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Third Quarter 2007
                             Earnings Conference Call

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    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 financial items; statements of management’s plans, strategies and
    objectives for future operation, and management’s expectations as to future performance and operations and the time
    by which objectives will be achieved; statements concerning proposed new products and 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,” 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 these forward-looking statements. Factors that may cause actual results to
    differ materially from those contemplated by these 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 or
    business conditions, including those affecting the rail 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; and (v) the outcome of claims and litigation involving or affecting the company. 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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Executive Summary

                 Michael Ward
                 Chairman, President and
                 Chief Executive Officer




    Third quarter overview . . .

                                                                   Core earning power is strong
           Third Quarter EPS
                                                                   and continues to improve
       From Continuing Operations

         $0.71                                                     Safety and customer service
                  $0.67                     $0.67
                                                                   at high levels and improving
                                  $0.54


                                                                   Pricing gains supported by
                                             24%
                                                                   strong service levels
                                           Increase


                                                                   Price/productivity continue to
                                                                   drive operating ratio lower
           Reported                Comparable

                    2006            2007

    Note: Comparable EPS from continuing operations exclude insurance gains and income tax benefits


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Operations Review

           Tony Ingram
           Executive Vice President
           Chief Operating Officer




    Leadership, discipline and execution

       Safety at historical best; driving
       to industry leading levels

       Productivity helping drive
                                                  Performance
       operating ratio to mid-low 70’s             Excellence

                                                Service Execution
                                                Service Execution
       Network performance and
       service at all-time highs            Productivity Discipline
                                            Productivity Discipline

                                                 Safety   Leadership
                                                 Safety   Leadership




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Helping lead one of the nation’s safest industries

             FRA Personal Injury                     FRA Train Accidents
                                    13 Week                                13 Week
                                    Average                                Average
                                      1.24                                   2.79

      1.46
               1.43                           3.67
                      1.39                            3.50
                                                             3.29
                             1.30                                   3.09
                                     1.24                                   2.98




       Q3       Q4     Q1     Q2     Q3        Q3      Q4     Q1     Q2     Q3
      2006     2006   2007   2007   2007      2006    2006   2007   2007   2007


                              Rolling 12-month Averages


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    On-time performance at all-time highs

             On-Time Originations                     On-Time Arrivals
                                    13 Week                                13 Week
                                    Average                                Average
                                      83%                                    76%

                                                                            69%
                                     78%
                             77%                                    66%
               76%    76%                                    63%
                                                       63%
                                              57%
      71%




       Q3       Q4     Q1     Q2     Q3        Q3      Q4     Q1     Q2     Q3
      2006     2006   2007   2007   2007      2006    2006   2007   2007   2007


                              Rolling 12-month Averages


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Asset utilization approaching all-time best levels

               Dwell Time (hours)                               Cars-On-Line (000)
                                       13 Week                                          13 Week
                                       Average                                          Average
                                       21.9 hrs                                          221K
       25.7                                              226
                                                                 225      225    225
                24.5   24.1     23.7                                                       224
                                        23.0




        Q3       Q4     Q1       Q2      Q3               Q3      Q4       Q1     Q2     Q3
       2006     2006   2007     2007    2007             2006    2006     2007   2007   2007


                                 Rolling 12-month Averages


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     Network operations fluid with increasing velocity

                                       Velocity (mph)                              13 Week
                                                                                   Average
                                                                                   21.4 mph



                                                                                    20.4
                                                                   20.1
                              19.9                19.9
              19.6




         Q3 2006          Q4 2006              Q1 2007           Q2 2007          Q3 2007


                                 Rolling 12-month Averages


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Productivity focus helping to drive operating ratio

                                                                    Adjusting resources to the
                   Comparable
                                                                    market environment
                  Operating Ratio

        87.1%
                                                                    Delivering a pipeline of
                                                                    productivity initiatives
                     83.0%
                                  80.4%
                                              78.0%                 Leveraging technology to
                                                                    drive productivity

                                                                    Driving the Total Service
                                                                    Integration (TSI) initiative

      Q3 2004 Q3 2005 Q3 2006 Q3 2007

     Note: 2004 excludes restructuring charges, and 2006 and 2007 exclude insurance gains


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     Operations wrap-up . . .

