Investor Presentaiton

Illustrative 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

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