Arcosa to Trade When-issued Next Week

DALLAS – September 25, 2018 – Trinity Industries, Inc. (NYSE: TRN) (“Trinity”) announced today that
its Board of Directors formally approved the separation of its infrastructure-related businesses from
Trinity through a distribution of all of the common stock of Arcosa, Inc. (“Arcosa”) held by Trinity to
Trinity stockholders. In connection with the approval, the board has also set the distribution ratio, record
date, and distribution date for the separation. As a result, the following will occur:

 The distribution is expected to be made at 12:01 a.m. local New York City time on November 1,
2018 to Trinity stockholders of record as of 5:00 p.m. local New York City time on October 17,
2018, the record date for the distribution.
 On the distribution date, Trinity stockholders will receive one share of Arcosa common stock for
every three shares of Trinity common stock held as of the record date.
 Following the distribution, Arcosa will be an independent, publicly-traded company on the New
York Stock Exchange, and Trinity will retain no ownership interest in Arcosa.

“Today’s announcement marks one of the final steps toward completing the separation of Arcosa from
Trinity Industries, and I continue to be extremely excited about the future for both companies,” said
Timothy R. Wallace, Trinity’s Chairman, CEO and President. “This year marks Trinity’s 85th year as a
company, and its 60th year as a public company. As Trinity has grown through the years, our dedicated
employees have worked together to build an unparalleled portfolio of industry-leading businesses. We are
proud of Trinity’s history of success and rich corporate culture, both of which we believe establish an
excellent foundation for a stronger future. Following the separation, Trinity will concentrate its focus on
being a premier provider of rail transportation products and services to customers while continuing to
generate high quality earnings and returns for our stockholders.”

Antonio Carrillo, Arcosa’s President and Chief Executive Officer added, “I am honored to have led our
team to this important milestone as we move closer to a successful launch of Arcosa as a standalone public
company. We are very proud of our historical roots as part of Trinity, and are equally honored to be part
of the bright future we see ahead for our Arcosa stakeholders. We have a fantastic organization, built upon
an established platform of leading businesses in the construction, energy, and transportation markets, with
long-standing customer relationships and opportunities to grow in attractive markets through disciplined
organic investments and acquisitions. To arrive at this important juncture has required a tremendous
collaborative effort among Trinity and Arcosa employees, whose talent and dedication will support the
success of each company’s new future.”

Arcosa Common Stock Distribution
As stated above, the Trinity Board of Directors approved a pro rata dividend of Arcosa common stock
owned by Trinity to be made on November 1, 2018 (the “distribution date”) to Trinity stockholders of
record as of 5:00 p.m. local New York City time on October 17, 2018 (the “record date”). The distribution
will be effective at 12:01 a.m. local New York City time on the distribution date. Each Trinity stockholder
of record will receive one share of Arcosa common stock for every three shares of Trinity common stock
held by such stockholder as of the record date. No fractional shares of Arcosa’s common stock will be
distributed. Fractional shares of Arcosa’s common stock will be aggregated and sold on the open market,
and the aggregate net proceeds of the sales will be distributed ratably in the form of cash payments to
Trinity stockholders who would otherwise be entitled to receive a fractional share of Arcosa’s common
stock.

Trading of Trinity and Arcosa Shares
Shares of Trinity common stock will continue to trade “regular-way” on the New York Stock Exchange
(“NYSE”) under the symbol “TRN” through and after the November 1, 2018 distribution date. Any holder
of shares of Trinity common stock who sells Trinity shares “regular way” through the close of trading on
the day prior to the November 1, 2018 distribution date will also be selling their right to receive shares of
Arcosa common stock in the distribution. It is anticipated that Trinity shares will also trade “exdistribution”
(that is, without the right to receive shares of Arcosa common stock in the distribution)
beginning on or about October 16, 2018, and continuing through the close of trading on the day prior to the
distribution date. Investors should consult with their financial advisors about selling their shares of Trinity
common stock on or after the record date and on or before the distribution date. Beginning on November
1, 2018, “regular-way” trading in Trinity stock will reflect the distribution of Arcosa.

