Csx Corporation · NASDAQ:CSX

Csx — UBS Seventh Annual Best of Americas Conference 2012

13 slides from Csx's conference presentation, Sep 6, 2012

1. Slide 1: Forward-Looking Statements

   1 Forward-Looking Statements This information and other statements by the company may 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, margins, volumes, rates, co

2. Slide 2: CSX is UBS's top transport pick four years running

   CSX is UBS’s top transport pick four years running  Top-tier performance sustained since 2003 — Earnings growth, margin expansion, distributions to investors and stock returns  Economic environment in the U.S. has moderated — CSX has proven it can deliver superior results in any economic environme

3. Slide 3: Performance supports strong cash deployment

   Performance supports strong cash deployment CSX has pursued a balanced . . . and recent actions approach since 2005 . . . underscore its continuation Cash Deployment Dollars in Billions Cash Dividends & Buybacks Capital Investment Deployment $19.7 Capital Share $9.1 Dividends Investment Buybacks $2.

4. Slide 4: CSX's network provides competitive advantage

   CSX’s network provides competitive advantage Northeast  CSX serves over two thirds Midwest Boston of U.S. population Chicago New York  Significant majority of U.S. Philadelphia consumption in the east Baltimore St Louis Norfolk  Connects all mega-regions in the eastern U.S. Memphis Wilmington Cha

5. Slide 5: Network positioned for long-term profitable growth

   Network positioned for long-term profitable growth Network connects natural . . . and ports with resources to ports . . consumption markets Boston Midwest Boston Chicago Chicago New York New York Philadelphia Philadelphia Baltimore Baltimore St Louis St Louis Norfolk Norfolk Memphis Wilmington Wilmi

6. Slide 6: Volume growth has been moderating across sectors

   Volume growth has been moderating across sectors Average Weekly Year-over-year Change in Volume First Quarter Second Quarter Third Quarter 39% 24% 13% 8% 8% 8% 8% 8% 6% 0% (2%) (5%) (4%) (6%) (5%) (23%) (25%) (31%) Export Coal Intermodal Industrial Agricultural Construction Utility Coal Sector Secto

7. Slide 7: Performance is high across all three networks

   Performance is high across all three networks Coal Intermodal Merchandise Velocity (mph) Velocity (mph) Velocity (mph) 30.5 28.8 29.4 27.8 21.5 21.5 20.7 17.7 19.7 17.0 16.9 16.6 Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q3 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 Quarterly 6-month MA 12-m

8. Slide 8: Intermodal growth opportunity is substantial

   Intermodal growth opportunity is substantial Domestic Eastern Opportunity International Opportunity Total Market: 15 Million Units U.S. Container TEU’s in Millions Intermodal Opportunity 45 41 37 33 29 9.3 24 5.5 Freight volume for lengths of haul over 550 miles 2009 2011 2013 2015 2017 2019 Sources

9. Slide 9: Global GDP growth is led by developing nations

   Global GDP growth is led by developing nations European Union Russia $22 $4 $16 $1 United States China 2010 2020 $22 $17 2010 2020 $15 $6 Japan 2010 2020 2010 2020 $7 $4 2010 2020 Brazil India $10 $4 $4 $2 2010 2020 2010 2020 Note: GDP expressed in trillions. Source: International Monetary Fund, Wor

10. Slide 10: Seaborne demand for U.S. coal is increasing

    Seaborne demand for U.S. coal is increasing Total U.S. Seaborne Coal Exports Net Tons in Millions 60 50 40 30 20 10 0 ‘03 ‘11 ‘03 ‘11 ‘03 ‘11 ‘03 ‘11 Europe S. America Asia All Other Source: Energy Information Administration 19 Wrap-up . . .  Remain on-track for earnings growth in 2012 — Reflects e

11. Slide 11: Appendix

    ?012 UBS SEVENTH ANNUAL BEST OF AMERICAS CONFERENCE Appendix Hom tomorrow moves 22 [CSx]

12. Slide 12: GAAP Reconciliation Disclosure

    GAAP Reconciliation Disclosure CSX reports its financial results in accordance with generally accepted accounting principles (“GAAP”). However, management believes that certain non-GAAP financial measures used to manage the company’s business that fall within the meaning of Regulation G (Disclosure

13. Slide 13: UBS Seventh Annual Best of Americas Conference

    ?01 UBS SEVENTH ANNUAL BEST OF AMERICAS CONFERENCE

CSX — UBS Seventh Annual Best of Americas Conference 2012 on 6ix