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Sa fe Ha rb o r Sta te me nt UNDE R T HE PRI VAT E SE CURI T I E S L I T I GAT I ON RE F ORM ACT OF 1995: T his pre se nta tio n ma y c o nta in fo rwa rd-lo o king sta te me nts, inc luding sta te me nts re g a rding e xpe c te d ne w ra ilc a r pro duc tio n vo lume s a nd sc he dule s, e xpe c te d c usto me r de ma nd fo r the Co mpa ny’ s pro duc ts a nd se rvic e s, pla ns to a djust ma nufa c turing c a pa c ity, re struc turing pla ns, ne w ra ilc a r de live ry vo lume s a nd sc he dule s, c ha ng e s in de ma nd fo r the Co mpa ny’ s ra ilc a r se rvic e s a nd pa rts b usine ss, a nd the Co mpa ny’ s future fina nc ia l pe rfo rma nc e . Gre e nb rie r use s wo rds suc h a s “a ntic ipa te s,” “b e lie ve s,” “fo re c a st,” “po te ntia l,” “g o a l,” “c o nte mpla te s,” “e xpe c ts,” “inte nds,” “pla ns,” “pro je c ts,” “ho pe s,” “se e ks,” “e stima te s,” “stra te g y,” “c o uld,” “wo uld,” “sho uld,” “like ly,” “will,” “ma y,” “c a n,” “de sig ne d to ,” “future ,” “fo re se e a b le future ” a nd simila r e xpre ssio ns to ide ntify fo rwa rd-lo o king sta te me nts. T he se fo rwa rd-lo o king sta te me nts a re no t g ua ra nte e s o f future pe rfo rma nc e a nd a re sub je c t to c e rta in risks a nd unc e rta intie s tha t c o uld c a use a c tua l re sults to diffe r ma te ria lly fro m in the re sults c o nte mpla te d b y the fo rwa rd-lo o king sta te me nts. F a c to rs tha t mig ht c a use suc h a diffe re nc e inc lude , b ut a re no t limite d to , re po rte d b a c klo g a nd a wa rds a re no t indic a tive o f o ur fina nc ia l re sults; unc e rta inty o r c ha ng e s in the c re dit ma rke ts a nd fina nc ia l se rvic e s industry; hig h le ve ls o f inde b te dne ss a nd c o mplia nc e with the te rms o f o ur inde b te dne ss; write -do wns o f g o o dwill, inta ng ib le s a nd o the r a sse ts in future pe rio ds; suffic ie nt a va ila b ility o f b o rro wing c a p a c ity; fluc tua tio ns in de ma nd fo r ne wly ma nufa c ture d ra ilc a rs o r fa ilure to o b ta in o rde rs a s a ntic ipa te d in de ve lo ping fo re c a sts; lo ss o f o ne o r mo re sig nific a nt c usto me rs; c usto me r pa yme nt de fa ults o r re la te d issue s; so ve re ig n risk to c o ntra c ts, e xc ha ng e ra te s o r pro pe rty rig hts; a c tua l future c o sts a nd the a va ila b ility o f ma te ria ls a nd a tra ine d wo rkfo rc e ; fa ilure to de sig n o r ma nufa c ture ne w pro duc ts o r te c