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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="left" style="font-size: 10pt; margin-top: 6pt">As filed
with the Securities and Exchange Commission on February&nbsp;27, 2009
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 6pt; margin-right: 20px">Registration No.&nbsp;33- _________
</DIV>


<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt; margin-top: 3pt">&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>UNITED STATES<BR>
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: 12pt"><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; margin-top: 12pt"><B>REGISTRATION STATEMENT<BR>
UNDER THE SECURITIES ACT OF 1933</B>
</DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>The Greenbrier Companies, Inc.</B>
<DIV style="border-bottom: 1px solid #000000; font-size: 1px"></DIV></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>
</TR>
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<TR valign="bottom">
    <TD align="center" valign="top">Oregon
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">93-0816972</TD>
</TR>
<TR style="font-size: 1px">
    <TD align="center" style="border-top: 1px solid #000000" valign="top">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&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 <BR>
of incorporation or organization)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(IRS Employer<BR>
Identification No.)</TD>
</TR>
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</TABLE>
</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="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
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<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">One Centerpointe Drive, Suite&nbsp;200<BR>
Lake Oswego, Oregon
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">97035</TD>
</TR>
<TR style="font-size: 1px">
    <TD align="center" style="border-top: 1px solid #000000" valign="top">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&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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</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">2005 Stock Incentive Plan<BR>
<DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>
(Full title of the plan)</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">William A. Furman<BR>
President and Chief Executive Officer<BR>
The Greenbrier Companies, Inc.<BR>
One Centerpointe Drive, Suite&nbsp;200<BR>
Lake Oswego, Oregon 97035<BR>
(503)&nbsp;684-7000<BR>
<DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>
(Name, address and telephone number of agent for service)</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">Copy to:<BR>
Sherrill A. Corbett<BR>
Tonkon Torp LLP<BR>
1600 Pioneer Tower<BR>
888 S.W. Fifth Avenue<BR>
Portland, Oregon 97204<BR>
(503)&nbsp;221-1440</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See the definitions of &#147;large accelerated filer,&#148; &#147;accelerated filer&#148; and &#147;smaller reporting company&#148; in Rule 12b-2 of the Exchange Act. (Check one):</DIV>

<TABLE width="100%" style="font-size: 10pt; margin-top: 6pt">
<TR valign="top">
<TD>Large accelerated filer&nbsp;<FONT face="Wingdings">&#111;</FONT></TD>
<TD align="center">Accelerated filer&nbsp;<FONT face="Wingdings">&#254;</FONT>&nbsp;</TD>
<TD align="center">Non-accelerated filer&nbsp;<FONT face="Wingdings">&#111;</FONT><BR>(Do not check if a smaller reporting company)</TD>
<TD align="right">Smaller reporting company&nbsp;<FONT face="Wingdings">&#111;</FONT></TD>
</TR></TABLE>

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

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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<TR valign="bottom" style="font-size: 1pt">
    <TD width="1%">&nbsp;</TD>
    <TD width="54%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>

    <TD width="1%">&nbsp;</TD>
</TR><TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="23" style="border-bottom: 3px double #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Proposed maximum</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Proposed maximum</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD nowrap align="center">Title of securities</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">offering price per</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">aggregate offering</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Amount of</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD nowrap align="center">to be registered</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Amount to be registered</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">share</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">price</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">registration fee</TD>
    <TD width="1%">&nbsp;</TD>
</TR>

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<TR valign="bottom">
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
                    <TD style="border-top: 2px solid #000000"><DIV style="margin-left:15px; text-indent:-15px">Common Stock,
no par value</DIV></TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="center" style="border-top: 2px solid #000000">525,000 shares<SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" style="border-top: 2px solid #000000">$</TD>
    <TD align="right" style="border-top: 2px solid #000000">4.28</TD>
    <TD nowrap style="border-top: 2px solid #000000"><SUP style="font-size: 85%; vertical-align: text-top">(2)</SUP></TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" style="border-top: 2px solid #000000">$</TD>
    <TD align="right" style="border-top: 2px solid #000000">2,247,000</TD>
    <TD nowrap style="border-top: 2px solid #000000"><SUP style="font-size: 85%; vertical-align: text-top">(2)</SUP></TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="right" style="border-top: 2px solid #000000">$</TD>
    <TD align="right" style="border-top: 2px solid #000000">88.31</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="23" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>

