NYSE: GBX September 2016 IR Presentation Investor Contact: - PowerPoint PPT Presentation

NYSE: GBX September 2016 IR Presentation 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 adjust manufacturing capacity, restructuring plans, new railcar delivery volumes and schedules, changes 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,” “expec ts, ” “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; inability to convert backlog of railcar orders and obtain and execute lease syndication commitments; 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; sovereign risk to contracts, exchange rates or property rights; 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, costs or inefficiencies associated with expansion, start-up or changing of production lines or changes in 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, 2015, 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 (1) Aftermarkets (1) Leasing & Services (1)  Leading manufacturer of  Fleet Information  Wheels & Parts – nine wheel railcars in North America and service locations and four 5,900 long-term owned units • Europe railcar part reconditioning 2,400 short-term owned units • locations  Leading domestic manufacturer 261,000 managed units • of ocean-going barges  GBW Railcar Services - 50/50 JV provides repair services across  New railcar backlog valued at 30 locations nearly $3.6 billion  Marine backlog of ~$120 Historical Revenue million reflecting o rders for two 3,000 2,605 articulated ocean-going barges during Q3 ’16 and three ocean - 2,500 going deck barges in June  Minority investments in railcar 2,000 manufacturer and component $ millions supplier in Brazil 1,500 IPO 1,000 500 322 - 1994 2015 (1) Data as of 5/31/2016 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. Wheels, Repair and Parts Leasing and Services 3

Investment Highlights Attractive Industry Dynamics Unique Strategic Position Strong Financial Profile  Rail cycle driven by  Market leader  Diverse revenue and current business and earnings stream  Provides customized industry trends solutions  Strong railcar  Broadening product backlog and track  Transformational demand across record over multiple initiatives create cycles cycles growth platform  Changing tank car  Positive financial • Enhanced Leasing regulatory trends model environment  Strategic initiatives to • Product & service diversification drive shareholder value and increased • Extensive North return on shareholder American aftermarket equity repair network  Seasoned • Scalable and flexible across diversified management team product mix 4

Transportation Industry Dynamics Favor Rail  Rail significantly more N.A. Freight Traffic fuel efficient than trucks 45  Environmental concerns favor rail Car Loadings (in Millions) 40  Highway congestion, driver shortage, regulation and aging 35 highway infrastructure constrain trucking 30 Source: FTR Associates – Rail Equipment Outlook (June 2016) 5

N.A. Railcar Deliveries Returning to Normalized Levels  Shale oil and gas revolution drove demand in early stages of cycle; North American Rail Car Deliveries Lower natural gas & liquid natural 90,000 gas prices driving expansion in chemical and plastics industries, 80,000 which will create a second wave 70,000 of demand 60,000  Changing tank car regulatory environment 50,000 Units  Other areas of growth driven by 40,000 Long-term average: grain and automotive traffic ~50,000 units 30,000  Aging fleet will drive replacement demand 20,000  Strong railroad balance sheets 10,000 and capital expenditure budgets 0 2009 2010 2011 2012 2013 2014 2015 2016F 2017F 2018F 2019F 2020F Source: FTR Associates – Rail Equipment Outlook (June 2016) 6

Flexibility Key in Changing Demand Environment 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 2015A 2016F 2017F 2018F 2019F 2020F Covered hopper Boxcar Tanks Intermodal Flat cars (auto) Coal Other hoppers / gondolas Source: FTR Associates – Rail Equipment Outlook (June 2016) 7

Aftermarket Demand Drivers  Wheel demand driven by U.S. Rail Ton-miles rail ton-miles 1.75  Ton-miles and equipment 1.70 upgrades drive repair spending 1.65  Approaching substantial 1.60 tank car maintenance Millions 1.55 cycle 1.50  Changing tank car regulatory environment 1.45 1.40 1.35 Source: FTR Associates – Rail Equipment Outlook (June 2016) 8

Leasing & Services Demand Drivers  Users seek flexibility  Financial institutions seek yield  Trend of increasing private (“leasing/shipping companies”) railcar ownership expected to continue  Creates opportunity for partnering, service contracts and enhanced margins 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) 9

Unique Strategic Position 10

History of Quality and Innovation  TTX excellent supplier award for 22 years  New Railcar Manufacturing – Diversified product portfolio car types; proprietary car types  Wheels & Parts – developing testing and inspection innovations to advance safety & quality of wheels and axles  Repair – tank car retrofits, repurposing of railcars  Leasing & Services – Enhanced syndication model, proprietary fleet maintenance and management solutions and capabilities 11