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    <TD align="left" valign="top" NOWRAP>As filed with the Securities and Exchange Commission on August&nbsp;29, 2005
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">Registration No. 33-&#95;&#95;&#95;</TD>
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<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>


<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM S-8</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>REGISTRATION
STATEMENT<BR>
Under<BR>
THE SECURITIES ACT OF 1933</B></DIV>


<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B><U>The Greenbrier Companies, Inc.</U></B>
</DIV>

<DIV align="center" style="font-size: 10pt">(Exact name of registrant as specified in its charter)</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
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<TR valign="bottom">
    <TD align="center" valign="top">Delaware
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">93-0816972</TD>
</TR>
<TR style="font-size: 1px">
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(State or other jurisdiction of
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(IRS Employer</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">of incorporation or organization)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Identification No.)</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top">200 One Centerpointe Drive</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Lake Oswego,Oregon
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">97035</TD>
</TR>
<TR style="font-size: 1px">
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(Address of principal executive offices)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(Zip Code)</TD>
</TR>
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</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><U>2005 Stock Incentive Plan</U><BR>
(Full title of the plan)</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">Larry G. Brady</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 0pt">Senior Vice President and Chief Financial Officer</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 0pt">200 One Centerpointe Drive<BR>
Lake Oswego, Oregon 97035</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 0pt"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(503)&nbsp;684-7000&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 0pt">(Name, address and telephone number of agent for service)</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">Copies to:</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">Sherrill A. Corbett<BR>
Tonkon Torp LLP<BR>
1600 Pioneer Tower<BR>
888 S.W. Fifth Avenue<BR>
Portland, Oregon 97204</DIV>


<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>





<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV align="center" style="font-size: 10pt; margin-top: 18pt">CALCULATION OF REGISTRATION FEE
</DIV>

<DIV align="right">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center">Title of each class</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Proposed maximum</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center">of securities to be</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">offering price per</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Proposed maximum aggregate</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Amount of</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">registered</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Amount to be registered</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">share</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">offering price</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">registration fee</TD>
    <TD>&nbsp;</TD>
</TR>

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<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">common stock, $.001
par value</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" valign="top" align="right">1,166,636 shares</TD>

<TD nowrap valign="top" align="left"><SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">$</TD>
    <TD align="right" valign="top">28.93</TD>
    <TD nowrap valign="top"><SUP style="font-size: 85%; vertical-align: text-top">(5)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">$</TD>
    <TD align="right" valign="top">33,750,779</TD>
    <TD nowrap valign="top"><SUP style="font-size: 85%; vertical-align: text-top">(5)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$</TD>
    <TD align="right" valign="top">3,972.47</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">common stock, $.001
par value</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" valign="top" align="right">5,364 shares</TD>
<TD nowrap valign="top" align="left"><SUP style="font-size: 85%; vertical-align: text-top">(2)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">$</TD>
    <TD align="right" valign="top">31.69</TD>
    <TD nowrap valign="top"><SUP style="font-size: 85%; vertical-align: text-top">(6)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">$</TD>
    <TD align="right" valign="top">169,985</TD>
    <TD nowrap valign="top"><SUP style="font-size: 85%; vertical-align: text-top">(6)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$</TD>
    <TD align="right" valign="top">20.01</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">common stock, $.001
par value</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" valign="top" align="right">128,000 shares</TD>
<TD nowrap valign="top" align="left"><SUP style="font-size: 85%; vertical-align: text-top">(3)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">$</TD>
    <TD align="right" valign="top">28.84</TD>
    <TD nowrap valign="top"><SUP style="font-size: 85%; vertical-align: text-top">(7)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">$</TD>
    <TD align="right" valign="top">3,691,520</TD>
    <TD nowrap valign="top"><SUP style="font-size: 85%; vertical-align: text-top">(7)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$</TD>
    <TD align="right" valign="top">434.49</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">common stock, $.001
par value</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" valign="top" align="right">1,166,636 shares</TD>
<TD nowrap valign="top" align="left"><SUP style="font-size: 85%; vertical-align: text-top">(4)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">$</TD>
    <TD align="right" valign="top">28.93</TD>
    <TD nowrap valign="top"><SUP style="font-size: 85%; vertical-align: text-top">(8)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">$</TD>
    <TD align="right" valign="top">33,750,779</TD>
    <TD nowrap valign="top"><SUP style="font-size: 85%; vertical-align: text-top">(8)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">N/A</TD>
    <TD nowrap valign="top"><SUP style="font-size: 85%; vertical-align: text-top">(6)</SUP></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" nowrap valign="top" align="right">2,466,636 shares</TD>
<TD nowrap valign="top" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$</TD>
    <TD align="right" valign="top">71,363,063</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$</TD>
    <TD align="right" valign="top">4,426.97</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
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</TABLE>
</DIV>
<P>
<DIV style="width: 16%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 0pt"><DIV style="margin-left:15px; text-indent:-15px"><SUP style="font-size: 85%; vertical-align: text-top">(1) </SUP>This filing registers 1,166,636 shares of the Company&#146;s common stock issuable under
the 2005 Stock Incentive Plan (the &#147;Plan&#148;). There are also registered an undetermined number of
additional shares of common stock that may become available for purchase in accordance with the
provisions of the Plan in the event of any future change in the outstanding shares of common stock
as a result of a stock dividend, stock split or similar adjustment.
</DIV></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><DIV style="margin-left:15px; text-indent:-15px"><SUP style="font-size: 85%; vertical-align: text-top">(2) </SUP>This filing also registers 5,364 shares of common stock relating to reoffering of
common stock issued by the Company pursuant to the Plan in January&nbsp;2005 to certain directors of the
Company who may be deemed affiliates that hold control securities (&#147;Affiliates&#146; Shares&#148;). The
terms &#147;affiliates&#148; and &#147;control securities&#148; are as defined by Rule&nbsp;144 and Rule&nbsp;405 under the
Securities Act.
</DIV></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><DIV style="margin-left:15px; text-indent:-15px"><SUP style="font-size: 85%; vertical-align: text-top">(3) </SUP>This filing also registers 128,000 shares of common stock relating to reoffering of
shares of common stock issued by the Company pursuant to the Plan effective August&nbsp;1, 2005 to
certain officers of the Company who may be deemed affiliates that hold control securities. The
terms &#147;affiliates&#148; and &#147;control securities&#148; are as defined by Rule&nbsp;144 and Rule&nbsp;405 under the
Securities Act.
</DIV></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><DIV style="margin-left:15px; text-indent:-15px"><SUP style="font-size: 85%; vertical-align: text-top">(4) </SUP>This filing also registers 1,166,636 shares of Greenbrier&#146;s common stock relating
to reofferings of common stock which may be acquired from time to time under the Plan by certain
directors and officers of Greenbrier who may be deemed to be affiliates that hold control
securities.
</DIV></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><DIV style="margin-left:15px; text-indent:-15px"><SUP style="font-size: 85%; vertical-align: text-top">(5)</SUP> The offering price of $28.93 per share was the average of the high and low prices
of the Company&#146;s common stock on August&nbsp;25, 2005 on the New York Stock Exchange. The aggregate
offering price is estimated solely for purposes of calculating the registration fee pursuant to
Rule 457(c) under the Securities Act.
</DIV></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><DIV style="margin-left:15px; text-indent:-15px"><SUP style="font-size: 85%; vertical-align: text-top">(6) </SUP> The price of $31.69 per share was the average of the high and low sales prices of
the common stock on the New York Stock Exchange on January&nbsp;11, 2005, when the restricted shares
were granted under the Plan. The aggregate offering price is calculated pursuant to Rule&nbsp;457(h)(1)
based upon the actual
</DIV></DIV>



<P align="center" style="font-size: 10pt">2
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><DIV style="margin-left:30px; text-indent:-15px">aggregate price of $169.985.00 for 5,364 shares of Greenbrier&#146;s common stock issued under the Plan
prior to the date of this prospectus.
</DIV></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><DIV style="margin-left:15px; text-indent:-15px"><SUP style="font-size: 85%; vertical-align: text-top">(7) </SUP>The price of $28.84 per share was the average of the high and low sales prices of
the common stock on the New York Stock Exchange on July&nbsp;29, 2005, the day prior to the effective
date of the restricted stock grants. The aggregate offering price is calculated pursuant to Rule
457(h)(1) based upon the actual aggregate price of $3,691,520 for 128,000 shares of Greenbrier&#146;s
common stock issued under the Plan prior to the date of this prospectus.
</DIV></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><DIV style="margin-left:15px; text-indent:-15px"><SUP style="font-size: 85%; vertical-align: text-top">(8) </SUP>The estimated proposed maximum offering price for 1,166,636 shares offered for
resale is calculated based upon the average of the high and low sales prices of the common stock on
August&nbsp;25, 2005, on the New York Stock Exchange. No additional filing fee is required to be paid
with respect to the shares offered pursuant to the Plan which are offered for resale under the
reoffer prospectus contained herein, pursuant to Rule&nbsp;457(h)(3).
</DIV></DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Explanatory Note</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Greenbrier Companies, Inc. (&#147;Greenbrier&#148;, or the &#147;Company&#148;) has prepared this registration
statement in accordance with the requirements of Form S-8 under the Securities Act of 1933, as
amended (the &#147;Securities Act&#148;), to register 1,166,636 shares of common stock reserved for issuance
under the Company&#146;s 2005 Equity Incentive Plan (the &#147;Plan&#148;).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This registration statement also includes a reoffer prospectus prepared in accordance General
Instruction C of Form S-8 and in accordance with the requirements of Part&nbsp;I of Form S-3. The
reoffer prospectus may be utilized for reofferings and resales on a continuous or a delayed basis
in the future of up to 1,300,000 shares of common stock that constitute &#147;control securities&#148; which
have been issued prior to or will be issued after the filing of this registration statement. The
reoffer prospectus does not contain all of the information included in the registration statement,
certain items of which are contained in schedules and exhibits to the registration statement, as
permitted by the rules and regulations of the Securities and Exchange Commission (the &#147;SEC&#148;).
Statements contained in this reoffer prospectus as to the contents of any agreement, instrument or
other document referred to are not necessarily complete. With respect to each such agreement,
instrument or other document filed as an exhibit to the registration statement, we refer you to the
exhibit for a more complete description of the matter involved, and each such statement shall be
deemed qualified in its entirety by this reference.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PART I</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><B>INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The documents containing the information specified in Part&nbsp;I of this registration statement on
Form S-8 will be sent or given to participants in the Plan as specified in Rule&nbsp;428(b)(1) the
Securities Act. Such documents need not be filed with the Securities Exchange Commission (the
&#147;SEC&#148;) either as part of this registration statement or as prospectuses of prospectus supplements,
pursuant to Rule&nbsp;424 of the Securities Act. These documents and the documents incorporated by
reference in this registration statement pursuant to Item&nbsp;3 of Part&nbsp;II of this registration
statement, taken together, constitute a prospectus that meets the requirements of Section 10(a) of
the Securities Act.
</DIV>



