Analysts

"I find it hard to criticize Ward and his team considering that CSX has been the best performing railroad stock during the last three years. In fact, CSX ranks in the top ten percent of S&P 500 companies over this time frame. Not too shabby. Share price appreciation has not been the only metric of improvement, as CSX has also demonstrated remarkable improvements in operating efficiency and safety. Given such progress, we would be loathe to see Ward and his team forced out of CSX."

- Jason H. Seidl, column in Railway Age, April 2008



"Although the company has shifted to a much more shareholder friendly posture, management has been adamant about preserving its investment grade ratings and has defended the company from growing pressures from shareholder activists that would aggressively ramp up share buybacks at the expense of the company's credit profile."

- Brian Studioso of CreditSights, statement to Reuters News, March 18, 2008



"We believe CSX's management is on the right path to transform its network into a best in class railroad."

- Lee A. Klaskow, Longbow Research, March 18, 2007



"We think CEO Michael Ward has done, and continues to do a great job with the Company. In our industry universe, CSX was the best performing stock (in terms of percentage moves) over the past twelve months. Ward has brought CSX to an industry leadership position in most safety metrics and continues to improve the Company."

- David Silver, Wall Street Strategies, March 17, 2008



"TCI has argued for increasing fees to railroad customers, holding down capital expenditures and leveraging debt to create a greater return on rail assets. We are on the side of Mr. Ward and CSX and feel that a 34.5% return is extremely strong, especially considering the latest round of market volatility. Additionally, we feel that TCI is being somewhat short sighted as it is looking for a higher short term return on assets, while if capital investments are kept at the expected levels, CSX will continue to benefit from the expected demand increase over the next decade."

- David Silver, Wall Street Strategies, March 6, 2008



"We continue to believe that railroads and their investors will be better off if management teams are able to manage their businesses for the long-term and not for the whims of activist investors, given the complexity of operating a network system."

- Lee A. Klaskow, Longbow Research, October 18, 2007



"It is easy to sit in "an ivory tower" and take "pot shots" at a management team. It is much more difficult to improve a complicated, 180-year-old business enterprise that geographically stretches across half a continent and that interfaces with such a broad array of stakeholders...
"We applaud CSX management for holding its ground, staying on its successfully proven trajectory, and not succumbing to pressure from an activist to create short-term shareholder value... To succumb would be at the potential expense of damaging the company's franchise and long-term ability to serve our nation and create sustainable shareholder value while competing effectively in the rapidly changing and increasingly complex freight transportation marketplace."

- John G. Larkin, Stifel Nicolaus, October 17, 2007




Members of Congress

"You know, they (TCI) have five members they have nominated. One is theirs. And yes, they may not be technically seeking control, but I'll reiterate what I said earlier, when you are trying to control or nominate 40 percent of the board telling you how much to borrow, how much to spend, where to spend it, what technologies you ought to be deploying, and what you ought to be charging your customers. That may not be technically controlled. But in most people's world, that would sure feel very, very close to it."

- Congresswoman Corrine Brown (D-FL), March 5, 2008



"Of particular concern to me, and I know to Chairwoman Brown, is the apparent effort by the Children's Investment Fund, a hedge fund registered in the Cayman Islands, to gain substantial management control over the CSX railroad corporation for the purpose of making quick returns on the stock transactions."

- Congressman Elijah E. Cummings (D-MD), March 5, 2008




Regulators

"... I just have advice for folks looking at investing in railroads. It's one thing to do a textbook exercise and talk to some consultants about how you can squeeze more profits out of them up, a going concern. But in the real world of really operating a railroad in a regulated environment with this committee watching closely, other committees, our agency, it's not just a textbook clinical exercise. And anyone who thinks they can just come in and double rates and easily walk away with huge profits, I think, is kidding themselves and showing some naivety."

- Charles Nottingham, Chairman of the Surface Transportation Board, testimony before the United States House of Representatives Committee on Transportation and Infrastructure, Subcommittee on Railroads, Pipelines, and Hazardous Materials, March 5, 2008



"CSX's decision (to invest in its network) reflects a wise commitment to making the kind of funding priorities needed improve its operations and better safeguard neighboring communities."

- Joseph Boardman, Federal Railroad Administrator, May 8, 2007



"It is in this country's strategic national interest to encourage more investment in rail capacity... It is important for analysts to understand that in the current economic climate the government would take a dim view of any reduction in spending on infrastructure... Lower infrastructure spending would result in more complaints and make Congress more inclined to interfere and thus scare off investors."

- Charles Nottingham, Chairman of the Surface Transportation Board, statement to Reuters News, May 4, 2007




Unions

"Our members have asked where the BMWED stands in this dispute and the answer is straightforward, we stand with the TCU and BLET in opposition to TCI's proposals."

- Brotherhood of Maintenance of Way Employees (BMWE), "Hedge Fund 'Fix' is Not the Answer For CSX", December 1, 2007



"TCU leaders note that while we certainly have our differences on various issues with CSX management, we support their opposition to TCI's move to disinvest in the railroad."

- The Transportation Communications International Union, "TCU Opposes Efforts by London Hedge Fund to Disinvest at CSX", December 2007



"Our members are the stakeholders in CSX. Putting them and their safety at risk by siding with aggressive hedge fund investors is not a smart thing to do."

- Don Hahs, National President of the Brotherhood of Locomotive Engineers and Trainmen, "Don't put investors ahead of safety", October 19, 2007




NOTE: Permission to use quotations neither sought nor obtained.