Investor Presentaiton

A 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

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