CSX REPORTS FOURTH-QUARTER EPS OF $1.03 AND RECORD SURFACE TRANSPORTATION OPERATING INCOME

     JACKSONVILLE, Fla., January 24, 2006 – CSX Corporation (NYSE: CSX) today reported fourth quarter 2005 net earnings of $237 million, or $1.03 per share, a 45 percent increase in earnings per share from continuing operations versus the same quarter in 2004.

     “CSX delivered another quarter of strong performance in our Surface Transportation businesses,” said Michael J. Ward, CSX Corporation chairman and chief executive officer. “Our operations team is gaining traction in executing the ONE Plan, even while re-constructing our storm-damaged infrastructure on the Gulf Coast.”

     The company’s net earnings were driven by stronger Surface Transportation operating income, higher real estate sales and lower interest expense. Surface Transportation, which includes rail and intermodal operations, achieved:

• the eighth consecutive quarter of both revenue and operating income growth;

• revenue of $2.2 billion, which represents a quarterly record for the company;

• record fourth-quarter operating income of $415 million, up 32 percent from the same period last year; and

• an operating ratio of 81.3 percent, an improvement of 4.3 points from the same quarter last year.

     “We enter 2006 with a strong foundation, an economic environment that favors rail transportation, and momentum behind our key strategies,” Ward said. “In addition, we are on schedule with our capacity expansion plans to further drive value for our customers and shareholders.”

     CSX executives will provide additional perspective on the quarterly results in its earnings conference call, beginning at 11 a.m. Eastern Time today. Those interested in participating may dial 866-248-8494 and ask for the CSX earnings call. Participants should dial in 10 minutes prior to the call. A live webcast and presentation materials will also be available on the company’s website at www.csx.com in the Investors section.

     In addition, detailed financial information is contained in the CSX Quarterly Flash document, which is also posted on the website and furnished on Form 8-K with the Securities and Exchange Commission (“SEC”).

     CSX Corporation, based in Jacksonville, Fla., is one of the leading transportation companies, providing rail, intermodal and rail-to-truck transload services. The company’s transportation network spans 22,000 miles, with service to 23 eastern states and the District of Columbia, and connects to more than 70 ocean, river and lake ports. More information about CSX Corporation and its subsidiaries is available at the company’s website, www.csx.com.

**********

     This press release 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,” 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.

500 Water Street
15th Floor, C900
Jacksonville, FL 32202
http://www. csx .com

Contact:

Investor Relations
   David Baggs
   (904) 359-4812

Media
   Vance Meyer    (904) 366-2949

Table of Contents

	Page
Consolidated Financial Statements		2
Business Segments		5
Surface Transportation Operating Results		6
Other Information		11

The accompanying unaudited financial information should be read in conjunction with the Company’s most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and any Current Reports on Form 8-K.

1

CSX Corporation and Subsidiaries	Quarterly Flash
CONSOLIDATED STATEMENT OF EARNINGS
(Millions of Dollars, Except Per Share Amounts)

