Slide 1: The Truth about CSX's Performance: A Fact-Based Analysis
Exhibit 99.1 The Truth about CSX’s Performance: A Fact-Based Analysis May 2008
Slide 2: Presentation Outline
Presentation Outline Page Reference Executive Summary 3-9 Corporate Governance 10-20 Productivity Opportunity 21-53 Pricing Performance 54-60 Capital Allocation & Structure 61-75 GAAP Reconciliation 76-78 Appendix 79-85 2
Slide 3: Executive Summary
Executive Summary
Slide 4: CSX has delivered unprecedented shareholder value
The facts are… CSX has delivered unprecedented shareholder value S&P 500 Stock Performance Three-Year Stock Appreciation Outperformed 95% of the S&P 500 since 2005 Top 20 278% Corporate governance ranks in top 1% of transportation 21 CSX 208% companies 22-100 120% Operating margin tied for best of U
Slide 5: CSX leads the industry across critical performance measures
The facts are… CSX leads the industry across critical performance measures Projected Shareholder Expense Analyst EPS Employee Margin EPS Value Control Safety Expansion Growth Growth Creation per RTM through 2010 Best CSX NSC CSX CSX CSX CSX UNP CSX UNP UNP BNI UNP BNI UNP CNI NSC UNP BNI CP BNI BNI
Slide 6: CSX Board delivers results; TCI Group delivers rhetoric
The facts are… CSX Board delivers results; TCI Group delivers rhetoric The Facts are… Three of TCI Group’s nominees have no U.S. public board experience. TCI Group’s TCI Group’s nominees’ experience includes histories of bankruptcy, poor performance, nominees raise abysmal safety records, and confli
Slide 7: TCI Group uses bad math, flawed assumptions, half truths
The facts are… TCI Group uses bad math, flawed assumptions, half truths TCI Group Claim The Truth The facts are… Industry-wide CSX performance Price, productivity and yield management drive factors drove drove leading unmatched margin expansion. stock increase stock appreciation Industry-best shareh
Slide 8: TCI Group uses bad math, flawed assumptions, half truths
The facts are… TCI Group uses bad math, flawed assumptions, half truths TCI Group Claim The Truth The facts are… CSX improvement Management Productivity gains have exceeded $500M since 2003. is from price with driving strong price Price gains have been industry-leading due to strong no productivity
Slide 9: TCI Group's questions are answered by CSX's performance
The facts are… TCI Group’s questions are answered by CSX’s performance TCI Group Question The facts are… CSX Board of Directors is creating industry Is this board capable of holding Corporate management accountable? leading shareholder value and continues to raise the bar Governance Is this board wo
Slide 10: Corporate Governance
Corporate Governance
Slide 11: TCI Group's questions are answered by CSX's performance
The facts are… TCI Group’s questions are answered by CSX’s performance CSX Board of Directors is creating industry leading Corporate shareholder value and continues to raise the bar Governance Governance rating score of 99% is top tier of industry CSX is a leader in safety, service and productivity
Slide 12: CSX Board delivering superior shareholder value
The facts are... Corporate Governance CSX Board delivering superior shareholder value Proven record of delivering value to shareholders Superior stock performance, investing for long-term growth, nearly tripled dividends, targeting nearly $6 billion of buybacks between 2006 and 2009 Presiding over f
Slide 13: CSX is the leader in shareholder value creation
The facts are... Corporate Governance CSX is the leader in shareholder value creation Total Shareholder Return S&P CSX BNSF CN CP NS UP 500 1 Year 40% 13% 7% 6% 10% 23% (7%) 2 Years 88% 26% 17% 28% 15% 52% 7% 3 Years 218% 110% 86% 97% 88% 124% 20% 4 Years 314% 219% 177% 203% 158% 150% 23% 5 Years 32
Slide 14: Incumbent directors have broad experience base
The facts are... Corporate Governance Incumbent directors have broad experience base Board TCI Group The whole truth… Member says… Key role in airline deregulation and is a transportation and economic policy expert. Former chair of business and public Elizabeth “Business School policy department at
Slide 15: Incumbent directors have broad experience base
The facts are... Corporate Governance Incumbent directors have broad experience base Board TCI Group The whole truth… Member says… Medical, healthcare and social policy expert as well as former Chairman of the National Medical Association. Frank Board experience includes Fortune 500 “Doctor” Royal c
