#1TRINITY INDUSTRIES, INC. Investor Day Presentation November 19, 2020 DELIVERING GOODS for THE GOOD of ALL#2Presentation Speakers Jean Savage - CEO & President • Joined Trinity in 2020 Management strengths and strategic focus Eric Marchetto - EVP & CFO Joined Trinity in 1995 Proven management team with extensive industry experience Experienced operators in cyclical markets Brian Madison - EVP, Services Operations Joined Trinity in 2016 Strong capital planning with deep industry perspective Gregg Mitchell - EVP & CCO • Joined Trinity in 2007 Dedication to value enhancing capital stewardship TRINITY INDUSTRIES DELIVERING GOODS for THE GOOD of ALL III 2#3Investor Day Agenda 9:00 AM ET Strategy and Value Proposition - - Jean Savage, CEO and President 9:30 AM ET Lease Portfolio Strategy - Brian Madison, EVP, Services Operations 9:45 AM ET Commercial Market Strategy - Gregg Mitchell, EVP, Chief Commercial Officer 10:00 AM ET BREAK 10:10 AM ET Financial Strategy and Performance Outlook - Eric Marchetto, EVP and CFO 10:45 AM ET Q&A Session TRINITY INDUSTRIES DELIVERING GOODS for THE GOOD of ALL /// 3#4Forward Looking Statements and Other References Some statements in this presentation, which are not historical facts, are "forward-looking statements" as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements about Trinity's estimates, expectations, beliefs, intentions or strategies for the future, and the assumptions underlying these forward-looking statements, including, but not limited to, future financial and operating performance, future opportunities and any other statements regarding events or developments that Trinity believes or anticipates will or may occur in the future, including the potential financial and operational impacts of the COVID-19 pandemic. Trinity uses the words "anticipates," "assumes," "believes," "estimates," "expects," "intends," "forecasts," "may," "will," "should," "guidance," "projected," "outlook," and similar expressions to identify these forward-looking statements. Forward-looking statements speak only as of the date of this material, and Trinity expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward- looking statement contained herein to reflect any change in Trinity's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based, except as required by federal securities laws. Forward- looking statements involve risks and uncertainties that could cause actual results to differ materially from historical experience or our present expectations, including but not limited to risks and uncertainties regarding economic, competitive, governmental, and technological factors affecting Trinity's operations, markets, products, services and prices, and such forward-looking statements are not guarantees of future performance. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" and "Forward- Looking Statements" in Trinity's Annual Report on Form 10-K for the most recent fiscal year, as may be revised and updated by Trinity's Quarterly Reports on Form 10-Q, and Trinity's Current Reports on Form 8-K. This presentation also includes references to calculations that are not based on generally accepted accounting principles ("GAAP"). Reconciliations of each of these non-GAAP measures to the most directly comparable GAAP measures have been included in the Appendix. When forward-looking non-GAAP measures are provided, Trinity does not provide quantitative reconciliations of forward-looking non-GAAP measures to the most directly comparable GAAP measures because it cannot, without unreasonable effort, predict the timing and amounts of certain items included in the computations of each of these measures. These factors include, but are not limited to: the product mix of expected railcar deliveries; the timing and amount of significant transactions and investments, such as railcar sales from the lease fleet, capital expenditures, and returns of capital to shareholders; and the amount and timing of certain other items outside the normal course of our core business operations, such as restructuring activities, pension plan termination charges, and the potential financial and operational impacts of the COVID-19 pandemic. Except where noted, financial data is presented as of the Company's most recent fiscal quarter ending September 30, 2020. "LTM" represents Last Twelve Months financial information from October 1, 2019 to September 30, 2020. TRINITY INDUSTRIES DELIVERING GOODS for THE GOOD of ALL /// 4#5STRATEGY AND VALUE PROPOSITION Jean Savage CEO and President DELIVERING GOODS for THE GOOD of ALL#6Key Takeaways for Enhancing Shareholder Value TRINITY INDUSTRIES Strong Cash Flow Generation through the Rail Cycle Optimize the Returns of the Platform Deliver Premier Financial Performance Prudently Deploy Capital to Drive Value Creation DELIVERING GOODS for THE GOOD of ALL /// 6#7Trinity's Value Proposition יו S Attractive railcar investments with long-tailed asset utility $ Strategic synergies generated by rail platform with industry-leading positions સુધારે Significant and compounding cash flows result from platform synergies Capital allocation focused on shareholder returns and disciplined growth TRINITY INDUSTRIES DELIVERING GOODS for THE GOOD of ALL /// 7#8A Legacy of Growth and a Focus on Transformation Dallas Tex. TRINITY STEEL CO. THEN POLY FL TILX 50001 Industrial Manufacturer • Scaling Businesses Premium on Manufacturing Flexibility Earnings Growth TRINITY INDUSTRIES NOW Railcar Equipment & Services Provider Emphasis on Optimization • Scaling Platform Offerings. Focus on Cash Flow and Returns DELIVERING GOODS for THE GOOD of ALL /// 8#9Experienced Team Guides a Resilient Platform ■ Recent cycle challenged by: ☐ ■ Influx of capital into rail industry Collapse of oil prices ■ Industrial decline ■ Global trade wars ■ Cyclically Experienced Management Team ■ Resilient Cash Flow from Platform of Businesses Transformation of Operating Model Underway - Fleet Utilization ■ COVID-19 pandemic 100% 95% 90% 85% 80% 75% 70% Economic Growth Financial Collapse Energy Renaissance Industrial Decline/ Pandemic 40,000 35,000 30,000 25,000 20,000 15,000 10,000 5,000 0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 LTM Lease Fleet Utilization Railcar Unit Deliveries TRINITY INDUSTRIES Railcar Deliveries DELIVERING GOODS for THE GOOD of ALL /// 9#10Trinity's Platform is Built to Deliver Shareholder Value A-END HUMP LTM Sales $2.4B LTM Cash Flow, Continuing Ops $687M LTM OP Margin, Adjusted* TILX 57144 STAY AWA 13.6% LTM Shareholder Returns $275M TRINITY INDUSTRIES * See appendix for reconciliation of non-GAAP measures DELIVERING GOODS for THE GOOD of ALL /// 10#11Optimization Efforts Lay Foundation for Further Success Major initiatives since year-end 2018 delivered significant improvement: Operating Cost Structure, Cost of Capital, and Capital Allocation Streamlined Organization $110M in Total Cost and Headcount Savings Capacity Reductions 47% Reduction in Manufacturing Headcount Commercial Realignment Transitioned from Sales Geography to Market Sectors Delivered Strong Cash Flow $854M in Cash Flow from Continuing Ops Lowered our Pre-Tax WACC(1) ~240 basis pts to 5.2% NOTE: Totals shown since 12/31/18, except Manufacturing headcount as of 12/31/19; Pre-tax WACC defined in appendix Increased Returns to Shareholders 46% Dividend Increase $350M in Buybacks TRINITY INDUSTRIES See appendix for footnotes DELIVERING GOODS for THE GOOD of ALL /// 11#123 Year Business & Financial Outlook Cash Flows Business Drivers Industry Deliveries Lease Portfolio Net Investment* Lease Fleet Utilization Manufacturing OPM Pre-tax ROE Total CF from Ops Balance Sheet Optimization Share Repurchases Dividends *Does not include potential investment from secondary market activities 2 FY 2021 - 2023 ~ 120,000 railcars (over 3 years) - $500M $600M (over 3 years) 95%+ Mid to high single digits - Mid-teens $1.5B $2.0B (over 3 years) Achieve 60-65% LTV target Potentially significant Double-digit annual growth TRINITY INDUSTRIES DELIVERING GOODS for THE GOOD of ALL /// 12#13A New Operating Model and Company Purpose PURPOSE DELIVERING GOODS FOR THE GOOD OF ALL CUSTOMERS | SHAREHOLDERS | EMPLOYEES RETURNS-FOCUSED OPTIMIZATION I INNOVATION LEASING | MANUFACTURING INTEGRITY BUSINESS TRINITY INDUSTRIES STRATEGY CUSTOMER EXPERIENCE MAINTENANCE | SERVICES DIVERSITY & INCLUSION | COMMITMENT EXCELLENCE INNOVATION TRINITYRAIL. VALUES DELIVERING GOODS for THE GOOD of ALL /// 13#14Strategic Initiatives to Achieve Mid-Teen Pre-Tax ROE Lower Cost of Capital | Reduce Cyclicality | Improve Rail Supply Chain Pre-tax ROE Improvement Mid- Teen Optimization Balance Sheet Optimization • Increase LTV ratio on wholly-owned Growth assets Opportunistically refinance existing securitizations Lease Fleet Optimization • Slow future growth of portfolio •Monetize lower-yielding assets Operations Optimization Lower the manufacturing breakeven •Streamline organization to reduce SE&A New Products and Services • Improve returns from product development and R&D investments • Build capability and grow services and solutions business Expand aftermarket parts business Enhanced Customer Experience • Realign to our customers to generate higher, more consistent revenue and margins 9.6% 5.5% 2019* LTM 2020* LT Goal TRINITY INDUSTRIES *See appendix for reconciliation DELIVERING GOODS for THE GOOD of ALL III 14#15Strategic Initiative: Recapitalize Balance Sheet to Reflect Business Model Loan to Value Ratio (wholly-owned Lease Fleet) Pre-tax WACC Q4-18 Current Target 60- 47% 58% 65% 7.6% *Noted WACC is an estimate based on current inputs and targeted future capital structure TRINITY INDUSTRIES 5.2% < 4.5 - 5%* DELIVERING GOODS for THE GOOD of ALL III 15#16Strategic Initiative: Execute Portfolio Optimization to Improve Lease Fleet IRR "Hold and Earn" • Increase hurdle rates for incremental investment in portfolio • Leverage rail platform to increase service-based revenue and profitability of assets "Transact and Earn" • Transact/syndicate non-accretive assets to RIV investors with lower-cost capital Fleet Modifications • Modify underutilized railcars in