		Quarters Ended									Years Ended
		(Unaudited)									(Unaudited)
		Dec. 30,			Dec. 31,						Dec. 30,			Dec. 31,
		2005			2004			$ Change			2005			2004			$ Change
Revenue and Expense	Surface Transportation Revenue	$	2,219		$	2,180		$	39		$	8,618		$	8,040		$	578
	Surface Transportation Expense
	Labor and Fringe		731			729			2			2,856			2,741			115
	Materials, Supplies and Other		421			484			(63	)		1,784			1,759			25
	Depreciation		208			215			(7	)		818			702			116
	Fuel		240			189			51			783			656			127
	Building and Equipment Rent		132			152			(20	)		533			582			(49	)
	Inland Transportation		55			72			(17	)		230			280			(50	)
	Conrail Rents, Fees and Services		17			24			(7	)		65			256			(191	)
	Restructuring Charge (Note d)		—			—			—			—			71			(71	)
	Total Surface Transportation Expense		1,804			1,865			(61	)		7,069			7,047			22
	Surface Transportation Operating Income		415			315			100			1,549			993			556
	Other Operating Income (Expense)		(3	)		2			(5	)		1			7			(6	)
	Consolidated Operating Income		412			317			95			1,550			1,000			550
	Other Income		62			38			24			101			72			29
	Debt Repurchase Expense (Note a)		—			—			—			(192	)		—			(192	)
	Interest Expense		(99	)		(112	)		13			(423	)		(435	)		12
	Earnings From Continuing Operations Before Income Taxes	375				243			132			1,036			637			399
	Income Tax Expense (Note b)		(138	)		(84	)		(54	)		(316	)		(219	)		(97	)
	Earnings From Continuing Operations		237			159			78			720			418			302
	Discontinued Operations — Net of Tax (Note c)		—			(93	)		93			425			(79	)		504
	Net Earnings	$	237		$	66		$	171		$	1,145		$	339		$	806
Per Common Share	Earnings Per Share, Assuming Dilution: Earnings From Continuing Operations	$	1.03		$	0.71		$	0.32		$	3.17		$	1.87		$	1.30
	Discontinued Operations		—			(0.41	)		0.41			1.87			(0.35	)		2.22
	Net Earnings Per Share	$	1.03		$	0.30		$	0.73		$	5.04		$	1.52		$	3.52
	Average Diluted Common Shares Outstanding (Thousands)		229,972			225,373						228,024			225,030
	Cash Dividends Paid Per Common Share	$	0.13		$	0.10					$	0.43		$	0.40

See accompanying Notes to Consolidated Financial Statements on page 4.

2

CSX Corporation and Subsidiaries	Quarterly Flash
CONSOLIDATED BALANCE SHEETS
(Dollars in Millions)

		(Unaudited)
		Dec. 30,		Dec. 31,
		2005		2004
Assets	Cash, Cash Equivalents and Short-term Investments	$	602	$	859
	Current Assets — Net		1,769		1,501
	International Terminals Assets Held for Sale		—		643
	Properties — Net		20,163		19,945
	Affiliates and Other Companies		908		855
	Other Long-term Assets		474		802
	Total Assets	$	23,916	$	24,605
Liabilities and Shareholders’ Equity	Current Maturities of Long-term Debt		936	$	983
	Other Current Liabilities		2,042		1,948
	International Terminals Liabilities Held for Sale		—		386
	Long-term Debt		5,101		6,248
	Deferred Income Taxes		6,083		5,979
	Other Long-term Liabilities		1,800		2,250
	Shareholders’ Equity		7,954		6,811
	Total Liabilities and Shareholders’ Equity	$	23,916	$	24,605

CONSOLIDATED CASH FLOW STATEMENTS

(Dollars in Millions)

		Years Ended
		(Unaudited)
		Dec. 30,			Dec. 31,
		2005			2004
Operating Activities	Net Earnings	$	1,145		$	339
	Adjustments to Reconcile Net Earnings to Net Cash Provided:
	Depreciation		833			730
	Deferred Income Taxes		(46	)		240
	Net Gain on Conrail spin-off — Net of Tax		—			(16	)
	Gain on Sale of International Terminals — Net of Tax (Note c)		(428	)		—
	Restructuring Charge		—			71
	Working Capital and Other Operating Activities		(353	)		82
	Net Cash Provided by Operating Activities		1,151			1,446
Investing Activities	Property Additions		(1,136	)	(	1,030	)
	Net Proceeds from Sale of International Terminals		1,108			—
	Purchase of Minority Interest in an International Terminals’ Subsidiary		(110	)		—
	Net Proceeds from Other Divestitures		—			55
	Short-term Investments — Net		33			(247	)
	Other Investing Activities		28			(18	)
	Net Cash Used by Investing Activities		(77	)	(	1,240	)
Financing Activities	Debt — Net		(1,277	)		66
	Dividends Paid		(93	)		(86	)
	Other Financing Activities		83			40
	Net Cash (Used by) Provided by Financing Activities		(1,287	)		20
Cash, Cash Equivalents and Short-term Investments	Net (Decrease) Increase in Cash and Cash Equivalents		(213	)		226
	Cash and Cash Equivalents at Beginning of Period		522			296
	Cash and Cash Equivalents at End of Period		309			522
	Short-term Investments at End of Period		293			337
	Cash, Cash Equivalents and Short-term
	Investments at End of Period	$	602		$	859

See accompanying Notes to Consolidated Financial Statements on page 4.

