<SEC-DOCUMENT>0000950103-25-013374.txt : 20251020
<SEC-HEADER>0000950103-25-013374.hdr.sgml : 20251020
<ACCEPTANCE-DATETIME>20251020084229
ACCESSION NUMBER:		0000950103-25-013374
CONFORMED SUBMISSION TYPE:	424B2
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20251020
DATE AS OF CHANGE:		20251020

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CSX CORP
		CENTRAL INDEX KEY:			0000277948
		STANDARD INDUSTRIAL CLASSIFICATION:	RAILROADS, LINE-HAUL OPERATING [4011]
		ORGANIZATION NAME:           	01 Energy & Transportation
		EIN:				621051971
		STATE OF INCORPORATION:			VA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		424B2
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-285319
		FILM NUMBER:		251402404

	BUSINESS ADDRESS:	
		STREET 1:		500 WATER STREET
		STREET 2:		15TH FLOOR
		CITY:			JACKSONVILLE
		STATE:			FL
		ZIP:			32202
		BUSINESS PHONE:		9043593200

	MAIL ADDRESS:	
		STREET 1:		500 WATER STREET
		STREET 2:		15TH FLOOR
		CITY:			JACKSONVILLE
		STATE:			FL
		ZIP:			32202
</SEC-HEADER>
<DOCUMENT>
<TYPE>424B2
<SEQUENCE>1
<FILENAME>dp236050_424b2.htm
<DESCRIPTION>FORM 424B2
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; color: red">This preliminary
prospectus supplement relates to an effective registration statement under the Securities Act of 1933, as amended, but is not complete
and may be changed. This preliminary prospectus supplement and the accompanying prospectus are not an offer to sell these securities in
any jurisdiction where the offer or sale is not permitted and they are not soliciting an offer to buy these securities in any jurisdiction
where the offer or sale is not permitted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in; color: red">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Filed Pursuant to Rule 424(b)(2)<BR>
Registration No. 333-285319</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: red">Subject to Completion, dated October
20, 2025</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: red">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Preliminary Prospectus Supplement<BR>
(To Prospectus dated February 27, 2025)</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><IMG SRC="image_001.jpg" ALT="LOGO" STYLE="height: 56px; width: 144px"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.050%
Notes due 2035</P>


<P STYLE="margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">CSX Corporation is offering $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
aggregate principal amount of 5.050&nbsp;% Notes due 2035 (the &ldquo;New Notes&rdquo;) The New Notes will be issued as additional notes
under the indenture governing the outstanding 5.050&nbsp;% Notes due 2035, which were issued in an initial aggregate principal amount
of $600,000,000 on March 10, 2025 (the &ldquo;Existing Notes&rdquo; and, together with the New Notes, the &ldquo;Notes&rdquo;). The New
Notes will form a single series and be fully fungible with, and have the same terms as, the Existing Notes (other than the initial offering
price and the issue date). The New Notes will have the same CUSIP and ISIN numbers as, and will trade interchangeably with, the Existing
Notes immediately upon issuance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Notes will mature on June 15, 2035. Interest
is payable on the Notes on June 15 and December 15&nbsp;of each year, commencing, in the case of the New Notes, on December 15, 2025.
Interest on the New Notes will accrue from June 15, 2025.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We may, at our option, redeem the Notes, in whole
or in part, at any time at the applicable redemption price set forth under the caption &ldquo;Description of Notes&mdash;Optional Redemption.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Notes will be unsecured senior obligations
of CSX and will rank equally with all of CSX&rsquo;s other unsecured senior indebtedness.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Notes will be represented by one or more permanent
global Notes in definitive, fully registered form without interest coupons, registered in the name of a nominee for The Depository Trust
Company. The Notes will be issued in denominations of $2,000 and integral multiples of $1,000 in excess thereof.</P>


<P STYLE="margin: 0">&nbsp;</P>

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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>Investing in these Notes involves risks. See
risks described as risk factors in Item 1A of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, as they may
be amended, updated and modified periodically in our reports filed with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;).</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>Neither the SEC nor any state securities commission
has approved or disapproved of these securities or determined if this prospectus supplement or the accompanying prospectus is truthful
or complete. Any representation to the contrary is a criminal offense.</B></P>

<P STYLE="margin: 0">&nbsp;</P>

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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="text-align: left; vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; width: 61%; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 6pt; width: 13%">
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">Price
    to<BR>
    Public<SUP>(1)</SUP>&nbsp;</P></TD>
    <TD STYLE="padding-right: 6pt; width: 13%">
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">Underwriting<BR>
Discount&nbsp;</P></TD>
    <TD STYLE="padding-right: 6pt; width: 13%">
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">Proceeds<BR>
to Us&nbsp;</P></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-right: 6pt; padding-left: 9.35pt; text-indent: -9.35pt">Per New Note</TD>
    <TD STYLE="padding-right: 6pt; text-align: right">%</TD>
    <TD STYLE="padding-right: 6pt; text-align: right">%</TD>
    <TD STYLE="padding-right: 6pt; text-align: right">%</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; text-indent: 0in">Total</TD>
    <TD STYLE="padding-right: 6pt">$&#9;</TD>
    <TD STYLE="padding-right: 6pt">$&#9;</TD>
    <TD STYLE="padding-right: 6pt">$&#9;</TD></TR>
  </TABLE>


<P STYLE="margin: 0">&nbsp;</P>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="text-align: left; vertical-align: bottom">
<TD STYLE="text-align: left; width: 0; vertical-align: top"></TD><TD STYLE="text-align: left; width: 0.25in; vertical-align: top"><FONT STYLE="font-size: 9pt"><SUP>(1)</SUP></FONT></TD><TD STYLE="text-align: left; vertical-align: top">Plus &#9;&nbsp;&nbsp;&nbsp;&nbsp;&#9; of accrued interest from June 15, 2025 to, but excluding, the date of delivery for the New Notes.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">CSX will not make an application to list the Notes
on any securities exchange or to include them in any automated quotation system. Although the New Notes will become part of the same series
as the Existing Notes, we cannot assure you that an active trading market for the Notes will exist or be maintained.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We expect that delivery of the New Notes will
be made, against payment for the New Notes, in book-entry form through the facilities of The Depository Trust Company and its participants,
including Euroclear Bank S.A./N.V. and Clearstream Banking S.A., on or about&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2025,
which will be the&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;business day following the date of the pricing of the New
Notes. Under Rule 15c6-1 of the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;), trades in the secondary
market generally are required to settle in one business day (T+1), unless the parties to a trade expressly agree otherwise. Accordingly,
purchasers who wish to trade the New Notes prior to one business day before delivery of the New Notes will be required by virtue of the
fact that the New Notes initially will settle in&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;business days (T+&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)
to specify alternative settlement arrangements to prevent a failed settlement. Such purchasers should consult their own advisors in this
regard.</P>

<P STYLE="margin: 0">&nbsp;</P>

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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>Joint Book-Running Managers</I></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="text-align: left; vertical-align: bottom">
    <TD STYLE="width: 33%; text-align: center"><FONT STYLE="font-size: 11pt"><B>Citigroup</B></FONT></TD>
    <TD STYLE="width: 34%; text-align: center"><FONT STYLE="font-size: 11pt"><B>J.P. Morgan</B></FONT></TD>
    <TD STYLE="width: 33%; text-align: center"><FONT STYLE="font-size: 11pt"><B>UBS Investment Bank</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">, 2025</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><B>We have not, and the underwriters have not, authorized
anyone to provide you with information other than that contained or incorporated by reference in this prospectus supplement and the accompanying
prospectus or in any free writing prospectus prepared by or on behalf of us or to which we have referred you. We take no responsibility
for, and can provide no assurance as to the reliability of, any other information. We are not, and the underwriters are not, making an
offer to sell these securities in any jurisdiction where the offer or sale is not permitted. You should not assume that the information
contained or incorporated by reference in this prospectus supplement or the accompanying prospectus or in any such free writing prospectus
is accurate as of any date other than the respective date of such document.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Offers and sales of the New Notes are subject
to restrictions which are discussed in &ldquo;Underwriting.&rdquo; The distribution of this prospectus supplement and the accompanying
prospectus and the offering of the New Notes in certain other jurisdictions may also be restricted by law. In this prospectus supplement
and the accompanying prospectus, unless otherwise specified or the context otherwise requires, references to &ldquo;dollars&rdquo; and
&ldquo;$&rdquo; are to U.S. dollars.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>table
of contents</B></FONT></P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><U>Page</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Prospectus Supplement</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="width: 95%; text-align: left; padding-top: 1pt; padding-bottom: 1pt; padding-left: 0in"><A HREF="#s_001">About this Prospectus Supplement</A></TD>
    <TD STYLE="width: 5%; text-align: right; padding-top: 1pt; padding-bottom: 1pt"><A HREF="#s_001">S-1</A></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-top: 1pt; padding-bottom: 1pt; padding-left: 0in"><A HREF="#s_002">Special Notes Regarding Forward-Looking Statements</A></TD>
    <TD STYLE="text-align: right; padding-top: 1pt; padding-bottom: 1pt"><A HREF="#s_002">S-1</A></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-top: 1pt; padding-bottom: 1pt; padding-left: 0in"><A HREF="#s_003">Where You Can Find More Information</A></TD>
    <TD STYLE="text-align: right; padding-top: 1pt; padding-bottom: 1pt"><A HREF="#s_003">S-4</A></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-top: 1pt; padding-bottom: 1pt; padding-left: 0in"><A HREF="#s_004">Prospectus Supplement Summary</A></TD>
    <TD STYLE="text-align: right; padding-top: 1pt; padding-bottom: 1pt"><A HREF="#s_004">S-5</A></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-top: 1pt; padding-bottom: 1pt; padding-left: 0in"><A HREF="#s_005">Use of Proceeds</A></TD>
    <TD STYLE="text-align: right; padding-top: 1pt; padding-bottom: 1pt"><A HREF="#s_005">S-8</A></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-top: 1pt; padding-bottom: 1pt; padding-left: 0in"><A HREF="#s_006">Description of Notes</A></TD>
    <TD STYLE="text-align: right; padding-top: 1pt; padding-bottom: 1pt"><A HREF="#s_006">S-9</A></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-top: 1pt; padding-bottom: 1pt; padding-left: 0in"><A HREF="#s_007">Material U.S. Federal Income Tax Considerations</A></TD>
    <TD STYLE="text-align: right; padding-top: 1pt; padding-bottom: 1pt"><A HREF="#s_007">S-18</A></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-top: 1pt; padding-bottom: 1pt; padding-left: 0in"><A HREF="#s_008">Underwriting</A></TD>
    <TD STYLE="text-align: right; padding-top: 1pt; padding-bottom: 1pt"><A HREF="#s_008">S-23</A></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-top: 1pt; padding-bottom: 1pt; padding-left: 0in"><A HREF="#s_009">Legal Matters</A></TD>
    <TD STYLE="text-align: right; padding-top: 1pt; padding-bottom: 1pt"><A HREF="#s_009">S-29</A></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-top: 1pt; padding-bottom: 1pt; padding-left: 0in"><A HREF="#s_010">Experts</A></TD>
    <TD STYLE="text-align: right; padding-top: 1pt; padding-bottom: 1pt"><A HREF="#s_010">S-29</A></TD></TR>
</TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Prospectus</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="margin: 0">


<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; text-align: left">
    <TD STYLE="text-align: left; padding-top: 1pt; vertical-align: bottom; padding-left: 0in; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt; color: Blue"><A HREF="#a_001" STYLE="text-decoration: underline; color: Blue">CSX
    Corporation / CSX Transportation, Inc.</A></FONT></TD>
    <TD STYLE="padding-top: 1pt; white-space: nowrap; vertical-align: bottom; text-align: right; width: 5%; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><A HREF="#a_001" STYLE="text-decoration: underline; color: Blue">1</A></FONT></TD>
    </TR>
  <TR STYLE="vertical-align: bottom; text-align: left">
    <TD STYLE="padding-top: 1pt; text-align: left; vertical-align: bottom; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt; color: Blue"><A HREF="#a_002" STYLE="text-decoration: underline; color: Blue">CSX
    Capital Trust I</A></FONT></TD>
    <TD STYLE="padding-top: 1pt; white-space: nowrap; vertical-align: bottom; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><A HREF="#a_002" STYLE="text-decoration: underline; color: Blue">1</A></FONT></TD>
    </TR>
  <TR STYLE="vertical-align: bottom; text-align: left">
    <TD STYLE="padding-top: 1pt; text-align: left; vertical-align: bottom; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt; color: Blue"><A HREF="#a_003" STYLE="text-decoration: underline; color: Blue">Where
    You Can Find More Information</A></FONT></TD>
    <TD STYLE="padding-top: 1pt; white-space: nowrap; vertical-align: bottom; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><A HREF="#a_003" STYLE="text-decoration: underline; color: Blue">4</A></FONT></TD>
    </TR>
  <TR STYLE="vertical-align: bottom; text-align: left">
    <TD STYLE="padding-top: 1pt; text-align: left; vertical-align: bottom; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt; color: Blue"><A HREF="#a_004">Special
    Note On Forward-Looking Statements</A></FONT></TD>
    <TD STYLE="padding-top: 1pt; white-space: nowrap; vertical-align: bottom; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><A HREF="#a_004" STYLE="text-decoration: underline; color: Blue">4</A></FONT></TD>
    </TR>
  <TR STYLE="vertical-align: bottom; text-align: left">
    <TD STYLE="padding-top: 1pt; text-align: left; vertical-align: bottom; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt; color: Blue"><A HREF="#a_005" STYLE="text-decoration: underline; color: Blue">Risk
    Factors</A></FONT></TD>
    <TD STYLE="padding-top: 1pt; white-space: nowrap; vertical-align: bottom; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><A HREF="#a_005" STYLE="text-decoration: underline; color: Blue">5</A></FONT></TD>
    </TR>
  <TR STYLE="vertical-align: bottom; text-align: left">
    <TD STYLE="padding-top: 1pt; text-align: left; vertical-align: bottom; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt; color: Blue"><A HREF="#a_006" STYLE="text-decoration: underline; color: Blue">Use
    of Proceeds</A></FONT></TD>
    <TD STYLE="padding-top: 1pt; white-space: nowrap; vertical-align: bottom; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><A HREF="#a_006" STYLE="text-decoration: underline; color: Blue">6</A></FONT></TD>
    </TR>
  <TR STYLE="vertical-align: bottom; text-align: left">
    <TD STYLE="padding-top: 1pt; text-align: left; vertical-align: bottom; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt; color: Blue"><A HREF="#a_007" STYLE="text-decoration: underline; color: Blue">Description
    of Debt Securities</A></FONT></TD>
    <TD STYLE="padding-top: 1pt; white-space: nowrap; vertical-align: bottom; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><A HREF="#a_007" STYLE="text-decoration: underline; color: Blue">7</A></FONT></TD>
    </TR>
  <TR STYLE="vertical-align: bottom; text-align: left">
    <TD STYLE="padding-top: 1pt; text-align: left; vertical-align: bottom; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt; color: Blue"><A HREF="#a_008" STYLE="text-decoration: underline; color: Blue">Description
    of Trust Preferred Securities and The Guarantee of The Trust Preferred Securities</A></FONT></TD>
    <TD STYLE="padding-top: 1pt; white-space: nowrap; vertical-align: bottom; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><A HREF="#a_008" STYLE="text-decoration: underline; color: Blue">24</A></FONT></TD>
    </TR>
  <TR STYLE="vertical-align: bottom; text-align: left">
    <TD STYLE="padding-top: 1pt; text-align: left; vertical-align: bottom; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt; color: Blue"><A HREF="#a_009" STYLE="text-decoration: underline; color: Blue">Description
    of Capital Stock</A></FONT></TD>
    <TD STYLE="padding-top: 1pt; white-space: nowrap; vertical-align: bottom; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><A HREF="#a_009" STYLE="text-decoration: underline; color: Blue">38</A></FONT></TD>
    </TR>
  <TR STYLE="vertical-align: bottom; text-align: left">
    <TD STYLE="padding-top: 1pt; text-align: left; vertical-align: bottom; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt; color: Blue"><A HREF="#a_010" STYLE="text-decoration: underline; color: Blue">Description
    of Depositary Shares</A></FONT></TD>
    <TD STYLE="padding-top: 1pt; white-space: nowrap; vertical-align: bottom; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><A HREF="#a_010" STYLE="text-decoration: underline; color: Blue">41</A></FONT></TD>
    </TR>
  <TR STYLE="vertical-align: bottom; text-align: left">
    <TD STYLE="padding-top: 1pt; text-align: left; vertical-align: bottom; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt; color: Blue"><A HREF="#a_011" STYLE="text-decoration: underline; color: Blue">Description
    of Securities Warrants</A></FONT></TD>
    <TD STYLE="padding-top: 1pt; white-space: nowrap; vertical-align: bottom; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><A HREF="#a_011" STYLE="text-decoration: underline; color: Blue">41</A></FONT></TD>
    </TR>
  <TR STYLE="vertical-align: bottom; text-align: left">
    <TD STYLE="padding-top: 1pt; text-align: left; vertical-align: bottom; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt; color: Blue"><A HREF="#a_012" STYLE="text-decoration: underline; color: Blue">Description
    of Purchase Contracts</A></FONT></TD>
    <TD STYLE="padding-top: 1pt; white-space: nowrap; vertical-align: bottom; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><A HREF="#a_012" STYLE="text-decoration: underline; color: Blue">43</A></FONT></TD>
    </TR>
  <TR STYLE="vertical-align: bottom; text-align: left">
    <TD STYLE="padding-top: 1pt; text-align: left; vertical-align: bottom; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt; color: Blue"><A HREF="#a_013" STYLE="text-decoration: underline; color: Blue">Description
    of Units</A></FONT></TD>
    <TD STYLE="padding-top: 1pt; white-space: nowrap; vertical-align: bottom; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><A HREF="#a_013" STYLE="text-decoration: underline; color: Blue">43</A></FONT></TD>
    </TR>
  <TR STYLE="vertical-align: bottom; text-align: left">
    <TD STYLE="padding-top: 1pt; text-align: left; vertical-align: bottom; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt; color: Blue"><A HREF="#a_014" STYLE="text-decoration: underline; color: Blue">Plan
    of Distribution</A></FONT></TD>
    <TD STYLE="padding-top: 1pt; white-space: nowrap; vertical-align: bottom; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><A HREF="#a_014" STYLE="text-decoration: underline; color: Blue">44</A></FONT></TD>
    </TR>
  <TR STYLE="vertical-align: bottom; text-align: left">
    <TD STYLE="padding-top: 1pt; text-align: left; vertical-align: bottom; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt; color: Blue"><A HREF="#a_015" STYLE="text-decoration: underline; color: Blue">Validity
    of Securities</A></FONT></TD>
    <TD STYLE="padding-top: 1pt; white-space: nowrap; vertical-align: bottom; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><A HREF="#a_015" STYLE="text-decoration: underline; color: Blue">45</A></FONT></TD>
    </TR>
  <TR STYLE="vertical-align: bottom; text-align: left">
    <TD STYLE="padding-top: 1pt; text-align: left; vertical-align: bottom; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt; color: Blue"><A HREF="#a_016" STYLE="text-decoration: underline; color: Blue">Experts</A></FONT></TD>
    <TD STYLE="padding-top: 1pt; white-space: nowrap; vertical-align: bottom; text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><A HREF="#a_016" STYLE="text-decoration: underline; color: Blue">45</A></FONT></TD>
    </TR>
  </TABLE>

<P STYLE="margin: 0">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="s_001"></A>About this Prospectus
Supplement</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">This document consists of two parts. The first
part is this prospectus supplement, which describes the specific terms of the New Notes we are offering and certain other matters relating
to CSX Corporation (&ldquo;CSX&rdquo; and, together with its subsidiaries, the &ldquo;Company&rdquo;). The second part, the accompanying
base prospectus, gives more general information about securities we may offer from time to time, some of which does not apply to the New
Notes we are offering. Generally, when we refer to the prospectus, we are referring to both parts of this document combined. If the information,
including the description of the Notes, in this prospectus supplement differs from the information in the base prospectus, the information
in this prospectus supplement supersedes the information in the base prospectus. All cross references in this prospectus supplement are
to captions contained in this prospectus supplement and not in the accompanying prospectus, unless otherwise indicated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="s_002"></A>Special Notes Regarding
Forward-Looking Statements</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">This prospectus supplement and the accompanying
prospectus, including documents incorporated by reference, contain forward-looking statements. The Company intends for all such forward-looking
statements to be covered by the safe harbor provisions for forward-looking statements within the meaning of the Private Securities Litigation
Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;), and
Section 21E of the Exchange Act. These forward-looking statements within the meaning of the Private Securities Litigation Reform Act may
contain, among others, statements regarding:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>projections and estimates of earnings, revenues, margins, volumes, rates, cost-savings, expenses, taxes or other financial items;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>expectations as to results of operations and operational initiatives;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>expectations as to the effect of claims, lawsuits, environmental costs, commitments, contingent liabilities, labor negotiations or
agreements on the Company&rsquo;s financial condition, results of operations or liquidity;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>management&rsquo;s plans, strategies and objectives for future operations, capital expenditures, workforce levels, dividends, share
repurchases, safety and service performance, proposed new services and other matters that are not historical facts, and management&rsquo;s
expectations as to future performance and operations and the time by which objectives will be achieved; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>future economic, industry or market conditions or performance and their effect on the Company&rsquo;s financial condition, results
of operations or liquidity.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Forward-looking statements are typically identified
by words or phrases such as &ldquo;will,&rdquo; &ldquo;should,&rdquo; &ldquo;believe,&rdquo; &ldquo;expect,&rdquo; &ldquo;anticipate,&rdquo;
&ldquo;project,&rdquo; &ldquo;estimate,&rdquo; &ldquo;preliminary&rdquo; and similar expressions. The Company cautions against placing
undue reliance on forward-looking statements, which reflect its good faith beliefs with respect to future events and are based on information
currently available to it as of the date the forward-looking statement is made. Forward-looking statements should not be read as a guarantee
of future performance or results and will not necessarily be accurate indications of the timing when, or by which, such performance or
results will be achieved.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Forward-looking statements are subject to a number
of risks and uncertainties and actual performance or results could differ materially from those anticipated by any forward-looking statements.
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. The following important factors, in addition to those discussed elsewhere in this prospectus supplement and the accompanying
prospectus, including the documents incorporated by reference, may cause actual results to differ materially from those contemplated by
any forward-looking statements:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>legislative, regulatory or legal developments involving transportation, including rail or intermodal transportation, the environment,
hazardous materials, taxation, international trade and initiatives to further regulate the rail industry;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the outcome of litigation, claims and other contingent liabilities, including, but not limited to, those related to fuel surcharge,
environmental matters, taxes, shipper and rate claims subject to adjudication, personal injuries and occupational illnesses;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>changes in domestic or international economic, political or business conditions, including those directly affecting the transportation
industry (such as the impact of industry competition, conditions, performance and consolidation, as well as the impact of international
trade agreements and tariffs) and those affecting the level of demand for products carried by CSX Transportation, Inc. (&ldquo;CSXT&rdquo;)
or by truck, which could impact the performance and value of the Company&rsquo;s rail and trucking-related investments;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>natural events such as severe weather conditions, including floods, fire, hurricanes and earthquakes, a pandemic crisis affecting
the health of the Company&rsquo;s employees, its shippers or the consumers of goods, or other unforeseen disruptions of the Company&rsquo;s
operations, systems, property, equipment or supply chain;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>competition from other modes of freight transportation, such as trucking, and competition and consolidation or financial distress
within the transportation industry generally;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the cost of compliance with laws and regulations that differ from expectations as well as costs, penalties and operational and liquidity
impacts associated with noncompliance with applicable laws or regulations;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the impact of increased passenger activities in capacity-constrained areas, including potential effects of high speed rail initiatives,
or regulatory changes affecting when CSXT can transport freight or service routes;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>unanticipated conditions in the financial markets that may affect timely access to capital markets and the cost of capital, as well
as management&rsquo;s decisions regarding share repurchases;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>changes in fuel prices, surcharges for fuel and the availability of fuel;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the impact of natural gas prices on coal-fired electricity generation;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the impact of global supply and price of seaborne coal on the Company&rsquo;s export coal market;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>availability of insurance coverage at commercially reasonable rates or insufficient insurance coverage to cover claims or damages;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the inherent business risks associated with safety and security, including the transportation of hazardous materials or a cybersecurity
attack which would threaten the availability and reliability of information technology;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>adverse economic or operational effects from actual or threatened war or terrorist activities and any governmental response;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>loss of key personnel or the inability to hire and retain qualified employees;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>labor and benefit costs and labor difficulties, including stoppages affecting either the Company&rsquo;s operations or customers&rsquo;
ability to deliver goods to the Company for shipment;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the Company&rsquo;s success in implementing its strategic, financial and operational initiatives, including acquisitions;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the impact of conditions in the real estate market on the Company&rsquo;s ability to sell assets;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>changes in operating conditions and costs, including the impacts of inflation, or commodity concentrations;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the impacts of a public health crisis and any policies or initiatives instituted in response; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>


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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the inherent uncertainty associated with projecting economic and business conditions.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Other important assumptions and factors that could
cause actual results to differ materially from those in the forward-looking statements are specified elsewhere in this prospectus supplement
and the accompanying prospectus, including the documents incorporated by reference, which are accessible on the website of the SEC at
www.sec.gov and the Company&rsquo;s website at www.csx.com. The information on the Company&rsquo;s website is not incorporated by reference
in, and does not form a part of, this prospectus supplement or the accompanying prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="s_003"></A>Where You Can Find
More Information</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">CSX files annual, quarterly and special reports,
proxy statements and other information with the SEC. The SEC maintains an internet website at www.sec.gov that contains periodic and current
reports, proxy and information statements, and other information regarding registrants that file electronically with the SEC, including
CSX. Investors can also access CSX&rsquo;s filings with the SEC by visiting www.csx.com.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The SEC allows CSX to incorporate by reference
the information we file with them, which means that we can disclose important information to you by referring you to those documents.
The information incorporated by reference is an important part of this prospectus supplement, and information that we file later with
the SEC will automatically update and supersede this information. CSX incorporates by reference the documents listed below and any future
filings made with the SEC under Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act until the termination of the offering of all of
the New Notes, except that, unless otherwise indicated, we do not incorporate any information furnished under Items 2.02 or 7.01 of any
Current Report on Form 8-K or corresponding information furnished or included as an exhibit under Item 9.01 of such Current Report.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.3in">(a)</TD><TD>Annual Report on <A HREF="http://www.sec.gov/ix?doc=/Archives/edgar/data/277948/000027794825000008/csx-20241231.htm" STYLE="color: Blue; text-decoration: underline"><FONT STYLE="color: #0000EE">Form 10-K</FONT></A> for the fiscal year ended December 31, 2024, filed with the SEC on February 27, 2025;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.3in">(b)</TD><TD>The information responsive to Part III of Form 10-K for the fiscal year ended December 31, 2024, provided in our Definitive Proxy
Statement on <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/277948/000027794825000017/csx-20250325.htm" STYLE="color: Blue; text-decoration: underline"><FONT STYLE="color: #0000EE">Schedule 14A</FONT></A>, filed with the SEC on March 25, 2025;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.3in">(c)</TD><TD>Quarterly Reports on Form 10-Q for the quarterly periods ended March 31, 2025, June 30, 2025 and September 30, 2025, filed with the
SEC on <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/0000277948/000027794825000028/csx-20250331.htm" STYLE="color: Blue; text-decoration: underline">April 16, 2025</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/0000277948/000027794825000044/csx-20250630.htm" STYLE="color: Blue; text-decoration: underline">July 23, 2025</A> and <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/0000277948/000027794825000054/csx-20250930.htm" STYLE="color: Blue; text-decoration: underline">October 16, 2025</A> respectively; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.3in">(d)</TD><TD>Current Reports on Form 8-K filed with the SEC on <A HREF="http://www.sec.gov/ix?doc=/Archives/edgar/data/277948/000095010325000915/dp223507_8k.htm" STYLE="color: Blue; text-decoration: underline"><FONT STYLE="color: #0000EE">January 27, 2025</FONT></A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/277948/000119312525049850/d927507d8k.htm" STYLE="color: Blue; text-decoration: underline"><FONT STYLE="color: #0000EE">March 7, 2025</FONT></A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/277948/000119312525050848/d940299d8k.htm" STYLE="color: Blue; text-decoration: underline"><FONT STYLE="color: #0000EE">March 10, 2025</FONT></A>,&nbsp;&nbsp;<A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/277948/000095010325005915/dp228734_8k.htm" STYLE="color: Blue; text-decoration: underline"><FONT STYLE="color: #0000EE">May 12, 2025</FONT></A> and <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/0000277948/000095010325012355/dp234871_8k.htm" STYLE="color: Blue; text-decoration: underline">September 29, 2025</A>, respectively.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">You may request a copy of any filings referred
to above, at no cost, by writing to or telephoning CSX at the following address: Michael S. Burns, Senior Vice President, Chief Legal
Officer and Corporate Secretary, CSX Corporation, 500 Water Street, 15th Floor, Jacksonville, Florida 32202, telephone number (904) 359-3200.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="s_004"></A>Prospectus Supplement
Summary</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The Company</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">CSX, based in Jacksonville, Florida, is one of
the nation&rsquo;s leading transportation companies. The Company provides rail-based transportation services including traditional rail
service, the transport of intermodal containers and trailers, as well as other transportation services such as rail-to-truck transfers
and bulk commodity operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">CSX&rsquo;s principal operating subsidiary, CSXT,
provides an important link to the transportation supply chain through its approximately 20,000 route-mile rail network and serves major
population centers in 26 states east of the Mississippi River, the District of Columbia and the Canadian provinces of Ontario and Quebec.
The Company&rsquo;s intermodal business links customers to railroads via trucks and terminals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">CSXT is also responsible for the Company&rsquo;s
real estate sales, leasing, acquisition and management and development activities, substantially all of which are focused on supporting
railroad operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition to CSXT, the Company&rsquo;s subsidiaries
include Quality Carriers, Inc. (&ldquo;Quality Carriers&rdquo;), CSX Intermodal Terminals, Inc. (&ldquo;CSX Intermodal Terminals&rdquo;),
Total Distribution Services, Inc. (&ldquo;TDSI&rdquo;), Transflo Terminal Services, Inc. (&ldquo;Transflo&rdquo;), CSX Technology, Inc.
(&ldquo;CSX Technology&rdquo;) and other subsidiaries. Quality Carriers is the largest provider of bulk liquid chemicals truck transportation
in North America. CSX Intermodal Terminals owns and operates a system of intermodal terminals, predominantly in the eastern United States,
and also performs drayage services (the pickup and delivery of intermodal shipments) for certain customers. TDSI serves the automotive
industry with distribution centers and storage locations. Transflo connects non-rail served customers to the many benefits of rail by
transferring products from rail to trucks. The biggest Transflo markets are chemicals and agriculture, which includes shipments of plastics
and ethanol. CSX Technology and other subsidiaries provide support services for the Company.</P>