<!-- End Table Body -->
</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="1%" nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This filing registers 525,000 shares of the registrant&#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.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">(2)</SUP>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Calculated pursuant to Rule&nbsp;457(h)(1) and 457(c) for purposes of computing the
registration fee, based on the average of the high and low sales prices of the common stock on
February&nbsp;25, 2009, as reported by the New York Stock Exchange.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This filing also registers 525,000 shares of the registrant&#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 the registrant who may be deemed to be affiliates that hold control securities.
Pursuant to Rule&nbsp;457(h)(3), 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.
</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"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<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" 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;The Greenbrier Companies, Inc. 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 525,000 shares of common stock reserved for issuance under the Company&#146;s 2005 Stock
Incentive Plan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
registration statement also includes a reoffer prospectus prepared in
accordance with 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 525,000 shares of common stock that constitute &#147;control securities&#148; which
may 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;Commission&#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>


<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
</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>THE GREENBRIER COMPANIES, INC.</B>

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>525,000 Shares of Common Stock</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This reoffer prospectus relates to 525,000 shares of common stock of The Greenbrier Companies,
Inc. (&#147;Greenbrier&#148; or the &#147;Company&#148;), no par value, which may be offered for sale from time to time
by certain stockholders or their successors in interest. The Company will not receive any proceeds
from the sale of shares of common stock pursuant to this reoffer prospectus. The selling
stockholders will, in the future, acquire the common stock pursuant to grants of restricted shares,
options, stock appreciation rights or stock units under the Company&#146;s 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;The shares of common stock are &#147;control securities&#148; under 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 &#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;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;<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 (the &#147;Commission&#148;) 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;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 February&nbsp;25, 2009,
was $4.01&nbsp;per share.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&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="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The date of this reoffer prospectus is February&nbsp;25, 2009.
</DIV>

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

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><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="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#101">PROSPECTUS SUMMARY</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#102">THE GREENBRIER COMPANIES, INC.</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#103">CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#104">USE OF PROCEEDS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#105">SELLING STOCKHOLDERS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#106">PLAN OF DISTRIBUTION</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#107">LEGAL MATTERS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#108">EXPERTS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#109">AVAILABLE INFORMATION</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#110">DOCUMENTS INCORPORATED BY REFERENCE</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="v51643exv5w1.htm">EX-5.1</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="v51643exv23w1.htm">EX-23.1</A></FONT></TD></TR>
</TABLE>
</DIV>
<DIV align="left">

<!-- /TOC -->

</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&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: Anne T. Manning, Vice President and
Corporate Controller, One Centerpointe Drive, Suite&nbsp;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).</I>
</DIV>





<P align="center" style="font-size: 10pt"><!-- Folio -->4<!-- /Folio -->
</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;<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: 18pt"><B>THE GREENBRIER COMPANIES, INC.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Greenbrier is a leading supplier of transportation equipment and services to the railroad and
related transportation industries. We operate in three primary business segments: Manufacturing,
Refurbishment &#038; Parts, and Leasing &#038; Services. These three business segments are operationally
integrated. The Manufacturing segment, operating from four facilities in the United States, Mexico
and Poland, produces double-stack intermodal railcars, conventional railcars, tank cars and marine
vessels. The Refurbishment &#038; Parts segment performs railcar repair, refurbishment and maintenance
activities in the United States and Mexico as well as wheel, axle and bearing servicing, and
production and reconditioning of a variety of parts for the railroad industry. The Leasing &#038;
Services segment owns approximately 9,000 railcars and provides management services for
approximately 137,000 railcars for railroads, shippers, carriers, and other leasing and
transportation companies in North America. Segment performance is evaluated based on margins. We
also produce rail castings through an unconsolidated joint venture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are an Oregon corporation that was formed in 1981, initially as a Delaware corporation.
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: 18pt"><B>CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&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 Commission. 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="3%" 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="3%" 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="3%" 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="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>ability to grow our refurbishment &#038; parts and lease fleet and management services
businesses;</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"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>ability to obtain sales contracts which contain provisions for the escalation of prices
due to increased costs of materials and components;</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"><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="3%" 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>
<P align="center" style="font-size: 10pt"><!-- Folio -->5<!-- /Folio -->
</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">