<P align="center" style="font-size: 10pt">3
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Reoffer Prospectus</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><B>1,300,000 Shares</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><B>The Greenbrier Companies, Inc.</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><B>Common Stock</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This reoffer prospectus relates to 1,300,000 shares of common stock of The Greenbrier
Companies, Inc. (the &#147;Company&#148; or &#147;Greenbrier&#148;), par value $0.001 per share, which may be offered
for sale from time to time by certain stockholders or their successors in interest. The
information regarding these stockholders is provided under the caption &#147;Selling Stockholders.&#148; We
will not receive any proceeds from the sale of shares of common stock pursuant to this reoffer
prospectus. The selling stockholders have acquired or will, in the future, acquire the common
stock pursuant to grants of restricted shares, options or stock units under our 2005 Stock
Incentive Plan and these stockholders may resell all, a portion, or none of these shares of common
stock from time to time.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The shares of common stock are &#147;control securities&#148; under the Securities Act of 1933, as
amended (the &#147;Securities Act&#148;), before their sale under this reoffer prospectus. This reoffer
prospectus has been prepared for the purpose of registering the shares under the Securities Act to
allow for future sales by the selling stockholders, on a continuous or delayed basis, to the public
without restriction. Each stockholder who sells shares of our common stock pursuant to this
reoffer prospectus may be deemed to be an &#147;underwriter&#148; within the meaning of the Securities Act.
Any commissions received by a broker or dealer in connection with resales of shares may be deemed
to be underwriting commissions or discounts under the Securities Act.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You should carefully read this reoffer prospectus and any accompanying prospectus supplement
before you make your investment decision. The shares of common stock offered hereby may be sold
from time to time directly by, or on behalf of, each selling stockholder in one or more
transactions on the New York Stock Exchange or on any stock exchange on which our common stock may
be listed at the time of sale, in privately negotiated transactions, or through a combination of
such methods, at market prices prevailing at the time of sale, at prices related to such prevailing
market prices, at fixed prices (which may be changed) or at negotiated prices. We are paying the
expenses incurred in registering the selling stockholders&#146; shares, but all selling and other
expenses incurred by each of the selling stockholders will be borne by that stockholder.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Investing in our common stock involves risks, which are detailed from time to time in the
periodic reports that we file with the Securities and Exchange Commission and that we have
incorporated herein by reference.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our common stock is listed on the New York Stock Exchange under the trading symbol &#147;GBX.&#148; The
last reported sale price of our common stock on the New York Stock Exchange on August&nbsp;25, 2005, was
$28.85 per share.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NEITHER THE SECURITIES AND EXCHANGE COMMISSION NOR ANY STATE SECURITIES COMMISSION HAS
APPROVED OR DISAPPROVED OF THESE SECURITIES OR DETERMINED IF THIS PROSPECTUS IS TRUTHFUL OR
COMPLETE. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">The date of this reoffer prospectus is August&nbsp;26, 2005.
</DIV>


<P align="center" style="font-size: 10pt">4
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left">
<!-- TOC -->
</DIV>
<DIV align="left">
<A name="tocpage"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>TABLE OF CONTENTS</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#101"><B>PROSPECTUS SUMMARY</B></A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>6</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#102"><B>THE GREENBRIER COMPANIES, INC.</B></A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>6</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#103"><B>CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS</B></A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>6</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#104"><B>USE OF PROCEEDS</B></A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>8</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#105"><B>SELLING STOCKHOLDERS</B></A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>8</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#106"><B>PLAN OF DISTRIBUTION</B></A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>10</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#107"><B>LEGAL MATTERS</B></A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>10</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#108"><B>EXPERTS</B></A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>10</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#109"><B>AVAILABLE INFORMATION</B></A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>11</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#110"><B>DOCUMENTS INCORPORATED BY REFERENCE</B></A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>11</B></TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="v12152exv5w1.txt">EXHIBIT 5.1</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="v12152exv23w1.txt">EXHIBIT 23.1</A></FONT></TD></TR>
</TABLE>
</DIV>

<DIV align="left">
<!-- /TOC -->
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>This prospectus incorporates important business and financial information about Greenbrier
that is not included in or delivered with this prospectus. You may request a copy of all documents
that are incorporated by reference in this prospectus by writing or telephoning Greenbrier at the
following address: The Greenbrier Companies, attention Linda M. Olinger, Vice President and
Corporate Controller, One Centerpointe Drive, Suite&nbsp;200, Lake Oswego, Oregon 97035; telephone
(503)&nbsp;684-7000. Copies of all documents requested will be provided without charge (not including
the exhibits to those documents, unless the exhibits are specifically incorporated by reference
into those documents or this prospectus).</I>
</DIV>


<P align="center" style="font-size: 10pt">5
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left">
<A name="101"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PROSPECTUS SUMMARY</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>This summary highlights selected information from this prospectus and may not contain all the
information that is important to you. To understand the circumstances and terms of the offering
and for complete information about Greenbrier, you should read this entire document and the
information incorporated by reference, including the financial statements and the notes to the
financial statements.</I>
</DIV>

<DIV align="left">
<A name="102"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>THE GREENBRIER COMPANIES, INC.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Greenbrier is a leading supplier of transportation equipment and services to the railroad and
related transportation industries. Our principal business activities include:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>designing, manufacturing and marketing intermodal railcars, conventional railcars,
specialty railcars and marine vessels and repairing and refurbishing intermodal and
conventional railcars; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>leasing and providing management services to the North American rail transportation
industry.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With operations in the United States, Canada, Mexico and Europe, the manufacturing segment of
our business produces double-stack intermodal railcars, conventional railcars, specialty railcars
and marine vessels, and performs repair, refurbishment and maintenance activities for both
intermodal and conventional railcars. As of May&nbsp;31, 2005, the leasing and services segment owned
approximately 10,000 railcars and provides management services for approximately 128,000 railcars
for railroads, shippers and other leasing and transportation companies.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are a Delaware corporation that was formed in 1981. Our principal executive offices are
located at One Centerpointe Drive, Suite&nbsp;200, Lake Oswego, Oregon 97035, and our telephone number
is (503)&nbsp;684-7000.
</DIV>

<DIV align="left">
<A name="103"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This reoffer prospectus and the documents incorporated by reference herein contain
forward-looking statements within the meaning of the Private Securities Litigation Reform Act of
1995, including, without limitation, statements as to expectations, beliefs and strategies
regarding the future. Such forward-looking statements may be included in, but not limited to,
press releases, oral statements made with the approval of an authorized executive officer, or
various filings made by the Company with the Securities and Exchange Commission (SEC). These
forward-looking statements rely on a number of assumptions concerning future events and include
statements relating to:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>availability of financing sources and borrowing base for working capital, other
business development activities, capital spending and railcar warehousing activities;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>ability to renew or obtain sufficient lines of credit and performance guarantees on
acceptable terms;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>ability to utilize beneficial tax strategies;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>ability to grow our railcar services and lease fleet and management services business;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>ability to obtain purchase orders which contain provisions for the escalation of
prices due to increased costs of materials and components;</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">6
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>ability to obtain adequate certification and licensing of products; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>short- and long-term revenue and earnings effects of the above items.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward-looking statements are subject to a number of uncertainties and other factors outside
Greenbrier&#146;s control. The following are among the factors that could cause actual results or
outcomes to differ materially from the forward-looking statements:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a delay or failure of acquired businesses, products or services to compete successfully;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>decreases in carrying value of assets due to impairment;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>severance or other costs or charges associated with lay-offs, shutdowns, or reducing
the size and scope of operations;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>changes in future maintenance requirements;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>effects of local statutory accounting conventions on compliance with covenants in
certain loan agreements;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>domestic and global business conditions and growth or reduction in the surface
transportation industry;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>actual future costs and the availability of materials and a trained workforce;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>ability to maintain good relationships with third party labor providers or
collective bargaining units;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>availability of subcontractors;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>steel price increases, scrap surcharges and other commodity price fluctuations and
their impact on railcar demand and margin;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>changes in product mix and the mix between the manufacturing and leasing &#038; services
segments;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>labor disputes, energy shortages or operating difficulties that might disrupt
manufacturing operations or the flow of cargo;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>production difficulties and product delivery delays as a result of, among other
matters, changing technologies or non-performance of alliance partners, subcontractors
or suppliers;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>ability to obtain suitable contracts for railcars held for sale;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>lower than anticipated residual values for leased equipment;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>discovery of defects in railcars resulting in increased warranty costs or litigation;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>resolution or outcome of investigations and pending or future litigation;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the ability to consummate expected sales;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>delays in receipt of orders, risks that contracts may be canceled during their term
or not renewed and that customers may not purchase as much equipment under the
contracts as anticipated;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>financial condition of principal customers;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>market acceptance of products;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>ability to determine and obtain adequate levels of insurance at acceptable rates;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>competitive factors, including introduction of competitive products, price
pressures, limited customer base and competitiveness of our manufacturing facilities
and products;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>industry over-capacity and our manufacturing capacity utilization;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>continued industry demand at current and anticipated levels for railcar products:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>domestic and global political, regulatory or economic conditions including such
matters as terrorism, war, embargoes or quotas;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>ability to adjust to the cyclical nature of the railcar industry;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the effects of car hire deprescription on leasing revenue;</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">7
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>changes in interest rates;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>actions by various regulatory agencies;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>changes in fuel and/or energy prices;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>availability and price of essential raw materials, specialties or components,
including steel castings, to permit manufacture of units on order;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>ability to replace lease revenue and earnings from maturing and terminating leases
with revenue and earnings from additions to the lease fleet , lease renewals and
management services; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>financial impacts from currency fluctuations in the Company&#146;s worldwide operations.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any forward-looking statements should be considered in light of these factors. Greenbrier
assumes no obligation to update or revise any forward-looking statements to reflect actual results,
changes in assumptions or changes in other factors affecting such forward-looking statements or if
Greenbrier later becomes aware that these assumptions are not likely to be achieved, except as
required under securities laws.
</DIV>

<DIV align="left">
<A name="104"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>USE OF PROCEEDS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All proceeds from the sale of the common stock offered hereby will be for the accounts of the
selling stockholders. We will not receive any of the proceeds from the sale from time to time of
the common stock offered hereby. All expenses of registration incurred in connection with this
offering are being borne by us, but all selling and other expenses incurred by any selling
stockholder will be borne by such selling stockholder.
</DIV>

