#1ARCOSA MOVING INFRASTRUCTURE FORWARD Investor Presentation October 2018#2How to Find Us OUR WEBSITE NYSE TICKER www.arcosa.com ACA HEADQUARTERS Arcosa, Inc. 500 North Akard Street Dallas, TX 75201 INVESTOR CONTACT Investor [email protected] 2 Moving Infrastructure Forward - Investor Presentation, October 2018 ARCOSA#3Agenda 1:00 - 1:05 Introduction: Gail Peck, SVP, Finance & Treasurer 1:05 -1:25 1:25 - 1:45 Opening Remarks & Strategic Roadmap: Antonio Carrillo, President & CEO Construction Products Overview: Reid Essl, President, Construction Products 1:45 - 2:05 Energy Equipment Overview: Kerry Cole, President, Energy Equipment 2:05 - 2:25 Transportation Products Overview: Jess Collins, President, Transportation Products 2:25 - 2:40 Financial Overview and Capital Allocation: Scott Beasley, CFO 2:40 - 2:50 Closing Remarks: Antonio Carrillo, President & CEO Q&A 2:50-3:30 3:30 Breakout Sessions 3 / Moving Infrastructure Forward - Investor Presentation, October 2018 ARCOSA#4Today's presenters Antonio Carrillo Reid Essl Kerry Cole Jess Collins Scott Beasley President & Chief Executive Officer President, Construction President, Energy President, Transportation Chief Financial Officer Products Equipment Products 4 / Moving Infrastructure Forward Investor Presentation, October 2018 ARCOSA#5Forward Looking Statements 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 Arcosa's estimates, expectations, beliefs, intentions or strategies for the future, and the assumptions underlying these forward-looking statements, including, but not limited to, statements about the anticipated separation of Trinity Industries, Inc. (NYSE: TRN) into two separate public companies, the expected timetable for completing the spin-off transaction, whether or not the spin-off transaction occurs, future financial and operating performance of each company, benefits and synergies of the spin-off transaction, strategic and competitive advantages of each company, future opportunities for each company and any other statements regarding events or developments that Arcosa believes or anticipates will or may occur in the future. Arcosa uses the words "anticipates," "assumes,” “believes," "estimates," "expects," "intends," "forecasts," "may," "will," "should," "guidance," "outlook," and similar expressions to identify these forward-looking statements. Forward-looking statements speak only as of the date of this presentation, and, except as required by federal securities laws, Arcosa expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in Arcosa's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. There is no assurance that the proposed spin-off transaction will be completed, that the Trinity's Board of Directors will continue to pursue the proposed spin-off transaction (even if there are no impediments to completion), that Trinity will be able to separate its businesses, or that the proposed spin-off transaction will be the most beneficial alternative considered. 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 or Arcosa's operations, markets, products, services and prices, as well as any changes in or abandonment of the proposed separation or the ability to effect the separation and satisfy the conditions to the proposed separation, 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 Arcosa's Form 10 filing and Trinity's Annual Report on Form 10-K for the most recent fiscal year, and as may be revised and updated by Trinity's Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. 5 Moving Infrastructure Forward - Investor Presentation, October 2018 ARCOSA#6Agenda Company overview and strategic roadmap Business segment highlights Financial overview and capital allocation strategy Leadership team MOVING INFRASTRUCTURE FORWARD 6 / Moving Infrastructure Forward - Investor Presentation, October 2018 ARCOSA#7Strategic Rationale For the separation of Arcosa from Trinity Industries Enhances Focus of Each Company Arcosa to focus on growing market opportunities in infrastructure spending Trinity Industries to operate integrated rail leasing, manufacturing, and services business Enables Each Company to Optimize Capital Structure Enables Arcosa and Trinity to Pursue Distinct Growth Strategies 7 / Moving Infrastructure Forward - Investor Presentation, October 2018 ARCOSA#8Arcosa By the Numbers A new public company with an established operating history and financial flexibility $1.4B Revenue $182M EBITDA $119M Operating Profit ~$200M Cash at spin, with no material debt 85+ Years of Operating History ~40 Operating Locations across N. America Note: Revenue, Operating Profit, and EBITDA are LTM 06/30/2018. See EBITDA reconciliation in Appendix 8 / Moving Infrastructure Forward - Investor Presentation, October 2018 ARCOSA#9Established businesses with additional potential to thrive in Arcosa's new structure Markets Revenue CONSTRUCTION $288M AGGREGATES SPECIALTY MATERIALS CONSTRUCTION SITE SUPPORT Note: Revenue is LTM 06/30/2018 9 / Moving Infrastructure Forward - Investor Presentation, October 2018 ENERGY TRANSPORTATION $785M $353M WIND TOWERS BARGES UTILITY STRUCTURES STORAGE TANKS COMPONENTS ARCOSA#10Investment Case Established businesses with additional potential to thrive in Arcosa's new structure Broad infrastructure market exposure creates opportunities for growth and strategic optionality Stage 1 plan underway to execute on our long term vision Barge recovery to provide near term growth Expected Revenue and EBITDA growth in 2019 Experienced leadership team with a common vision 10 Moving Infrastructure Forward - Investor Presentation, October 2018 ARCOSA#11Long term vision for Arcosa 11 Grow in attractive markets where we can achieve sustainable competitive advantages Reduce the complexity and cyclicality of the overall business / Moving Infrastructure Forward - Investor Presentation, October 2018 Improve returns on invested capital ARCOSA#12Stage 1 Priorities Grow Improve Construction Energy Expand Transport- Operate a flat and Products Equipment's ation organically and operational Products through performance while organically as responsive corporate structure acquisitions pursuing barge and rail disciplined growth markets recover 12 / Moving Infrastructure Forward - Investor Presentation, October 2018 ARCOSA#13Broad infrastructure market exposure creates growth opportunities across construction, energy, and transportation Replacement of aging infrastructure Recent estimates suggest that improving U.S. infrastructure to an “adequate state" requires a total investment of approximately $4.6 trillion from 2016 to 2025 New infrastructure spending to meet population growth Long-term population growth in key Southwest geographies is expected to exceed U.S. growth rates Additionally, population growth in Mexico and other Latin American countries is expected to positively impact future infrastructure spending Sources: American Society of Civil Engineers, Oxford Economics Changing energy landscape Shifting trends in the global energy landscape expected to benefit Arcosa, including: - Increased adoption of renewables Increased U.S. oil & gas production, driven by shale basins Recovery in key transportation markets Early signs of recovery in barge and rail markets ■ Arcosa is well-positioned to benefit from a market recovery in these areas. 