          Achieving new highs in safety performance

          Delivering service reliability for our customers

          Driving productivity with process improvement,
          technology and Total Service Integration




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Sales and Marketing Review

               Clarence Gooden
               Executive Vice President
               Sales and Marketing




     Revenues increased 3% to $2.5 billion

                                     Pricing gains supported by
             Third Quarter
                                     strong service levels
           Revenue in Millions

                                     Yield strength continues to
                   $83      $2,501
                                     offset softer volumes
        $2,418



                                     Uninterrupted revenue growth
                                     for more than five years




        2006      Growth    2007



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Price continues to drive RPU growth

                                            Year-Over-Year Change
                                                   12.6%
                                                                 11.8%
                                     11.7%
                      11.0%
         9.0%                                                            8.4%      8.1%            8.0%
                                                                                           6.9%

                                                                                   7.1%           6.5%
                                                   6.8%          6.7%    6.6%              6.5%
                       6.3%          6.2%
         5.6%




          Q3            Q4            Q1            Q2            Q3      Q4        Q1      Q2      Q3
         2005          2005          2006          2006          2006    2006      2007    2007    2007

                  Price Increase on 'Same Store Sales'                            Total Revenue per Unit

     Note: ‘Same Store Sales’ price increases exclude impacts from fuel and mix


15
15




     Merchandise revenue increased 3%

                      Third Quarter                                      Yields continue to offset the
                    2007 versus 2006                                     impact of weaker volumes

                                                                         Continued softness in
         RPU                                           9%
                                                                         housing related markets
      Volume        (5%)

     Revenue                                3%
                                                                         Phosphates, agriculture and
                                                                         chemicals led revenue gains
                           2006       Change         2007

     RPU                   $ 1,711      $ 150        $ 1,861


     Volume                   713           (37)           676
     (thousands)

     Revenue               $ 1,220       $ 38        $ 1,258
     (millions)



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Coal revenue increased 8%

                     Third Quarter                         Export market remains strong
                   2007 versus 2006
                                                           Utility inventory levels remain
                                                           at target levels
         RPU                                        10%

      Volume (2%)
                                                           Contract repricing to current
     Revenue                                 8%
                                                           market levels continues

                      2006        Change         2007

     RPU               $ 1,267      $ 129        $ 1,396


     Volume                475       (10)           465
     (thousands)

     Revenue           $   602       $ 47         $ 649
     (millions)



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17




     Automotive revenue increased 8%

                     Third Quarter                         Light vehicle production more
                   2007 versus 2006                        than offset SUV declines

                                                           Yields remain strong and are
         RPU                                6%
                                                           expected to continue
      Volume                 2%

     Revenue                                        8%
                                                           Well positioned in changing
                                                           automotive landscape
                      2006        Change         2007

     RPU               $ 1,830      $ 111        $ 1,941


     Volume                100         2            102
     (thousands)

     Revenue           $   183       $ 15         $ 198
     (millions)



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Intermodal revenue declined 7%

                     Third Quarter                                 Yields on same store sales
                   2007 versus 2006                                increased over 3%; offset by
                                                                   impact of short haul traffic
         RPU                      (1%)
                                                                   International traffic declined
      Volume        (6%)
                                                                   17% on customer losses and
     Revenue (7%)
                                                                   slowing Asian import growth

                           2006          Change     2007           Domestic traffic improved
                                                                   11% on new services
     RPU                    $ 645           ($ 9)    $ 636


     Volume                   564           (34)       530
     (thousands)

     Revenue                $ 364          ($ 27)    $ 337
     (millions)



