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Fourth Quarter 2011 Results

Donald W. SealeExecutive Vice Presidentand Chief Marketing Officer

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Revenue$2.8 Billion, up 17%

RPU$1,548, up 11%

Volume1,806,700 units, up 6%

4Q 2010 RPU Volume 4Q 2011

$2,392

$2,797$268

$137

Merchandise$1,393+13%

Coal$850+24%

Intermodal$554+18%

4Q 2011 Revenue $ in Millions & y-o-y Percent Change

Components of Revenue Growth $ in Millions

Railway Operating RevenueFourth Quarter 2011 vs. 2010

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Revenue$11.2 Billion, up 17%

RPU$1,570, up 12%

Volume7,114,700 units, up 5%

Merchandise$5,584+12%

Coal$3,458+27%

Intermodal$2,130+19%

2011 Revenue $ in Millions & y-o-y Percent Change

2010 RPU Volume 2011

$9,516

$11,172$1,163

$493Components of Revenue Growth $ in Millions

Railway Operating Revenue2011 vs. 2010

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Fourth Quarter

RPUvs. 2010

Abs.vs. 2010% Chg.

2011RPU

vs. 2010 Abs.

vs. 2010% Chg.

Agriculture $2,406 $256 12% $2,400 $287 14%

MetCon $1,896 $276 17% $1,867 $255 16%

Paper $2,439 $225 10% $2,404 $233 11%

Chemicals $3,697 $446 14% $3,662 $455 14%

Automotive $2,406 $220 10% $2,348 $116 5%

Merchandise $2,461 $246 11% $2,444 $251 11%

Intermodal $663 $39 6% $663 $49 8%

Coal $2,097 $365 21% $2,135 $388 22%

Total $1,548 $148 11% $1,570 $163 12%

Revenue Per UnitFourth Quarter and Full Year Comparisons

2011 Volume (000’s) & y-o-y Percent Change

5

0

2,000

4,000

6,000

8,000

2010 2011

Coal

Merchandise

Intermodal +10%

+0.2%

+4%

6,764.17,114.7

Intermodal volume up 10% 15% gain in Domestic 5% gain in International

Coal volume up 4% 24% gain in Export1% gain in Utility

Merchandise flat Automotive and MetCon gains offset declines in Chemicals, Agriculture and Paper

+350,600 units, or 5%

Railway Volume – Solid Growth2011 vs. 2010

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Revenue$850 Million, up 24%

RPU$2,097, up 21%

Volume405,800 units, up 3%

Coal ComparisonsFourth Quarter 2011 vs. 2010

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Utility266.6(3%)

Export62.7

+27%

Met57.1+8%

Industrial19.4 +8%

ExportStrong global demand for steel Lamberts Point up 37% Baltimore up 6%

Utility Reduced electric demand from mild temperatures & competition from gas

Domestic Met Greater coking availability and continued domestic demand for steel

Industrial New business

Volume of 405,800 units, up 3% 4Q 2011 Volume (000’s) & y-o-y Percent Change

Coal MarketFourth Quarter 2011 vs. 2010

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Revenue$554 Million, up 18%

RPU $663, up 6%

Volume834,900 units, up 11%

Intermodal ComparisonsFourth Quarter 2011 vs. 2010

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Domestic Continued highway conversions

Tightening truck capacity

International Stronger than expected peak seasonFavorable trade patterns

Premium New LTL business

Volume of 834,900 units, up 11% 4Q 2011 Volume (000’s) & y-o-y Percent Change

Domestic405.5+15%

International280.4+9%

Premium74.4+6%

Triple Crown74.6

(0.3%)

Intermodal MarketFourth Quarter 2011 vs. 2010

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Revenue$1.4 Billion, up 13%

RPU$2,461, up 11%

Volume566,000 units, up 1%

Merchandise ComparisonsFourth Quarter 2011 vs. 2010

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MetCon Strong demand in materials for natural gas drilling Increased steel production

AutomotiveIncreased vehicle production

AgricultureComp effect and lower corn shipments

ChemicalsComp effect, cleared as of Dec 1

Paper Weaker demand for pulp and kaolin

Volume of 566,000 units, up 1% 4Q 2011 Volume (000’s) & y-o-y Percent Change

Agriculture150.5(7%)

MetCon164.9+12%

Chemicals87.2

(10%)

Paper74.6(6%)

Automotive88.8

+21%

Merchandise MarketFourth Quarter 2011 vs. 2010

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Volume (000’s)

Revenue $ in Millions

Revenue Carloads

Industrial Development New Facilities and Expansions

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CoalExport driven by port capacity improvements, new coal production and new steam coal opportunities

New opportunities for Illinois Basin coal, moderating impact of mild winter and competition from natural gas

IntermodalIncreasing opportunities for highway conversion amidst tightening truck capacity

Favorable international trade patterns

MerchandiseProject growth in crude oil and waste products

Growth in ethanol to terminals

Increasing demand for materials in natural gas drilling operations

Stronger domestic steel and automotive production

Business Outlook

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