13 / Moving Infrastructure Forward — Investor Presentation, October 2018 ARCOSA#14A separation that provides the foundation for a strong future Liquidity to fund growth opportunities ~$200M of cash, plus expect $400M revolving credit facility Healthy free cash flow and relatively light capital intensity Healthy balance sheet Independent structure ■ No material debt at time of spin ■ No material contingent liabilities ■ Trinity to distribute 100% of shares to Trinity shareholders No overlapping directors ■ New headquarters Note: Free cash flow defined as cash provided by operating activities less capex 14 / Moving Infrastructure Forward - Investor Presentation, October 2018 ARCOSA#15Stage 1 Priorities Actions completed or underway Grow Construction Products Improve Energy Equipment Expand Transportation Products Operate a flat corporate structure ☐ Pursuing pipeline of acquisitions across aggregates, specialty materials, and construction site support ☐ Extending Continuous Improvement program from Wind Towers to rest of Energy Equipment In process of divesting certain businesses in "Other" Energy Equipment Preparing barge plants for increased production in 2019, including potential re-opening of idle plants Expanding components business to new customers and markets ☐ Outsourced certain corporate functions as part of separation ☐ Streamlined corporate structure to reduce layers See EBITDA reconciliation included in Appendix for reconciliation to 2019 Net Income range of $81-89M 2019 EBITDA guidance of $180-195M 15 / Moving Infrastructure Forward — Investor Presentation, October 2018 ARCOSA#16Agenda Company overview and strategic roadmap Business segment highlights Financial overview and capital allocation strategy Leadership team MOVING INFRASTRUCTURE FORWARD 16 / Moving Infrastructure Forward - Investor Presentation, October 2018 ARCOSA#17ARCOSA >> A CONSTRUCTION PRODUCTS#18Construction Products Summary ■ ◉ Long term demand drivers are positive across the segment Our businesses have competitive advantages in compelling markets that lead to attractive margins and returns Competitive pricing in certain products can be mitigated over time by margin expansion potential in others Fragmented markets with significant consolidation and acquisition opportunities 18 / Moving Infrastructure Forward ― Investor Presentation, October 2018 ARCOSA#19Construction Products Segment Overview PRODUCTS KEY FIGURES (LTM 6/30/18) $288M REVENUE by product type ($M) Construction site support AGGREGATES SPECIALTY MATERIALS CONSTRUCTION SITE SUPPORT Revenue Natural sand, gravel and limestone base Shale & clay expanded and hardened in a rotary kiln Steel & aluminum trench shoring products and systems 26% Adjusted EBITDA Margin $30B+ Estimated annual market size 71 (25%) Note: Aggregates and Specialty Materials grouped as "Construction Aggregates" in Financials. Construction Site Support classified as "Other". See Adjusted EBITDA reconciliation in Appendix to reconcile Adjusted EBITDA margin with Operating Profit margin of 19%. 217 (75%) Aggregates and specialty materials 19 / Moving Infrastructure Forward - Investor Presentation, October 2018 ARCOSA#20Construction Products Market Outlook Long term demand drivers across the segment are positive, driven by both private and public demand Key private demand drivers Key public demand drivers Public highway spending - - Multi-year federal transportation bill (FAST Act) State-level funding ■ Residential / Commercial / Industrial construction activity driven by: ■ Population growth ■ Household income and wage growth ☐ 20 20 Regulatory / safety compliance Pipeline construction to meet growing domestic oil and gas production " Public non-residential construction Public awareness of need to invest in infrastructure, driven by unsustainably low public investment in infrastructure / Moving Infrastructure Forward - Investor Presentation, October 2018 ARCOSA#21Aggregates Overview Aggregates business operates in favorable Texas and Gulf Coast markets, with opportunities to expand in this fragmented industry Operate 11 locations across 3 important markets in Texas and the Gulf Coast Dallas-Ft Worth market Central Texas market Houston- Gulf Coast market Attractive market fundamentals in Texas and Gulf Coast markets Population and GDP growth in the "Texas Triangle" projected to outpace the national average from 2018-2025 Texas Department of Transportation's (TXDOT) Unified Transportation Plan anticipates $75 billion in infrastructure spending over the next 10 years Appealing attributes have brought additional competition and supply Source: Oxford Economics, TXDOT UTP (2019) 21 / Moving Infrastructure Forward - Investor Presentation, October 2018 ARCOSA#22Aggregates Competitive Advantages We have developed a number of competitive advantages that help us generate strong returns Strategically located reserves in fast growing Texas & Gulf Coast markets Deep customer relationships with major concrete producers & construction companies Intimate knowledge of land and operating companies in our markets ARCOSA A AGGREGATES Operating expertise in mining and processing materials Regional production scale Track record of organic and acquisition growth 22 22 / Moving Infrastructure Forward - Investor Presentation, October 2018 ARCOSA#23Aggregates Growth Opportunities The aggregates business has attractive growth opportunities Fragmented industry creates opportunities $23B aggregates market size in the U.S. More than 5,500 producers manage 10,000 operations. ~60% of aggregate plants are privately-held The 20 largest sand and gravel producers represent only ~30% of U.S. production. Our relationships and operating experience lead to a pipeline of operating company opportunities Arcosa's team has been operating in Texas since the early 1990s Relationships with privately- held operating companies in and adjacent to our key markets ■ We also pursue reserve acquisitions to build strategic advantages Full time geology team working to identify and acquire natural aggregate reserves Flexibility to acquire raw land when reserves offer more value than buying operating companies Expertise in creating mining plans and constructing aggregates plants Sources: NSSGA, USGS 23 / Moving Infrastructure Forward - Investor Presentation, October 2018 ARCOSA#24Specialty Materials Overview Specialty lightweight aggregates business has geographic and end market diversity Nationwide Footprint Diverse End Markets We operate 7 lightweight aggregate locations across the United States 24 / Moving Infrastructure Forward - Investor Presentation, October 2018 Road and bridge construction Residential/ commercial Environmental / Horticulture Other specialty markets Pre-cast products, stone veneer, rooftile, baseball infield conditioner ARCOSA#25Lightweight Aggregates Competitive Advantages Our competitive advantages help us serve customers and generate strong returns Nationwide footprint to cost-effectively serve customers across the country Specialized technical sales force to work with customers on lightweight material applications Proven acquisition and ARCOSA A LIGHTWEIGHT AGGREGATES Processing expertise in critical rotary kiln operations Reserves in close proximity to processing plants integration expertise 25 25 / Moving Infrastructure Forward - Investor Presentation, October 2018 ARCOSA#26Specialty Materials Growth Opportunities We see attractive acquisition opportunities to expand our specialty materials platform Mining of Unique Materials Value-Added Processing Diverse or Specialized End Markets Source: Private 3rd Party Data Specialty Materials > $4 Billion Market