation CapacityCapacity

ModeratingEconomy

PricingPricingStrengthStrength

ExtendingExtendingSupply ChainsSupply Chains

ExtendingExtendingSupply ChainsSupply Chains

99

Moderating economy continues to grow

GDP and Industrial ProductionYear-Over-Year Change

1.6%2.5%

3.9%3.2% 3.3%

2.7%0.8%

4.1%3.2%

4.1%

2.2%

(3.6%)

0.0%(0.3%)

2001 2002 2003 2004 2005 2006 2007

Gross Domestic Product Industrial Production

Source: Global Insight

1010

Highways are constrained and getting worse

Today 2020

CSX Territory

Source: USDOT FHWA Freight Analysis Framework

1111

Rail Renaissance is driving improving yields

Year-Over-Year Change

6.6%6.7%6.8%6.2%6.3%5.6%6.0%4.8%

8.6%9.6% 9.0%

11.0% 11.7%12.6%

11.8%

8.4%

Q12005

Q22005

Q32005

Q42005

Q12006

Q22006

Q32006

Q42006

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

Same pricing momentum expected in 2007

1212

Long-term growth focused at the major ports

4.5

15.8

NY/NJ

1.85.6

Virginia

1.9

6.6

Charleston

1.7

9.4

Savannah1.4

6.2

Houston

TEU in Millions

2020

2004

Source: Containerization International and TranSystems.

CSX Intermodal NetworkCSX Intermodal Network

13.1

LA/LB

59.4

3.67.0

Seattle/Tacoma

2.0 3.4

Oakland

1313

Increasing port volumes will drive rail volumes

Today 2020

CSX Territory

Source: TranSystems and USDOT Federal Railroad Administration Office of Policy

1414

Capacity projects leverage growth potential

Jacksonville

Chicago

New York

Albany

Strategic sidings total 120 miles of new track

Nearly half are on-line with the balance targeted for 2007 completion

Strengthens position in northeastern markets

Leverages fast growing southeastern markets

1515

Capital philosophy supports long-term growth

Increased productivity or “self help”

Public-private partnerships

Redeployment of proceeds from asset sales

Capital targets returns above cost of capital

Chicago

Northern VA

Public Funding

Central FL

Asset Redeployment

Improvements:

On-time departures

Terminal efficiency

Train velocity

58%18%

12%

12%2007 Capital Budget

$1.4 Billion

Infrastructure

New Capacity

Locomotives

Frt Cars & Other

1616

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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JP Morgan Aviation andTransportation Conference

March 2007

JP Morgan Aviation andTransportation Conference

March 2007