Company Name: CSX CORP Ticker: CSX Jan. 05, 2017 Transportation Industry: Transportation-Rail Last Close: $36.63 Trade Date: Jan 4, ... NSC 7.88% 68 P/S Ratio Rank CSX 3.37 32

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<ul><li><p>Vglu ngineE TMThe Leader in Stock Valuation and Forecasting</p><p>ValuEngine Inc., PO Box 399, Melbourne, FL 32902, U.S.A. Email: support@ValuEngine.com Tel: (800) 381-5576</p><p>RATING AND FORECAST REPORTCompany Name: CSX CORP</p><p>Ticker: CSX</p><p>Jan. 05, 2017</p><p>TABLE OF CONTENTS</p><p> Data Summary 1 ValuEngine Recommendation 1 Forecast Analysis 1 Price and Recommendation History 1 ValuEngine Evaluation &amp; Rankings 2 Comparison to Industry 2 Comparison with Peers 3 Analyst Opinions 4 EPS Consensus Expectations 4 Business Summary 4 Annual Financials 5 Quarterly Financials 7 ValuEngine Service Descriptions 9 ValuEngine's Methodology 10</p><p>www.valuengine.com</p><p>http://www.valuengine.com/</p></li><li><p>ValuEngineIncRating and Forecast Report Vglu ngineE TM CSX CORP (NSDQ: CSX) Report Date: Jan 5, 2017</p><p> DATA SUMMARY</p><p>Sector: Transportation Industry: Transportation-RailLast Close: $36.63 Trade Date: Jan 4, 2017 1-Yr Forecast: 6.33% 1-Yr Momentum: 42.03%Valuation: 38.26% Trailing P/E: 20.46 Market Cap (bil): 36.46 Forward P/E: 18.69EPS Growth: 9.50% PEG Ratio: 2.15 P/S Ratio: 3.37 M/B Ratio: 3.125-Yr Avg Return: 10.68% Volatility: 20.45% Sharpe Ratio: 0.52 Beta: 1.19Annual Dividend: $0.72 Dividend Yield: 1.97% 52-Wk High: $37.42 52-Wk Low: $21.33</p><p> VALUENGINE RECOMMENDATION</p><p>NEGATIVE NEUTRAL POSITIVE</p><p>underperform match outperform</p><p>ValuEngine Rating</p><p>ValuEngine recommendation covers more than 5000companies. The recommendations are based on theproprietary ValuEngine one-year forecast return model outputfor each individual equity. ValuEngine's Five-Engine ratingstocks have an averaged annual return of 21.54% since 2002.</p><p> FORECAST ANALYSIS</p><p>Target Price Exp. Return1-Month $36.82 0.53%3-Month $37.66 2.82%6-Month $38.78 5.86%1-Year $38.95 6.33%2-Year $43.78 19.51%3-Year $48.88 33.44%</p><p>The predictive variables used in Valuengine's forecast modelinclude both proprietary and well-established variables derivedfrom credible financial studies and publications. We use adistinct forecasting model for each time horizon and apply themost advanced statistical/econometric techniques to ensurethat our stock return forecasts are as reliable as possible.Click for more information on ValuEngine's models.</p><p> PRICE AND RECOMMENDATION HISTORY</p><p>Market Price Target Price Volume Buy Hold Sell</p><p>Jan-2012 Jan-2013 Jan-2014 Jan-2015 Jan-2016 Jan-2017</p><p>$20.00</p><p>$22.50</p><p>$25.00</p><p>$27.50</p><p>$30.00</p><p>$32.50</p><p>$35.00</p><p>$37.50</p><p>0</p><p>5</p><p>1 0</p><p>(Mil.