</DIV>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<DIV STYLE="padding: 4pt; border: Black 1pt solid">


<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The Offering</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 4pt; width: 45%">Issuer&#9;</TD>
    <TD STYLE="padding: 4pt; width: 55%">CSX Corporation.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 4pt">Securities Offered&#9;</TD>
    <TD STYLE="padding: 4pt">
    <P>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;aggregate principal amount of 5.050% Notes due 2035.&nbsp;</P>
    <P>The New Notes will be issued as additional notes under the indenture governing the Existing Notes. The New Notes will form a single
series and be fully fungible with, and have the same terms as, the Existing Notes (other than the initial offering price and the issue
date). The New Notes will have the same CUSIP and ISIN numbers as, and will trade interchangeably with, the Existing Notes immediately
upon issuance. Upon the issuance of the New Notes offered hereby, the outstanding principal amount of the 5.050% Notes due 2035 will
be $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 4pt">Maturity&#9;</TD>
    <TD STYLE="padding: 4pt">The Notes will mature on June 15, 2035.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 4pt">Interest&#9;</TD>
    <TD STYLE="padding: 4pt">
    <P>Interest is payable on the Notes on June 15 and December 15 of each year, commencing, in the case of the New Notes, on December
15, 2025.&nbsp;</P>
    <P>Interest on the New Notes will accrue from June 15, 2025.&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 4pt">Qualified Reopening&#9;</TD>
    <TD STYLE="padding: 4pt">For U.S. federal income tax purposes, we intend to treat the New Notes as issued in a &ldquo;qualified reopening&rdquo; of the Existing Notes. Provided such treatment is respected, for U.S. federal income tax purposes, the New Notes will be considered to have the same issue date and the same issue price as the Existing Notes.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 4pt">Optional Redemption&#9;</TD>
    <TD STYLE="padding: 4pt">We may, at our option, redeem the Notes, in whole or in part, at any time at the applicable redemption price set forth under the caption &ldquo;Description of Notes&mdash;Optional Redemption.&rdquo;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 4pt">Ranking&#9;</TD>
    <TD STYLE="padding: 4pt">The Notes will be unsecured senior obligations of CSX and will rank equally with all of CSX&rsquo;s other unsecured senior indebtedness.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 4pt">Use of Proceeds&#9;</TD>
    <TD STYLE="padding: 4pt">The net proceeds from the sale of the New Notes will be used for general corporate purposes, which may include debt repayments, repurchases of CSX&rsquo;s common stock, capital investment and working capital requirements.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 4pt">Book-Entry&#9;</TD>
    <TD STYLE="padding: 4pt">The New Notes will be represented by one or more permanent global Notes in definitive, fully registered form without interest coupons, registered in the name of a nominee for The Depository Trust Company. The New Notes will be issued in denominations of $2,000 and integral multiples of $1,000 in excess thereof. See &ldquo;Description of Notes&mdash;Book-Entry Notes.&rdquo;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 4pt">Additional Notes&#9;</TD>
    <TD STYLE="padding: 4pt">CSX may, from time to time, without the consent of the holders of the Notes, issue additional debt securities having </TD></TR>
  </TABLE>

</DIV>

<P STYLE="margin: 0">&nbsp;</P>

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<DIV STYLE="padding: 4pt; border: Black 1pt solid">


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 4pt; width: 45%">&nbsp;</TD>
    <TD STYLE="padding: 4pt; width: 55%">the same ranking and the same interest rate, maturity and other terms as the Notes. Any additional debt securities having similar terms as the Notes, together with the Notes, will constitute a single series of debt securities under the senior indenture if such additional debt securities are fungible with the Notes of that series for U.S. federal income tax purposes. Any additional debt securities that are not fungible with the Notes for U.S. federal income tax purposes will have a separate CUSIP, ISIN and other identifying number from the Notes offered hereby.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 4pt">Risk Factors&#9;</TD>
    <TD STYLE="padding: 4pt">Investing in the Notes involves risks. See risks described as risk factors in Item 1A of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, as they may be amended, updated and modified periodically in our reports filed with the SEC.</TD></TR>
  </TABLE>

</DIV>

<P STYLE="margin: 0">&nbsp;</P>

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    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="s_005"></A>Use of Proceeds</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">CSX estimates that the net proceeds from the sale
of the New Notes will be approximately $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;million, after deducting our estimated offering
expenses and the underwriting discount and excluding accrued interest on the New Notes. The net proceeds from the sale of the New Notes
will be used for general corporate purposes, which may include debt repayments, repurchases of CSX&rsquo;s common stock, capital investment
and working capital requirements.</P>