lease portfolio to service markets with stronger long-term outlooks Increase Portfolio IRR by 25-75bps TRINITY INDUSTRIES DELIVERING GOODS for THE GOOD of ALL /// 16#17RIV Partnerships Extend Our Commercial Reach Source Originate & Acquire TRINITY INDUSTRIES Capitalize/Manage Hold and Earn Owned (Yield > WACC) Service Maintenance Incremental Service Income Management & Administration Transact and Managed Analytics Earn (lower-hurdled capital) DELIVERING GOODS for THE GOOD of ALL /// 17#18Strategic Initiative: Improve Manufacturing Margin by Lowering Breakeven Point Lower Investment • Concentrate manufacturing footprint • Monetize underutilized asset base 值 Reduce Cycle Amplitude Shift low-value fabrication into supply chain • Minimize cycle-related headcount costs Reset Cost Basis 10-12K + 3 to 5.5 pts 2.8% Lowers Breakeven by 30% Annual Rail Deliveries* OP% YTD-20 Margin Improvement • Increase automation to reduce direct labor • Lower indirect support costs • Continue lean principles Margin improvements expected to be realized over next 1-2 years TRINITY INDUSTRIES *See appendix for footnote DELIVERING GOODS for THE GOOD of ALL /// 18#19SERVICES PRODUCTS Strategic Initiative: Grow New Products and Services Offerings to Extend Platform • New Product Development: Differentiated value propositions Focus on higher margin offerings Grow Share of Aftermarket Parts: Increased distribution partnerships R&D Fabrication Management services Expand Maintenance Capacity: • Upcoming tankcar compliance demand Increase service of managed fleet to 65% Innovate Higher-Margin Shipper Services: • . • Fleet management solutions IoT Data analytics "White Space" Logistics telematics www. EBIT Growth $150-200M (cumulative over 3 years) 10-8 H 13-3 EW 10-8 CUFT 2480 IL 29-11 TRINITY INDUSTRIES DELIVERING GOODS for THE GOOD of ALL III 19#20Execution Roadmap for Improved Returns Performance Lower Cost of Capital | Reduce Cyclicality | Improve Rail Supply Chain Balance sheet and lease fleet optimization Monetize excess facilities/low-yielding equipment Reset SE&A baseline Rationalize footprint Shift supplier network Reallocate footprint to grow Aftermarket businesses Automation New product and services development Scale new services offerings 2020 Y+1 Y+2 TRINITY INDUSTRIES Y+3 DELIVERING GOODS for THE GOOD of ALL /// 20#21Enterprise Financial KPI's for Long-Term Performance Operating and Free A-END Cash Flow Growth TILX 57144 TRINITY INDUSTRIES Double- digit Dividend Growth Mid-teen Pre-tax Return on Equity Book Value per Share Growth DELIVERING GOODS for THE GOOD of ALL III 21#22LEASE PORTFOLIO STRATEGY Brian Madison EVP, Services Operations DELIVERING GOODS for THE GOOD of ALL#23Railcars Are Attractive Long-term Investments . Stable and Predictable Cash Flows Long-term leases High renewal success rates • Tax-advantaged Investment Accelerated depreciation for tax purposes • 100% bonus depreciation • Low credit defaults and bad debt expense . Active secondary market under current tax law Superior risk-adjusted returns • Hard Asset Value with Inflation Benefits 35-50 year useful life . Positive yield relationship to inflation • Low volatility for residuals Low technological obsolescence Natural Interest Rate Hedge • Rent yields highly correlate to interest rates Strong Correlation with GDP Integral component of North American supply chain Multiple market sectors with varying demand drivers Environmentally Friendly* Accounts for 1/3 of U.S. freight, but only 0.6% of greenhouse emissions 100% recyclable through scrap and salvage TRINITY INDUSTRIES *See appendix for source info DELIVERING GOODS for THE GOOD of ALL III 23#24GAAP Returns Accelerate as Lease Portfolio Matures Attractive investment attributes: • • Book Values depreciate over 35+ years Lease revenues generally rise over the life of the railcar due to: • . • Inflation Low technological obsolescence Healthy residual values Financial performance measures: GAAP Returns - accelerate over time as rent inflation diverges from original cost Measures earnings power relative to book value of investment Economic Returns – increase over time but are more stable as residual values benefit from inflation Measures cash flow relative to residual value invested TRINITY INDUSTRIES Railcar Book Value Illustrative Example of Book Value and Cash Flows* $80,000 $8,000 $70,000 $7,000 $60,000 $6,000 $50,000 $5,000 $40,000 $30,000 $20,000 $4,000 $3,000 $2,000 $10,000 $- $1,000 $0 1 yr Railcar Age in Years 35 yrs Net Book Value Rent - -Maintenance Interest Expense Healthy Returns Relative to Life-cycle Expectations* Operational Cash Flows 35% Return Performance 30% 25% 20% 15% 10% 5% Railcar Age 0% 1 3 5 7 9 11 13 15 17 Annual GAAP ROA 19 21 23 25 27 29 Annual GAAP ROE Avg. GAAP ROA over Life of Asset Avg. GAAP ROE over Life of Asset *See appendix for footnotes DELIVERING GOODS for THE GOOD of ALL /// 24#25Rail Investment Profile vs. Other Asset Classes Leased railcar investments generate attractive risk-adjusted returns relative to other asset classes* Railcar Attributes Aircraft* Real Estate* Cost of Production / Investment Concentration Low/Highly diverse Highhighly concentrated High varied by type Obsolescence Risk Low Medium to high Varied Lessee Credit Quality Debt Funding Capacity Return Profile Stable Mid Teens High largely consists of industrial shippers (40-50% IG rated) Market Open - up to 90% IG advance rate Medium/largely consists of low cost carriers Varied by asset type Market Closed advance rate - up to 80% IG Market open LTV - up to 60% Volatile Low Single to High Double Digits Volatile Low Single to High Double Digits TRINITY INDUSTRIES *See appendix for footnotes DELIVERING GOODS for THE GOOD of ALL III 25#26Capitalizing on Structural Change in the Rail Market Railcar Ownership is Shifting from Railroads to 100% Leasing Companies 90% 80% 70% 60% 50% 40% 30% 53% 48% 20% 43% 35% 10% 0% 1990s 2000s 2010s ■Lessor Railroad Shipper ■TTX Railcar Lessor Ownership Profile Presents Consolidation Opportunity Operating Lessors 14% 13% TRN 14% 14% 26% Financial Lessors 13% 6% 2019 Wells Fargo ■CIT SMBC ■ GATX ■ UnionTank ■ TRN ■ All other* The TrinityRail platform was ideally positioned to capture market share during shifting ownership dynamics, growing at a 13% CAGR since 2002 *Over 75 Lessors own 240K railcars in "All other" TRINITY INDUSTRIES See appendix for source info DELIVERING GOODS for THE GOOD of ALL III 26#27Stable Financial Performance Through the Cycle Leasing Operations Revenue and Operating Profit Margin (1) Leading railcar lessor $800 50% • Owned fleet of 105,925 railcars $750 40% $700 • Total Owned and Managed fleet of 132,580 railcars 30% $650 20% $600 Growing portfolio and future cash flow 10% $550 • Leased backlog of 4,060 railcars $500 0% 2016 2017 2018 2019 LTM (in $mms) . $2.0 billion future contractual lease revenue Leasing Operations Revenue Portfolio Expirations Imply Manageable Renewal Risk(2) OP Margin 18,000 Balanced portfolio management 15,000 • Portfolio expirations and average expiring lease rate imply manageable renewal risk 12,000 9,000 Future Lease Rate Differential (3) is -21% • Implies NTM segment revenue headwind of -2% if current conditions persist Railcars 6,000 3,000 TRINITY INDUSTRIES See appendix for footnotes $900 $800 $700 $600 $500 $400 $300 0 $200 2020 2021 2022 2023 2024 ■Fleet Expirations Lease Rate Avg DELIVERING GOODS for THE GOOD of ALL /// 27#28Proven Asset Management Through Railcar Cycle Healthy Customer Renewals Lead to Strong Asset Utilization Average Performance since 2010: 100% 90% 80% 98% 74% 70% Utilization Renewal Success 60% 50% 40% 3.4 yrs Remaining Lease Term 17% Annual Portfolio Expirations 50 mos Renewal Term TRINITY INDUSTRIES 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 LTM ■ Portfolio Utilization 80 70 +3% Actively Managing Rate and Term through the Rail Cycle ■Renewal Success Rate 60 Change Renewal Rate 50 50% 40 30 30% 20 10% 10 0 -10% Q1-10 Q1-11 Q1-12 Q1-13 Q1-14 -30% Q1-15 Q1-16 Q1-17 Q1-18 Q1-19 Q1-20 -50% LTM AVG Renewal Term (in months) LTM AVG Rate Change (%) DELIVERING GOODS for THE GOOD of ALL III 28#29Tank Car Diversified Portfolio of Railcar Equipment ~ 900 Different Commodities ~ 270 Different Railcar Designs Freight Car Car Type Agriculture Construction & Metals Consumer Products Open Hopper/Gondolas Small Covered Hopper (<5K cu/ft) Large Covered Hopper (> 5K cu/ft) Specialty Covered Hopper Fertilizer DDG and Feeds, Grain Mill Products, Grains, Food and Other Ag, Fertilizer Grain Mill Products Aggregates, Steel and Metals Cement, Construction Materials, Steel and Metals Lumber (Wood Chips) Aggregates, Cement Other Freight Pressure Tank Cars Gen. Service Tank Cars (<20K gal) Gen. Service Tank Cars (20K-25K gal) Gen. Service Tank Cars (25K-30K gal) Food Fertilizer Grain Mill Products Fertilizer, Food, Animal Feed Grain Mill Products, Food Lumber, Steel and Metals, Cement Autos, Paper, Intermodal Aggregates (Clay Slurry). Energy Refined Products & Total Chemicals (Units) Total (NBV) Coal Frac Sand Coal (Fly Ash) 11% 8% 11% 3% Other Chemical (Soda Ash) 13% 11% Plastics 7% 8% Other Chemicals 11% 10% NGL, Chlor Alkali, Petro-chemical, Other Chemicals 10% 14% Sulfur Products, Chlor Alkali, Other Chemicals 3% 3% Refined Products, Petro- chemicals, Other Chemicals 5% 6% Crude Oil, Biofuels Refined Products, Petro- chemicals, Other Chemicals 12% 15% Crude Oil, Biofuels Refined Products, Petrochemicals, Other Chemicals, NGLS 12% 16% Chlor Alkali, Other Chemicals, Sulfur Products 5% 6% 31% 38% Gen. Service Tank Cars (> 30K gal) Specialty Tank Cars Fertilizer Total (Units) Total (NBV) 21% 20% 7% 4% 9% 9% 32% 29% NOTE: All percentage information reflects Company-owned fleet assets as of June 30, 2020 TRINITY INDUSTRIES DELIVERING GOODS for THE GOOD of ALL III 29#30Servicing High-Quality Industrial Shippers 700+ Customers 75%+ Full Service Lease Strong Customer Credit Profiles (by NBV) 14% 51% 35% Largest customer represents < 5% of total lease revenue Top 20 customers account for 38% of lease revenue ■ Investment Grade ■ Not Rated ■ Non-Investment Grade Serving Industrial Shippers