Slide 16: Qualifications of TCI Group nominees raise questions
The facts are… Corporate Governance Qualifications of TCI Group nominees raise questions Board TCI Group The whole truth… Member says… Demands for CSX, if implemented, could have impaired Chris Creates shareholder value. Made statements raising significant regulatory Hohn shareholder value concerns
Slide 17: TCI Group's questions are answered by CSX's performance
The facts are… TCI Group’s questions are answered by CSX’s performance CSX Board of Directors is creating industry leading Corporate shareholder value and continues to raise the bar Governance Governance rating score of 99% is top tier of industry CSX is a leader in safety, service and productivity
Slide 18: CSX's Board is a leader in governance
The facts are... Corporate Governance CSX’s Board is a leader in governance CSX has a presiding independent director with delineated duties Consistent with prevailing practice in the United States CSX has a strong independent board CEO is the only management director, with eleven outside directors B
Slide 19: CSX incentive pay is entirely performance-earned
The facts are... Corporate Governance CSX incentive pay is entirely performance-earned CSX is the only major railroad at which annual and long-term incentive plans are both 100% performance-earned Source: 2008 Railroad Proxy Statements. Performance-earned excludes time-based stock options and restri
Slide 20: CSX targeted CEO pay is lowest of all U.S. rails
The facts are... Corporate Governance CSX targeted CEO pay is lowest of all U.S. rails All of CSX’s CEO incentive pay is performance-earned Vesting of grants does not occur unless performance standards are met CSX unmatched stock price appreciation is a result of the most impressive turnaround story
Slide 21: Productivity Opportunity
Productivity Opportunity
Slide 22: TCI Group's questions are answered by CSX's performance
The facts are… TCI Group’s questions are answered by CSX’s performance CSX Board of Directors is creating industry leading Corporate shareholder value and continues to raise the bar Governance Governance rating score of 99% is top tier of industry CSX is a leader in safety, service and productivity
Slide 23: CSX is a leader in safety, service and productivity
The facts are... Productivity Opportunity CSX is a leader in safety, service and productivity Safety: CSX is among industry leaders in safety and train accident prevention Service/Customer Satisfaction: CSX is now top-tier in customer satisfaction measures as a result of dramatic service improvement
Slide 24: CSX is among industry leaders in safety
The facts are... Productivity Opportunity CSX is among industry leaders in safety Source: 2007 Federal Railroad Administration data 24
Slide 25: CSX is a leader in safety, service and productivity
The facts are... Productivity Opportunity CSX is a leader in safety, service and productivity Safety: CSX is among industry leaders in safety and train accident prevention Service/Customer Satisfaction: CSX is now top-tier in customer satisfaction measures as a result of dramatic service improvement
Slide 26: CSX's service performance is dramatically improved
The facts are... Productivity Opportunity CSX’s service performance is dramatically improved 61% 71% Increase Increase 26
Slide 27: Velocity and dwell are not meaningfully comparable
The facts are… Productivity Opportunity Velocity and dwell are not meaningfully comparable Better Better AAR states that velocity and dwell “cannot meaningfully be compared” due to differences in mix, length of haul, methodology, etc. Yet, TCI Group did just that. Source: Original data published by
Slide 28: CSX velocity by train type ahead of competitor NS
The facts are... Productivity Opportunity CSX velocity by train type ahead of competitor NS Full Year 2007 AAR Velocity Total velocity statistics are not CSX NS Difference meaningfully comparable across all railroads, primarily Intermodal 29.4 27.7 + 6% due to train type mix Grain 19.3 18.3 + 5% AAR
Slide 29: CSX dwell is on par with industry-leading CN
The facts are... Productivity Opportunity CSX dwell is on par with industry-leading CN Dwell is the average time a car resides at a terminal location, expressed in hours Cars that do not stop at terminals (“through trains”) are excluded from AAR dwell However, CN includes through trains in their pub
Slide 30: CSX is the industry leader in customer service