</p><p>)</p><p> Past PerformanceLast One Month 0.03%Last Three Month 21.41%Last Six Month 42.70%Last One Year 42.03%</p><p>Most RecentRecommendation Changes</p><p> Dec 08, 2016Upgrade to Buy</p><p> May 04, 2015Downgrade to Hold</p><p> Apr 01, 2015Upgrade to Buy</p><p> CONTACT VALUENGINE</p><p>ValuEngine Inc.PO Box 399Melbourne, FL 32902(800) 381-5576 (T)support@ValuEngine.comwww.ValuEngine.com</p><p>ValuEngine's fundamentally-based, quant-derived research is nowavailable to private investors. ValuEngine's research will enhanceyour ability to evaluate individual stocks, manage your portfolio andallocate capital for maximum returns. ValuEngine currently covers@5500 US equities as well as most major Canadian stocks.</p><p> 2017 ValuEngine Inc. All rights reserved. page 1www.valuengine.com</p><p>http://www.valuengine.com/http://www.valuengine.com/pub/main?p=0http://www.valuengine.com/http://www.valuengine.com/</p></li><li><p>ValuEngineIncRating and Forecast Report Vglu ngineE TM CSX CORP (NSDQ: CSX) Report Date: Jan 5, 2017</p><p> VALUENGINE EVALUATION &amp; RANKINGS</p><p>Value Rank1-Yr Forecast 6.33% 86Valuation 38.26% 141-Yr Momentum 42.03% 79P/E Ratio 20.46 63Market Cap 36.46B 97EPS Growth 9.50% 385-Yr Avg Return 10.68% 74Volatility 20.45% 71Sharpe Ratio 0.52 79P/S Ratio 3.37 32M/B Ratio 3.12 39Surprise 4.46% 55</p><p>Just as important as the percentages shown for our predictivevariables for each stock is the way they are ranked against@7000 stocks in our database. This is sometimes confusingto newcomers to ValuEngine. Each of these quantitativemeasurements is ranked on a scale of 1 to 100. Generally thehigher the ranking, the more positive the influence eachmeasurement has on the overall attractiveness of the stock.In other words a high rank is always better. For example:Forecast rank 86: 14% of stocks have higher forecast returns.Valuation rank 14: 86% of stocks are more undervalued.Momentum rank 79: 21% of stocks have higher momentum.P/E rank 63: 37% of stocks have lower P/E ratios.Size rank 97: 3% of stocks have higher market capitalization.Volatility rank 71: 29% of stocks have less volatility.</p><p> COMPARISON TO INDUSTRY</p><p>1-Yr Forecast RankCSX 6.33% 86</p><p>Industry 4.02% 73</p><p>Sector 1.49% 57* * *</p><p>1-Yr Momentum RankCSX 42.03% 79</p><p>Industry 22.62% 58</p><p>Sector 11.57% 46</p><p>S&amp;P 500 12.82% 53* * *</p><p>Valuation RankCSX 38.26% 14</p><p>Industry 10.46% 50</p><p>Sector 13.00% 52* * *</p><p>P/E Ratio RankCSX 20.46 63</p><p>Industry 18.36 69</p><p>Sector 18.54 62* * *</p><p>Market Cap (bil.) RankCSX 36.46 97</p><p>Industry 29.20 84</p><p>Sector 5.79 59* * *</p><p>Volatility RankCSX 20.45% 71</p><p>Industry 23.44% 67</p><p>Sector 48.30% 45</p><p>S&amp;P 500 19.24% 73* * *</p><p>EPS Growth RankCSX 9.50% 38</p><p>Industry 11.12% 40</p><p>Sector 24.68% 42* * *</p><p>5-Yr Avg Return RankCSX 10.68% 74</p><p>Industry 10.02% 