in North America 27 years Top 10 customers relationship tenure < 0.3% 10 year avg write-off history ■ Shippers TRINITY INDUSTRIES See appendix for source info < 1%- 12% 87% ■ Railroads ■ Other DELIVERING GOODS for THE GOOD of ALL III 30#31Positioned for Further Success in the Marketplace Trinity's Leasing Company has a bright future and is leading the change for network efficiency to enhance the modal advantage of the railcar industry TILX 57144 Disciplined Operating Model Moderating lease fleet investment Increasing leverage of internal maintenance capacity Expand RIV platform to extend commercial reach Digital Platforms Superior customer experience through "Anytime" access Fleet Management Solutions RailPulse™ consortium Data Analytics Commercialize fleet analytics capabilities Develop IoT and telematics solutions for enhanced rail supply chain management • Scale & Consolidation Tuck-in service solutions Expand rail maintenance network geographically Opportunistic portfolio acquisitions/alliances TRINITY INDUSTRIES ~ $20-25B TAM Revenue Opportunity for Services Expansion in Railcar Industry DELIVERING GOODS for THE GOOD of ALL /// 31#32Moderating the Pace of Growth for the Lease Portfolio Trinity's Lease portfolio has amassed scale, and incremental investment is expected to be accretive to the Company's target return rate 160,000 140,000 120,000 100,000 80,000 60,000 40,000 Driving Scale since early 2000's 2 CAGR = 13% 20,000 CAGR < 4% 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 LTM Next 3 Years ■Owned Fleet ■Managed Fleet TRINITY INDUSTRIES DELIVERING GOODS for THE GOOD of ALL III 32#33COMMERCIAL MARKET STRATEGY Gregg Mitchell EVP and Chief Commercial Officer DELIVERING GOODS for THE GOOD of ALL#34Integral Part of the North American Supply Chain U.S. Freight Ton Miles by Mode of Transportation (2) • 1.7 million railcars in North America(¹) Pipe, 17% Air, <1% Water, 9% 1.5 trillion ton miles moved by rail in 2019(2) 5.4 trillion - Truck, 47% total ton miles • 3,500+ commodities Rail, 27% moved by rail(3) Railcar Loadings Follow U.S. Gross Domestic Product(4) 33.1% Highly correlated to U.S. GDP 6% 400 4% 350 2% 300 "Desert Island Statistic..." ~ Warren Buffet 0% 250 2015 2016 2017 2018 2019 2020 (4) -2% 200 -4% 150 -6% 100 -31.4% GDP (QoQ% Change) Average Weekly Carloads (in 000's) TRINITY INDUSTRIES See appendix for footnotes DELIVERING GOODS for THE GOOD of ALL III 34#35Delivering Essential Goods to the Global Marketplace Energy Refined Products & Construction Agriculture & Metals Chemicals Coal Biofuels Frac Sand U.S. Crude Canadian Crude 0 Natural Gas Liquids • Refined Products • Plastics • Petro-chemicals Chlor Alkali Sulfur Products • • Grains Grain Mill Products Distillers Dried Grains/Feed Fertilizers • Consumer Products Construction Materials Aggregates Steel/Iron • Autos • Paper • Intermodal 32% of North American railcar loadings ~230 distinct commodities 9% of North American railcar loadings ~980 distinct commodities 21% of North American railcar loadings ~730 distinct commodities 17% of North American railcar loadings 21% of North American railcar loadings ~1000 distinct commodities ~620 distinct commodities TRINITY INDUSTRIES See appendix for source info DELIVERING GOODS for THE GOOD of ALL III 35#36Railcar Market: Recent Trends and Industry Outlook Railcar demand is recovering from pandemic lows and remains tepid given economic uncertainty Loadings/Rate YoY Change Last 4QTR Railcar Loadings 2021 Projected* Railcar Loadings Q3-20 Y/Y Lease Rates 2021 Projected* Y/Y Rate Trend Agriculture Construction/Metals Consumer Products V Chemicals Energy Total Market Loadings/Rates greater than +5% Y/Y Loadings/Rates between -5% to +5%Y/Y Loadings/Rates less than -5% Y/Y TRINITY INDUSTRIES *See Appendix for source info DELIVERING GOODS for THE GOOD of ALL /// 36#37Trinity's Platform Services All Customer Channels Broadest Market View: • 700+ customers Trinity's Lease Fleet Comprises Majority of Commercial Transactions • Industrial shippers, 3PLs, Railroads 78% 67% 62% 56% 57% • 900+ commodities • 270 railcar designs Avg 32,000+ railcars transacted per year across the TrinityRail platform since 2016 2016 2017 2018 2019 LTM 09/20 Lease Portfolio ■Direct Sale High-value Innovative Solutions: • 40 complex transactions valued at $40M+ over the last 5 years Commercial Optionality Drives Engagement with Rail Platform 19% 21% 32% 17% 64% TRINITY INDUSTRIES 47% Dollars Lease Units Direct Sale Both DELIVERING GOODS for THE GOOD of ALL III 37#38A Differentiated Value Proposition for Our Customers Leasing Manufacturing Maintenance Services . Lease Portfolio • Rail Product Portfolio • Maintenance Logistics Services • Fleet Management • Modifications • Data Analytics • Aftermarket Parts • Equipment Finance Repair Connected Railcar Solutions • Mobile Units Aligned with industrial shippers through ownership and engineering Cross-sell to deliver innovative solutions and a + differentiated experience Optimize customers' ownership and usage of railcar equipment Drive rail industry modal share through supply chain efficiency NOTE: TrinityRail platform case studies provided in Appendix TRINITY INDUSTRIES DELIVERING GOODS for THE GOOD of ALL III 38#39Enhancing Rail Modal Advantage Through Supply Chain Efficiency Modal share from 2000 to 2019: Truck vs. Rail* Shippers demand more information: • Supply chain focus has evolved with technology and lean inventory management 2000 Share 45.5% 30.7% Rail industry has been slow to innovate and adapt to changing customer service needs resulting in modal share loss to trucking 2000 Ton Miles 2.28T 1.53T 2019 Share 46.9% 27.4% 2019 Ton Miles 2.56T 1.49T Trinity is a leader in rail innovation: • Program launching in 2021 will provide. real-time GPS telematics and analytics for improved customer delivery RELIABILITY and PREDICTABILITY Industry coalition RailPulse™ venture to add sensor technology to the rail network and equipment for improved safety and freight visibility TRINITY INDUSTRIES Innovating from “Precision” to "Predictability" CASHCARD STATS *See Appendix for source info TILX 346381 TRINITYRAIL - OPTIMIZE YOUR FLEET - PROTECT YOUR FREIGHT TILX 246381 - IMPROVE YOUR SUPPLY CHAIN - MAXIMIZE YOUR WORKING CAPITAL - MAKE BETTER BUSINESS DECISIONS DELIVERING GOODS for THE GOOD of ALL III 39#40Investing in High Yield Products and Services Innovation -Oriented Culture Ideas Products Customer Solutions Develop business cases for new products and services around internal and external feedback Services Engineering Enhance existing products, design new products for Trinity, or develop new-to-the-world products Services Expansion Build, buy, or partner to deploy new value-added services to the Trinity portfolio • Outcomes Maintain competitive products/services portfolio Differentiated value propositions ⚫ Deliver superior . customer experience Drive modal competition through efficiency • Diversify to higher margin offerings TRINITY INDUSTRIES DELIVERING GOODS for THE GOOD of ALL III 40#41FINANCIAL STRATEGY AND OUTLOOK Eric Marchetto EVP and CFO DELIVERING GOODS for THE GOOD of ALL#42Value Proposition Review יוון Attractive railcar investments with long-tailed asset utility $ Strategic synergies generated by platform of railcar businesses vad Significant and compounding cash flows result from platform synergies Capital allocation focused on shareholder returns and prudent growth TRINITY INDUSTRIES DELIVERING GOODS for THE GOOD of ALL III 42#43Value Proposition Review - A Sustainable Capital Story S sairauks Attractive Yielding Assets TRINITY INDUSTRIES રામે Reinvestment Comp Cas # Reinvestment and Return of Capital me Attractive Yielding Assets Compounding Cash Flows Strategic Synergies S DELIVERING GOODS for THE GOOD of ALL III 43#44A Sustainable Capital Story: Attractive Yielding Assets with Long-tailed Utility Rail Assets Generate Steady Cash Flow through Cycle $500 Railcar Asset Cash Flow Profile: Stable generation from long-term leases and balanced renewal exposure Rising future contribution from long- tailed asset utility and natural inflation benefits $450 $400 $350 $300 $250 $200 $150 $100 $50 • TRN portfolio - average age of 10 years $0 (in $mms) 2016 • Rail industry - average age of 20 years (1) • Expected life - 40+ years Railcar Asset Returns Profile: . GAAP returns accelerate over time as steady to inflating earnings are measured against decreasing Net Book Value or Net Equity balances Return Performance 2017 2018 2019 LTM ■Operating Profit - Railcar Sales ■Economic Profit Leasing Operations Healthy Returns Relative to Life-cycle Expectations (2) 35% 30% 25% 20% 15% 10% 5% Railcar Age 0% T 1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 Annual GAAP ROA Annual GAAP ROE Avg. GAAP ROA over Life of Asset Avg. GAAP ROE over Life of Asset DELIVERING GOODS for THE GOOD of ALL III 44 TRINITY INDUSTRIES * See appendix for footnotes and reconciliation of non-GAAP measures#45• A Sustainable Capital Story: Trinity's Rail Platform Delivers Strategic Synergies FINANCIAL Synergies Cost-advantaged railcar equipment sourcing Tax-advantaged lease fleet investment offsets taxable income and enhances returns Lower-relative operational cost structure ~ $550M+ Investment advantage • • COMMERCIAL Synergies • Higher customer touchpoints ~$700M+ Cash flow tax synergies Tangible Synergies Generated over Five Year Period* create additional revenue opportunity Actionable rail market intelligence ~ $4B in Sales Complex customer transactions ~$500M+ OP contribution • Valuable sales channel for organic growth TRINITY INDUSTRIES *See Appendix for footnote DELIVERING GOODS for THE GOOD of ALL III 45#46A Sustainable Capital Story: Platform Synergies Create Strong Cash Flows Steady State Cash Flow Measures the potential capital to be deployed after investment to maintain enterprise cash flow 5-Yr Avg 'Steady State' Cash Flow is Yielding 12+% on Market Cap over Same Period Free Cash Flow Measures excess cash from the platform after total investments, leverage, and maintaining the dividend Balance Sheet Discipline Generates Excess Cash after Lease Fleet Growth $900 $900 $800 $750 Excess Cash ~$163M AVG $700 $600 $600 ~$561M AVG $450 $500 ~$354M AVG $300 $400 $150 $300 $0 $200 $100 -$150 $0 -$300 (in $mms) 2016 OCF Continuing Ops - 2017 2018 2019 LTM (in $mms) 2016 2017 2018 2019 LTM Average OCF Steady State Cash Flow* Average Steady State OCF + All Portfolio Sales - Required CapEx for maintaining steady state of the business TRINITY INDUSTRIES ■FCF Before Lease Investment* FCF After Leasing Investment* OCF + Portfolio Proceeds - Total Manufacturing CapEx-Dividends - Leasing Equity CapEx * See appendix for reconciliation of non-GAAP measures DELIVERING GOODS for THE GOOD of ALL III 46#47A Sustainable Capital Story: Reinvestment & Capital Return Drive Shareholder Value A growing stream of cash flow from Trinity's platform creates shareholder value: Reinvestment into the business when expected returns are above our hurdle rates Return capital to shareholders through consistent dividends and opportunistic share repurchases $20.00 $17.50 $15.00 $12.50 $10.00 Dec-15 Mar-16 TRINITY INDUSTRIES Jun-16 Value Growth CAGR = 13% Sep-16 Dec-16 Mar-17 Jun-17 LTM BV Per share* Sep-17 Dec-17 Mar-18 Jun-18 * See appendix for footnotes Sep-18 ■Cumulative Dividend per share Dec-18 Mar-19 Jun-19 DELIVERING GOODS for THE GOOD of ALL III 47 Sep-19 Dec-19 Mar-20 Jun-20 Sep-20#48A Sustainable Capital Story: Reinvestment & Capital Return Drive Shareholder Value A growing stream of cash flow from Trinity's platform creates shareholder value: Reinvestment into the business when expected returns are above our hurdle rates Return capital to shareholders through consistent dividends and opportunistic share repurchases $20.00 $17.50 $15.00 $12.50 $10.00 Dec-15 Mar-16 Jun-16 Value Growth CAGR = 13% Sep-16 LTM BV Per share* TRINITY INDUSTRIES Dec-16 Mar-17 Jun-17 Sep-17 Dec-17 175% 65% Return 150% Differential 125% 100% 75% Mar-18 Jun-18 * See appendix for footnotes Sep-18 Cumulative Dividend per share TRN Share Price (Indexed to year-end 2015) Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 DELIVERING GOODS for THE GOOD of ALL III 48 Mar-20 Jun-20 Sep-20#49Enterprise Financial KPI's for Long-Term Performance Operating and Free A-END Cash Flow Growth TILX 57144 TRINITY INDUSTRIES Double- digit Dividend Growth Mid-teen Pre-tax Return on Equity Book Value per Share Growth DELIVERING GOODS for THE GOOD of ALL /// 49#50Platform Optimization is Critical to Improve Pre-tax ROE 5.5% LTM Pre-tax ROE* ~ 4 to 5 pts ~ 2 to 3 pts ~ Mid-teen ~ 4 to 5 pts LT Pre-tax ROE Target Strategic Initiatives in Place to Deliver Results Financial Initiatives Optimization Efforts Expansion & Growth Balance Sheet Optimization + Return of Capital SE&A and Manufacturing Cost Structure + Portfolio Balancing New Business Development + Product & Services Expansion TRINITY INDUSTRIES * See appendix for reconciliation of non-GAAP measures DELIVERING GOODS for THE GOOD of ALL III 50#51Capital Allocation Framework - Near Term Strategy Trinity's line of sight on near-term cash flow generation and sources of capital over the next 3 years are expected to create significant shareholder value Cash Flow from Ops . Organic Growth Excess Cash • Acquisitions Balance Sheet Optimization Income Tax Benefit Dividend Enterprise Maintenance CapEx Share Repurchases • Future Dividend Growth TRINITY INDUSTRIES DELIVERING GOODS for THE GOOD of ALL III 51#52Capital Allocation Framework - Long Term Strategy Opportunistic Programmatic Strong cash generation and disciplined capital allocation positions Trinity for shareholder value creation through the railcar cycle Manage Leverage Reinvest Return Capital Minimum Liquidity Requirements Maintenance CapEx Double-digit Dividend Working Capital Growth Manage Debt Profile Organic Growth M&A TRINITY INDUSTRIES Share Repurchases DELIVERING GOODS for THE GOOD of ALL III 52 52#533 Year Business & Financial Outlook Cash Flows Business Drivers Industry Deliveries Lease Portfolio Net Investment* Lease Fleet Utilization Manufacturing OPM Pre-tax ROE Total CF from Ops Balance Sheet Optimization Share Repurchases Dividends *Does not include potential investment from secondary market activities 2 FY 2021 - 2023 ~ 120,000 railcars (over 3 years) - $500M $600M (over 3 years) 95%+ Mid to high single digits - Mid-teens $1.5B $2.0B (over 3 years) Achieve 60-65% LTV target Potentially significant Double-digit annual growth TRINITY INDUSTRIES DELIVERING GOODS for THE GOOD of ALL III 53#54Review Key Takeaways for Enhancing Shareholder Value Strong Cash Flow Generation Optimize the Returns of the Platform Deliver Financial Performance Prudently Allocate Capital to Drive Shareholder Value Substantial cash flow and balance sheet optimization of over $2B in capital (representing a significant portion of Trinity's current market cap) to allocate over the next three years Capitalize on attractive financing markets to achieve LTV target Opportunistically monetize assets to unlock value Reset cost base to lower breakeven and deliver best-in-class margins, positioning Trinity for strong mid-cycle earnings power in market recovery Execute against strategic initiatives for improving returns Vigilantly pursue cost savings through further streamlining organization and eliminating inefficiencies Leverage platform to improve rail modal supply chain and increase service-based revenue Cultivate RIV partners to optimize funding sources and capture value of industry's leading origination platform Disciplined capital allocation framework to drive through-the-cycle value creation Increase hurdle rates for disciplined incremental lease fleet investment Optimization efforts, substantial cash flow generation, and disciplined capital allocation position Trinity for meaningful value creation through the cycle TRINITY INDUSTRIES DELIVERING GOODS for THE GOOD of ALL III 54#55Trinity 2020 Investor Day Q&A TRINITY INDUSTRIES DELIVERING GOODS for THE GOOD of ALL III 55#56Management Biographies DELIVERING GOODS for THE GOOD of ALL#57Jean Savage - CEO and President Jean Savage was appointed Chief Executive Officer and President of Trinity Industries in February 2020. She has served as a member of Trinity's Board of Directors since November 2018. Ms. Savage is also a member of the National Association of Manufacturers Board of Directors. Prior to Trinity, Jean spent 17 years at Caterpillar Inc., most recently serving as Vice President of the Surface Mining & Technology division of Caterpillar Inc. In this role, Jean oversaw the division's end-to-end value chain, ensuring a customer-centric approach in product design, development, operations, and sales. She was also responsible for Caterpillar's Sales, Marketing, and Technology groups, which covered all products in Caterpillar's Resource Industries Group, serving the mining sector. Earlier in her career with Caterpillar, Ms. Savage held various leadership roles in the subsidiary Progress Rail Services, an integrated and diversified supplier of railroad and transit products and services as well as railcar leasing, including serving as Senior Vice President and Chief Operating Officer of the Locomotive and Railcar Services business unit, as well as Vice President for Quality and Continuous Improvement. Prior to Caterpillar, Ms. Savage worked in a variety of operations and engineering positions in her 14 years at Parker Hannifin Corporation, a leader in motion and control technologies and systems. Jean began her career spending nine years as an Intelligence Officer in the U.S. Army Reserves. She has a bachelor's degree in electrical and computer engineering from the University of Cincinnati and a master's degree in engineering management from the University of Dayton. Jean is also a member of the Society of Women Engineers. TRINITY INDUSTRIES DELIVERING GOODS for THE GOOD of ALL III 57#58Eric Marchetto - · EVP and Chief Financial Officer Eric Marchetto was appointed EVP and Chief Financial Officer of Trinity Industries in April 2020. Since joining Trinity in 1995, Mr. Marchetto has held numerous leadership roles most recently serving as Group President of TrinityRail, where he had oversight and responsibility for all of TrinityRail's railcar leasing and railcar products business segments. Prior to this role, Mr. Marchetto served and lead TrinityRail's business assuming roles from 2009 to 2019 as Chief Financial Officer, Chief Administrative Officer, and Chief Commercial Officer respectively. Mr. Marchetto has been a key contributor towards the development, growth, and evolution of the railcar manufacturing, leasing, and services businesses into the TrinityRail platform, as well as pioneering a standard for structured railcar ABS financings and Trinity's Railcar Investment Vehicle platform. Mr. Marchetto graduated from Southern Methodist University with a BBA/Accounting and a BA/Economics. TRINITY INDUSTRIES DELIVERING GOODS for THE GOOD of ALL III 58#59Brian Madison - EVP, Services Operations Brian Madison was named EVP, Services Operations for Trinity Industries in July 2020, after previously serving as President for Trinity Industries Leasing Company upon joining the Company in 2016. In his current role, Mr. Madison is responsible for the leasing company, Trinity's centralized customer delivery function and the Company's services expansion efforts. Mr. Madison is a proven leader with deep experience in portfolio management, business development, and sales and marketing. His financial services expertise ranges from high volume, scale driven, origination platforms to middle and large ticket market segments. Prior to Trinity, Mr. Madison served as an Executive Vice President at Key Equipment Finance overseeing Manufacturer & Vendor Alliances. Other prior roles include Vice President and General Manager of Microsoft Financing, Managing Director of Global Product Management at Citigroup/CitiCapital Commercial Finance, President of Mellon US Leasing and various positions at GE Capital. Mr. Madison received a Bachelor of Arts in Business Administration from University of Washington where he concentrated in Marketing and Business, Government & Society. Additionally, he is a