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Forward-Looking Statements 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, volumes, rates, cost-savings, expenses, or other financial items; statements of management’s plans, strategies and objectives for future operations, and management’s expectations as to future performance and operations and the time by which objectives will be achieved; statements concerning proposed new 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,” “estimate,” “preliminary” 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 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, political or business conditions, including those affecting the transportation 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; (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 full year 2010 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. 2 2

Executive Summary Executive Summary Michael Ward Chairman, President and Chief Executive Officer

First quarter performance . . . First quarter performance . . . � Revenue improves strongly Earnings Per Share From Continuing Operations — Driven by volume growth, core pricing, and fuel surcharge $0.78 � Operations remain stable — Safety levels strong, with service 22% 22% $0.64 levels solid in difficult weather Increase Increase � Core earning power increases — Operating income up 21% to a first quarter record $634 million — Operating ratio improves 230 bps to a first quarter record 74.5% 2009 2010 4 4

Sales and Marketing Review Sales and Marketing Review Clarence Gooden Executive Vice President Sales and Marketing

Revenue increases 11% to nearly $2.5 billion Revenue increases 11% to nearly $2.5 billion Volume 1,486K RPU $1,676 Revenue $2,491M Revenue in Millions $37 $2,491 $101 $106 $2,247 Q1 2009 Volume Rate/Mix Fuel Price Q1 2010 Impact Note: See Fuel Surcharge Reconciliation 6 6 6 6

Improving economy drives 5% volume increase Improving economy drives 5% volume increase Revenue $2,491M RPU $1,676 Volume 1,486K Year-Over-Year Volume Growth % of Total Automotive 5% 64% Intermodal 34% 14% Merchandise 36% 7% Coal 25% (13%) Total 100% 5% 7 7

Core pricing stable; revenue per unit increases Core pricing stable; revenue per unit increases Revenue $2,491M Volume 1,486K RPU $1,676 Year-Over-Year Change Same Store Sales Price Increase Total Revenue per Unit 21.2% 18.3% 14.5% 14.0% 10.5% 5.9% 6.7% 6.8% 6.5% 6.5% 6.6% 6.4% 6.2% 6.3% 5.3% 5.0% 0.2% (5.4%) (7.1%) (8.7%) Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2007 2008 2008 2008 2008 2009 2009 2009 2009 2010 Note: “Same Store Sales” price increases exclude impacts from fuel surcharge and mix 8 8 8 8 8 8

Coal revenue declines 1% Coal revenue declines 1% Revenue $736M Volume 373K RPU $1,973 First Quarter � First quarter summary Year-Over-Year Change — Lower utility demand due to above normal stockpiles and weather Revenue (1%) — Increased export demand driven by the Chinese market Volume (13%) — Higher industrial demand driven RPU 14% by strong steel production � Coal Ongoing drivers Categories 10% — Utility demand improving, with 18% 18% inventory levels moderating 72% 72% Utility — Natural gas prices remain low Export Industrial — Strength in the export and First Quarter Volume industrial markets continues 9 9 9 9 9 9

Automotive revenue increases 79% Automotive revenue increases 79% Revenue $170M Volume 74K RPU $2,297 First Quarter � First quarter summary Year-Over-Year Change — North American Light Vehicle production increases off low base Revenue 79% — Sales growth driven by incentives and Improved credit market Volume 64% RPU 9% � Ongoing drivers — Full year 2010 NALV production Automotive forecasted to grow 28% Categories — New assembly plant will ramp up 45% 55% 45% 55% production during 2010 Detroit–3 New Domestics First Quarter Volume 10 10 10 10 10 10 10 10 10 10 10 10

Merchandise revenue increases 11% Merchandise revenue increases 11% Revenue $1,198M Volume 539K RPU $2,223 First Quarter � First quarter summary Year-Over-Year Change — Metals and Chemicals favorable on increased industrial activity Revenue 11% — Ethanol and Phosphates drive Agriculture-related markets Volume 7% — Housing and construction-related RPU 4% markets continue to be weak � Merchandise Ongoing drivers Categories 41% 41% — Economic recovery driving growth going forward Agriculture 27% 27% 32% — Growth expected in all markets, Housing excluding housing-related sector Industrial First Quarter Volume 11 11 11 11 11 11 11 11 11 11 11 11

Intermodal revenue increases 20% Intermodal revenue increases 20% Revenue $323M Volume 500K RPU $646 First Quarter � First quarter summary Year-Over-Year Change — RPU higher on fuel recovery and improving pricing environment Revenue 20% — International growth with inventory replenishments and exports Volume 14% — Domestic up on truck conversions RPU 5% and new service offerings � Intermodal Ongoing drivers Categories — Global trade and consumer 56% 44% 56% 44% demand driving international International — Stabilization of truck capacity and Domestic demand lessens pricing pressure First Quarter Volume 12 12 12 12 12 12 12 12

New UMAX intermodal service formed by CSX-UNP New UMAX intermodal service formed by CSX-UNP � UMAX offers nationwide New Service started in the service on all core freight lanes second quarter — CSX and UNP will now market transcontinental business jointly — Fleet of 20,000+, 53-foot containers dedicated to service � Initial financial impact for CSX will be limited — Revenue loss of $40 million to Multiple Terminal Markets $50 million on a quarterly basis New England (BOS, SPR, WOR), Ohio (CIN, CLV, COL) N. California (LATHROP, OAK), S. California (COI, LATC, LA) — Operating income impact neutral Single Terminal Markets near-term and positive long-term Gateways 13 13 13 13

Sales and Marketing wrap-up . . . Sales and Marketing wrap-up . . . � Economic recovery expected to continue — Industrial economy is projected to grow above 4% throughout 2010 � Second quarter volume and revenue outlook favorable — Revenue growth expected across nearly all markets � Business development leveraging network investments — Over 70 new start-ups on the CSX network during the last twelve months � CSX standing out as compelling value for customers — Service offering is both value priced and environmentally sound 14 14 14 14

Operations Review Operations Review David Brown Executive Vice President Chief Operating Officer

Delivering under challenging conditions Delivering under challenging conditions � Culture of leadership, discipline and execution continues to produce strong results — Leadership : Safety performance was strong and continued to improve in the first quarter — Discipline : Cost control and operating Performance Excellence leverage helping to improve margins Service Execution Service Execution — Execution : Network operations Productivity Discipline Productivity Discipline fluid despite weather impacts Safety Leadership Safety Leadership 16 16 16 16

Helping to lead one of the Nation’s safest industries Helping to lead one of the Nation’s safest industries FRA Personal Injury Rate FRA Train Accident Rate 3.62 1.36 1.30 3.29 1.13 3.13 2.99 0.81 Q1 2007 Q1 2008 Q1 2009 Q1 2010 Q1 2007 Q1 2008 Q1 2009 Q1 2010 17 17 17 17