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Forward-looking statements are subject to a number of risks and uncertainties, and actual performance or results could

differ materially from that anticipated by any forward-looking statements. Factors that may cause actual results to differ

materially from those contemplated by any 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,

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competition, conditions, performance and consolidation); (iii) legislative or regulatory changes; (iv) the inherent

business risks associated with safety and security; (v) the outcome of claims and litigation involving or affecting the

company; (vi) natural events such as severe weather conditions or pandemic health crises; and (vii) the inherent

uncertainty associated with projecting economic and business conditions.

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.

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Presentation overview . . .

Produced 2012 earnings growth and margin expansion — Overcame substantial utility coal headwinds to sustain long-term performance

Business mix has changed significantly since 2006 — Coal now 20% of total volume while intermodal has grown to 38%

Coal headwinds expected to continue well into 2013 — While natural gas prices have risen, coal inventory levels remain high

Continued intermodal and merchandise growth expected — Broad-based growth expected across both markets

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Earnings growth achieved despite coal headwinds

Dollars in millions 2012 Variance

Revenue

Expense

$11,756

8,299

–%

–%

Operating Income

Operating Ratio

3,457

70.6%

1%

30 bps

Net Earnings

$ 1,859

2%

EPS

$1.79

7%

Revenue factors

— Total coal revenue declined by

$519 million; volume down 16%

— Merchandise and intermodal

revenue grew $514 million

— Excluding export coal, pricing

remained above inflation

Expense factors

— Generated productivity savings

of $197 million

— Real estate gains and incentive

compensation drove benefits

Cycling over $100 million in 2013

4

2012 Performance

$2.14

$3.46

2006 2012

Dollars in Billions

22.3%

29.4%

2006 2012

$0.93

$1.79

2006 2012

Performance sustains CSX’s strong track record. . .

Operating Income Operating Margin Earnings Per Share

8% CAGR 710 bps Improvement 12% CAGR

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. . . despite significant volume decline and mix shift

2006 2012

Volume Units in Thousands

Merchandise Intermodal Domestic Coal Export Coal

Merchandise decline

— Industrial and housing economies

have suppressed recovery

Intermodal growth

— Driven by highway conversions

and new customers

Domestic coal decline

— Driven by natural gas substitution

Export coal growth

— Driven by secular long-term

global trends

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7,358

6,409

44%

30%

24%

42%

38%

14%

6%

2012 Volume by Market 6.4 Million Units

Diverse business will drive long-term growth

Domestic Coal

14%

Export Coal

6%

Domestic Intermodal

20%

International Intermodal

18%

Chemicals 7%

Automotive 7%

Metals 4%

Agriculture 6%

Phosphates 5%

Food & Consumer 2%

Forest Products 5%

Emerging Markets 6%

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Gas prices have risen, but inventories remain high

$0.00

$1.00

$2.00

$3.00

$4.00

$5.00

$6.00

Jan-11 Jul-11 Jan-12 Jul-12 Jan-13

Henry Hub Natural Gas Price (per mmbtu)

Nat Gas PRB ILB NAPP CAPP

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Domestic Coal

Source: Doyle Trading Consultants and PIRA

0

30

60

90

120

Jan-11 Jul-11 Jan-12 Jul-12 Jan-13

Utility Stockpiles Millions of Short Tons

Total North South

Export coal diversified, but challenged near-term

14

17

25

31

2

7

9

11

6

5

6

7

2009

2010

2011

2012

2013

Export Tons in Millions

Europe Asia South American and Other

$50

$150

$250

$350

Q1 2011 Q3 2011 Q1 2012 Q3 2012 Q1 2013

Queensland Price Per Ton (Met)

$70

$90

$110

$130

$150

Jan-11 Jul-11 Jan-12 Jul-12 Jan-13

API2 Price Per Ton (Steam)