The facts are... Productivity Opportunity CSX is the industry leader in customer service Customer satisfaction rankings are based on independent third-party survey with over 2,200 responses Correlates to internal operating measure gains Industry-leading service supports industry-leading price gains
Slide 31: CSX is a leader in safety, service and productivity
The facts are... Productivity Opportunity CSX is a leader in safety, service and productivity Safety: CSX is among industry leaders in safety and train accident prevention Service/Customer Satisfaction: CSX is now top-tier in customer satisfaction measures as a result of dramatic service improvement
Slide 32: Discipline is key to aggressive productivity targets
The facts are... Productivity Opportunity Discipline is key to aggressive productivity targets CSX has clear and specific productivity initiatives Network Labor Locomotive Car Fleet Fuel Efficiency Productivity Fleet Mgmt. Utilization Efficiency Productivity at CSX is defined as cost containment CSX
Slide 33: TCI Group's productivity analysis is flawed
The facts are... Productivity Opportunity TCI Group’s productivity analysis is flawed Productivity is appropriately measured on a workload basis Revenue ton miles (RTM)–not carloads—define workload RTM’s include both tons carried and length of haul CSX Productivity TCI Group inappropriately Gains me
Slide 34: CSX among industry leaders in cost control
The facts are... Productivity Opportunity CSX among industry leaders in cost control 1Q04–1Q08 CAGR Expense Excluding Rank/Company per RTM Fuel Western Canadian Eastern Rails Rails Rails 1 CP 3.6% 0.1% 2 CSX 3.9% 0.5% 3 CNI 5.4% 2.2% 4 UNP 6.6% 2.3% 5 BNI 6.8% 1.4% 6 NSC 8.7% 4.9% Note: See GAAP Rec
Slide 35: CSX is number one after proper currency adjustment
The facts are... Productivity Opportunity CSX is number one after proper currency adjustment Strengthening Canadian dollar 1Q04–1Q08 CAGR distorts comparability between Adjusted Adjusted, U.S. and Canadian rails Expense Excluding Rank/Company Using a fixed exchange rate to per RTM Fuel U.S. dollars
Slide 36: CSX is a leader in fuel efficiency
The facts are... Productivity Opportunity CSX is a leader in fuel efficiency CN average length of haul is at least 800 miles – one-third longer than CSX Math shows that TCI Group’s 600 mile average haul for CN is wrong Longer hauls are more fuel efficient CN Average Length of Haul Estimate Est. Appr
Slide 37: Management drives price, volume and productivity
The facts are… Productivity Opportunity Management drives price, volume and productivity Sources of Income Growth Management Action Net Inflation 16% Real Pricing 28% Volume 16% Productivity 40% Sustained, industry leading price above inflation. Volume is up 7% on RTM basis with favorable mix. Produ
Slide 38: TCI Group's questions are answered by CSX's performance
The facts are… TCI Group’s questions are answered by CSX’s performance CSX Board of Directors is creating industry leading Corporate shareholder value and continues to raise the bar Governance Governance rating score of 99% is top tier of industry CSX is a leader in safety, service and productivity
Slide 39: CSX safety, service, productivity gains outpacing CN
The facts are... Productivity Opportunity CSX safety, service, productivity gains outpacing CN CSX margin difference to CN is closing rapidly CN’s Q1 2008 margin is 30 bps below Q1 2004 CSX has improved by 1,240 bps over this period CSX is closing the expense gap with CN CN expense growth artificial
Slide 40: CSX is among industry leaders in operating ratio
The facts are... Productivity Opportunity CSX is among industry leaders in operating ratio 1,240 760 420 410 270 (30) Q1 2008 Operating Ratio Q1 2008 vs. Q1 2004 Improvement (bps) Note: See GAAP Reconciliation for CSX data; peer comparisons based on First Call data 40
Slide 41: CSX safety, service, productivity gains outpacing CN
The facts are... Productivity Opportunity CSX safety, service, productivity gains outpacing CN CSX margin difference to CN is closing rapidly CN’s Q1 2008 margin is 30 bps below Q1 2004 CSX has improved by 1,240 bps over this period CSX is closing the expense gap with CN CN expense growth artificial
Slide 42: CSX is closing the cost gap with CN
The facts are... Productivity Opportunity CSX is closing the cost gap with CN TCI Group analysis 8% ignores translation impact Gap 11% Gap CN’s results over time must be adjusted for the favorable impact from translation of U.S. dollar-denominated expenses into Canadian dollars Note: Analysis assume