72</p><p>Sector -3.12% 51</p><p>S&amp;P 500 3.05% 59* * *</p><p>P/S Ratio RankCSX 3.37 32</p><p>Industry 3.61 36</p><p>Sector 1.90 65* * *</p><p>M/B Ratio RankCSX 3.12 39</p><p>Industry 3.64 42</p><p>Sector 3.14 63* * *</p><p>Surprise RankCSX 4.46% 55</p><p>Industry 3.43% 51</p><p>Sector -8.87% 50* * *</p><p>SharpeRatio RankCSX 0.52 79</p><p>Industry 0.49 75</p><p>Sector -0.01 49</p><p>S&amp;P 500 0.16 61* * *</p><p> 2017 ValuEngine Inc. All rights reserved. page 2www.valuengine.com</p><p>http://www.valuengine.com/http://www.valuengine.com/</p></li><li><p>ValuEngineIncRating and Forecast Report Vglu ngineE TM CSX CORP (NSDQ: CSX) Report Date: Jan 5, 2017</p><p> COMPARISON WITH PEERSReturn Forecast : Expected Return</p><p>Ticker Company Name VE Rating 1-Mon 3-Mon 6-Mon 1-Yr 2-Yr 3-YrCSX CSX CORP 4 0.53% 2.82% 5.86% 6.33% 19.51% 33.44%UNP UNION PAC CORP 4 0.42% 1.46% 3.21% 5.06% 7.79% 14.79%CNI CDN NATL RY CO 3 0.37% 0.83% 1.80% 4.42% 2.00% 6.43%</p><p>CJPRY CENTRAL JAPAN 3 0.34% 1.63% 1.21% 4.03% 16.84% 12.28%NSC NORFOLK SOUTHRN 4 0.50% 2.58% 5.19% 6.05% 17.68% 29.32%</p><p>1-Yr Forecast RankCSX 6.33% 86</p><p>UNP 5.06% 81</p><p>CNI 4.42% 78</p><p>CJPRY 4.03% 76</p><p>NSC 6.05% 85</p><p>1-Yr Momentum RankCSX 42.03% 86</p><p>UNP 30.61% 72</p><p>CNI 25.63% 67</p><p>CJPRY -3.01% 30</p><p>NSC 35.24% 75</p><p>Valuation RankCSX 38.26% 14</p><p>UNP 18.82% 35</p><p>CNI 10.91% 49</p><p>CJPRYNSC 32.46% 19</p><p>P/E Ratio RankCSX 20.46 63</p><p>UNP 20.55 63</p><p>CNI 20.15 64</p><p>CJPRY 10.01 93</p><p>NSC 19.90 65</p><p>Market Cap (bil.) RankCSX 36.46 97</p><p>UNP 91.70 99</p><p>CNI 56.15 99</p><p>CJPRY 34.55 97</p><p>NSC 34.24 97</p><p>Volatility RankCSX 20.45% 71</p><p>UNP 17.57% 76</p><p>CNI 16.46% 79</p><p>CJPRY 21.44% 69</p><p>NSC 23.60% 65</p><p>EPS Growth RankCSX 9.50% 38</p><p>UNP 11.55% 42</p><p>CNI 9.06% 37</p><p>CJPRY 1.04% 21</p><p>NSC 9.17% 37</p><p>5-Yr Avg Return RankCSX 10.68% 74</p><p>UNP 13.43% 79</p><p>CNI 10.80% 74</p><p>CJPRY 13.44% 79</p><p>NSC 7.88% 68</p><p>P/S Ratio RankCSX 3.37 32</p><p>UNP 4.59 23</p><p>CNI 6.21 17</p><p>CJPRY 2.30 44</p><p>NSC 3.45 31</p><p>M/B Ratio RankCSX 3.12 39</p><p>UNP 4.52 28</p><p>CNI 4.94 26</p><p>CJPRY 1.54 65</p><p>NSC 2.76 42</p><p>Surprise RankCSX 4.46% 55</p><p>UNP -1.03% 36</p><p>CNI 5.60% 58</p><p>CJPRYNSC 8.78% 66</p><p>SharpeRatio RankCSX 0.52 79</p><p>UNP 0.76 87</p><p>CNI 0.66 84</p><p>CJPRY 0.63 83</p><p>NSC 0.33 70</p><p> 2017 ValuEngine Inc. All rights reserved. page 3www.valuengine.com</p><p>http://www.valuengine.com/http://www.valuengine.com/</p></li><li><p>ValuEngineIncRating and Forecast Report Vglu ngineE TM CSX CORP (NSDQ: CSX) Report Date: Jan 5, 2017</p><p> ANALYST OPINIONS</p><p>BuyThe mean recommendation was calculatedfrom the numbers provided by Zacks.