CSX » Topics » The facts are... CSX gained more in four years than CN did in nine

This excerpt taken from the CSX DEFA14A filed May 27, 2008.

The facts are...
CSX gained more in four years than CN did in nine

2004
Operating
Income

2008E
Operating
Income

Four-Year
Improvement

Acquisitions

Net Inflation

True Gains

Note:  CSX Analysis of CN reported financials uses 3.0% inflation rate for ‘98-’07 and 3.5% from 2004-08 (based on AAR’s
ALL-LF Index).  CSX 2008E based on latest Analyst Consensus as of May 9, 2008.  See GAAP Reconciliation for CSX data.

This excerpt taken from the CSX DEFA14A filed May 15, 2008.

The facts are...
CSX gained more in four years than CN did in nine

2004
Operating
Income

2008E
Operating
Income

Four-Year
Improvement

Acquisitions

Net Inflation

True Gains

Note:  CSX Analysis of CN reported financials uses 3.0% inflation rate for ‘98-’07 and 3.5% from 2004-08 (based on AAR’s
ALL-LF Index).  CSX 2008E based on latest Analyst Consensus as of May 9, 2008.  See GAAP Reconciliation for CSX data.

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