3

CSX Corporation and Subsidiaries Quarterly Flash

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Prior periods have been reclassified to conform to the current presentation.

The Consolidated Balance Sheets and Cash Flow Statements have been summarized for this presentation. All statements should be read in conjunction with the Company’s Annual Report to be filed on Form 10-K.

CSX follows a 52/53 week fiscal reporting calendar and 2004 included 53 weeks, with the additional week in the 2004 fourth quarter. On pages 7 -9 non-GAAP information is presented as additional tables so that the two periods are compared as if they were of equal duration.

(a) In the second quarter of 2005, CSX repurchased $1 billion of outstanding debt. CSX recognized $192 million of pretax costs to repurchase the debt, which primarily reflects the increase in current market value above original issue value.

(b) In the second quarter of 2005, Ohio enacted legislation to gradually eliminate its corporate franchise tax. This legislative change resulted in an income tax benefit of $71 million.

(c) In the first quarter of 2005, CSX sold its International Terminals business. As a result, amounts related to this business are reported as discontinued operations for all periods presented. Additional information is as follows (in millions):

	Quarters Ended					Years Ended
	Dec. 30,		Dec. 31,			Dec. 30,			Dec. 31,
	2005		2004			2005			2004
Undistributed Foreign Earnings — additional tax expense	$	—	$	(97	)	$	—		$	(97	)
Net Earnings (Loss)		—		4			(3	)		18
Gain on Sale — net of tax		—		—			428			—
Net (Loss) Earnings from Discontinued Operations	$	—	$	(93	)	$	425		$	(79	)

(d) For the fiscal year ended December 31, 2004, CSX recorded $71 million pretax for separation expenses related to the management restructuring announced in November 2003 at the Company’s Surface Transportation units.

4

CSX Corporation and Subsidiaries Quarterly Flash

BUSINESS SEGMENTS (Unaudited)

(Dollars in Millions)

Quarters Ended December 30, 2005, and December 31, 2004

													Surface
	Rail						Intermodal						Transportation							Other(a)						Total
	2005			2004			2005			2004			2005			2004			2005			2004			2005		2004
Operating Revenue	$	1,853		$	1,801		$	366		$	379		$	2,219		$	2,180		$	—		$	—		$	2,219	$	2,180
Operating Expense
Labor and Fringe		711			707			20			22			731			729			3			1			734		730
Materials, Supplies and Other		364			429			57			55			421			484			4			(2	)		425		482
Depreciation		198			205			10			10			208			215			1			2			209		217
Fuel		240			189			—			—			240			189			—			—			240		189
Building and Equipment Rent		96			116			36			36			132			152			(5	)		(3	)		127		149
Inland Transportation		(115	)		(113	)		170			185			55			72			—			—			55		72
Conrail Rents, Fees and Services		17			24			—			—			17			24			—			—			17		24
Total Operating Expense		1,511			1,557			293			308			1,804			1,865			3			(2	)		1,807		1,863
Operating Income	$	342		$	244		$	73		$	71		$	415		$	315		$	(3	)	$	2		$	412	$	317
Operating Ratio		81.5	%		86.5	%		80.1	%		81.3	%		81.3	%		85.6	%