Opportunity 26 / Moving Infrastructure Forward - Investor Presentation, October 2018 ARCOSA#27Aggregates and Specialty Materials Growth Track record of disciplined acquisitions to expand aggregates and specialty materials platforms Combined Aggregates and Specialty Materials Revenue $ Millions 213 217 205 192 65 2012 152 113 2013 2014 2015 Asset swap for multiple lightweight aggregates operating plants Source: Arcosa financials (2015-LTM 6/18); Trinity financials (2012-2014) Acquisition of multiple lightweight aggregates operating plants 27 / Moving Infrastructure Forward - Investor Presentation, October 2018 2016 2017 Acquisition of multiple lightweight aggregates operating plants LTM 06/30/2018 ARCOSA#28Construction Site Support Overview Trench shoring is a growing platform, driven by nationwide infrastructure spending and regulatory and safety standards Diverse Product Portfolio Growing End Markets Shoring products apply pressure to the walls of a trench or hole 28 / Moving Infrastructure Forward - Investor Presentation, October 2018 Road and bridge construction Water and sewer construction Utility construction (Gas / Electric) Pipeline construction & inspection Increasing focus on worker safety and OSHA compliance ARCOSA#29Trench Shoring Competitive Advantages Our trench shoring business has a number of competitive advantages that help us serve customers Industry-leading manufacturing capacity Manufacturing experience to meet stringent job site requirements Reputation for innovation 29 20 / Moving Infrastructure Forward - Investor Presentation, October 2018 Track record of value- creating acquisitions ARCOSA A SHORING Deep customer relationships Technical expertise for unique projects ARCOSA#3030 30 Trench Shoring Products Growth Opportunities We have built a platform in construction site support, and have attractive growth opportunities 2012 PRO-TEC EOPMENT GME Initial acquisition of 2 market-leading brands in the trench shoring industry 2017 Future Growth EFFICIENCY PRODUCTION America's Trench Box Builder™ A CONSTRUCTION SITE SUPPORT Acquisition of additional trench shoring manufacturer Potential areas of growth ■ Organic investments to expand geographic reach ■ Additional bolt-on acquisitions - Companies that expand our product offering and end markets served Companies that grow our geographic reach / Moving Infrastructure Forward - Investor Presentation, October 2018 ARCOSA#31Construction Products Summary Grow Construction Products ■ Three well-established business units serving the construction industry Balanced product portfolio with organic growth potential through product adjacencies and geographical expansion ☐ Fragmented market with significant consolidation and acquisition opportunities in aggregates and specialty materials 31 / Moving Infrastructure Forward ― Investor Presentation, October 2018 ARCOSA#32ARCOSA # ENERGY EQUIPMENT#33Energy Equipment Summary Dynamic energy landscape with varied trends across our product lines ☐ Competitive manufacturing and sourcing advantages give us foundation for growth ☐ Stage 1 priorities focused on margin improvement - - Extending continuous improvement program from Wind Towers to rest of Energy Equipment ― In process of divesting certain businesses in "Other" Energy Equipment - - Realigned management team Platforms provide acquisition opportunities 33 / Moving Infrastructure Forward - Investor Presentation, October 2018 ARCOSA#34Energy Equipment Segment Overview Products WIND TOWERS UTILITY STRUCTURES Storage RESIDENTIAL/COMMERCIAL/ AGRICULTURAL STORAGE Key figures (LTM 6/30/18) Revenue by product type ($M) $785M Revenue Storage tanks and other 200 (25%) 12% INDUSTRIAL SCALE & FIELD ERECTED STORAGE Adjusted EBITDA Margin See Adjusted EBITDA reconciliation in Appendix to reconcile to Operating Profit Margin of 8% 34 / Moving Infrastructure Forward — Investor Presentation, October 2018 585 (75%) Utility structures and wind towers $780M Backlog in Utility Structures and Wind Towers as of 06/30/18 ARCOSA#35Energy Equipment Segment Overview Wind towers Utility structures Storage tanks 35 Footprint Value proposition ■ ☐ ☐ 4 manufacturing plants currently producing wind towers in US and Mexico A leading manufacturer of wind towers in North America, having produced. >12,000 towers Low cost manufacturing platform dedicated to operational excellence Long-term relationships with industry leaders Strong relationships with steel mills ISO 9001:2015 6 manufacturing plants currently producing utility structures in US and Mexico A leading provider of engineered, tubular and lattice steel structures for electricity transmission and distribution Original pioneer of tubular steel transmission structures, known for long history of innovation Experienced engineering team supported by proprietary software and a full-scale testing facility Highly valued alliances with ■ 3 manufacturing locations producing energy storage products in US and Mexico Reputation for quality built on decades of service Access to Mexico manufacturing platform Flexible platform to respond to different types of storage needs ISO 9001:2015 Moving Infrastructure Forward - Investor Presentation, October 2018 leading utility customers ☐ ISO 9001:2015 ARCOSA#36Energy Equipment Competitive Advantages Our energy equipment businesses have competitive advantages that position us well to take advantage of the dynamic market Premier steel sourcing capabilities Engineering expertise Continuous Improvement Program in Wind Towers, expanding to rest of Energy Equipment 36 / Moving Infrastructure Forward - Investor Presentation, October 2018 ARCOSA 经 ENERGY EQUIPMENT Low cost manufacturing platform in the US and Mexico Manufacturing flexibility and broad product lines Long term customer relationships ARCOSA#37Dynamic energy landscape with varied trends across our product lines 37 Renewable power generation growth expected to remain strong in the medium term and become a more market driven business in the long term Abundance of low-cost natural gas in the US changing energy flows and petrochemical investments Fundamentals of the power transmission industry remain positive, driven by reliability, renewables, and reducing congestion Long term potential of new technologies to shift the current transmission and distribution model / Moving Infrastructure Forward - Investor Presentation, October 2018 ARCOSA#38Wind Power Market Outlook Wind power is already competitive in the regions that we serve Wind is projected to be competitive on an unsubsidized basis in 22 states by 2022 ... (USD/MWh) 0 20 40 60 80 100 120 Southeast Northeast Mid-Atlantic West California Midwest Plains Pacific NW Texas Delivered natural gas price (USD/MMBtu) 2 3 4 2017* 2022 2026 US 2017 natural gas LCOE by gas price Source: MAKE Consulting (2017 North America Wind Power Outlook) ...resulting in a market driven business model Industry forecasts show drop in wind power installations in 2021, as the 2015 extension of the US Production Tax Credit begins to phase out Magnitude of the projected drop is uncertain, and depends on a number of factors, including: - - Levelized cost of energy vs. other sources of generation, particularly natural gas and solar Renewable Energy Standards at the US state level Federal climate change policy Speed of coal plant retirements Overall load growth Foreign tower imports Future US offshore market 38 / Moving Infrastructure Forward - Investor Presentation, October 2018 ARCOSA#39Storage