<P STYLE="margin: 0">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="s_006"></A>Description of
Notes</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Set forth below is a description of the specific
terms of the Notes. This description supplements, and should be read together with, the description of the general terms and provisions
of the debt securities set forth in the accompanying base prospectus under the caption &ldquo;Description of Debt Securities.&rdquo; The
following description does not purport to be complete and is subject to, and is qualified in its entirety by reference to, the description
in the base prospectus and the senior indenture. If the description of the Notes in this prospectus supplement differs from the description
of the debt securities in the base prospectus, the description in this prospectus supplement supersedes the description in the base prospectus.
Capitalized terms used in this Description of Notes that are not defined in this prospectus supplement have the meanings given to them
in the base prospectus or the senior indenture.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">General</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The New Notes will initially be issued in an aggregate
principal amount of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, and will mature on June 15, 2035. The New Notes will be issued
in fully registered form only, in denominations of $2,000 and integral multiples of $1,000 in excess thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The New Notes offered hereby will be issued as
additional senior debt securities under the senior indenture referred to in the accompanying base prospectus. The senior indenture governs
the outstanding Existing Notes, which were issued in an initial aggregate principal amount of $600,000,000 on March 10, 2025. The New
Notes will form a single series and be fully fungible with, and have the same terms as, the Existing Notes (other than the initial offering
price and the issue date). The New Notes will have the same CUSIP and ISIN numbers as the existing notes immediately upon issuance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The senior indenture does not limit the aggregate
principal amount of debt securities that may be issued under it. CSX may, from time to time, without the consent of the holders of the
Notes, issue other debt securities under the senior indenture in addition to the $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; aggregate
principal amount of the New Notes offered hereby. CSX may also, from time to time, without the consent of the holders of the Notes, issue
additional debt securities having the same ranking and the same interest rate, maturity and other terms as the Notes. Any additional debt
securities having similar terms as the Notes, together with the Notes, will constitute a single series of debt securities under the senior
indenture if such additional debt securities are fungible with the Notes of that series for U.S. federal income tax purposes. Any additional
debt securities that are not fungible with the Notes for U.S. federal income tax purposes will have a separate CUSIP, ISIN and other identifying
number from the Notes offered hereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The New Notes will bear interest from June 15,
2025, at the annual rate for the Notes set forth on the cover page of this prospectus supplement (computed on the basis of a 360-day year
of twelve 30-day months). Interest is payable on the Notes semi-annually on June 15 and December 15 of each year, commencing, in the case
of the New Notes, on December 15, 2025, to the persons in whose names the Notes are registered at the close of business on the immediately
preceding June 1 and December 1, respectively, whether or not that day is a business day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Notes will be unsecured unsubordinated obligations
of CSX and will rank pari passu with all other unsecured and unsubordinated indebtedness of CSX.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Notes do not provide for any sinking fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The senior indenture does not contain any provisions
that may afford you protection in the event of a highly leveraged transaction or other transaction that may occur in connection with a
change of control of CSX, except to the extent described below under &ldquo;&mdash;Change of Control Repurchase Event.&rdquo; Additionally,
the senior indenture does not restrict CSX&rsquo;s ability to incur additional indebtedness or otherwise affect changes in our capital
structure.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">For a description of the rights attaching to each
series of debt securities under the senior indenture, see &ldquo;Description of Debt Securities&rdquo; in the accompanying base prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The provisions of the senior indenture described
under &ldquo;Description of Debt Securities&mdash;Discharge, Defeasance and Covenant Defeasance&rdquo; in the accompanying base prospectus
apply to the Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Limitation on Liens on Stock of CSXT</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The senior indenture provides that CSX may not,
nor may it permit any subsidiary to, create, assume, incur or suffer to exist any mortgage, pledge, lien, encumbrance, charge or security
interest of any kind upon any stock or indebtedness, whether owned on the date of the senior indenture or acquired later, of any principal
subsidiary, to secure any obligation (other than the senior debt securities) of CSX, any subsidiary or any other person, unless all of
the outstanding senior debt securities (and other outstanding debt securities issued from time to time pursuant to the senior indenture)
will be directly secured equally and ratably with that obligation. This provision does not restrict any other property of CSX or our subsidiaries.
The senior indenture defines &ldquo;obligation&rdquo; as indebtedness for money borrowed or indebtedness evidenced by a bond, note, debenture
or other evidence of indebtedness; &ldquo;principal subsidiary&rdquo; as CSXT; and &ldquo;subsidiary&rdquo; as a corporation a majority
of the outstanding voting stock of which is owned, directly or indirectly, by CSX or one or more subsidiaries, or by CSX and one or more
subsidiaries. The senior indenture does not prohibit the sale by CSX or any subsidiary of any stock or indebtedness of any subsidiary,
including any principal subsidiary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Optional Redemption</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Notes will be redeemable, in whole or in part,
at our option at any time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Prior to the Par Call Date (as defined below),
we may redeem the Notes at our option, in whole or in part, at any time and from time to time, at a redemption price (expressed as a percentage
of principal amount and rounded to three decimal places) equal to the greater of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.3in">(1)</TD><TD>(a)&nbsp;the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the redemption
date (assuming the Notes matured on the Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months)
at the Treasury Rate plus&nbsp;15 basis points, less (b)&nbsp;interest accrued to the date of redemption, and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.3in">(2)</TD><TD>100% of the principal amount of the Notes to be redeemed,</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">plus, in either case, accrued and unpaid interest thereon
to the redemption date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">On or after the Par Call Date, we may redeem the
Notes, in whole or in part, at any time and from time to time, at a redemption price equal to 100% of the principal amount of the Notes
being redeemed, plus accrued and unpaid interest thereon to the redemption date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As used herein:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;Par Call Date&rdquo; means March 15, 2035
(the date that is three month(s) prior to the maturity date of the Notes).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;Treasury Rate&rdquo; means, with respect
to any redemption date, the yield determined by us in accordance with the following two paragraphs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Treasury Rate shall be determined by us after
4:15 p.m., New York City time (or after such time as yields on U.S. government securities are posted daily by the Board of Governors of
the Federal Reserve System), on the third business day preceding the redemption date based upon the yield or yields for the most recent
day that appear after such time on such day in the most recent statistical release published by the Board of Governors of the Federal
Reserve System designated as &ldquo;Selected Interest Rates (Daily) &ndash; H.15&rdquo; (or any successor designation or publication)
(&ldquo;H.15&rdquo;) under the caption &ldquo;U.S. government securities&ndash;Treasury constant maturities&ndash;Nominal&rdquo; (or any
successor caption or heading) (&ldquo;H.15 TCM&rdquo;). In determining the Treasury Rate, we shall select, as applicable: (1)&nbsp;the
yield for the Treasury constant maturity on H.15 exactly equal to the period from the redemption date to the Par Call Date (the &ldquo;Remaining
Life&rdquo;); or (2)&nbsp;if there is no such Treasury constant maturity on H.15 exactly equal to the Remaining Life, the two yields &ndash;
one yield corresponding to the Treasury constant maturity on H.15 immediately shorter than and one yield corresponding to the Treasury
constant maturity on H.15 immediately longer than the Remaining Life &ndash; and shall interpolate to the Par Call Date on a straight-line
basis (using the actual number of days) using such yields and rounding the result to three decimal places; or (3) if there is no such
Treasury constant maturity on H.15 shorter than or longer than the Remaining Life, the yield for the single Treasury constant maturity
on H.15 closest to the Remaining Life. For purposes of this paragraph, the applicable Treasury constant maturity or maturities on H.15</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">shall be deemed to have a maturity date equal to
the relevant number of months or years, as applicable, of such Treasury constant maturity from the redemption date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If on the third business day preceding the redemption
date H.15 TCM is no longer published, we shall calculate the Treasury Rate based on the rate per annum equal to the semi-annual equivalent
yield to maturity at 11:00 a.m., New York City time, on the second business day preceding such redemption date of the United States Treasury
security maturing on, or with a maturity that is closest to, the Par Call Date, as applicable. If there is no United States Treasury security
maturing on the Par Call Date but there are two or more United States Treasury securities with a maturity date equally distant from the
Par Call Date, one with a maturity date preceding the Par Call Date and one with a maturity date following the Par Call Date, we shall
select the United States Treasury security with a maturity date preceding the Par Call Date. If there are two or more United States Treasury
securities maturing on the Par Call Date or two or more United States Treasury securities meeting the criteria of the preceding sentence,
we shall select from among these two or more United States Treasury securities the United States Treasury security that is trading closest
to par based upon the average of the bid and asked prices for such United States Treasury securities at 11:00 a.m., New York City time.
In determining the Treasury Rate in accordance with the terms of this paragraph, the semi-annual yield to maturity of the applicable United
States Treasury security shall be based upon the average of the bid and asked prices (expressed as a percentage of principal amount) at
11:00 a.m., New York City time, of such United States Treasury security, and rounded to three decimal places.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our actions and determinations in determining
the redemption price shall be conclusive and binding for all purposes, absent manifest error.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Notice of any redemption will be mailed or electronically
delivered (or otherwise transmitted in accordance with the depositary&rsquo;s procedures) at least 10 days but not more than 60 days before
the redemption date to each holder of Notes to be redeemed. Any redemption or notice may, at our discretion, be subject to one or more
conditions precedent and, at our discretion, the redemption date may be delayed until such time as any or all such conditions precedent
included at our discretion shall be satisfied (or waived by us) or the redemption date may not occur and such notice may be rescinded
if all such conditions precedent included at our discretion shall not have been satisfied (or waived by us).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In the case of a partial redemption, selection
of the Notes for redemption will be made pro rata, by lot or by such other method as the trustee in its sole discretion deems appropriate
and fair. No Notes of a principal amount of $2,000 or less will be redeemed in part. If any Note is to be redeemed in part only, the notice
of redemption that relates to the Note will state the portion of the principal amount of the Note to be redeemed. A new Note in a principal
amount equal to the unredeemed portion of the Note will be issued in the name of the holder of the Note upon surrender for cancellation
of the original Note. For so long as the Notes are held by the Depositary (as defined below), the redemption of the Notes shall be done
in accordance with the policies and procedures of the Depositary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Unless we default in payment of the redemption
price, on and after the redemption date interest will cease to accrue on the Notes or portions thereof called for redemption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Change of Control Repurchase Event</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If a Change of Control Repurchase Event occurs
with respect to the Notes, unless we have exercised our right to redeem the Notes as described above, we will be required to make an offer
to each holder of Notes to repurchase all or any part (equal to $2,000 or an integral multiple of $1,000 in excess thereof) of that holder&rsquo;s
Notes at a repurchase price in cash equal to 101% of the aggregate principal amount of such Notes repurchased plus any accrued and unpaid
interest on such Notes repurchased to, but not including, the date of repurchase. Within 30 days following any Change of Control Repurchase
Event or, at our option, prior to any Change of Control, but after the public announcement of the Change of Control, we will mail a notice
to each holder of Notes, with a copy to the trustee, describing the transaction or transactions that constitute or may constitute the
Change of Control Repurchase Event and offering to repurchase the Notes on the payment date specified in the notice, which date will be
no earlier than 30 days and no later than 60 days from the date such notice is mailed. The notice shall, if mailed prior to the date of
consummation of the Change of Control, state that the offer to purchase is conditioned on a Change of Control Repurchase Event occurring
on or prior to the payment date specified in the notice. We will comply with the requirements of Rule 14e-1 under the Exchange Act, and
any other securities laws and regulations thereunder, to the extent those laws and regulations are applicable in connection with the repurchase
of the Notes as a result of a Change of Control Repurchase Event. To the extent that the provisions of any securities laws or regulations
conflict</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">with the Change of Control Repurchase Event provisions
of the Notes, we will comply with the applicable securities laws and regulations and will not be deemed to have breached our obligations
under the Change of Control Repurchase Event provisions of the Notes by virtue of such conflict or compliance. On the repurchase date
following a Change of Control Repurchase Event, we will, to the extent lawful:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.3in">(1)</TD><TD>accept for payment all Notes or portions of Notes properly tendered pursuant to our offer;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.3in">(2)</TD><TD>deposit with the paying agent an amount equal to the aggregate purchase price in respect of all Notes or portions of Notes properly
tendered; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.3in">(3)</TD><TD>deliver or cause to be delivered to the trustee the Notes properly accepted, together with an officers&rsquo; certificate stating
the aggregate principal amount of Notes being purchased by us.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The paying agent will promptly pay to each holder
of properly tendered Notes the purchase price for such Notes, and the trustee will promptly authenticate and mail (or cause to be transferred
by book-entry) to each holder a new note equal in principal amount to any unpurchased portion of any Notes surrendered; provided that
each new note will be in a principal amount of $2,000 or an integral multiple of $1,000 in excess thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We will not be required to make an offer to repurchase
with respect to the Notes upon a Change of Control Repurchase Event if a third party makes such an offer in the manner, at the times and
otherwise in compliance with the requirements for an offer made by us and such third party purchases all of the Notes properly tendered
and not withdrawn under its offer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">For purposes of the foregoing description of a
repurchase at the option of holders, the following definitions are applicable:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;Below Investment Grade Ratings Event&rdquo;
means, with respect to the Notes, that on any day within the 60-day period (which period shall be extended so long as the rating of such
Notes is under publicly announced consideration for a possible downgrade by any of the Rating Agencies) after the earlier of (1)&nbsp;the
occurrence of a Change of Control; or (2)&nbsp;public notice of the occurrence of a Change of Control or the intention by CSX to effect
a Change of Control, such Notes are rated below Investment Grade by each of the Rating Agencies. Notwithstanding the foregoing, a Below
Investment Grade Ratings Event otherwise arising by virtue of a particular reduction in rating shall not be deemed to have occurred in
respect of a particular Change of Control (and thus shall not be deemed a Below Investment Grade Ratings Event for purposes of the definition
of Change of Control Repurchase Event hereunder) if the Rating Agencies making the reduction in rating to which this definition would
otherwise apply do not announce or publicly confirm or inform the trustee in writing at its request that the reduction was the result,
in whole or in part, of any event or circumstance comprised of or arising as a result of, or in respect of, the applicable Change of Control
(whether or not the applicable Change of Control shall have occurred at the time of the ratings event).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;Change of Control&rdquo; means the consummation
of any transaction (including, without limitation, any merger or consolidation) the result of which is that any &ldquo;person&rdquo; (as
that term is used in Section 13(d)(3) of the Exchange Act), other than CSX or our subsidiaries, becomes the beneficial owner (as defined
in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of more than 50% of the combined voting power of our Voting
Stock or other Voting Stock into which our Voting Stock is reclassified, consolidated, exchanged or changed, measured by voting power
rather than number of shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;Change of Control Repurchase Event&rdquo;
means the occurrence of both a Change of Control and a Below Investment Grade Ratings Event.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;Investment Grade&rdquo; means a rating
of Baa3 or better by Moody&rsquo;s (or its equivalent under any successor rating categories of Moody&rsquo;s); a rating of BBB- or better
by S&amp;P (or its equivalent under any successor rating categories of S&amp;P); or the equivalent Investment Grade credit rating from
any additional Rating Agency or Rating Agencies selected by us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;Moody&rsquo;s&rdquo; means Moody&rsquo;s
Investors Service, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;Rating Agency&rdquo; means (1)&nbsp;each
of Moody&rsquo;s and S&amp;P; and (2)&nbsp;if any of Moody&rsquo;s or S&amp;P ceases to rate the Notes or fails to make a rating of the
Notes publicly available for reasons outside of our control, a &ldquo;nationally</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">recognized statistical rating organization&rdquo;
as defined in Section 3(a)(62) of the Exchange Act, selected by us (as certified by a resolution of the Chief Executive Officer or Chief
Financial Officer) as a replacement agency for Moody&rsquo;s or S&amp;P, or both of them, as the case may be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;S&amp;P&rdquo; means S&amp;P Global Ratings,
a division of S&amp;P Global Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&ldquo;Voting Stock&rdquo; of any specified &ldquo;person&rdquo;
(as that term is used in Section 13(d)(3) of the Exchange Act) as of any date means the capital stock of such person that is at the time
entitled to vote generally in the election of the board of directors of such person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Change of Control Repurchase Event feature
of the Notes may in certain circumstances make more difficult or discourage a sale or takeover of CSX and, thus, the removal of incumbent
management. Subject to the limitations discussed below, we could, in the future, enter into certain transactions, including acquisitions,
refinancings or other recapitalizations, that would not constitute a Change of Control under the Notes, but that could increase the amount
of indebtedness outstanding at such time or otherwise affect our capital structure or credit ratings on the Notes. Restrictions on our
ability to incur liens are contained in the covenants as described in this prospectus supplement under &ldquo;Description of Notes&mdash;Limitation
on Liens on Stock of CSXT&rdquo; and in the accompanying prospectus under &ldquo;Description of Debt Securities&mdash;Certain Covenants
and Agreements of CSX&mdash;Covenant in the Senior Indenture&mdash;Limitation on Liens on Stock of Our Principal Subsidiaries.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We may not have sufficient funds to repurchase
all the Notes, or any other outstanding debt securities that we would be required to repurchase, upon a Change of Control Repurchase Event.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Book-Entry Notes</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The New Notes will be represented by one or more
permanent global Notes in definitive, fully registered form without interest coupons. Each beneficial interest in a global Note is referred
to as a book-entry Note. Each global Note representing book-entry Notes will be deposited with the trustee, as custodian for, and registered
in the name of, a nominee of The Depository Trust Company, as depositary, located in the Borough of Manhattan, The City of New York (the
&ldquo;Depositary&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The book-entry Notes will be represented through
book-entry accounts of financial institutions acting on behalf of beneficial owners as direct and indirect participants in the Depositary.
Investors may elect to hold interests in the book-entry Notes through either the Depositary (in the U.S.) or Clearstream Banking S.A.
(&ldquo;Clearstream Luxembourg&rdquo;), or Euroclear Bank S.A./N.V., as operator of the Euroclear System (&ldquo;Euroclear&rdquo;), (both
in Europe) if they are participants of such systems, or indirectly through organizations that are participants in such systems. Clearstream
Luxembourg and Euroclear will hold interests in the Notes on behalf of their participants through customers&rsquo; securities accounts
in Clearstream Luxembourg&rsquo;s and Euroclear&rsquo;s names on the books of their respective depositaries, which, in turn, will hold
such interests in customers&rsquo; securities accounts in the depositaries&rsquo; names on the books of the Depositary. Citibank, N.A.
will act as depositary for Clearstream Luxembourg and The Bank of New York Depository (Nominees) Limited will act as depositary for Euroclear
(in such capacities, the &ldquo;U.S. Depositaries&rdquo;). The book-entry Notes will be held in denominations of U.S. $2,000 and integral
multiples of U.S. $1,000 in excess thereof. Except as set forth below, the global Notes may be transferred, in whole and not in part,
only to another nominee of the Depositary or to a successor of the Depositary or its nominee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Clearstream Luxembourg advises that it is incorporated
under the laws of Luxembourg as a professional depositary. Clearstream Luxembourg holds securities for its participating organizations
(&ldquo;Clearstream Luxembourg Participants&rdquo;) and facilitates the clearance and settlement of securities transactions between Clearstream
Luxembourg Participants through electronic book-entry changes in accounts of Clearstream Luxembourg Participants, thereby eliminating
the need for physical movement of certificates. Clearstream Luxembourg provides to Clearstream Luxembourg Participants, among other things,
services for safekeeping, administration, clearance and settlement of internationally traded securities and securities lending and borrowing.
Clearstream Luxembourg interfaces with domestic markets in several countries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As a professional depositary, Clearstream Luxembourg
is subject to regulation by the Luxembourg Monetary Institute. Clearstream Luxembourg Participants are recognized financial institutions
around the world, including underwriters, securities brokers and dealers, banks, trust companies, clearing corporations and certain other
organizations, and may include the underwriters. Indirect access to Clearstream Luxembourg is also available to</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">others, such as banks, brokers, dealers and trust
companies that clear through or maintain a custodial relationship with a Clearstream Luxembourg Participant either directly or indirectly.
Distributions with respect to the Notes held beneficially through Clearstream Luxembourg will be credited to cash accounts of Clearstream
Luxembourg Participants in accordance with its rules and procedures, to the extent received by the U.S. Depositary for Clearstream Luxembourg.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Euroclear advises that it was created in 1968
to hold securities for participants of Euroclear (&ldquo;Euroclear Participants&rdquo;) and to clear and settle transactions between Euroclear
Participants through simultaneous electronic book-entry delivery against payment, thereby eliminating the need for physical movement of
certificates and any risk from lack of simultaneous transfers of securities and cash. Euroclear provides various other services, including
securities lending and borrowing, and interfaces with domestic markets in several countries. Euroclear is operated by Euroclear Bank S.A./N.V.
(the &ldquo;Euroclear Operator&rdquo;), under contract with Euroclear Clearance Systems S.C., a Belgian cooperative corporation (the &ldquo;Cooperative&rdquo;).
All operations are conducted by the Euroclear Operator, and all Euroclear securities clearance accounts and Euroclear cash accounts are
accounts with the Euroclear Operator, not the Cooperative. The Cooperative establishes policy for Euroclear on behalf of Euroclear Participants.
Euroclear Participants include banks (including central banks), securities brokers and dealers and other professional financial intermediaries
and may include the underwriters. Indirect access to Euroclear is also available to other firms that clear through or maintain a custodial
relationship with a Euroclear Participant, either directly or indirectly. The Euroclear Operator was launched on December 31, 2000, and
replaced Morgan Guaranty Trust Company of New York as the operator of and banker to the Euroclear system. The Euroclear Operator has capital
of approximately EUR 1 billion. Securities clearance accounts and cash accounts with the Euroclear Operator are governed by the Terms
and Conditions Governing Use of Euroclear and the related Operating Procedures of the Euroclear System, and applicable Belgian law (collectively,
the &ldquo;Terms and Conditions&rdquo;). The Terms and Conditions govern transfers of securities and cash within Euroclear, withdrawals
of securities and cash from Euroclear, and receipts of payments with respect to securities in Euroclear. All securities in Euroclear are
held on a fungible basis, without attribution of specific certificates to specific securities clearance accounts. The Euroclear Operator
acts under the Terms and Conditions only on behalf of Euroclear Participants, and has no record of or relationship with persons holding
through Euroclear Participants. Distributions with respect to the Notes held beneficially through Euroclear will be credited to the cash
accounts of Euroclear Participants in accordance with the Terms and Conditions, to the extent received by the U.S. Depositary for Euroclear.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">So long as the Depositary, or its nominee, is
the registered owner or holder of a global Note, the Depositary or the nominee, as the case may be, will be considered the sole owner
or holder of the Notes represented by that global Note for all purposes under the senior indenture and the Notes. No beneficial owner
of an interest in a global Note will be able to transfer that interest, except in accordance with the Depositary&rsquo;s applicable procedures,
in addition to those provided for under the senior indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">CSX has been advised by the Depositary that upon
the issuance of global Notes representing book-entry Notes, and the deposit of those global Notes with the Depositary, the Depositary
will immediately credit, on its book-entry registration and transfer system, the respective principal amounts of the book-entry Notes
represented by those global Notes to the accounts of participants. The accounts to be credited shall be designated by the underwriters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Payments of principal of and any premium and interest
on book-entry Notes will be made to the Depositary or its nominee, as the case may be, as the registered owner of those Notes. Those payments
to the Depositary or its nominee, as the case may be, will be made in immediately available funds at the offices of The Bank of New York
Mellon Trust Company, N.A., as paying agent, in the Borough of Manhattan, The City of New York, provided that, in the case of payments
of principal and any premium, the global Notes are presented to the paying agent in time for the paying agent to make those payments in
immediately available funds in accordance with its normal procedures. None of CSX, the underwriters, the trustee or any agent of CSX,
the underwriters or the trustee will have any responsibility or liability for any aspect of the Depositary&rsquo;s records or any participant&rsquo;s
records relating to or payments made on account of book-entry Notes or for maintaining, supervising or reviewing any of the Depositary&rsquo;s
records or any participant&rsquo;s records relating to book-entry Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">CSX expects that the Depositary or its nominee,
upon receipt of any payment of principal of or any premium or interest in respect of a global Note, will immediately credit, on its book-entry
registration and transfer system, accounts of participants with payments in amounts proportionate to their respective beneficial interests
in the principal amount of the global Notes, as shown on the records of the Depositary or its nominee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">CSX also expects that payments by participants
to owners of beneficial interests in book-entry Notes held through those participants will be governed by standing instructions and customary
practices, as is now the case with securities held for the accounts of customers registered in &ldquo;street name,&rdquo; and will be
the responsibility of those participants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">CSX expects that the Depositary will take any
action permitted to be taken by a holder of Notes (including the presentation of Notes for exchange as described below) only at the direction
of one or more participants to whose account or accounts the depositary interests in a global Note are credited and only in respect of
the portion of the aggregate principal amount of the Notes as to which that participant or participants has or have given that direction.
However, if there is an event of default under the Notes, the Depositary will exchange the global Note for definitive Notes in registered
form, which it will distribute to its participants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">CSX understands that the Depositary is a limited
purpose trust company organized under the laws of the State of New York, a &ldquo;banking organization&rdquo; within the meaning of New
York Banking Law, a member of the Federal Reserve System, a &ldquo;clearing corporation&rdquo; within the meaning of the Uniform Commercial
Code, and a &ldquo;Clearing Agency&rdquo; registered pursuant to the provisions of Section 17A of the Exchange Act. The Depositary was
created to hold securities of its participants and to facilitate the clearance and settlement of securities transactions among participants
through electronic book-entry changes in accounts of its participants and certain other organizations, thereby eliminating the need for
physical movement of securities certificates. The Depositary&rsquo;s participants include securities brokers and dealers (including the
underwriters), banks, trust companies, clearing corporations, and certain other organizations, some of whom (or their representatives)
own interests in the Depositary. Indirect access to the Depositary&rsquo;s book-entry system is also available to others, such as banks,
brokers, dealers and trust companies that clear through or maintain a custodial relationship with a participant, either directly or indirectly
(&ldquo;indirect participants&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Although the Depositary is expected to follow
the foregoing procedures in order to facilitate transfers of interests in a global Note among participants of the Depositary, it is under
no obligation to perform or continue to perform those procedures and those procedures may be discontinued at any time. None of CSX, the
underwriters or the trustee will have any responsibility for the performance by the Depositary or its respective participants or indirect
participants of its respective obligations under the rules and procedures governing their operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The global Notes representing book-entry Notes
may not be transferred except as a whole by a nominee of the Depositary to the Depositary or to another nominee of the Depositary, or
by the Depositary or the nominee to a successor of the Depositary or a nominee of the successor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The global Notes representing book-entry Notes
are exchangeable for definitive Notes in registered form, of like tenor and of an equal aggregate principal amount, only if:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the Depositary notifies CSX that it is unwilling or unable to continue as a depositary for the global Note, or if at any time the
Depositary ceases to be a Clearing Agency registered under the Exchange Act, and a successor depositary is not appointed by CSX within
90 days;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>CSX in its sole discretion determines that the book-entry Notes will be exchangeable for definitive Notes in registered form; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>any event has happened and is continuing which, after notice or lapse of time, or both, would become an event of default with respect
to the Notes.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Any global Note representing book-entry Notes
that is exchangeable pursuant to the preceding sentence will be exchangeable in whole for definitive Notes in registered form, of like
tenor and of an equal aggregate principal amount, in denominations of $2,000 and integral multiples of $1,000 in excess thereof. Upon
the exchange of a global Note for definitive Notes, that global Note will be canceled by the trustee and the definitive Notes will be
registered in the names and in the authorized denominations as the Depositary, pursuant to instructions from its participants, any indirect
participants or otherwise, instructs the trustee. The trustee will deliver those Notes to the persons in whose names those Notes are registered
and will recognize those persons as the holders of those Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Except as provided above, owners of book-entry
Notes will not be entitled to receive physical delivery of Notes in definitive form and will not be considered the holders of those Notes
for any purpose under the senior indenture,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">and no global Note representing book-entry Notes
will be exchangeable, except for another global Note of like denomination and tenor to be registered in the name of the Depositary or
its nominee. Accordingly, each person owning a book-entry Note must rely on the procedures of the Depositary and, if that person is not
a participant, on the procedures of the participant through which that person owns its interest, to exercise any rights of a holder under
that global Note or the senior indenture. The senior indenture provides that the Depositary, as a holder, may appoint agents and otherwise
authorize participants to give or take any request, demand, authorization, direction, notice, consent, waiver or other action that a holder
is entitled to give or take under the senior indenture. CSX understands that under existing industry practices, if CSX requests any action
of holders or an owner of a book-entry Note desires to give or take any action a holder is entitled to give or take under the senior indenture,
the Depositary would authorize the participants owning the relevant book-entry Notes to give or take that action, and those participants
would authorize beneficial owners owning through those participants to give or take that action or would otherwise act upon the instructions
of beneficial owners owning through them.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Clearance and Settlement Procedures</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Initial settlement for the Notes will be made
in immediately available funds. Transfers between participants in the Depositary will be effected in the ordinary way in accordance with
the Depositary&rsquo;s rules and will be settled in same-day funds. Secondary market trading between Clearstream Luxembourg Participants
and/or Euroclear Participants will be effected in the ordinary way, in accordance with the applicable rules and operating procedures of
Clearstream Luxembourg and Euroclear, and will be settled using the procedures applicable to conventional eurobonds in immediately available
funds.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Cross-market transfers between persons holding
directly or indirectly through participants in the Depositary, on the one hand, and directly or indirectly through Clearstream Luxembourg
Participants or Euroclear Participants, on the other, will be effected in the Depositary in accordance with the Depositary&rsquo;s rules
on behalf of the relevant European international clearing system by its U.S. Depositary; however, such cross-market transactions will
require delivery of instructions to the relevant European international clearing system by the counterparty in such system, in accordance
with its rules and procedures and within its established deadlines (European time). The relevant European international clearing system
will, if the transaction meets its settlement requirements, deliver instructions to its U.S. Depositary to take action to effect final
settlement on its behalf by delivering or receiving Notes in the Depositary, and making or receiving payment in accordance with normal
procedures for same-day funds settlement applicable to the Depositary. Clearstream Luxembourg Participants and Euroclear Participants
may not deliver instructions directly to their respective U.S. Depositaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Because of time-zone differences, credits of book-entry
Notes received in Clearstream Luxembourg or Euroclear as a result of a transaction with a Depositary participant will be made during subsequent
securities settlement processing and dated the business day following the Depositary settlement date. Such credits or any transactions
in such Notes settled during such processing will be reported to the relevant Euroclear or Clearstream Luxembourg Participants on such
business day. Cash received in Clearstream Luxembourg or Euroclear as a result of sales of Notes by or through a Clearstream Luxembourg
Participant or a Euroclear Participant to a Depositary participant will be received on the Depositary settlement date but will be available
in the relevant Clearstream Luxembourg or Euroclear cash account only as of the business day following settlement in the Depositary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Although the Depositary, Clearstream Luxembourg
and Euroclear have agreed to the foregoing procedures in order to facilitate transfers of Notes among participants of the Depositary,
Clearstream Luxembourg and Euroclear, they are under no obligation to perform or continue to perform such procedures and such procedures
may be discontinued at any time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Concerning the Trustee</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Bank of New York Mellon Trust Company, N.A.
shall be entitled to deduct FATCA Withholding Tax that it is required to deduct.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">For purposes of the foregoing discussion of matters
concerning the Trustee, the following definitions are applicable:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>&ldquo;FATCA Withholding Tax&rdquo; means any withholding or deduction pursuant to an agreement described in Section 1471(b) of the
Code or otherwise imposed pursuant to Sections 1471 through 1474 of the Code (or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">any regulations or agreements thereunder
or official interpretations thereof) or any intergovernmental agreement between the United States and another jurisdiction facilitating
the implementation thereof (or any law implementing such an intergovernmental agreement).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>&ldquo;Code&rdquo; means the U.S. Internal Revenue Code of 1986, as amended.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="s_007"></A>Material U.S. Federal
Income Tax Considerations</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The following discussion is a general summary
of material U.S. federal income and, to a limited extent, estate tax consequences to U.S. holders and non-U.S. holders (as defined below)
of the acquisition, ownership and disposition of the Notes. This discussion applies only to holders that acquire the New Notes pursuant
to this offering at the initial offering price indicated on the cover page of this prospectus supplement. This discussion does not purport
to deal with all aspects of U.S. federal income taxation that might be relevant to particular holders in light of their particular investment
circumstances or status, nor does it address specific tax consequences that may be relevant to particular persons (including, for example,
financial institutions, broker-dealers, insurance companies, pass-through entities treated as partnerships for U.S. federal income tax
purposes or investors in such entities, expatriates, tax-exempt organizations and U.S. holders that have a functional currency other than
the U.S. dollar or persons in special situations, such as those who have elected to mark securities to market or those who hold New Notes
as part of a straddle, hedge or conversion transaction or other integrated investment). This discussion is based upon the Internal Revenue
Code of 1986, as amended (the &ldquo;Code&rdquo;), Treasury regulations promulgated and proposed thereunder, judicial authorities, published
positions of the Internal Revenue Service (the &ldquo;IRS&rdquo;) and other applicable authorities, all as of the date hereof and all
of which are subject to change, possibly with retroactive effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">No ruling has been or will be sought from the
IRS regarding any matter discussed herein. No assurance can be given that the IRS would not assert, or that a court would not sustain,
a position contrary to any of the tax discussion points set forth below. This discussion is limited to investors that hold the New Notes
as capital assets for U.S. federal income tax purposes. Furthermore, except to the extent set forth below, this discussion does not address
any U.S. federal gift, estate, or alternative minimum tax laws or any state, local or non-U.S. tax laws. Prospective investors are urged
to consult their tax advisors regarding the U.S. federal, state and local, non-U.S. income and other tax consequences of the acquisition,
ownership and disposition of the New Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">For purposes of the following discussion, a &ldquo;U.S.
holder&rdquo; is a beneficial owner of New Notes that is, for U.S. federal income tax purposes, (i)&nbsp;an individual who is a citizen
or resident of the United States; (ii)&nbsp;a corporation or other entity taxable as a corporation for U.S. federal income tax purposes,
created or organized in the United States or under the laws of the United States or of any state therein or the District of Columbia;
(iii)&nbsp;an estate the income of which is subject to U.S. federal income tax regardless of its source; or (iv)&nbsp;a trust (A)&nbsp;the
administration of which is subject to the primary supervision of a U.S. court and which has one or more U.S. persons who have the authority
to control all substantial decisions of the trust or (B)&nbsp;which has made a valid election to be treated as a U.S. person under applicable
Treasury regulations. A &ldquo;non-U.S. holder&rdquo; is a beneficial owner of New Notes that is neither a U.S. holder nor a partnership
for U.S. federal income tax purposes. If any entity or arrangement treated as a partnership for U.S. federal income tax purposes is a
beneficial owner of a New Note, the U.S. federal income tax treatment of a partner in the partnership will generally depend upon the status
of the partner and the activities of the partnership. A beneficial owner of a New Note that is a partnership, and partners in such partnership,
should consult their tax advisors about the U.S. federal income tax consequences of acquiring, owning and disposing of the New Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Qualified Reopening</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We intend to treat, for U.S. federal income tax
purposes, the issuance of the New Notes offered hereby as a &ldquo;qualified reopening&rdquo; of the Existing Notes. Accordingly, we intend
to treat the New Notes offered hereby as having the same issue date and the same issue price as the Existing Notes. The remainder of this
summary assumes this treatment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">U.S. Federal Income Taxation of U.S. Holders</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Payments of Stated Interest</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As discussed above under &ldquo;&mdash;Qualified
Reopening,&rdquo; we intend to take the position that the issuance of the New Notes is a qualified reopening of the Existing Notes. Under
that position, because the Existing Notes were issued with no more than de minimis original issue discount (&ldquo;OID&rdquo;) for U.S.
federal income tax purposes, the New Notes offered hereby will not be treated as issued with OID. Subject to the discussions below under
&ldquo;&mdash;Certain Additional Payments,&rdquo; &ldquo;&mdash;Pre-Acquisition Accrued Interest&rdquo; and &ldquo;&mdash;Amortizable
Bond Premium,&rdquo; payments of stated interest on the New Notes will generally be taxable as ordinary interest income at the time they
accrue or are received by a U.S. holder in accordance with the U.S. holder&rsquo;s regular method of accounting for U.S. federal income
tax purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Certain Additional Payments</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">There are circumstances in which we might be required
to make additional payments on a New Note, for instance, as described under &ldquo;Description of the Notes&mdash;Change of Control Repurchase
Event&rdquo; or &ldquo;Description of the Notes&mdash;Optional Redemption.&rdquo; We took the position with respect to the issuance of
the Existing Notes and intend to take the position with respect to the New Notes offered hereby that the possibility of such payments
does not result in the New Notes being treated as contingent payment debt instruments under the applicable Treasury regulations. Our position
is not binding on the IRS. If the IRS takes a position contrary to that described above with respect to the New Notes, a U.S. holder may
be required to accrue interest income based upon a &ldquo;comparable yield&rdquo; (as defined in the Treasury regulations) determined
at the time of issuance of the New Notes (which is not expected to differ significantly from the actual yield on the New Notes), with
adjustments to such accruals when any contingent payments are made that differ from the payments based on the comparable yield. In addition,
any income on the sale, exchange or other taxable disposition of the New Notes would be treated as ordinary income rather than as capital
gain. In addition, if either the New Notes or the Existing Notes were treated as contingent payment debt instruments, the issuance of
the New Notes would not be treated as a qualified reopening of the Existing Notes for U.S. federal income tax purposes and, accordingly,
the New Notes would not be fungible with the Existing Notes for U.S. federal income tax purposes. U.S. holders should consult their tax
advisors regarding the tax consequences if the Notes were treated as contingent payment debt instruments. The discussion herein assumes
that the Notes will not be treated as contingent payment debt instruments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9.35pt">Pre-Acquisition Accrued Interest</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9.35pt">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-style: normal; font-weight: normal">A
portion of the price paid for a New Note offered hereby will be allocable to interest that accrued prior to the date such New Note is
purchased (the &ldquo;pre-acquisition accrued interest&rdquo;). A U.S. holder may take the position that, on the first interest payment
date, a portion of the interest received in an amount equal to the pre-acquisition accrued interest should be treated as a return of the
pre-acquisition accrued interest and not as a payment of interest on the New Note. Amounts treated as a return of pre-acquisition accrued
interest should not be taxable when received. It is not clear in such instance whether a U.S. holder should exclude the amount attributable
to pre-acquisition accrued interest from its initial basis in the New Note or instead reduce its basis in the New Note by the amount of
pre-acquisition accrued interest when it is received. U.S. holders should consult their tax advisors regarding the tax consequences of
pre-acquisition accrued interest.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Market Discount</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If a U.S. holder purchases a New Note for an amount
that is less than its principal amount, the amount of the difference generally will be treated as market discount for U.S. federal income
tax purposes, unless this difference satisfies a de minimis test.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If the New Note has market discount, a U.S. holder
generally will be required to treat any principal payment or any gain on the sale or other taxable disposition of a New Note as ordinary
income to the extent of the market discount accrued on the New Note at the time of the payment or disposition, unless such U.S. holder
has previously included this market discount in income. If a U.S. holder disposes of a New Note with market discount in one of certain
nontaxable transactions, accrued market discount will be includible as ordinary income as if the U.S. holder had sold the New Note in
a taxable transaction at its then fair market value. In addition, U.S. holders may be required to defer, until the maturity of the New
Note or its earlier disposition (including in one of certain nontaxable transactions), the deduction of all or a portion of the interest
expense on any indebtedness incurred or maintained to purchase or carry the New Note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9.35pt">A U.S. holder may make an election to include
in income all interest that accrues on a New Note (including stated interest, de minimis OID, market discount, de minimis market discount,
and unstated interest, as adjusted by any amortizable bond premium) in accordance with a constant-yield method based on the compounding
of interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9.35pt">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Amortizable Bond Premium</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If a New Note is issued for an amount that is
greater than its principal amount (disregarding any pre-acquisition accrued interest), a U.S. holder will be considered to have purchased
the New Note with amortizable bond premium equal to that excess.&nbsp;&nbsp;In general, the amortizable bond premium with respect to a
New Note is the excess of the purchase price over the principal amount, and a U.S. holder may elect to amortize this bond premium, using
a</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">constant-yield method, over the remaining term of
the New Note. Because of the optional redemption feature of the New Notes, whether the bond premium is eligible to be amortized is not
clear. Assuming the bond premium may be amortized, U.S. holders generally may use the bond premium allocable to an accrual period to offset
stated interest otherwise required to be included in income with respect to the New Note in that accrual period. An election to amortize
bond premium applies to all taxable debt obligations then owned or thereafter acquired and may be revoked only with the consent of the
IRS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Sale, Exchange or Other Disposition of the New
Notes</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">When a U.S. holder sells or exchanges a New Note,
or if a New Note that a U.S. holder holds is retired or otherwise disposed of, such U.S. holder generally will recognize gain or loss
equal to the difference between the amount realized on the transaction (excluding amounts attributable to accrued but unpaid interest,
which will be treated as interest as described above under &ldquo;Payments of Stated Interest&rdquo;) and such U.S. holder&rsquo;s adjusted
tax basis in the New Note. A U.S. holder&rsquo;s adjusted tax basis in a New Note generally will equal the cost of the New Note (not including
any amount paid for pre-acquisition accrued interest excluded from income as described above) to such U.S. holder, increased by the amount
of any market discount it previously included in income with respect to the New Note and reduced by any amortized bond premium.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Subject to the discussion above regarding market
discount, gain or loss that a U.S. holder recognizes on the sale, exchange, retirement or other disposition of a New Note generally will
be capital gain or loss. The capital gain or loss on the sale, exchange, retirement or other disposition of a New Note will be long-term
capital gain or loss if such U.S. holder has held the New Note for more than one year on the date of disposition. Net long-term capital
gain recognized by certain non-corporate U.S. holders generally is subject to tax at a lower rate than net short-term capital gain or
ordinary income. The deductibility of capital losses is subject to limitations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Information Reporting and Backup Withholding</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Information returns will be filed with the IRS
in connection with payments of stated interest on the New Notes and the proceeds from a sale or other disposition (including a retirement)
of the New Notes. A U.S. holder will be subject to U.S. backup withholding on these payments if the U.S. holder fails to provide its taxpayer
identification number and comply with certain certification procedures or otherwise establish an exemption from backup withholding. The
amount of any backup withholding from a payment to a U.S. holder will be allowed as a credit against the U.S. holder&rsquo;s U.S. federal
income tax liability and may entitle the U.S. holder to a refund, provided that the required information is timely furnished to the IRS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">U.S. Federal Income and Estate Taxation of Non-U.S. Holders</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Interest</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Subject to the discussion below under &ldquo;&mdash;FATCA,&rdquo;
a non-U.S. holder will generally not be subject to U.S. federal income or withholding tax on payments of interest on the New Notes provided
that (i)&nbsp;such interest is not effectively connected with the conduct of a trade or business within the United States by the non-U.S.
holder and (ii)&nbsp;the non-U.S. holder (A)&nbsp;does not actually or constructively own 10% or more of the total combined voting power
of all classes of our voting stock, (B)&nbsp;is not a controlled foreign corporation (within the meaning of Section 957(a)&nbsp;of the
Code) related to us directly or indirectly through stock ownership, (C)&nbsp;is not a bank receiving interest described in Section 881(c)(3)(A)
of the Code, and (D)&nbsp;satisfies certain certification requirements under penalty of perjury (generally through the provision of a
properly executed IRS Form W-8BEN or W-8BEN-E). If interest on the New Notes is not effectively connected with the conduct of a trade
or business within the United States by a non-U.S. holder, but such non-U.S. holder cannot satisfy the other requirements outlined in
the preceding sentence, interest on the New Notes will generally be subject to U.S. federal withholding tax at a 30% rate unless an income
tax treaty applies to reduce or eliminate such withholding tax and the non-U.S. holder properly certifies as to its entitlement to the
treaty benefits under penalty of perjury (generally through the provision of a properly executed IRS Form W-8BEN or W-8BEN-E). If interest
on the New Notes is effectively connected with the conduct of a trade or business within the United States by the non-U.S. holder (and,
if required by an applicable income tax treaty, is attributable to a permanent establishment or fixed base within the United States) then
the non-U.S. holder will generally be subject to U.S. federal income tax on such interest in the same manner as if such holder were a
U.S. holder, as discussed above. In this case, the non-U.S. holder will be exempt from withholding tax on interest although such holder
will be required to provide a properly executed IRS Form W-8ECI in order to claim exemption from withholding tax. A</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">non-U.S. holder that is a non-U.S. corporation may
also be subject to the branch profits tax at a rate of 30% (or a lower applicable treaty rate) in respect of earnings attributable to
the conduct of a trade or business within the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Sale, Exchange or Other Taxable Disposition
of New Notes</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Subject to the discussion below under &ldquo;&mdash;FATCA,&rdquo;
a non-U.S. holder will generally not be subject to U.S. federal income tax with respect to gain realized on the sale, exchange or other
taxable disposition of the New Notes (which amount will not include any accrued but unpaid interest, which will be treated as described
above in &ldquo;&mdash;Interest&rdquo;) unless (i)&nbsp;the gain is effectively connected with the conduct of a trade or business within
the United States by the non-U.S. holder (and, if an income tax treaty applies, is attributable to a permanent establishment or fixed
base within the United States) or (ii)&nbsp;in the case of a non-U.S. holder that is an individual, such holder is present in the United
States for 183 or more days in the taxable year in which such holder disposes of the New Notes and certain other conditions are satisfied.
In the case described above in (i), gain recognized on the disposition of such New Notes will generally be subject to U.S. federal income
taxation at regular graduated U.S. federal income tax rates in the same manner as if such gain were recognized by a U.S. holder, as discussed
above, and, in the case of a non-U.S. holder that is a non-U.S. corporation, may also be subject to the branch profits tax at a rate of
30% (or a lower applicable treaty rate). In the case described above in (ii), the non-U.S. holder will be subject to U.S. federal income
tax at a rate of 30% (or a lower applicable treaty rate) on any capital gain recognized on the disposition of the New Notes, which may
be offset by certain U.S.-source capital losses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Federal Estate Tax</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">New Notes that are held (or treated as held) by
an individual who, at the time of death, is not a citizen or resident of the United States (as defined for U.S. federal estate tax purposes)
will not be subject to U.S. federal estate tax, provided that at the time of death (i)&nbsp;such individual is not a shareholder owning
actually or constructively 10% or more of the total combined voting power of all classes of our stock entitled to vote and (ii)&nbsp;payments
of interest with respect to such New Notes would not have been effectively connected with the conduct by such individual of a trade or
business in the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">Information Reporting and Backup Withholding</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">A non-U.S. holder will generally be required to
comply with certain certification procedures to establish that such holder is not a U.S. person, or otherwise establish an exemption,
in order to avoid backup withholding with respect to payments of principal and interest on or the proceeds of a disposition of the New
Notes. Such certification procedures will generally be satisfied through the provision of a properly executed IRS Form W-8BEN or W-8BEN-E
(or other appropriate form). In addition, we (or another applicable withholding agent) must report annually to the IRS and to each non-U.S.
holder the amount of any payments on the New Notes to such non-U.S. holder, regardless of whether any tax was actually withheld. Information
returns may also be filed with the IRS in connection with the proceeds of a disposition of the New Notes unless you comply with the certification
procedures to establish that you are not a U.S. person, as described above, to avoid backup withholding. Copies of the information returns
reporting such payments of principal and interest on or the proceeds of a disposition of the New Notes and the amount of any tax withheld
may also be made available to the tax authorities in the country in which a non-U.S. holder resides under the provisions of an applicable
income tax treaty. Backup withholding is not an additional tax. Any amounts withheld under the backup withholding rules will be allowed
as a refund or as a credit against a non-U.S. holder&rsquo;s U.S. federal income tax liability, provided the required information is timely
provided to the IRS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">FATCA</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Sections 1471 through 1474 of the Code and the
Treasury regulations promulgated thereunder, commonly, referred to as FATCA, impose a withholding tax at a rate of 30% to certain U.S.-source
payments, including payments of interest made to (i)&nbsp;&ldquo;foreign financial institutions&rdquo; unless the institution certifies
that it has entered into an agreement with the U.S. government to collect and provide to the U.S. tax authorities information regarding
U.S. account holders of such institution (which would include certain equity and debt holders of such institution, as well as certain
account holders that are non-U.S. entities with U.S. owners) or meets other exemptions or (ii)&nbsp;a non-U.S. entity that is not a financial
institution, unless such entity provides the withholding agent with a certification identifying the substantial U.S. owners of the entity,
which generally includes any U.S. person who directly or indirectly owns more than 10% of the entity, or meets other exemptions. While
withholding under FATCA would</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">also have applied to payments of gross proceeds from
the sale or other taxable disposition of the New Notes, proposed Treasury regulations (upon which taxpayers may rely until final regulations
are issued) eliminate FATCA withholding on payments of gross proceeds entirely. If FATCA withholding is imposed, a beneficial owner that
is not a foreign financial institution generally will be entitled to a refund or credit of any amounts withheld by filing a U.S. federal
income tax return (which may entail significant administrative burden). An intergovernmental agreement between the jurisdiction where
the non-U.S. entity is resident or organized and the United States may modify the rules summarized in this paragraph. Prospective investors
should consult their tax advisors regarding the effects of FATCA on their investment in the New Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="s_008"></A>Underwriting</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Citigroup Global Markets Inc., J.P. Morgan Securities
LLC and UBS Securities LLC are acting as representatives of the underwriters named below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Subject to the terms and conditions stated in
the underwriting agreement dated the date of this prospectus supplement, each underwriter named below has severally agreed to purchase,
and we have agreed to sell to that underwriter, the principal amount of New Notes set forth opposite the underwriter&rsquo;s name.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="padding-right: 6pt; vertical-align: bottom; width: 84%; padding-bottom: 1pt">
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; border-bottom: Black 0.5pt solid">Underwriter&nbsp;</P></TD>
    <TD STYLE="padding-right: 6pt; vertical-align: top; width: 16%; padding-bottom: 1pt">
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">Principal<BR>
Amount of Notes&nbsp;</P></TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="padding-right: 6pt; vertical-align: bottom; padding-left: 9.35pt; text-indent: -9.35pt; padding-bottom: 1pt">Citigroup Global Markets Inc.</TD>
    <TD STYLE="padding-right: 6pt; vertical-align: top; padding-bottom: 1pt">$&#9;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 6pt; vertical-align: bottom; padding-left: 9.35pt; text-indent: -9.35pt; padding-bottom: 1pt">J.P. Morgan Securities LLC</TD>
    <TD STYLE="padding-right: 6pt; vertical-align: top; text-align: right; padding-bottom: 1pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="padding-right: 6pt; vertical-align: bottom; padding-left: 9.35pt; text-indent: -9.35pt; padding-bottom: 1pt">UBS Securities LLC</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 6pt; vertical-align: top; text-align: right; padding-bottom: 1pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 6pt; vertical-align: bottom; padding-left: 17.3pt; text-indent: -8.65pt; padding-bottom: 1pt">Total</TD>
    <TD STYLE="padding-right: 6pt; vertical-align: top; padding-bottom: 1pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: Black 2pt double">$&#9;&nbsp;</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The underwriting agreement provides that the obligations
of the underwriters to purchase the New Notes are subject to approval of legal matters by counsel and to other conditions. The underwriters
are obligated to purchase all of the New Notes if they purchase any of the New Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The underwriters propose to offer some of the
New Notes directly to the public at the public offering price set forth on the cover page of this prospectus supplement and some of the
New Notes to dealers at the public offering price less a concession not to exceed&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;%
of the principal amount of the New Notes offered hereby. The underwriters may allow, and dealers may reallow, a concession not to exceed&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;%
of the principal amount of the New Notes offered hereby on sales to other dealers. After the initial offering of the New Notes to the
public, the representatives may change the public offering price and concession. To the extent the New Notes are offered at a price to
the public below par, there can be no assurance that a court would enforce the collection by any holder of any portion of stated principal
that is, upon any acceleration of such New Notes, determined to constitute unearned interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The following table shows the underwriting discount
that we are to pay to the underwriters in connection with this offering (expressed as a percentage of the principal amount of the New
Notes).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; width: 84%; text-align: left; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-right: 6pt; width: 16%; padding-bottom: 1pt">
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">Paid
by CSX&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-right: 6pt; padding-left: 9.35pt; text-indent: -9.35pt; padding-bottom: 1pt">Per New Note</TD>
    <TD STYLE="padding-right: 6pt; text-align: right; padding-bottom: 1pt">%</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Each underwriter is a U.S. registered broker-dealer
or, to the extent it is not a U.S. registered broker-dealer, will effect any sales of the New Notes in the United States through one or
more U.S.-registered broker-dealers, as permitted by the Financial Industry Regulatory Authority regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Purchasers of the New Notes may be required to
pay stamp taxes and other charges in accordance with the laws and practices of the country of purchase, in addition to the relevant issue
price set forth on the cover page of this prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In connection with the offering, the representatives,
on behalf of the underwriters, may purchase and sell the Notes in the open market. These transactions may include over-allotment, syndicate
covering transactions and stabilizing transactions. Over-allotment involves syndicate sales of the New Notes in excess of the principal
amount of the Notes to be purchased by the underwriters in the offering, which creates a syndicate short position. Syndicate covering
transactions involve purchases of the Notes in the open market after the distribution of the New Notes has been completed, in order to
cover syndicate short positions. Stabilizing transactions consist of certain bids or purchases of the Notes made for the purpose of preventing
or retarding a decline in the market price of such Notes while the offering is in progress.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The representatives, on behalf of the underwriters,
may also impose a penalty bid. Penalty bids permit the underwriters to reclaim a selling concession from a syndicate member when the representatives,
in covering syndicate short positions or making stabilizing purchases, repurchase New Notes originally sold by that syndicate member.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Any of these activities may have the effect of
preventing or retarding a decline in the market price of the Notes. They may also cause the price of the Notes to be higher than the price
that otherwise would exist in the open market in the absence of these transactions. The underwriters may conduct these transactions in
the over-the-counter market or otherwise. If the underwriters commence any of these transactions, they may discontinue them at any time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We estimate that our total expenses (excluding
the underwriting discount) for this offering will be approximately $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Certain of the underwriters and their affiliates
have in the past provided, are currently providing and may in the future from time to time provide investment banking and other financing,
trading, banking, research, transfer agent and trustee services to us or our subsidiaries, for which they have in the past received, and
may currently or in the future receive, customary fees and expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Certain of the underwriters or their affiliates
engage in commercial lending activities with us and are lenders under our bank credit facilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition, in the ordinary course of their various
business activities, the underwriters and their respective affiliates may make or hold a broad array of investments and actively trade
debt and equity securities (or related derivative securities) and financial instruments (including bank loans) for their own account and
for the accounts of their customers. Such investments and securities activities may involve our or our affiliates&rsquo; securities and/or
instruments. If any of the underwriters or their affiliates has a lending relationship with us, certain of those underwriters or their
affiliates routinely hedge, and certain other of those underwriters or their affiliates may hedge, their credit exposure to us consistent
with their customary risk management policies. Typically, these underwriters and their affiliates would hedge such exposure by entering
into transactions which consist of either the purchase of credit default swaps or the creation of short positions in our securities, including
potentially the Notes. Any such credit default swaps or short positions could adversely affect future trading prices of the Notes. The
underwriters and their respective affiliates may also make investment recommendations and/or publish or express independent research views
in respect of such securities or instruments and may at any time hold, or recommend to clients that they acquire, long and/or short positions
in such securities and instruments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We have agreed to indemnify the underwriters against
certain liabilities, including liabilities under the Securities Act, or to contribute to payments the underwriters may be required to
make because of any of those liabilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We expect that delivery of the New Notes will
be made, against payment for the New Notes, on or about&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2025, which will be the&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;business day following the date of the pricing of the
New Notes. Under Rule 15c6-1 of the Exchange Act, trades in the secondary market generally are required to settle in one business day
(T+1), unless the parties to a trade expressly agree otherwise. Accordingly, purchasers who wish to trade the New Notes prior to one business
day before delivery of the New Notes will be required by virtue of the fact that the New Notes initially will settle in&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
business days (T+&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;) to specify alternative settlement arrangements to prevent a failed
settlement. Such purchasers should consult their own advisors in this regard.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">European Economic Area</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">This prospectus supplement has been prepared on
the basis that any offer of New Notes in any Member State of the European Economic Area (&ldquo;EEA&rdquo;) will be made pursuant to an
exemption under the Prospectus Regulation from the requirement to publish a prospectus for offers of New Notes. Accordingly, any person
making or intending to make an offer in that Relevant Member State of New Notes which are the subject of the offering contemplated in
this prospectus supplement may only do so to legal entities which are qualified investors as defined in the Prospectus Regulation, provided
that no such offer of New Notes shall require us or any of the underwriters to publish a prospectus pursuant to Article 3 of the Prospectus
Regulation or supplement a prospectus pursuant to Article 23 of the Prospectus Regulation in relation to such offer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Neither we nor the underwriters have authorized,
nor do we or they authorize, the making of any offer of New Notes to any legal entity which is not a qualified investor as defined in
the Prospectus Regulation. Neither we nor the underwriters have authorized, nor do they authorize, the making of any offer of New Notes
through any financial intermediary, other than offers made by the underwriters or their representatives, which constitute the final placement
of the New Notes contemplated in this prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">For the purpose of the above provisions, the expression
&ldquo;Prospectus Regulation&rdquo; means Regulation (EU) 2017/1129 (as amended).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The New Notes are not intended to be offered,
sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the EEA. For
these purposes, a &ldquo;retail investor&rdquo; means a person who is one (or more) of: (i)&nbsp;a retail client as defined in point (11)
of Article 4(1) of Directive 2014/65/EU (as amended, &ldquo;MiFID II&rdquo;); (ii)&nbsp;a customer within the meaning of Directive (EU)
2016/97 (as amended, the &ldquo;IDD&rdquo;), where that customer would not qualify as a professional client as defined in point (10) of
Article 4(1) of MiFID II; or (iii)&nbsp;not a qualified investor as defined in the Prospectus Regulation. Consequently, no key information
document required by Regulation (EU) No 1286/2014 (as amended, the &ldquo;PRIIPs Regulation&rdquo;) for offering or selling the New Notes
or otherwise making them available to retail investors in the EEA has been prepared and therefore offering or selling the New Notes or
otherwise making them available to any retail investor in the EEA may be unlawful under the PRIIPs Regulation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Each person in a Member State of the EEA who receives
any communication in respect of, or who acquires any New Notes under, the offers to the public contemplated in this prospectus supplement,
or to whom the New Notes are otherwise made available, will be deemed to have represented, warranted, acknowledged and agreed to and with
us and each underwriter that it and any person on whose behalf it acquires New Notes is: (1)&nbsp;a &ldquo;qualified investor&rdquo; within
the meaning of Article 2(e) of the Prospectus Regulation; and (2)&nbsp;not a &ldquo;retail investor&rdquo; (as defined above).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Any distributor subject to MiFID II (for the purposes
of this paragraph, a &ldquo;distributor&rdquo;) subsequently offering, selling or recommending the New Notes is responsible for undertaking
its own target market assessment in respect of the New Notes and determining the appropriate distribution channels for the purposes of
the MiFID II product governance rules under Commission Delegated Directive (EU) 2017/593 (&ldquo;Delegated Directive&rdquo;). Neither
we nor any of the underwriters make any representations or warranties as to a distributor&rsquo;s compliance with the Delegated Directive.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">United Kingdom</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">This document is for distribution only to persons
(i)&nbsp;who have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and
Markets Act 2000 (Financial Promotion) Order 2005, as amended (the &ldquo;Order&rdquo;); (ii)&nbsp;who are persons falling within Article
49(2)(a) to (d) of the Order (&ldquo;high net worth companies, unincorporated associations etc.&rdquo;); (iii)&nbsp;are outside the United
Kingdom; or (iv)&nbsp;are persons to whom an invitation or inducement to engage in investment activity (within the meaning of section
21 of the FSMA) in connection with the issue or sale of any securities may otherwise lawfully be communicated or caused to be communicated
(all such persons together being referred to as &ldquo;relevant persons&rdquo;). This document is directed only at relevant persons and
must not be acted on or relied on by persons who are not relevant persons. Any investment or investment activity to which this document
relates is only available to, and will be engaged in with, relevant persons.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">This prospectus supplement has been prepared on
the basis that any offer of New Notes in the United Kingdom (&ldquo;UK&rdquo;) will be made pursuant to an exemption under the UK Prospectus
Regulation and the FSMA from the requirement to publish a prospectus for offers of New Notes. Accordingly, any person making or intending
to make an offer in the UK of New Notes which are the subject of the offering contemplated in this prospectus supplement may only do so
to legal entities which are qualified investors as defined in the UK Prospectus Regulation, provided that no such offer of New Notes shall
require us or any of the underwriters to publish a prospectus pursuant to Article 3 of the UK Prospectus Regulation or section 85 of the
FSMA or supplement a prospectus pursuant to Article 23 of the UK Prospectus Regulation, in each case in relation to such offer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Neither we nor the underwriters have authorized,
nor do they authorize, the making of any offer of New Notes to any legal entity which is not a qualified investor as defined in the UK
Prospectus Regulation. Neither we nor the underwriters have authorized, nor do they authorize, the making of any offer of New Notes through
any financial intermediary, other than offers made by the underwriters or their representatives, which constitute the final placement
of the New Notes contemplated in this prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The expression &ldquo;UK Prospectus Regulation&rdquo;
means Regulation (EU) 2017/1129 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018 (the &ldquo;EUWA&rdquo;)
and the expression the &ldquo;FSMA&rdquo; means the Financial Services and Markets Act 2000 (as amended).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The New Notes are not intended to be offered,
sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the United Kingdom.
For these purposes, a &ldquo;retail investor&rdquo; means a person who is one (or more) of: (i)&nbsp;a retail client, as defined in point
(8) of Article 2 of Regulation (EU) No 2017/565 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018
(the &ldquo;EUWA&rdquo;); (ii)&nbsp;a customer within the meaning of the provisions of the Financial Services and Markets Act 2000 (as
amended, the &ldquo;FSMA&rdquo;) and any rules or regulations made under the FSMA to implement Directive (EU) 2016/97, where that customer
would not qualify as a professional client, as defined in point (8) of Article 2(1) of Regulation (EU) No 600/2014 as it forms part of
domestic law by virtue of the EUWA; or (iii)&nbsp;not a qualified investor as defined in the UK Prospectus Regulation. Consequently, no
key information document required by Regulation (EU) No 1286/2014 as it forms part of domestic law by virtue of the EUWA (the &ldquo;UK
PRIIPs Regulation&rdquo;) for offering or selling the New Notes or otherwise making them available to retail investors in the UK has been
prepared and therefore offering or selling the New Notes or otherwise making them available to any retail investor in the UK may be unlawful
under the UK PRIIPs Regulation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Each person in the UK who receives any communication
in respect of, or who acquires any New Notes under, the offers to the public contemplated in this prospectus supplement, or to whom the
New Notes are otherwise made available, will be deemed to have represented, warranted, acknowledged and agreed to and with us and each
underwriter that it and any person on whose behalf it acquires New Notes is: (1)&nbsp;a &ldquo;qualified investor&rdquo; within the meaning
of Article 2(e) of the UK Prospectus Regulation; and (2)&nbsp;not a &ldquo;retail investor&rdquo; (as defined above).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Each underwriter has agreed that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.3in">(a)</TD><TD>it has only communicated or caused to be communicated and will only communicate or cause to be communicated an invitation or inducement
to engage in investment activity (within the meaning of Section 21 of the FSMA) received by it in connection with the issue or sale of
the New Notes in circumstances in which Section 21(1) of the FSMA does not apply to us; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.3in">(b)</TD><TD>it has complied and will comply with all applicable provisions of the FSMA with respect to anything done by it in relation to the
New Notes in, from or otherwise involving the United Kingdom.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Any distributor subject to the FCA Handbook Product
Intervention and Product Governance Sourcebook (the &ldquo;UK MiFIR Product Governance Rules&rdquo;) (for the purposes of this paragraph,
a &ldquo;distributor&rdquo;) subsequently offering, selling or recommending the New Notes is responsible for undertaking its own target
market assessment in respect of the New Notes and determining the appropriate distribution channels. Neither we nor any of the underwriters
make any representations or warranties as to a distributor&rsquo;s compliance with the UK MiFIR Product Governance Rules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Canada</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The New Notes may be sold in Canada only to purchasers
purchasing, or deemed to be purchasing, as principal that are accredited investors, as defined in National Instrument 45-106 Prospectus
Exemptions or subsection 73.3(1) of the Securities Act (Ontario), and are permitted clients, as defined in National Instrument 31-103
Registration Requirements, Exemptions and Ongoing Registrant Obligations. Any resale of the New Notes must be made in accordance with
an exemption from, or in a transaction not subject to, the prospectus requirements of applicable securities laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Securities legislation in certain provinces or
territories of Canada may provide a purchaser with remedies for rescission or damages if this prospectus supplement (including any amendment
thereto) contains a misrepresentation, provided that the remedies for rescission or damages are exercised by the purchaser within the
time limit prescribed by the securities legislation of the purchaser&rsquo;s province or territory. The purchaser should refer to any
applicable provisions of the securities legislation of the purchaser&rsquo;s province or territory for particulars of these rights or
consult with a legal advisor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Pursuant to section 3A.3 of National Instrument
33-105 Underwriting Conflicts (&ldquo;NI 33-105&rdquo;), the underwriters are not required to comply with the disclosure requirements
of NI 33-105 regarding underwriter conflicts of interest in connection with this offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Hong Kong</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Each underwriter (i)&nbsp;has not offered or sold
and will not offer or sell in Hong Kong, by means of any document, any New Notes other than (a)&nbsp;to &ldquo;professional investors&rdquo;
as defined in the Securities and Futures Ordinance (Cap. 571) of Hong Kong (the &ldquo;SFO&rdquo;) and any rules made under that Ordinance;
or (b)&nbsp;in other circumstances which do not result in the document being a &ldquo;prospectus&rdquo; as defined in the Companies (Winding
Up and Miscellaneous Provisions) Ordinance (Cap. 32) of Hong Kong or which do not constitute an offer to the public within the meaning
of that Ordinance; and (ii)&nbsp;has not issued or had in its possession for the purposes of issue, and will not issue or have in its
possession for the purposes of issue, whether in Hong Kong or elsewhere, any advertisement, invitation or document relating to the New
Notes, which is directed at, or the contents of which are likely to be accessed or read by, the public of Hong Kong (except if permitted
to do so under the securities laws of Hong Kong) other than with respect to the New Notes which are or are intended to be disposed of
only to persons outside Hong Kong or only to &ldquo;professional investors&rdquo; as defined in the SFO and any rules made under that
Ordinance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Japan</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The New Notes offered in this prospectus supplement
have not been, and will not be, registered under the Financial Instruments and Exchange Law of Japan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Each underwriter has represented and agreed that
the New Notes have not been offered or sold and will not be offered or sold, directly or indirectly, in Japan or to or for the account
of any resident of Japan (which term, as used in this paragraph means any person resident in Japan, including any corporation or other
entity organized under the laws of Japan) or to others for re-offering or resale, directly or indirectly, in Japan or to, or for the benefit
of, any resident of Japan,, except (i)&nbsp;pursuant to an exemption from the registration requirements of the Financial Instruments and
Exchange Law and (ii)&nbsp;in compliance with any other applicable requirements of Japanese law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Singapore</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Each underwriter has acknowledged that this prospectus
supplement and the accompanying prospectus have not been registered as a prospectus with the Monetary Authority of Singapore. Accordingly,
each underwriter has represented and agreed that it has not offered or sold any New Notes or caused such New Notes to be made the subject
of an invitation for subscription or purchase and will not offer or sell such New Notes or cause such New Notes to be made the subject
of an invitation for subscription or purchase, and has not circulated or distributed, nor will it circulate or distribute, this prospectus
supplement and the accompanying prospectus or any other document or material in connection with the offer or sale, or invitation for subscription
or purchase, of such New Notes, whether directly or indirectly, to any person in Singapore other than:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.3in">(a)</TD><TD>to an institutional investor (as defined in Section 4A of the Securities and Futures Act (Chapter 289) of Singapore, as modified or
amended from time to time (the &ldquo;SFA&rdquo;)) pursuant to Section 274 of the SFA;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.3in">(b)</TD><TD>to a relevant person (as defined in Section 275(2) of the SFA) pursuant to Section 275(1) of the SFA, or any person pursuant to Section
275(1A) of the SFA, and in accordance with the conditions specified in Section 275 of the SFA; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.3in">(c)</TD><TD>otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Where the New Notes are subscribed or purchased
under Section 275 of the SFA by a relevant person which is:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.3in">(a)</TD><TD>a corporation (which is not an accredited investor (as defined in Section 4A of the SFA)) the sole business of which is to hold investments
and the entire share capital of which is owned by one or more individuals, each of whom is an accredited investor; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.3in">(b)</TD><TD>a trust (where the trustee is not an accredited investor) whose sole purpose is to hold investments and each beneficiary of the trust
is an individual who is an accredited investor,</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">securities or securities-based derivatives contracts (each term as
defined in Section 2(1) of the SFA) of that corporation or the beneficiaries&rsquo; rights and interest (howsoever described) in that
trust shall not be transferable</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">within six months after that corporation or that trust has acquired
the New Notes pursuant to an offer made under Section 275 of the SFA, except:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.3in">i.</TD><TD>to an institutional investor under Section 274 of the SFA or to a relevant person, or to any person arising from an offer referred
to in Section 275(1A) or Section 276(4)(i)(B) of the SFA;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.3in">ii.</TD><TD>where no consideration is or will be given for the transfer;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.3in">iii.</TD><TD>where the transfer is by operation of law;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.3in">iv.</TD><TD>as specified in Section 276(7) of the SFA; or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.3in">v.</TD><TD>as specified in Regulation 37A of the Securities and Futures (Offers of Investments) (Securities and Securities-based Derivatives
Contracts) Regulations 2018.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Singapore SFA Product Classification&mdash;In
connection with Section 309B of the SFA and the Capital Markets Products Regulations 2018, unless otherwise specified before an offer
of New Notes, we have determined, and hereby notify all relevant persons (as defined in Section 309A(1) of the SFA) that the New Notes
are &ldquo;prescribed capital markets products&rdquo; (as defined in the Capital Markets Products Regulations 2018) and Excluded Investment
Products (as defined in MAS Notice SFA 04-N12: Notice on the Sale of Investment Products and MAS Notice FAA-N16: Notice on Recommendations
on Investment Products).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Switzerland</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The New Notes may not be publicly offered, directly
or indirectly, in Switzerland within the meaning of the Swiss Financial Services Act and will not be listed on the SIX Swiss Exchange
(the &ldquo;SIX&rdquo;) or on any other stock exchange or regulated trading facility in Switzerland. This document has been prepared without
regard to the disclosure standards for issuance prospectuses under art. 652a or art. 1156 of the Swiss Code of Obligations or the disclosure
standards for listing prospectuses under art. 27 ff. of the SIX Listing Rules or the listing rules of any other stock exchange or regulated
trading facility in Switzerland. Neither this document nor any other offering or marketing material relating to the New Notes or the offering
may be publicly distributed or otherwise made publicly available in Switzerland.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Neither this prospectus supplement nor any other
offering or marketing material relating to the offering, the Company, or the New Notes have been or will be filed with or approved by
any Swiss regulatory authority. In particular, this prospectus supplement will not be filed with, and the offer of New Notes will not
be supervised by, the Swiss Financial Market Supervisory Authority, and the offer of New Notes has not been and will not be authorized
under the Swiss Federal Act on Collective Investment Schemes (the &ldquo;CISA&rdquo;). The investor protection afforded to acquirers of
interests in collective investment schemes under the CISA does not extend to acquirers of New Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="s_009"></A>Legal Matters</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Certain legal matters in connection with the offering
of the New Notes will be passed upon for CSX by Hunton Andrews Kurth LLP, Richmond, Virginia and by Davis Polk &amp; Wardwell LLP, New
York, New York. The underwriters are being represented by Allen Overy Shearman Sterling US LLP, New York, New York. From time to time,
Allen Overy Shearman Sterling US LLP has provided, and may continue to provide, legal services to us, for which it has received, and may
receive, customary fees and expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="s_010"></A>Experts</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Ernst &amp; Young LLP, independent registered
public accounting firm, has audited our consolidated financial statements included in our Annual Report on Form 10-K for the year ended
December 31, 2024, and the effectiveness of our internal control over financial reporting as of December 31, 2024, as set forth in their
reports, which are incorporated by reference in this prospectus supplement and elsewhere in the registration statement. Our consolidated
financial statements are incorporated by reference in reliance on Ernst &amp; Young LLP&rsquo;s reports, given on their authority as experts
in accounting and auditing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>PROSPECTUS </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: Red"><B><IMG SRC="image_001.jpg" ALT=""></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: Red">&nbsp;</P>