Slide 43: CSX safety, service, productivity gains outpacing CN
The facts are... Productivity Opportunity CSX safety, service, productivity gains outpacing CN CSX margin difference to CN is closing rapidly CN’s Q1 2008 margin is 30 bps below Q1 2004 CSX has improved by 1,240 bps over this period CSX is closing the expense gap with CN CN expense growth artificial
Slide 44: CN ranks last in safety over the last 12 months
The facts are... Productivity Opportunity CN ranks last in safety over the last 12 months Source: 2007 Federal Railroad Administration Data 44
Slide 45: CSX's service is improving while CN declines
The facts about CSX's performance… Productivity Opportunity CSX’s service is improving while CN declines CSX’s customer satisfaction ratings are industry-leading On-time performance, dwell and velocity all show strong improvement for CSX According to a recent Morgan Stanley survey, 37% of CN’s custo
Slide 46: CSX's superior service drives margin expansion
The facts are... Productivity Opportunity CSX’s superior service drives margin expansion CSX is the leader in service, price and margin expansion CSX CN Revenue per Margin Revenue per Margin Unit Growth Expansion Unit Growth Expansion FY ‘07 vs. 8% 160 bps 4% (180 bps) FY ‘06 Q1 ’08 vs. 50% 1240 bps
Slide 47: CSX gained more in four years than CN did in nine
The facts are... Productivity Opportunity CSX gained more in four years than CN did in nine CN Change in Operating Income: 1998-2007 C$1.6B C$2,876 C$1.0B $1.5B C$1,281 1998 2007 2004 2008E Nine-Year Four-Year Operating Operating Operating Operating Improvement Improvement Income Income Income Incom
Slide 48: TCI Group's questions are answered by CSX's performance
The facts are… TCI Group’s questions are answered by CSX’s performance CSX Board of Directors is creating industry leading Corporate shareholder value and continues to raise the bar Governance Governance rating score of 99% is top tier of industry CSX is a leader in safety, service and productivity
Slide 49: CSX has transparent and aggressive guidance
The facts are... Productivity Opportunity CSX has transparent and aggressive guidance 2008–2010 Targets Operating Income 13%–15% CAGR Earnings Per Share 18%–21% CAGR Operating Ratio Low 70’s By 2010 Free Cash Flow Exceed $1B Before Dividends in 2010 CSX has raised guidance three times since 2005—fro
Slide 50: CSX targets an additional $400M+ through 2010
The facts are... Productivity Opportunity CSX targets an additional $400M+ through 2010 Total Service Integration (TSI) takes operating performance to the next level Utilizes capacity and efficiency to support growth Aligns customer needs with operating capabilities Process Improvement Teams have de
Slide 51: Detailed initiatives to deliver the $400M+ of savings
The facts are... Productivity Opportunity Detailed initiatives to deliver the $400M+ of savings Key Focus Area Strategies for achieving targets Network Efficiency/ Continuous focus on plan efficiency through design Total Service Integration TSI building reliable and productive service products Techn
Slide 52: Productivity targets include locomotives
The facts are... Productivity Opportunity Productivity targets include locomotives TCI Group says CSX and NS The best measure of locomotive should have the same productivity is Expense/KGTM locomotive maintenance cost However, CSX has 25% CSX NS % more KGTM’s; thus, locomotive maintenance “TCI Group
Slide 53: TCI Group's labor opportunities are overstated
The facts are... Productivity Opportunity TCI Group’s labor opportunities are overstated CSX is in line with the rail industry for hours paid not worked NS uniquely counts training as “hours worked,” making their statistic not comparable CSX remains focused on labor productivity, but spends 20% less
Slide 54: Pricing Performance
Pricing Performance
Slide 55: TCI Group's questions are answered by CSX's performance
The facts are… TCI Group’s questions are answered by CSX’s performance CSX Board of Directors is creating industry leading Corporate shareholder value and continues to raise the bar Governance Governance rating score of 99% is top tier of industry CSX is a leader in safety, service and productivity
Slide 56: CSX is an industry leader in pricing for value
