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Investor Presentaiton

Strategic 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

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