Tank Market Outlook Storage tanks serve a diverse group of markets, with higher growth potential in industrial and field-erected storage RESIDENTIAL / COMMERCIAL / AGRICULTURAL STORAGE MOBILE STORAGE AND TRANSPORTATION INDUSTRIAL-SCALE STORAGE FIELD-ERECTED STORAGE Aboveground and underground propane tanks Vertical tanks and cylinders LPG bobtails ◉ Large truck transports 39 / Moving Infrastructure Forward ― Investor Presentation, October 2018 Storage tanks for gas and liquids, including: Liquefied petroleum gases Natural gas liquids CO2 Nitrogen Pressurized storage spheres Field-erected API storage tanks Anhydrous ammonia (NH3) Chlorine Refrigerant gases ARCOSA#40Utility Structures Overview Our broad product portfolio and experienced engineering team enable us to meet a wide variety of customer needs Engineered Poles Light duty poles (pre-engineered) Lattice towers Substation structures 40 Customized tubular steel structures for transmission lines from 69kV to 765kV voltages; highest level of engineering Tubular steel alternative to transmission class, wood poles Structures used for the highest voltages, as a lower cost solution when there are less stringent right-of-way requirements Tapered tubular structures designed for medium and high- voltage transmission / Moving Infrastructure Forward — Investor Presentation, October 2018 ARCOSA#41Utility Structures Market Outlook Fundamentals of the power transmission industry remain positive Reliability, renewables, and reducing congestion continue to drive transmission investment... Primary Drivers for New Transmission Projects ...and industry forecasts point towards robust spending in the next several years Total U.S. and Canada Electric Transmission: Reported Capital Expenditures $ Billions Reliability C 78% 1% 13% Renewables integration 19 18 16 15 8% Economics/ congestion Other Source: NERC Long Term Reliability Assessment (2017) 41 / Moving Infrastructure Forward - Investor Presentation, October 2018 24 29 30 29 30 32 32 30 31 31 31 30 30 Actual Forecast 30 30 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Source: C3 Group (2018); projections from 2019-2022 tend to have upward revisions as projects are confirmed ARCOSA#42Continuous Improvement Program We are expanding our lean successes from Wind Towers to the rest of Energy Equipment to improve performance We implemented our continuous improvement program in Wind Towers in 2013... Top Level Matrix Second Level Matrix Bowling Chart Action Plans Operating KPI's Countermeasures For beliefs remiantech much (Organizah Polat kapuntestedtem ko mustachement, then fa unanije enciammag att she di 42 De To Des / Moving Infrastructure Forward - Investor Presentation, October 2018 ...the program has produced solid improvements... ☐ Increased plant capacity by more than 30% Achieved customer on-time delivery of 100% Achieved zero-dollar warranty cost by 2017 ■ Reduced days away, restricted or transferred (DART) by more than 70% ...and we are expanding the program to the rest of Energy Equipment ■ Wind Towers (2013) ■ Utility Structures (First Half 2018) Storage Tanks (Second Half 2018) ARCOSA#43Strategic Focus for Energy Equipment Margin growth through Continuous Improvement initiatives Maintain manufacturing flexibility to address future market dynamics and product expansion Build on current strong alliances with leading utilities and customers ARCOSA 经 ENERGY EQUIPMENT Pursue organic growth and bolt-on acquisition opportunities Monitor opportunities for US offshore wind market Monitor new technologies and trends that could shift the current transmission model 43 Moving Infrastructure Forward - Investor Presentation, October 2018 ARCOSA#44Summary Improve Energy Equipment ☐ ■ Our competitive advantages provide foundation for long term growth Stage 1 plans already in process to improve margins Dynamic energy landscape generates opportunities for disciplined organic and acquisition growth 44 / Moving Infrastructure Forward - Investor Presentation, October 2018 ARCOSA#45ARCOSA A TRANSPORTATION PRODUCTS MPC 955 1 5#46Transportation Products Summary Market leadership in barge and rail markets that are critical to infrastructure Businesses with competitive advantages that produce healthy cash flow and deliver strong returns Barge recovery to provide growth in the near term Additional growth opportunities by expanding product lines 46 / Moving Infrastructure Forward - Investor Presentation, October 2018 ARCOSA#47Transportation Products Segment Established brands and products primed for growth as transportation markets recover PRODUCTS KEY FIGURES (LTM 6/30/18) REVENUE by product type ($M) $353M Barges TANK BARGES HOPPER BARGES FIBERGLASS COVERS Revenue 16% 136 (38%) RAILCAR AXLES RAILCAR COUPLING DEVICES INDUSTRIAL & MINING COMPONENTS Adjusted EBITDA Margin 217 (62%) See Adjusted EBITDA reconciliation in Appendix to reconcile with Operating Profit Margin of 11% 47 / Moving Infrastructure Forward - Investor Presentation, October 2018 $5B+ Estimated annual market size Components $198M Backlog in Barges as of 06/30/18 ARCOSA#48Transportation Products Operating Overview COMPONENTS BARGES Footprint 3 manufacturing facilities in the United States 4 manufacturing facilities along the inland river system, plus additional barge cover facilities Value proposition ■ A leading manufacturer of steel components for rail transportation. Primary product lines include railcar ■ coupling devices, railcar axles, and circular forgings Modernized foundries in the US, with global sourcing capabilities to supplement production ■ Specialized intellectual property Capacity to serve rail and industrial markets throughout cycles ■ Industry-leading inland barge manufacturing capacity, with proven ability to operate in cyclical markets ■ ☐ ☐ Flexibility to shift between barge types Long-term relationships with leading barge operators Strong relationships with steel mills Also provide fiberglass barge covers and a full line of deck hardware to the marine industry 48 / Moving Infrastructure Forward - Investor Presentation, October 2018 ARCOSA#49Components Overview Arcosa's components businesses are market leaders with well-established products and reputations CASTINGS FORGINGS Brands MT McConway & Torley Primary Products ■ Railcar couplers and related products ■ Industrial and mining castings End markets ☐ ■ New railcar market Maintenance railcar market Mining and industrial markets 49 / Moving Infrastructure Forward - Investor Presentation, October 2018 ☐ STANDARD FORGED PRODUCTS, LLC Axles for freight, tank, and passenger railcars Crane wheels Industrial wheels Gear blanks New railcar market Maintenance railcar market Mining and industrial markets MCKEES ROCKS FORGINGS ARCOSA#50Components Competitive Advantages Our components businesses have unique capabilities to deliver value to customers Modernized foundries in U.S. Dedicated forging equipment Global sourcing capabilities 50 / Moving Infrastructure Forward - Investor Presentation, October 2018 ARCOSA COMPONENTS Specialized intellectual property Capacity to serve rail and industrial markets through cycles Long term sales agreements with TrinityRail ARCOSA#51Long term Sales Agreements with TrinityRail Agreements provide production visibility and time to grow new customer base ☐ ☐ Long term sales agreements with TrinityRail provide production visibility and time to grow new customer base Agreements with TrinityRail have an annual market pricing