</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&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="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a delay or failure of acquired businesses, start-up operations, 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="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>decreases in carrying value of inventory, goodwill or other 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="3%" 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="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>changes in future maintenance or warranty 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="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>fluctuations in demand for newly manufactured railcars or failure to obtain orders as
anticipated in developing forecasts;</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"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>effects of local statutory accounting;</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"><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="3%" 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="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>steel price fluctuations, scrap surcharges, steel scrap prices and other commodity price
fluctuations and their impact on railcar and wheel 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="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>ability to deliver railcars in accordance with customer specifications;</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"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>changes in product mix and the mix among reporting 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="3%" 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="3%" 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="3%" 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="3%" 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="3%" 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="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>resolution or outcome of pending or future litigation and investigations;</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"><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="3%" 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="3%" 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="3%" 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="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>ability to determine and obtain adequate levels of insurance and 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="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>disputes arising from creation, use, licensing or ownership of intellectual property in
the conduct of the Company&#146;s 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="3%" 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="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>industry overcapacity and our manufacturing capacity utilization;</TD>
</TR>

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



</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 width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>changes in industry demand 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="3%" 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="3%" 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="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the effects of car hire deprescription on leasing revenue;</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"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>changes in interest rates and financial impacts from 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="3%" 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="3%" 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="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>risks associated with intellectual property rights of Greenbrier or third parties,
including infringement, maintenance, protection, validity, enforcement and continued use of
such rights;</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"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>expansion of warranty and product support terms beyond those which have traditionally
prevailed in the rail supply 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="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>availability of a trained work force and availability and/or 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="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>failure to successfully integrate acquired businesses;</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"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>ability to maintain sufficient availability of credit facilities and compliance with
financial covenants;</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"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>discovery of unknown liabilities associated with acquired businesses;</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"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>failure of or delay in implementing and using new software or other technologies;</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"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>ability to replace maturing lease revenue and earnings with revenue and earnings from
additions to the lease fleet 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="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>financial impacts from currency fluctuations and currency hedging activities in our
worldwide operations.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&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;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: 18pt"><B>SELLING STOCKHOLDERS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The selling stockholders will, in the future, acquire the common stock pursuant to grants of
restricted shares, options, stock appreciation rights or stock units under the Company&#146;s 2005 Stock
Incentive Plan. As of the date of this reoffer prospectus, no such grants have been made with
respect to the common stock offered hereby, and the names of the selling stockholders are
therefore unknown. Information regarding the selling stockholders, including the number of shares
offered for sale, will be set forth in a prospectus supplement to the extent required.
</DIV>

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

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<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;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;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;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;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;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;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;We will notify 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: 18pt"><B>LEGAL MATTERS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&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: 18pt"><B>EXPERTS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The consolidated financial statements of the Company incorporated into this prospectus by
reference to the Company&#146;s Annual Report on Form 10-K for the
year ended August&nbsp;31, 2008, and the effectiveness of the
Company&#146;s internal control over financial reporting, have been
audited by Deloitte &#038; Touche LLP, an independent
</DIV>

