Overview Key strengths Key risks One of the major U.S. railroads with an extensive route network in the Eastern U.S. Price competition from other railroads and trucking companies for transporting certain commodities. Diverse mix of commodities hauled and customers served. Issuance of debt to fund share repurchases. Strong free cash flow generation and relatively stable credit metrics. Sustained pressure on intermodal shipments that can limit shipment growth. We anticipate both intermodal carload volumes and pricing being down about 6%-7% in 2023 for CSX Corp. Fewer imports and retailers efforts to destock excess inventory acquired in 2022 contributes to weak freight conditions. This has also led to low trucking spot rates, making trucking a viable alternative for some loads. Declining fuel