hno lo g ie s o r to a c hie ve c e rtific a tio n o r ma rke t a c c e pta nc e o f ne w pro duc ts o r te c hno lo g ie s; ste e l o r spe c ia lty c o mpo ne nt pric e fluc tua tio ns a nd a va ila b ility a nd sc ra p surc ha rg e s; c ha ng e s in pro duc t mix a nd the mix b e twe e n se g me nts; la b o r dispute s, e ne rg y sho rta g e s o r o pe ra ting diffic ultie s tha t mig ht disrupt ma nufa c turing o pe ra tio ns o r the flo w o f c a rg o ; pro duc tio n diffic ultie s a nd pro duc t de live ry de la ys a s a re sult o f, a mo ng o the r ma tte rs, c o sts o r ine ffic ie nc ie s a sso c ia te d with e xpa nsio n, sta rt-up o r c ha ng ing o f pro duc tio n line s o r c ha ng e s in pro duc tio n ra te s, c ha ng ing te c hno lo g ie s, tra nsfe r o f pro duc tio n b e twe e n fa c ilitie s o r no n-pe rfo rma nc e o f a llia nc e pa rtne rs, sub c o ntra c to rs o r supplie rs; a b ility to o b ta in suita b le c o ntra c ts fo r the sa le o f le a se d e q uipme nt a nd risks re la te d to c a r hire a nd re sidua l va lue s; inte g ra tio n o f c urre nt o r future a c q uisitio ns a nd e sta b lishme nt o f jo int ve nture s; suc c e ssio n pla nning ; disc o ve ry o f de fe c ts in ra ilc a rs o r se rvic e s re sulting in inc re a se d wa rra nty c o sts o r litig a tio n; physic a l da ma g e o r pro duc t o r se rvic e lia b ility c la ims tha t e xc e e d o ur insura nc e c o ve ra g e ; tra in de ra ilme nts o r o the r a c c ide nts o r c la ims tha t c o uld sub je c t us to le g a l c la ims; a c tio ns o r ina c tio ns b y va rio us re g ula to ry a g e nc ie s inc luding po te ntia l e nviro nme nta l re me dia tio n o b lig a tio ns o r c ha ng ing ta nk c a r o r o the r ra il c a r o r ra ilro a d re g ula tio n; a nd issue s a rising fro m inve stig a tio ns o f whistle b lo we r c o mpla ints; a ll a s ma y b e disc usse d in mo re de ta il unde r the he a ding s "Risk F a c to rs" a nd “F o rwa rd L o o king Sta te me nts” in o ur Annua l Re po rt o n F o rm 10-K fo r the fisc a l ye a r e nde d Aug ust 31, 2015, a nd o ur o the r re po rts o n file with the Se c uritie s a nd E xc ha ng e Co mmissio n. Re a de rs a re c a utio ne d no t to pla c e undue re lia nc e o n the se fo rwa rd-lo o king sta te me nts, whic h re fle c t ma na g e me nt's o pinio ns o nly a s o f the da te he re o f. E xc e pt a s o the rwise re q uire d b y la w, we do no t a ssume a ny o b lig a tio n to upda te a ny fo rwa rd-lo o king sta te me nts. 1

