RiskMetrics Group - ISS Governance Services (ISS) Recommends CSX Shareholders Elect...

Tue Jun 17, 2008 9:41pm EDT

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RiskMetrics Group - ISS Governance Services (ISS) Recommends CSX Shareholders Elect Four TCI/3G Board Nominees

NEW YORK--(Business Wire)--
The Children's Investment Fund Management (UK) LLP ("TCI") and 3G
Capital Partners, Ltd. ("3G") today announced that RiskMetrics Group -
ISS Governance Services ("ISS"), the leading independent proxy voting
advisory and corporate governance services firm, has recommended that
shareholders of CSX Corp. (NYSE: CSX) vote on TCI/3G's BLUE proxy card
to elect four of the Group's nominees - Alex Behring, Christopher
Hohn, Gil Lamphere and Tim O'Toole - to the Board of Directors of CSX
at its 2008 Annual Meeting of Shareholders on June 25.

   In its analysis, ISS noted: "Based on the company's lagging
operational performance and the troubling corporate governance
implications of the company's aggressive proxy fight defense, and the
dissident nominees' track record, skill sets and experience (as well
as the numerous additional factors detailed at length herein), on
balance we recommend that CSX shareholders support four dissident
nominees: Hohn, Behring, Lamphere and O'Toole."

   TCI and 3G said: "We are very pleased that ISS has recognized the
need to strengthen the CSX Board and recommended that shareholders
elect our superior candidates. As shareholders with an approximately
$5 billion investment, we remain concerned that CSX will not reach its
full potential to create shareholder value unless all five of our
highly qualified director nominees, with their significant railroad
experience, are added to the CSX Board to hold management accountable
for its performance. Each of our proposed directors is firmly
committed to working with other CSX board members and management to
effect positive change at CSX and improve operations for the benefit
of all CSX's stakeholders."

   TCI/3G strongly encourages CSX shareholders to sign, date, and
return the BLUE proxy card and vote FOR Alex Behring, Christopher
Hohn, Gil Lamphere, Tim O'Toole and Gary Wilson. Shareholders who have
questions, or need assistance voting their shares, should call TCI and
3G's proxy solicitor, D.F. King, toll-free at 800-967-7635. For more
information on how to vote, as well as other proxy materials, please
visit www.StrongerCSX.com.

   About TCI

   TCI is a London-based asset manager founded in 2003 which manages
The Children's Investment Master Fund. TCI makes long-term investments
in companies globally. The management company is authorized and
regulated in the United Kingdom by the Financial Services Authority.
The majority of TCI's profits go to The Children's Investment Fund
Foundation, a non-profit organization focused on improving the lives
of children living in poverty in developing countries.

   About 3G

   3G manages a private investment fund that invests in global
equities and special situations. 3G Fund L.P. leverages its deep
industry and operating expertise in different sectors to identify
attractive, long-duration investment opportunities.

   THIS PRESS RELEASE IS FOR GENERAL INFORMATIONAL PURPOSES ONLY. IT
DOES NOT HAVE REGARD TO THE SPECIFIC INVESTMENT OBJECTIVE, FINANCIAL
SITUATION, SUITABILITY, OR THE PARTICULAR NEED OF ANY SPECIFIC PERSON
WHO MAY RECEIVE THIS PRESS RELEASE, AND SHOULD NOT BE TAKEN AS ADVICE
ON THE MERITS OF ANY INVESTMENT DECISION. THE VIEWS EXPRESSED HEREIN
REPRESENT THE OPINIONS OF THE CHILDREN'S INVESTMENT FUND MANAGEMENT
(UK) LLP, THE CHILDREN'S INVESTMENT FUND MANAGEMENT (CAYMAN) LTD., THE
CHILDREN'S INVESTMENT MASTER FUND, 3G CAPITAL PARTNERS LTD., 3G
CAPITAL PARTNERS, L.P., 3G FUND L.P., CHRISTOPHER HOHN, ALEXANDRE
BEHRING, GILBERT LAMPHERE, TIMOTHY O'TOOLE AND GARY WILSON
(COLLECTIVELY, THE "PARTICIPANTS"), AND ARE BASED ON PUBLICLY
AVAILABLE INFORMATION WITH RESPECT TO CSX CORPORATION.