Years Ended December 30, 2005, and December 31, 2004

													Surface
	Rail						Intermodal						Transportation						Other(a)						Total
	2005			2004			2005			2004			2005			2004			2005			2004			2005		2004
Operating Revenue	$	7,256		$	6,694		$	1,362		$	1,346		$	8,618		$	8,040		$	—		$	—		$	8,618	$	8,040
Operating Expense
Labor and Fringe		2,777			2,663			79			78			2,856			2,741			8			3			2,864		2,744
Materials, Supplies and Other		1,584			1,540			200			219			1,784			1,759			6			(6	)		1,790		1,753
Depreciation		779			664			39			38			818			702			8			9			826		711
Fuel		783			656			—			—			783			656			—			—			783		656
Building and Equipment Rent		400			428			133			154			533			582			(23	)		(13	)		510		569
Inland Transportation		(433	)		(421	)		663			701			230			280			—			—			230		280
Conrail Rents, Fees and Services		65			256			—			—			65			256			—			—			65		256
Restructuring Charge		—			67			—			4			—			71			—			—			—		71
Total Operating Expense		5,955			5,853			1,114			1,194			7,069			7,047			(1	)		(7	)		7,068		7,040
Operating Income	$	1,301		$	841		$	248		$	152		$	1,549		$	993		$	1		$	7		$	1,550	$	1,000
Operating Ratio		82.1	%		87.4	%		81.8	%		88.7	%		82.0	%		87.6	%

(a) Other includes the gain amortization on the CSX Lines conveyance, net sub-lease income from assets formerly included in the Marine Services segment, and other items.

5

CSX Corporation and Subsidiaries Quarterly Flash

SURFACE TRANSPORTATION TRAFFIC AND REVENUE

Volume (Thousands); Revenue (Dollars in Millions); Revenue Per Unit (Dollars)

	Volume							Revenue							Revenue Per Unit
	13 Weeks		14 Weeks					13 Weeks		14 Weeks					13 Weeks		14 Weeks
Fourth Quarter	2005		2004		% Change			2005		2004		% Change			2005		2004		% Change
Merchandise
Phosphates and Fertilizers		99		123		(20	)%	$	87	$	89		(2	)%	$	879	$	724		21	%
Metals		88		96		(8	)		150		138		9			1,705		1,438		19
Forest Products		106		121		(12	)		183		185		(1	)		1,726		1,529		13
Food and Consumer		61		66		(8	)		115		105		10			1,885		1,591		18
Agricultural Products		90		93		(3	)		147		137		7			1,633		1,473		11
Chemicals		127		146		(13	)		274		283		(3	)		2,157		1,938		11
Emerging Markets		122		134		(9	)		124		138		(10	)		1,016		1,030		(1	)
Total Merchandise		693		779		(11	)		1,080		1,075		0			1,558		1,380		13
Automotive		125		135		(7	)		225		228		(1	)		1,800		1,689		7
Coal, Coke and Iron Ore
Coal		429		440		(3	)		500		460		9			1,166		1,045		12
Coke and Iron Ore		21		20		5			21		18		17			1,000		900		11
Total Coal, Coke and Iron Ore		450		460		(2	)		521		478		9			1,158		1,039		11
Other		—		—		—			27		20		35			—		—		—
Total Rail		1,268		1,374		(8	)		1,853		1,801		3			1,461		1,311		11
Intermodal
Domestic		240		268		(10	)		206		220		(6	)		858		821		5
International		310		341		(9	)		122		133		(8	)		394		390		1
Other		—		—		—			38		26		46			—		—		—
Total Intermodal		550		609		(10	)		366		379		(3	)		665		622		7
Total Surface Transportation		1,818		1,983		(8)	%	$	2,219	$	2,180		2	%	$	1,221	$	1,099		11	%