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CSX Corporation </B></P>

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>DEBT SECURITIES, WARRANTS, PREFERRED STOCK,
COMMON STOCK, DEPOSITARY SHARES, PURCHASE CONTRACTS, UNITS, GUARANTEES OF DEBT SECURITIES OF CSX TRANSPORTATION, INC., GUARANTEES OF TRUST
PREFERRED SECURITIES OF CSX CAPITAL TRUST I </B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CSX Transportation, Inc. </B></P>

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>DEBT SECURITIES </B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CSX Capital Trust I </B></P>

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TRUST PREFERRED SECURITIES </B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">We may offer from time to time debt securities,
warrants, preferred stock, common stock, depositary shares, purchase contracts and units of CSX Corporation, debt securities of CSX Transportation,
Inc., guarantees of debt securities of CSX Transportation, Inc., trust preferred securities of CSX Capital Trust I and guarantees of trust
preferred securities of CSX Capital Trust I.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Specific terms of these securities will be provided
in supplements to this prospectus. You should read this prospectus and any supplement carefully before you invest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"><B></B></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"><B>Investing in these securities involves certain
risks. See &ldquo;<FONT STYLE="color: Black"><A HREF="#a_005">Risk Factors</A></FONT>&rdquo; beginning on page 5 of this prospectus and beginning on page
7 of our annual report on Form 10-K for the year ended December 31, 2024, which is incorporated by reference herein. </B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">We may offer securities through one or more underwriters
or dealers, through agents or directly to purchasers. If required, the prospectus supplement for each offering of securities will describe
the plan of distribution for that offering. For general information about the distribution of the securities offered, see &ldquo;Plan
of Distribution&rdquo; in this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Our common stock is listed on the Nasdaq Global
Select Market under the trading symbol &ldquo;CSX.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"><B>Neither the Securities and Exchange Commission
nor any state securities commission has approved or disapproved these securities, or determined if this prospectus is truthful or complete.
Any representation to the contrary is a criminal offense. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>The date of this prospectus is February 27,
2025.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>




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<P STYLE="color: #0000EE; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">We have not authorized anyone to provide any information
other than that contained or incorporated by reference in this prospectus, in any prospectus supplement or in any free writing prospectus
prepared by or on behalf of us or to which we have referred you. We take no responsibility for, and can provide no assurance as to the
reliability of, any other information that others may give you. We are not making an offer of these securities in any state where the
offer is not permitted. You should not assume that the information contained in or incorporated by reference in this prospectus or any
prospectus supplement or in any such free writing prospectus is accurate as of any date other than their respective dates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">In this prospectus, except as the context may
otherwise require, the terms &ldquo;CSX,&rdquo; the &ldquo;Company,&rdquo; &ldquo;we,&rdquo; &ldquo;us,&rdquo; and &ldquo;our&rdquo; refer
to CSX Corporation, a Virginia corporation, together with its subsidiaries; the term &ldquo;CSXT&rdquo; refers to CSX Transportation,
Inc., a Virginia corporation; and references to the &ldquo;Trust&rdquo; refer to CSX Capital Trust I, a Delaware statutory trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TABLE OF CONTENTS </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="2" CELLPADDING="2" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt; width: 95%"><FONT STYLE="font-size: 10pt; color: Blue"><A HREF="#a_001" STYLE="text-decoration: underline; color: Blue">CSX
    Corporation / CSX Transportation, Inc.</A></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; width: 5%"><A HREF="#a_001" STYLE="text-decoration: underline; color: Blue"><FONT STYLE="font-size: 10pt">1</FONT></A></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt; color: Blue"><A HREF="#a_002" STYLE="text-decoration: underline; color: Blue">CSX
    Capital Trust I</A></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><A HREF="#a_002" STYLE="text-decoration: underline; color: Blue"><FONT STYLE="font-size: 10pt">1</FONT></A></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt; color: Blue"><A HREF="#a_003" STYLE="text-decoration: underline; color: Blue">Where
    You Can Find More Information</A></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><A HREF="#a_003" STYLE="text-decoration: underline; color: Blue"><FONT STYLE="font-size: 10pt">4</FONT></A></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt; color: Blue"><A HREF="#a_004">Special
    Note On Forward-Looking Statements</A></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><A HREF="#a_004" STYLE="text-decoration: underline; color: Blue"><FONT STYLE="font-size: 10pt">4</FONT></A></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt; color: Blue"><A HREF="#a_005" STYLE="text-decoration: underline; color: Blue">Risk
    Factors</A></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><A HREF="#a_005" STYLE="text-decoration: underline; color: Blue"><FONT STYLE="font-size: 10pt">5</FONT></A></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt; color: Blue"><A HREF="#a_006" STYLE="text-decoration: underline; color: Blue">Use
    of Proceeds</A></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><A HREF="#a_006" STYLE="text-decoration: underline; color: Blue"><FONT STYLE="font-size: 10pt">6</FONT></A></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt; color: Blue"><A HREF="#a_007" STYLE="text-decoration: underline; color: Blue">Description
    of Debt Securities</A></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><A HREF="#a_007" STYLE="text-decoration: underline; color: Blue"><FONT STYLE="font-size: 10pt">7</FONT></A></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt; color: Blue"><A HREF="#a_008" STYLE="text-decoration: underline; color: Blue">Description
    of Trust Preferred Securities and The Guarantee of The Trust Preferred Securities</A></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><A HREF="#a_008" STYLE="text-decoration: underline; color: Blue"><FONT STYLE="font-size: 10pt">24</FONT></A></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt; color: Blue"><A HREF="#a_009" STYLE="text-decoration: underline; color: Blue">Description
    of Capital Stock</A></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><A HREF="#a_009" STYLE="text-decoration: underline; color: Blue"><FONT STYLE="font-size: 10pt">38</FONT></A></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt; color: Blue"><A HREF="#a_010" STYLE="text-decoration: underline; color: Blue">Description
    of Depositary Shares</A></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><A HREF="#a_010" STYLE="text-decoration: underline; color: Blue"><FONT STYLE="font-size: 10pt">41</FONT></A></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt; color: Blue"><A HREF="#a_011" STYLE="text-decoration: underline; color: Blue">Description
    of Securities Warrants</A></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><A HREF="#a_011" STYLE="text-decoration: underline; color: Blue"><FONT STYLE="font-size: 10pt">41</FONT></A></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt; color: Blue"><A HREF="#a_012" STYLE="text-decoration: underline; color: Blue">Description
    of Purchase Contracts</A></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><A HREF="#a_012" STYLE="text-decoration: underline; color: Blue"><FONT STYLE="font-size: 10pt">43</FONT></A></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt; color: Blue"><A HREF="#a_013" STYLE="text-decoration: underline; color: Blue">Description
    of Units</A></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><A HREF="#a_013" STYLE="text-decoration: underline; color: Blue"><FONT STYLE="font-size: 10pt">43</FONT></A></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt; color: Blue"><A HREF="#a_014" STYLE="text-decoration: underline; color: Blue">Plan
    of Distribution</A></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><A HREF="#a_014" STYLE="text-decoration: underline; color: Blue"><FONT STYLE="font-size: 10pt">44</FONT></A></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt; color: Blue"><A HREF="#a_015" STYLE="text-decoration: underline; color: Blue">Validity
    of Securities</A></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><A HREF="#a_015" STYLE="text-decoration: underline; color: Blue"><FONT STYLE="font-size: 10pt">45</FONT></A></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt; color: Blue"><A HREF="#a_016" STYLE="text-decoration: underline; color: Blue">Experts</A></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><A HREF="#a_016" STYLE="text-decoration: underline; color: Blue"><FONT STYLE="font-size: 10pt">45</FONT></A></TD>
    </TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>





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<P STYLE="color: #0000EE; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<DIV STYLE="padding: 4pt; border: Black 1pt solid">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_001"></A><B>CSX CORPORATION / CSX TRANSPORTATION, INC. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">CSX, based in Jacksonville, Florida, is one of
the nation&rsquo;s leading transportation companies. The Company provides rail-based freight transportation services including traditional
rail service, the transport of intermodal containers and trailers, as well as other transportation services such as rail-to-truck transfers
and bulk commodity operations. CSX and the rail industry provide customers with access to an expansive and interconnected transportation
network that plays a key role in North American commerce and is critical to the long-term economic success and improved global competitiveness
of the United States. In addition, freight railroads provide the most economical and environmentally efficient means to transport goods
over land.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">CSX&rsquo;s principal operating subsidiary, CSX
Transportation, Inc. (&ldquo;CSXT&rdquo;), provides an important link to the transportation supply chain through its approximately 20,000
route-mile rail network and serves major population centers in 26 states east of the Mississippi River, the District of Columbia and the
Canadian provinces of Ontario and Quebec. It has access to over 70 ocean, river and lake port terminals along the Atlantic and Gulf Coasts,
the Mississippi River, the Great Lakes and the St. Lawrence Seaway. This access allows the Company to meet the dynamic transportation
needs of manufacturers, industrial producers, the automotive industry, construction companies, farmers and feed mills, wholesalers and
retailers, and energy producers. The Company&rsquo;s intermodal business links customers to railroads via trucks and terminals. CSXT also
serves thousands of production and distribution facilities through track connections with other Class I railroads and more than 240 short-line
and regional railroads. On June 1, 2022, CSX completed its acquisition of Pan Am Systems, Inc., which is the parent company of Pan Am
Railways, Inc. This acquisition expanded CSXT&rsquo;s reach in the Northeastern United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">CSXT is also responsible for the Company&rsquo;s
real estate sales, leasing, acquisition and management and development activities. Substantially all of these activities are focused on
supporting railroad operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">In addition to CSXT, the Company&rsquo;s subsidiaries
include Quality Carriers, Inc. (&ldquo;Quality Carriers&rdquo;), CSX Intermodal Terminals, Inc. (&ldquo;CSX Intermodal Terminals&rdquo;),
Total Distribution Services, Inc. (&ldquo;TDSI&rdquo;), TRANSFLO Terminal Services, Inc. (&ldquo;TRANSFLO&rdquo;), CSX Technology, Inc.
(&ldquo;CSX Technology&rdquo;) and other subsidiaries. Quality Carriers is the largest provider of bulk liquid chemicals truck transportation
in North America. CSX Intermodal Terminals owns and operates a system of intermodal terminals, predominantly in the eastern United States,
and also provides drayage services (the pickup and delivery of intermodal shipments) for certain customers. TDSI serves the automotive
industry with distribution centers and storage locations. TRANSFLO connects non-rail served customers to the many benefits of rail by
transferring products from rail to trucks. The biggest TRANSFLO markets are chemicals and agriculture, which includes shipments of plastics
and ethanol. CSX Technology and other subsidiaries provide support services for the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_002"></A><B>CSX CAPITAL TRUST I </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">CSX Capital Trust I, which is referred to in this
prospectus as the &ldquo;Trust,&rdquo; is a statutory trust formed under Delaware law by us, as sponsor for the Trust, and BNY Mellon
Trust of Delaware, as successor to Chase Bank USA, National Association (formerly known as Chase Manhattan Bank USA, National Association),
who will serve as trustee in the State of Delaware for the purpose of complying with the provisions of the Delaware Statutory Trust Act.
The Trust was established pursuant to a trust agreement dated as of May 1, 2001 and a certificate of trust filed with the Secretary of
State of the State of Delaware on May 1, 2001, as amended by the certificate of amendment filed with the Secretary of State of the State
of Delaware on February 5, 2013. The trust agreement for the Trust will be amended and restated substantially in the form included as
an exhibit to the registration statement, effective when securities of the Trust are initially issued. The amended and restated trust
agreement will be qualified as an indenture under the Trust Indenture Act of 1939, as amended (the &ldquo;Trust Indenture Act&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;&nbsp;</P>

