Trinity Industries : Q3 2019 Investor Presentation

INVESTOR PRESENTATION

November 2019 - based on third quarter, September 30, 2019 financial data

Investor Contact:[e-mail]

Website:www.trin.net

Investor Presentation - November 2019

I.	Trinity Industries, Inc. Overview and Key Investment Considerations	4
II.	Railcar Market Overview	10
III.	Trinity's Integrated Rail Platform	15
	-	Railcar Leasing and Management Services Group	19
	-	Rail Products Group	24
IV.	Financial Discussion and Strategic Objectives	29
V.	Appendix	36

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Forward 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 Trinity's estimates, expectations, beliefs, intentions or strategies for the future, and the assumptions underlying these forward-looking statements, including, but not limited to, future financial and operating performance, future opportunities and any other statements regarding events or developments that Trinity believes or anticipates will or may occur in the future. Trinity uses the words "anticipates," "assumes," "believes," "estimates," "expects," "intends," "forecasts," "may," "will," "should," "guidance," "projected," "outlook," and similar expressions to identify these forward-looking statements. Forward-looking statements speak only as of the date of this presentation, and Trinity expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in Trinity's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based, except as required by federal securities laws. 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 operations, markets, products, services and prices, 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 Trinity's Annual Report on Form 10-K for the most recent fiscal year, as may be revised and updated by Trinity's Quarterly Reports on Form 10-Q, and Trinity's Current Reports on Form 8-K.

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Trinity Industries, Inc. Overview

• Trinity Industries, Inc. owns market-leading businesses that provide railcar products and services in North America marketed under the trade name TrinityRail®
• • Top 5 Leasing company in North America
  • • 102,000 railcars under ownership
    • 24,000 additional railcars under management
  • Leading manufacturer in North America with 34% share of industry backlog
  • Growing railcar maintenance network
• TrinityRail's unique integrated platform combines leasing and management services and a flexible manufacturing footprint to provide a single source for comprehensive rail transportation solutions
• Total Revenue and EBITDA* for LTM September 2019 was approximately $2.9 billion and $694 million, respectively
• 222 consecutive quarterly dividend payments with a current dividend yield of 3.5%*

External Revenue by Business Segment(1)

(3)

(in $mms)

(2)

$7.0 Billion*	$2.4 Billion*
Enterprise Value	Market Cap

$7.4 Billion*	$390.1 Million*
PP&E, Net value	LTM Free Cash Flow
Owned Leased Equipment	before Leasing CapEx

*See appendix for footnotes and reconciliation of non-GAAP measures; all specified data as of quarter end September 30, 2019 4

Key Investment Considerations: a Value, Growth, andCapital Return Story

Railcars are a sustainable mode of transportation and an integral component of the North American supply chain that offer attractive investment appeal

Trinity's integrated platform comprises leading market positions with opportunities for

growth and $7.4B of leased railcar assets that support Company valuation

Substantial commercial and financial synergies increase customer touchpoints and differentiate the Company's cost-advantagedplatform

Platform generates significant cash flow enabling reinvestment in the business and return of capital to shareholders

Strong corporate culture of premier performance and heightened focus on driving ROE

improvement to align with shareholder interests

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