NYSE: GBX May 2015 Investor Contact: Investor.Relations@gbrx.com - PowerPoint PPT Presentation

NYSE: GBX May 2015 Investor Contact: Investor.Relations@gbrx.com Website: www.gbrx.com

Safe Harbor Statement UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995: This presentation may contain forward-looking statements, including statements regarding expected new railcar production volumes and schedules, expected customer demand for the Company’s products and services, plans to increase manufacturing capacity, restructuring plans, new railcar delivery volumes and schedules, growth in demand for the Company’s railcar services and parts business, and the Company’s future financial performance. Greenbrier uses words such as “anticipates,” “believes,” “forecast,” “potential,” “goal,” “contemplates,” “expects,” “intends,” “plans,” “projects,” “hopes,” “seeks,” “estimates,” “strategy,” “could,” “would,” “should,” “likely,” “will,” “may,” “can,” “designed to,” “future,” “foreseeable future” and similar expressions to identify forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to certain risks and uncertainties that could cause actual results to differ materially from in the results contemplated by the forward-looking statements. Factors that might cause such a difference include, but are not limited to, reported backlog and awards are not indicative of our financial results; uncertainty or changes in the credit markets and financial services industry; high levels of indebtedness and compliance with the terms of our indebtedness; write-downs of goodwill, intangibles and other assets in future periods; sufficient availability of borrowing capacity; fluctuations in demand for newly manufactured railcars or failure to obtain orders as anticipated in developing forecasts; loss of one or more significant customers; customer payment defaults or related issues; actual future costs and the availability of materials and a trained workforce; failure to design or manufacture new products or technologies or to achieve certification or market acceptance of new products or technologies; steel or specialty component price fluctuations and availability and scrap surcharges; changes in product mix and the mix between segments; labor disputes, energy shortages or operating difficulties that might disrupt manufacturing operations or the flow of cargo; production difficulties and product delivery delays as a result of, among other matters, inefficiencies associated with expansion or start-up of production lines or increased production rates, changing technologies, transfer of production between facilities or non-performance of alliance partners, subcontractors or suppliers; ability to obtain suitable contracts for the sale of leased equipment and risks related to car hire and residual values; integration of current or future acquisitions and establishment of joint ventures; succession planning; discovery of defects in railcars or services resulting in increased warranty costs or litigation; physical damage or product or service liability claims that exceed our insurance coverage; train derailments or other accidents or claims that could subject us to legal claims; actions or inactions by various regulatory agencies including potential environmental remediation obligations or changing tank car or other rail car or railroad regulation; and issues arising from investigations of whistleblower complaints; all as may be discussed in more detail under the headings "Risk Factors" and “Forward Looking Statements” in our Annual Report on Form 10-K for the fiscal year ended August 31, 2014, and our other reports on file with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management's opinions only as of the date hereof. Except as otherwise required by law, we do not assume any obligation to update any forward-looking statements. 1

Leading Integrated Transportation Equipment & Service Provider Three business units working together Manufacturing Aftermarkets Leasing & Services � Wheels & Parts – nine wheel � Leading manufacturer of � Asset-light model service locations and four railcars in North America and � Owned fleet 8,300 units Europe railcar part reconditioning � Managed Fleet 241,000 units locations � Leading domestic manufacturer � GBW Railcar Services - 50/50 JV of ocean-going barges provides repair services across � New railcar backlog of $4.78 34 locations billion Historical Revenue � Marine backlog of ~$80 million 2,500 2,000 1,500 $ millions IPO IPO 1,000 500 - Data as of 2/28/2015 1994 2014 2

Integrated Business Model Greenbrier’s integrated business model delivers superior value to customers by creating customized freight car solutions over the entire life of a railcar. Our diversified portfolio of quality products and services enhances our financial performance Manufacturing across the business cycle. Aftermarkets - Wheels & Parts GBW Railcar JV Leasing & Services 3

Investment Highlights � Robust rail cycle � Provides customized � Diverse revenue and Attractive Industry Dynamics Unique Strategic Position Strong Financial Profile driven by current solutions earnings stream business and industry � Transformational � Strong railcar trends initiatives create backlog � Broadening product growth platform � Positive financial demand across • Enhanced Leasing trends and outlook cycles model � Strategic initiatives to � Changing tank car • Product & service drive shareholder diversification regulatory value environment • Extensive North American aftermarket repair network 4