<DIV align="left">
<A name="105"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><B>SELLING STOCKHOLDERS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth: (i)&nbsp;the name and position of each selling stockholder who may
sell common stock pursuant to this prospectus; (ii)&nbsp;the number of shares of common stock owned by
each selling stockholder as of the date of this prospectus; (iii)&nbsp;the number of shares of common
stock offered hereunder which may be acquired by the selling stockholders pursuant to the exercise
of options granted to them under the Plan as of the date of this prospectus; and (iv)&nbsp;the amount
and percentage of common stock to be owned by each such selling stockholder if such selling
stockholder were to sell all of the shares of common stock which may be offered pursuant to this
prospectus.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information regarding the selling stockholders, including the number of shares offered for
sale, may change from time to, and any changed information will be set forth in a prospectus
supplement to the extent required. The address of each selling stockholder is c/o The Greenbrier
Companies, Inc., One Centerpointe Drive, Suite&nbsp;200, Lake Oswego, Oregon 97035.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Number of Shares</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Number of Shares</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Number of Shares</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Owned/Percentage</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Owned Prior to</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>to be</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>After</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Name and Position</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Offering</B><SUP style="font-size: 85%; vertical-align: text-top"><B>(1)</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Offered</B><SUP style="font-size: 85%; vertical-align: text-top"><B>(2)</B></sup></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Offering</B><SUP style="font-size: 85%; vertical-align: text-top"><B>(3)</B></sup></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Victor G. Atiyeh, Director</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,641</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,341</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Duane C. McDougall,
Director</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,341</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,341</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Benjamin R. Whiteley,
Director</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,841</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,341</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">8
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Number of Shares</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Number of Shares</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Number of Shares</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Owned/Percentage</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Owned Prior to</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>to be</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>After</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Name and Position</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Offering</B><SUP style="font-size: 85%; vertical-align: text-top"><B>(1)</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Offered</B><SUP style="font-size: 85%; vertical-align: text-top"><B>(2)</B></sup></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Offering</B><SUP style="font-size: 85%; vertical-align: text-top"><B>(3)</B></sup></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Donald A. Washburn, Director</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,341</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,341</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robin D. Bisson, Senior VP
Marketing and Sales</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30,001</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Larry G. Brady, Senior VP
and Chief Financial Officer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mark J. Rittenbaum, Senior
VP and Treasurer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31,300</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Linda Olinger, VP and
Corporate Controller</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Timothy A. Stuckey,
President of Gunderson
Rail Services, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Norriss M. Webb, Executive
VP and General Counsel</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,966</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">L. Clark Wood, President of
Manufacturing Operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,300</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">William L. Bourque, VP
International Marketing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">James T. Sharp, President
of Greenbrier Leasing
Corporation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">162,731</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">133,364</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Less than one percent.</TD>
</TR>

</TABLE>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><DIV style="margin-left:15px; text-indent:-15px"><SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP> For purposes of this table, the number of shares of common stock owned prior to
this offering includes all shares of common stock owned by each selling stockholder as of the date
of this prospectus. It does not include shares of common stock that may be acquired in the future
upon the exercise of options.
</DIV></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><DIV style="margin-left:15px; text-indent:-15px"><SUP style="font-size: 85%; vertical-align: text-top">(2) </SUP>For purposes of this table, the number of shares of common stock offered includes
only restricted shares of common stock which have been granted to the selling stockholders under
the Plan as of the date of this prospectus. It does not include restricted shares of common stock
that may be granted in the future to the selling stockholders, which information is not currently
known.
</DIV></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><SUP style="font-size: 85%; vertical-align: text-top">(3) </SUP>Applicable percentage of ownership is based on 14,924,641 shares of the Company
outstanding as of June&nbsp;28, 2005.
</DIV>


<P align="center" style="font-size: 10pt">9
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left">
<A name="106"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PLAN OF DISTRIBUTION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The selling stockholders have not advised the Company of any specific plan for
distribution of the shares offered hereby, but it is anticipated that the shares will be sold from
time-to-time by the selling stockholders or by their pledges, donees, transferees or other
successors in interest. Such sales may be made over-the-counter on the New York Stock Exchange at
prices and at terms then prevailing or at prices related to the then current market price, or in
negotiated transactions.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The shares may be sold by one or more of the following: (i)&nbsp;a block trade in which the broker
or dealer so engaged will attempt to sell the shares as agent but may position and resell a portion
of the block as principal to facilitate the transaction; (ii)&nbsp;purchases by a broker or dealer for
its account pursuant to this prospectus; or (iii)&nbsp;ordinary brokerage transactions and transactions
in which the broker solicits purchases. The selling stockholder may also sell shares directly to
purchasers. Any broker or dealer may receive compensation in the form of commissions, discounts or
concessions from the selling stockholders and/or purchasers of the shares or both. Such
compensation as to a particular broker or dealer may be in excess of customary commissions.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with their sales, a selling stockholder and any participating broker or dealer
may be deemed to be &#147;underwriters&#148; within the meaning of the Securities Act, and any commissions
they receive and the proceeds of any sale of shares may be deemed to be underwriting discounts and
commissions under the Securities Act.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are bearing all costs relating to the registration of the shares of common stock. Any
commissions or other fees payable to broker-dealers in connection with any sale of the shares will
be borne by the selling stockholder or other party selling such shares. In order to comply with
certain states&#146; securities laws, if applicable, the shares may be sold in such jurisdictions only
through registered or licensed brokers or dealers. Sales of the shares must also be made by the
selling stockholders in compliance with all other applicable state securities laws and regulations.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition to any shares sold hereunder, selling stockholders may sell shares of common stock
in compliance with Rule&nbsp;144. There is no assurance that the selling stockholders will sell all or
a portion of the common stock offered hereby.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The selling stockholders may agree to indemnify any broker-dealer or agent that participates
in transactions involving sales of the shares against certain liabilities in connection with the
offering of the shares arising under the Securities Act.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have notified the selling stockholders of the need to deliver a copy of this prospectus in
connection with any sale of the shares.
</DIV>

<DIV align="left">
<A name="107"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>LEGAL MATTERS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The validity of the common stock offered hereby will be passed upon by Tonkon Torp LLP.
</DIV>

<DIV align="left">
<A name="108"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>EXPERTS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The financial statements as of August&nbsp;31, 2004 and 2003 and for each of the three years
in the period ended August&nbsp;31, 2004 incorporated by reference from the Company&#146;s Current Report on
form 8-K as filed on July&nbsp;27, 2005 and the related financial statement schedule incorporated in
this
</DIV>


<P align="center" style="font-size: 10pt">10
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">prospectus by reference from the Company&#146;s Annual Report on Form 10-K for the year ended August&nbsp;31,
2004 have been audited by Deloitte &#038; Touche LLP, independent registered public accounting firm, as
stated in their reports, which are incorporated herein by reference, and have been so incorporated
in reliance upon the reports of such firm given upon their authority as experts in accounting and
auditing.
</DIV>

<DIV align="left">
<A name="109"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>AVAILABLE INFORMATION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Greenbrier files annual, quarterly and special reports, proxy statements and other information
with the SEC. Stockholders may inspect and copy these materials at the Public Reference Room
maintained by the SEC at Room&nbsp;1580, 100 F Street, N.E., Washington, D.C. 20549. Please call the
SEC at 1-800-SEC-0330 for more information on the operation of the public reference room. The SEC
maintains an Internet site that contains reports, proxy and information statements and other
information regarding issuers that file electronically with the SEC. The address of that site is
http://www.sec.gov.
</DIV>

<DIV align="left">
<A name="110"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>DOCUMENTS INCORPORATED BY REFERENCE</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This prospectus is part of a registration statement on Form S-8 that Greenbrier filed with the
SEC in accordance with the requirements of Part&nbsp;I of Form S-3 and General Instruction C of the
Instructions to Form S-8. The SEC allows this filing to &#147;incorporate by reference&#148; information
that the Company previously filed with the SEC. This means the Company can disclose important
information to you by referring you to other documents that it filed with the SEC. The information
that is incorporated by reference is considered part of this prospectus, and information that the
Company files later will automatically update and may supercede this information. For further
information about the Company and the securities being offered, you should refer to the
registration statement and the following documents that are incorporated by reference:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Greenbrier&#146;s annual report on Form 10-K for the fiscal year ended August&nbsp;31, 2004;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Greenbrier&#146;s quarterly reports on Form 10-Q for the fiscal quarter ended November
30, 2004, February&nbsp;28, 2005 and May&nbsp;31, 2005;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company&#146;s current reports on Form 8-K filed on October&nbsp;8, 2004, November&nbsp;10 and
15, 2004, December 7 and 16, 2004, January&nbsp;10, 2005, February 1 and 9, 2005, March&nbsp;30,
2005, April&nbsp;20, 21, 26 and 29, 2005, May&nbsp;11 and 13, 2005, June&nbsp;30, 2005, July&nbsp;6, 8, 22,
27 and 28, 2005, and August&nbsp;5, 2005; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The description of Greenbrier common stock, $0.001 par value included in the
Company&#146;s registration statement on Form S-1, as declared effective on July&nbsp;11, 1994
(Registration No.&nbsp;33-78852), including any amendments or report filed for the purpose
of updating such information.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All documents that we subsequently file pursuant to Sections&nbsp;13(a), 13(c), 14 and 15(d) of the
Exchange Act prior to the filing of a post-effective amendment indicating that all securities
offered hereby have been sold or deregistering all securities then remaining unsold, shall be
deemed to be incorporated by reference into this registration statement and to be a part hereof
from the date of filing of such documents. Any statement contained in a document incorporated or
deemed to be incorporated by reference in this registration statement shall be deemed to be
modified or superseded for purposes of this registration statement to the extent that a statement
contained in this registration statement, or in any other subsequently filed document that also is
or is deemed to be incorporated by reference in this registration statement, modifies or supersedes
such prior statement. Any statement contained in this registration
</DIV>



<P align="center" style="font-size: 10pt">11
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">statement shall be deemed to be modified or superseded to the extent that a statement
contained in a subsequently filed document that is or is deemed to be incorporated by reference in
this registration statement modifies or supersedes such prior statement. Any statement so modified
or superseded shall not be deemed, except as so modified or superseded, to constitute a part of
this registration statement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Greenbrier will provide without charge to each person to whom a copy of this prospectus is
delivered, on the written or oral request of such person, a copy of any and all of the information
that has been incorporated by reference into the registration statement (other than exhibits to
such information unless such exhibits are specifically incorporated by reference into the
information that the registration statement incorporates). Written or oral requests for such
information should be directed to: Linda M. Olinger, Vice President and Corporate Controller, The
Greenbrier Companies, One Centerpointe Drive, Suite&nbsp;200, Lake Oswego, Oregon 97035, telephone
(503)&nbsp;684-7000.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Greenbrier has not authorized any person to give any information or to make any
representations in connection with sale of the shares by the selling stockholders other than those
contained in this prospectus. You should not rely on any information or representations in
connection with such sales other than the information or representations in this prospectus. You
should not assume that there has been no change in Greenbrier&#146;s affairs since the date of this
prospectus or that the information in this prospectus is correct as of any time after its date.
This prospectus is not an offer to sell or a solicitation of an offer to buy shares in any state or
under any circumstances in which such an offer or solicitation is unlawful.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PART II</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><B>INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;3. Incorporation of Documents by Reference.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following documents filed by the Company with the SEC are incorporated by reference in
this registration statement:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The Company&#146;s annual report on Form 10-K for the fiscal year ended August&nbsp;31, 2004.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The Company&#146;s quarterly reports on Form 10-Q for the fiscal quarter ended November&nbsp;30,
2004, February&nbsp;28, 2005 and May&nbsp;31, 2005.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;The Company&#146;s current reports on Form 8-K filed on October&nbsp;8, 2004, November&nbsp;10 and 15,
2004, December 7 and 16, 2004, January&nbsp;10, 2005, February 1 and 9, 2005, March&nbsp;30, 2005, April&nbsp;20,
21, 26 and 29, 2005, May&nbsp;11 and 13, 2005, June&nbsp;30, 2005, July&nbsp;6, 8, 22, 27 and 28, 2005, and August
5, 2005.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;The description of Greenbrier&#146;s common stock, $0.001 par value (the &#147;common stock&#148;) set
forth in Greenbrier&#146;s registration statement on Form S-1, as declared effective on July&nbsp;11, 1994
(Registration No.&nbsp;33-78852), including any amendments or reports filed for the purpose of updating
such information.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, all documents filed by the Company pursuant to Sections&nbsp;13(a), 13(c), 14 and
15(d) of the Exchange Act prior to filing a post-effective amendment which indicates that all
securities offered hereby have been sold or which deregisters all securities offered hereby then
remaining unsold, shall be deemed to be incorporated by reference herein and shall be deemed to be
a part hereof from the
</DIV>