19
19




     Fourth quarter revenue outlook is positive

              Favorable                                Neutral                Unfavorable
        Agricultural Products                         Automotive             Food & Consumer

                  Chemicals                                                   Forest Products

        Coal, Coke & Iron Ore                                                    Intermodal

           Emerging Markets

                   Metals

       Phosphate & Fertilizer




20
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Financial Results

                Oscar Munoz
                Executive Vice President
                Chief Financial Officer




     Strong third quarter results

                                                   Third Quarter Results

     Dollars in millions, except EPS           2007       2006       Variance

     Surface Transportation Operating Income   $ 552      $ 489       $    63

     Other Operating Income                        3             -           3

     Consolidated Operating Income             $ 555      $ 489       $    66

     Other Income (net)                           17         25             (8)
     Interest Expense                           (102)       (97)            (5)
     Income Taxes                               (173)       (89)           (84)
     Net Earnings from Continuing Operations   $ 297      $ 328       $    (31)


     EPS from Continuing Operations            $ 0.67     $ 0.71      $ (0.04)




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Comparable EPS increased 24%

                                                         Third Quarter Results

     Dollars in millions, except EPS                 2007        2006      Variance

     EPS from Continuing Operations                  $ 0.67     $ 0.71      $ (0.04)

     Less Gain on Insurance Recoveries                      -     (0.02)         0.02

     Less Income Tax Benefits                               -     (0.15)         0.15

     Comparable EPS from Continuing Operations       $ 0.67     $ 0.54       $ 0.13



     Surface Transportation Operating Income         $ 552      $ 489        $    63

     Less Gain on Insurance Recoveries                   (1)        (15)          14

     Comparable Operating Income                     $ 551      $ 474        $    77




23
23




     Surface Transportation operating income up 16%
                                                         Third Quarter Results
     Dollars in millions                             2007        2006      Variance
     Revenue                                     $ 2,501        $ 2,418          $ 83
     Expenses
       Labor and Fringe                               746          736            (10)
       Materials, Supplies and Other                  503          497             (6)
       Fuel                                           305          300             (5)
       Depreciation                                   220          213             (7)
       Equipment and Other Rents                      116          135             19
       Inland Transportation                           60           63              3

     Operating Expenses                              1,950       1,944             (6)
     Operating Income                            $    551       $ 474            $ 77
     Operating Ratio                              78.0%          80.4%       2.4 pts


      Note: Results exclude insurance gains


24
24
Labor and fringe increased 1%

                                        Primarily due to wage and
                Third Quarter
                                        benefit inflation
               Dollars in Millions

                                        Partially offset by lower
                      $10        $746
        $736
                                        volumes and improved
                                        productivity

                                        Surface Transportation
                                        headcount declined over 500




        2006        Variance     2007



25
25




     MS&O increased 1%

                                        Increase primarily driven
                Third Quarter
                                        by inflation
               Dollars in Millions

                                        Mostly offset by reduced train
                                 $503
                       $6
        $497
                                        accidents and related costs




        2006        Variance     2007



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26
Fuel increased by 2%

                                        Driven by a $0.16 increase in
                Third Quarter
                                        fuel price per gallon
               Dollars in Millions

                                        Fuel efficiency reduced
                       $5        $305
        $300
                                        consumption by nearly five
                                        million gallons

                                        Lower volumes also resulted
                                        in lower consumption




        2006        Variance     2007



27
27




     Rents decreased 14%

                                        Lower Merchandise and
                Third Quarter
                                        Intermodal volumes
               Dollars in Millions

                                        Operations driving better
        $135          $19
                                        asset utilization
                                 $116




        2006        Variance     2007



28
28
All other expenses increased 1%

                                                                        Higher capital base increased
                   Third Quarter
                                                                        depreciation expense
                  Dollars in Millions

                                                                        Lower intermodal volumes
                                               $280
                              $4
           $276
                                                                        reduced inland transportation
                                                $60
            $63




                                               $220
           $213




           2006            Variance            2007
          Depreciation                Inland Transport

29
29




     Share repurchase update . . .

