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CSX and SFPA: Moving Tomorrow Together

Michael Rutherford

October 6, 2014

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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, cost-savings, expenses, taxes, liquidity, capital expenditures, dividends, share repurchases 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 “will,” “should,” “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 updates 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 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.

Network well positioned for eastern U.S. growth

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New Orleans

Memphis

Florida

Piedmont Atlantic

Gulf Coast

Midwest

St Louis

Chicago New York

Boston

Norfolk

Jacksonville

Miami

Northeast

Savannah

Wilmington

Tampa

Mobile

Baltimore Philadelphia

Charleston

Montreal Connects all five eastern

mega-regions

Serves nearly two-thirds of the nation’s population

Ports connect U.S. resources and manufacturing globally

Superior market reach into Northeast and Florida

Network reach is foundation for business diversity

CSX-served Ports

Population Density

GT 6M 3-6M

1-3M LT 1M

8% 7% 4%

6% 5% 1% 5%

4% 2%

40%

12% 6%

Network/diverse portfolio drive sustainable growth

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2013 Volume by Market 6.5 Million Units

Intermodal Chemicals Automotive Metals

Agriculture Phosphates Food & Consumer

Forest Products Minerals Waste & Equipment

Export Coal Domestic coal

2006 2013

Merchandise Intermodal Coal

CSX Volume and Portfolio Mix

18%

42%

40%

26%

45%

29%

6.5M 7.4M

Near-term volume growth expected to continue

4%

(1%)

3% 5%

7%

(16%)

3% 5%

8% 11%

7%

15%

(12%)

8% 9% 7%

14%

6%

15%

(11%)

8%

AgriculturalSector

ConstructionSector

IndustrialSector

Intermodal DomesticCoal

ExportCoal

Total

Year-Over-Year Change in Volume First Quarter Second Quarter Q3 To Date

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Note: Third quarter volume data is through week 35, ending August 29, 2014

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Long-term trends are also favorable for CSX

Source: USDOT FHWA Freight Analysis Framework, Peak Period Congestion on National Highway System: 2040 Estimate

CSX Territory

Eastern U.S. highway congestion favors rail transportation long-term Freight demand in the U.S. projected

to grow more than 60% by 2040

Reindustrialization of America driving secular growth above GDP

Highway system already congested, especially in eastern United States

Challenges for other modes generate

growth opportunities for rail industry

Trucking is particularly challenged today

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BB&T Capital estimates that winter may have removed 2-3% of TL capacity

ATRI study highlights the negative impacts of HOS rule change — Reduced TL productivity by 1-2%

— Eroded quality of life for 83% of drivers, including lower wages for 67%

The current dearth of 30K drivers is expected to hit almost 240K by 2020

Source: Logistics Management; FleetOwner; JOC; ATA.

Service levels stable; gradual recovery expected

80

90

100

110

120

130

140

150

160

10

12

14

16

18

20

22

24

26

28

30

1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35

2014 Weekly Velocity versus Volume Velocity (mph) Carloads (in 000s)

Service levels have fallen below expectations — Severe winter trailed by strong volume

growth has strained resources

Resources being added as fast as possible to speed recovery — Hiring crews; adding locomotives;

accelerating network capacity projects

Network to recover as new resources become available — High demand is expected to extend

recovery into 2015

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Up 16% Sequentially

Note: Third quarter volume data is through week 35, ending August 29, 2014

53%

16%

18%

13%

Capital Investment $2.3 billion

Infrastructure Equipment

Strategic PTC

Core investment remains at 16% – 17% of revenue for 2014

— Infrastructure spend maintains a safe and reliable network

— Locomotive, car investment driven by commercial demand

— Strategic investments support growth and productivity

PTC investment of $300 million

targeted for this year

— About $500 million of investment will still be required beyond 2014

Note: Capital investment excludes investments related to public-private reimbursable projects

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CSX is targeting $2.3 billion in capital investment

Capacity additions underway across network

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River Line / Trenton Sub

Adds 11 miles of double track for efficient movement from Chicago to NY

Supports growth in crude oil, intermodal, and automotive markets

Chicago Area

Projects

Elsdon Sub acquisition adds capacity and flexibility to the network

New north-south connection helps expedite interchange traffic

Southeast (SE) Corridor

New Casky Yard investment will support Illinois Basin coal shift

New sidings add capacity for business growth

Northwest Ohio

Project to extend terminal processing should finish by the end of 2014

Adding 18,400 feet of processing track and increasing lift capacity by 300,000

New Jersey Syracuse

Tampa

Chicago

Worcester

Baltimore

East St. Louis

Elsdon

SE Corridor Jacksonville

NW Ohio River Line

CSX is also investing in equipment to support growth

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0

500

1000

1500

2000

2500

3000

3500

4000

4500

0

50

100

150

200

250

300

350

400

450

500

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

60' HI CUBE 50' HIGH CUBE 50' STANDARD Additions

Annu

al F

leet

Add

ition

s C

umulative Fleet Additions

CSX Boxcar Fleet Expansion

Source: CSX.

Help us to improve overall planning and asset availability — Turn assets at origin and destination to help improve equipment velocity — Do not over-order when order fill rates are below expectation

Please, always communicate service issues through the appropriate channels at CSX so we can better assist you — Bilateral communication between CSX and our customers will help

improve the overall service levels, especially on the local service level

Prepare accordingly for future demand needs — Evaluate the opportunity to forward position inventory

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Customers can help by sharing anticipated demand

CSX is committed to growing with you. CSX will continue relentless efforts to restore service. CSX will invest to deliver long-term Service Excellence.