</p><p>Current Mean: 3.53Number of Analyst: 19</p><p>Strong Buy: 7</p><p>Buy: 1</p><p>Hold: 8</p><p>Sell: 1</p><p>Strong Sell: 2</p><p>Recommendation Mean TrendThree Month Ago: 3.35</p><p>Two Month Ago: 3.56</p><p>One Month Ago: 3.70</p><p>Current: 3.53</p><p> EPS CONSENSUS EXPECTATIONSQuarter 201612 201703 201706 201709 201712Mean $0.47 $0.41 $0.53 $0.52 $0.50# of Estimates 13 5 5 5 5High $0.49 $0.43 $0.57 $0.55 $0.52Low $0.45 $0.39 $0.49 $0.48 $0.48Same Qtr Last Yr $0.48 $0.37 $0.47 $0.48 $0.47% Growth -1.92 10.81 12.34 8.33 5.36</p><p>-----------------------------------------------Qtr/Year/LTG 201612 201703 2016 2017 LTGMean - Current $0.47 $0.41 $1.79 $1.98 7.40%Mean - 7 Days Ago $0.47 $0.41 $1.79 $1.98 7.40%Mean - 30 Days Ago $0.47 $0.41 $1.78 $1.99 7.40%Mean - 60 Days Ago $0.47 $0.41 $1.79 $1.98 7.40%Mean - 90 Days Ago $0.47 $0.41 $1.75 $1.95 7.40%</p><p>-----------------------------------------------Year/LTG 2016 2017 2018 2019 LTGMean $1.79 $1.98 $2.17 7.40%# of Estimates 13 13 9 0 4High $1.81 $2.05 $2.31 10.00%Low $1.76 $1.90 $2.10 1.60%Previous Year $2.00 $1.79 $1.98 $2.17% Growth -10.65 11.06 9.17</p><p>-----------------------------------------------Quarter 201512 201603 201606 201609Estimated EPS $0.46 $0.37 $0.44 $0.45Actual EPS $0.48 $0.37 $0.47 $0.48Difference $0.02 $0.00 $0.03 $0.03% Surprise 4.35 0.00 6.82 6.67</p><p>Quarterly EPS Trend</p><p>20</p><p>15</p><p>12</p><p>20</p><p>16</p><p>03</p><p>20</p><p>16</p><p>06</p><p>20</p><p>16</p><p>09</p><p>20</p><p>16</p><p>12</p><p>20</p><p>17</p><p>03</p><p>20</p><p>17</p><p>06</p><p>20</p><p>17</p><p>09</p><p>20</p><p>17</p><p>12</p><p>$0.40</p><p>$0.45</p><p>$0.50</p><p>Annual EPS Trend2</p><p>01</p><p>5</p><p>20</p><p>16</p><p>20</p><p>17</p><p>20</p><p>18</p><p>$1.80</p><p>$1.90</p><p>$2.00</p><p>$2.10</p><p> BUSINESS SUMMARY</p><p>CSX Corporation's unique combination of rail, container-shipping, intermodal and logisticsservices provides global reach that's second to none. The company's goal, advanced at eachof its business units, is to provide efficient, competitive transportation and related services forcustomers.</p><p> 2017 ValuEngine Inc. All rights reserved. page 4www.valuengine.com</p><p>http://www.valuengine.com/http://www.valuengine.com/</p></li><li><p>ValuEngineIncRating and Forecast Report Vglu ngineE TM CSX CORP (NSDQ: CSX) Report Date: Jan 5, 2017</p><p> ANNUAL FINANCIALS (All numbers in millions)</p><p>Balance Sheet 200812 200912 201012 201112 201212 201312 201412 201512Cash 669.00 1029 1292 783.00 784.00 592.00 669.00 628.00</p><p>Marketable Securities 76.00 61.00 54.00 523.00 587.00 487.00 292.00 810.00</p><p>Receivables 1107 995.00 993.00 1129 962.00 1052 1129 982.00</p><p>Inventory 217.00 203.00 218.00 240.00 274.00 252.00 273.00 350.00</p><p>Raw Materials</p><p>Work in Progress</p><p>Finished Goods</p><p>Notes Receivable</p><p>Other Current Assets 322.00 282.00 298.00 260.00 194.00 219.00 209.00 196.00</p><p>Total Current