<P align="center" style="font-size: 10pt">12
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">date of the filing of such documents. Any statement contained in a document incorporated or
deemed to be incorporated by reference herein shall be deemed to be modified, superseded or
replaced by a statement or information contained in any other subsequently filed document
incorporated herein by reference. Any such statement so modified, superseded or replaced shall not
be deemed, except as so modified, superseded or replaced, to constitute a part of this registration
statement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;4. Description of Securities.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Item&nbsp;5. Interests of Named Experts and Counsel.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Item&nbsp;6. Indemnification of Directors and Officers.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the Delaware General Corporation Law (&#147;DGCL&#148;), the Company&#146;s Restated Certificate of
Incorporation (the &#147;Certificate&#148;), and the Company&#146;s Amended and Restated Bylaws (the &#147;Bylaws&#148;),
the Company has broad powers to indemnify directors and officers against liabilities that they may
incur in such capacities.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to Section&nbsp;102(b)(7) of the DGCL, Article&nbsp;Sixth of the Certificate contains the
following provision relating to the personal liability of the Company&#146;s directors:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3.5%">&#147;No director of the corporation shall be personally liable to the corporation or its
stockholders for monetary damages for breach of fiduciary duty as a director, except
for liability, to the extent provided by applicable law, (i)&nbsp;for any breach of the
director&#146;s duty of loyalty to the corporation or its stockholders, (ii)&nbsp;for acts or
omission not in good faith or which involve intentional misconduct or a knowing
violation of the law, (iii)&nbsp;under Section&nbsp;174 of the General Corporation Law of
Delaware, or (iv)&nbsp;for any transaction from which the director derived an improper
personal benefit. If the General Corporation Law of Delaware is amended to
authorize corporate action further eliminating or limiting the personal liability of
directors, then the liability of a director of the corporation shall be eliminated
or limited to the fullest extent permitted by the General Corporation Law of
Delaware, as so amended. This Article&nbsp;Sixth shall not eliminate or limit the
liability of a director for any act or omission which occurred prior to the
effective date of its adoption. Any repeal or modification of this Article&nbsp;Sixth by
the stockholders of the corporation shall not adversely affect any right or
protection of a director of the corporation existing at the time of such repeal or
modification.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to DGCL Section&nbsp;145 and Article&nbsp;Seventh of the Certificate, Article&nbsp;VIII of the
Company&#146;s Amended and Restated Bylaws provides:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Section&nbsp;1. <U>Directors and Officers</U>.
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3.5%">(a) <U>Indemnity in Third-Party Proceedings</U>. The corporation shall indemnify
its Directors and officers in accordance with the provisions of this Section 1(a) if
the Director or officer was or is a party to, or is threatened to be made a party
to, any proceeding (other than a proceeding by or in the right of the corporation to
procure a judgment in its favor), against all expenses, judgments, fines and amounts
paid in settlement, actually and reasonably incurred by the Director or officer in
connection with such proceeding if the
</DIV>

<P align="center" style="font-size: 10pt">13
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3.5%">Director or officer acted in good faith and in a manner the Director or officer
reasonably believed was in or not opposed to the best interests of the corporation,
and, with respect to any criminal action or proceeding, the Director or officer, in
addition, had no reasonable cause to believe that the Director&#146;s or officer&#146;s
conduct was unlawful; <U>provided</U> <U>however</U>, that the Director or officer shall
not be entitled to indemnification under this Section&nbsp;1(a): (i)&nbsp;in connection with
any proceeding charging improper personal benefit to the Director or officer in
which the Director or officer is adjudged liable on the basis that personal benefit
was improperly received by the Director or officer unless and only to the extent
that the court conducting such proceeding or any other court of competent
jurisdiction determines upon application that, despite the adjudication of
liability, the Director or officer is fairly and reasonably entitled to
indemnification in view of all the relevant circumstances, or (ii)&nbsp;in connection
with any proceeding (or part thereof) initiated by such person or any proceeding by
such person against the corporation or its Directors, officers, employees or other
agents unless (<U>A</U>) such indemnification is expressly required to be made by
law, (<U>B</U>) the proceeding was authorized by the Board of Directors, or
(<U>C</U>) such indemnification is provided by the corporation, in its sole
discretion, pursuant to the powers vested in the corporation under the Delaware
General Corporation Law.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition to the indemnification and exculpation provided by the Company&#146;s Certificate and
Bylaws, the Company has entered into an indemnification agreement with each of its directors and
officers. The indemnification agreements provide that no director or officer shall have a monetary
liability of any kind in respect of the director&#146;s or officer&#146;s errors or omissions in serving the
Company or any of its subsidiaries, stockholders or related enterprises, so long as such errors are
not shown by clear and convincing evidence to have involved: (i)&nbsp;any breach of the duty of loyalty
to such entities; (ii)&nbsp;any act or omission not in good faith or which involved intentional
misconduct or a knowing violation of the law; (iii)&nbsp;any transaction from which the director or
officer derived an improper personal benefit; (iv)&nbsp;any unlawful corporate distribution as defined
in the DGCL; or (v)&nbsp;profits made from the purchase and sale by the director or officer of
securities of the Company within the meaning of Section 16(b) of the Securities Exchange Act of
1934, as amended. Furthermore, regardless of the theory of liability asserted and to the fullest
extent permitted by law, no director or officer shall have personal liability for (i)&nbsp;punitive,
exemplary or consequential damages; (ii)&nbsp;treble or other damages computed based upon any multiple
of damages actually and directly proved to have been sustained; (iii)&nbsp;fees of attorneys,
accountants, expert witnesses or professional consultants; or (iv)&nbsp;civil fines or penalties of any
kind or nature whatsoever.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The indemnification agreements also require the Company to indemnify any director or officer
who is a party to, or is threatened to be made a party to, any proceeding, against all expenses,
judgments, fines and amounts paid in settlement, actually and reasonably incurred by the director
or officer in connection with such proceeding, if the director or officer: (i)&nbsp;acted in good faith
and in a manner the director or officer reasonably believed was in or not opposed to the best
interests of the Company; and (ii)&nbsp;with respect to any criminal proceeding, the director or officer
also had no reasonably cause to believe that his or her conduct was unlawful. In any proceeding
charging a director or officer with improper personal benefit to the director or officer, the
Company will indemnify the director or officer if the appropriate court determines that the
director or officer is fairly and reasonably entitled to indemnification.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The indemnification agreements also provide indemnity to a director or officer in proceedings
brought by or in the right of the Company, as long as the director or officer acted in good faith
and in a manner which he or she reasonably believed to be in, or not opposed to, the best interests
of the Company. If a director or officer is adjudged liable to the Company, he or she will not be
indemnified
</DIV>


<P align="center" style="font-size: 10pt">14
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">unless the appropriate court determines that the director or officer is fairly and reasonably
entitled to indemnification.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the foregoing, the indemnification agreements indemnify each director and
officer to the fullest extent permitted by law with respect to any proceeding against all expenses,
judgments, fines and amounts paid in settlement, actually and reasonably incurred by the director
or officer in connection with any proceeding. The forms of indemnification agreements entered into
between the Company and its officers and directors have been filed with the SEC and are
incorporated by reference to the Company&#146;s registration statement on Form S-1, as declared
effective on July&nbsp;11, 1994 (Registration No.&nbsp;33-78852).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company maintains directors&#146; and officers&#146; liability insurance under which the Company&#146;s
directors and officers are insured against claims for errors, neglect, breach of duty and other
matters.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;7. Exemption from Registration Claimed.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An aggregate of 5,364 shares of the Company&#146;s common stock were awarded to four non-employee
directors of the Company in January&nbsp;2005, pursuant to the terms of the Plan, and on August&nbsp;1, 2005
nine executive officers of the Company were awarded an aggregate of 128,000 shares of the Company&#146;s
common stock under the Plan. These shares exempt from registration under Section&nbsp;4(2) of the
Securities Act. In addition, it is the Company&#146;s view that there was no &#147;sale&#148; of such shares
within the meaning of Section&nbsp;2(a)(3) of the Securities Act.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Item&nbsp;8. Exhibits.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The exhibits listed in the Index to Exhibits, which appears on page 19 hereof, are filed as
part of this registration statement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Item&nbsp;9. Undertakings.</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">A.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The undersigned registrant hereby undertakes:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To file, during any period in which offers or sales are being made, a
post-effective amendment to this registration statement:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To include any prospectus required by section 10(a)(3) of the
Securities Act;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To reflect in the prospectus any facts or events arising after
the effective date of the registration statement (or the most recent
post-effective amendment thereto) which, individually or in the aggregate,
represent a fundamental change in the information set forth in the registration
statement. Notwithstanding the foregoing, any increase or decrease in volume
of securities offered (if the total dollar value of securities offered would
not exceed that which was registered) and any deviation from the low or high
end of the estimated maximum offering range may be reflected in the form of
prospectus filed with the Commission pursuant to Rule 424(b) if, in the
aggregate, the changes in volume and price represent no more than 20&nbsp;percent
change in the maximum aggregate offering price set forth in the &#147;Calculation of
Registration Fee&#148; table in the effective registration statement; and</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">15
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To include any material information with respect to the plan
of distribution not previously disclosed in the registration statement or any
material change to such information in the registration statement;</TD>
</TR>
</TABLE>
</DIV>




<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD colspan="3" align="left"><I>provided, however</I>, that paragraphs A(1)(i) and A(1)(ii) do not apply if the information
required to be included in a post-effective amendment by those paragraphs is contained in
periodic reports filed by the registrant pursuant to Section&nbsp;13 or Section 15(d) of the
Exchange Act that are incorporated by reference in the registration statement.
</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>That, for the purpose of determining any liability under the Securities Act,
each such post-effective amendment shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities at that
time shall be deemed to be the initial bona fide offering thereof.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To remove from registration by means of a post-effective amendment any of the
securities being registered which remain unsold at the termination of the offering.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.&nbsp;The undersigned registrant hereby undertakes that, for purposes of determining any
liability under the Securities Act, each filing of the registrant&#146;s annual report pursuant to
Section 13(a) or Section 15(d) of the Exchange Act (and, where applicable, each filing of an
employee benefit plan&#146;s annual report pursuant to Section 15(d) of the Exchange Act) that is
incorporated by reference in the registration statement shall be deemed to be a new registration
statement relating to the securities offered therein, and the offering of such securities at that
time shall be deemed to be the initial bona fide offering thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.&nbsp;Insofar as indemnification for liabilities arising under the Securities Act may be
permitted to directors, officers and controlling persons of the registrant pursuant to the
above-referenced provisions, or otherwise, the registrant has been advised that in the opinion of
the SEC such indemnification is against public policy as expressed in the Securities Act and is,
therefore, unenforceable. In the event that a claim for indemnification against such liabilities
(other than payment by the registrant of expenses incurred or paid by a director, officer or
controlling person of the registrant in the successful defense of any action, suit or proceeding)
is asserted by such director, officer or controlling person in connection with the securities being
registered, the registrant will, unless in the opinion of its counsel the matter has been settled
by controlling precedent, submit to a court of appropriate jurisdiction the question of whether
such indemnification by it is against public policy as expressed in the Securities Act and will be
governed by the final adjudication of such issue.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>&#091;This space is intentionally left blank.&#093;</B>
</DIV>