Trustee of the Equipment Lease and Finance Foundation, a former member of the Equipment Leasing and Finance Association ("ELFA") Board of Directors and served as a past Chairman of the ELFA Captive and Vendor Finance Business Counsel Steering Committee. TRINITY INDUSTRIES DELIVERING GOODS for THE GOOD of ALL III 59#60Gregg Mitchell, EVP and Chief Commercial Officer Gregg Mitchell was named Chief Commercial Officer of TrinityRail in October 2019, and EVP and Chief Commercial Officer of Trinity Industries in July 2020. In this role, Mr. Mitchell brings a career of supply chain experience to tailor innovative solutions for customers to move their freight by rail. Mr. Mitchell joined Trinity Industries in 2007 as President of Trinity Logistics Group, Inc., delivering premier, multi-industry logistics services to internal Trinity Industries business units and the external market with consistent reliability, safety and innovation. Gregg has more than 20 years of experience across major retail and manufacturing organizations. Prior to Trinity, he served as Senior Vice President, Supply Chain for Glazer's Corporation where he led all "end-to-end" Supply Chain Operations. Prior to Glazer's, Gregg was Vice President of Gap International Logistics where he led all logistics strategic operations related to Gap Brands across European, Canadian and Asian operations including: inbound/ outbound supply chain networks, distribution center operations, DC information systems, human resources and transportation effectiveness. Gregg graduated with a BS Degree in Business from Missouri Southern University. He also serves as the Chairman of the Highway Users Alliance, and holds a position on the advisory Boards of Texas A&M Transportation Institute and Texas A&M Engineering Extension Service, at Texas A&M University. TRINITY INDUSTRIES DELIVERING GOODS for THE GOOD of ALL III 60#61Jessica Greiner - VP, Investor Relations and Communications Jessica Greiner was promoted to Vice President, Investor Relations and Communications for Trinity Industries in 2018. In her previous position as Executive Director, Corporate Strategic Planning, Ms. Greiner was significantly involved in the planning and execution of the separation efforts for the Company's tax-free spin-off, as well as the strategic positioning of the new company investor narrative for the rail-focused strategy. Ms. Greiner has served in various roles since joining the Company in 2008 including investor relations, corporate finance, and financial planning. Prior to Trinity, Ms. Greiner worked for Dallas-based hedge fund HBK Capital Management responsible for trade desk system and portfolio compliance procedures. She began her career at Accenture as a consultant in the Finance and Performance Management practice working for major clients including Belo Corp., Blockbuster, and AT&T Wireless. Ms. Greiner was twice named a Top Investor Relations Professional in 2016 and 2020 by Institutional Investor magazine for Mid-Cap Industrials in Transportation. Ms. Greiner received her Bachelor of Business Administration from Baylor University with majors in both Finance and Marketing. TRINITY INDUSTRIES DELIVERING GOODS for THE GOOD of ALL /// 61#62Appendix DELIVERING GOODS for THE GOOD of ALL#63Trinity's Business Segments - P&L Breakout Trinity Industries Inc. (LTM 9/30/2020) $2.4B Total Revenues $330M Adjusted Operating Profit* $83M Adjusted Income from Cont. Ops.* $607M Adjusted EBITDA* Railcar Leasing and Management Services Group Rail Products Group All Other Intersegment Eliminations $926M Segment Revenue $366M Segment Operating Profit Railcar leasing services . Asset management • Railcar investment vehicle (RIV) sales • $2,195M Segment Revenue $133M Segment Operating Profit • Tank and freight railcars • Maintenance services Railcar parts and heads Logistics operations $256M Segment Revenue $24M Segment Operating Profit Highway Products ($943)M Segment Revenue ($89)M Segment Operating Profit Intersegment Eliminations, primarily from the sale of railcars from the Rail Products Group to the Railcar Leasing and Management Services Group for new railcar equipment supported by a firm customer contract for the lease TRINITY INDUSTRIES * See appendix for reconciliation of non-GAAP measures DELIVERING GOODS for THE GOOD of ALL III 63#64Historical Business Segment Performance Trends Leading railcar leasing and services provider • 105,925 railcars ($7.3B of net PP&E) in owned fleet . Future committed lease revenue of $2.0B • Leased railcar backlog of 4,060 railcars ($430M value) fully committed by future railcar leases Additional revenue sources through platform Portfolio sales through secondary market or Railcar Investment Vehicle (RIV) transactions Management fee income from administrative, maintenance, and other service fees Leading railcar manufacturer in North America Leasing Operations Revenue and Operating Profit Margin (1) $800 50% $750 40% $700 30% $650 20% $600 10% $550 $500 0% 2016 2017 2018 2019 LTM (in $mms) Leasing Operations Revenue OP Margin Rail Products Segment Revenue and Operating Profit Margin • LTM Deliveries of 16,175 railcars - approx. 35% of industry shipments $3,500 15% $3,000 • LTM Orders of 7,395 railcars - approx. 33% of industry 12% $2,500 • Backlog of $1.2B for 10,050 railcars 9% $2,000 $1,500 6% Highly variable cost structure Material input costs averaged more than 70% of the cost of most railcars in 2019 Depreciation approximates $39M per year $1,000 3% $500 $0 0% (in $mms) 2016 2017 2018 2019 LTM Rail Products Revenue Maintenance Services Revenue OP Margin TRINITY INDUSTRIES See appendix for footnotes DELIVERING GOODS for THE GOOD of ALL /// 64#65Strong Balance Sheet Positioned for Market Uncertainty and Opportunistic Deployment LIQUIDITY DEBT STRUCTURE Cash & Equivalents $121M Revolver Availability $279M Recourse Debt $523M @~4%(1) Non-recourse Debt $4.4B @ N4%(1) Warehouse Availability $319M Expected Tax Refunds $485M Solid Liquidity of $719M(1) • • Low-cost funds Flexible term structures No maturities until 2022 • • • CAPITAL LEVERS Unencumbered Railcars $1.4B Pledge to warehouse Additional assets can be sold or financed LTV of 58% for the wholly-owned lease portfolio as of 3Q-20(2) $371M additional financing priced in October 2020 at 2.52% Attractive Debt Structures Conservative Capitalization TRINITY INDUSTRIES See appendix for footnotes DELIVERING GOODS for THE GOOD of ALL /// 65#66Platform Synergies Enhance Lease Portfolio ROE $8.0 Billion (Assets) $(4.5 Billion) (Liabilities) Total Leased Assets Capital Funding $(863 Million) (DTL) 13.8% Comparable to third party leasing company Pre-Tax ROE* (Leasing Group) $2.6 Billion $(719 Million) (Deferred Profit) (Assets - Liabilities) Reflects benefits of integrated platform $(349 Million) (Noncontrolling Interest) $1.5 Billion (Total Equity- Leasing Group) Tax- Advantaged Investment Segment Book Value of Lease Fleet Lower Cost Basis of Railcar Assets RIV Partner Capital Leasing Business Net Investment *All specified data as of quarter end December 31, 2019 See Next Page: 'Single Unit Railcar Economics' for comparison of Trinity's platform to standalone model TRINITY INDUSTRIES *See appendix for reconciliation of non-GAAP measures DELIVERING GOODS for THE GOOD of ALL III 66#67Illustrative Single Unit Leased Railcar Example Platform Synergies Enhance the Return Profile (TRN Platform vs. Stand Alone) ■ The cost-advantage from direct equipment sourcing increases the pre- tax ROE potential ■ The tax benefits of railcar investment significantly enhance the return on investment ■ 7 year MACRS OR 100% first-year bonus* The deferred tax liability (DTL), created from realized accelerated tax benefits, reduces the equity investment ■ The tax efficiency of the rail platform lowers the Company's tax liability increasing cash flow available for reinvestment and return of capital TRN Stand-Alone New Railcar @ Market Price Railcar Manufacturing Cost (@ 6% Margin) $ 100,000 94,000 $ 100,000 100,000 Railcar Asset Capitalization Debt Funding @ 70% leverage Remaining Equity Investment Average Year Economic Assumptions Rent revenue @ 0.65% lease rate factor (less) Operating Expenses @ 40% Margin (add) Depreciation Expense (37 yr straight line) (less) Interest Expense @ 3.5% Economic Profit - Pre-Tax Pre-tax Cash Return on Equity Tax-Adjusted Returns @ 24% Tax Rate Accelerated Depreciation - Option 1 Incremental DTL Tax-Adjusted Equity Investment Pre-tax Cash Return on Residual Equity 100% Bonus Depreciation - Option 2 Incremental DTL Tax-Adjusted Equity Investment Pre-tax Cash Return on Residual Equity (70,000) (70,000) $ 24,000 $ 30,000 $ 7,800 (4,534) $ 7,800 (4,680) 2,286 (2,450) 2,432 (2,450) $ 3,102 $ 3,102 13% 10% (2,675) (2,846) $ 21,325 15% $ 27,154 11% (22,011) $ 1,989 156% (23,416) $ 6,584 47% *Current tax law allows for bonus depreciation in first year TRINITY INDUSTRIES DELIVERING GOODS for THE GOOD of ALL III 67#68Case Study #1 - Energy Customer Customer Need: The customer maintains a fleet of both owned and leased railcars. They needed to modify their owned fleet for continued use and change the mix of their fleet to match their business needs. Products & Services Offered: Maintenance Services Leasing Services • Investments Services Products • Platform Solution: Trinity offered a comprehensive solution including the management support and analytics of their existing fleet, contracting of new leased railcars, assignment and renewal of existing railcars within Trinity's portfolio, and brokering of a shipper sublease upon the performed modifications of the customer's railcars to meet new regulatory standards. TILX 261531 TLX 20788 NPV* to Trinity $25-30M TRINITY INDUSTRIES *See appendix for footnotes DELIVERING GOODS for THE GOOD of ALL /// 68#69Case Study #2 - Railcar Investment Vehicle Platform Customer Need: Institutional investors have ownership in the railcar asset class and look to partner with best in class providers who can manage the servicing and operations of a diverse portfolio Products & Services Offered: Investment Services Leasing Services Maintenance Services Products & Aftermarket Parts Platform Solution: Trinity offered this specific customer the full TrinityRail Platform by managing all aspects of their ownership interest in railcars. Trinity provides the marketing, lease operations, maintenance service work, parts support, and provide new railcar portfolios for them to invest in. TRINITY INDUSTRIES Value to Trinity $250M+ (10 year accumulated value) DELIVERING GOODS for THE GOOD of ALL /// 69#70Case Study #3 - New Product & Service Development Customer (Industry) Need: The industry was oversupplied with tri-level autoracks vs. bi-level autoracks as consumer preference changed from smaller, fuel-efficient automobiles to larger, cross-over and sports-utility vehicles. Products & Services Offered: Maintenance Services Leasing Services Platform Solution: • Investment Services New product development Through data analytics, Trinity recognized the shift and developed the Autorack Service Center to convert tri-level racks to bi-level, keeping current flat cars employed. In the process, also created new products for recertifications which extend the value and useful life of existing racks. The new Hourglass TM auto rack was also designed to offer more room inside the rack to reduce damage to wider SUVs and trucks in the transportation process. TRINITY INDUSTRIES EXCESS HEIGHT CAR ETTX 702680 Value to Trinity $5M DELIVERING GOODS for THE GOOD of ALL /// 70#71Case Study #4 - Large Third Party Leasing Company Customer Need: The customer owns a large, young lease fleet, with a considerable need for retrofits, traditional maintenance and new railcars to supplement their portfolio growth. Products & Services Offered: Maintenance Services Railcar Products Aftermarket Parts Platform Solution: Trinity modified nearly 1,900 tank cars to the DOT-117 standard over a three year period, and the following year was awarded the designation of "Preferred Maintenance Partner" by the customer. As a result of the new maintenance relationship, Trinity bundled a maintenance and after market parts program with a new railcar agreement to help the customer manage their Cap-Ex vs Op-Ex budgets - differentiating Trinity's service offering. Value to Trinity $8M TRINITY INDUSTRIES DELIVERING GOODS for THE GOOD of ALL /// 71#72Key Demand Fundamentals: Railcar Loadings by Submarket 20% 10% 0% -10% -20% -30% YoY Railcar Loadings Move with GDP but Inflect on Specific Fundamental Drivers -40% -50% 2016 2017 2018 2019 2020 Construction/Metals -Agriculture Consumer Products -Energy TRINITY INDUSTRIES Downstream/Chemicals See appendix for source info DELIVERING GOODS for THE GOOD of ALL /// 72#73Key Demand Fundamentals: Railcar Storage by Car Type 600,000 500,000 400,000 300,000 200,000 100,000 Railcars in Storage Follow Railcar Loading Trends Jan-16 Jul-16 Jan-17 Jul-17 Jan-18 Jul-18 Jan-19 Jul-19 Jan-20 Box Cars Gondolas TRINITY INDUSTRIES Covered Hoppers Hopper Cars See appendix for source info Flat Cars Tank Cars Jul-20 All Other % of Fleet 35% 30% 25% 20% 15% 10% 5% 0% DELIVERING GOODS for THE GOOD of ALL /// 73#74Key Demand Fundamentals: Attrition and Replacement 600 500 400 300 200 100 Rail Equipment Fleets Vary in Age Based on Cycle Dynamics 0 (in '000s) 0-10 Years 11-20 Years 21-30 Years 31-40 Years 41-50 Years Tankcar Flat Cars Box Cars TRINITY INDUSTRIES See appendix for source info ■ Covered Hoppers ■Open Hoppers/Gondolas ■Specialty Freight DELIVERING GOODS for THE GOOD of ALL III 74#75Key Demand Fundamentals: Railroad PSR Initiatives Opinion: PSR efficiencies will reduce overall demand for railcar equipment Research: Efficiency improvement in single line moves were offset by interline network inefficiencies, limiting the impact of PSR on equipment demand within Trinity's lease fleet. Opinion: The rail industry has lost modal share due to network inefficiencies and lack of supply chain transparency Research: A 1% increase in modal share overcomes a 1% decrease in efficiency. A more predictable rail network will enhance the economics of moving freight by rail and drive more modal share to the industry. Change in Cycle Times (Single Line vs. Interline) 20% 10% 0% 13% 11% 6% 3% 0% Railcars Needed to Serve 2019 Carloads 1pp Less Modal Share Base 2019 Carloads 1pp More Modal Share -10% -8% -8% -7% -10% -20% -22% -30% --26% -30% 1% Less Efficient -2.7% 1.0% 4.7% -15% Base 2019 Efficiency -3.7% 0.0% 3.7% -33% -40% CH CH Open Plastics Small Hopper* Auto Gondola* CH Med/Lg Tank 1% More Efficient -4.6% -1.0% 2.6% ■ PSR Early Adopter ■Interline *Primarily used for coal TRINITY INDUSTRIES See appendix for source info DELIVERING GOODS for THE GOOD of ALL /// 75#76Reconciliation: Total Company Pre-tax ROE Numerator: Income from continuing operations Provision (benefit) for income taxes Income from continuing operations before income taxes Net (income) loss attributable to noncontrolling interest FY 2019 LTM Q3-20 ($ in millions) $ 139.2 $ (77.1) 61.5 (205.8) 200.7 (282.9) Adjustments Adjusted Profit Before Tax Denominator: Stockholders' Equity Noncontrolling interest Accumulated other comprehensive loss Adjusted Stockholders' Equity Average total stockholders' equity Return on Equity (1) Average Adjusted Stockholders' Equity Pre-Tax Return on Equity (2) 1.5 14.7 $ 216.9 FY 2018 $ 2,562.0 (351.2) 116.8 $2,327.6 FY 2019 $2,378.9 (348.8) 153.1 $ 2,183.2 $ 2,470.5 5.6% $ 2,255.4 9.6% 79.6 318.3 $ 115.0 Q3-20 $2,093.6 (276.3) 164.5 $1,981.8 $ 2,236.3 -3.4% $ 2,082.5 5.5% (1) Return on Equity is calculated as income from continuing operations divided by average total stockholders' equity. (2) Pre-Tax Return on Equity is calculated as adjusted profit before tax divided by average adjusted stockholders' equity, each as defined and reconciled above. Pre-Tax Return on Equity ("Pre-Tax ROE") is a non-GAAP measure that is derived from amounts included in our GAAP financial statements. We define Pre-Tax ROE as a ratio for which (i) the numerator is calculated as income from continuing operations adjusted to exclude the effects of the provision for income taxes, net income or loss attributable to noncontrolling interest, and certain other adjustments, which include restructuring activities, the controlling interest portion of impairment of long-lived assets, and early redemption of debt; and (ii) the denominator is calculated as average stockholders' equity, which excludes noncontrolling interest, adjusted to exclude accumulated other comprehensive income or loss. In the table above, the numerator and denominator of our Pre-Tax ROE calculation are reconciled to income from continuing operations and total stockholders' equity, respectively, which are the GAAP financial measures used in the computation of ROE. Management believes that Pre-Tax ROE is a useful measure to both management and investors as it provides an indication of the economic return on the Company's investments over time, and considers the Company's expected tax position in the near-term. Non-GAAP measures should not be considered in isolation or as a substitute for our reporting results prepared in accordance with GAAP and, as calculated, may not be comparable to other similarly titled measures for other companies. TRINITY INDUSTRIES DELIVERING GOODS for THE GOOD of ALL /// 76#77Reconciliation: Leasing Group Pre-Tax ROE Numerator: Operating profit December 31, 2018 2019 ($ in millions) $ 351.1 (142.3) 208.8 (3.8) $ 406.6 (197.2) 209.4 1.5 Interest expense Income from continuing operations before tax Net (income) loss attributable to noncontrolling interest Adjusted Profit Before Tax - Leasing Group $ 205.0 Denominator: Total Equity - Leasing Group Average Total Equity - Leasing Group Pre-Tax ROE - Leasing Group (1) $ 210.9 $1,508.5 $1,544.9 $1,526.7 13.8% (1) Pre-Tax Return on Equity - Leasing Group is calculated as adjusted profit before tax - Leasing Group divided by average total equity - Leasing Group, each as defined and reconciled above. Pre-Tax Return on Equity - Leasing Group ("Pre-Tax ROE - Leasing Group") is a non-GAAP measure that is derived from amounts included in our GAAP financial statements. We define Pre-Tax ROE - Leasing Group as a ratio for which (i) the numerator is calculated as operating profit adjusted to deduct interest expense and to exclude the effects of net income or loss attributable to noncontrolling interest, and (ii) the denominator is calculated as average equity (which excludes noncontrolling interest). In the table above, the numerator of our Pre-Tax ROE - Leasing Group calculation is reconciled to income from continuing operations before tax, which is the GAAP financial measure used in the computation of ROE. Management believes that the Pre-Tax ROE - Leasing Group is a useful measure to both management and investors as it provides an indication of the economic return on the Leasing Group's investments over time. Non-GAAP measures should not be considered in isolation or as a substitute for our reporting results prepared in accordance with GAAP and, as calculated, may not be comparable to other similarly titled measures for other companies. TRINITY INDUSTRIES DELIVERING GOODS for THE GOOD of ALL III 77#78Reconciliation: Leasing Economic Profit 2016 2017 Leasing Operations Operating Profit - Leasing Operations (Less): Interest Expense - Profit Before Tax (Add): Depreciation Economic Profit - Leasing Operations (Add): Operating Profit - Railcar Sales $ 312.5 $ 341.3 (125.2) (125.8) 2018 (in millions) $ 291.8 (142.3) 2019 LTM Q3-20 $ 314.7 $ 327.9 (197.2) (200.0) 187.3 215.5 149.5 117.5 127.9 156.2 172.3 196.6 232.2 219.7 343.5 387.8 346.1 349.7 347.6 47.6 103.2 71.9 91.9 37.9 Total Economic Profit - Leasing Group $ 391.1 $ 491.0 $ 418.0 $ 441.6 $ 385.5 Economic Profit is a non-GAAP financial measure derived from amounts included in our GAAP financial statements. For the Leasing Group, Economic Profit is defined as Operating Profit Leasing Operations as computed in accordance with GAAP, adjusted to deduct interest expense and to add back depreciation expense and the operating profit related to railcar sales. This non-GAAP measure is reconciled to Operating Profit Leasing Operations, the most