A “when-issued” public trading market for Arcosa’s common stock is expected to begin on or about
October 16, 2018 on the NYSE and continue through the close of trading on the day prior to the distribution
date. Beginning on November 1, 2018, “when-issued” trading will end and Arcosa will begin “regularway”
trading on the NYSE under the symbol “ACA.”

Information About the Separation
The distribution of Arcosa’s shares will be made in book entry form, which means no physical share
certificates of Arcosa will be issued. No action is required by Trinity stockholders in order to receive shares
of Arcosa common stock in the distribution and they will not be required to surrender or exchange their Trinity shares.

Prior to the distribution date, Trinity will mail an information statement to holders of Trinity common stock
as of the record date. The information statement describes Arcosa, including the risks of owning Arcosa
common stock and other details regarding the distribution and is an exhibit to Arcosa’s Registration
Statement on Form 10, as amended (the “Form 10”), which Arcosa has filed with the Securities and
Exchange Commission (the “SEC”) and is available at www.sec.gov.

The completion of the Arcosa distribution is subject to the satisfaction or waiver of a number of conditions,
including the Form 10 for the Arcosa common stock being declared effective by the SEC and certain other
conditions described in the Information Statement included in the Form 10 and in the form of Separation
and Distribution Agreement, which is filed as an exhibit to the Form 10. Trinity and Arcosa expect all
conditions to the Arcosa distribution to be satisfied on or before the distribution date.

The Arcosa separation has been structured to qualify as a tax-free distribution to U.S. holders of Trinity
common stock for U.S. federal income tax purposes. Cash received in lieu of fractional shares will,
however, be taxable. Trinity stockholders should consult their tax advisors with respect to the U.S. federal,
state, local and non-U.S. tax consequences of the Arcosa separation.

Some statements in this release, 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 or Arcosa’s estimates, expectations, beliefs, intentions or strategies for the
future, and the assumptions underlying these forward-looking statements, including, but not limited to,
statements regarding the anticipated separation of Trinity and Arcosa into separate public companies,
the expected distribution date, the listing of shares of Arcosa’s common stock on the NYSE, the tax-free
nature of the separation, the anticipated dates for Arcosa’s common stock to begin trading on a “whenissued”
basis and on a “regular-way” basis and for Trinity common stock to begin trading on an “exdistribution”
basis, the expected mailing date for the information statement, whether or not the
separation occurs, future financial and operating performance of each company, benefits and synergies
of the separation, strategic and competitive advantages of each company, future opportunities for each
company and any other statements regarding events or developments that Trinity or Arcosa 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,” “outlook,” and
similar expressions to identify these forward-looking statements. Forward-looking statements speak only
as of the date of this release, and Trinity and Arcosa expressly disclaim any obligation or undertaking to
disseminate any updates or revisions to any forward-looking statement contained herein to reflect any
change in Trinity’s or Arcosa’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. There
is no assurance that the proposed separation will be completed, that Trinity’s Board of Directors will
continue to pursue the proposed separation (even if there are no impediments to completion), that Trinity
will be able to separate its businesses, or that the proposed separation will be the most beneficial
alternative considered. 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 or Arcosa’s operations, markets, products, services and prices, as well as any
changes in or abandonment of the proposed separation or the ability to effect the separation and satisfy
the conditions to the proposed separation, 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 “ForwardLooking
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, and see “Information Statement Summary”, “Risk Factors” and “Forward-Looking
Statements” in the information statement to Arcosa’s Form 10, as amended.

Investor & Media Contact:
Jessica Greiner
Trinity Industries, Inc.
Scott Beasley
Arcosa, Inc.
(Investors) 214/631-4420
(Media Line) 214/589-8909


Ticker: ,