</DIV>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>




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<P STYLE="color: #0000EE; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<DIV STYLE="padding: 4pt; border: Black 1pt solid">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0.25in">The amended
and restated trust agreement will state the terms and conditions for the Trust to issue and sell its trust preferred securities and its
trust common securities (together, the &ldquo;trust securities&rdquo;). Under the amended and restated trust agreement, the Trust will
exist for the exclusive purposes of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">issuing two classes of trust
securities, trust preferred securities and trust common securities, which together shall represent undivided beneficial interests in
the assets of the Trust;</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">investing the gross proceeds
of the trust securities in our subordinated debt securities;</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">making distributions; and</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">engaging in only those other
activities necessary, advisable or incidental to the purposes listed above.</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We will purchase all of the trust common securities
of the Trust. The trust common securities will have terms substantially identical to, and will rank equal in priority of payment with,
the trust preferred securities. However, if an event of default under our subordinated indenture pursuant to which the subordinated debt
securities held by the Trust were issued occurs, then cash distributions and liquidation, redemption and other amounts payable on the
trust common securities will rank lower in priority of payment than the trust preferred securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We will guarantee the trust preferred securities
as described later in this prospectus and in the applicable prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Pursuant to an agreement as to expenses and liabilities
that we will enter into as required under the amended and restated trust agreement, we will pay all indebtedness, expenses, fees and liabilities
of the Trust, except that the Trust shall pay for its own obligations to pay to holders of trust preferred securities the amounts due
such holders pursuant to the terms of such securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Subordinated debt securities of CSX will be the
sole assets of the Trust, and our payments under those subordinated debt securities and the agreement as to expenses and liabilities will
be the sole revenue of the Trust. No separate financial statements of the Trust are included in this prospectus. CSX considers that those
financial statements would not be material to holders of the trust preferred securities because the Trust has no independent operations
and the purpose of the Trust is as described above. The Trust is not required to file annual, quarterly or special reports with the Securities
and Exchange Commission (the &ldquo;SEC&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our, CSXT&rsquo;s and the Trust&rsquo;s principal
executive offices are located at 500 Water Street, 15th Floor, Jacksonville, Florida, and our and their telephone number is (904) 359-3200.
We maintain a website at www.csx.com where general information about us is available. We are not incorporating the contents of the website
into this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>About this Prospectus </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">This prospectus is part of a registration statement
that CSX Corporation, CSX Transportation, Inc., and CSX Capital Trust I filed with the SEC utilizing a &ldquo;shelf&rdquo; registration
process. Under this shelf registration process, we may sell any combination of the securities described in this prospectus in one or more
offerings. The exhibits to the registration statement of which this prospectus forms a part and the documents incorporated herein by reference
contain the full text of certain contracts and other important documents summarized in this prospectus. Since these summaries may not
contain all the information relating to the securities, you should review the full text of those documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

</DIV>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>








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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">This prospectus provides you with a general description
of the securities we may offer. Each time we sell securities, we will provide a prospectus supplement that will contain specific information
about the terms of that offering. The prospectus supplement may also add, update or change information contained in this prospectus. You
should read both this prospectus and any prospectus supplement together with additional information described under the heading &ldquo;Where
You Can Find More Information.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

</DIV>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_003"></A>WHERE YOU CAN FIND MORE INFORMATION </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0.25in">We file
annual, quarterly and current reports, proxy statements and other information with the SEC. The SEC maintains an Internet site at http://www.sec.gov,
from which interested persons can electronically access our SEC filings, including the registration statement and the exhibits and schedules
thereto. The filings are also available on our website at www.csx.com.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The SEC allows us to &ldquo;incorporate by reference&rdquo;
the information we file with them, which means that we can disclose important information to you by referring you to those documents.
The information incorporated by reference is an important part of this prospectus, and information that we file later with the SEC will
automatically update and supersede this information. We incorporate by reference the documents listed below and all documents we file
pursuant to Section 13(a), 13(c), 14, or 15(d) of the Securities Exchange Act of 1934, as amended, on or after the date of this prospectus
and prior to the termination of the offering under this prospectus and any prospectus supplement (other than, in each case, documents
or information deemed to have been furnished and not filed in accordance with SEC rules):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD><FONT STYLE="font-size: 10pt">Annual Report on <FONT STYLE="color: #0000EE"><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/0000277948/000027794825000008/csx-20241231.htm" STYLE="color: Blue; text-decoration: underline">Form 10-K</A></FONT> for the year ended December 31, 2024, filed with the SEC on February 27, 2025;</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD><FONT STYLE="font-size: 10pt">Current Report on <FONT STYLE="color: #0000EE"><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/277948/000095010325000915/dp223507_8k.htm" STYLE="text-decoration: underline; color: Blue">Form
8-K</A></FONT> filed with the SEC on January 27, 2025;</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">(c)</FONT></TD><TD><FONT STYLE="font-size: 10pt">The information responsive
to <FONT STYLE="color: #0000EE"><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/277948/000027794824000010/csx-20231231.htm" STYLE="text-decoration: underline; color: Blue">Part
III</A></FONT> of Form 10-K for the fiscal year ended December 31, 2023, provided in our Definitive Proxy Statement on </FONT><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/277948/000027794824000016/csx-20240325.htm" STYLE="text-decoration: underline; color: Blue">Schedule
14A</A> <FONT STYLE="font-size: 10pt">filed with the SEC on March 25, 2024; and</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">(d)</FONT></TD><TD><FONT STYLE="font-size: 10pt">The description of our common
stock contained in <FONT STYLE="color: #0000EE"><A HREF="https://www.sec.gov/Archives/edgar/data/277948/000027794824000010/csx-12312023ex42descriptio.htm" STYLE="text-decoration: underline; color: Blue">Exhibit
4.2</A></FONT> to our Annual Report on Form 10-K for the year ended December 31, 2023, including any subsequent amendment or any report
subsequently filed for the purpose of updating such description.</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">You may request a copy of any filings referred
to above, at no cost, by contacting CSX at the following address: Michael S. Burns, Senior Vice President, Chief Legal Officer and Corporate
Secretary, CSX Corporation, 500 Water Street, 15th Floor, Jacksonville, Florida 32202, telephone number (904) 359-3200.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_004"></A><B>SPECIAL NOTE ON FORWARD-LOOKING STATEMENTS </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0.25in">This prospectus,
including the documents incorporated by reference herein, contains forward-looking statements. In some cases, you can identify these
statements by forward-looking words such as &ldquo;may,&rdquo; &ldquo;might,&rdquo; &ldquo;will,&rdquo; &ldquo;should,&rdquo; &ldquo;expects,&rdquo;
&ldquo;plans,&rdquo; &ldquo;anticipates,&rdquo; &ldquo;believes,&rdquo; &ldquo;estimates,&rdquo; &ldquo;predicts,&rdquo; &ldquo;potential&rdquo;
or &ldquo;continue,&rdquo; the negative of these terms and other comparable terminology. These forward-looking statements, which are
subject to risks, uncertainties and assumptions about us, may include projections of our future financial performance, our anticipated
growth strategies and anticipated trends in our business. These statements are only predictions based on our current expectations and
projections about future events. There are important factors that could cause our actual results, level of activity, performance or achievements
to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statements,
including those factors discussed under the caption entitled &ldquo;Risk Factors&rdquo; in our Annual Report on Form 10-K for the year
ended December 31, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Although we believe the expectations reflected
in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements.
Moreover, neither we nor any other person assumes responsibility for the accuracy and completeness of any of these forward-looking statements.
We are under no duty to update any of these forward-looking statements after the date of this prospectus to conform our prior statements
to actual results or revised expectations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>








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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_005"></A><B>RISK FACTORS </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Investing in the securities covered by this prospectus
involves risk. Before making an investment decision, you should carefully consider the risks described under &ldquo;Risk Factors,&rdquo;
if any, in the applicable prospectus supplement and in our then most recent Annual Report on Form 10-K, and in any updates to those risk
factors in our Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, together with all of the other information we include or
incorporate by reference in this prospectus. These risks could materially affect our business, results of operations or financial condition
and cause the value of our securities to decline. You could lose all or part of your investment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>




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<P STYLE="color: #0000EE; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_006"></A>USE OF PROCEEDS </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Unless otherwise indicated in a prospectus supplement,
the net proceeds from the sale of the securities will be used for general corporate purposes, which may include the reduction or refinancing
of outstanding indebtedness, capital expenditures, working capital requirements, improvements in productivity and other cost reductions,
redemptions and repurchases of certain outstanding securities, acquisitions and other business opportunities. CSX has not specifically
allocated the proceeds to these purposes as of the date of this prospectus. The precise amount and timing of the application of the proceeds
from the sale of securities will depend upon funding requirements and the availability and cost of other funds at the time of the sale
of securities. Allocation of the proceeds of a particular series of securities, or the principal reasons for the offering, if no allocation
has been made, will be described in the applicable prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;&nbsp;</P>




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<P STYLE="color: #0000EE; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_007"></A><B>DESCRIPTION OF DEBT SECURITIES </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">For purposes of the &ldquo;Description of Debt
Securities,&rdquo; the term &ldquo;CSX&rdquo; refers to CSX Corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>DEBT SECURITIES OF CSX CORPORATION </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">CSX may issue debt securities either separately,
or together with, or upon the conversion of or in exchange for, other securities. The debt securities will be either senior obligations
or subordinated obligations of CSX. Senior debt securities may be issued under a senior indenture dated as of August 1, 1990 between CSX
and The Bank of New York Mellon Trust Company, N.A. (as successor to JPMorgan Chase Bank, N.A., formerly The Chase Manhattan Bank), as
trustee, as currently supplemented and amended and as further supplemented and amended from time to time (the &ldquo;senior indenture&rdquo;).
Subordinated debt securities may be issued under a subordinated indenture to be entered into between CSX and The Bank of New York Mellon
Trust Company, N.A. (as successor to JPMorgan Chase Bank, N.A., formerly The Chase Manhattan Bank), as trustee, as may be supplemented
and amended from time to time (the &ldquo;subordinated indenture&rdquo;). A copy of the senior indenture and a copy of the form of the
subordinated indenture have been included as exhibits to the registration statement of which this prospectus is a part. The senior indenture
and the subordinated indenture, together with any other indenture CSX may enter into in connection with the issuance of debt securities,
as applicable, are sometimes referred to collectively as the &ldquo;indentures.&rdquo; The trustee under the senior indenture and the
trustee under the subordinated indenture, together with the trustee under any other indenture CSX may enter into in connection with the
issuance of debt securities, as applicable, are sometimes referred to collectively as the &ldquo;trustees.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The discussion of the material provisions of the
senior indenture and the subordinated indenture and the debt securities set forth below and the discussion of the material terms of a
particular series of debt securities set forth in the applicable prospectus supplement are subject to and are qualified in their entirety
by reference to all of the provisions of the applicable indenture, which provisions (including defined terms) are incorporated in this
description of debt securities by reference. The senior indenture and the subordinated indenture are each subject to and governed by the
Trust Indenture Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The debt securities may be issued from time to
time in one or more series of senior debt securities and one or more series of subordinated debt securities. Neither the senior indenture
nor the subordinated indenture limits the aggregate principal amount of debt securities that may be issued under it. Unless otherwise
provided in the terms of a series of debt securities, a series of debt securities may be reopened for issuances of additional debt securities
of that series without notice to or consent of any holder of outstanding debt securities. The terms of each series of debt securities
will be established by supplemental indenture or by or pursuant to a resolution of our Board of Directors and set forth in, or determined
in the manner provided for in, an officer&rsquo;s certificate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0.25in">The following
description of debt securities summarizes certain general terms and provisions of the series of senior or subordinated debt securities
to which any prospectus supplement may relate. The particular terms of each series of debt securities offered by a prospectus supplement
or prospectus supplements will be described in the prospectus supplement or prospectus supplements relating to that series. The prospectus
supplement or prospectus supplements will also indicate whether the general terms and provisions described in this prospectus do not
apply to a particular series of debt securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-indent: 0in">Unless
otherwise indicated, currency amounts in this prospectus and any prospectus supplement are stated in United States dollars.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>General </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-indent: 0in">The prospectus
supplement for a particular series of debt securities will describe the specific terms of that series, including (where applicable):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">the title of the debt securities;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>





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<P STYLE="color: #0000EE; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt; color: black">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt; color: black">any limit on
the aggregate principal amount of the debt securities;</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">the price or prices (expressed
as a percentage of the aggregate principal amount of the debt securities) at which the debt securities will be issued;</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">the date or dates on which
the debt securities will mature;</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">our right, if any, to defer
payment of interest and the maximum length of this deferral period;</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">the rate or rates per annum
at which the debt securities will bear interest, if any, or the formula pursuant to which the rate or rates will be determined, and the
date or dates from which interest will accrue;</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">the interest payment dates
on which interest on the debt securities will be payable and the regular record date for any interest payable on any registered debt
securities on any interest payment date;</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">whether the debt securities
are to be issuable as registered debt securities or bearer debt securities or both, whether any of the debt securities are to be issuable
initially in temporary global form and whether any of the debt securities are to be issuable in permanent global form;</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">the person to whom any interest
on any registered debt securities will be payable, if other than the person in whose name that debt security (or one or more predecessor
debt securities) is registered at the close of business on the regular record date for that interest, the manner in which, or the person
to whom, any interest on any bearer debt security will be payable, if otherwise than upon presentation and surrender of the applicable
coupons, and the extent to which, or the manner in which, any interest payable on a temporary global debt security on an interest payment
date will be paid if other than in the manner provided in the relevant indenture and the extent to which, or the manner in which, any
interest payable on a permanent global debt security on an interest payment date will be paid;</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">each office or agency where,
subject to the terms of the relevant indenture as described below under &ldquo;Payment and Paying Agents,&rdquo; the principal of and
any premium and interest on the debt securities will be payable and each office or agency where, subject to the terms of the relevant
indenture as described below under &ldquo;Form, Exchange, Registration and Transfer,&rdquo; the debt securities may be presented for
registration of transfer or exchange;</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">the period or periods within
which and the price or prices at which the debt securities may, pursuant to any optional redemption provisions, be redeemed, in whole
or in part, at our option and the other detailed terms and conditions of any optional redemption provisions;</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">the obligation, if any, of
CSX to redeem or purchase the debt securities pursuant to any sinking fund or analogous provisions or at the option of the holder of
the debt securities and the period or periods within which and the price or prices at which the debt securities will be redeemed or purchased,
in whole or in part, pursuant to that obligation, and the other detailed terms and conditions of that obligation;</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">the denominations in which
any registered debt securities will be issuable, if other than denominations of $2,000 and any integral multiple of $1,000, and the denomination
or denominations in which bearer debt securities will be issuable, if other than denominations of $5,000;</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">the currency or currencies,
including currency units, in which payment of principal of and any premium and interest on the debt securities will be payable if other
than U.S. dollars and the ability, if any, of CSX or the holders of the debt securities to have payments made in any currency other than
those in which the debt securities are stated to be payable;</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">whether the amount of payments
of principal of, premium, if any, and interest, if any, on the debt securities may be determined with reference to an index and the manner
in which those amounts will be determined;</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">the portion of the principal
amount of the debt securities that will be payable upon acceleration if other than the full principal amount;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>



















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<P STYLE="color: #0000EE; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt; color: black">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt; color: black">any listing on
a securities exchange or quotation system;</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">the application of, and any
limitations on or modifications to, the terms of the indenture described below under &ldquo;Discharge, Defeasance and Covenant Defeasance;&rdquo;</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">the terms, if any, upon which
the debt securities may be convertible into or exchangeable for other securities;</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">any material United States
federal income tax consequences;</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">whether the debt securities
will be senior debt securities or subordinated debt securities and the ranking of the debt securities relative to other outstanding indebtedness;</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">if the debt securities are
subordinated, the aggregate amount of outstanding indebtedness, as of a recent date, that is senior to the subordinated securities, and
any limitations on the issuance of additional senior indebtedness; and</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">any other relevant terms of
the debt securities, including covenants and event of default provisions, not inconsistent with the provisions of the relevant indenture.</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The prospectus supplement will also describe any
special provisions for the payment of additional amounts relating to specified taxes, assessments or other governmental charges in respect
of the debt securities of that series and whether CSX has the option to redeem the affected debt securities rather than pay those additional
amounts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">As used in this prospectus and any prospectus
supplement relating to the offering of any debt securities, references to the principal of and premium, if any, and interest, if any,
on the debt securities will be deemed to include mention of the payment of additional amounts, if any, required by the terms of the debt
securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">If the purchase price of any debt securities is
payable in a currency other than U.S. dollars or if principal of, or premium, if any, or interest, if any, on any of the debt securities
is payable in any currency other than U.S. dollars, the specific terms and other information with respect to those debt securities and
that currency will be specified in the related prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Debt securities of a series may also be issued
under the relevant indenture upon the exercise of warrants issued by CSX. See &ldquo;Description of Securities Warrants.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The senior and subordinated indentures do not
contain any provisions that may afford the holders of debt securities of any series protection in the event of a highly leveraged transaction
or other transaction that may occur in connection with a takeover attempt resulting in a decline in the credit rating of the debt securities.
Those provisions, if applicable to the debt securities of any series, will be described in the related prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Form, Exchange, Registration and Transfer </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Unless otherwise indicated in the applicable prospectus
supplement, each series of debt securities will be issued in registered form only, without coupons. The senior and subordinated indentures,
however, provide that CSX may also issue debt securities in bearer form only, or in both registered and bearer form. Bearer debt securities
will not be offered, sold, resold or delivered in connection with their original issuance in the United States or to any United States
person other than to offices located outside the United States of certain United States financial institutions. Purchasers of bearer debt
securities will be subject to certification procedures and may be affected by certain limitations under United States tax laws. Those
procedures and limitations will be described in the prospectus supplement relating to the offering of the bearer debt securities. Unless
otherwise indicated in an applicable prospectus supplement or prospectus supplements, bearer debt securities will have interest coupons
attached. The senior and subordinated indentures also provide that debt securities of a series may be issuable in temporary or permanent
global form. See &ldquo;Global Debt Securities.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;&nbsp;</P>











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<P STYLE="color: #0000EE; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">At the option of the holder, subject to the terms
of the relevant indenture, registered debt securities of any series will be exchangeable for other registered debt securities of the same
series of any authorized denominations and of a like aggregate principal amount and tenor. In addition, if debt securities of any series
are issuable as both registered debt securities and bearer debt securities, at the option of the holder, subject to the terms of the relevant
indenture, bearer debt securities (with all unmatured coupons, except as provided below, and with all matured coupons in default) of that
series will be exchangeable for registered debt securities of the same series of any authorized denominations and of a like aggregate
principal amount and tenor. Bearer debt securities surrendered in exchange for registered debt securities between a regular record date
or a special record date and the relevant date for payment of interest will be surrendered without the coupon relating to that date for
payment of interest and interest will not be payable in respect of the registered debt security issued in exchange for that bearer debt
security, but will be payable only to the holder of the coupon relating to that date when due in accordance with the terms of the relevant
indenture. Registered debt securities, including registered debt securities received in exchange for bearer debt securities, may not be
exchanged for bearer debt securities. Each bearer debt security and coupon will bear a legend to the following effect:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;Any United States person who holds this obligation will be subject
to limitations under the United States income tax laws, including the limitations provided in Sections 165(j) and 1287(a) of the Internal
Revenue Code.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Debt securities may be presented for exchange
as provided above, and registered debt securities may be presented for registration of transfer (with the form of transfer duly executed),
at the office of the security registrar or at the office of any transfer agent designated by CSX for that purpose with respect to any
series of debt securities and referred to in an applicable prospectus supplement, without a service charge and upon payment of any taxes
and other governmental charges as described in the relevant indenture. The transfer or exchange will be effected upon the records of the
security registrar or the transfer agent, as the case may be, being satisfied with the documents of title and identity of the person making
the request. CSX has appointed the trustee as security registrar. If a prospectus supplement refers to any transfer agent (in addition
to the security registrar) initially designated by CSX with respect to any series of debt securities, CSX may at any time rescind the
designation of that transfer agent or approve a change in the location through which that transfer agent acts, except that, if debt securities
of a series are issuable solely as registered debt securities, CSX will be required to maintain a transfer agent in each place of payment
for that series and, if debt securities of a series are issuable as bearer debt securities, CSX will be required to maintain (in addition
to the security registrar) a transfer agent in a place of payment for that series located outside the United States and its possessions.
CSX may at any time designate additional transfer agents with respect to any series of debt securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">In the event of any partial redemption, CSX will
not be required to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">issue, register the transfer
of or exchange any debt security during a period beginning at the opening of business 15 days before any selection for redemption of
debt securities of like tenor and of the series of which that debt security is a part, and ending at the close of business on the earliest
date on which the relevant notice of redemption is deemed to have been given to all holders of debt securities of like tenor and of the
series to be redeemed;</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">register the transfer of or
exchange any registered debt security so selected for redemption, in whole or in part, except the unredeemed portion of any debt security
being redeemed in part; or</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">exchange any bearer debt security
so selected for redemption, except to exchange that bearer debt security for a registered debt security of that series and like tenor
which is immediately surrendered for redemption.</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Payment and Paying Agents </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Unless otherwise indicated in an applicable prospectus
supplement, principal of and any premium and interest on bearer debt securities will be payable, subject to any applicable laws and regulations,
at the offices of</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;&nbsp;</P>







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<P STYLE="color: #0000EE; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">paying agents outside the United States and its possessions that CSX
may designate from time to time or, at the option of the holder, by check or by transfer to an account maintained by the payee with a
financial institution located outside the United States and its possessions. Unless otherwise indicated in an applicable prospectus supplement,
payment of interest on a bearer debt security on any interest payment date will be made only against surrender to the paying agent of
the coupon relating to that interest payment date. No payment with respect to any bearer debt security will be made at any office or agency
of CSX in the United States or its possessions or by check mailed to any address in the United States or its possessions or by transfer
to any account maintained with a financial institution located in the United States or its possessions. However, payments of principal
of and any premium and interest on bearer debt securities denominated and payable in U.S. dollars will be made at the office of the paying
agent in the Borough of Manhattan, The City of New York, if (but only if) payment of the full amount in U.S. dollars at all offices or
agencies outside the United States and its possessions is illegal or effectively precluded by exchange controls or other similar restrictions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Unless otherwise indicated in an applicable prospectus
supplement, principal of and any premium and interest on registered debt securities will be payable, subject to any applicable laws and
regulations, at the office of the paying agent or paying agents that CSX may designate from time to time, except that at our option payment
of any interest may be made by check mailed to the address of the person entitled to that payment as that address appears in the security
register. Unless otherwise indicated in an applicable prospectus supplement, payment of interest on a registered debt security on any
interest payment date will be made to the person in whose name that registered debt security (or predecessor debt security) is registered
at the close of business on the regular record date for that interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Unless otherwise indicated in an applicable prospectus
supplement, the corporate trust office of the trustee in The City of New York will be designated as a paying agent for CSX for payments
with respect to debt securities of each series which are issuable solely as registered debt securities and as a paying agent for payments
with respect to debt securities of each series (subject to the limitations described above in the case of bearer debt securities) which
are issuable solely as bearer debt securities or as both registered debt securities and bearer debt securities. Any paying agents outside
the United States and its possessions and any other paying agents in the United States or its possessions initially designated by CSX
for the debt securities of each series will be named in the applicable prospectus supplement. CSX may at any time designate additional
paying agents or rescind the designation of any paying agent or approve a change in the office through which any paying agent acts, except
that if debt securities of a series are issuable solely as registered debt securities, CSX will be required to maintain a paying agent
in each place of payment for that series and, if debt securities of a series are issuable as bearer debt securities, CSX will be required
to maintain:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">a paying agent in the Borough
of Manhattan, The City of New York for payments with respect to any registered debt securities of the series (and for payments with respect
to bearer debt securities of the series in the circumstances described above, but not otherwise), and</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">a paying agent in a place of
payment located outside the United States and its possessions where debt securities of that series and any related coupons may be presented
and surrendered for payment;</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">provided, however, that if the debt securities of that series are listed
on a stock exchange located outside the United States and its possessions and that stock exchange requires CSX to do so, CSX will maintain
a paying agent in a city located outside the United States and its possessions for the debt securities of that series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">All moneys paid by CSX to a paying agent for the
payment of the principal of and any premium or interest on any debt security of any series which remain unclaimed at the end of two years
after that principal, premium or interest has become due and payable will be repaid to CSX and the holder of that debt security or any
related coupon will after that time look only to CSX for payment of that principal, premium or interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;&nbsp;</P>






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<P STYLE="color: #0000EE; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Ranking of Debt Securities; Holding Company Structure </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The senior debt securities will be unsecured unsubordinated
obligations of CSX and will rank on a parity in right of payment with all other unsecured and unsubordinated indebtedness of CSX. The
subordinated debt securities will be unsecured obligations of CSX and will be subordinated in right of payment to all existing and future
senior indebtedness (as defined below) of CSX. See &ldquo;Additional Terms of Subordinated Debt Securities&mdash;Subordination.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The debt securities are obligations exclusively
of CSX. CSX is a holding company, substantially all of whose consolidated assets are held by our subsidiaries. Accordingly, the cash flow
of CSX and the consequent ability to service our debt, including the debt securities, are largely dependent upon the earnings of those
subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Because CSX is a holding company, the debt securities
issued by CSX will be effectively subordinated to all existing and future indebtedness, trade payables, guarantees, lease obligations
and letter of credit obligations of CSX&rsquo;s subsidiaries. Therefore, CSX&rsquo;s rights and the rights of our creditors, including
the holders of the debt securities, to participate in the assets of any subsidiary upon the latter&rsquo;s liquidation or reorganization
will be subject to the prior claims of that subsidiary&rsquo;s creditors, except to the extent that CSX may itself be a creditor with
recognized claims against the subsidiary, in which case the claims of CSX would still be effectively subordinate to any security interest
in, or mortgages or other liens on, the assets of that subsidiary and would be subordinate to any indebtedness of that subsidiary senior
to that held by CSX. Although certain debt instruments to which CSX and our subsidiaries are parties impose limitations on the incurrence
of additional indebtedness, both CSX and our subsidiaries retain the ability to incur substantial additional indebtedness and lease and
letter of credit obligations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Global Debt Securities </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The debt securities of a series may be issued
in whole or in part in the form of one or more global securities that will be deposited with, or on behalf of, a depositary identified
in the prospectus supplement relating to that series. Global debt securities may be issued in either registered or bearer form and in
either temporary or permanent form. Unless and until it is exchanged in whole or in part for individual certificates evidencing debt securities
in definitive form, a global debt security may not be transferred except as a whole by the depositary for that global debt security to
a nominee of the depositary or by a nominee of the depositary to the depositary or another nominee of the depositary or by the depositary
or any nominee to a successor of the depositary or a nominee of the successor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The specific terms of the depositary arrangement
with respect to a series of global debt securities and certain limitations and restrictions relating to a series of global bearer debt
securities will be described in the prospectus supplement relating to that series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Redemption and Repurchase </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The debt securities of any series may be redeemable
at our option, may be subject to mandatory redemption pursuant to a sinking fund or otherwise, or may be subject to repurchase by us at
the option of the holders, in each case upon the terms, at the times and at the prices set forth in the applicable prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Conversion and Exchange </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The terms, if any, on which debt securities of
any series are convertible into or exchangeable for our common stock, preferred stock, depositary shares or other debt securities will
be set forth in the applicable prospectus supplement. Those terms may include provisions for conversion or exchange, either mandatory,
at the option of the holders or at our option.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>




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<P STYLE="color: #0000EE; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Certain Covenants and Agreements of CSX </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The indentures do not limit the amount of indebtedness
or lease obligations that may be incurred by CSX and our subsidiaries. The indentures do not contain provisions that would give holders
of the debt securities the right to require CSX to repurchase their debt securities in the event of a decline in the credit rating of
our debt securities resulting from a takeover, recapitalization or similar restructuring, or otherwise. Those provisions, if applicable
to the debt securities of any series, will be described in the related prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Covenant in the Senior Indenture&mdash;Limitation on Liens on
Stock of Our Principal Subsidiaries </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Unless otherwise indicated in the applicable prospectus
supplement and the relevant indenture supplement, the following covenant will be applicable to senior debt securities issued pursuant
to our senior indenture but not to subordinated debt securities issued pursuant to our subordinated indenture. The senior indenture provides
that CSX may not, nor may it permit any subsidiary to, create, assume, incur or suffer to exist any mortgage, pledge, lien, encumbrance,
charge or security interest of any kind upon any stock or indebtedness, whether owned on the date of the senior indenture or acquired
later, of any principal subsidiary, to secure any obligation (other than the senior debt securities) of CSX, any subsidiary or any other
person, unless all of the outstanding senior debt securities (and other outstanding debt securities issued from time to time pursuant
to the senior indenture) will be directly secured equally and ratably with that obligation. This provision does not restrict any other
property of CSX or our subsidiaries. The senior indenture defines &ldquo;obligation&rdquo; as indebtedness for money borrowed or indebtedness
evidenced by a bond, note, debenture or other evidence of indebtedness; &ldquo;principal subsidiary&rdquo; as CSXT; and &ldquo;subsidiary&rdquo;
as a corporation a majority of the outstanding voting stock of which is owned, directly or indirectly, by CSX or one or more subsidiaries,
or by CSX and one or more subsidiaries. The senior indenture does not prohibit the sale by CSX or any subsidiary of any stock or indebtedness
of any subsidiary, including any principal subsidiary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Provision in Indentures&mdash;Consolidation, Merger and Sale
of Assets </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Unless otherwise indicated in the applicable prospectus
supplement and the relevant indenture supplement, the following provision will be applicable to both senior debt securities issued pursuant
to our senior indenture and subordinated debt securities issued pursuant to our subordinated indenture. Each such indenture provides that
CSX may, without the consent of the holders of any of the outstanding debt securities of any series, consolidate with, merge into or transfer
our assets substantially as an entirety to any corporation organized under the laws of any domestic or foreign jurisdiction, provided
that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">the successor corporation assumes,
by a supplemental indenture, CSX&rsquo;s obligations on the debt securities of each series and under the respective indentures;</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">after giving effect to the
transaction, no event of default, and no event which, after notice or lapse of time, or both, would become an event of default will have
occurred and be continuing; and</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">CSX delivers to the relevant
trustee an officer&rsquo;s certificate and an opinion of counsel each stating that the transaction and supplemental indenture, if any,
comply with the applicable article of the respective indentures and that all conditions precedent in the respective indentures relating
to the transaction have been complied with.</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Events of Default </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">An &ldquo;event of default&rdquo; with respect
to the debt securities of any series is defined in each of our senior indenture and subordinated indenture, unless the prospectus supplement
and the relevant indenture supplement otherwise provide, as:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">a failure to pay principal
of or any premium on any of the debt securities of that series when due;</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">a failure to pay any interest
on any debt security of that series when due, continued for 30 days;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>