   EXCEPT FOR THE HISTORICAL INFORMATION CONTAINED HEREIN, THE
MATTERS ADDRESSED

   IN THIS PRESS RELEASE ARE FORWARD-LOOKING STATEMENTS THAT INVOLVE
CERTAIN RISKS AND UNCERTAINTIES. YOU SHOULD BE AWARE THAT ACTUAL
RESULTS COULD DIFFER MATERIALLY FROM THOSE CONTAINED IN THE
FORWARD-LOOKING STATEMENTS.

   THE PARTICIPANTS ASSUME NO OBLIGATION TO UPDATE THE
FORWARD-LOOKING INFORMATION. THE PARTICIPANTS RESERVE THE RIGHT TO
CHANGE ANY OF THEIR OPINIONS EXPRESSED HEREIN AT ANY TIME AS THEY DEEM
APPROPRIATE. THE PARTICIPANTS DISCLAIM ANY OBLIGATION TO UPDATE THE
INFORMATION CONTAINED HEREIN.

   THIS PRESS RELEASE DOES NOT RECOMMEND THE PURCHASE OR SALE OF ANY
SECURITY. THE PARTICIPANTS INCLUDE FUNDS AND ACCOUNTS THAT ARE IN THE
BUSINESS OF TRADING

   - BUYING AND SELLING - PUBLIC SECURITIES. IT IS POSSIBLE THAT
THERE WILL BE DEVELOPMENTS IN THE FUTURE THAT CAUSE ONE OR MORE OF THE
PARTICIPANTS FROM TIME TO TIME TO SELL ALL OR A PORTION OF THEIR
SHARES IN OPEN MARKET TRANSACTIONS OR OTHERWISE (INCLUDING VIA SHORT
SALES), BUY ADDITIONAL SHARES (IN OPEN MARKET OR PRIVATELY NEGOTIATED
TRANSACTIONS OR OTHERWISE), OR TRADE IN OPTIONS, PUTS, CALLS OR OTHER
DERIVATIVE INSTRUMENTS RELATING TO SUCH SHARES.

   ALL CSX STOCKHOLDERS ARE ADVISED TO READ THE DEFINITIVE PROXY
STATEMENT AND OTHER DOCUMENTS RELATED TO THE SOLICITATION OF PROXIES
BY THE PARTICIPANTS FROM THE STOCKHOLDERS OF THE ISSUER FOR USE AT THE
2008 ANNUAL MEETING OF STOCKHOLDERS OF THE ISSUER BECAUSE THEY CONTAIN
IMPORTANT INFORMATION. THE DEFINITIVE PROXY STATEMENT AND FORM OF
PROXY HAVE BEEN MAILED TO STOCKHOLDERS OF THE ISSUER AND ARE, ALONG
WITH OTHER RELEVANT DOCUMENTS, AVAILABLE AT NO CHARGE ON THE SEC'S WEB
SITE AT HTTP://WWW.SEC.GOV. IN ADDITION, THE PARTICIPANTS IN THE PROXY
SOLICITATION WILL PROVIDE COPIES OF THE DEFINITIVE PROXY STATEMENT
WITHOUT CHARGE UPON REQUEST. INFORMATION RELATING TO THE PARTICIPANTS
IS CONTAINED IN THE DEFINITIVE SCHEDULE 14A FILED BY THE PARTICIPANTS
WITH THE SEC ON APRIL 28, 2008.

Sard Verbinnen & Co.
George Sard/Jonathan Gasthalter/Renee Soto
212-687-8080

Copyright Business Wire 2008
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