<P align="center" style="font-size: 10pt">16
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SIGNATURES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act, the registrant certifies that it has
reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has
duly caused this registration statement to be signed on its behalf by the undersigned, thereunto
duly authorized, in Lake Oswego, Oregon, on August&nbsp;26, 2005.
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>THE GREENBRIER COMPANIES, INC.</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>

<TD colspan="3" style="border-bottom: 1px solid #000000" align="left">By /s/ Larry G. Brady
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Larry G. Brady&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Senior Vice President and Chief Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>POWER OF ATTORNEY</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KNOW ALL MEN BY THESE PRESENT that each person whose signature appears below hereby
constitutes and appoints Larry G. Brady his true and lawful attorney-in-fact and agent, with full
power of substitution for him in any and all capacities, to sign any and all amendments or
post-effective amendments to this registration statement, and to file the same, with all exhibits
thereto and other documents in connection therewith, with the Securities Exchange Commission,
granting unto such attorney and agent full power and authority to do any and all acts and things
necessary or advisable in connection with such matters, and hereby ratifying and confirming all
that the attorney and agent, or his substitute or substitutes, may lawfully do or cause to be done
by virtue hereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act, this registration statement has been
signed by the following persons in the capacities and on the date(s) indicated:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="60%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Principal Executive Officers:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Date:</B></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" style="border-bottom: 1px solid #000000" align="left"><DIV style="margin-left:0px; text-indent:-0px">/s/ William A. Furman</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">August&nbsp;29, 2005</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">William A. Furman</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">President, Chief Executive Officer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">and Director
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" style="border-bottom: 1px solid #000000" align="left"><DIV style="margin-left:0px; text-indent:-0px">/s/ Larry G. Brady</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">August&nbsp;29, 2005</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Larry G. Brady</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Senior Vice President and</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Chief Financial Officer
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Directors:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;August &#95;&#95;&#95;, 2005</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Victor G. Atiyeh
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;
</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;August &#95;&#95;&#95;, 2005</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
A. Daniel O&#146;Neal, Jr.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">17
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="60%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px; border-bottom: 1px solid #000000" align="left">/s/ Duane c. McDougall</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">August&nbsp;29, 2005</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Duane C. McDougall
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px; border-bottom: 1px solid #000000" align="left">/s/ C. Bruce Ward</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">August&nbsp;29, 2005</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">C. Bruce Ward
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;August
&#95;&#95;&#95;, 2005</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Donald A. Washburn
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px; border-bottom: 1px solid #000000" align="left">/s/ Benjamin R. Whiteley</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">August&nbsp;29, 2005</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Benjamin R. Whiteley
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">18
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">INDEX TO EXHIBITS
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="6%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Exhibit Number</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Exhibit</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Restated Certificate of Incorporation incorporated by reference to the Company&#146;s
registration statement on Form&nbsp;S-1, as declared effective on July&nbsp;11, 1994 (Registration No.
33-78852).</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amended and Restated Bylaws<SUP style="font-size: 85%; vertical-align: text-top"> </SUP>(incorporated herein by reference to Exhibit&nbsp;3.2 of
the Company&#146;s annual report on Form&nbsp;10-K for the fiscal year ended August&nbsp;31, 2004).</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Rights Agreement, dated as of July&nbsp;13, 2004, between the Company and EquiServe Trust Company,
N.A., as Rights Agent, (incorporated herein by reference to Exhibit&nbsp;4.1 of the Company&#146;s
Registration Statement on Form&nbsp;8-A, filed September&nbsp;16, 2004), as amended by Amendment No.&nbsp;1
(incorporated herein by reference to Exhibit&nbsp;4.2 of the Company&#146;s current report on Form&nbsp;8-K,
filed November&nbsp;15, 2004) and Amendment No.2 (incorporated herein by reference to Exhibit&nbsp;4.3
of the Company&#146;s current report on Form&nbsp;8-K, filed February&nbsp;9, 2005).</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of Tonkon Torp LLP</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Independent Registered Public Accounting Firm, Deloitte &#038; Touche LLP</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Tonkon Torp LLP (included in Exhibit&nbsp;5.1)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">24.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Power of Attorney (provided on page 17)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Other exhibits listed in Item&nbsp;601 of Regulation&nbsp;S-K are not applicable.
</DIV>