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

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">registered public accounting firm, as stated in their reports, which are incorporated herein by
reference. Such consolidated financial statements 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: 18pt"><B>AVAILABLE INFORMATION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Greenbrier files annual, quarterly and special reports, proxy statements and other information
with the Commission. Stockholders may inspect and copy these materials at the Public Reference
Room maintained by the Commission at Room&nbsp;1580, 100 F Street, N.E., Washington, D.C. 20549. Please
call the Commission at 1-800-SEC-0330 for more information on the operation of the Public Reference
Room. The Commission maintains an Internet site that contains reports, proxy and information
statements and other information regarding issuers that file electronically with the Commission.
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: 18pt"><B>DOCUMENTS INCORPORATED BY REFERENCE</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This prospectus is part of a registration statement on Form S-8 that Greenbrier filed with the
Commission 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 Commission allows this filing to &#147;incorporate by reference&#148;
information that the Company previously filed with the Commission. This means the Company can
disclose important information to you by referring you to other documents that it filed with the
Commission. 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
supersede 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 align="left" style="font-size: 10pt; margin-top: 6pt">&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, 2008.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The Company&#146;s quarterly report on Form 10-Q for the quarter ended November&nbsp;30, 2008.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;The Company&#146;s reports on Form 8-K dated October&nbsp;1, 2008, November&nbsp;6, 2008, January&nbsp;9, 2009
and February&nbsp;12, 2009.
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, all documents filed by the Company subsequent to those listed above with the
Commission pursuant to sections 13(a), 13(c), 14 or 15(d) of the Securities Exchange Act of 1934,
as amended (the &#147;Exchange Act&#148;), prior to the filing of a post-effective amendment which indicates
that all securities offered hereby have been sold or which deregisters all securities then
remaining unsold, will be deemed to be incorporated by reference into the registration statement
and to be a part thereof from the date of filing of such documents. Any statement contained in a
document incorporated by reference into the registration statement will be deemed to be modified or
superseded for purposes of the registration statement to the extent that a statement contained
therein or in any other subsequently filed document which also is or is deemed to be incorporated
by reference therein modifies or supersedes such statement. Any statement so
modified or superseded will not be deemed, except as so modified or superseded, to constitute a
part of the registration statement.
</DIV>

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</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company 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: The Greenbrier Companies, Attention: Anne T. Manning, Vice
President and Corporate Controller, 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;The Company 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 the Company&#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;The following documents filed by the Company with the Commission are incorporated by reference
into this registration statement:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&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, 2008.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The Company&#146;s quarterly report on Form 10-Q for the quarter ended November&nbsp;30, 2008.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;The Company&#146;s reports on Form 8-K dated October&nbsp;1, 2008, November&nbsp;6, 2008, January&nbsp;9, 2009
and February&nbsp;12, 2009.
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, all documents filed by the Company subsequent to those listed above with the
Commission pursuant to sections 13(a), 13(c), 14 or 15(d) of the Exchange Act, prior to the filing
of a post-effective amendment which indicates that all securities offered hereby have been sold or
which deregisters all securities then remaining unsold, will 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 by reference herein will be deemed
to be modified or superseded for purposes of this registration statement to the extent that a
statement contained herein or in any other subsequently filed document which also is or is
deemed to be incorporated by reference herein modifies or supersedes such statement. Any statement
so modified or superseded will not be deemed, except as so modified or superseded, to constitute a
part of this registration statement.
</DIV>

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</DIV>

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

<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;Not applicable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><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;None.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><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;The Oregon Business Corporation Act (the &#147;OBCA&#148;) authorizes the indemnification of a director
or officer made party to a proceeding because the director or officer is or was a director or
officer against liability (including amounts paid in settlement) incurred in the proceeding and
against expenses with respect to the proceeding (including attorney fees) if: (a)&nbsp;the conduct of
the director or officer was in good faith, (b)&nbsp;the director or officer reasonably believed that his
conduct was in the best interests of the corporation or at least not opposed to its best interests,
(c)&nbsp;in the case of a criminal proceeding, the director or officer had no reasonable cause to
believe his conduct was unlawful, (d)&nbsp;in the case of any proceeding by or in the right of the
corporation, if the director or officer was not adjudged liable, and (e)&nbsp;in connection with any
other proceeding charging improper personal benefit to the director or officer, if the director or
officer was not adjudged liable on the basis that personal benefit was improperly received by the
director or officer. The OBCA also authorizes a court to order indemnification, whether or not the
above standards of conduct have been met, if the court determines that the director or officer is
fairly and reasonably entitled to indemnification in view of all the relevant circumstances. The
Company&#146;s Articles of Incorporation permit, and the Company&#146;s Bylaws require, the Company to
indemnify directors and officers to the fullest extent permissible by law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The OBCA further provides that the articles of incorporation of a corporation may provide that
no director shall be personally liable to a corporation or its shareholders for monetary damages
for conduct as a director, except that such provision does not eliminate the liability of a
director (a)&nbsp;for any breach of the director&#146;s duty of loyalty to the corporation or its
shareholders, (b)&nbsp;for acts or omissions not in good faith or which involve intentional misconduct
or a knowing violation of the law, (c)&nbsp;for any unlawful distribution as defined under the OBCA, or
(d)&nbsp;for any transaction from which the director derived an improper personal benefit. The
Company&#146;s Articles of Incorporation provide that, to the fullest extent permissible by law, no
director shall be personally liable to the Company or its shareholders for monetary damages.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company has entered into indemnification agreements with each director and certain
officers that indemnify them to the full extent authorized or permitted by the OBCA.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&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>