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<P STYLE="color: #0000EE; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt; color: black">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt; color: black">a failure to
deposit any sinking fund payment, when due, in respect of any debt security of that series;</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">a failure to perform any other
covenant of CSX in the relevant indenture (other than a covenant included in that indenture solely for the benefit of a series of debt
securities other than that series) continued for 90 days after written notice as provided in the relevant indenture;</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">certain events of bankruptcy,
insolvency or reorganization of CSX; or</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">any other event of default
provided with respect to debt securities of that series.</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">No event of default with respect to any particular
series of debt securities necessarily constitutes an event of default with respect to any other series of debt securities. Each indenture
provides that the trustee thereunder may withhold notice to the holders of the debt securities of any series of the occurrence of a default
with respect to the debt securities of that series (except a default in payment of principal, premium, if any, interest, if any, or sinking
fund payments, if any) if such trustee considers it in the interest of the holders thereof to do so.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Subject to the provisions of the Trust Indenture
Act requiring each trustee, during an event of default under the relevant indenture, to act with the requisite standard of care, and to
the provisions of the relevant indenture relating to the duties of the trustee in case an event of default occurs and is continuing, a
trustee will be under no obligation to exercise any of its rights or powers under the relevant indenture at the request or direction of
any of the holders of debt securities of any series thereunder or any related coupons unless those holders offer to such trustee reasonable
security or indemnity. Subject to the provisions for the indemnification of the relevant trustee, the holders of a majority in aggregate
principal amount of the outstanding debt securities of any series under the relevant indenture will have the right to direct the time,
method and place of conducting any proceeding for any remedy available to the relevant trustee, or exercising any trust or power conferred
on such trustee, with respect to debt securities of that series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">If an event of default with respect to debt securities
of any series at the time outstanding occurs and is continuing, either the relevant trustee or the holders of at least 25% in aggregate
principal amount of the outstanding debt securities of that series may declare the principal of all the outstanding debt securities of
such series (or a lesser amount, if provided for in the applicable series) to be due and payable immediately. At any time after a declaration
of acceleration with respect to debt securities of any series has been made but before a judgment or decree for payment of money due has
been obtained by the relevant trustee, the holders of a majority in aggregate principal amount of outstanding debt securities of that
series may rescind any declaration of acceleration and its consequences, if all payments due (other than those due as a result of acceleration)
have been made and all events of default have been cured or waived.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">No holder of any debt securities of any series
or any related coupons will have any right to institute any proceeding with respect to the relevant indenture or for any remedy under
such indenture, unless that holder has previously given to the relevant trustee written notice of a continuing event of default with respect
to debt securities of that series, the holders of at least 25% in aggregate principal amount of the outstanding debt securities of that
series have made written request, and offered reasonable security and indemnity, to the relevant trustee to institute the proceeding as
trustee, and the trustee has not received from the holders of a majority in aggregate principal amount of the outstanding debt securities
of that series a direction inconsistent with that request and has failed to institute the proceeding within 60 days. However, these limitations
do not apply to a suit instituted by a holder of an outstanding debt security of that series for enforcement of payment of the principal
of, or any premium or interest on, that debt security on or after the respective due dates expressed in that debt security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">CSX is required to furnish to the relevant trustee
annually a statement as to performance or fulfillment of covenants, agreements or conditions in the relevant indenture and as to the absence
of default.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>








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<P STYLE="color: #0000EE; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Meetings, Modification and Waiver </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Unless the prospectus supplement and the relevant
indenture supplement otherwise provide, each of our senior indenture and our subordinated indenture contains provisions permitting CSX
and the relevant trustee, with the consent of the holders of not less than a majority in aggregate principal amount of the outstanding
debt securities of each series issued under that indenture and affected by a modification or amendment (voting as one class), to modify
or amend any of the provisions of that indenture or of those debt securities or the rights of the holders of those debt securities under
that indenture, provided that no modification or amendment will, without the consent of each holder of each outstanding debt security
affected by that modification or amendment:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">change the stated maturity
of the principal of, or any installment of principal of or interest on, any such debt security, or reduce the principal amount of or
the rate of interest on or any premium payable upon the redemption of any such debt security, or change any obligation of CSX to pay
additional amounts (except as contemplated and permitted by the relevant indenture), or reduce the amount of the principal of an original
issue discount security that would be due and payable upon a declaration of acceleration of the maturity of that security or change the
coin or currency in which any debt security or any premium or interest on any such debt security is payable, or impair the right to institute
suit for the enforcement of any payment on or after the stated maturity of any such debt security (or, in the case of redemption, on
or after the redemption date);</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">reduce the percentage in principal
amount of such debt securities, the consent of the holders of which is required for any modification or amendment or the consent of whose
holders is required for any waiver (of compliance with certain provisions of the relevant indenture or certain defaults under such indenture
and their consequences) or reduce the requirements for a quorum or voting at a meeting of holders of such debt securities;</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">change any obligation of CSX
to maintain an office or agency in the places and for the purposes required by the relevant indenture;</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">solely in the case of the subordinated
indenture, modify any of the provisions of the subordinated indenture relating to subordination of the subordinated debt securities or
the definition of senior indebtedness in a manner adverse to the holders of the subordinated debt securities; or</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">modify any of the above provisions
(except as permitted by the relevant indenture).</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Unless the prospectus supplement and the relevant
indenture supplement otherwise provide, each of our senior indenture and our subordinated indenture also contains provisions permitting
CSX and the relevant trustee, without the consent of the holders of the debt securities issued under such indentures, to modify or amend
the relevant indenture in order, among other things:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">to add any additional events
of default or add to the covenants of CSX for the benefit of the holders of all or any series of debt securities issued under the relevant
indenture;</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">to establish the form or terms
of debt securities of any series issued under the relevant indenture;</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">to cure any ambiguity, to correct
or supplement any provision in the relevant indenture which may be inconsistent with any other provision in such indenture, or to make
any other provisions with respect to matters or questions arising under such indenture which will not adversely affect the interests
of the holders of any debt securities issued under such indenture in any material respect; or</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">to change or eliminate any
of the provisions of the relevant indenture, provided that the change or elimination will become effective only when there is no debt
security outstanding of any series issued under such indenture created prior to the execution of the supplemental indenture which is
entitled to the benefit of that provision.</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The holders of at least a majority in aggregate
principal amount of the outstanding debt securities of a series may, on behalf of the holders of all the debt securities of that series,
waive, insofar as that series is concerned,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>













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<P STYLE="color: #0000EE; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">compliance by CSX with certain restrictive provisions of the relevant
indenture, including the covenant described above under &ldquo;&mdash;Certain Covenants and Agreements of CSX&mdash;Covenant in the Senior
Indenture&mdash;Limitation on Liens on Stock of Our Principal Subsidiaries&rdquo; (which covenant appears only in the senior indenture).
The holders of not less than a majority in aggregate principal amount of the outstanding debt securities of a series may, on behalf of
all holders of debt securities of that series and any related coupons, waive any past default under the relevant indenture with respect
to debt securities of that series, except a default (a) in the payment of principal of or any premium or interest on any debt security
of that series or (b) in respect of a covenant or provision of such indenture which cannot be modified or amended without the consent
of the holder of each outstanding debt security of the series affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Each of our senior indenture and our subordinated
indenture provides that in determining whether the holders of the requisite principal amount of the outstanding debt securities have given
any request, demand, authorization, direction, notice, consent or waiver under the relevant indenture or are present at a meeting of holders
of debt securities for quorum purposes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">(1)</FONT></TD><TD><FONT STYLE="font-size: 10pt">the principal amount of an
original issue discount debt security that will be deemed to be outstanding will be the amount of the principal that would be due and
payable as of the date of the determination upon acceleration of the maturity thereof;</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">(2)</FONT></TD><TD><FONT STYLE="font-size: 10pt">the principal amount of a debt
security denominated in a foreign currency or currency unit will be the U.S. dollar equivalent, determined as of the date of original
issuance of that debt security, of the principal amount of that debt security or, in the case of an original issue discount debt security,
the U.S. dollar equivalent, determined as of the date of original issuance of that debt security, of the amount determined as provided
in (1) above; and</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">(3)</FONT></TD><TD><FONT STYLE="font-size: 10pt">any debt security owned by
CSX or any other obligor on that debt security or any affiliate of CSX or other obligor will be deemed not to be outstanding.</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Each of our senior indenture and our subordinated
indenture contains provisions for convening meetings of the holders of debt securities of any or all series issued under such indenture.
A meeting may be called at any time by the relevant trustee, and also, upon request, by CSX or the holders of at least 10% in aggregate
principal amount of the outstanding debt securities of that series, in each case upon notice given in accordance with &ldquo;Notices&rdquo;
below and the provisions of the relevant indenture. Except for any consent which must be given by the holder of each outstanding debt
security that would be affected as described above, any resolution presented at a meeting, or adjourned meeting duly reconvened, at which
a quorum (as described below) is present may be adopted by the affirmative vote of the holders of a majority in principal amount of the
outstanding debt securities of that series; provided, however, that, except for any consent which must be given by the holder of each
outstanding debt security that would be affected, as described above, any resolution with respect to any consent, waiver, request, demand,
notice, authorization, direction or other action which may be given by the holders of not less than a specified percentage in principal
amount of the outstanding debt securities of a series may be adopted at a meeting, or an adjourned meeting duly reconvened, at which a
quorum is present only by the affirmative vote of the holders of not less than the specified percentage in principal amount of the outstanding
debt securities of that series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Any resolution passed or action taken at any meeting
of holders of debt securities of any series duly held in accordance with the relevant indenture will be binding on all holders of debt
securities of that series and the related coupons. The quorum required for any meeting called to adopt a resolution, and at any reconvened
meeting, will be persons holding or representing a majority in principal amount of the outstanding debt securities of a series; provided,
however, that if any action is to be taken at that meeting with respect to a consent, waiver, request, demand, notice, authorization,
direction or other action which may be given by the holders of not less than a specified percentage in principal amount of the outstanding
debt securities of a series, the persons holding or representing that specified percentage in principal amount of the outstanding debt
securities of the series will constitute a quorum.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>







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<P STYLE="color: #0000EE; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Notices </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Except as otherwise provided in the relevant indenture,
notices to holders of bearer debt securities will be given by publication at least twice in a daily newspaper of general circulation in
The City of New York and in any other city or cities as may be specified in the applicable debt securities. Notices to holders of registered
debt securities will be given by mail to the addresses of those holders as they appear in the security register or electronically delivered
(or otherwise transmitted in accordance with the depositary&rsquo;s procedures).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Title </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Title to any bearer debt securities (including
bearer debt securities in temporary global form and in permanent global form) and any related coupons will pass by delivery. CSX, the
relevant trustee and any agent of CSX or the relevant trustee may treat the bearer of any bearer debt security and the bearer of any coupon
and the registered owner of any registered debt security as the absolute owner (whether or not that debt security or coupon is overdue
and notwithstanding any notice to the contrary) for the purpose of making payment and for all other purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Replacement of Debt Securities </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Any mutilated debt security or a debt security
with a mutilated coupon will be replaced by CSX at the expense of the holder upon surrender of that debt security to the relevant trustee.
Debt securities or coupons that become destroyed, lost or stolen will be replaced by CSX at the expense of the holder upon delivery to
the relevant trustee of evidence of the destruction, loss or theft satisfactory to CSX and the relevant trustee; in the case of any coupon
which becomes destroyed, lost or stolen, that coupon will be replaced by issuance of a new debt security in exchange for the debt security
to which the coupon appertains. In the case of a destroyed, lost or stolen debt security or coupon, an indemnity satisfactory to the relevant
trustee and CSX may be required at the expense of the holder of that debt security or coupon before a replacement debt security will be
issued.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Discharge, Defeasance and Covenant Defeasance </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Unless the prospectus supplement and the relevant
indenture supplement otherwise provide, upon the direction of CSX, each of our senior indenture and our subordinated indenture will generally
cease to be of further effect with respect to any series of debt securities issued under such indenture specified by CSX (subject to the
survival of certain provisions of such indenture) when:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">CSX has delivered to the relevant
trustee for cancellation all debt securities issued under such indenture; or</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">all debt securities issued
under such indenture not previously delivered to the relevant trustee for cancellation have become due and payable, or are by their terms
to become due and payable within one year or are to be called for redemption within one year, and CSX has deposited with the relevant
trustee as trust funds the entire amount sufficient to pay and discharge at stated maturity or upon redemption the entire indebtedness
on all debt securities issued under such indenture;</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">and if, in either case, CSX has paid or caused to be paid all other
sums payable under the relevant indenture with respect to the debt securities of that series by CSX and CSX has delivered to the trustee
an officer&rsquo;s certificate and an opinion of counsel each stating that the requisite conditions have been complied with.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">In addition, unless otherwise provided in an applicable
prospectus supplement, CSX may elect with respect to any series of debt securities either:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">(1)</FONT></TD><TD><FONT STYLE="font-size: 10pt">to defease and be discharged
from any and all obligations with respect to those debt securities (except as otherwise provided in the relevant indenture) (&ldquo;defeasance&rdquo;),
or</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">(2)</FONT></TD><TD><FONT STYLE="font-size: 10pt">to be released from our obligations
with respect to those debt securities described above under &ldquo;&mdash;Certain Covenants and Agreements of CSX&mdash;Covenant in the
Senior Indenture&mdash;Limitation on</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>








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<P STYLE="color: #0000EE; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: black">Liens
on Stock of Our Principal Subsidiaries&rdquo; (which covenant appears only in the senior indenture) and certain other restrictive covenants
in the relevant indenture and, if indicated in the applicable prospectus supplement, our obligations with respect to any other covenant
applicable to the debt securities of that series (&ldquo;covenant defeasance&rdquo;).</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">If we exercise our defeasance option by making
a defeasance payment with respect to any series of debt securities, payment of those debt securities may not be accelerated because of
an event of default. If we exercise our covenant defeasance option with respect to any series of debt securities, payment of those debt
securities may not be accelerated because of an event of default related to the covenants noted under clause (2) of the immediately preceding
paragraph. We may exercise our defeasance option with respect to those debt securities even though we may have previously exercised our
covenant defeasance option.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">If CSX effects covenant defeasance with respect
to any debt securities and those debt securities are declared due and payable because of the occurrence of any event of default other
than an event of default with respect to the covenants as to which there has been covenant defeasance, including the covenant described
above under &ldquo;&mdash;Certain Covenants and Agreements of CSX&mdash;Covenant in the Senior Indenture&mdash;Limitation on Liens on
Stock of Our Principal Subsidiaries,&rdquo; (which covenant appears only in the senior indenture) and which would no longer be applicable
to those debt securities after the covenant defeasance, the amount of monies and/or government obligations deposited with the applicable
trustee to effect the covenant defeasance may not be sufficient to pay amounts due on those debt securities at the time of any acceleration
resulting from such event of default. However, we would remain liable to make payment of those amounts due at the time of acceleration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">We may exercise our defeasance option or our covenant
defeasance option with respect to any series of debt securities, only if:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">(1)</FONT></TD><TD><FONT STYLE="font-size: 10pt">CSX irrevocably deposits in
trust with the relevant trustee cash and/or U.S. government obligations for the payment of principal, premium, if any, and interest with
respect to those debt securities to maturity or redemption, as the case may be, and we deliver to the relevant trustee a certificate
from a nationally recognized firm of independent public accountants expressing their opinion that the payments of principal and interest
when due and without reinvestment on the deposited U.S. government obligations plus any deposited money without investment will provide
cash at the times and in the amounts as will be sufficient to pay the principal, premium, if any, and interest when due with respect
to all those debt securities to maturity or redemption, as the case may be,</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">(2)</FONT></TD><TD><FONT STYLE="font-size: 10pt">no event of default with respect
to the debt securities of that series has occurred and is continuing</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">on the date of the deposit,
or</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">with respect to certain bankruptcy
defaults, at any time during the period ending on the 123rd day after the date of the deposit,</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">(3)</FONT></TD><TD><FONT STYLE="font-size: 10pt">the defeasance or covenant
defeasance does not result in the trust arising from that deposit to constitute, unless it is qualified as, a regulated investment company
under the Investment Company Act of 1940, as amended (the &ldquo;Investment Company Act&rdquo;),</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">(4)</FONT></TD><TD><FONT STYLE="font-size: 10pt">the defeasance or covenant
defeasance does not result in a breach or violation of, or constitute a default under, the relevant indenture or any other material agreement
or instrument to which we are a party or by which we are bound,</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">(5)</FONT></TD><TD><FONT STYLE="font-size: 10pt">with respect to debt securities
under the senior indenture, the defeasance or covenant defeasance does not cause any debt securities of such series then listed on any
registered national securities exchange under the Securities Exchange Act of 1934, as amended, to be delisted,</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">(6)</FONT></TD><TD><FONT STYLE="font-size: 10pt">CSX delivers to the relevant
trustee an opinion of counsel to the effect that the holders of the debt securities will not recognize income, gain or loss for United
States federal income tax purposes as a result of the defeasance or covenant defeasance and will be subject to United States federal
income tax</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>













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<P STYLE="color: #0000EE; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: black">on
the same amounts, in the same manner and at the same times as would have been the case if the defeasance or covenant defeasance had not
occurred, and</FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">(7)</FONT></TD><TD><FONT STYLE="font-size: 10pt">CSX delivers to the relevant
trustee an officer&rsquo;s certificate and an opinion of counsel, each stating that all conditions precedent to the defeasance and discharge
of the debt securities as contemplated by the relevant indenture have been complied with.</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The opinion of counsel, with respect to defeasance,
referred to in clause (6) above, must refer to and be based upon a ruling of the Internal Revenue Service or a change in applicable United
States federal income tax law occurring after the date of the relevant indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The trustee must hold in trust cash or U.S. government
obligations deposited with it as described above and must apply the deposited cash and the proceeds from deposited U.S. government obligations
to the payment of principal, premium, if any, and interest with respect to the debt securities. If and to the extent that deposited money
or U.S. government obligations cannot be applied by the trustee because of a court order or are for any reason insufficient in amount,
our obligation to pay principal of and any premium and interest shall be reinstated to the extent necessary to cover any deficiency on
any relevant due date for payment and, in the case of a covenant defeasance, our covenant obligations will be reinstated unless and until
all deficiencies in payment are covered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The applicable prospectus supplement may further
describe the provisions, if any, permitting or restricting defeasance or covenant defeasance with respect to the debt securities of a
particular series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Governing Law </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The indentures and the debt securities will be
governed by, and construed in accordance with, the laws of the State of New York.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Concerning the Trustees </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The Trust Indenture Act contains limitations on
the rights of a trustee, should it become a creditor of CSX, to obtain payment of claims in certain cases or to realize on certain property
received by it in respect of those claims, as security or otherwise. Each trustee is permitted to engage in other transactions with CSX
and our subsidiaries from time to time, provided that if the trustee acquires any conflicting interest it must eliminate the conflict
upon the occurrence of an event of default under the relevant indenture, or else resign.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">CSX and certain of our subsidiaries may from time
to time maintain lines of credit, and have other customary banking and commercial relationships, with The Bank of New York Mellon Trust
Company, N.A., the trustee under the senior indenture and the trustee under the subordinated indenture, and its affiliates. The Bank of
New York Mellon Trust Company, N.A. (as successor to JPMorgan Chase Bank, N.A., formerly The Chase Manhattan Bank) acts as trustee under
the indentures pursuant to which we have issued numerous series of debt securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Additional Terms of Subordinated Debt Securities </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Additional Covenants Applicable to Subordinated Debt Securities
</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Under the subordinated indenture, or under one
or more supplemental indentures to the subordinated indenture, we will:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">maintain directly or indirectly
100% ownership of the common securities of any trust to which any subordinated debt securities have been issued while those subordinated
debt securities remain outstanding; and</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt; color: black">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt; color: black">pay to any trust
to which subordinated debt securities have been issued any taxes, duties or governmental charges of whatever nature (other than withholding
taxes) imposed by the United States or any other taxing authority on that trust, so that the net amounts received and retained by that
trust (after paying any taxes, duties or other governmental charges (other than withholding taxes)) will be not less than that trust
would have received had no such taxes, duties or other governmental charges been imposed.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Option to Extend Interest Payment Period </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">If so indicated in the prospectus supplement,
we can defer interest payments by extending the interest payment period for the number of consecutive extension periods specified in the
applicable prospectus supplement. Other details regarding the extension period will also be specified in the applicable prospectus supplement.
No extension period may extend beyond the maturity of the applicable subordinated debt securities. At the end of the extension period(s),
we will pay all interest then accrued and unpaid, together with interest compounded quarterly at the rate for the applicable subordinated
debt securities, to the extent permitted by applicable law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">During any extension period, we will not make
distributions related to our capital stock, including dividends, redemptions, repurchases, liquidation payments or guarantee payments.
Also, we will not make any payments, redeem or repurchase any debt securities of equal or junior rank to the subordinated debt securities
or make any guarantee payments on any such debt securities. We may, however, make the following types of distributions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">dividends paid in common stock;</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">dividends in connection with
the implementation of a shareholder rights plan;</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">payments to a trust holding
securities of the same series under a guarantee; or</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">repurchases, redemptions or
other acquisitions of shares of our capital stock in connection with any employment contract, benefit plan or other similar arrangement
with or for the benefit of employees, officers, directors or consultants.</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Subordination </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The payment of the principal of, premium, if any,
and interest, if any, on the subordinated debt securities will be subordinated, to the extent and in the manner set forth in the subordinated
indenture, in right of payment to the prior payment in full of all senior indebtedness which may at any time and from time to time be
outstanding. Unless otherwise provided in the applicable prospectus supplement with respect to an issue of subordinated debt securities,
in the event of any distribution of our assets upon any dissolution, winding up, liquidation, reorganization or other similar proceedings
of CSX:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">all senior indebtedness will
first be paid in full, or that payment will be provided for, before any payment on account of the principal of, or premium, if any, or
interest, if any, on the subordinated debt securities is made, and</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">if any payment or distribution
of our assets is received by the trustee under the subordinated indenture or the holders of any of the subordinated debt securities before
all senior indebtedness is paid in full, that payment or distribution will be paid over to the holders of senior indebtedness or on their
behalf for application to the payment of all senior indebtedness remaining unpaid until all senior indebtedness has been paid in full
or that payment provided for, after giving effect to any concurrent payment or distribution to the holders of senior indebtedness.</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Subject to the payment in full of all senior indebtedness
upon any distribution of our assets, the holders of the subordinated debt securities will be subrogated to the rights of the holders of
the senior indebtedness to the extent of payments made to the holders of senior indebtedness out of the distributive share of the subordinated
debt securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>











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<P STYLE="color: #0000EE; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">By reason of subordination of the subordinated
debt securities, if there is any distribution of our assets upon dissolution, winding up, liquidation, reorganization or other similar
proceedings of CSX,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">holders of senior indebtedness
will be entitled to be paid in full before payments may be made on the subordinated debt securities and the holders of subordinated debt
securities will be required to pay over their share of that distribution to the holders of senior indebtedness until all senior indebtedness
is paid in full, and</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">creditors of CSX who are neither
holders of subordinated debt securities nor holders of senior indebtedness may recover less, ratably, than holders of senior indebtedness
and may recover more, ratably, than the holders of the subordinated debt securities.</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Furthermore, subordination may result in a reduction or elimination
of payments to the holders of subordinated debt securities. The subordinated indenture provides that the subordination provisions in the
subordinated indenture will not apply to any money and securities held in trust pursuant to the discharge, defeasance and covenant defeasance
provisions of the subordinated indenture (see &ldquo;&mdash;Discharge, Defeasance and Covenant Defeasance&rdquo; above).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The subordinated indenture also provides that
no payment on account of the principal of, or premium, if any, sinking funds, if any, or interest, if any, on the subordinated debt securities
will be made unless full payment of amounts then due for the principal of, premium, if any, sinking funds, if any, and interest, if any,
on senior indebtedness has been made or duly provided for.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Senior indebtedness means, with respect to any
series of subordinated debt securities, the principal, premium, interest and any other payment in respect of any of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">(1)</FONT></TD><TD><FONT STYLE="font-size: 10pt">any liability of CSX</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">for borrowed money or under
any reimbursement obligation relating to a letter of credit,</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">evidenced by a bond, note, debenture
or similar instrument,</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">for obligations to pay the deferred
purchase price of property or services, except trade accounts payable arising in the ordinary course of business,</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">for the payment of money relating
to a capitalized lease obligation, or</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">for the payment of money under
any swap agreement;</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">(2)</FONT></TD><TD><FONT STYLE="font-size: 10pt">any liability of others described
in the preceding clause (1) that CSX has guaranteed or that is otherwise our legal liability; and</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">(3)</FONT></TD><TD><FONT STYLE="font-size: 10pt">any deferral, renewal, extension
or refunding of any liability of the types referred to in clauses (1) and (2) above,</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">unless, in the instrument creating or evidencing any liability referred
to in clause (1) or (2) above or any deferral, renewal, extension or refunding referred to in clause (3) above or pursuant to which the
same is outstanding, it is expressly provided that the liability, deferral, renewal, extension or refunding is subordinate in right of
payment to all other indebtedness of CSX or is not senior or prior in right of payment to the subordinated debt securities or ranks pari
passu with or subordinate to the subordinated debt securities in right of payment; and provided that the subordinated debt securities
will not constitute senior indebtedness. Swap agreements are defined as any financial agreement designed to manage our exposure to fluctuations
in interest rates, currency exchange rates or commodity prices, including without limitation swap agreements, option agreements, cap agreements,
floor agreements, collar agreements and forward purchase agreements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Senior indebtedness will be entitled to the benefits
of the subordination provisions in the subordinated indenture irrespective of the amendment, modification or waiver of any term of the
senior indebtedness. We may not amend the subordinated indenture to change the subordination of any outstanding subordinated debt securities
without the consent of each holder of senior indebtedness that the amendment would adversely affect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>














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<P STYLE="color: #0000EE; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">If this prospectus is being delivered in connection
with the offering of a series of subordinated debt securities, the accompanying prospectus supplement or the information incorporated
by reference in this prospectus will set forth the approximate amount of senior indebtedness outstanding as of a recent date. The subordinated
indenture does not limit the amount of senior indebtedness that we may issue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;&nbsp;</P>




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<P STYLE="color: #0000EE; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>DEBT SECURITIES OF CSX TRANSPORTATION, INC. AND GUARANTEE OF DEBT
SECURITIES OF CSX TRANSPORTATION, INC. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">CSXT may issue debt securities that may be either
secured by assets of CSXT or senior unsecured obligations of CSXT. The debt securities will be issued under a base indenture dated December
13, 2007 between CSXT and The Bank of New York Mellon Trust Company, N.A., as trustee, as may be supplemented and amended from time to
time, or under one or more other indentures that CSXT may enter into in connection with the issuance of debt securities, as applicable.
The debt securities may be issued from time to time in one or more series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Payment obligations under any debt securities
issued by CSXT will be fully, unconditionally and irrevocably guaranteed by CSX. The discussion of the material provisions of the guarantee
provided for any particular series of debt securities of CSXT will be set forth in an applicable prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The discussion of the material provisions of a
particular series of debt securities set forth in an applicable prospectus supplement are subject to and are qualified in their entirety
by reference to all of the provisions of the instruments governing such debt securities, which provisions (including defined terms) are
incorporated in this description of debt securities by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The particular terms of each series of debt securities
offered by a prospectus supplement or prospectus supplements will be described in the prospectus supplement or prospectus supplements
relating to that series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The prospectus supplement for a particular series
of debt securities will describe the specific terms of that series, including (where applicable):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">the title of the debt securities;</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">any limit on the aggregate
principal amount of the debt securities;</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">the price or prices (expressed
as a percentage of the aggregate principal amount of the debt securities) at which the debt securities will be issued;</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">the date or dates on which
the debt securities will mature;</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">the rate or rates per annum
at which the debt securities will bear interest, if any, or the formula pursuant to which the rate or rates will be determined, and the
date or dates from which interest will accrue;</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">the interest payment dates
on which interest on the debt securities will be payable and the regular record date for any interest payable on any registered debt
securities on any interest payment date;</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">whether the debt securities
are to be issuable as registered debt securities or bearer debt securities or both, whether any of the debt securities are to be issuable
initially in temporary global form and whether any of the debt securities are to be issuable in permanent global form;</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">the period or periods within
which and the price or prices at which the debt securities may, pursuant to any optional redemption provisions, be redeemed, in whole
or in part, at our option and the other detailed terms and conditions of any optional redemption provisions;</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">the obligation, if any, of
CSXT to redeem or purchase the debt securities pursuant to any sinking fund or analogous provisions or at the option of the holder of
the debt securities and the period or periods within which and the price or prices at which the debt securities will be redeemed or purchased,
in whole or in part, pursuant to that obligation, and the other detailed terms and conditions of that obligation;</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">the denominations in which
any registered debt securities will be issuable, if other than denominations of $2,000 and any integral multiple of $1,000, and the denomination
or denominations in which bearer debt securities will be issuable, if other than denominations of $5,000;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>