<P align="center" style="font-size: 10pt">19
</DIV>


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sv8
Table of Contents
As filed with the Securities and Exchange Commission on August 29, 2005
Registration No. 33-___
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-8
REGISTRATION
STATEMENT
Under
THE SECURITIES ACT OF 1933
The Greenbrier Companies, Inc.
(Exact name of registrant as specified in its charter)
Delaware
93-0816972
(State or other jurisdiction of
(IRS Employer
of incorporation or organization)
Identification No.)
200 One Centerpointe Drive
Lake Oswego,Oregon
97035
(Address of principal executive offices)
(Zip Code)
2005 Stock Incentive Plan
(Full title of the plan)
Larry G. Brady
Senior Vice President and Chief Financial Officer
200 One Centerpointe Drive
Lake Oswego, Oregon 97035
(503) 684-7000
(Name, address and telephone number of agent for service)
Copies to:
Sherrill A. Corbett
Tonkon Torp LLP
1600 Pioneer Tower
888 S.W. Fifth Avenue
Portland, Oregon 97204
Table of Contents
CALCULATION OF REGISTRATION FEE
Title of each class
Proposed maximum
of securities to be
offering price per
Proposed maximum aggregate
Amount of
registered
Amount to be registered
share
offering price
registration fee
common stock, $.001
par value
1,166,636 shares
(1)
$
28.93
(5)
$
33,750,779
(5)
$
3,972.47
common stock, $.001
par value
5,364 shares
(2)
$
31.69
(6)
$
169,985
(6)
$
20.01
common stock, $.001
par value
128,000 shares
(3)
$
28.84
(7)
$
3,691,520
(7)
$
434.49
common stock, $.001
par value
1,166,636 shares
(4)
$
28.93
(8)
$
33,750,779
(8)
N/A
(6)
Total
2,466,636 shares
$
71,363,063
$
4,426.97
(1)
This filing registers 1,166,636 shares of the Company's common stock issuable under
the 2005 Stock Incentive Plan (the "Plan"). There are also registered an undetermined number of
additional shares of common stock that may become available for purchase in accordance with the
provisions of the Plan in the event of any future change in the outstanding shares of common stock
as a result of a stock dividend, stock split or similar adjustment.
(2)
This filing also registers 5,364 shares of common stock relating to reoffering of
common stock issued by the Company pursuant to the Plan in January 2005 to certain directors of the
Company who may be deemed affiliates that hold control securities ("Affiliates' Shares"). The
terms "affiliates" and "control securities" are as defined by Rule 144 and Rule 405 under the
Securities Act.
(3)
This filing also registers 128,000 shares of common stock relating to reoffering of
shares of common stock issued by the Company pursuant to the Plan effective August 1, 2005 to
certain officers of the Company who may be deemed affiliates that hold control securities. The
terms "affiliates" and "control securities" are as defined by Rule 144 and Rule 405 under the
Securities Act.
(4)
This filing also registers 1,166,636 shares of Greenbrier's common stock relating
to reofferings of common stock which may be acquired from time to time under the Plan by certain
directors and officers of Greenbrier who may be deemed to be affiliates that hold control
securities.
(5)
The offering price of $28.93 per share was the average of the high and low prices
of the Company's common stock on August 25, 2005 on the New York Stock Exchange. The aggregate
offering price is estimated solely for purposes of calculating the registration fee pursuant to
Rule 457(c) under the Securities Act.
(6)
The price of $31.69 per share was the average of the high and low sales prices of
the common stock on the New York Stock Exchange on January 11, 2005, when the restricted shares
were granted under the Plan. The aggregate offering price is calculated pursuant to Rule 457(h)(1)
based upon the actual
2
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aggregate price of $169.985.00 for 5,364 shares of Greenbrier's common stock issued under the Plan
prior to the date of this prospectus.
(7)
The price of $28.84 per share was the average of the high and low sales prices of
the common stock on the New York Stock Exchange on July 29, 2005, the day prior to the effective
date of the restricted stock grants. The aggregate offering price is calculated pursuant to Rule
457(h)(1) based upon the actual aggregate price of $3,691,520 for 128,000 shares of Greenbrier's
common stock issued under the Plan prior to the date of this prospectus.
(8)
The estimated proposed maximum offering price for 1,166,636 shares offered for
resale is calculated based upon the average of the high and low sales prices of the common stock on
August 25, 2005, on the New York Stock Exchange. No additional filing fee is required to be paid
with respect to the shares offered pursuant to the Plan which are offered for resale under the
reoffer prospectus contained herein, pursuant to Rule 457(h)(3).
Explanatory Note
The Greenbrier Companies, Inc. ("Greenbrier", or the "Company") has prepared this registration
statement in accordance with the requirements of Form S-8 under the Securities Act of 1933, as
amended (the "Securities Act"), to register 1,166,636 shares of common stock reserved for issuance
under the Company's 2005 Equity Incentive Plan (the "Plan").
This registration statement also includes a reoffer prospectus prepared in accordance General
Instruction C of Form S-8 and in accordance with the requirements of Part I of Form S-3. The
reoffer prospectus may be utilized for reofferings and resales on a continuous or a delayed basis
in the future of up to 1,300,000 shares of common stock that constitute "control securities" which
have been issued prior to or will be issued after the filing of this registration statement. The
reoffer prospectus does not contain all of the information included in the registration statement,
certain items of which are contained in schedules and exhibits to the registration statement, as
permitted by the rules and regulations of the Securities and Exchange Commission (the "SEC").
Statements contained in this reoffer prospectus as to the contents of any agreement, instrument or
other document referred to are not necessarily complete. With respect to each such agreement,
instrument or other document filed as an exhibit to the registration statement, we refer you to the
exhibit for a more complete description of the matter involved, and each such statement shall be
deemed qualified in its entirety by this reference.
PART I
INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS
The documents containing the information specified in Part I of this registration statement on
Form S-8 will be sent or given to participants in the Plan as specified in Rule 428(b)(1) the
Securities Act. Such documents need not be filed with the Securities Exchange Commission (the
"SEC") either as part of this registration statement or as prospectuses of prospectus supplements,
pursuant to Rule 424 of the Securities Act. These documents and the documents incorporated by
reference in this registration statement pursuant to Item 3 of Part II of this registration
statement, taken together, constitute a prospectus that meets the requirements of Section 10(a) of
the Securities Act.
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Reoffer Prospectus
1,300,000 Shares
The Greenbrier Companies, Inc.
Common Stock
This reoffer prospectus relates to 1,300,000 shares of common stock of The Greenbrier
Companies, Inc. (the "Company" or "Greenbrier"), par value $0.001 per share, which may be offered
for sale from time to time by certain stockholders or their successors in interest. The
information regarding these stockholders is provided under the caption "Selling Stockholders." We
will not receive any proceeds from the sale of shares of common stock pursuant to this reoffer
prospectus. The selling stockholders have acquired or will, in the future, acquire the common
stock pursuant to grants of restricted shares, options or stock units under our 2005 Stock
Incentive Plan and these stockholders may resell all, a portion, or none of these shares of common
stock from time to time.
The shares of common stock are "control securities" under the Securities Act of 1933, as
amended (the "Securities Act"), before their sale under this reoffer prospectus. This reoffer
prospectus has been prepared for the purpose of registering the shares under the Securities Act to
allow for future sales by the selling stockholders, on a continuous or delayed basis, to the public
without restriction. Each stockholder who sells shares of our common stock pursuant to this
reoffer prospectus may be deemed to be an "underwriter" within the meaning of the Securities Act.
Any commissions received by a broker or dealer in connection with resales of shares may be deemed
to be underwriting commissions or discounts under the Securities Act.
You should carefully read this reoffer prospectus and any accompanying prospectus supplement
before you make your investment decision. The shares of common stock offered hereby may be sold
from time to time directly by, or on behalf of, each selling stockholder in one or more
transactions on the New York Stock Exchange or on any stock exchange on which our common stock may
be listed at the time of sale, in privately negotiated transactions, or through a combination of
such methods, at market prices prevailing at the time of sale, at prices related to such prevailing
market prices, at fixed prices (which may be changed) or at negotiated prices. We are paying the
expenses incurred in registering the selling stockholders' shares, but all selling and other
expenses incurred by each of the selling stockholders will be borne by that stockholder.
Investing in our common stock involves risks, which are detailed from time to time in the
periodic reports that we file with the Securities and Exchange Commission and that we have
incorporated herein by reference.
Our common stock is listed on the New York Stock Exchange under the trading symbol "GBX." The
last reported sale price of our common stock on the New York Stock Exchange on August 25, 2005, was
$28.85 per share.
NEITHER THE SECURITIES AND EXCHANGE COMMISSION NOR ANY STATE SECURITIES COMMISSION HAS
APPROVED OR DISAPPROVED OF THESE SECURITIES OR DETERMINED IF THIS PROSPECTUS IS TRUTHFUL OR
COMPLETE. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.
The date of this reoffer prospectus is August 26, 2005.
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PROSPECTUS SUMMARY
6
THE GREENBRIER COMPANIES, INC.
6
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
6
USE OF PROCEEDS
8
SELLING STOCKHOLDERS
8
PLAN OF DISTRIBUTION
10
LEGAL MATTERS
10
EXPERTS
10
AVAILABLE INFORMATION
11
DOCUMENTS INCORPORATED BY REFERENCE
11
EXHIBIT 5.1
EXHIBIT 23.1
This prospectus incorporates important business and financial information about Greenbrier
that is not included in or delivered with this prospectus. You may request a copy of all documents
that are incorporated by reference in this prospectus by writing or telephoning Greenbrier at the
following address: The Greenbrier Companies, attention Linda M. Olinger, Vice President and
Corporate Controller, One Centerpointe Drive, Suite 200, Lake Oswego, Oregon 97035; telephone
(503) 684-7000. Copies of all documents requested will be provided without charge (not including
the exhibits to those documents, unless the exhibits are specifically incorporated by reference
into those documents or this prospectus).
5
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PROSPECTUS SUMMARY
This summary highlights selected information from this prospectus and may not contain all the
information that is important to you. To understand the circumstances and terms of the offering
and for complete information about Greenbrier, you should read this entire document and the
information incorporated by reference, including the financial statements and the notes to the
financial statements.
THE GREENBRIER COMPANIES, INC.
Greenbrier is a leading supplier of transportation equipment and services to the railroad and
related transportation industries. Our principal business activities include:
•
designing, manufacturing and marketing intermodal railcars, conventional railcars,
specialty railcars and marine vessels and repairing and refurbishing intermodal and
conventional railcars; and
•
leasing and providing management services to the North American rail transportation
industry.
With operations in the United States, Canada, Mexico and Europe, the manufacturing segment of
our business produces double-stack intermodal railcars, conventional railcars, specialty railcars
and marine vessels, and performs repair, refurbishment and maintenance activities for both
intermodal and conventional railcars. As of May 31, 2005, the leasing and services segment owned
approximately 10,000 railcars and provides management services for approximately 128,000 railcars
for railroads, shippers and other leasing and transportation companies.
We are a Delaware corporation that was formed in 1981. Our principal executive offices are
located at One Centerpointe Drive, Suite 200, Lake Oswego, Oregon 97035, and our telephone number
is (503) 684-7000.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This reoffer prospectus and the documents incorporated by reference herein contain
forward-looking statements within the meaning of the Private Securities Litigation Reform Act of
1995, including, without limitation, statements as to expectations, beliefs and strategies
regarding the future. Such forward-looking statements may be included in, but not limited to,
press releases, oral statements made with the approval of an authorized executive officer, or
various filings made by the Company with the Securities and Exchange Commission (SEC). These
forward-looking statements rely on a number of assumptions concerning future events and include
statements relating to:
•
availability of financing sources and borrowing base for working capital, other
business development activities, capital spending and railcar warehousing activities;
•
ability to renew or obtain sufficient lines of credit and performance guarantees on
acceptable terms;
•
ability to utilize beneficial tax strategies;
•
ability to grow our railcar services and lease fleet and management services business;
•
ability to obtain purchase orders which contain provisions for the escalation of
prices due to increased costs of materials and components;
6
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•
ability to obtain adequate certification and licensing of products; and
•
short- and long-term revenue and earnings effects of the above items.
Forward-looking statements are subject to a number of uncertainties and other factors outside
Greenbrier's control. The following are among the factors that could cause actual results or
outcomes to differ materially from the forward-looking statements:
•
a delay or failure of acquired businesses, products or services to compete successfully;
•
decreases in carrying value of assets due to impairment;
•
severance or other costs or charges associated with lay-offs, shutdowns, or reducing
the size and scope of operations;
•
changes in future maintenance requirements;
•
effects of local statutory accounting conventions on compliance with covenants in
certain loan agreements;
•
domestic and global business conditions and growth or reduction in the surface
transportation industry;
•
actual future costs and the availability of materials and a trained workforce;
•
ability to maintain good relationships with third party labor providers or
collective bargaining units;
•
availability of subcontractors;
•
steel price increases, scrap surcharges and other commodity price fluctuations and
their impact on railcar demand and margin;
•
changes in product mix and the mix between the manufacturing and leasing & services
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, changing technologies or non-performance of alliance partners, subcontractors
or suppliers;
•
ability to obtain suitable contracts for railcars held for sale;
•
lower than anticipated residual values for leased equipment;
•
discovery of defects in railcars resulting in increased warranty costs or litigation;
•
