Investor Presentaiton

Key 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

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