CSX Issues Statement Regarding TCI Group Letter

JACKSONVILLE, Fla., July 22 /PRNewswire-FirstCall/ -- CSX Corporation (NYSE:
CSX) today issued the following statement in response to a letter sent by the
TCI Group to the CSX Board of Directors:

The Company believes that three points are worth making.

First, vote counts in contested elections always take time. The time period
for this review is not unusual. The value of the process has been proved in
the fact that the process has already identified errors in the preliminary
report, which have been confirmed by the independent inspector of election.
The review continues in good faith.

Second, the uncertainty in the vote count is significant enough to matter to
the ultimate composition of the Board.

Third, the letter misstates the record in the litigation. The U.S. District
Court did not flatly refuse to sterilize the votes. The U.S. District Court
made clear that if the law were more certain, it would prevent the TCI Group's
voting of 6.4 percent of the outstanding shares of CSX. Recognizing the
importance of the issues, the Appellate Court agreed to hear the appeal on an
expedited basis. The one thing that was certain in the litigation is that the
U.S. District Court found the TCI Group had violated the securities laws with
respect to its activities in CSX stock. This finding compels the CSX Board to
continue to proceed with diligence as it discharges its duties fully with
respect to this election.
CSX will proceed quickly and continue to keep open the lines of communication
with respect to the status. Whatever the ultimate outcome, the CSX Board will
work constructively to continue providing outstanding value for shareholders.

The Company noted that, in addition to the customary review and challenge
period, the voting results are subject to the outcome of pending litigation
between the Company and the TCI Group before the U.S. Court of Appeals for the
Second Circuit.

About CSX
CSX Corporation, based in Jacksonville, Fla., is one of the nation's leading
transportation companies, providing rail, intermodal and rail-to-truck
trainload services. The company's transportation network spans approximately
21,000 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 web
site, www.csx.com.

Forward-looking statements
This information 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," "estimate" 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.

SOURCE CSX Corporation

David Baggs, Investor Relations, +1-904-359-4812, or Garrick Francis,
Corporate Communications, +1-904-359-1708, both of CSX Corporation; Dan
Katcher, or Andrew Siegel, both of Joele Frank, Wilkinson Brimmer Katcher for
CSX, +1-212-355-4449