resolution or outcome of investigations and pending or future litigation;
•
the ability to consummate expected sales;
•
delays in receipt of orders, risks that contracts may be canceled during their term
or not renewed and that customers may not purchase as much equipment under the
contracts as anticipated;
•
financial condition of principal customers;
•
market acceptance of products;
•
ability to determine and obtain adequate levels of insurance at acceptable rates;
•
competitive factors, including introduction of competitive products, price
pressures, limited customer base and competitiveness of our manufacturing facilities
and products;
•
industry over-capacity and our manufacturing capacity utilization;
•
continued industry demand at current and anticipated levels for railcar products:
•
domestic and global political, regulatory or economic conditions including such
matters as terrorism, war, embargoes or quotas;
•
ability to adjust to the cyclical nature of the railcar industry;
•
the effects of car hire deprescription on leasing revenue;
7
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•
changes in interest rates;
•
actions by various regulatory agencies;
•
changes in fuel and/or energy prices;
•
availability and price of essential raw materials, specialties or components,
including steel castings, to permit manufacture of units on order;
•
ability to replace lease revenue and earnings from maturing and terminating leases
with revenue and earnings from additions to the lease fleet , lease renewals and
management services; and
•
financial impacts from currency fluctuations in the Company's worldwide operations.
Any forward-looking statements should be considered in light of these factors. Greenbrier
assumes no obligation to update or revise any forward-looking statements to reflect actual results,
changes in assumptions or changes in other factors affecting such forward-looking statements or if
Greenbrier later becomes aware that these assumptions are not likely to be achieved, except as
required under securities laws.
USE OF PROCEEDS
All proceeds from the sale of the common stock offered hereby will be for the accounts of the
selling stockholders. We will not receive any of the proceeds from the sale from time to time of
the common stock offered hereby. All expenses of registration incurred in connection with this
offering are being borne by us, but all selling and other expenses incurred by any selling
stockholder will be borne by such selling stockholder.
SELLING STOCKHOLDERS
The following table sets forth: (i) the name and position of each selling stockholder who may
sell common stock pursuant to this prospectus; (ii) the number of shares of common stock owned by
each selling stockholder as of the date of this prospectus; (iii) the number of shares of common
stock offered hereunder which may be acquired by the selling stockholders pursuant to the exercise
of options granted to them under the Plan as of the date of this prospectus; and (iv) the amount
and percentage of common stock to be owned by each such selling stockholder if such selling
stockholder were to sell all of the shares of common stock which may be offered pursuant to this
prospectus.
Information regarding the selling stockholders, including the number of shares offered for
sale, may change from time to, and any changed information will be set forth in a prospectus
supplement to the extent required. The address of each selling stockholder is c/o The Greenbrier
Companies, Inc., One Centerpointe Drive, Suite 200, Lake Oswego, Oregon 97035.
Number of Shares
Number of Shares
Number of Shares
Owned/Percentage
Owned Prior to
to be
After
Name and Position
Offering
(1)
Offered
(2)
Offering
(3)
Victor G. Atiyeh, Director
1,641
1,341
*
Duane C. McDougall,
Director
3,341
1,341
*
Benjamin R. Whiteley,
Director
21,841
1,341
*
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Number of Shares
Number of Shares
Number of Shares
Owned/Percentage
Owned Prior to
to be
After
Name and Position
Offering
(1)
Offered
(2)
Offering
(3)
Donald A. Washburn, Director
1,341
1,341
*
Robin D. Bisson, Senior VP
Marketing and Sales
30,001
30,000
*
Larry G. Brady, Senior VP
and Chief Financial Officer
10,000
10,000
*
Mark J. Rittenbaum, Senior
VP and Treasurer
31,300
30,000
*
Linda Olinger, VP and
Corporate Controller
8,000
8,000
*
Timothy A. Stuckey,
President of Gunderson
Rail Services, Inc.
10,000
10,000
*
Norriss M. Webb, Executive
VP and General Counsel
14,966
10,000
*
L. Clark Wood, President of
Manufacturing Operations
10,300
10,000
*
William L. Bourque, VP
International Marketing
10,000
10,000
*
James T. Sharp, President
of Greenbrier Leasing
Corporation
10,000
10,000
*
Total
162,731
133,364
*
Less than one percent.
(1)
For purposes of this table, the number of shares of common stock owned prior to
this offering includes all shares of common stock owned by each selling stockholder as of the date
of this prospectus. It does not include shares of common stock that may be acquired in the future
upon the exercise of options.
(2)
For purposes of this table, the number of shares of common stock offered includes
only restricted shares of common stock which have been granted to the selling stockholders under
the Plan as of the date of this prospectus. It does not include restricted shares of common stock
that may be granted in the future to the selling stockholders, which information is not currently
known.
(3)
Applicable percentage of ownership is based on 14,924,641 shares of the Company
outstanding as of June 28, 2005.
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PLAN OF DISTRIBUTION
The selling stockholders have not advised the Company of any specific plan for
distribution of the shares offered hereby, but it is anticipated that the shares will be sold from
time-to-time by the selling stockholders or by their pledges, donees, transferees or other
successors in interest. Such sales may be made over-the-counter on the New York Stock Exchange at
prices and at terms then prevailing or at prices related to the then current market price, or in
negotiated transactions.
The shares may be sold by one or more of the following: (i) a block trade in which the broker
or dealer so engaged will attempt to sell the shares as agent but may position and resell a portion
of the block as principal to facilitate the transaction; (ii) purchases by a broker or dealer for
its account pursuant to this prospectus; or (iii) ordinary brokerage transactions and transactions
in which the broker solicits purchases. The selling stockholder may also sell shares directly to
purchasers. Any broker or dealer may receive compensation in the form of commissions, discounts or
concessions from the selling stockholders and/or purchasers of the shares or both. Such
compensation as to a particular broker or dealer may be in excess of customary commissions.
In connection with their sales, a selling stockholder and any participating broker or dealer
may be deemed to be "underwriters" within the meaning of the Securities Act, and any commissions
they receive and the proceeds of any sale of shares may be deemed to be underwriting discounts and
commissions under the Securities Act.
We are bearing all costs relating to the registration of the shares of common stock. Any
commissions or other fees payable to broker-dealers in connection with any sale of the shares will
be borne by the selling stockholder or other party selling such shares. In order to comply with
certain states' securities laws, if applicable, the shares may be sold in such jurisdictions only
through registered or licensed brokers or dealers. Sales of the shares must also be made by the
selling stockholders in compliance with all other applicable state securities laws and regulations.
In addition to any shares sold hereunder, selling stockholders may sell shares of common stock
in compliance with Rule 144. There is no assurance that the selling stockholders will sell all or
a portion of the common stock offered hereby.
The selling stockholders may agree to indemnify any broker-dealer or agent that participates
in transactions involving sales of the shares against certain liabilities in connection with the
offering of the shares arising under the Securities Act.
We have notified the selling stockholders of the need to deliver a copy of this prospectus in
connection with any sale of the shares.
LEGAL MATTERS
The validity of the common stock offered hereby will be passed upon by Tonkon Torp LLP.
EXPERTS
The financial statements as of August 31, 2004 and 2003 and for each of the three years
in the period ended August 31, 2004 incorporated by reference from the Company's Current Report on
form 8-K as filed on July 27, 2005 and the related financial statement schedule incorporated in
this
10
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prospectus by reference from the Company's Annual Report on Form 10-K for the year ended August 31,
2004 have been audited by Deloitte & Touche LLP, independent registered public accounting firm, as
stated in their reports, which are incorporated herein by reference, and have been so incorporated
in reliance upon the reports of such firm given upon their authority as experts in accounting and
auditing.
AVAILABLE INFORMATION
Greenbrier files annual, quarterly and special reports, proxy statements and other information
with the SEC. Stockholders may inspect and copy these materials at the Public Reference Room
maintained by the SEC at Room 1580, 100 F Street, N.E., Washington, D.C. 20549. Please call the
SEC at 1-800-SEC-0330 for more information on the operation of the public reference room. The SEC
maintains an Internet site that contains reports, proxy and information statements and other
information regarding issuers that file electronically with the SEC. The address of that site is
http://www.sec.gov.
DOCUMENTS INCORPORATED BY REFERENCE
This prospectus is part of a registration statement on Form S-8 that Greenbrier filed with the
SEC in accordance with the requirements of Part I of Form S-3 and General Instruction C of the
Instructions to Form S-8. The SEC allows this filing to "incorporate by reference" information
that the Company previously filed with the SEC. This means the Company can disclose important
information to you by referring you to other documents that it filed with the SEC. The information
that is incorporated by reference is considered part of this prospectus, and information that the
Company files later will automatically update and may supercede this information. For further
information about the Company and the securities being offered, you should refer to the
registration statement and the following documents that are incorporated by reference:
•
Greenbrier's annual report on Form 10-K for the fiscal year ended August 31, 2004;
•
Greenbrier's quarterly reports on Form 10-Q for the fiscal quarter ended November
30, 2004, February 28, 2005 and May 31, 2005;
•
The Company's current reports on Form 8-K filed on October 8, 2004, November 10 and
15, 2004, December 7 and 16, 2004, January 10, 2005, February 1 and 9, 2005, March 30,
2005, April 20, 21, 26 and 29, 2005, May 11 and 13, 2005, June 30, 2005, July 6, 8, 22,
27 and 28, 2005, and August 5, 2005; and
•
The description of Greenbrier common stock, $0.001 par value included in the
Company's registration statement on Form S-1, as declared effective on July 11, 1994
(Registration No. 33-78852), including any amendments or report filed for the purpose
of updating such information.
All documents that we subsequently file pursuant to Sections 13(a), 13(c), 14 and 15(d) of the
Exchange Act prior to the filing of a post-effective amendment indicating that all securities
offered hereby have been sold or deregistering all securities then remaining unsold, shall be
deemed to be incorporated by reference into this registration statement and to be a part hereof
from the date of filing of such documents. Any statement contained in a document incorporated or
deemed to be incorporated by reference in this registration statement shall be deemed to be
modified or superseded for purposes of this registration statement to the extent that a statement
contained in this registration statement, or in any other subsequently filed document that also is
or is deemed to be incorporated by reference in this registration statement, modifies or supersedes
such prior statement. Any statement contained in this registration
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statement shall be deemed to be modified or superseded to the extent that a statement
contained in a subsequently filed document that is or is deemed to be incorporated by reference in
this registration statement modifies or supersedes such prior statement. Any statement so modified
or superseded shall not be deemed, except as so modified or superseded, to constitute a part of
this registration statement.
Greenbrier will provide without charge to each person to whom a copy of this prospectus is
delivered, on the written or oral request of such person, a copy of any and all of the information
that has been incorporated by reference into the registration statement (other than exhibits to
such information unless such exhibits are specifically incorporated by reference into the
information that the registration statement incorporates). Written or oral requests for such
information should be directed to: Linda M. Olinger, Vice President and Corporate Controller, The
Greenbrier Companies, One Centerpointe Drive, Suite 200, Lake Oswego, Oregon 97035, telephone
(503) 684-7000.
Greenbrier has not authorized any person to give any information or to make any
representations in connection with sale of the shares by the selling stockholders other than those
contained in this prospectus. You should not rely on any information or representations in
connection with such sales other than the information or representations in this prospectus. You
should not assume that there has been no change in Greenbrier's affairs since the date of this
prospectus or that the information in this prospectus is correct as of any time after its date.
This prospectus is not an offer to sell or a solicitation of an offer to buy shares in any state or
under any circumstances in which such an offer or solicitation is unlawful.
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3. Incorporation of Documents by Reference.
The following documents filed by the Company with the SEC are incorporated by reference in
this registration statement:
(a) The Company's annual report on Form 10-K for the fiscal year ended August 31, 2004.
(b) The Company's quarterly reports on Form 10-Q for the fiscal quarter ended November 30,
2004, February 28, 2005 and May 31, 2005.
(c) The Company's current reports on Form 8-K filed on October 8, 2004, November 10 and 15,
2004, December 7 and 16, 2004, January 10, 2005, February 1 and 9, 2005, March 30, 2005, April 20,
21, 26 and 29, 2005, May 11 and 13, 2005, June 30, 2005, July 6, 8, 22, 27 and 28, 2005, and August
5, 2005.
(d) The description of Greenbrier's common stock, $0.001 par value (the "common stock") set
forth in Greenbrier's registration statement on Form S-1, as declared effective on July 11, 1994
(Registration No. 33-78852), including any amendments or reports filed for the purpose of updating
such information.
In addition, all documents filed by the Company pursuant to Sections 13(a), 13(c), 14 and
15(d) of the Exchange Act prior to filing a post-effective amendment which indicates that all
securities offered hereby have been sold or which deregisters all securities offered hereby then
remaining unsold, shall be deemed to be incorporated by reference herein and shall be deemed to be
a part hereof from the
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date of the filing of such documents. Any statement contained in a document incorporated or
deemed to be incorporated by reference herein shall be deemed to be modified, superseded or
replaced by a statement or information contained in any other subsequently filed document
incorporated herein by reference. Any such statement so modified, superseded or replaced shall not