The facts are... Pricing Performance CSX is an industry leader in pricing for value CSX “pure price” guidance for 2008 is the highest in the industry Note: Peer comparisons based on First Call data. CN & CP adjusted for translation impact of Canadian dollar on U.S. dollar-denominated revenues. Price
Slide 57: CSX pricing in line given longer hauls versus NS
The facts are... Pricing Performance CSX pricing in line given longer hauls versus NS Revenue per RTM is non-linear, CSX’s average length of haul declines with longer hauls is ~10% longer than NS with a broader network reach Recovery of pick-up and drop-off costs results in declining revenue per RTM
Slide 58: CSX pricing gains outpacing NS on any measure
The facts are... Pricing Performance CSX pricing gains outpacing NS on any measure 2007 vs. 2006 2007 vs. 2006 Revenue per Unit Revenue per RTM CSX CSX CSX NS CSX NS vs. NS vs. NS Coal 11% 3% 8 pts 8% 2% 6 pts Merchandise/ 10% 6% 4 pts 8% 5% 3 pts Auto Intermodal (1%) 2% (3 pts) 6% 8% (2 pts) Total
Slide 59: TCI Group's questions are answered by CSX's performance
The facts are… TCI Group’s questions are answered by CSX’s performance CSX Board of Directors is creating industry leading Corporate shareholder value and continues to raise the bar Governance Governance rating score of 99% is top tier of industry CSX is a leader in safety, service and productivity
Slide 60: CSX uses capacity pricing to manage demand
The facts are... Pricing Performance CSX uses capacity pricing to manage demand Capacity-based pricing has been in place for years Pricing in some markets is set on an ongoing basis to help optimize network capacity, balance freight and enhance profits For example, CSX Intermodal continuously modifi
Slide 61: Capital Allocation & Structure
Capital Allocation & Structure
Slide 62: TCI Group's questions are answered by CSX's performance
The facts are… TCI Group’s questions are answered by CSX’s performance CSX Board of Directors is creating industry leading Corporate shareholder value and continues to raise the bar Governance Governance rating score of 99% is top tier of industry CSX is a leader in safety, service and productivity
Slide 63: Disciplined capital spending is on par with peers
Capital The facts are... Allocation & Disciplined capital spending is on par with peers Structure 5-Year Average CSX 14% Industry 17% Note: Capital spending based on CSX analysis. 63
Slide 64: Disciplined capital spending is on par with peers
Capital The facts are... Allocation & Disciplined capital spending is on par with peers Structure 5-Year Average CSX $2.67 Industry $2.97 Note: Capital spending based on CSX analysis. 64
Slide 65: Transparent capital plan aims to maximize returns
Capital The facts are... Allocation & Transparent capital plan aims to maximize returns Structure Capital plans are consistent with strategic objectives Disciplined capital analysis aims to maximize investment returns on replacement cost basis Note: Excludes Katrina-related capital. 2007 includes $2
Slide 66: Capital plan based on economics, scientific modeling
Capital The facts are... Allocation & Capital plan based on economics, scientific modeling Structure Freight Car Reinvestment Profile Reinvestment Investment decisions on equipment Hurdle Rate are guided by economic analysis Cars must meet reinvestment hurdle rate to merit replacement Locomotives mu
Slide 67: Economics, operating gains drive capital investment
Capital The facts are... Allocation & Economics, operating gains drive capital investment Structure Average Velocity 2010 Projected Capacity Waycross to Atlanta: Key Growth Lane 30 Miles per Hour 25 Growth in strategic lanes 20 requires investment 15 Strategic investment made in 2006. Velocity up 30
Slide 68: TCI Group's questions are answered by CSX's performance
The facts are… TCI Group’s questions are answered by CSX’s performance CSX Board of Directors is creating industry leading Corporate shareholder value and continues to raise the bar Governance Governance rating score of 99% is top tier of industry CSX is a leader in safety, service and productivity
Slide 69: CSX is currently at lowest long-term cost of capital
Capital The facts are... Allocation & CSX is currently at lowest long-term cost of capital Structure Cost of Capital Equity Risk Distress Costs Debt Tax Shield Access Costs Risk-Free Rate AAA BBB- High Yield 69
Slide 70: Investment banks agree with CSX analysis
