11

Merrill Lynch Global Transportation Conference

June 2006

Merrill Lynch Global Transportation Conference

June 2006

22

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.

33

Our core strategies are gaining momentum

RevenueImpact

RevenueImpact

OperationalDiscipline

OperationalDiscipline

PerformanceCulture

PerformanceCulture

Pricing momentum

Customer focus

Profitable growth

Safety leadership

Productivity discipline

Service execution

Drive to win

Personal accountability

Core values

Driving for reliability and growthDriving for reliability and growth

44

Focus on revenue impact is driving rates

Revenue Per UnitYear-Over-Year Improvement

7%8%

9%10% 9%

11%12%

Q3 2004 Q4 2004 Q1 2005 Q2 2005 Q3 2005 Q4 2005 Q1 2006

RevenueImpact

RevenueImpact

Note: The second quarter of 2005 excludes a $17 million coal rate case settlement

55

Profitability focus is improving returns

2006

24%

76%

2004

65%

35%

Percentage of Rail CarsAbove Reinvestment Hurdle Rates

Above Hurdle Below Hurdle

RevenueImpact

RevenueImpact

66

Economic environment remains strong

Transportation demand still near record levels

Full-year outlook:— GDP 3.3%— IDP 3.9%

ISM Index stands at 55%

Continued strength in imports and exports

Transportation IndexIndexed: 2000=100

60

70

80

90

100

110

120

90 93 96 99 02 05

Source: Bureau of Transportation Statistics

RevenueImpact

RevenueImpact

77

Leadership, discipline, execution

Specific, clear roles and responsibilities defined

Compliance process developed

Exception handling process defined

Resources in place— Crews— Locomotives— Line capacity

SafetySafety

ProductivityProductivity

ServiceService

LeadershipLeadership

DisciplineDiscipline

ExecutionExecution

ReliablePerformance

ReliablePerformance

OperationalDiscipline

OperationalDiscipline

88

Train Accidents

2.0

2.8

3.6

4.4

5.2

6.0

Personal Injury

1.0

1.4

1.8

2.2

2.6

3.0

01 02 03 04 05 06

Operational discipline is driving safety

01 02 03 04 05 06

OperationalDiscipline

OperationalDiscipline

99

On-time Arrivals

30

42

54

66

78

90

On-time Originations

30

42

54

66

78

90

01 02 03 04 05 06

Discipline is driving on-time performance

01 02 03 04 05 06

OperationalDiscipline

OperationalDiscipline

1010

Cars on Line (000)

215

222

229

236

243

250

Dwell Time (hours)

18

21

24

27

30

33

01 02 03 04 05 06

Discipline is driving asset utilization

01 02 03 04 05 06

OperationalDiscipline

OperationalDiscipline

1111

Recrews

10

26

42

58

74

90

Train Velocity (mph)

16

18

20

22

24

26

01 02 03 04 05 06

Discipline is driving velocity and recrews

01 02 03 04 05 06

OperationalDiscipline

OperationalDiscipline

1212

Discipline is driving the operating ratio

Operating Ratio89%

85%87%

86%83%

81%83%

81%79%

Q12004

Q22004

Q32004

Q42004

Q12005

Q22005

Q32005

Q42005

Q12006

PerformanceCulture

PerformanceCulture

Note: The first three quarters of 2004 exclude $71 million of management restructuring charges

1313

Consistent, continuous improvement

Surface TransportationOperating Income in Millions

$487

$415$361

$422

$351$315

$250 $295

$204

Q12004

Q22004

Q32004

Q42004

Q12005

Q22005

Q32005

Q42005

Q12006

PerformanceCulture

PerformanceCulture

Note: The first three quarters of 2004 exclude $71 million of management restructuring charges

1414

Future growth leverages evolving trends

Transportation demand is increasing

Rail competitiveness is improving

Highest growth trends are in the South

1515

Transportation demand – imports and IDP

U.S. Consumption2000 Dollars in Trillions

$5

$6

$7

$8

$9

$10

2000 2003 2006 2009

Imports2000 Dolla

$0.5

$1.0

$1.5

$2.0

$2.5

$3.0

2000 2003

and IDPrs in Trillions

2006 2009

IDP Imports

Source: Global Insight

1616

Rail competitiveness – highway congestion

Highway Miles versusMiles Traveled

0%

50%

100%

150%

200%

250%

1980 1985 1990 1995 2000

Miles Traveled Lane Miles

Transport ForecastTon Miles in Trillions

2

3

4

5

6

7

2000 2004 2008 2012 2016 2020

Source: American Association of State Highway and Transportation Officials

Source: Department of Transportation

1717

Rail competitiveness – truck cost structure

Highway congestion

Driver shortages

New hours of service law

Increasing fuel costs

Emission requirements

Rising insurance costs

Cost per Mile

Q1 2003 Q1 2006

Trucks Rail

24-28%

8-12%

Source: Estimate based on CSX analysis

1818

Rail competitiveness – CSX set for growth

Volume Growth

4% 4%

(1%)

1%

(4%)

(8%)

(3%)

(5%)

(2%)(1%)

Q1 2004

Q4 2004

Q3 2005

2QTD 2006

CSX Intermodal

$110

$152

$24891%

89%

82%

2003 2004 2005

Op Inc (millions) Op Ratio

Note: Fourth quarter volume growth for 2004 and 2005 reflects comparable periods

1919

Southeast growth – industrial development

LT 5% 5-5.5%

5.6-6.0% GT 6%

Income Growth Miami

New York

Portsmouth

Philadelphia

Merchandise• Ethanol Facilities• Feed Mills• Aggregate Facilities• Plastics Plants

Coal• New Projects

Intermodal• Port Development• Logistics Centers

Automotive• Assembly Plant• Supplier Facility

60% ofprojects

New Orleans

Chicago

St Louis

Memphis

MobileJacksonville

Charleston

Baltimore

Boston

2020

Targeting strong long-term financial results

Surface TransportationOperating Income 10% – 12%

5 Year CAGR

Core Free Cash Flow 10% – 12%

Earnings per Share 12% – 14%

Operating Ratio Mid-70%’s

2121

Looking forward . . .

Core strategies are gaining solid momentum

Transportation environment remains strong

Capacity projects position CSX for the future

Volume growth will build momentum further

RevenueRevenueImpactImpact

OperationalOperationalDisciplineDiscipline

PerformancePerformanceCultureCulture

2222

Merrill Lynch Global Transportation Conference

June 2006

Merrill Lynch Global Transportation Conference

June 2006