11

Bear Stearns Global Transportation Conference

May 2006

Bear Stearns Global Transportation Conference

May 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

Core strategies are driving marketing focus

OperationalDiscipline

OperationalDiscipline

PerformanceCulture

PerformanceCulture

RevenueImpact

RevenueImpact

Profitable GrowthRevenueImpact

PerformanceCulture

Merchandise50%

Coal24%

Intermodal16%

Automotive10%

2005 Revenues$8.6 Billion

44

Focus on profitability is improving returns

Current

25%

75%

Prior

65%

Percentage of Rail CarsAbove Reinvestment Hurdle Rates

Above Hurdle Below Hurdle

35%

55

Yield environment remains strong

Revenue Per UnitYear-Over-Year Improvement

7%

8%9%

10% 10%

11%12%

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

66

Environment for growth 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

77

Coal growth expected to remain strong

Utility demand remains strong

Car utilization improving

Western coal demand increasing

New plants being served

Coal Utilities

Coal Reserves

Miami

New Orleans

New YorkChicago

Portsmouth

Charleston

BaltimorePhiladelphia

St Louis

Memphis

MobileJacksonville

Tampa

Boston

Nashville

DetroitBuffalo

Syracuse

Cleveland

88

Intermodal growth targeted in key lanes

On-time performance is the foundation for growth

— Chicago–FL 90%— Chicago–NE 90%— NE–FL 90%

Key service lanes have train capacity for growth

Partnerships with Trucks are increasing

Intermodal Terminals

Priority Intermodal Corridors

Miami

New Orleans

New YorkChicago

Portsmouth

Savannah

Charleston

BaltimorePhiladelphia

St Louis

MemphisCharlotte

Mobile

Nashville

Atlanta

Detroit

Jacksonville

Tampa

BuffaloSyracuse

Cleveland

ColumbiaCincinnati

Evansville

Boston

99

Automotive growth limited near-term

Full-year production still expected to be flat

Traditional Big-3 expected to continue losing market share

Long-term strategy continues to focus on “new domestics”

Big-3 Assembly Plants“New Domestics” Assembly Plants

Distribution CentersDistribution Centers

Nashville

Cleveland

ColumbiaCincinnati

New Orleans

Chicago

St Louis

Memphis

Miami

SavannahJacksonville

Tampa

New York

Portsmouth

Charleston

BaltimorePhiladelphia

BostonDetroit

BuffaloSyracuse

1010

Merchandise growth driven by economy

Merchandise Revenue$4.2 Billion

27%

12%

8%17%

13%

13%

10%

Manufacturing remains strong

Customer service is improving

Phosphate & Fertilizer decline impacted by world inventory levels

Industrial development drives long-term growth

Chemicals

Forest Products Emerging Markets

Phosphates & Fertilizers

Metals

Food & Consumer

Agriculture

1111

Development drives long-term growth

Miami

New Orleans

New YorkChicago

Portsmouth

Boston

Savannah

Charleston

Philadelphia

St Louis

Memphis

Detroit

Jacksonville

Tampa

BuffaloSyracuse

Baltimore

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

Coal• New Facilities• Plant Expansions• Conversions

Intermodal• Port Development• Logistics System

Automotive• Assembly Plant• Supplier Facility

1212

Looking forward . . .

Core strategies are gaining solid momentum

Transportation environment remains strong

Volume growth will build momentum further

RevenueRevenueImpactImpact

OperationalOperationalDisciplineDiscipline

PerformancePerformanceCultureCulture

1313

Bear Stearns Global Transportation Conference

May 2006

Bear Stearns Global Transportation Conference

May 2006