L e a ding I nte g ra te d T ra nspo rta tio n E q uipme nt & Se rvic e Pro vide r Three business units working together Manufac tur ing Afte r mar ke ts L e asing & Se r vic e s  L e a ding ma nufa c ture r o f  Whe e ls & Par  F le e t I nfo rma tio n ts – nine whe e l ra ilc a rs in No rth Ame ric a a nd se rvic e lo c a tio ns a nd fo ur • 6,000 lo ng -te rm o wne d units E uro pe ra ilc a r pa rt re c o nditio ning • 5,300 sho rt-te rm o wne d units  L lo c a tio ns e ading do me stic manufac tur e r • 252,000 ma na g e d units o f o c e a n-g o ing b a rg e s  GBW R vic e s - 50/ 50 JV ailc ar Se r pro vide s re pa ir se rvic e s a c ro ss  Ne w ra ilc a r b a c klo g o f $4.14 33 lo c a tio ns b illio n  Ma rine b a c klo g o f ~$36 millio n Histo ric a l Re ve nue 3,000 2,605 2,500 2,000 $ millio ns 1,500 I PO I PO 1,000 500 322 - 1994 2015 Da ta a s o f 11/ 30/ 2015 2

I nte g ra te d Busine ss Mo de l Gre e nb rie r’ s inte g ra te d b usine ss mo de l de live rs supe rio r va lue to c usto me rs b y c re a ting c usto mize d fre ig ht c a r so lutio ns o ve r the e ntire life o f a ra ilc a r. Our dive rsifie d po rtfo lio o f q ua lity pro duc ts a nd se rvic e s e nha nc e s o ur fina nc ia l pe rfo rma nc e Manufac tur ing a c ro ss the b usine ss c yc le . Whe e ls, R e pair and Par ts L e asing and Se r vic e s 3

I nve stme nt Hig hlig hts Attractive Industry Dynamics Unique Strategic Position Strong Financial Profile  Ra il c yc le drive n b y  Ma rke t le a de r  Dive rse re ve nue a nd c urre nt b usine ss a nd e a rning s stre a m  Pro vide s c usto mize d industry tre nds  Stro ng ra ilc a r so lutio ns  Bro a de ning pro duc t b a c klo g a nd tra c k  T ra nsfo rma tio na l de ma nd a c ro ss re c o rd o ve r multiple initia tive s c re a te c yc le s c yc le s g ro wth pla tfo rm  Cha ng ing ta nk c a r  Po sitive fina nc ia l • E nha nc e d L e a sing re g ula to ry tre nds a nd o utlo o k mo de l e nviro nme nt  Stra te g ic initia tive s to • Pro duc t & se rvic e dive rsific a tio n drive sha re ho lde r va lue a nd inc re a se d • E xte nsive No rth re turn o n sha re ho lde r Ame ric a n a fte rma rke t e q uity re pa ir ne two rk  Se a so ne d • Sc a la b le a nd fle xib le a c ro ss dive rsifie d ma na g e me nt te a m pro duc t mix 4

T ra nspo rta tio n I ndustry Dyna mic s F a vo r Ra il  Ra il sig nific a ntly mo re N.A. F r e ight T r affic fue l e ffic ie nt tha n truc ks 50  E nviro nme nta l c o nc e rns fa vo r ra il 45 oadings (in Millions)  Hig hwa y c o ng e stio n, drive r sho rta g e , 40 re g ula tio n a nd a g ing hig hwa y infra struc ture L Car 35 c o nstra in truc king 30 So urc e : F T R Asso c ia te s – Ra il E q uipme nt Outlo o k (De c e mb e r 2015) 5

N.A. Railc ar De live r ie s Re tur ning to No r malize d L e ve ls  Sha le o il a nd g a s re vo lutio n dro ve de ma nd in e a rly sta g e s o f c yc le ; No rth Ame ric a n Ra il Ca r De live rie s L o we r na tura l g a s & liq uid na tura l 90,000 g a s pric e s driving e xpa nsio n in 80,000 c he mic a l a nd pla stic s industrie s, whic h will c re a te a se c o nd wa ve 70,000 o f de ma nd 60,000  Cha ng ing ta nk c a r re g ula to ry e nviro nme nt 50,000 Units  Othe r a re a s o f g ro wth drive n b y 40,000 L o ng -te rm a ve ra g e : I nte rmo da l a nd a uto mo tive tra ffic ~50,000 units 30,000  Ag ing fle e t will drive re pla c e me nt 20,000 de ma nd  Stro ng ra ilro a d b a la nc e she e ts 10,000 a nd c a pita l e xpe nditure b udg e ts 0 2016F 2017F 2018F 2019F 2009 2010 2011 2012 2013 2014 2015 So urc e : F T R Asso c ia te s – Ra il E q uipme nt Outlo o k (De c e mb e r 2015) 6

No rth Ame ric a n De ma nd Aro und L o ng -te rm Ave ra g e 90,000 80,000 L o ng -te rm a ve ra g e : 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 Co ve re d ho ppe r Bo xc a r T a nks I nte rmo da l F la t c a rs (a uto ) Co a l Othe r ho ppe rs / g o ndo la s So urc e : F T R Asso c ia te s – Ra il E q uipme nt Outlo o k (De c e mb e r 2015) 7