Transportation Industry Dynamics Favor Rail � Rail significantly more N.A. Freight Traffic fuel efficient than trucks 50 � Environmental concerns favor rail 45 � Highway congestion, Millions driver shortage, 40 regulation and aging highway infrastructure 35 constrain trucking 30 Source: FTR Associates – Rail Equipment Outlook (March 2015) 5

A Robust Cycle Driving New Railcar Deliveries North American Rail Car Deliveries � Shale oil and gas revolution 100,000 drives early stages 90,000 � Changing tank car 80,000 regulatory environment 70,000 � Broadening demand growth in: Intermodal 60,000 • Automotive loadings Units 50,000 • Commodities Long-term average: • 40,000 Forest products ~50,000 units • 30,000 � Aging fleet 20,000 � Strong railroad balance sheets 10,000 and capital expenditure budgets 0 2009 2010 2011 2012 2013 2014 2015F 2016F 2017F 2018F 2019F Source: FTR Associates – Rail Equipment Outlook (March 2015) 6

Demand Varies Across Cycles Different car types have different cycles 100,000 90,000 80,000 Long-term average: 70,000 ~50,000 units 60,000 50,000 40,000 30,000 20,000 10,000 0 2011A 2012A 2013A 2014A 2015F 2016F 2017F 2018F 2019F Covered hopper Boxcar Tanks Intermodal Flat cars (auto) Coal Other hoppers / gondolas Source: FTR Associates – Rail Equipment Outlook (March 2015) 7

Aftermarket Demand Drivers U.S. Rail Tonmiles � Wheel demand driven by stabilizing coal traffic, 1.95 crude oil unit trains and intermodal traffic growth 1.85 � Increasing ton miles and 1.75 equipment upgrades drive Millions repair spending 1.65 � Approaching substantial 1.55 tank car maintenance cycle 1.45 � Changing tank car 1.35 regulatory environment Source: FTR Associates – Rail Equipment Outlook (March 2015) 8

Changing Tank Car Regulatory Environment 335,000 Total Tank Cars 272,000 63,000 DOT-111 Pressurized Non-Pressurized 252,000 20,000 Pre-Petition Petition 96,000 58,000 23,000 75,000 2,000 15,000 3,000 Non- Crude & Other Other Non- Crude & Other Hazardous Ethanol Flammable Hazardous Hazardous Ethanol Flammable “Pre-Petition” represents tank cars ordered prior to October 2011 built to the long-established industry standard. “Petition” represents the industry standard voluntarily adopted by AAR, for cars ordered after October 2011. Source: DOT NPRM June 2014, RSI, AAR 9

Current Key Tank Car Differences Tank Type Pre-Petition Petition Code DOT-111 CPC-1232 Effective Date (new cars) Nov-71 Oct-11 Max Gross Rail Load 263,000 286,000 Normalized Steel Heads & Shells No Yes Half-Inch Head Shields No Half or Full Height Head & Shell Thickness 7/16 inch 7/16 to 1/2 inch* Top Fittings Protection No Yes Half-Inch Ceramic Insulation No No Steel Jackets Some Some High Flow Pressure Relief Valve No Some Improved BOV Handle No No *Depends on jacketing Pre-petition cars reflect the current government tank car standards (adopted in 1971). Petition cars refer to the P-1577 standards that were adopted by AAR circular CPC-1232 for all cars ordered after October 1, 2011 (also known as “Good Faith” cars). 10

Tank Car Standard Increases Railcar Safety 11

Leasing & Services Demand Drivers � Strong lease market as users seek flexibility � Financial institutions seek yield and create opportunity for syndications and service contracts � Trend of increasing private (“leasing/shipping companies”) railcar ownership expected to continue Historical N.A. Railcar Fleet Ownership 2005 2014 39% 44% 52% 57% 4% 4% Railroads TTX Private Railroads TTX Private Source: AAR – Railroad Equipment Outlook (August 2014) 12

Unique Strategic Position 13