directly comparable GAAP financial measure, in the table above. Management believes that Economic Profit is useful to both management and investors in their analysis as it is a key measure of our businesses' cash flows and takes into consideration operational cash flows and interest expense. Non-GAAP measures should not be considered in isolation or as a substitute for our reporting results prepared in accordance with GAAP and, as calculated, may not be comparable to other similarly titled measures for other companies. TRINITY INDUSTRIES DELIVERING GOODS for THE GOOD of ALL III 78#79Reconciliation: Steady State Cash Flow Net cash provided by operating activities 2016 continuing operations 837.5 2017 610.1 2018 (in millions) 274.2 2019 LTM Q3-20 $ 396.7 $ 687.2 (Add): Proceeds from railcar lease fleet sales owned more than one year at the time of sale 37.7 (Add): Net cost of sold lease fleet railcars owned one year or less Adjusted Net Cash Provided by Operating Activities, including Portfolio Sales 92.0 360.7 79.9 230.5 205.7 169.4 967.2 $ 1,050.7 92.4 597.1 319.3 163.0 921.7 $ 1,019.6 (Less): Manufacturing/Corporate D&A (Proxy for Steady State Capex) (Less): Leasing Steady State CapEx Required (defined below) Steady State Cash Flow Generation (61.1) $ (272.4) 633.7 $ (57.4) (529.4) 463.9 (55.3) $ (469.1) 72.7 $ (51.4) (706.7) 163.6 (52.9) $ (529.0) 437.7 Leasing Depreciation Total Proceeds from sales of leased railcars (Less): Total profit on railcar sales (Add): NBV of rail portfolio sales Leasing Steady State CapEx Required 2016 2017 2018 2019 LTM Q3-20 156.2 172.3 196.6 232.2 219.7 163.8 460.3 344.4 (47.6) (103.2) (71.9) 566.4 (91.9) 347.2 (37.9) $ 好好 116.2 357.1 272.5 $ 474.5 $ 309.3 $ 272.4 $ 529.4 469.1 $ 706.7 $ 529.0 Steady State Cash Flow is a non-GAAP financial measure and is defined as net cash provided by operating activities from continuing operations as computed in accordance with GAAP, plus cash proceeds from sales of leased railcars owned more than one year at the time of sale, plus net cost of sold lease fleet railcars owned one year or less, less manufacturing and corporate depreciation and amortization, less Leasing Steady State CapEx Required. Leasing Steady State CapEx Required is defined as leasing depreciation plus the net book value of railcar sales. We believe Steady State Cash Flow is useful to both management and investors as it provides a relevant measure of liquidity and a useful basis for assessing our potential to fund further reinvestment in the business for growth or return capital to shareholders, after investments to maintain a comparable level of cash flow at the enterprise level. Steady State Cash Flow is reconciled to net cash provided by operating activities from continuing operations, the most directly comparable GAAP financial measure, in the table above. Non-GAAP measures should not be considered in isolation or as a substitute for our reporting results prepared in accordance with GAAP and, as calculated, may not be comparable to other similarly titled measures for other companies. TRINITY INDUSTRIES DELIVERING GOODS for THE GOOD of ALL III 79#80Reconciliation: Lease Investment and Required "Equity CapEx" Lease investment is typically leveraged at a 70-80% LTV, reducing required equity capital and increasing available cash flow. $1,200 $1,000 $800 $600 $400 $200 $0 -$200 2016 ■Leasing CapEx* 2017 2018 2019 LTM Net, New Debt Funding Equity CapEx, Leasing 2016 2017 2018 (in millions) 2019 LTM Q3-20 Capital Expenditures - leasing, net of sold lease fleet railcars owned one year or less $ 799.1 $ 608.3 $ 948.3 $1,122.2 $ 716.7 Payments to retire debt Proceeds from the issuance of debt (162.0) Net new debt added to the balance sheet Equity CapEx for new leased railcars (162.0) 961.1 (375.3) 533.5 158.2 (887.8) 1,206.6 318.8 (1,724.1) 2,567.8 843.7 450.1 $ 629.5 $ 278.5 (1,158.8) 1,393.4 234.6 $ 482.1 *Leasing CapEx is defined as "Capital Expenditures - leasing, net of sold lease fleet railcars owned one year or less" in the Company's Statement of Cash Flows TRINITY INDUSTRIES DELIVERING GOODS for THE GOOD of ALL III 80#81Reconciliation: Walking FCF Beyond Lease Investment Disciplined Balance Sheet Management Yields Strong Excess Cash Flows 2016 2017 Net cash provided by operating activities continuing operations $ 837.5 $ 610.1 2018 (in millions) $ 274.2 2019 LTM Q3-20 396.7 $ 687.2 (Add): Proceeds from railcar lease fleet sales owned more than one year at the time of sale 37.7 360.7 Adjusted Net Cash Provided by Operating Activities $ 875.2 (Less): Capital expenditures - manufacturing and other (Less): Dividends paid to common shareholders (49.5) (66.7) $ 970.8 (22.0) (72.6) 230.5 $ 504.7 205.7 $ 602.4 169.4 $ 856.6 (37.3) (97.0) (77.4) (82.1) Free Cash Flow (before Capital expenditures - leasing) (Less): Equity CapEx for new leased railcars $ 759.0 (961.1) $ 876.2 $ 390.0 423.3 (104.4) (89.1) 663.1 (450.1) (629.5) Total Free Cash Flow After Investments & Dividends $ (202.1) $ 426.1 $ (239.5) (278.5) 144.8 (482.1) $ 181.0 Total Free Cash Flow After Investments and Dividends is a non-GAAP financial measure and is defined as net cash provided by operating activities from continuing operations as computed in accordance with GAAP, plus cash proceeds from sales of leased railcars owned more than one year at the time of sale, less capital expenditures for manufacturing, dividends paid, and Equity CapEx for new leased railcars. Equity CapEx for new leased railcars is defined as leasing capital expenditures, net of sold lease fleet railcars owned one year or less, adjusted to exclude net proceeds (repayments) of debt. We believe Total Free Cash Flow After Investments and Dividends is useful to both management and investors as it provides a relevant measure of liquidity and a useful basis for assessing our ability to fund our operations and repay our debt. Total Free Cash Flow After Investments and Dividends is reconciled to net cash provided by operating activities from continuing operations, the most directly comparable GAAP financial measure, in the table above. Non-GAAP measures should not be considered in isolation or as a substitute for our reporting results prepared in accordance with GAAP and, as calculated, may not be comparable to other similarly titled measures for other companies. TRINITY INDUSTRIES DELIVERING GOODS for THE GOOD of ALL III 81#82Reconciliation: Adjusted Operating Results Impairment of long-lived assets - Controlling Nine Months Ended September 30, 2020 Impairment of long-lived assets - Noncontrolling (1) (2) (3) GAAP Interest Interest Early Restructuring activities redemption of (2) debt (2) Income tax effect of CARES Act Adjusted Operating profit (loss) $ (161.4) Interest expense, net $ 163.6 288.1 Provision (benefit) for income taxes $ (226.1) $ 67.4 $ Income (loss) from continuing operations $ (99.4) 220.7 Net income (loss) attributable to Trinity Industries, Inc. $ (20.1) 220.7 $ Diluted weighted average shares outstanding (4) 117.2 Diluted income (loss) from continuing operations per common share attributable to Trinity Industries, Inc. $ (0.17) (in millions, except per share amounts) 81.3 81.3 $ 10.5 $ (5.0) 218.5 158.6 2.5 $ 1.2 $ 174.6 19.6 8.0 $ 8.0 S 3.8 (174.6) 39.8 ՄՌ $ 3.8 $ (174.6) $ 37.8 118.4 0.32 (1) Excludes $81.3 million of non-cash impairment of long-lived asset charges associated with the noncontrolling interest. (2) The effective tax rate for impairment of long-lived assets, restructuring activities, and the early redemption of debt is before consideration of the CARES Act. (3) Represents the portion of the non-cash impairment of long-lived asset charge attributable to the noncontrolling interest, for which Trinity does not provide income taxes (4) GAAP diluted weighted average shares outstanding excludes 1.2 million shares for the nine months ended September 30, 2020 since the Company was in a net loss position. When adjusting for the items above, these shares become dilutive. We have supplemented the presentation of our reported GAAP operating profit (loss), interest expense, net, provision (benefit) for income taxes, income (loss) from continuing operations, net income (loss) attributable to Trinity Industries, Inc., diluted weighted average shares outstanding and diluted income (loss) from continuing operations per common share attributable to Trinity Industries, Inc. with non-GAAP measures that adjust the GAAP measures to exclude the impact of restructuring activities, impairment of long-lived assets, early redemption of debt, the income tax effects of the CARES Act and certain other non-recurring transactions or events (as applicable). These non-GAAP measures are derived from amounts included in our GAAP financial statements and are reconciled to the most directly comparable GAAP financial measures in the table above. Management believes that these measures are useful to both management and investors for analyzing the performance of our business without the impact of certain non-recurring items. Non-GAAP measures should not be considered in isolation or as a substitute for our reporting results prepared in accordance with GAAP and, as calculated, may not be comparable to other similarly titled measures for other companies. TRINITY INDUSTRIES DELIVERING GOODS for THE GOOD of ALL /// 82#83Reconciliation: Adjusted Operating Results (continued) Year Ended December 31, 2019 Restructuring GAAP activities Income Tax Adjusted (in millions, except per share amounts) Operating profit $ 416.3 $ 14.7 $ $ 431.0 Provision (benefit) for income taxes $ 61.5 $ 3.3 $ (9.7) $ 55.1 Income from continuing operations $ 139.2 $ 11.4 $ 9.7 $ 160.3 Diluted income from continuing operations per common share 1.09 1.26 We have supplemented the presentation of our reported GAAP operating profit (loss), interest expense, net, provision (benefit) for income taxes, income (loss) from continuing operations, net income (loss) attributable to Trinity Industries, Inc., diluted weighted average shares outstanding and diluted income (loss) from continuing operations per common share attributable to Trinity Industries, Inc. with