                                 Cumulative Shares Repurchased
                                       Dollars in Millions
                                                                                                          $2,074


                                                                                                           $882
                                                                                       $1,192


                                                                    $644
                                                 $465                                                     $1,192
                              $422
           $149


         Q2 2006            Q3 2006            Q4 2006            Q1 2007            Q2 2007            Q3 2007
     Note: Approximately $1.6 billion of the $2.1 billion has been repurchased under the current $3.0 billion program


30
30
Double-digit growth targeted on higher 2007 base

                                                                              2007-2010 Capital
                                         2007-2010
                                         Guidance                             Spending in Billions
     Operating Income*                   10% – 12%
                                                                       $1.7                      $1.7

                                                                                  $1.6   $1.6
     Earnings Per Share*                 15% – 17%


     Free Cash Flow                    $800M – $1B
     Before Dividends                    in 2010


     Operating Ratio                    Mid-low 70’s

                                                                      2007        2008   2009   2010

     Note: Operating income and earnings per share reflect four-year CAGR’s


31
31




      Concluding Remarks

                 Michael Ward
                 Chairman, President and
                 Chief Executive Officer
33
33




        Third Quarter 2007
     Earnings Conference Call

34
34

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csx 3Q 07

  • 1. Third Quarter 2007 Earnings Conference Call 1 1 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 financial items; statements of management’s plans, strategies and objectives for future operation, and management’s expectations as to future performance and operations and the time by which objectives will be achieved; statements concerning proposed new products and 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,” 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 these forward-looking statements. Factors that may cause actual results to differ materially from those contemplated by these 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 or business conditions, including those affecting the rail 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; and (v) the outcome of claims and litigation involving or affecting the company. 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
  • 2. Executive Summary Michael Ward Chairman, President and Chief Executive Officer Third quarter overview . . . Core earning power is strong Third Quarter EPS and continues to improve From Continuing Operations $0.71 Safety and customer service $0.67 $0.67 at high levels and improving $0.54 Pricing gains supported by 24% strong service levels Increase Price/productivity continue to drive operating ratio lower Reported Comparable 2006 2007 Note: Comparable EPS from continuing operations exclude insurance gains and income tax benefits 4 4
  • 3. Operations Review Tony Ingram Executive Vice President Chief Operating Officer Leadership, discipline and execution Safety at historical best; driving to industry leading levels Productivity helping drive Performance operating ratio to mid-low 70’s Excellence Service Execution Service Execution Network performance and service at all-time highs Productivity Discipline Productivity Discipline Safety Leadership Safety Leadership 6 6