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<P STYLE="color: #0000EE; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt; color: black">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt; color: black">the currency
or currencies, including currency units, in which payment of principal of and any premium and interest on the debt securities will be
payable if other than U.S. dollars and the ability, if any, of CSXT or the holders of the debt securities to have payments made in any
currency other than those in which the debt securities are stated to be payable;</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">whether the debt securities
will be unsecured or secured and if secured, the terms relating to the collateral thereof;</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">any listing on a securities
exchange or quotation system;</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">any provisions relating to
the satisfaction and discharge or defeasance or covenant defeasance contained in the relevant indenture;</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">the terms, if any, upon which
the debt securities may be convertible into or exchangeable for other securities;</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">any material United States
federal income tax consequences; and</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">any other terms of the debt
securities not inconsistent with the provisions of the relevant indenture.</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_008"></A><B>DESCRIPTION OF TRUST PREFERRED SECURITIES AND
THE GUARANTEE OF THE TRUST PREFERRED SECURITIES </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The following is a summary of the principal terms
of the trust preferred securities. The form of amended and restated trust agreement is filed as an exhibit to the registration statement
of which this prospectus forms a part. The terms of the trust preferred securities will include those stated in the amended and restated
trust agreement and those made part of the amended and restated trust agreement by the Trust Indenture Act. The trust preferred securities
and the trust common securities of the Trust are sometimes referred to together in this section as the &ldquo;trust securities.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>General </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The Trust will exist until terminated as provided
in its amended and restated trust agreement. Except under certain circumstances, CSX will be entitled to appoint, remove or replace trustees,
who will conduct the business and affairs of the Trust. The number of trustees will initially be four, and must consist of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">at least one employee, officers
or affiliates of CSX, as an administrative trustee;</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">a financial institution unaffiliated
with CSX that will act as property trustee and as indenture trustee for purposes of the Trust Indenture Act; and</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">one trustee with its principal
place of business or who resides in the State of Delaware that will act as Delaware trustee for the purpose of complying with provisions
of the Delaware Statutory Trust Act.</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The amended and restated trust agreement will
authorize the administrative trustees to issue, on behalf of the Trust, two classes of trust securities, trust preferred securities and
trust common securities, each of which will have the terms described in this prospectus and in the applicable prospectus supplement. CSX
will own all of the trust common securities. The trust common securities will rank equally in right of payment, and payments will be made
on the trust common securities proportionately, with the trust preferred securities. However, if an event of default occurs and is continuing
under the amended and restated trust agreement, the rights of the holders of the trust common securities to payment of distributions and
payments upon liquidation, redemption and otherwise, will be subordinated to the rights of the holders of the trust preferred securities.
CSX will acquire, directly or indirectly, trust common securities in a total liquidation amount of approximately 3% of the total capital
of the Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">In connection with the sale of the trust preferred
securities, the Trust will purchase subordinated debt securities of CSX. These subordinated debt securities will be held in trust by the
property trustee for the benefit</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>














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<P STYLE="color: #0000EE; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">of the holders of the trust securities. CSX will guarantee the payments
of distributions and payments on redemption or liquidation with respect to the trust preferred securities, but only to the extent the
Trust has funds available to make those payments and has not made the payments. See &ldquo;Description of the Guarantee&rdquo; below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The assets of the Trust available for distribution
to the holders of trust preferred securities will be limited to payments from us under the subordinated debt securities held by the Trust.
If we fail to make a payment on the subordinated debt securities, the Trust will not have sufficient funds to make related payments, including
distributions, on its trust preferred securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The amended and restated trust agreement will
be qualified as an indenture under the Trust Indenture Act. Each property trustee will act as indenture trustee for the trust preferred
securities to be issued by the Trust in order to comply with the provisions of the Trust Indenture Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The trust preferred securities will have the terms,
including with respect to distributions, redemption, voting, liquidation rights and other preferred, deferred or other special rights
or restrictions that are set forth in the amended and restated trust agreement or made part of the amended and restated trust agreement
by the Trust Indenture Act or the Delaware Statutory Trust Act. Certain terms of the trust preferred securities will mirror corresponding
terms of the subordinated debt securities held by the Trust. In particular, the distribution rate and the distribution payment dates and
other payment dates for the trust preferred securities will correspond to the interest rate and interest payment dates and other payment
dates on the subordinated debt securities. Holders of trust preferred securities have no preemptive or similar rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Provisions of Sole Series of the Trust </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The Trust may issue only one series of trust preferred
securities. The applicable prospectus supplement will set forth the principal terms of the trust preferred securities that will be offered,
including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">the name of the trust preferred
securities;</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">the liquidation amount and
number of trust preferred securities issued;</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">the annual distribution rate(s)
or method of determining such rate(s), the payment date(s) and the record dates used to determine the holders who are to receive distributions,
and the place(s) where distributions and other amounts will be paid;</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">the date from which distributions
will be cumulative;</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">the optional redemption provisions,
if any, including the prices, time periods and other terms and conditions on which the trust preferred securities will be purchased or
redeemed, in whole or in part;</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">the terms and conditions, if
any, upon which the subordinated debt securities and the related guarantee may be distributed to holders of those trust preferred securities;</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">any securities exchange on
which the trust preferred securities will be listed;</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">whether the trust preferred
securities are to be issued in book-entry form and represented by one or more global certificates, and if so, the depositary for those
global certificates and the specific terms of the depositary arrangements; and</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">any other relevant rights,
preferences, privileges, limitations or restrictions of the trust preferred securities.</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The interest rate and interest and other payment
dates of each series of subordinated debt securities issued to a trust will correspond to the rate at which distributions will be paid
and the distribution and other payment dates of the trust preferred securities of that trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;&nbsp;</P>













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<P STYLE="color: #0000EE; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The applicable prospectus supplement or prospectus
supplements will describe any material U.S. federal income tax considerations applicable to the purchase, holding and disposition of the
trust preferred securities offered by such prospectus supplement or prospectus supplements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Extensions </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">CSX has the right under the subordinated indenture
to defer payments of interest on the subordinated debt securities by extending the interest payment period from time to time on the subordinated
debt securities. The administrative trustees will give the holders of the trust preferred securities notice of any extension period upon
their receipt of notice from us. If distributions are deferred, the deferred distributions and accrued interest will be paid to holders
of record of the trust preferred securities as they appear on the books and records of the Trust on the record date next following the
termination of such deferral period. See &ldquo;Description of Debt Securities&mdash;Debt Securities of CSX Corporation&mdash;Additional
Terms of Subordinated Debt Securities&mdash;Option To Extend Interest Payment Period&rdquo; above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Distributions </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Distributions on the trust preferred securities
will be made on the dates payable to the extent that the Trust has funds available for the payment of distributions in the property account
held by the property trustee. The Trust&rsquo;s funds available for distribution to the holders of the trust securities will be limited
to payments received from us on the subordinated debt securities. CSX has guaranteed the payment of distributions out of monies held by
the Trust to the extent set forth below under &ldquo;&mdash;Description of the Guarantee.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Distributions on the trust preferred securities
will be payable to the holders named on the securities register of the Trust at the close of business on the record dates, which, as long
as the trust preferred securities remain in book-entry only form, will be one business day prior to the relevant payment dates. Distributions
will be paid through the property trustee who will hold amounts received in respect of the subordinated debt securities in the property
account for the benefit of the holders of the trust securities. In the event that the trust preferred securities do not continue to remain
in book-entry only form, the relevant record dates will conform to the rules of any securities exchange on which the trust preferred securities
are listed and, if none, the administrative trustees will have the right to select relevant record dates, which will be more than 14 days
but less than 60 days prior to the relevant payment dates. In the event that any date on which distributions are to be made on the trust
preferred securities is not a business day, then payment of the distributions payable on that date will be made on the next succeeding
day which is a business day and without any interest or other payment in respect of that delay, except that, if that business day is in
the next succeeding calendar year, the payment will be made on the immediately preceding business day, in each case with the same force
and effect as if made on the record date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Mandatory Redemption of Trust Preferred Securities </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The trust preferred securities have no stated
maturity date, but will be redeemed upon the maturity of the subordinated debt securities or to the extent the subordinated debt securities
are redeemed prior to maturity. The subordinated debt securities will mature on the date specified in the applicable prospectus supplement
and may be redeemed at any time, in whole but not in part, in certain circumstances upon the occurrence of a Tax Event or an Investment
Company Event as described below under &ldquo;&mdash;Special Event Redemption.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Upon the maturity of the subordinated debt securities,
the proceeds of their repayment will simultaneously be applied to redeem all the outstanding trust securities at the applicable redemption
price. Upon the redemption of the subordinated debt securities, either at our option or as a result of a Tax Event or an Investment Company
Event, the proceeds from the redemption will simultaneously be applied to redeem trust securities having a total liquidation amount equal
to the total principal amount of the subordinated debt securities so redeemed at the redemption price; provided, that holders of trust
securities will be given not less than 20 nor more than 60 days&rsquo; notice of the redemption. In the event that fewer than all of the
outstanding trust securities are to be redeemed, the trust securities will be redeemed proportionately.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Special Event Redemption </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Both a Tax Event and an Investment Company Event
constitute Special Events for purposes of the redemption provisions described in the two immediately preceding paragraphs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">A Tax Event means that the administrative trustees
have received an opinion of independent tax counsel experienced in such matters to the effect that, as a result of any amendment to, change
or announced proposed change in:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">the laws or regulations of
the United States or any of its political subdivisions or taxing authorities, or</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">any official administrative
pronouncement, action or judicial decision interpreting or applying those laws or regulations,</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">which amendment or change becomes effective or proposed change, pronouncement,
action or decision is announced on or after the date the trust preferred securities are issued and sold, there is more than an insubstantial
risk that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">the Trust is or within 90 days
would be subject to U.S. federal income tax with respect to income accrued or received on the subordinated debt securities,</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">interest payable to the Trust
on the subordinated debt securities is not or within 90 days would not be deductible, in whole or in part, by CSX for U.S. federal income
tax purposes, or</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">the Trust is or within 90 days
would be subject to a material amount of other taxes, duties or other governmental charges.</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">An Investment Company Event means that the administrative
trustees have received an opinion of a nationally recognized independent counsel to the effect that, as a result of an amendment to or
change in the Investment Company Act or regulations thereunder on or after the date the trust preferred securities are issued and sold,
there is more than an insubstantial risk that the Trust is or will be considered an investment company and be required to be registered
under the Investment Company Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Redemption Procedures </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The Trust may not redeem fewer than all the outstanding
trust securities unless all accrued and unpaid distributions have been paid on all trust securities for all distribution periods terminating
on or before the date of redemption. In the event that fewer than all of the outstanding trust securities are to be redeemed, the trust
securities will be redeemed proportionately.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">If the Trust gives a notice of redemption in respect
of the trust securities (which notice will be irrevocable), then, by 2:00 p.m., New York City time, on the redemption date, and if CSX
has paid to the property trustee a sufficient amount of cash in connection with the related redemption or maturity of the subordinated
debt securities, (i) with respect to trust preferred securities represented by global securities the property trustee will irrevocably
deposit with the depositary funds sufficient to pay the applicable redemption price and will give the depositary irrevocable instructions
and authority to pay the redemption price to the holders of the trust preferred securities, and (ii) with respect to trust securities
not represented by global securities (including the trust common securities), the paying agent will pay the applicable redemption price
to the holders of such trust securities by check. If notice of redemption has been given and funds deposited as required, then, immediately
prior to the close of business on the date of the deposit, distributions will cease to accrue and all rights of holders of trust securities
called for redemption will cease, except the right of the holders of the trust securities to receive the redemption price but without
interest on the redemption price. In the event that any date fixed for redemption of trust securities is not a business day, then payment
of the redemption price payable on that date will be made on the next succeeding day that is a business day, without any interest or other
payment in respect of any such delay, except that, if that business day falls in the next calendar year, payment will be made on the immediately</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>









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<P STYLE="color: #0000EE; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">preceding business day. In the event that payment of the redemption
price in respect of trust securities is improperly withheld or refused and not paid either by the Trust or by CSX under the guarantee,
distributions on the trust preferred securities will continue to accrue at the then applicable rate from the original redemption date
to the date of payment, in which case the actual payment date will be considered the date fixed for redemption for purposes of calculating
the redemption price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Subject to the foregoing and applicable law, including,
without limitation, U.S. federal securities laws, we or our subsidiaries may at any time, and from time to time, purchase outstanding
trust preferred securities by tender, in the open market or by private agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Conversion or Exchange Rights </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The terms, if any, on which the trust preferred
securities are convertible into or exchangeable for common stock or our other securities will be contained in the applicable prospectus
supplement. Those terms will include provisions as to whether conversion or exchange is mandatory, at the option of the holder or at our
option, and may include provisions under which the number of shares of common stock or our other securities to be received by the holders
of trust preferred securities would be subject to adjustment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Distribution of the Subordinated Debt Securities </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">CSX will have the right at any time to dissolve
the Trust and, after satisfaction of the liabilities of creditors of the Trust as provided by applicable law, to cause subordinated debt
securities to be distributed to the holders of the trust securities in a total stated principal amount equal to the total stated liquidation
amount of the trust securities then outstanding. Prior to any such dissolution, we will obtain any required regulatory approvals. The
right to dissolve the Trust and distribute the subordinated debt securities will be conditioned on our receipt of an opinion rendered
by an independent tax counsel that the distribution would not result in the recognition of gain or loss for federal income tax purposes
by the holders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Liquidation Distribution upon Dissolution </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The amended and restated trust agreement will
state that the Trust will be dissolved:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">upon our bankruptcy;</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">upon the filing of a certificate
of dissolution or its equivalent with respect to CSX;</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">upon the filing of a certificate
of dissolution or its equivalent with respect to the Trust;</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">after obtaining the consent
of at least a majority in liquidation amount of the trust securities, voting together as a single class;</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">90 days after the revocation
of our charter, but only if the charter is not reinstated during that 90-day period;</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">at our election upon notice
and upon the distribution of the related subordinated debt securities directly to the holders of the trust securities in exchange therefor,
subject to the receipt of an opinion of independent tax counsel that such distribution will not result in the recognition of gain or
loss for U.S. federal income tax purposes by holders of trust preferred securities;</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">upon the redemption of all
of the trust securities; or</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">upon entry of a court order
for the dissolution of CSX or the Trust.</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">In the event of a dissolution, after the Trust
pays all amounts owed to creditors, the holders of the trust securities will be entitled to receive:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">cash equal to the total liquidation
amount of each trust security specified in an accompanying prospectus supplement, plus accumulated and unpaid distributions to the date
of payment; or</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>













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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="color: #0000EE; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt; color: black">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt; color: black">subordinated
debt securities in a total principal amount equal to the total liquidation amount of the trust securities.</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">If the Trust cannot pay the full amount due on
its trust securities because insufficient assets are available for payment, then the amounts payable by the Trust on its trust securities
will be paid proportionately. However, if an event of default under the related amended and restated trust agreement occurs, the total
amounts due on the trust preferred securities will be paid before any distribution on the trust common securities. Under certain circumstances
involving the dissolution of the Trust, subject to obtaining any required regulatory approval, subordinated debt securities will be distributed
to the holders of the trust securities in liquidation of the Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Trust Enforcement Events </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">An event of default under the subordinated indenture
relating to the subordinated debt securities will be an event of default under the amended and restated trust agreement (a &ldquo;Trust
Enforcement Event&rdquo;). See &ldquo;Description of Debt Securities&mdash;Debt Securities of CSX Corporation&mdash;Events of Default&rdquo;
above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">In addition, the voluntary or involuntary dissolution,
winding up or termination of the Trust is also a Trust Enforcement Event, except in connection with:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">the distribution of the subordinated
debt securities to holders of the trust securities of the Trust,</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">the redemption of all of the
trust securities of the Trust, and</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">mergers, consolidations or
amalgamations permitted by the amended and restated trust agreement of the Trust.</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Under the amended and restated trust agreement,
the holder of the trust common securities will be deemed to have waived any Trust Enforcement Event with respect to the trust common securities
until all Trust Enforcement Events with respect to the trust preferred securities have been cured, waived or otherwise eliminated. Until
all Trust Enforcement Events with respect to the trust preferred securities have been so cured, waived, or otherwise eliminated, the property
trustee will be deemed to be acting solely on behalf of the holders of the trust preferred securities and only the holders of the trust
preferred securities will have the right to direct the property trustee with respect to certain matters under the amended and restated
trust agreement and the subordinated indenture. In the event that any Trust Enforcement Event with respect to the trust preferred securities
is waived by the holders of the trust preferred securities as provided in the amended and restated trust agreement, under the amended
and restated trust agreement the holders of trust common securities have agreed that the waiver also constitutes a waiver of the Trust
Enforcement Event with respect to the trust common securities for all purposes under the amended and restated trust agreement without
any further act, vote or consent of the holders of trust common securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">CSX and the administrative trustees must file
annually with the property trustee a certificate evidencing compliance with all the applicable conditions and covenants under the amended
and restated trust agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Upon the occurrence of a Trust Enforcement Event,
the property trustee, as the sole holder of the subordinated debt securities, will have the right under the subordinated indenture to
declare the principal of, interest and premium, if any, on the subordinated debt securities to be immediately due and payable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">If the property trustee fails to enforce its rights
under the amended and restated trust agreement or the subordinated indenture to the fullest extent permitted by law and subject to the
terms of the amended and restated trust agreement and the subordinated indenture, any holder of trust preferred securities may sue us,
or seek other remedies, to enforce the property trustee&rsquo;s rights under the amended and restated trust agreement or the subordinated
indenture without first instituting a legal proceeding against the property trustee or any other person. If a Trust Enforcement Event
occurs and is continuing as a result of our failure to pay principal of or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>








<!-- Field: Page; Sequence: 63; Value: 1 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="color: #0000EE; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">interest or premium, if any, on the subordinated debt securities when
payable, then a holder of the trust preferred securities may directly sue us or seek other remedies, to collect its proportionate share
of payments owed. See &ldquo;&mdash;Relationship among the Trust Preferred Securities, the Guarantee and the Subordinated Debt Securities
Held by the Trust&rdquo; above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Removal and Replacement of Trustees </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Only the holders of trust common securities have
the right to remove or replace the trustees of the Trust, except that while an event of default in respect of the subordinated debt securities
has occurred and is continuing, the holders of a majority in aggregate liquidation amount of the trust preferred securities will have
this right. The resignation or removal of any trustee and the appointment of a successor trustee will be effective only on the acceptance
of appointment by the successor trustee in accordance with the provisions of the amended and restated trust agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Mergers, Consolidations or Amalgamations of the Trust </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The Trust may not consolidate, amalgamate, merge
with or into, or be replaced by or convey, transfer or lease its properties and assets substantially as an entirety to any other corporation
or other body (each, a &ldquo;Merger Event&rdquo;), except as described below. The Trust may, with the consent of a majority of its administrative
trustees and without the consent of the holders of its trust securities, consolidate, amalgamate, merge with or into, or be replaced by,
another trust, provided that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">the successor entity either</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">assumes all of the obligations
of the Trust relating to its trust securities, or</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">substitutes other securities
for the trust securities that are substantially similar to the trust securities, so long as the successor securities rank the same as
the trust securities for distributions and payments upon liquidation, redemption and otherwise;</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">CSX acknowledges a trustee
of the successor entity, who has the same powers and duties as the property trustee of the Trust, as the holder of the subordinated debt
securities;</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">the trust preferred securities
are listed, or any successor securities will be listed, upon notice of issuance, on the same securities exchange or other organization
that the trust preferred securities are then listed;</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">the Merger Event does not cause
the trust preferred securities or successor securities to be downgraded by any nationally recognized statistical rating organization;</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">the Merger Event does not adversely
affect the rights, preferences and privileges of the holders of the trust securities or successor securities in any material way, other
than with respect to any dilution of the holders&rsquo; interest in the new entity;</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">the successor entity has a
purpose identical to that of the Trust;</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">prior to the Merger Event,
CSX has received an opinion of counsel from a nationally recognized law firm stating that</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">the Merger Event does not adversely
affect the rights of the holders of the trust preferred securities or any successor securities in any material way, other than with respect
to any dilution of the holders&rsquo; interest in the new entity, and</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">following the Merger Event,
neither the Trust nor the successor entity will be required to register as an investment company under the Investment Company Act, and
will continue to be classified as a grantor trust for U.S. federal income tax purposes;</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>















<!-- Field: Page; Sequence: 64; Value: 1 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="color: #0000EE; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt; color: black">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt; color: black">CSX guarantees
the obligations of the successor entity under the successor securities in the same manner as in the guarantee; and</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">the successor entity expressly
assumes all of the obligations of the trust with respect to the trustees.</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">In addition, unless all of the holders of the
trust preferred securities and trust common securities approve otherwise, the Trust will not consolidate, amalgamate, merge with or into,
or be replaced by any other entity or permit any other entity to consolidate, amalgamate, merge with or into, or replace it, if, in the
opinion of a nationally recognized tax counsel experienced in such matters, the transaction would cause the Trust or the successor entity
to be classified other than as a grantor trust for U.S. federal income tax purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Voting Rights; Amendment of Trust Agreement </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The holders of trust preferred securities have
no voting rights except as discussed above under &ldquo;&mdash;Mergers, Consolidations or Amalgamations of the Trust&rdquo; and below
under &ldquo;&mdash;Description of the Guarantee&mdash;Amendments,&rdquo; and as otherwise required by law and the amended and restated
trust agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The amended and restated trust agreement may be
amended if approved by a majority of the administrative trustees of the Trust. However, any amendment that would (a) change the amount
or timing of any distribution of the trust securities or otherwise adversely affect the amount of any distribution required to be made
in respect of the trust securities as of a specified date or (b) restrict the right of a holder of trust securities to institute suit
for the enforcement of any such payment on or after such date, will entitle the holders of such trust securities, voting together as a
single class, to vote on such amendment or proposal and such amendment or proposal will only be effective with the approval of each of
the holders of the trust securities affected thereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Additionally, if any proposed amendment provides
for, or the administrative trustees otherwise propose to effect,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">any action that would adversely
affect the powers, preferences or special rights of the trust securities, whether by way of amendment to the amended and restated trust
agreement or otherwise, or</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">the dissolution, winding up
or termination of the Trust other than under the terms of its amended and restated trust agreement,</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">then the holders of the trust preferred securities as a single class
will be entitled to vote on the amendment or proposal. In that case, the amendment or proposal will only be effective if approved by at
least a majority in liquidation amount of the trust preferred securities affected by the amendment or proposal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">No amendment may be made to an amended and restated
trust agreement if that amendment would:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">cause the Trust to be characterized
as other than a grantor trust for U.S. federal income tax purposes;</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">reduce or otherwise adversely
affect the powers of the property trustee; or</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">cause the Trust to be deemed
to be an &ldquo;investment company&rdquo; which is required to be registered under the Investment Company Act.</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The holders of a majority of the total liquidation
amount of the trust preferred securities have the right to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">direct the time, method and
place of conducting any proceeding for any remedy available to the property trustee; or</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">direct the exercise of any
power conferred upon the property trustee under the amended and restated trust agreement, including the right to direct the property
trustee, as the holder of the subordinated debt securities, to:</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">exercise the remedies available
under the subordinated indenture with respect to the subordinated debt securities,</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>














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<P STYLE="color: #0000EE; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt; color: black">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt; color: black">waive any event
of default under the subordinated indenture that is waivable, or</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">cancel an acceleration of the
principal of the subordinated debt securities.</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">In addition, before taking any of the foregoing
actions, the property trustee must obtain an opinion of counsel stating that, as a result of that action, the Trust will continue to be
classified as a grantor trust for U.S. federal income tax purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">As described in the form of amended and restated
trust agreement, holders of trust preferred securities may vote on a change at a meeting or by written consent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">If a vote by the holders of trust preferred securities
is taken or a consent is obtained, any trust preferred securities owned by CSX or any of our affiliates will, for purposes of the vote
or consent, be treated as if they were not outstanding, which will have the following consequences:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">we and any of our affiliates
will not be able to vote on or consent to matters requiring the vote or consent of holders of trust preferred securities; and</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">any trust preferred securities
owned by CSX or any of our affiliates will not be counted in determining whether the required percentage of votes or consents has been
obtained.</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Information Concerning the Property Trustee </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The Bank of New York Mellon Trust Company, N.A.
(as successor to JPMorgan Chase Bank, N.A., formerly The Chase Manhattan Bank) will be the property trustee. The Bank of New York Mellon
Trust Company, N.A. (as successor to JPMorgan Chase Bank, N.A., formerly The Chase Manhattan Bank) will also be the guarantee trustee,
the subordinated indenture trustee and the senior indenture trustee. CSX and certain of our affiliates may from time to time maintain
deposit accounts and other banking relationships with The Bank of New York Mellon Trust Company, N.A. The Bank of New York Mellon Trust
Company, N.A. (as successor to JPMorgan Chase Bank, N.A., formerly The Chase Manhattan Bank) also serves as trustee under one other indenture
pursuant to which securities of CSX are outstanding. See &ldquo;Description of Debt Securities&mdash;Debt Securities of CSX Corporation&mdash;Concerning
the Trustees&rdquo; above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">For matters relating to compliance with the Trust
Indenture Act, the property trustee will have all of the duties and responsibilities of an indenture trustee under the Trust Indenture
Act. The property trustee, other than during the occurrence and continuance of a Trust Enforcement Event, undertakes to perform only the
duties that are specifically described in the amended and restated trust agreement and, upon a Trust Enforcement Event, must use the same
degree of care and skill as a prudent person would exercise or use in the conduct of his or her own affairs. Subject to this provision,
the property trustee is under no obligation to exercise any of the powers given it by the applicable amended and restated trust agreement
at the request of any holder of trust preferred securities unless it is offered reasonable security or indemnity against the costs, expenses
and liabilities that it might incur.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Information Concerning the Delaware Trustee </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">BNY Mellon Trust of Delaware, as successor to
Chase Bank USA, National Association (formerly known as Chase Manhattan Bank USA, National Association) will serve as trustee of the Trust
in the State of Delaware for the purpose of complying with the provisions of the Delaware Statutory Trust Act. The Bank of New York Mellon
Trust Company, N.A. (as successor to JPMorgan Chase Bank, N.A., formerly The Chase Manhattan Bank), an affiliate of BNY Mellon Trust of
Delaware, will serve as property trustee and in the other capacities described above under &ldquo;&mdash;Information Concerning the Property
Trustee.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>








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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="color: #0000EE; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Information Concerning the Administrative Trustees </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The administrative trustees are authorized and
directed to conduct the affairs of and to operate the Trust in a way that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">will not cause it to be deemed
to be an &ldquo;investment company&rdquo; required to be registered under the Investment Company Act;</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">will cause it to be classified
as a grantor trust for U.S. federal income tax purposes; and</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">will cause the subordinated
debt securities it holds to be treated as indebtedness of CSX for U.S. federal income tax purposes.</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">CSX and the administrative trustees are authorized
to take any action, so long as it is not inconsistent with applicable law or the certificate of trust or amended and restated trust agreement,
that we and the administrative trustees determine to be necessary or desirable for those purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Description of the Guarantee </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">CSX will execute the guarantee at the time the
Trust issues the trust preferred securities for the benefit of the holders of the trust preferred securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The Bank of New York Mellon Trust Company, N.A.
(as successor to JPMorgan Chase Bank, N.A., formerly The Chase Manhattan Bank) will act as guarantee trustee under the guarantee. The
guarantee trustee will hold the guarantee for the benefit of the holders of the trust preferred securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The following description of the guarantee is
only a summary. The form of guarantee is an exhibit to the registration statement and the following discussion is qualified in its entirety
by reference thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>General </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">CSX will irrevocably and unconditionally agree
under the guarantee to pay the guarantee payments that are defined below, to the extent specified in the guarantee, to the holders of
the trust preferred securities, to the extent that the guarantee payments are not paid by or on behalf of the Trust. We are required to
pay the guarantee payments to the extent specified in the guarantee regardless of any defense, right of set-off or counterclaim that we
may have or may assert against any person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The following payments and distributions on the
trust preferred securities of the Trust are guarantee payments:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">any accrued and unpaid distributions
required to be paid on the trust preferred securities of the Trust, but only to the extent that the Trust has funds legally and immediately
available for those distributions;</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">the redemption price for any
trust preferred securities that the Trust calls for redemption, including all accrued and unpaid distributions to the redemption date,
but only to the extent that the Trust has funds legally and immediately available for the payment; and</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">upon a voluntary or involuntary
dissolution, winding-up or termination of the Trust, other than in connection with the distribution of subordinated debt securities to
the holders of trust securities of the Trust or the redemption of all the trust preferred securities of the Trust, the lesser of:</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">the sum of the liquidation amount
and all accrued and unpaid distributions on the trust preferred securities of the Trust to the payment date, to the extent that the Trust
has funds legally and immediately available for the payment; and</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">the amount of assets of the
Trust remaining available for distribution to holders of the trust preferred securities of the Trust in liquidation of the Trust.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;&nbsp;</P>












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<P STYLE="color: #0000EE; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">We may satisfy our obligation to make a guarantee
payment by making that payment directly to the holders of the related trust preferred securities or by causing the Trust to make the payment
to those holders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The guarantee will be a full and unconditional
guarantee, subject to certain subordination provisions, of the guarantee payments with respect to the trust preferred securities from
the time of issuance of the trust preferred securities, except that the guarantee will only apply to the payment of distributions and
other payments on the trust preferred securities when the Trust has sufficient funds legally and immediately available to make those distributions
or other payments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">If CSX does not make the required payments on
the subordinated debt securities that the property trustee holds under the Trust, the Trust will not make the related payments on the
trust preferred securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Subordination </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Our obligations under the guarantee will be unsecured
obligations. Those obligations will rank:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">subordinate and junior in right
of payment to certain other liabilities of CSX, as described in the prospectus supplement;</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">equal in priority with subordinated
debt securities and similar guarantees that CSX may issue or enter into in respect of the Trust or any similar financing vehicle sponsored
by CSX; and</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">senior to our preferred and
common stock.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">CSX has no subordinated debt securities outstanding
that will rank equal in priority with the guarantee. CSX has common stock outstanding that will rank junior to the guarantee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The guarantee will be a guarantee of payment and
not of collection. This means that the guaranteed party may institute a legal proceeding directly against us, as guarantor, to enforce
its rights under the guarantee without first instituting a legal proceeding against any other person or entity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The terms of the trust preferred securities will
provide that each holder of the trust preferred securities, by accepting those trust preferred securities, agrees to the subordination
provisions and other terms of the guarantee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Amendments </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">CSX may amend the guarantee without the consent
of any holder of the trust preferred securities to which the guarantee relates if the amendment does not materially and adversely affect
the rights of those holders. We may otherwise amend the guarantee with the approval of the holders of at least 50% of the outstanding
trust preferred securities to which the guarantee relates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Termination </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The guarantee will terminate and be of no further
effect when:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">the redemption price of the
trust preferred securities to which the guarantee relates is fully paid;</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">CSX distributes the related
subordinated debt securities to the holders of those trust preferred securities; or</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">the amounts payable upon liquidation
of the related Trust are fully paid.</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The guarantee will remain in effect or will be
reinstated if at any time any holder of the related trust preferred securities must restore payment of any sums paid to that holder with
respect to those trust preferred securities or under the guarantee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>