mechanism - - 2019 pricing will be lower than 2018, based on current competitive environment Pricing will be negotiated annually Emerging recovery in rail market volume will help mitigate pricing pressure 51 / Moving Infrastructure Forward - Investor Presentation, October 2018 ARCOSA#52Barge Overview Arcosa is an industry leader in barge manufacturing, fiberglass barge covers, and marine hardware Primary Products Tank barges Hopper barges Marine Hardware and Fiberglass covers Refined products Primary end markets Petrochemicals and Chemicals Crude oil ☐ Agriculture 52 / Moving Infrastructure Forward - Investor Presentation, October 2018 Hatches Winches Castings Fiberglass barge covers Food and farm products Coal and coal coke Sand, gravel, and other construction products New equipment and maintenance for the marine market: Barges, Towboats, Dock facilities ARCOSA#53Barge Market Overview The inland waterway system is a critical part of the country's infrastructure Portland 14% of all domestic freight moves on the inland waterway system Waterways transport: of San Francisco Mississippi River System Atlantic Intracoastal Waterway Gulf Intracoastal Waterway Columbia River System Other waterways Minneapolis Buffalo Chicago - Pittsburgh New York City ~60% of the nation's grain exports Columbus Kansas City Cincinnati Washington D.C. St. Louis Tulsa Shreveport Knoxville Atlanta Houston New Orleans Miami ~22% of domestic petroleum and petroleum products -20% of the coal used in electricity generation Inland marine transportation has valuable fuel efficiency and environmental advantages over truck and rail Jones Act requires barges to be manufactured in the U.S. Sources: American Society of Civil Engineers 2017 Infrastructure Report Card, Texas Transportation Institute (Jan 2017) 53 / Moving Infrastructure Forward - Investor Presentation, October 2018 ARCOSA#54Barge Market Overview Inland barges serve a diverse set of commodity markets Dry cargo transported by inland barge, by commodity (%) Liquid cargo transported by inland barge, by commodity (%) Agricultural Iron/Ores / Scrap Manufactured Goods/Other 4% 11% Sand, Gravel, 23% Stone, And Other Coal and Coal Coke 33% 29% Food and Farm Products 1% Petrochemicals and Chemicals 22% 58% Refined Products 19% Black Oil Total hopper barge fleet: 18,819 barges Average age: 14.6 years Recent softness from oversupply of dry barges, but replacement demand as fleet continues to age Sources: US Corps of Engineers (2016-2017), Informa Economics 54 / Moving Infrastructure Forward - Investor Presentation, October 2018 Total fleet: 3,617 barges Average age: 14.7 years Strong demand for liquid barges in last 6 months across wide variety of commodity types ARCOSA#55Barge Competitive Advantages Our barge business has a number of competitive advantages that help generate strong cash flow and returns on capital Industry-leading manufacturing capacity Premier steel sourcing capabilities Flexibility to shift between barge types ARCOSA Manufacturing experience to meet stringent job site requirements MARINE Longstanding relationships with leading barge operators. Experience managing through cycles 55 / Moving Infrastructure Forward - Investor Presentation, October 2018 ARCOSA#56Barge Overview Since 2010, our barge business has averaged ~$470M in revenue; even in the downturn, operating profit has been positive Inland Barge business $ Millions 675 Revenue Adjusted EBITDA 422 548 653 639 577 403 170 158 132 113 124 128 104 75 54 14 12 2010 2011 2012 2013 2014 2015 2016 2017 2018(P) Source: Trinity financials for all historical periods. 2018 Projections based on 07/26/18 Trinity Guidance. See Adjusted EBITDA reconciliation in Appendix 56 / Moving Infrastructure Forward - Investor Presentation, October 2018 Healthy returns on capital over the cycle, as Adj. EBITDA / Assets averaged 62% from 2010-2017 Even in the significant downturn over the last several years, this business remained profitable ARCOSA#57Barge Market Outlook Orders in the first half of 2018 have been strong, leading to expectations of significantly improved 2019 Inland Barge business Book to Bill ratio ($ Value of Orders Signed: $ Value of Orders Produced) 2.7 Backlog Growing Backlog Shrinking 0.4 0.3 0.2 0.1 0.8 2.3 0.4 0.2 1.9 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 1 3 out of last 4 quarters have had book to bill ratio significantly higher than 1.0 Inquiry levels continue to be strong, particularly for tank barges Defined growth plan to re-open idle facilities if strong demand continues Source: Trinity financials for all periods 57 / Moving Infrastructure Forward - Investor Presentation, October 2018 ARCOSA#58Summary Expand Transportation Products Leadership positions in products critical to transportation infrastructure ■ Flexible manufacturing capacity to shift rapidly to changes in demand and earn profits even in major downturns Stage 1 priorities underway ― Growth plan to re-open idle barge facilities if strong demand continues - - Expand components business to new customers and markets Additional organic and acquisition growth opportunities 58 / Moving Infrastructure Forward — Investor Presentation, October 2018 ARCOSA#59Agenda Company overview and strategic roadmap Business segment highlights Financial overview and capital allocation strategy Leadership team MOVING INFRASTRUCTURE FORWARD 59 / Moving Infrastructure Forward - Investor Presentation, October 2018 ARCOSA#60Financial overview Key messages 60 Higher Liquidity and Disciplined Lean revenue and balance sheet capital operating EBITDA expected in capacity to fund growth allocation model, with process focus on 2019 improving Moving Infrastructure Forward - Investor Presentation, October 2018 ROIC ARCOSA#612019 Guidance Overall EBITDA expected to be higher in 2019 than 2018, driven by barge recovery and operating improvements Revenue ($M's) 2,140 EBITDA ($M's) Transportation Products Energy Equipment Construction Products Corporate/ Other 61 1,550- 1,704 1,650 1,462 377 1,421 2015 2016 2017 LTM 6/30/18 2019P Moving Infrastructure Forward - Investor Presentation, October 2018 2015 263 196 180-195 182 2016 2017 LTM 6/30/18 2019P See EBITDA reconciliation included in Appendix for reconciliation to 2019 Net Income range of $81-89M ARCOSA#622019 Guidance We expect EBITDA of $180-195M in 2019 ◉ ◉ Positives from 2018 Barge recovery expected to result in higher revenue and operating margin Energy Equipment improvements Planned exit of certain businesses in "Other" Energy Equipment Continuous improvement program Continued strength in Construction Products Challenges from 2018 $10-15M of incremental public company costs (will be in corporate costs) Lower margin in Components, due to 2019 market pricing in sales agreement with TrinityRail 2019 revenue guidance: $1,550-1,650M 2019 EBITDA guidance: $180-195M See EBITDA reconciliation included in Appendix for reconciliation to 2019 Net Income range of $81-89M 62 / Moving Infrastructure Forward - Investor Presentation, October 2018 ARCOSA#63Liquidity and balance sheet capacity to pursue growth Strong Available Liquidity Position ~$200M of cash expected at separation ■ No material outstanding debt anticipated at time of separation ■ Unencumbered balance sheet 5-Year Credit Facility $400M five-year credit facility expected ■ Lender group to be comprised of leading relationship banks Appropriate Use of Leverage Long term target leverage of 2.0 - 2.5x Net Debt to EBITDA, implying $400-500M of capacity Note: Net debt defined as Total Debt minus Cash 63 / Moving Infrastructure Forward - Investor Presentation, October 2018 ARCOSA#64Long Term Capital Structure Over the long term, Arcosa expects to operate with net leverage in the 2.0x - 2.5x range, consistent with our industrial peers Industrial peers net leverage Net debt / LTM EBITDA 4.2x 3.8x 3.3x 3.0x 3.0x 2.8x Median: 2.3x 2.7x 2.5x 2.4x 2.1x 1.7x 1.5x 1.5x 1.2x 0.8x 0.1x Peer A B C D E F F G H I J K L M N O (0.0x) P ☐ No leverage at spin date Anticipate target long term leverage of 2.0 - 2.5x Net Debt to EBITDA Potential for temporary spikes to pursue strategic platform acquisitions Source: Company filings and FactSet as of 09/10/2018 Notes: Net leverage defined as Net debt / LTM EBITDA as of 6/30/2018; Comparable companies include 18 publicly-traded companies in the construction, energy, and transportation markets 64 / Moving Infrastructure Forward - Investor Presentation, October 2018 (1.0x) ARCOSA#65Capital Allocation Priorities Balanced capital allocation strategy across organic investments and acquisitions Organic investments Balance between growth and maintenance investments Capital expenditures averaged ~$84M annually in 2016 and 2017 - Construction Products: $47M (includes reserve investments) Energy: $26M Transportation: $11M Target short cash payback periods for internal investments ☐ ☐ Acquisitions Invest in acquisitions that will: - - Enhance our strategic position Reduce the cyclicality of the total portfolio Current pipeline of potential acquisitions in construction, energy, and transportation markets Acquisitions likely to be a combination of bolt-ons and strategic acquisitions Return of capital to shareholders Anticipate paying quarterly dividends following the distribution Expect share repurchase authorization 65 / Moving Infrastructure Forward - Investor Presentation, October 2018 ARCOSA#66Capital Allocation Priorities. How we assess potential acquisitions Strategic alignment Market growth potential Profitability & returns Market dynamics Culture and capabilities Fit with broader strategy of growing in attractive infrastructure- related markets ■ Re-positioning of portfolio to more stable, less cyclical profile • Leverage from current Exposure to fast- growing submarkets within broader infrastructure market Attractive top line growth Platform for additional acquisition growth opportunities Attractive returns on invested capital over an economic cycle Current EBITDA margins Path to grow EBITDA margins ■ Market dynamics leading to attractive returns on capital ■ Cultural potential to thrive within Arcosa's operating model (e.g., safety, compliance, sustainability commitments) High ethics and integrity ■ Brings additional talent to Arcosa 66 manufacturing or mining/processing platforms / Moving Infrastructure Forward - Investor Presentation, October 2018 ARCOSA#67Focus on improving ROIC Cash generation has been healthy; focus is on improving ROIC Net cash from operating activities ($M's) Pre-Tax Return on Invested Capital 293 15.7% 14.6% 228 162 168 9.5% 8.4% 2015 2016 2017 LTM 6/30/18 Capital Expenditures ($M's) 2015 2016 2017 LTM 6/30/18 Working capital as % of Sales 89 85 82 71 24.1% 21.5% 23.2% 17.6% 2015 2016 2017 LTM 6/30/18 2015 2016 2017 Notes: Capex includes reserve investments in Construction Products segment. Pre-Tax ROIC defined as Income Before Income Taxes for the period divided by Average Ending Equity 67 / Moving Infrastructure Forward - Investor Presentation, September 2018 LTM 6/30/18 ARCOSA#68Lean operating model Actions are underway to reduce layers and make costs more variable Guiding principles ■ Reduce layers to expedite decision making and enhance connections with customers and other stakeholders ■ ☐ Encourage an entrepreneurial culture Maintain small corporate team performing limited set of activities Leverage external support and technological innovation in order to increase cost flexibility (e.g., outsourced IT functions) ■ Focus on improving ROIC ☐ Corporate actions taken prior to spin ☐ ■ Outsourced certain corporate functions, where appropriate Streamlined corporate structure to reduce layers ■ Maintained best practices from Trinity Incremental independent public company costs expected to be $10-15M per year, but actions underway to offset these costs in the medium term 68 / Moving Infrastructure Forward - Investor Presentation, October 2018 ARCOSA#69As a leadership team, we are committed to building a culture of trust with our investors, analysts, and other stakeholders ARCOSA 69 69 Credibility Accessibility Transparency / Moving Infrastructure Forward - Investor Presentation, October 2018 ARCOSA#70Agenda Company overview and strategic roadmap Business segment highlights Financial overview and capital allocation strategy Leadership team MOVING INFRASTRUCTURE FORWARD 70 Moving Infrastructure Forward - Investor Presentation, October 2018 ARCOSA#71Environmental, social, and governance impact Our board and leadership team are committed to ESG impact Safety and health Protecting the safety and health of our people guides us in everything we do Safety Excellence program rolled out to plants Our trench shoring products are used for worker protection in the construction industry Environment We are stewards of the environment and committed to sustainability ☐ A leading producer of wind towers for renewable power generation Arcosa headquarters is LEED Gold, Energy Star Certified Instituted sustainability program to track environmental metrics People & communities Our people contribute to the communities in which they live and work Ethics Training and Certification programs Extensive community engagement programs Talent development program to build the skills and experience of our team Governance We are committed to the highest principles of corporate governance ■ Chairman and CEO roles are separated Management pay linked to performance Commitment to disclosure and transparency 71 Moving Infrastructure Forward - Investor Presentation, October 2018 ARCOSA#72Management team Experienced leadership team with renewed focus on growth Antonio Carrillo President & CEO Scott Beasley Chief Financial Officer Reid Essl Construction Products Kerry Cole Energy Equipment Jess Collins Transportation Products Kathryn Collins Chief HR Officer Bryan Stevenson Chief Legal Officer Mary Henderson Chief Accounting Officer 72 / Moving Infrastructure Forward - Investor Presentation, October 2018 Gail Peck SVP, Finance & Treasurer ARCOSA#73Board of directors Board Members bring diverse expertise and leadership experience Rhys Best, Non-Executive Chairman of Arcosa Current Director of Trinity Non-Executive Chairman of MRC Global, Inc. Antonio Carrillo • Current Director of Trinity Future President and CEO of Arcosa John Lindsay • President and CEO of Helmerich & Payne, Inc. Joe Alvarado Jay Craig • Former Chairman and CEO of • Chief Executive Officer and Commercial Metals Company President of Meritor, Inc. David Biegler • Current Director of Trinity Former Chairman, President and CEO of Southcross Energy Partners GP, LLC. 73 Moving Infrastructure Forward - Investor Presentation, October 2018 Douglas Rock Current Director of Trinity Former Chairman and CEO of Smith International, Inc. Ron Gafford • Current Director of Trinity Former President and CEO of Austin Industries, Inc. Melanie Trent Former EVP, General Counsel and Chief Administrative Officer of Rowan Companies