	Volume							Revenue							Revenue Per Unit
	52 Weeks		53 Weeks					52 Weeks		53 Weeks					52 Weeks		53 Weeks
Year	2005		2004		% Change			2005		2004		% Change			2005		2004		% Change
Merchandise
Phosphates and Fertilizers		444		471		(6	)%	$	351	$	341		3	%	$	791	$	724		9	%
Metals		361		380		(5	)		570		511		12			1,579		1,345		17
Forest Products		439		465		(6	)		717		681		5			1,633		1,465		11
Food and Consumer		249		245		2			438		377		16			1,759		1,539		14
Agricultural Products		357		356		—			550		512		7			1,541		1,438		7
Chemicals		533		564		(5	)		1,089		1,069		2			2,043		1,895		8
Emerging Markets		505		506		—			513		504		2			1,016		996		2
Total Merchandise		2,888		2,987		(3	)		4,228		3,995		6			1,464		1,337		9
Automotive		488		507		(4	)		844		835		1			1,730		1,647		5
Coal, Coke and Iron Ore
Coal		1,726		1,659		4			1,992		1,714		16			1,154		1,033		12
Coke and Iron Ore		83		71		17			88		66		33			1,060		930		14
Total Coal, Coke and Iron Ore		1,809		1,730		5			2,080		1,780		17			1,150		1,029		12
Other		—		—		—			104		84		24			—		—		—
Total Rail		5,185		5,224		(1	)		7,256		6,694		8			1,399		1,281		9
Intermodal
Domestic		891		1,028		(13	)		738		795		(7	)		828		773		7
International		1,274		1,278		—			499		501		—			392		392		—
Other		—		—		—			125		50		150			—		—		—
Total Intermodal		2,165		2,306		(6	)		1,362		1,346		1			629		584		8
Total Surface Transportation		7,350		7,530		(2	)%	$	8,618	$	8,040		7	%	$	1,173	$	1,068		10	%

6

CSX Corporation and Subsidiaries	Quarterly Flash
SURFACE TRANSPORTATION TRAFFIC AND REVENUE

Volume (Thousands); Revenue (Dollars in Millions); Revenue Per Unit (Dollars)

CSX follows a 52/53 week fiscal reporting calendar and 2004 included 53 weeks, with the additional week in the 2004 fourth quarter. In the following discussion, the two periods are compared as if they were of equal duration.

	13 Weeks
	Fourth Quarter Volume							Fourth Quarter Revenue							Fourth Quarter Revenue Per Unit
	2005		2004		% Change			2005		2004		% Change			2005		2004		% Change
Merchandise
Phosphates and Fertilizers		99		115		(14	)%	$	87	$	83		5	%	$	879	$	722		22	%
Metals		88		90		(2	)		150		129		16			1,705		1,433		19
Forest Products		106		112		(5	)		183		173		6			1,726		1,545		12
Food and Consumer		61		62		(2	)		115		99		16			1,885		1,597		18
Agricultural Products		90		88		2			147		129		14			1,633		1,466		11
Chemicals		127		137		(7	)		274		266		3			2,157		1,942		11
Emerging Markets		122		128		(5	)		124		131		(5	)		1,016		1,023		(1	)
		693		732		(5	)		1,080		1,010		7			1,558		1,380		13
Automotive		125		130		(4	)		225		218		3			1,800		1,677		7
Coal, Coke and Iron Ore
Coal		429		417		3			500		438		14			1,166		1,050		11
Coke and Iron Ore		21		19		11			21		17		24			1,000		895		12
		450		436		3			521		455		15			1,158		1,044		11
Other		—		—		—			27		20		35			—		—		—
Total Rail		1,268		1,298		(2	)		1,853		1,703		9			1,461		1,312		11
Intermodal
Domestic		240		255		(6	)		206		208		(1	)		858		816		5
International		310		323		(4	)		122		126		(3	)		394		390		1
Other		—		—		—			38		26		46			—		—		—
Total Intermodal		550		578		(5	)		366		360		2			665		623		7
Total Surface Transportation		1,818		1,876		(3	)%	$	2,219	$	2,063		8	%	$	1,221	$	1,100		11	%