be deemed, except as so modified, superseded or replaced, to constitute a part of this registration
statement.
Item 4. Description of Securities.
Not applicable.
Item 5. Interests of Named Experts and Counsel.
None.
Item 6. Indemnification of Directors and Officers.
Under the Delaware General Corporation Law ("DGCL"), the Company's Restated Certificate of
Incorporation (the "Certificate"), and the Company's Amended and Restated Bylaws (the "Bylaws"),
the Company has broad powers to indemnify directors and officers against liabilities that they may
incur in such capacities.
Pursuant to Section 102(b)(7) of the DGCL, Article Sixth of the Certificate contains the
following provision relating to the personal liability of the Company's directors:
"No director of the corporation shall be personally liable to the corporation or its
stockholders for monetary damages for breach of fiduciary duty as a director, except
for liability, to the extent provided by applicable law, (i) for any breach of the
director's duty of loyalty to the corporation or its stockholders, (ii) for acts or
omission not in good faith or which involve intentional misconduct or a knowing
violation of the law, (iii) under Section 174 of the General Corporation Law of
Delaware, or (iv) for any transaction from which the director derived an improper
personal benefit. If the General Corporation Law of Delaware is amended to
authorize corporate action further eliminating or limiting the personal liability of
directors, then the liability of a director of the corporation shall be eliminated
or limited to the fullest extent permitted by the General Corporation Law of
Delaware, as so amended. This Article Sixth shall not eliminate or limit the
liability of a director for any act or omission which occurred prior to the
effective date of its adoption. Any repeal or modification of this Article Sixth by
the stockholders of the corporation shall not adversely affect any right or
protection of a director of the corporation existing at the time of such repeal or
modification."
Pursuant to DGCL Section 145 and Article Seventh of the Certificate, Article VIII of the
Company's Amended and Restated Bylaws provides:
"Section 1.
Directors and Officers
.
(a)
Indemnity in Third-Party Proceedings
. The corporation shall indemnify
its Directors and officers in accordance with the provisions of this Section 1(a) if
the Director or officer was or is a party to, or is threatened to be made a party
to, any proceeding (other than a proceeding by or in the right of the corporation to
procure a judgment in its favor), against all expenses, judgments, fines and amounts
paid in settlement, actually and reasonably incurred by the Director or officer in
connection with such proceeding if the
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Director or officer acted in good faith and in a manner the Director or officer
reasonably believed was in or not opposed to the best interests of the corporation,
and, with respect to any criminal action or proceeding, the Director or officer, in
addition, had no reasonable cause to believe that the Director's or officer's
conduct was unlawful;
provided
however
, that the Director or officer shall
not be entitled to indemnification under this Section 1(a): (i) in connection with
any proceeding charging improper personal benefit to the Director or officer in
which the Director or officer is adjudged liable on the basis that personal benefit
was improperly received by the Director or officer unless and only to the extent
that the court conducting such proceeding or any other court of competent
jurisdiction determines upon application that, despite the adjudication of
liability, the Director or officer is fairly and reasonably entitled to
indemnification in view of all the relevant circumstances, or (ii) in connection
with any proceeding (or part thereof) initiated by such person or any proceeding by
such person against the corporation or its Directors, officers, employees or other
agents unless (
A
) such indemnification is expressly required to be made by
law, (
B
) the proceeding was authorized by the Board of Directors, or
(
C
) such indemnification is provided by the corporation, in its sole
discretion, pursuant to the powers vested in the corporation under the Delaware
General Corporation Law."
In addition to the indemnification and exculpation provided by the Company's Certificate and
Bylaws, the Company has entered into an indemnification agreement with each of its directors and
officers. The indemnification agreements provide that no director or officer shall have a monetary
liability of any kind in respect of the director's or officer's errors or omissions in serving the
Company or any of its subsidiaries, stockholders or related enterprises, so long as such errors are
not shown by clear and convincing evidence to have involved: (i) any breach of the duty of loyalty
to such entities; (ii) any act or omission not in good faith or which involved intentional
misconduct or a knowing violation of the law; (iii) any transaction from which the director or
officer derived an improper personal benefit; (iv) any unlawful corporate distribution as defined
in the DGCL; or (v) profits made from the purchase and sale by the director or officer of
securities of the Company within the meaning of Section 16(b) of the Securities Exchange Act of
1934, as amended. Furthermore, regardless of the theory of liability asserted and to the fullest
extent permitted by law, no director or officer shall have personal liability for (i) punitive,
exemplary or consequential damages; (ii) treble or other damages computed based upon any multiple
of damages actually and directly proved to have been sustained; (iii) fees of attorneys,
accountants, expert witnesses or professional consultants; or (iv) civil fines or penalties of any
kind or nature whatsoever.
The indemnification agreements also require the Company to indemnify any director or officer
who is a party to, or is threatened to be made a party to, any proceeding, against all expenses,
judgments, fines and amounts paid in settlement, actually and reasonably incurred by the director
or officer in connection with such proceeding, if the director or officer: (i) acted in good faith
and in a manner the director or officer reasonably believed was in or not opposed to the best
interests of the Company; and (ii) with respect to any criminal proceeding, the director or officer
also had no reasonably cause to believe that his or her conduct was unlawful. In any proceeding
charging a director or officer with improper personal benefit to the director or officer, the
Company will indemnify the director or officer if the appropriate court determines that the
director or officer is fairly and reasonably entitled to indemnification.
The indemnification agreements also provide indemnity to a director or officer in proceedings
brought by or in the right of the Company, as long as the director or officer acted in good faith
and in a manner which he or she reasonably believed to be in, or not opposed to, the best interests
of the Company. If a director or officer is adjudged liable to the Company, he or she will not be
indemnified
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unless the appropriate court determines that the director or officer is fairly and reasonably
entitled to indemnification.
Notwithstanding the foregoing, the indemnification agreements indemnify each director and
officer to the fullest extent permitted by law with respect to any proceeding against all expenses,
judgments, fines and amounts paid in settlement, actually and reasonably incurred by the director
or officer in connection with any proceeding. The forms of indemnification agreements entered into
between the Company and its officers and directors have been filed with the SEC and are
incorporated by reference to the Company's registration statement on Form S-1, as declared
effective on July 11, 1994 (Registration No. 33-78852).
The Company maintains directors' and officers' liability insurance under which the Company's
directors and officers are insured against claims for errors, neglect, breach of duty and other
matters.
Item 7. Exemption from Registration Claimed.
An aggregate of 5,364 shares of the Company's common stock were awarded to four non-employee
directors of the Company in January 2005, pursuant to the terms of the Plan, and on August 1, 2005
nine executive officers of the Company were awarded an aggregate of 128,000 shares of the Company's
common stock under the Plan. These shares exempt from registration under Section 4(2) of the
Securities Act. In addition, it is the Company's view that there was no "sale" of such shares
within the meaning of Section 2(a)(3) of the Securities Act.
Item 8. Exhibits.
The exhibits listed in the Index to Exhibits, which appears on page 19 hereof, are filed as
part of this registration statement.
Item 9. Undertakings.
A.
The undersigned registrant hereby undertakes:
(1)
To file, during any period in which offers or sales are being made, a
post-effective amendment to this registration statement:
(i)
To include any prospectus required by section 10(a)(3) of the
Securities Act;
(ii)
To reflect in the prospectus any facts or events arising after
the effective date of the registration statement (or the most recent
post-effective amendment thereto) which, individually or in the aggregate,
represent a fundamental change in the information set forth in the registration
statement. Notwithstanding the foregoing, any increase or decrease in volume
of securities offered (if the total dollar value of securities offered would
not exceed that which was registered) and any deviation from the low or high
end of the estimated maximum offering range may be reflected in the form of
prospectus filed with the Commission pursuant to Rule 424(b) if, in the
aggregate, the changes in volume and price represent no more than 20 percent
change in the maximum aggregate offering price set forth in the "Calculation of
Registration Fee" table in the effective registration statement; and
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(iii)
To include any material information with respect to the plan
of distribution not previously disclosed in the registration statement or any
material change to such information in the registration statement;
provided, however
, that paragraphs A(1)(i) and A(1)(ii) do not apply if the information
required to be included in a post-effective amendment by those paragraphs is contained in
periodic reports filed by the registrant pursuant to Section 13 or Section 15(d) of the
Exchange Act that are incorporated by reference in the registration statement.
(2)
That, for the purpose of determining any liability under the Securities Act,
each such post-effective amendment shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities at that
time shall be deemed to be the initial bona fide offering thereof.
(3)
To remove from registration by means of a post-effective amendment any of the
securities being registered which remain unsold at the termination of the offering.
B. The undersigned registrant hereby undertakes that, for purposes of determining any
liability under the Securities Act, each filing of the registrant's annual report pursuant to
Section 13(a) or Section 15(d) of the Exchange Act (and, where applicable, each filing of an
employee benefit plan's annual report pursuant to Section 15(d) of the Exchange Act) that is
incorporated by reference in the registration statement shall be deemed to be a new registration
statement relating to the securities offered therein, and the offering of such securities at that
time shall be deemed to be the initial bona fide offering thereof.
C. Insofar as indemnification for liabilities arising under the Securities Act may be
permitted to directors, officers and controlling persons of the registrant pursuant to the
above-referenced provisions, or otherwise, the registrant has been advised that in the opinion of
the SEC such indemnification is against public policy as expressed in the Securities Act and is,
therefore, unenforceable. In the event that a claim for indemnification against such liabilities
(other than payment by the registrant of expenses incurred or paid by a director, officer or
controlling person of the registrant in the successful defense of any action, suit or proceeding)
is asserted by such director, officer or controlling person in connection with the securities being
registered, the registrant will, unless in the opinion of its counsel the matter has been settled
by controlling precedent, submit to a court of appropriate jurisdiction the question of whether
such indemnification by it is against public policy as expressed in the Securities Act and will be
governed by the final adjudication of such issue.
[This space is intentionally left blank.]
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SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant certifies that it has
reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has
duly caused this registration statement to be signed on its behalf by the undersigned, thereunto
duly authorized, in Lake Oswego, Oregon, on August 26, 2005.
THE GREENBRIER COMPANIES, INC.
By /s/ Larry G. Brady
Larry G. Brady
Senior Vice President and Chief Financial Officer
POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENT that each person whose signature appears below hereby
constitutes and appoints Larry G. Brady his true and lawful attorney-in-fact and agent, with full
power of substitution for him in any and all capacities, to sign any and all amendments or
post-effective amendments to this registration statement, and to file the same, with all exhibits
thereto and other documents in connection therewith, with the Securities Exchange Commission,
granting unto such attorney and agent full power and authority to do any and all acts and things
necessary or advisable in connection with such matters, and hereby ratifying and confirming all
that the attorney and agent, or his substitute or substitutes, may lawfully do or cause to be done
by virtue hereof.
Pursuant to the requirements of the Securities Act, this registration statement has been
signed by the following persons in the capacities and on the date(s) indicated:
Principal Executive Officers:
Date:
/s/ William A. Furman
August 29, 2005
William A. Furman
President, Chief Executive Officer
and Director
/s/ Larry G. Brady
August 29, 2005
Larry G. Brady
Senior Vice President and
Chief Financial Officer
Directors:
August ___, 2005
Victor G. Atiyeh
August ___, 2005
A. Daniel O'Neal, Jr.
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/s/ Duane c. McDougall
August 29, 2005
Duane C. McDougall
/s/ C. Bruce Ward
August 29, 2005
C. Bruce Ward
August
___, 2005
Donald A. Washburn
/s/ Benjamin R. Whiteley
August 29, 2005
Benjamin R. Whiteley
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INDEX TO EXHIBITS
Exhibit Number
Exhibit
4.1
Restated Certificate of Incorporation incorporated by reference to the Company's
registration statement on Form S-1, as declared effective on July 11, 1994 (Registration No.
33-78852).
4.2
Amended and Restated Bylaws
(incorporated herein by reference to Exhibit 3.2 of
the Company's annual report on Form 10-K for the fiscal year ended August 31, 2004).
4.3
Rights Agreement, dated as of July 13, 2004, between the Company and EquiServe Trust Company,
N.A., as Rights Agent, (incorporated herein by reference to Exhibit 4.1 of the Company's
Registration Statement on Form 8-A, filed September 16, 2004), as amended by Amendment No. 1
(incorporated herein by reference to Exhibit 4.2 of the Company's current report on Form 8-K,
filed November 15, 2004) and Amendment No.2 (incorporated herein by reference to Exhibit 4.3
of the Company's current report on Form 8-K, filed February 9, 2005).
5.1
Opinion of Tonkon Torp LLP
23.1
Consent of Independent Registered Public Accounting Firm, Deloitte & Touche LLP
23.2
Consent of Tonkon Torp LLP (included in Exhibit 5.1)
24.1
Power of Attorney (provided on page 17)
Other exhibits listed in Item 601 of Regulation S-K are not applicable.
19