plc. ARCOSA#74ARCOSA Appendix#75Leadership bios Antonio Carrillo President & CEO Antonio has extensive experience in the industrial, energy, transportation and construction sectors in the U.S and internationally. Most recently, he was Chief Executive Officer of Mexichem, (BMV:MEXCHEM), where he led its transformation into a $6 billion industrial products company with operations in 42 countries. Prior to joining Mexichem, Antonio had a 16-year career at Trinity Industries (NYSE:TRN), where he served as Senior Vice President and Group President of the Energy Equipment Group. In 2014, while CEO of Mexichem, Antonio was elected to Trinity's Board of Directors, where he served on the Finance Committee, and from 2015 until its acquisition in early 2018, he was a Director of Dr Pepper Snapple Group, Inc. (NYSE:DPS), where he served on the Audit Committee. Antonio has effected many mergers and acquisitions of various sizes and complexities throughout his career. He has served as Professor of Finance at the Instituto Tecnológico Autónomo de México, one of the most prestigious universities in finance and accounting in Mexico. Antonio holds a Master's Degree in Business Administration with a major in finance from the Wharton School of the University of Pennsylvania. He earned his Bachelor's Degree in Mechanical and Electrical Engineering at Universidad Anáhuac in Mexico City. 75 / Moving Infrastructure Forward - Investor Presentation, October 2018 ARCOSA#76Leadership bios 76 Scott Beasley Chief Financial Officer Scott Beasley is the Chief Financial Officer at Arcosa, Inc. Scott joined Trinity Industries in 2014. He served as the Group Chief Financial Officer of the Construction, Energy, Marine, and Components businesses of Trinity Industries from 2016 to 2018. Prior to that role, he served as Vice President of Corporate Strategic Planning for Trinity. Before joining Trinity, Scott was an Associate Partner with McKinsey & Company, where he led client engagements across transportation, energy, and industrial sectors. He began his career as an operations manager for McMaster-Carr Supply Company. Scott earned a Master of Business Administration from Northwestern University's Kellogg School of Management and a Bachelor of Arts in Economics from Duke University. Reid Essl Construction Products Reid Essl is the President of Construction Products at Arcosa, Inc. From 2016 to 2018, Reid served as the President of Trinity Construction Materials at Trinity Industries. From 2013 to 2016, Reid served as the Group Chief Financial Officer of the Construction, Energy, Marine, and Components businesses of Trinity Industries. In his 14 years at Trinity Industries, Reid has held a variety of financial, strategic planning, and business development positions. Prior to joining Trinity, Reid worked at MetLife Financial. Reid earned a Bachelor of Business Administration in Finance from Texas A&M University in College Station and a Master of Business Administration from the University of Texas at Austin. / Moving Infrastructure Forward - Investor Presentation, October 2018 ARCOSA#77Leadership bios Kerry Cole Energy Equipment Kerry Cole is the President of Energy Equipment at Arcosa, Inc. Prior to this role, Kerry joined Trinity Industries in 2000. From 2016 to 2018, he served as President of Trinity Electrical Products which included oversight for Trinity Structural Towers and Trinity Meyer Utility Structures business units. Prior to this role, Kerry served as President of Trinity Structural Towers business unit from 2007 to 2016. From 2000 to 2007, he served in a variety of operations and manufacturing leadership positions spanning Mining and Construction Equipment, Heads, and Structural Bridge business units. Kerry has over 28 years of experience in manufacturing organizations. Kerry earned a Bachelor of Science in Business Administration from the University of Central Florida. Jess Collins Transportation Products Jess Collins is the President of Transportation Products at Arcosa, Inc. Prior to this role, Jess served as the President of Trinity Parts and Components which included McConway & Torley, Standard Forged Products, and McKees Rocks Forgings from 2016 to 2018. From 2014 to 2016, he served as President of Trinity Cryogenics. From 2008 to 2013, Jess served as Executive Vice President and Chief Operating Officer at Broadwind Energy serving wind energy, transportation, and infrastructure markets. From 1999 to 2006, he served as President of Trinity Containers, Trinity Heads, and Trinity Structural Towers, and from 1993 to 1998, he held various operational and commercial roles with Trinity Rail and Trinity Marine Products. He began his career with Triumph Group, an aerospace flight control surface manufacturer. Jess earned a Bachelor of Business Administration in Accounting from the University of Texas at Arlington. 77 / Moving Infrastructure Forward - Investor Presentation, October 2018 ARCOSA#78Leadership bios 78 Kathryn Collins Chief HR Officer Kathryn A. Collins is the Chief Human Resources Officer at Arcosa, Inc. Prior to this role, Kathryn served as the Vice President of Human Resources at Trinity Industries from 2014 to 2018 with responsibilities for Talent Acquisition, Total Rewards, Talent Development, Employee Relations, HR Systems, and HR Compliance. She has over 30 years of experience across manufacturing, software, semi-conductor, defense, and retail industries. She has served in executive and leadership positions at Texas Instruments, JC Penney, RealPage, and Trinity Industries. Kathryn's career spans human resources, corporate communications, and industrial engineering with responsibilities in the Americas, Europe, Asia, and Japan. Kathryn earned a Master of Business Administration from the University of Dallas, a Master of Science in Organization Development from the University of Texas at Dallas, and a Bachelor of Industrial Engineering from the University of Texas at Arlington. Kathryn is a registered Professional Engineer in the State of Texas. Bryan Stevenson Chief Legal Officer Bryan P. Stevenson is the Chief Legal Officer at Arcosa, Inc. Prior to this role, Bryan was the Vice President, Associate General Counsel and Corporate Secretary for Trinity Industries from 2015 to 2018, where he was responsible for SEC filings and compliance, stock exchange regulatory compliance, proxy statement preparation, annual shareholder meetings, and corporate governance matters. Prior to joining Trinity, Bryan was Vice President, General Counsel and Secretary for U.S. Auto Parts Network, Inc. from 2011 to 2015, where he oversaw all of the company's legal efforts. Prior to his tenure at U.S. Auto Parts, he served as Vice President, Associate General Counsel for Blockbuster, Inc., which he joined as Senior Corporate Counsel in 2004. Before Bryan joined Blockbuster, he worked in private practice. Bryan earned his J.D. from Baylor Law School and undergraduate degree from Dallas Baptist University. Moving Infrastructure Forward - Investor Presentation, October 2018 ARCOSA#79Leadership bios Mary Henderson Chief Accounting Officer Mary Henderson is the Chief Accounting Officer at Arcosa, Inc. Prior to this role, Mary served as Vice President and Chief Accounting Officer of Trinity Industries from 2010 to 2018, responsible for full oversight of the company's day-to-day external and internal accounting, tax, and reporting functions, driving process improvement, and aligning the strategic direction of the