1 Les Passa CSX VP – Strategic Planning

2 Transportation 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

3 Rail demand expected to benefit from global trends Global Population in Billions Source: UN, Department of Economic and Social Affairs, Population Division (2011) – Global Insight Global GDP in Trillions U.S. Import/Export in Trillions

Current 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

5 Freight railroads support America’s economy

6 Freight railroads deliver significant benefits Safe and Secure Railroads are one of the safest and most secure modes of surface transportation EfficientEfficient One intermodal train can carry the load of 280 trucks, reducing highway congestion “Green”“Green” A locomotive can haul a ton of freight almost 500 miles on one gallon of fuel SustainableSustainable Railroad capital investment relies principally on private funds

7 CSX’s network provides competitive advantage New Orleans Charleston Memphis Florida Piedmont Atlantic Gulf Coast Midwest St Louis Chicago New York Boston Norfolk Jacksonville Miami Northeast 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 Savannah Wilmington Tampa Mobile Baltimore

8 Global 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

9 Structural changes continue to impact trucking Fuel PricesDriver Shortages Environmental 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.

10... and ports with consumption markets St Louis New York Boston Norfolk Jacksonville Miami Tampa Mobile Baltimore Wilmington Philadelphia New Orleans Charleston Savannah Piedmont Atlantic Midwest Network positioned for long-term profitable growth New Orleans Charleston Memphis St Louis Chicago New York Boston Norfolk Jacksonville Miami Tampa Mobile Baltimore Wilmington Philadelphia Network connects natural resources to ports.. Savannah Chicago

11 Rail 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

12 CSX 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 Capital Expenditures Dollars in Billions Base CapEx % of Revenue

13 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

14 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 valuable The public is recognizing the value of rail solutions 1)Uncompromised Safety 2)Enhanced Capacity 3)No Fault Liability 4)Appropriate Compensation

15 Creating a growth environment Public and Communities Customer Relations Current Employees Prospective Employees Investors Engaged Citizens 15

16 Beyond Our Rails- 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

17 Relentless pursuit of excellence...