non-GAAP measures that adjust the GAAP measures to exclude the impact of restructuring activities, impairment of long-lived assets, early redemption of debt, the income tax effects of the CARES Act and certain other non- recurring transactions or events (as applicable). These non-GAAP measures are derived from amounts included in our GAAP financial statements and are reconciled to the most directly comparable GAAP financial measures in the table above. Management believes that these measures are useful to both management and investors for analyzing the performance of our business without the impact of certain non-recurring items. Non-GAAP measures should not be considered in isolation or as a substitute for our reporting results prepared in accordance with GAAP and, as calculated, may not be comparable to other similarly titled measures for other companies. TRINITY INDUSTRIES DELIVERING GOODS for THE GOOD of ALL III 83#84Reconciliation: EBITDA and Adjusted EBITDA Net income (loss) Less: income (loss) from discontinued operations, net of income taxes Income (loss) from continuing operations Add: Interest expense Provision (benefit) for income taxes Depreciation and amortization expense EBITDA Add: Impairment of long-lived assets Restructuring activities, net Adjusted EBITDA LTM Q3-20 (in millions) LA (78.1) (1.0) $ (77.1) 222.9 (205.8) 272.6 $ 212.6 369.4 25.2 $ 607.2 EBITDA is defined as income (loss) from continuing operations plus interest expense, income taxes, and depreciation and amortization expense. Adjusted EBITDA is defined as EBITDA plus non-cash impairment of long-lived assets and restructuring activities. EBITDA and Adjusted EBITDA are non-GAAP financial measures; however, the amounts included in these calculations are derived from amounts included in our GAAP financial statements. EBITDA and Adjusted EBITDA are reconciled to net income (loss), the most directly comparable GAAP financial measure, in the table above. This information is provided to assist management and investors in making meaningful comparisons of our operating performance between periods. We believe EBITDA is a useful measure for analyzing the performance of our business. We also believe that EBITDA is commonly reported and widely used by investors and other interested parties as a measure of a company's operating performance and debt servicing ability because it assists in comparing performance on a consistent basis without regard to capital structure, depreciation or amortization (which can vary significantly depending on many factors). EBITDA and Adjusted EBITDA should not be considered as alternatives to net income as indicators of our operating performance, or as alternatives to operating cash flows as measures of liquidity. Non-GAAP measures should not be considered in isolation or as a substitute for our reporting results prepared in accordance with GAAP and, as calculated, may not be comparable to other similarly titled measures for other companies. TRINITY INDUSTRIES DELIVERING GOODS for THE GOOD of ALL III 84#85Presentation Footnotes SLIDE 11 - Optimization Efforts Lay Foundation for Further Success (1) The Company's calculation of Weighted Average Cost of Capital (WACC) incorporates a risk free rate using an average of the 10yr and 30yr treasury rates, an equity risk premium compiled by NYU, and an average of the Company's 2yr weekly and 3yr monthly Beta. SLIDE 18 - Strategic Initiative: Improve Manufacturing Margin by Lowering Breakeven Point "Annual Railcar Deliveries" is provided as context, to depict the expected margin improvement resulting from the strategic initiatives listed in a comparable production environment. SLIDE 23 - Railcars Are Attractive Long-term Investments https://www.aar.org/wp-content/uploads/2019/02/AAR-Sustainability-Fact-Sheet-2019.pdf SLIDE 24 - GAAP Returns Accelerate as Lease Portfolio Matures The charts pictured are illustrative and represent the financial performance of a typical lease railcar in the Company's portfolio pricing model. The assumptions reflect current lease pricing parameters, our recently updated economic life assumptions, constant leverage of 65% LTV, and low annual inflation of rents and operating costs between 0.75% and 1.5%. SLIDE 25 - Rail Investment Profile vs. Other Asset Classes The attributes expressed in this presentation are based on the Company's assessment of asset performance and equipment financing from a variety of sources including Bloomberg, S&P Capital IQ, and various bank presentations. - SLIDE 26 Capitalizing on Structural Change in the Rail Market UmlerⓇ North American fleet ownership data as of 12/31/19 SLIDE 27 Stable Financial Performance Through the Cycle (1) Leasing Operations Profit Margin calculated using only revenues and profit from Leasing Operations including Partially Owned Subsidiaries and excluding Car Sales. Leasing Operations is specific to revenue and operating profit reported under "Leasing and management" within the Railcar Leasing and Management Services Group. (2) The high-to-low average lease rate scale represents 60% of the leases that renew in the specified year so as to limit the skew, however, the lease rate average represents 100% of the expiring leases. (3) Future Lease Rate Differential (FLRD) calculates the weighted average of the most current quarterly lease rates transacted compared to the weighted average lease rates for railcars expiring over the next twelve months; the revenue headwind/tailwind is calculated by applying the FLRD to the percentage of expiring railcars over that time period, and including a mid-year factor to reflect the 12 month time period the expirations will take effect. SLIDE 30 - Servicing High-Quality Industrial Shippers All statistics presented on the page reflect the Company's wholly and partially-owned lease portfolio as of December 31, 2019. TRINITY INDUSTRIES DELIVERING GOODS for THE GOOD of ALL III 85#86Presentation Footnotes (continued) SLIDE 34 - Integral Part of the North American Supply Chain (1) UmlerⓇ (October 1, 2020 report), The Umler® system is an electronic resource that contains critical data for North American transportation equipment. Originally created in 1968, Umler Ⓡ maintains data for more than two million pieces of equipment used in rail, steamship and highway service. (2) FTR Associates 2/17/20 (3) American Association of Railroads, Accessed on October 6, 2020 (4) Q4-2020 depicted in the chart represents the GDP consensus estimate for the quarter as published by Bloomberg on 11/2/20. SLIDE 35 - Delivering Essential Goods to the Global Marketplace American Association of Railroads, Accessed on October 6, 2020 - SLIDE 36 Railcar Market: Recent Trends and Industry Outlook Third party forecast for railcar loadings, FTR Forecast, November 6, 2020; projected lease rate trend represents Company's expectation. - SLIDE 39 Enhancing Rail Modal Advantage Through Supply Chain Efficiency FTR Associates 2/17/20 SLIDE 44 - A Sustainable Capital Story: Attractive Yielding Assets with Long-tailed Utility (1) Umler source data, October 1, 2020 (2) The chart pictured is a repeat from Slide 24 SLIDE 45 - A Sustainable Capital Story: Trinity's Rail Platform Delivers Strategic Synergies The financial information presented depicts tangible synergies of Trinity's rail platform and represents the cumulative benefit of corresponding cash flows from 2016-2020. The OP contribution referenced is associated with profit from rent or portfolio sales from railcars added to Trinity's lease portfolio during the same time period, and represents incremental profit earned by meeting customer needs through organic platform growth. SLIDE 47 and 48 - A Sustainable Capital Story: Reinvestment & Capital Return Drive Shareholder Value Trinity's Book Value prior to October 31, 2018 has been adjusted by $1,732.2 million for the tax-free distribution of Arcosa, Inc. (NYSE:ACA) which occurred on November 1, 2018 for the purposes of depicting a five year timeline of Book Value growth. Appendix SLIDE 64 - Historical Business Segment Performance Trends (1) Leasing Operations Profit Margin calculated using only revenues and profit from Leasing Operations including Partially Owned Subsidiaries and excluding Car Sales. Leasing Operations is specific to revenue and operating profit reported under "Leasing and management" within the Railcar Leasing and Management Services Group. - Appendix SLIDE 65 – Strong Balance Sheet Positioned for Market Uncertainty and Opportunistic Deployment (1) Balances and blended average interest rate as of September 30, 2020 (2) Includes corporate revolving credit facility as part of the short-term financing structure TRINITY INDUSTRIES DELIVERING GOODS for THE GOOD of ALL III 86#87Presentation Footnotes (continued) Appendix SLIDE 68 - Case Study #1 - Energy Customer Net Present Value ("NPV") is used in the calculation of the transaction contribution to the Company's profitability as the commercial agreement is ongoing and is expected to continue for several more years. Appendix SLIDE 72 - Key Demand Fundamentals: Railcar Loadings by Submarket American Association of Railroads (AAR) Weekly Railcar Loadings Appendix SLIDE 73 - Key Demand Fundamentals: Railcar Storage by Car Type AAR Rail Time Indicators November 1, 2020 - - Appendix SLIDE 74 – Key Demand Fundamentals: Attrition and Replacement UmlerⓇ North American fleet profile data as of 10/1/20 Appendix SLIDE 75- Key Demand Fundamentals: Railroad PSR Initiatives Cycle times data is based on a Company-sponsored third-party research study of Trinity's lease fleet compared to railroad moves of a major Class 1 Railroad; Efficiency and volume data is comprised of analysis based on Company analytics of its lease fleet and AAR Carload information, and incorporates findings from FTR's U.S. Freight Outlook by Mode, Q3 2020 published 8/20/20. Contact Information: Jessica Greiner, VP Investor Relations and Communications 214-589-8047 | Jessica. [email protected] | Trinity Investor [email protected] Investor Website: www.trin.net/investor-relations TRINITY INDUSTRIES DELIVERING GOODS for THE GOOD of ALL III 87