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<P STYLE="color: #0000EE; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Material Covenants </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">CSX will covenant that, so long as any trust preferred
securities remain outstanding, if there is an event of default under the guarantee or under the subordinated indenture for the related
subordinated debt securities or during an extension of the interest payment period for the related subordinated debt securities:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">we will not declare or pay
any dividends or distributions on, or redeem, purchase, acquire or make a liquidation payment with respect to, any of CSX&rsquo;s capital
stock; and</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">we will not make any payment
of principal, interest or premium, if any, on or repay, repurchase or redeem any CSX debt securities that rank equally with or junior
to the subordinated debt securities issued to the Trust or make any guarantee payments with respect to any guarantee by CSX of the debt
securities of any subsidiary of CSX if such guarantee ranks equally with or junior to the subordinated debt securities issued to the
Trust.</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">We may, however, make the following types of distributions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">dividends or distributions
paid in common stock;</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">dividends in connection with
the implementation of a shareholder rights plan or the redemption or repurchase of any rights pursuant to such a plan;</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">payments to a trust holding
securities of the same series under a guarantee; and</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">purchases of common stock related
to the issuance of common stock or rights under any of CSX&rsquo;s benefit plans.</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Because we are a holding company that conducts
all of our operations through our subsidiaries, our ability to meet our obligations under the guarantee is dependent on the earnings and
cash flows of those subsidiaries and the ability of those subsidiaries to pay dividends or to advance or repay funds to us. The Trust,
as holder of the guarantee and the subordinated debt securities, will generally have a junior position to claims of creditors of our subsidiaries,
including trade creditors, debtholders, secured creditors, taxing authorities, guarantee holders and any preferred shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Events of Default </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">An event of default will occur under the guarantee
if we fail to perform any of our payment obligations under the guarantee. The holders of a majority of the trust preferred securities
of any series may waive any such event of default and its consequences on behalf of all of the holders of the trust preferred securities
of that series. The guarantee trustee is entitled to enforce the guarantee for the benefit of the holders of the trust preferred securities
of a series if an event of default occurs under the related guarantee. The holders of a majority of the trust preferred securities to
which the guarantee relates have the right to direct the time, method and place of conducting any proceeding for any remedy available
to the guarantee trustee with respect to the guarantee or to direct the exercise of any trust or power that the guarantee trustee holds
under the guarantee. Any holder of the related trust preferred securities may institute a legal proceeding directly against us to enforce
that holder&rsquo;s rights under the guarantee without first instituting a legal proceeding against the guarantee trustee or any other
person or entity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Concerning the Guarantee Trustee </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The Bank of New York Mellon Trust Company, N.A.
(as successor to JPMorgan Chase Bank, N.A., formerly The Chase Manhattan Bank) will be the guarantee trustee. It will also serve as the
property trustee, the subordinated indenture trustee and the senior indenture trustee. We and certain of our affiliates may from time
to time maintain deposit accounts and other banking relationships with The Bank of New York Mellon Trust Company, N.A. and its affiliates.
The Bank of New York Mellon Trust Company, N.A. (as successor to</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>










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<P STYLE="color: #0000EE; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">JPMorgan Chase Bank, N.A., formerly The Chase Manhattan Bank) also
serves as trustee under one other indenture pursuant to which securities of CSX are outstanding. See &ldquo;Description of Debt Securities&mdash;Debt
Securities of CSX Corporation&mdash;Concerning the Trustees&rdquo; above. The guarantee trustee will perform only those duties that are
specifically set forth in each guarantee unless an event of default under the guarantee occurs and is continuing. In case an event of
default occurs and is continuing, the guarantee trustee will exercise the same degree of care and skill as a prudent person would exercise
or use under the circumstances in the conduct of his or her own affairs. Subject to those provisions, the guarantee trustee is under no
obligation to exercise any of its powers under any guarantee at the request of any holder of the related trust preferred securities unless
that holder offers to the guarantee trustee security and indemnity reasonably satisfactory to the guarantee trustee against the costs,
expenses and liabilities that it might incur as a result.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Agreement as to Expenses and Liabilities </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">CSX will enter into an agreement as to expenses
and liabilities as required under the amended restated trust agreement. The agreement as to expenses and liabilities will provide that
we will, with certain exceptions, irrevocably and unconditionally guarantee the full payment of any indebtedness, expenses or liabilities
of the Trust to each person or entity to whom the Trust becomes indebted or liable. The exceptions to CSX&rsquo;s obligation are the obligations
of the Trust to pay to the holders of the trust preferred securities or other similar interests in the Trust the amounts due to the holders
under the terms of the trust preferred securities or the similar interests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Relationship among the Trust Preferred Securities, the Guarantee
and the Subordinated Debt Securities Held by the Trust </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">CSX will guarantee payments of distributions and
redemption and liquidation payments due on the trust preferred securities, to the extent the Trust has funds available for the payments,
as described above under &ldquo;&mdash;Description of the Guarantee.&rdquo; No single document executed by us in connection with the issuance
of the trust preferred securities will provide for our full, irrevocable and unconditional guarantee of the trust preferred securities.
It is only the combined operation of our obligations under the guarantee, the amended and restated trust agreement and the subordinated
indenture that has the effect of providing a full, irrevocable and unconditional guarantee of the Trust&rsquo;s obligations under the
trust preferred securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">As long as we make payments of interest and other
payments when due on the subordinated debt securities held by the Trust, those payments will be sufficient to cover the payment of distributions
and redemption and liquidation payments due on the trust preferred securities issued by the Trust, primarily because:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">the total principal amount
of the subordinated debt securities will be equal to the sum of the total liquidation amount of the trust preferred securities;</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">the interest rate and interest
and other payment dates on the subordinated debt securities will match the distribution rate and distribution and other payment dates
for the trust preferred securities;</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">we will pay for any and all
costs, expenses and liabilities of the Trust except its obligations under its trust preferred securities; and</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">the amended and restated trust
agreement will provide that the Trust will not engage in any activity that is not consistent with the limited purposes of the Trust.</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">If, and to the extent that, we do not make payments
on the subordinated debt securities, the Trust will not have funds available to make payments of distributions or other amounts due on
its trust preferred securities. In those circumstances, you will not be able to rely upon the guarantee for payment of these amounts.
Instead, you may directly sue us or seek other remedies to collect your proportionate share of payments owed. If you sue us to collect
payment, then we will assume your rights as a holder of trust preferred securities under the amended and restated trust agreement to the
extent we make a payment to you in any such legal action.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;&nbsp;</P>








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<P STYLE="color: #0000EE; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Accounting Treatment </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The Trust will be treated as a subsidiary of ours
for financial reporting purposes. Accordingly, our consolidated financial statements will include the accounts of the Trust. The trust
preferred securities, along with other trust preferred securities that we guarantee on an equivalent basis, will be presented as a separate
line item in our consolidated balance sheets, and appropriate disclosures about the trust preferred securities, the guarantee and the
subordinated debt securities will be included in the notes to the consolidated financial statements. We will record distributions that
the Trust pays on the trust preferred securities as an expense in our consolidated statement of income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Governing Law </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The amended and restated trust agreement and the
rights of the parties under such agreement will generally be governed by the laws of the State of Delaware. The guarantee of the trust
preferred securities will be governed by the law of the State of New York.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>




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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="color: #0000EE; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_009"></A>DESCRIPTION OF CAPITAL STOCK </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">As of the date of this prospectus, the authorized
capital stock of CSX is (i) 5,400,000,000 shares of common stock, par value $1.00 per share, and (ii) 25,000,000 shares of preferred stock,
without par value, issuable in series. As of January 31, 2025, 1,894,616,582 shares of common stock were issued and outstanding, and no
shares of preferred stock were issued and outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The following discussion of the material provisions
of the common stock, preferred stock, Amended and Restated Articles of Incorporation and Amended and Restated Bylaws of CSX are qualified
in their entirety by reference to the Amended and Restated Articles of Incorporation and Amended and Restated Bylaws of CSX and by the
applicable provisions of the Virginia Stock Corporation Act (the &ldquo;VSCA&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Common Stock </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">CSX may issue shares of common stock, either separately,
or together with, or upon the conversion of or in exchange for, other securities. If we offer common stock, the specific terms of the
offering, including the number of shares offered and the initial public offering price, will be described in the applicable prospectus
supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Our common stock is listed on The Nasdaq Global
Select Market under the symbol &ldquo;CSX.&rdquo; All outstanding shares of common stock are fully-paid and non-assessable. Any additional
shares of common stock we issue will also be fully-paid and non-assessable. Holders of common stock are entitled to one vote per share
on all matters voted on by shareholders and, except as otherwise required by law or provided by the terms of any series of preferred stock,
the holders of those shares exclusively possess all voting power of CSX. No holder of common stock is entitled as such, as a matter of
right, to subscribe for or purchase any shares of common stock or preferred stock. There is no cumulative voting in the election of directors,
who are elected annually by a vote of the majority of the votes cast with respect to a nominee&rsquo;s election; provided, that if there
are more nominees for election than the number of directors to be elected, directors are elected by a plurality of the votes cast in such
an election. Subject to the preferential rights of any outstanding series of preferred stock, the holders of common stock are entitled
to receive ratably dividends as may be declared from time to time by our Board of Directors from funds legally available for that purpose.
In the event of a liquidation, dissolution or winding up of CSX, holders of common stock are entitled to share ratably in all assets remaining
after payment or provision for liabilities and amounts owing in respect of any outstanding preferred stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The transfer agent for CSX common stock is Broadridge
Corporate Issuer Solutions, Inc., located in Edgewood, New York.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Preferred Stock </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">CSX may issue shares of our preferred stock, in
one or more series, either separately, or together with, or upon the conversion of or in exchange for, other securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The following description of preferred stock sets
forth certain general terms and provisions of any series of preferred stock to which any prospectus supplement may relate. If we offer
preferred stock, the terms of any particular series of preferred stock, including preferred stock to be represented by depositary shares,
will be described in the applicable prospectus supplement, including (where applicable):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">the title of the series;</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">the number of shares offered;</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">the initial public offering
price;</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">the dividend rate or method
of calculation of the dividend rate and the dividend payment dates or periods;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>








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<P STYLE="color: #0000EE; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt; color: black">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt; color: black">the date from
which dividends will accrue and whether dividends will be cumulative;</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">any right to vote with holders
of shares of any other series or class and any right to vote as a class;</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">the provisions for redemption
or repurchase, if applicable, including any sinking fund provisions for the redemption or repurchase of shares;</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">the amount payable with respect
to both the payment of dividends and the distribution of assets upon liquidation, dissolution or winding up of CSX;</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">any listing on any securities
exchange;</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">the procedures for any auction
or remarketing, if any;</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">the terms and conditions, if
any, upon which the preferred stock will be convertible into or exchangeable for other securities;</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">whether interests will be represented
by depositary shares; and</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">any other specific terms of
the offered preferred stock.</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The form of articles of amendment relating to
a series of preferred stock will be filed as an exhibit to, or incorporated by reference in, the registration statement of which this
prospectus forms a part. The terms of the preferred stock offered by any prospectus supplement may differ from the general terms set forth
in this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Subject to limitations prescribed by Virginia
law and CSX&rsquo;s Amended and Restated Articles of Incorporation, our Board of Directors, without further action by the shareholders,
is authorized to designate and issue in series preferred stock and to fix as to any series:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">the number of shares constituting
that series;</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">the rate of dividend, the time
of payment and, if cumulative, the dates from which dividends will be cumulative, and the extent of participation rights, if any;</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">any right to vote with holders
of shares of any other series or class and any right to vote as a class, either generally or as a condition to specified corporate action;</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">the price at and the terms
and conditions on which shares may be redeemed, including any sinking fund provisions for the redemption or purchase of shares;</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">the amount payable upon shares
in the event of a voluntary or involuntary liquidation; and</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">whether shares will have the
privilege of conversion, and if so, the terms and conditions on which shares may be converted.</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The issuance of preferred stock could, among other
things, adversely affect the voting power of the holders of common stock and, under certain circumstances, make it more difficult for
a third party to gain control of CSX or to remove present management and could have the effect of delaying or preventing a merger, tender
offer or other attempted takeover of CSX. No holder of preferred stock will be entitled, as a matter of right, to subscribe for or purchase
any shares of preferred stock or common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Preferred stock will, when issued, be fully-paid
and non-assessable. Unless otherwise specified in the applicable prospectus supplement, any series of offered preferred stock will rank,
with respect to dividends and the distribution of assets, senior to common stock, and on a parity with shares of any other then outstanding
series of preferred stock. Therefore, any preferred stock that may subsequently be issued may limit the rights of the holders of our common
stock and preferred stock. In addition, under certain circumstances, preferred stock could also restrict dividend payments to our holders
of common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The transfer agent and registrar for a series
of preferred stock will be named in the applicable prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>



















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<P STYLE="color: #0000EE; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Virginia Stock Corporation Act; Anti-takeover Effects </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The VSCA contains provisions governing &ldquo;Affiliated
Transactions.&rdquo; These provisions, with several exceptions discussed below, generally require approval of certain material transactions
between a Virginia corporation and any beneficial holder of more than 10% of any class of its outstanding voting shares (an &ldquo;Interested
Shareholder&rdquo;) by a majority of disinterested directors and by the holders of at least two-thirds of the remaining voting shares.
Affiliated Transactions subject to this approval requirement include mergers, share exchanges, material dispositions of corporate assets
not in the ordinary course of business, any dissolution of the corporation proposed by or on behalf of an Interested Shareholder, or any
reclassification, including a reverse stock split, recapitalization or merger of the corporation with its subsidiaries, which increases
the percentage of voting shares owned beneficially by an Interested Shareholder by more than 5%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">For three years following the time that a person
becomes an Interested Shareholder, a Virginia corporation cannot engage in an Affiliated Transaction with that Interested Shareholder
without the approval of two-thirds of the voting shares other than those shares beneficially owned by the Interested Shareholder, and
the approval of a majority of the Disinterested Directors. &ldquo;Disinterested Director&rdquo; means, with respect to a particular Interested
Shareholder, a member of our Board of Directors who was:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">a member before the date on
which an Interested Shareholder became an Interested Shareholder, or</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">recommended for election by,
or was elected to fill a vacancy and received the affirmative vote of, a majority of the Disinterested Directors then on the Board of
Directors.</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">After the expiration of the three-year period, the statute requires
approval of Affiliated Transactions by two-thirds of the voting shares other than those beneficially owned by the Interested Shareholder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The principal exceptions to the special voting
requirements apply to transactions proposed after the three-year period has expired and require either that the transaction be approved
by a majority of CSX&rsquo;s Disinterested Directors or that the transaction satisfy the fair-price requirements of the statute. In general,
the fair-price requirement provides that in a two-step acquisition transaction, the Interested Shareholder must pay the shareholders in
the second step either the same amount of cash or the same amount and type of consideration paid to acquire CSX&rsquo;s shares in the
first step.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">None of the limitations and special voting requirements
described above applies to an Interested Shareholder whose acquisition of shares making that person an Interested Shareholder was approved
by a majority of CSX&rsquo;s Disinterested Directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">These provisions are designed to deter certain
types of takeovers of Virginia corporations. The statute provides that, by affirmative vote of a majority of the voting shares other than
shares owned by any Interested Shareholder, a corporation can adopt an amendment to its articles of incorporation or bylaws providing
that the Affiliated Transactions provisions will not apply to the corporation. At the 2006 annual meeting, the shareholders of CSX voted
to &ldquo;opt out&rdquo; of the Affiliated Transactions provisions of the VSCA. Under CSX&rsquo;s amended and restated articles of incorporation,
the following actions must be approved by the affirmative vote of a majority of the voting shares entitled to vote: (1) any plan of merger
or share exchange for which the VSCA requires shareholder approval; (2) the sale of all or substantially all of CSX&rsquo;s property for
which the VSCA requires shareholder approval; and (3) the dissolution of CSX. Majority voting for these three types of actions became
effective on November 3, 2007, 18 months after the amendment was approved by the shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Virginia law also generally provides that shares
of a Virginia corporation acquired in a transaction that would cause the acquiring person&rsquo;s voting strength to meet or exceed any
of three thresholds (20%, 33-1/3% or 50%) have no voting rights with respect to those shares unless granted by a majority vote of shares
not owned by the acquiring person or any officer or employee-director of the corporation. This provision empowers an acquiring person
to require the Virginia corporation to hold a special meeting of shareholders to consider the matter within 50 days of its request. CSX&rsquo;s
Amended and Restated Bylaws provide that this law does not apply to acquisitions of CSX stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>






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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="color: #0000EE; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_010"></A>DESCRIPTION OF DEPOSITARY SHARES </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">CSX may offer depositary shares (either separately
or together with other securities) representing fractional interests in shares of our preferred stock of any series. In connection with
the issuance of any depositary shares, CSX will enter into a deposit agreement with a bank or trust company, as depositary, which will
be named in the applicable prospectus supplement. Depositary shares will be evidenced by depositary receipts issued pursuant to the related
deposit agreement. Immediately following the issuance by CSX of the preferred stock related to the depositary shares, we will deposit
the shares of preferred stock with the relevant preferred stock depositary and will cause the preferred stock depositary to issue, on
our behalf, the related depositary receipts. Subject to the terms of the deposit agreement, each owner of a depositary receipt will be
entitled, in proportion to the fraction of a share of preferred stock represented by the related depositary share, to all the rights,
preferences and privileges of, and will be subject to all of the limitations and restrictions on, the preferred stock represented by the
depositary receipt (including, if applicable, limitations and restrictions on dividend, voting, conversion, exchange, redemption and liquidation
rights).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The form of deposit agreement, together with the
form of related depositary receipt, that will be entered into with respect to a particular offering of depositary shares will be filed
as an exhibit to a post-effective amendment to the registration statement or incorporated by reference in the registration statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The applicable prospectus supplement will describe
the terms of the depositary shares and the related deposit agreement for a particular issue of depositary shares, which terms may include
the following if applicable to those depositary shares:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">the terms of the series of
preferred stock deposited by CSX under the related deposit agreement;</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">the name and address of the
depositary;</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">the number of depositary shares
and the fraction of one share of preferred stock represented by one depositary share;</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">whether the depositary shares
will be listed on any securities exchange;</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">whether the depositary shares
will be sold with any other securities and, if so, the amount and terms of those securities; and</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">any other specific terms of
the depositary shares and the related deposit agreement.</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_011"></A>DESCRIPTION OF SECURITIES WARRANTS </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">CSX may issue warrants for the purchase of CSX&rsquo;s
debt securities, guarantees, preferred stock or common stock, or securities of third parties (including debt securities of CSXT) or other
rights, including rights to receive payment in cash or securities based on the value, rate or price of one or more specified commodities,
currencies, securities or indices, or any combination of the foregoing. Each warrant will entitle the holder to purchase the principal
amount of debt securities, number of shares of preferred stock or common stock, or specified amount of securities of third parties or
specified other rights, as the case may be, at the exercise price and in the manner specified in the prospectus supplement relating to
such warrants. Warrants may be exercised at any time up to the date and time specified in the applicable warrant agreement and set forth
in the applicable prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Warrants will be issued under one or more warrant
agreements to be entered into between CSX and a bank or trust company, as warrant agent. The material terms and provisions of such warrants
to be issued and a description of the material provisions of the applicable warrant agreement will be set forth in the applicable prospectus
supplement. The form of securities warrant agreement, including the form of certificates representing the warrants, that will be entered
into with respect to a particular offering of warrants will be filed as an exhibit to a post-effective amendment to the registration statement
or incorporated by reference in the registration statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>










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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="color: #0000EE; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The applicable prospectus supplement will describe
the terms of any warrants in respect of which this prospectus and such prospectus supplement is being delivered, which terms may include
the following if applicable to those warrants:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">the title and aggregate number
of the warrants;</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">the price or prices at which
such warrants will be issued;</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">the designation, aggregate
principal amount, currency, currencies or currency units and terms of the debt securities purchasable upon exercise of the warrants;
the price, or the manner of determining the price, at which the debt securities may be purchased upon exercise of the warrants;</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">the designation, number of
shares and terms of the series of preferred stock purchasable upon exercise of the warrants; the price, or the manner of determining
the price, at which the preferred stock may be purchased upon exercise of the warrants;</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">the number of shares of common
stock that may be purchased upon exercise of each warrant; the price, or the manner of determining the price, at which the shares may
be purchased upon the exercise of the warrants;</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">the securities or other rights,
including rights to receive payment in cash or securities based on the value, rate or price of one or more specified commodities, currencies,
securities or indices, or any combination of the foregoing, purchasable upon exercise of such warrants;</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">the price at which and the
currency or currencies in which the securities or other rights purchasable upon exercise of such warrants may be purchased;</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">if other than cash, the property
and manner in which the exercise price of the warrants may be paid; and any maximum or minimum number of warrants that may be exercisable
at any one time;</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">the time or times at which,
or period or periods during which, the warrants may be exercised and the expiration date of the warrants;</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">if applicable, the date on
and after which such warrants and the related securities will be separately transferable;</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">the terms of any right of CSX
to redeem the warrants;</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">the terms of any right of CSX
to accelerate the exercise of the warrants upon the occurrence of certain events;</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">whether the warrants will be
sold with any other securities, and the date, if any, on and after which the warrants and the other securities will be separately transferable;</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">whether the warrants will be
issued in registered or bearer form and information with respect to book-entry procedures, if any;</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">a discussion of any material
U.S. Federal income tax, accounting and other special considerations, procedures and limitations relating to the warrants; and</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">any other terms of the warrants,
including terms, procedures and limitations relating to the exchange and exercise of such warrants.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>




















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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="color: #0000EE; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_012"></A><B>DESCRIPTION OF PURCHASE CONTRACTS </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">We may issue purchase contracts for the purchase
or sale of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">CSX&rsquo;s debt securities,
guarantees, common or preferred stock, or securities of third parties (including debt securities of CSXT), a basket of such securities,
an index or indices of such securities or any combination of the foregoing as specified in the applicable prospectus supplement;</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">currencies; or</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">commodities.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Each purchase contract will entitle the holder
thereof to purchase or sell, and obligate us to sell or purchase, on specified dates, such securities, currencies or commodities at a
specified purchase price, which may be based on a formula, all as set forth in the applicable prospectus supplement. We may, however,
satisfy our obligations, if any, with respect to any purchase contract by delivering the cash value of such purchase contract or the cash
value of the property otherwise deliverable or, in the case of purchase contracts on underlying currencies, by delivering the underlying
currencies, as set forth in the applicable prospectus supplement. The applicable prospectus supplement will also specify the methods by
which the holders may purchase or sell such securities, currencies or commodities and any acceleration, cancellation or termination provisions
or other provisions relating to the settlement of a purchase contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The purchase contracts may require us to make
periodic payments to the holders thereof or vice versa, which payments may be deferred to the extent set forth in the applicable prospectus
supplement, and those payments may be unsecured or prefunded on some basis. The purchase contracts may require the holders thereof to
secure their obligations in a specified manner to be described in the applicable prospectus supplement. Alternatively, purchase contracts
may require holders to satisfy their obligations thereunder when the purchase contracts are issued. Our obligation to settle such pre-paid
purchase contracts on the relevant settlement date may constitute indebtedness. Accordingly, pre-paid purchase contracts will be issued
under either the senior indenture or the subordinated indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_013"></A>DESCRIPTION OF UNITS </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">As specified in the applicable prospectus supplement,
we may issue units consisting of one or more purchase contracts, warrants, debt securities (of CSX or CSXT), guarantees, shares of preferred
stock, shares of common stock or any combination of such securities. The applicable prospectus supplement will describe:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">the terms of the units and
of the other securities comprising the units, including whether and under what circumstances the securities comprising the units may
be traded separately;</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">a description of the terms
of any unit agreement governing the units; and</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">a description of the provisions
for the payment, settlement, transfer or exchange of the units.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>










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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="color: #0000EE; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="color: #0000EE; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_014"></A>PLAN OF DISTRIBUTION </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">CSX, CSXT or the Trust, as applicable, may sell
securities to one or more underwriters for public offering and sale by them or may sell securities to institutional investors directly
or through agents who solicit or receive offers on our behalf or through dealers or through a combination of any of these methods of sale.
The prospectus supplement with respect to particular securities will set forth the terms of the offering of those securities, including
the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">the name or names of any underwriters,
dealers or agents;</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">the public offering or purchase
price and the proceeds to CSX, CSXT or the Trust, as applicable, from that sale;</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">the expenses of the offering;</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">any discounts and commissions
to be allowed or paid to the underwriters, dealers or agents;</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">all other items constituting
underwriting compensation and the discounts and commissions to be allowed or paid to dealers, if any; and</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">the securities exchanges, if
any, on which the securities will be listed.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Underwriters may offer and sell the securities
at a fixed price or prices, which may be changed, or from time to time at market prices prevailing at the time of sale, at prices related
to prevailing market prices or at negotiated prices. We also may offer and sell securities in exchange for one or more of our outstanding
issues of securities. We may, from time to time, authorize agents acting on a best or reasonable efforts basis as our agents to solicit
or receive offers to purchase the securities upon the terms and conditions as are set forth in the applicable prospectus supplement. In
connection with the sale of securities, underwriters or agents may be deemed to have received compensation from CSX, CSXT or the Trust,
as applicable, in the form of underwriting discounts or commissions and may also receive commissions from purchasers of securities for
whom they may act as agent. Underwriters may sell securities to or through dealers, and dealers may receive compensation in the form of
discounts, concessions or commissions from the underwriters and/or commissions from the purchasers for whom they may act as agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">We may also engage in at-the-market offerings
to or through a market maker or into an existing trading market, on an exchange or otherwise, in accordance with Rule 415(a)(4). An at-the-market
offering may be through an underwriter or underwriters acting as principal or agent for us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Underwriters, dealers and agents who participate
in the distribution of securities and their controlling persons may be entitled, under agreements that may be entered into with CSX, CSXT
or the Trust, as applicable, to indemnification by us against certain liabilities, including liabilities under the Securities Act, or
to contribution with respect to payments that the underwriters, dealers or agents and their controlling persons may be required to make
in respect of those liabilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">If so indicated in the applicable prospectus supplement,
we may authorize underwriters or other persons acting as our agents to solicit offers by certain institutions to purchase securities from
us pursuant to contracts providing for payment and delivery on a future date. Institutions with which those contracts may be made include
commercial and savings banks, insurance companies, pension funds, investment companies, educational and charitable institutions and others,
but in all cases those institutions must be approved by us. The obligations of any institutional purchaser under those contracts will
not be subject to any conditions except:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">the purchase by that institution
of the securities covered by the contract will not at the time of delivery be prohibited under the laws of the jurisdiction to which
that institution is subject; and</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">if the securities are being
sold to underwriters, we will have sold to the underwriters the total principal amount of the securities less the principal amount covered
by delayed delivery contracts.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


<!-- Field: Page; Sequence: 78; Value: 1 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->44<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="color: #0000EE; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Each series of offered securities other than common
stock will be a new issue of securities with no established trading market. Any underwriters to whom offered securities are sold by CSX,
CSXT or the Trust, as applicable, for public offering and sale may make a market in such offered securities, but the underwriters will
not be obligated to do so and may discontinue any market making at any time without notice. No assurance can be given as to the liquidity
of the trading market for any offered securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Any underwriter may engage in stabilizing and
syndicate covering transactions in accordance with Rule 104 under the Exchange Act. Rule 104 permits stabilizing bids to purchase the
underlying security so long as the stabilizing bids do not exceed a specified maximum. The underwriters may over-allot offered securities,
thereby creating a short position in the underwriters&rsquo; account. Syndicate covering transactions involve purchases of offered securities
in the open market after the distribution has been completed to cover syndicate short positions. Stabilizing and syndicate covering transactions
may cause the price of the offered securities to be higher than it would otherwise be in the absence of such transactions. These transactions,
if commenced, may be discontinued at any time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Certain of the underwriters, dealers or agents
and their affiliates may engage in transactions with and perform services for CSX or CSXT in the ordinary course of business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_015"></A><B>VALIDITY OF SECURITIES </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The validity of the securities in respect of which
this prospectus is being delivered will be passed on for us by Hunton Andrews Kurth LLP, Richmond, Virginia and by Davis Polk &amp; Wardwell
LLP, New York, New York. Certain matters relating to the formation of the Trust and the issuance of the trust preferred securities under
Delaware law and the trust agreements will be passed upon by Richards, Layton &amp; Finger, P.A., special Delaware counsel to the Trust
and CSX.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_016"></A><B>EXPERTS </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Ernst &amp; Young LLP, independent registered
public accounting firm, has audited our consolidated financial statements included in our Annual Report on Form 10-K for the fiscal year
ended December 31, 2024, and the effectiveness of our internal control over financial reporting as of December 31, 2024, as set forth
in their reports, which are incorporated by reference in this prospectus and elsewhere in the registration statement. Our consolidated
financial statements are incorporated by reference in reliance on Ernst &amp; Young LLP&rsquo;s reports, given on their authority as experts
in accounting and auditing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>




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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