Assets 2391 2570 2855 2935 2801 2602 2572 2966</p><p>Property, Plant &amp; Equipment 30208 31081 32065 33704 35279 37184 39343 41574</p><p>Accumulated Depreciation 7520 7868 8266 8730 9229 9893 10759 11400</p><p>Net Property, Plant &amp; Equipment 22688 23213 23799 24974 26050 27291 28584 30174</p><p>Investment &amp; Advances 609.00 650.00 673.00 678.00 695.00 752.00 779.00 803.00</p><p>Other non-current Assets</p><p>Deferred Charges</p><p>Intangibles</p><p>Deposits &amp; other assets 600.00 603.00 814.00 886.00 1025 1137 1118 1096</p><p>TOTAL ASSETS 26288 27036 28141 29473 30571 31782 33053 35039</p><p>Notes Payable</p><p>Accounts Payable 973.00 967.00 1046 1147 1014 957.00 845.00 764.00</p><p>Current Portion of Long-term Debt 320.00 113.00 613.00 507.00 780.00 533.00 228.00 20.00</p><p>Current Portion of Capital Leases</p><p>Accrued Expenses 465.00 383.00 520.00 541.00 468.00 587.00 613.00 490.00</p><p>Income Taxes Payable 125.00 112.00 85.00 129.00 85.00 91.00 163.00 108.00</p><p>Other Current Liabilities 521.00 290.00 273.00 363.00 280.00 256.00 258.00 570.00</p><p>Total Current Liabilities 2404 1865 2537 2687 2627 2424 2107 1952</p><p>Mortgages</p><p>Deferred Charges (taxes/income) 6235 6585 7053 7601 8096 8662 8858 9305</p><p>Convertible Debt</p><p>Long Term Debt 7512 7895 8051 8734 9052 9022 9514 10683</p><p>Non-Current Capital Leases</p><p>Other Long-Term Liabilities 2089 1831 1800 1983 1794 1170 1398 1431</p><p>TOTAL LIABILITIES 18240 18176 19441 21005 21569 21278 21877 23371</p><p>Minority Interest (liabilities)</p><p>Preferred Stock</p><p>Common Stock, Net 391.00 393.00 370.00 1049 1020 1009 992.00 966.00</p><p>Capital Surplus 80.00 6.00 28.00 61.00 92.00 113.00</p><p>Retained Earnings 8398 9182 9087 8275 8876 9936 10734 11238</p><p>Treasury Stock</p><p>Other Liabilities -741.00 -795.00 -757.00 -862.00 -922.00 -502.00 -642.00 -649.00</p><p>SHAREHOLDERS' EQUITY 8048 8860 8700 8468 9002 10504 11176 11668</p><p>TOTAL LIABILITES &amp; SHAREHOLDERS 26288 27036 28141 29473 30571 31782 33053 35039</p><p> 2017 ValuEngine Inc. All rights reserved. page 5www.valuengine.com</p><p>http://www.valuengine.com/http://www.valuengine.com/</p></li><li><p>ValuEngineIncRating and Forecast Report Vglu ngineE TM CSX CORP (NSDQ: CSX) Report Date: Jan 5, 2017</p><p> ANNUAL FINANCIALS (All numbers in millions)</p><p>Income Statement 200812 200912 201012 201112 201212 201312 201412 201512Net Sales or Revenues 11255 9041 10636 11743 11756 12026 12669 11811</p><p>Cost of Goods Sold 4628 3219 3661 4276 4220 4311 4528 3729</p><p>Gross Profit 6627 5822 6975 7467 7536 7715 8141 8082</p><p>Research &amp; Development Expense</p><p>Selling, General, &amp; Admin. Expense 2955 2629 2957 3073 3020 3138 3377 3290</p><p>Income Before Deprec.,Depletion,Amort. 