EXHIBIT 99.5

INVESTOR CONFERENCE CALL COMMENTS
D. STEPHEN MENZIES
NOVEMBER 6, 2003

Thank you, Tim.  Good morning.

         Let me provide a few comments, first, regarding the North American
railcar market and, then, concerning TrinityRail's 3rd quarter market
performance. I will conclude with a few remarks regarding our leasing and
management services business.

         During the 3rd quarter, the North American railcar industry ordered
approximately 6,700 railcars. This was a decrease from the peak order rate of
17,000 railcars ordered during the 2nd quarter. However, the rapid growth of the
intermodal sector and the aggressive purchasing strategy of TTX, the railroad
owned intermodal equipment pool operator, fueled a significant portion of
industry orders in the 1st and 2nd quarters of 2003. Similar order activity did
not occur in the 3rd quarter. We expect further industry orders for intermodal
equipment in 2004. The 3rd quarter industry orders did include a broad array of
different railcar types serving a number of different end user markets giving
credibility to a broader railcar market recovery. We are encouraged to see
increased demand for covered hoppers which serve the grain industry as expanding
grain exports, significant crop yields and replacement of older, smaller covered
hoppers spurs renewed demand. With low coal inventories at power plants and the
market supply and demand for aluminum coal cars finally reaching equilibrium, we
are experiencing improved coal car demand. Increased shipments of paper and
railroad replacement of older, poor condition railcars has resulted in growing
demand for box cars. However, industry demand for new tank cars continues to be
lower than normal reflecting sluggish demand for commodity chemicals and
plastics. A bright spot is the demand for tank cars built to transport ethanol
as ethanol's use as a fuel oxygenate grows.

         During the 3rd quarter, Trinity received orders for approximately 3,100
railcars or 46% of the industry's total. Trinity maintained its strong position
in covered hoppers with 70% of covered hopper orders and 61% of coal cars
ordered during the quarter. In addition, Trinity received orders for intermodal
cars, box cars and tank cars. While the industry railcar order backlog dropped
slightly in the 3rd quarter to a little less than 32,000 railcars, Trinity's
railcar order backlog of over 11,500 railcars grew for the sixth consecutive
quarter to its highest level since the 1st quarter 2000. Our growing railcar
order backlog has allowed TrinityRail management to develop a plant deployment
plan matching increased production capacity with increased market demand.
Current customer inquiries for covered hoppers, boxcars and coal cars remain
strong. We have seen recent improvement in demand for pressure tank cars and new
demand for autoracks. Current order and customer inquiry activity supports our
long term view of the railcar market.

         Our leasing subsidiary continues to be an important strategic tool for
TrinityRail. Trinity Industries Leasing Company showed continued fleet growth,
improved fleet utilization and operating earnings growth in the 3rd quarter.
During the 3rd quarter, TILC added more than 1,100 new railcars to its fleet
including coal cars, mill gons for steel, intermodal, covered hoppers for grain
products, and various tank cars. Our owned and leased railcar fleet has grown to
approximately 17,700 railcars. The average lease term of the 3rd quarter fleet
additions is over 12 years. All fleet additions in the 3rd quarter were placed
on lease with customers. Our entire lease portfolio is performing well. The
average remaining lease term of the portfolio is approximately 6.5 years. The
average railcar age in the fleet is just over 5 years. Fleet utilization
increased to 96.8% at the end of the 3rd quarter as idle tank cars and covered
hoppers were assigned to leasing customers. Our portfolio is well diversified by
car type, industries served and customer concentration. Our portfolio credit
quality is stable. As railcar prices firm and fleet utilization increases, we
expect to begin to see improvement in lease rates, as well.

         Supporting the growth of our lease fleet is our ability to access the
capital markets. John Adams has previously addressed the renewal of and increase
in Trinity Industries Leasing Company's $300 million warehousing line of credit
and the anticipated closing of our permanent financing. These important
financings demonstrate Trinity Industries Leasing Company's ability to access
the capital markets and enable us to support TrinityRail's production goals and
to effectively respond to our customers' leasing requirements.

         I'll now turn this back over to Neil Shoop for questions.