	52 Weeks
	Year Volume							Year Revenue							Year Revenue Per Unit
	2005		2004		% Change			2005		2004		% Change			2005		2004		% Change
Merchandise
Phosphates and Fertilizers		444		463		(4	)%	$	351	$	335		5	%	$	791	$	724		9	%
Metals		361		374		(3	)		570		502		14			1,579		1,342		18
Forest Products		439		456		(4	)		717		669		7			1,633		1,467		11
Food and Consumer		249		241		3			438		371		18			1,759		1,539		14
Agricultural Products		357		351		2			550		504		9			1,541		1,436		7
Chemicals		533		555		(4	)		1,089		1,052		4			2,043		1,895		8
Emerging Markets		505		500		1			513		497		3			1,016		994		2
		2,888		2,940		(2	)		4,228		3,930		8			1,464		1,337		9
Automotive		488		502		(3	)		844		825		2			1,730		1,643		5
Coal, Coke and Iron Ore
Coal		1,726		1,636		6			1,992		1,692		18			1,154		1,034		12
Coke and Iron Ore		83		70		19			88		65		35			1,060		929		14
		1,809		1,706		6			2,080		1,757		18			1,150		1,030		12
Other		—		—		—			104		84		24			—		—		—
Total Rail		5,185		5,148		1			7,256		6,596		10			1,399		1,281		9
Intermodal
Domestic		891		1,014		(12	)		738		783		(6	)		828		772		7
International		1,274		1,261		1			499		494		1			392		392		—
Other		—		—		—			125		50		150			—		—		—
Total Intermodal		2,165		2,275		(5	)		1,362		1,327		3			629		583		8
Total Surface Transportation		7,350		7,423		(1	)%	$	8,618	$	7,923		9	%	$	1,173	$	1,067		10	%

7

CSX Corporation and Subsidiaries	Quarterly Flash
SURFACE TRANSPORTATION OPERATING RESULTS

CSX follows a 52/53 week fiscal reporting calendar and 2004 included 53 weeks, with the additional week in the 2004 fourth quarter. In the following discussion of quarterly comparisons, the two periods are compared as if they were of equal duration.

REVENUE

Rail Operating Revenue

Fourth quarter 2005 results represent the 15^th consecutive quarter of year-over-year revenue growth as well as record revenue-per-unit results. All four major markets experienced revenue and revenue-per-unit gains as a result of continued traffic re-pricing and the fuel surcharge program.

Merchandise

Phosphate and Fertilizer — Volume declined as a result of plant closures or curtailments during the quarter that reduced shipments. The absence of lower yield shipments combined with an increase in long-haul traffic led to a 22% improvement in revenue per unit.

Metals — Overall domestic and international demand for steel transportation remained strong throughout the quarter. Pricing increases coupled with asset allocation towards higher margin and longer haul traffic limited volume growth but resulted in revenue-per-unit increases of 19%.

Forest Products — Volume was unfavorable due to reduced demand in both lumber and panel products as the housing outlook continues to weaken and housing starts are expected to decline. Sustained conversion to electronic media and the use of lighter papers continues to reduce the demand for newsprint paper. Efforts to increase price and fuel surcharge coverage continue across all lines of business, impacting volume in some markets.

Food and Consumer — Volume in this segment, which includes the transportation of refrigerated products, canned goods, and building products, was unfavorable due to the cyclical nature of hurricane recovery efforts, particularly for bricks, wallboard and roofing shingle building materials, compared to the prior year.

Agricultural Products — Volume during the fourth quarter was up 2% based on strength of the soybean harvest. Ethanol shipments also experienced strong growth in the quarter due to a continued shift by several states to use ethanol as a fuel additive. Volumes in other markets such as feed grain, wheat, sweeteners, oils and flour were flat.

Chemicals — Volume was unfavorable due to continued high raw materials inventories and energy prices. Several chemical plants along the Mississippi coast continued to be negatively impacted by Hurricane Katrina.