teams with the overall strategy of the company. Mary joined Trinity Industries in 2003 and has served in a variety of leadership positions including Corporate Controller, Assistant Corporate Controller, and Director of External Reporting. Mary has more than 30 years of experience and her career spans positions in industrial manufacturing, banking, mortgage operations, and public accounting. Mary earned a Bachelor of Science in Accounting from Cameron University in Lawton, Oklahoma. She is a Certified Public Accountant licensed in the State of Texas since 1984. Gail Peck SVP, Finance & Treasurer Gail Peck is the Senior Vice President, Finance and Treasurer at Arcosa, Inc. Prior to this role, Gail served as Vice President, Finance and Treasurer of Trinity Industries. Joining Trinity in 2010, she was responsible for the corporate finance, investor relations, and credit functions. From 2004 to 2009, she served as Vice President and Treasurer for Centex Corporation with responsibilities that spanned corporate-wide capital planning, capital structure management, and financial planning. Prior to Centex, Gail served in a variety of finance roles at American Airlines, and began her career with the Bank of Boston in corporate lending. Gail earned a Master of Business Administration from the Kenan Flagler Business School at the University of North Carolina, Chapel Hill and a Bachelor of Arts in Economics from Trinity College in Hartford, CT. Ms. Peck is a CFA® charterholder. 79 / Moving Infrastructure Forward - Investor Presentation, October 2018 ARCOSA#80EBITDA reconciliation: Arcosa 2019P LTM Fiscal Years ended December 31, $ Millions Low High 6/18 2017 2016 2015 Net income $81.0 $89.0 $89.0 $89.7 $123.0 $135.0 Add: Interest expense $2.0 $2.0 $0.0 $0.0 $0.0 $0.4 Provision/(Benefit) for income taxes $27.0 $29.0 $25.9 $40.4 $74.2 $84.2 Depreciation & amortization expense $70.0 $75.0 $67.2 $65.7 $65.6 $67.8 Goodwill Impairment $0.0 $0.0 $0.0 $0.0 $0.0 $89.5 Net income before interest expense, income taxes, and depreciation and amortization expense $180.0 $195.0 $182.1 $195.8 $262.8 $376.9 "EBITDA" is defined as net income plus interest expense, income taxes, and depreciation and amortization including goodwill impairment charges. EBITDA is not a calculation based on generally accepted accounting principles. The amounts included in the EBITDA calculation, however, are derived from amounts included in the historical statements of operations data. In addition, EBITDA should not be considered as an alternative to net income or operating income as an indicator of our operating performance, or as an alternative to operating cash flows as a measure of liquidity. We believe EBITDA assists investors in comparing a company's performance on a consistent basis without regard to depreciation and amortization, which can vary significantly depending upon many factors. However, the EBITDA measure presented in this presentation may not always be comparable to similarly titled measures by other companies due to differences in the components of the calculation. 80 / Moving Infrastructure Forward - Investor Presentation, October 2018 ARCOSA#81Construction Products Segment Add: Depreciation & amortization expense Adjusted EBITDA Adjusted EBITDA reconciliation by Arcosa Segment LTM Fiscal Years ended December 31, $ Millions Operating Profit 6/18 2017 2016 2015 $54.8 $53.7 $59.3 $50.4 $20.0 $18.4 $16.0 $15.6 $74.8 $72.1 $75.3 $66.0 Energy Equipment Segment Operating Profit $61.7 $78.4 $87.7 $8.4 Add: Depreciation & amortization expense $30.2 $30.2 $31.7 $32.9 Add: Goodwill Impairment $0.0 $0.0 $0.0 $89.5 Adjusted EBITDA $91.9 $108.6 $119.4 $130.8 Transportation Products Segment Operating Profit $39.6 $39.0 $87.3 $197.7 Add: Depreciation & amortization expense $17.0 $17.1 $17.9 $19.3 Adjusted EBITDA $56.6 $56.1 $105.2 $217.0 Operating Profit - Corporate ($37.7) ($39.4) ($33.5) ($38.7) Other, net expense ($3.5) ($1.6) ($3.6) $1.4 Add: Interest expense EBITDA $0.0 $182.1 $0.0 $0.0 $0.4 $195.8 $262.8 $376.9 "Adjusted EBITDA" is defined as segment operating profit plus depreciation and amortization including goodwill impairment charges. "Adjusted EBITDA Margin" is defined as Adjusted EBITDA divided by Revenue. Since income taxes and interest expense are not allocated to the segment level, they are not added back in the calculation of adjusted EBITDA. For a reconciliation of EBITDA to net income, see the accompanying EBITDA reconciliation. Adjusted EBITDA is not a calculation based on generally accepted accounting principles. The amounts included in the Adjusted EBITDA calculation, however, are derived from amounts included in the historical statements of operations data. In addition, Adjusted EBITDA should not be considered as an alternative to net income or operating income as an indicator of our operating performance, or as an alternative to operating cash flows as a measure of liquidity. We believe adjusted EBITDA assists investors in comparing a company's performance on a consistent basis without regard to depreciation and amortization, which can vary significantly depending upon many factors. However, the Adjusted EBITDA measure presented in this presentation may not always be comparable to similarly titled measures by other companies due to differences in the components of the calculation. 81 / Moving Infrastructure Forward - Investor Presentation, October 2018 ARCOSA#82Adjusted EBITDA reconciliation: Trinity's Historic Barge Segment $ Millions 82 Fiscal Years ended December 31, 2018(P) (1) 2017 2016 2015 2014 Barge (FY14 - FY18(P)) Operating Profit $5.1 $6.4 $45.3 $117.0 $114.4 Add: Depreciation & amortization expense Adjusted EBITDA $7.3 $7.3 $8.4 $10.5 $9.3 $12.4 $13.7 $53.7 $127.5 $123.7 Fiscal Years ended December 31, Barge (FY10 - FY13) 2013 2012 2011 2010 Operating Profit $96.0 $124.7 $106.4 $69.0 Add: Depreciation & amortization expense Adjusted EBITDA $8.1 $104.1 $7.6 $132.3 $6.4 $112.8 $5.5 $74.5 (1) Based on Trinity Industries guidance provided on 7/26/2018; revenues of $170M and operating profit margin of 3%; depreciation assumed equal to FY 2017 level "Adjusted EBITDA" is defined as segment operating profit plus depreciation and amortization expense. Since income taxes and interest expense are not allocated to the segment level, they are not added back in the calculation of adjusted EBITDA. For a reconciliation of EBITDA to net income, see the accompanying EBITDA reconciliation. Adjusted EBITDA is not a calculation based on generally accepted accounting principles. The amounts included in the adjusted EBITDA calculation, however, are derived from amounts included in the historical statements of operations data. In addition, adjusted EBITDA should not be considered as an alternative to net income or operating income as an indicator of our operating performance, or as an alternative to operating cash flows as a measure of liquidity. We believe adjusted EBITDA assists investors in comparing a company's performance on a consistent basis without regard to depreciation and amortization, which can vary significantly depending upon many factors. However, the adjusted EBITDA measure presented in this presentation may not always be comparable to similarly titled measures by other companies due to differences in the components of the calculation. / Moving Infrastructure Forward - Investor Presentation, October 2018 ARCOSA#83ARCOSA MOVING INFRASTRUCTURE FORWARD Investor Presentation October 2018