Capital The facts are... Allocation & Investment banks agree with CSX analysis Structure CSX Every investment bank Lowest Cost advising CSX recommended of Capital a target capital structure with Investment Bank 1 BBB debt levels at Investment Grade Investment Bank 2 BBB/BBB- Targets lowest cost of I
Slide 71: Lasting value comes from operations, not leverage
Capital The facts are... Allocation & Lasting value comes from operations, not leverage Structure CSX income and stock price 97% correlated CSX leverage and stock price negatively correlated Note: Debt-to-EBITDA and Operating Income are expressed on a rolling twelve month basis 71
Slide 72: Driving value through balanced capital deployment
Capital The facts are... Allocation & Driving value through balanced capital deployment Structure Growing Free Cash Flow and Improving Return on Invested Capital . . . Capital Share Dividends Investment Buybacks Investing $5B through Nearly tripled the Repurchased nearly 2010 to support quarterly di
Slide 73: TCI Group's ideas restrict financial flexibility
Capital The facts are... Allocation & TCI Group’s ideas restrict financial flexibility Structure Analysis shows EPS accretion of only 2% by bringing CSX below Investment Grade to buy back shares1 TCI Group inaccurately suggests that taking CSX below Investment Grade would create significant sharehol
Slide 74: CSX must maintain financial flexibility
Capital The facts are... Allocation & CSX must maintain financial flexibility Structure The rail value proposition is strong even in the face of an economic downturn, however… Financial flexibility for major adverse events is critical, especially in a weak economic environment Natural disasters or a
Slide 75: TCI Group's questions are answered by CSX's performance
The facts are… TCI Group’s questions are answered by CSX’s performance CSX Board of Directors is creating industry leading Corporate shareholder value and continues to raise the bar Governance Governance rating score of 99% is top tier of industry CSX is a leader in safety, service and productivity
Slide 76: GAAP Reconciliation
GAAP Reconciliation
Slide 77: 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
Slide 78: GAAP Reconciliation to comparable results
GAAP Reconciliation to comparable results Dollars in millions 2002 2003 2004 2005 2006 2007 Q108 Operating Revenue $ 7,916 $ 7,573 $ 8,040 $ 8,618 $ 9,566 $ 10,030 $ 2,713 Operating Expense 6,906 7,058 7,043 7,062 7,417 7,770 2,087 Less Pretax Gain on - - - - (168) (27) (2) Insurance Recoveries Plus
Slide 79: Appendix
Appendix
Slide 80: Canadian National expenses adjusted for repatriation of U.S.-Dollar denominated costs
Canadian National expenses adjusted for repatriation of U.S.-Dollar denominated costs (page 41) Reported Adjusted Adjusted Adjusted Adjustment Year Expense Expense Expense KGTM Expense/ (in C$) (C$) (C$) (USD) KGTM 2002 $4,240M — $4,240M $3,946M 309.1 $12.77 2003 $4,107M $260M $4,367M $4,065M 313.6
Slide 81: CN true gains in operating income were C$1.0 billion over nine years
CN true gains in operating income were C$1.0 billion over nine years (slide 46) Operating Revenue Expense Income Comments Source: CN 2000 Annual Report, p. 12. 1998 Op Includes consolidation of Illinois Central assuming $5,137M $3,856M $1,281M acquisition on 1/1/98. Income Excludes 1998 Special Char
Slide 82: CSX true gains in operating income expected to be $1.5 billion over four years
CSX true gains in operating income are expected to be $1.5 billion over four years (page 46) Operating Revenue Expense Income Comments 2004 Comparable $8,040M $6,972M $1,068M Source: GAAP Reconciliation Op Income Inflation of 3.5% is the industry's CAGR inflation Inflation $1,186M $1,029M $158M (200
Slide 83: Additional $3 billion of debt results in only 2% EPS accretion
Additional $3 billion of debt (1x EBITDA) results in only 2% EPS accretion (page 72) New Capital Raised for Share Repurchase = 1x EBITDA ($MM) $3,205 Purchase Price (4/25/08) $61.94 Percent of Shares Purchased 13% 2007 Earnings ($MM) $1,209 Shares Outstanding on 4/25/08 404.7 Implied Basic EPS $2.98
Slide 84: Proxy Statement Disclosure
Proxy Statement Disclosure Important Information In connection with the 2008 annual meeting of shareholders, CSX Corporation ("CSX") has filed with the SEC and mailed to shareholders a definitive Proxy Statement dated April 25, 2008. Security holders are strongly advised to read the definitive Proxy
Slide 85: Forward-Looking Disclosure
Forward-Looking Disclosure This 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