Emerging Markets — Volume and revenue were unfavorable primarily due to the impact of Hurricane Katrina and lower military shipments. Lower volumes in auto shredder residue, due to increased prices and truck competition, were offset by growth in shipments of municipal and construction waste.

Automotive

Volume was down 4% as assembly plant closures and diversions to truck more than offset increases in North American light vehicle production. Revenue per unit increased by 7% due to both price and fuel surcharge increases.

Coal, Coke and Iron Ore

Revenue was up 15% and volume was up 3% on strong demand across all markets. Growth was strongest in the utility market where electricity generation was up 4% in CSX-served markets. Additionally, utility inventories remain below target levels, continuing the increased demand for coal transportation. Smaller markets such as integrated steel and industrial markets also experienced growth.

Intermodal

Domestic — Domestic shipments representing approximately 44% of Intermodal volumes were down primarily due to continued focus on longer hauls in higher density lanes and sustained strength in pricing. Strong demand in the parcel section offset volume declines in other markets and drove revenue increases.

International — Both volumes and revenue decreased due to a reduction in long-haul shipments from the west coast. The shift of traffic to east coast ports caused an increase in shorter-haul moves, which negatively impacted revenue per unit. Favorable pricing conditions offset the loss of long-haul revenue, and resulted in a modest increase in revenue per unit. A continued focus on network operations designed to increase efficiencies and reduce indirect routing unfavorably impacted volume.

Other — Higher fuel surcharge rates and continued emphasis on ancillary revenues, including terminal storage charges and container reservation fees drove increases of 46%.

8

CSX Corporation and Subsidiaries	Quarterly Flash
SURFACE TRANSPORTATION OPERATING RESULTS, Continued

CSX follows a 52/53 week fiscal reporting calendar and 2004 included 53 weeks, with the additional week in the 2004 fourth quarter. In the following discussion, the two periods are compared as if they were of equal duration.

EXPENSE

	13 Weeks
	Fourth Quarter Expense
	2005		2004		$ Change
Operating Expense
Labor and Fringe	$	731	$	676	$	55
Materials, Supplies and Other		421		459		(38	)
Depreciation		208		205		3
Fuel		240		181		59
Building and Equipment Rent		132		144		(12	)
Inland Transportation		55		66		(11	)
Conrail Rents, Fees and Services		17		24		(7	)
Total Operating Expense	$	1,804	$	1,755	$	49

Labor and Fringe expenses increased $55 million. Higher incentive compensation costs, inflation and increased staffing are the primary drivers of the change in labor and fringe expense.

Materials, Supplies and Other expenses decreased $38 million. The primary drivers are net favorable casualty reserve adjustments related to decreasing claim trends and less derailment related costs. These decreases were partially offset by higher expense resulting from environmental remediation costs and other items.

Depreciation increased $3 million, which is attributable to an increase in the asset base.

Fuel increased $59 million due to higher fuel costs, net of hedging benefits.

Building and Equipment Rent decreased $12 million due to a reduction in railcar lease expense, which is associated with volume, and lower locomotive lease expense.

Inland Transportation decreased $11 million primarily due to lower Intermodal volume related to purchased transportation services from other railroads.

Conrail Rents, Fees and Services decreased $7 million due to lower fees charged by Conrail and other items related to CSX’s ownership in Conrail.

9

CSX Corporation and Subsidiaries	Quarterly Flash
RAIL OPERATING STATISTICS(a)