  • 4. Helping lead one of the nation’s safest industries FRA Personal Injury FRA Train Accidents 13 Week 13 Week Average Average 1.24 2.79 1.46 1.43 3.67 1.39 3.50 3.29 1.30 3.09 1.24 2.98 Q3 Q4 Q1 Q2 Q3 Q3 Q4 Q1 Q2 Q3 2006 2006 2007 2007 2007 2006 2006 2007 2007 2007 Rolling 12-month Averages 7 7 On-time performance at all-time highs On-Time Originations On-Time Arrivals 13 Week 13 Week Average Average 83% 76% 69% 78% 77% 66% 76% 76% 63% 63% 57% 71% Q3 Q4 Q1 Q2 Q3 Q3 Q4 Q1 Q2 Q3 2006 2006 2007 2007 2007 2006 2006 2007 2007 2007 Rolling 12-month Averages 8 8
  • 5. Asset utilization approaching all-time best levels Dwell Time (hours) Cars-On-Line (000) 13 Week 13 Week Average Average 21.9 hrs 221K 25.7 226 225 225 225 24.5 24.1 23.7 224 23.0 Q3 Q4 Q1 Q2 Q3 Q3 Q4 Q1 Q2 Q3 2006 2006 2007 2007 2007 2006 2006 2007 2007 2007 Rolling 12-month Averages 9 9 Network operations fluid with increasing velocity Velocity (mph) 13 Week Average 21.4 mph 20.4 20.1 19.9 19.9 19.6 Q3 2006 Q4 2006 Q1 2007 Q2 2007 Q3 2007 Rolling 12-month Averages 10 10
  • 6. Productivity focus helping to drive operating ratio Adjusting resources to the Comparable market environment Operating Ratio 87.1% Delivering a pipeline of productivity initiatives 83.0% 80.4% 78.0% Leveraging technology to drive productivity Driving the Total Service Integration (TSI) initiative Q3 2004 Q3 2005 Q3 2006 Q3 2007 Note: 2004 excludes restructuring charges, and 2006 and 2007 exclude insurance gains 11 11 Operations wrap-up . . . Achieving new highs in safety performance Delivering service reliability for our customers Driving productivity with process improvement, technology and Total Service Integration 12 12
  • 7. Sales and Marketing Review Clarence Gooden Executive Vice President Sales and Marketing Revenues increased 3% to $2.5 billion Pricing gains supported by Third Quarter strong service levels Revenue in Millions Yield strength continues to $83 $2,501 offset softer volumes $2,418 Uninterrupted revenue growth for more than five years 2006 Growth 2007 14 14
  • 8. Price continues to drive RPU growth Year-Over-Year Change 12.6% 11.8% 11.7% 11.0% 9.0% 8.4% 8.1% 8.0% 6.9% 7.1% 6.5% 6.8% 6.7% 6.6% 6.5% 6.3% 6.2% 5.6% Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2005 2005 2006 2006 2006 2006 2007 2007 2007 Price Increase on 'Same Store Sales' Total Revenue per Unit Note: ‘Same Store Sales’ price increases exclude impacts from fuel and mix 15 15 Merchandise revenue increased 3% Third Quarter Yields continue to offset the 2007 versus 2006 impact of weaker volumes Continued softness in RPU 9% housing related markets Volume (5%) Revenue 3% Phosphates, agriculture and chemicals led revenue gains 2006 Change 2007 RPU $ 1,711 $ 150 $ 1,861 Volume 713 (37) 676 (thousands) Revenue $ 1,220 $ 38 $ 1,258 (millions) 16 16
  • 9. Coal revenue increased 8% Third Quarter Export market remains strong 2007 versus 2006 Utility inventory levels remain at target levels RPU 10% Volume (2%) Contract repricing to current Revenue 8% market levels continues 2006 Change 2007 RPU $ 1,267 $ 129 $ 1,396 Volume 475 (10) 465 (thousands) Revenue $ 602 $ 47 $ 649 (millions) 17 17 Automotive revenue increased 8% Third Quarter Light vehicle production more 2007 versus 2006 than offset SUV declines Yields remain strong and are RPU 6% expected to continue Volume 2% Revenue 8% Well positioned in changing automotive landscape 2006 Change 2007 RPU $ 1,830 $ 111 $ 1,941 Volume 100 2 102 (thousands) Revenue $ 183 $ 15 $ 198 (millions) 18 18