3672 3193 4018 4394 4516 4577 4764 4792</p><p>Depreciation,Depletion,Amortization 904.00 908.00 947.00 976.00 1059 1104 1151 1208</p><p>Non-Operating Income -103.00 34.00 32.00 22.00 73.00 11.00 -24.00 98.00</p><p>Interest Expense 519.00 558.00 557.00 552.00 566.00 562.00 545.00 544.00</p><p>Pretax Income 2146 1761 2546 2888 2964 2922 3044 3138</p><p>Provision for Income Taxes 781.00 624.00 983.00 1066 1105 1058 1117 1170</p><p>Minority Interest</p><p>Investment Gains (Losses)</p><p>Other Income</p><p>Income Before Extraordinaries &amp; Disc 1365 1137 1563 1822 1859 1864 1927 1968</p><p>Extraordinary Items &amp; Discontinued 15.00</p><p>Net Income 1365 1152 1563 1822 1859 1864 1927 1968</p><p>EPS - Basic, net 1.11 0.97 4.06 1.67 1.79 1.83 1.92 2.00</p><p>EPS - Diluted, net 1.11 0.97 4.06 1.67 1.79 1.83 1.92 2.00</p><p>EPS - Diluted, before non-recurring items 1.17 0.96 4.06 1.67 1.79 1.83 1.92 2.00</p><p>Cash Flow Statement 200812 200912 201012 201112 201212 201312 201412 201512Net Income (Cash Flow) 1365 1152 1563 1822 1859 1864 1927 1968</p><p>Depreciation,Depletion,Amortization-CF 918.00 908.00 947.00 976.00 1059 1104 1151 1208</p><p>Net Increase (decrease) in 67.00 -4.00 210.00 119.00 -59.00 104.00 -36.00 -194.00</p><p>Cash from (used in) Discontinued</p><p>Other Adjustments - Net 564.00 4.00 526.00 574.00 87.00 195.00 301.00 388.00</p><p>Net Cash from (used by) Operating 2914 2060 3246 3491 2946 3267 3343 3370</p><p>(increase) Decrease in Prop,Plant,&amp; -1740 -1447 -1825 -2057 -2155 -2260 -2387 -2415</p><p>Acquisition/disposition of subsidiaires,othr</p><p>Increase (decrease) in investments 255.00 -492.00 -52.00 145.00 241.00 -514.00</p><p>Other Cash inflow from investment 36.00 54.00 69.00 -38.00 -70.00 -112.00 -37.00 37.00</p><p>Net Cash from (used by) invesment -1449 -1393 -1756 -2587 -2277 -2227 -2183 -2892</p><p>Issuance (purchase) of equity shares -1487 34.00 -1410 -1535 -720.00 -344.00 -517.00 -804.00</p><p>Issuance (repayment) of debt securities 709.00 177.00 687.00 595.00 592.00 -280.00 67.00 971.00</p><p>Increase (decrease) in bank &amp; other -3.00</p><p>Payment of dividends &amp; other cash -308.00 -345.00 -372.00 -480.00 -558.00 -600.00 -629.00 -686.00</p><p>Other cash from (used by) financing -75.00 -173.00 -132.00 7.00 18.00 -8.00 -4.00</p><p>Net Cash from (used by) Financing -1164 -307.00 -1227 -1413 -668.00 -1232 -1083 -519.00</p><p>Effect of Exchange Rate Changes on</p><p>Net Change in Cash &amp; Cash Equivalents 301.00 360.00 263.00 -509.00 1.00 -192.00 77.00 -41.00</p><p>Cash &amp; Equivalents at beginning of year 368.00 669.00 1029 1292 783.00 784.00 592.00 669.00</p><p>Cash &amp; Equivalents at year end 669.00 1029 1292 783.00 784.00 592.00 669.00 628.00</p><p> 2017 ValuEngine Inc. All rights reserved. page 6www.valuengine.com</p><p>http://www.valuengine.com/http://www.valuengine.com/</p></li><li><p>ValuEngineIncRating and Forecast Report Vglu ngine...</p></li></ul>