		Fourth Quarter									Year
		13 Weeks			14 Weeks						52 Weeks			53 Weeks
		2005			2004			% Change			2005			2004			% Change
Coal	Domestic:
(Millions of Tons)	Utility		38.1			38.0			—	%		149.8			141.0			6	%
	Other		5.2			5.7			(9	)		21.1			21.7			(3	)
	Total Domestic		43.3			43.7			(1	)		170.9			162.7			5
	Export		2.4			3.2			(25	)		12.4			13.5			(8	)
	Total		45.7			46.9			(3	)		183.3			176.2			4
Revenue Ton-Miles	Merchandise		33.7			36.7			(8	)		136.4			139.4			(2	)
(Billions)	Automotive		2.3			2.5			(9	)		8.6			8.8			(2	)
	Coal		20.0			21.4			(7	)		81.1			77.9			4
	Intermodal		5.4			6.0			(10	)		20.7			22.4			(8	)
	Total		61.3			66.6			(8	)		246.8			248.5			(1	)
Gross Ton-Miles(b)	Total Gross Ton-Miles		115.8			122.9			(6	)		463.2			467.8			—
(Billions)
Service Measurements
FRA Personal Injury Frequency Index (Per 200,000 Man Hours)			1.41			2.20			36			1.71			2.29			25
FRA Train Accidents Frequency (Per Million Train Miles)			3.68			4.99			26			3.99			4.79			17
Average Velocity, All Trains (Miles Per Hour)			18.8			20.5			(8	)		19.2			20.3			(5	)
Average System Dwell Time (Hours) (c)			29.6			29.3			(1	)		29.7			28.7			(3	)
Average Total Cars-On-Line			230,172			233,181			1			233,118			233,271			—
On -Time Originations			55.9	%		52.7	%		6			51.1	%		49.0	%		4
On -Time Arrivals			43.5	%		41.2	%		6			40.1	%		40.9	%		(2	)
Average Recrews (Per Day)			78			56			(39	)		68			63			(8	)%
Resources	Route Miles		21,357			22,153			(4	)
	Locomotives (d)		3,788			3,708			2
	Freight Cars (d)		103,544			104,714			(1	)%

(a)	Amounts are estimated.
(b)	Amounts exclude locomotive gross ton-miles.
(c)	Beginning October 2005, the American Association of Railroads adopted a new dwell calculation in an effort to standardize reporting across U.S. railroads. Beginning in 2006 and forward, CSX will adopt this new method. If CSX had used this new method in the fourth quarter of 2005, average system dwell time would have been 29.0 hours for that period versus 29.6 hours as shown above.
(d)	Represents a total of owned and long-term leased locomotives and railcars.

SURFACE TRANSPORTATION FUEL STATISTICS

	Fourth Quarter					Year
	2005			2004		2005			2004
Diesel No. 2:
Estimated Fuel Consumption (Millions of Gallons)		149.7			161.7		595.5			614.5
Price Per Gallon (Dollars)	$	1.5959		$	1.1853	$	1.3132		$	1.0950
Impact of Year-to-Year Price Variance on Operating Expense (Dollars in Millions)	$	(61.5	)			$	(129.9	)

10

CSX Corporation and Subsidiaries Quarterly Flash

OTHER INCOME (EXPENSE) (Unaudited)

	Quarters Ended						Years Ended
	Dec. 30,			Dec. 31,			Dec. 30,			Dec. 31,
	2005			2004			2005			2004
Interest Income	$	8		$	8		$	38		$	21
Income from Real Estate and Resort Operations		59			29			85			47
Minority Interest Expense		(5	)		(5	)		(19	)		(16	)
Net Gain on Conrail Spin—off — Net of Tax		—			—			—			16
Miscellaneous		—			6			(3	)		4
Total	$	62		$	38		$	101		$	72

EMPLOYEE COUNTS BY SEGMENT — ESTIMATED

	2005								2004
	Nov		Aug		May		Feb		Nov		Aug		May		Feb
Surface Transportation
Rail		32,537		32,347		32,005		31,243		31,967		32,123		32,184		32,022
Intermodal		1,054		1,082		1,076		1,061		1,077		1,079		1,087		1,126
Technology and Corporate		562		562		549		555		547		547		550		697
Total Surface Transportation		34,153		33,991		33,630		32,859		33,591		33,749		33,821		33,845
International Terminals		—		—		—		—		631		643		778		874
Other		1,473		1,724		1,546		1,060		1,452		1,730		1,417		1,095
Total		35,626		35,715		35,176		33,919		35,674		36,122		36,016		35,814

11