A Rail Perspective on Freight Derrick Smith, VP Emerging Markets. January 21, 2016

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1 A Rail Perspective on Freight Derrick Smith, VP Emerging Markets 1 January 21, 2016

2 CSX is one of main railroads in the Eastern U.S. CSX Network CSX provides rail, intermodal, and rail-to-truck transload services Serving nation s economic and industrial growth for nearly 190 years Superior network footprint in East Serves every major eastern metropolitan area Connects to over 240 short-line RRs 2

3 Access to major ports & interchanges is an advantage St Louis Chicago CSX Network Major Port Major Interchange Boston New York Philadelphia Baltimore Norfolk CSX provides rail, intermodal, and rail-to-truck transload services Serving nation s economic and industrial growth for nearly 190 years Superior network footprint in East Serves every major eastern metropolitan area Connects to over 240 short-line RRs Memphis Mobile New Orleans Tampa Wilmington Charleston Savannah Jacksonville Miami Enables connection to West and globally Connects with Western and Canadian Class I rails Connects to over 70 ocean, river, and lake ports 3

4 Continues to serve a broad array of ports CSX Network Major Port Major Interchange CSX Volume by Port in Units Full-Year 2015 Chicago St Louis Boston New York Philadelphia Baltimore Norfolk NY/NJ Norfolk Savannah Charleston Baltimore Jacksonville 7% 6% 5% 11% 15% 21% Mobile 3% Memphis Mobile New Orleans Tampa Wilmington Charleston Savannah Jacksonville Miami Toledo Tampa Philadelphia Ceredo Monaca Wilmington, NC All Other 2% 2% 2% 2% 1% 1% 23% 4

5 across a diverse portfolio of goods on network St Louis Chicago CSX Network Major Port Major Interchange Boston New York Philadelphia Baltimore Norfolk 6,291 CSX Volume History Units in Thousands Bulk Break Bulk Containerized Project Cargo Roll-on/Roll-off 6,476 6,409 6,539 6,922 6,761 Memphis Wilmington Charleston Savannah Jacksonville Mobile New Orleans Tampa Miami

6 Broader rail network interconnected, expands reach Legend UP BNSF CN KCS CSXT NS CP Ports Inland Hubs 6 Source: Datamyne and Zepol databases

7 Rails are facing macro economic headwinds 115 Trade Weighted U.S. Dollar Index 1 Broad = Steel Production Tons Per week in Millions Down 17% since start of year Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul Jan-14 May-14 Sep-14 Feb-15 June-15 Oct-15 $150 $100 $50 WTI Crude Oil Prices Dollars per Barrel 7/23/2014; /29/2015; $37.58 Bakken Rig Count and Production Rig Count per week Production (Mbbl/day) $0 Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 0 Jan-14 Jul-14 Jan-15 Jul Source: Federal Reserve Bank of St. Louis Economic Data 2 Weighted average of the foreign exchange value of the U.S. Dollar against the currencies of a broad group of major U.S. trading partners.

8 Economic challenges yield declining rail traffic U.S. Class I Average Weekly Volumes (in thousands) 628 Average: 665 Average: U.S. Class I volumes down (3%) in 2015 Containerized volumes flat All other down (5%) Cass Freight Shipment Index down (3%) Believe 2016 will continue to be another challenging year Strong U.S. dollar, low natural gas and oil prices Q1 '14 Q2 '14 Q3 '14 Q4 '14 Q1 '15 Q2 '15 Q3 '15 Q4 '15 8 Source: AAR weekly volumes

9 Expect indicators to improve over next few years 4.0% 3.5% 3.0% 2.5% 2.0% 1.5% 1.0% 0.5% Economic Growth Indicators '15F, 2.4% '15F, 1.3% '18F, 2.9% '18F, 2.6% Housing Starts Millions '15F, 0.7 '15F, 0.4 '18F, 1.1 '18F, Auto Market Millions '15F, 17.5 '15F, 17.4 '18F, 18.9 '18F, % '13 '14 '15F '16F '17F '18F GDP IDP 0.0 '13 '14 '15F '16F '17F '18F Single Family Multi-Family 14.0 '13 '14 '15F '16F '17F '18F NALVP U.S. Sales Average expected inflation of 1.9% from Source: Global Insight Economic Forecast January Global Insight s GDP Deflator

10 however, key challenges expected to continue $5 Henry Hub Natural Gas Prices $ / mm BTU U.S. Broad Dollar Index 2009 = 100 `05 - `15 average $4 105 $ $2 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 $25 $20 $15 $10 $5 Brent-Bakken Spread Dollars per Barrel $0 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Transport Cost to East Coast Jan-14 Jan-15 Jan-16 Jan-17 Jan Steel Production Tons 2014 = Jan-14 Jan-15 Jan-16 Jan-17 Jan Source: Global Insight Economic Forecast November 2015; U.S. Dollar Inflation adjusted Broad Index; Brent-Bakken forecast not available, straight-lined most recent actuals

11 Rail continues to add unique value to supply chain Geography Track covering majority of eastern U.S. Access to large consumption areas Connection to ports, Canada, Mexico, and western U.S. Capacity Continued investment to improve network fluidity, support growth Investments and availability of crews, locomotives and equipment Long Haul Cost Effectiveness Competitive economics, economies of scale vs. truck Speed of transit vs. barge 11

12 Port characteristics enabling success with rail Physical Fiscal Compatibility with required infrastructure, operating practices, standards Traffic density and train lengths Heavy axle loading, vertical clearances Resources to invest in rail Class I capital expenditures focused on core network Customers unlikely to pay full cost of port rail infrastructure Commercial Insight to markets and what customers value Proactive business development Increased supply chain complexity and information availability Institutional Alignment with county/state on business priorities Funding Land use 12

13 Strategies that lever strengths lead to new business Port enablers Rail opportunities Supply chain insight Asset quality and condition Strategy Container growth Market reach Land Port management Highway to rail conversions Ability to lever grants/funds Productivity Alliances and partnerships Bulk, break-bulk or roll-on roll-off shipments 13

14 Key drivers for main segments of business Bulk Break Bulk Containerized Project Main driver is low commodity prices Sustained headwinds from coal, coke, and iron ore Baltic Dry Index at lowest in 30 years Strong U.S. dollar and international demand Steel imports from global oversupply U.S. dollar, truck competition Low container shipping rates Global containerization trend to continue Competitive economics, economies of scale vs. truck Bigger is better manufacturing trend Roll-on/Roll-off NALVP production for exports Increased auto production within Mexico 14

15 Rail plays a vital role in the success of ports Provides a key link for both containerized and noncontainerized cargo Enables ports to shape supply chains and address stakeholder needs Unlocks port and overall economic development opportunities 15

16 16 A Rail Perspective on Freight It Starts with the Customer

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