  • 10. Intermodal revenue declined 7% Third Quarter Yields on same store sales 2007 versus 2006 increased over 3%; offset by impact of short haul traffic RPU (1%) International traffic declined Volume (6%) 17% on customer losses and Revenue (7%) slowing Asian import growth 2006 Change 2007 Domestic traffic improved 11% on new services RPU $ 645 ($ 9) $ 636 Volume 564 (34) 530 (thousands) Revenue $ 364 ($ 27) $ 337 (millions) 19 19 Fourth quarter revenue outlook is positive Favorable Neutral Unfavorable Agricultural Products Automotive Food & Consumer Chemicals Forest Products Coal, Coke & Iron Ore Intermodal Emerging Markets Metals Phosphate & Fertilizer 20 20
  • 11. Financial Results Oscar Munoz Executive Vice President Chief Financial Officer Strong third quarter results Third Quarter Results Dollars in millions, except EPS 2007 2006 Variance Surface Transportation Operating Income $ 552 $ 489 $ 63 Other Operating Income 3 - 3 Consolidated Operating Income $ 555 $ 489 $ 66 Other Income (net) 17 25 (8) Interest Expense (102) (97) (5) Income Taxes (173) (89) (84) Net Earnings from Continuing Operations $ 297 $ 328 $ (31) EPS from Continuing Operations $ 0.67 $ 0.71 $ (0.04) 22 22
  • 12. Comparable EPS increased 24% Third Quarter Results Dollars in millions, except EPS 2007 2006 Variance EPS from Continuing Operations $ 0.67 $ 0.71 $ (0.04) Less Gain on Insurance Recoveries - (0.02) 0.02 Less Income Tax Benefits - (0.15) 0.15 Comparable EPS from Continuing Operations $ 0.67 $ 0.54 $ 0.13 Surface Transportation Operating Income $ 552 $ 489 $ 63 Less Gain on Insurance Recoveries (1) (15) 14 Comparable Operating Income $ 551 $ 474 $ 77 23 23 Surface Transportation operating income up 16% Third Quarter Results Dollars in millions 2007 2006 Variance Revenue $ 2,501 $ 2,418 $ 83 Expenses Labor and Fringe 746 736 (10) Materials, Supplies and Other 503 497 (6) Fuel 305 300 (5) Depreciation 220 213 (7) Equipment and Other Rents 116 135 19 Inland Transportation 60 63 3 Operating Expenses 1,950 1,944 (6) Operating Income $ 551 $ 474 $ 77 Operating Ratio 78.0% 80.4% 2.4 pts Note: Results exclude insurance gains 24 24
  • 13. Labor and fringe increased 1% Primarily due to wage and Third Quarter benefit inflation Dollars in Millions Partially offset by lower $10 $746 $736 volumes and improved productivity Surface Transportation headcount declined over 500 2006 Variance 2007 25 25 MS&O increased 1% Increase primarily driven Third Quarter by inflation Dollars in Millions Mostly offset by reduced train $503 $6 $497 accidents and related costs 2006 Variance 2007 26 26
  • 14. Fuel increased by 2% Driven by a $0.16 increase in Third Quarter fuel price per gallon Dollars in Millions Fuel efficiency reduced $5 $305 $300 consumption by nearly five million gallons Lower volumes also resulted in lower consumption 2006 Variance 2007 27 27 Rents decreased 14% Lower Merchandise and Third Quarter Intermodal volumes Dollars in Millions Operations driving better $135 $19 asset utilization $116 2006 Variance 2007 28 28
  • 15. All other expenses increased 1% Higher capital base increased Third Quarter depreciation expense Dollars in Millions Lower intermodal volumes $280 $4 $276 reduced inland transportation $60 $63 $220 $213 2006 Variance 2007 Depreciation Inland Transport 29 29 Share repurchase update . . . Cumulative Shares Repurchased Dollars in Millions $2,074 $882 $1,192 $644 $465 $1,192 $422 $149 Q2 2006 Q3 2006 Q4 2006 Q1 2007 Q2 2007 Q3 2007 Note: Approximately $1.6 billion of the $2.1 billion has been repurchased under the current $3.0 billion program 30 30
  • 16. Double-digit growth targeted on higher 2007 base 2007-2010 Capital 2007-2010 Guidance Spending in Billions Operating Income* 10% – 12% $1.7 $1.7 $1.6 $1.6 Earnings Per Share* 15% – 17% Free Cash Flow $800M – $1B Before Dividends in 2010 Operating Ratio Mid-low 70’s 2007 2008 2009 2010 Note: Operating income and earnings per share reflect four-year CAGR’s 31 31 Concluding Remarks Michael Ward Chairman, President and Chief Executive Officer
  • 17. 33 33 Third Quarter 2007 Earnings Conference Call 34 34