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EXHIBIT 99.2 REPORT OF ERNST & YOUNG LLP, INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS CSXT Trade Receivables Master Trust
c/o The Chase Manhattan Bank, as Trustee We have examined the six monthly CSXT Trade Receivables Master Trust
Certificateholders Distribution Date Statements filed on Form 8-K with the
Securities and Exchange Commission during the fiscal year ended December 26,
2003, with respect to the 6.00% Trade Receivables Participation Certificates,
Series 1998-1 (the Statements) prepared by CSX Transportation, Inc. as
Servicer, in compliance with Section 5.02(a) of the Series 1998-1 Supplement
dated as of June 17, 1998 (the Supplement), to the Amended and Restated
Pooling and Servicing Agreement dated as of October 27, 1993, (the
Agreement), among CSX Trade Receivables Corporation, Seller, CSX
Transportation Inc., Servicer, and JP Morgan Chase Bank, formerly The
Chase Manhattan Bank, Trustee. We have also examined CSX Transportation, Inc.s
managements assertion, included in its representation letter dated March 24,
2004 that the servicing has been conducted in compliance with the terms and
conditions as set forth in Article III, Article IV and Section 8.08 of the
Agreement. CSX Transportation, Inc.s management is responsible for preparing
the Statements in compliance with the applicable section of the Supplement and
also for the Servicers compliance with the applicable requirements of the
Agreement. Our responsibility is to express an opinion on the Statements and on
managements assertion about the Servicers compliance with the terms and
conditions referred to above based on our examination. Our examination was made in accordance with standards established by the
American Institute of Certified Public Accountants and, accordingly, included
examining, on a test basis, evidence about the Statements and the Servicers
compliance with the applicable requirements of the Agreement, and performing
such other procedures as we considered necessary in the circumstances. We
believe that our examination provides a reasonable basis for our opinion. Our
examination does not provide a legal determination on the Servicers compliance
with applicable requirements of the Agreement. In our opinion, the Statements referred to above are presented fairly, in all
material respects, in accordance with Section 5.02(a) of the Supplement for the
year ended December 26, 2003, and managements assertion that the servicing has
been conducted by the Servicer in compliance with the terms and conditions as
set forth in Article III, Article IV and Section 8.08 of the Agreement during
the fiscal year ended December 26, 2003, is fairly stated, in all material
respects. We have also compared the mathematical calculations of each amount set forth in
the Statements referred to above with the Servicers computer reports which
were the source of such amounts and found them to be in agreement pursuant to
Section 3.07(b) of the Agreement. The sufficiency of this procedure is solely
the responsibility of the specified users of the report. Consequently, we make
no representation regarding the sufficiency of this procedure for the purpose
for which this report has been requested or for any other purpose. This report is intended solely for the information and use of CSX Trade
Receivables Corporation, Seller, CSX Transportation Inc., Servicer, and JP
Morgan Chase, formerly The Chase Manhattan Bank, Trustee, and is not
intended to be and should not be used by anyone other than these specified
parties. /s/ ERNST & YOUNG, LLPErnst & Young LLP Jacksonville, Florida
March 24, 2004