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Export Coal

40

48

40

30

22

~

Chemicals

100

91

84 87 87 87

2007 2008 2009 2010 2011 2012

Chemicals Production Index: 2007=100

Output remains below

pre-recession levels

U.S. companies benefitting

from low natural gas prices

Auto and oil & gas industries drive Industrial sector

Automotive Metals

15.1

12.6

8.6

11.9 13.1

15.3

2007 2008 2009 2010 2011 2012

NALVP in Millions

Source: Global Insights and Bloomberg

86% 80%

52%

71% 75% 76%

2007 2008 2009 2010 2011 2012

Steel Mill Utilization

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Industrial Sector

Production back to

pre-recession levels

Average vehicle age still

remains high

Near-term utilization

struggling to exceed 80%

Long-term growth driven

by auto and oil & gas

U.S. energy renaissance drives industrial growth

Drilling expected to increase

— Supports Frac sand and metal pipe

Growing liquids from drilling

— LPG volumes increasing

Eastern refineries increasing

usage of domestic crude oil

— Crude-by-rail volume growing

Abundant natural gas to drive

domestic chemical production

— Long-term positive for plastics and

petrochemicals volumes

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Industrial Sector

Refineries

Fractionators

Ethane Crackers

Drilling Activity

Source: EIA

Projection

Industry advancements improving crop yields

Drought in 2012 significantly

impacted crop yields

— Demand remains steady

— Inventories near historic lows

Soil conditions also impacted

by 2012 drought

— Increase in precipitation critical

for 2013 growing season

Fertilizer and advanced

technologies drive crop yields

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Source: USDA and ProExporter

Agricultural Sector

1975 2020

U.S. Corn Production Index: 1975=100

Acres Planted Yield per Acre

203

113

100

Housing market drives nearly 6% of CSX’s business

1,406

1,768

1,492 1,371

1,536

659

1960's 1970's 1980's 1990's 2000's 2010's

U.S. Housing Starts in Thousands

Decade Average Historical Average

Housing starts remain well

below historical averages

— 60% growth from 2012 required

to reach 50-year average

Housing starts drive about

5-6% of CSX business

— Lumber and building products

— Aggregates and waste

— Metals and plastics

— Intermodal

— Appliances

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Construction Sector

Source: Global Insights

H2R, global consumption drive intermodal growth

5.8

9.3

2012 Eastern Intermodal Loads Opportunity

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Freight volume for lengths

of haul over 550 miles

Domestic Eastern Market

15 Million Units

Intermodal

$7.3 $7.4 $7.6 $8.0 $8.3

$5.0 $5.2 $5.4 $5.7

$6.0

2011 2012 2013 2014 2015

U.S. International Trade

Dollars in Billions

Imports Exports

$12.3 $12.6 $13.0 $13.7

$14.3

Source: AAR CS54 data and Global Insight’s Transearch data

Investments enhance intermodal network capabilities

Driving efficiencies through

double-stack clearances

— Double-stack volume is 80%

today; over 90% by 2015

New and expanded terminals

address market opportunity

— Expanded Worcester, Charlotte

and Columbus recently

— Baltimore, Winter Haven and

Pittsburgh reflect new terminals

— Montreal terminal will expand

NAFTA trade opportunities

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Intermodal

Columbus

Montreal

Baltimore

Charlotte

Pittsburgh

Worcester

Winter Haven

Expansion

New Construction

NW Ohio Intermodal Hub

National Gateway Project

Existing Terminal

Merchandise and Intermodal growth remains strong

$1,018

$659

$514

2009 Growth 2012

Merchandise and intermodal revenue has grown $2.2B . . .

7% 7%

4%

6%

5%

2%

5%

6%

14% 6%

20%

18%

. . . and now represents nearly 80% of total volume

Chemicals Automotive

Metals Agricultural Products

Phosphates & Fertilizers Food & Consumer

Forest Products Emerging Markets

Domestic Coal Export Coal

Domestic Intermodal International Intermodal

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$6,059M

$8,250M $2,191M

2010 2011 2012

Wrap-up . . .

Earnings growth and margin expansion in 2012 — Merchandise and intermodal growth, plus productivity overcame coal headwinds

Coal markets will remain challenged in 2013 — Low gas prices, high inventories and lower global demand are key drivers

Merchandise/intermodal growth expected to exceed GDP — Profitable growth across all markets supported by superior service product

New energy environment creates opportunities — Crude-by-rail opportunity coming east; low gas prices reindustrializing America

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