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

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

<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;Not applicable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;8. Exhibits.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Exhibit&nbsp;Index immediately preceding the exhibits is incorporated herein by reference.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;9. Undertakings.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The undersigned registrant hereby undertakes:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;To file, during any period in which offers or sales are being made and to the
extent required by the Securities Act and the rules and regulations promulgated thereunder, a
post-effective amendment to this registration statement:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To include any prospectus required by section 10(a)(3) of the
Securities Act;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To reflect in the prospectus any facts or events arising after the
effective date of this registration statement (or the most recent post-effective
amendment thereof) which, individually or in the aggregate, represent a fundamental
change in the information set forth in this 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 a prospectus filed with the Commission pursuant to
Rule 424(b) if, in the aggregate, the changes in volume and price represent no more
than a 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;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To include any material information with respect to the plan of
distribution not previously disclosed in this registration statement or any material
change to such information 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;<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 13 or section 15(d) of the Exchange Act, that
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;(2)&nbsp;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 <I>bona fide </I>offering thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;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.
</DIV>

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

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&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
foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the
Commission 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 the 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 proceedings)
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 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>SIGNATURES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&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 February&nbsp;23, 2009.
</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">THE GREENBRIER COMPANIES, INC.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ <FONT style="font-variant: SMALL-CAPS">William A. Furman</FONT>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">William A. Furman&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">President and Chief Executive 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;KNOW ALL MEN BY THESE PRESENTS that each person whose signature appears below hereby
constitutes and appoints William A. Furman 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 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>


<P align="center" style="font-size: 10pt"><!-- Folio -->13<!-- /Folio -->
</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" style="font-size: 10pt; margin-top: 6pt">&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="35%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="19%">&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>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</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">/s/ <FONT style="font-variant: SMALL-CAPS">William A. Furman</FONT>
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">February 23, 2009&nbsp;</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">William A. Furman</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</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 and Director</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</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">/s/ <FONT style="font-variant: SMALL-CAPS">Mark J. Rittenbaum</FONT>
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">February 23, 2009</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">Mark J. Rittenbaum</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</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">Executive Vice President, Treasurer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</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 Chief Financial Officer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</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">(Principal Financial Officer)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</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">/s/ <FONT style="font-variant: SMALL-CAPS">James W. Cruckshank</FONT>
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">February 23, 2009</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">James W. Cruckshank</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</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</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</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 Chief Accounting Officer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</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">(Principal Accounting Officer)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</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>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</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">/s/ <FONT style="font-variant: SMALL-CAPS">Benjamin R. Whiteley</FONT>
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">February 23, 2009</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">Benjamin R. Whiteley</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</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">/s/ <FONT style="font-variant: SMALL-CAPS">C. Bruce Ward</FONT>
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">February 23, 2009</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">C. Bruce Ward</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</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">/s/ <FONT style="font-variant: SMALL-CAPS">A. Daniel O&#146;Neal, Jr.</FONT>
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">February 25, 2009</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">A. Daniel O&#146;Neal, Jr.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</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">/s/ <FONT style="font-variant: SMALL-CAPS">Duane C. McDougall</FONT>
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">February 23, 2009</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">Duane C. McDougall</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</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">/s/ <FONT style="font-variant: SMALL-CAPS">Charles J. Swindells</FONT>
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">February 25, 2009</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">Charles J. Swindells</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</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">/s/ <FONT style="font-variant: SMALL-CAPS">Donald A. Washburn</FONT>
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">February 25, 2009</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">Donald A. Washburn</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</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">/s/ <FONT style="font-variant: SMALL-CAPS">Graeme A. Jack</FONT>
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">February 23, 2009</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">Graeme A. Jack</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->14<!-- /Folio -->
</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" style="font-size: 10pt; margin-top: 18pt"><B>INDEX TO EXHIBITS</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="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="93%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left">Exhibit</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Number</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Description</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <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">4.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Company&#146;s Articles of Incorporation are incorporated herein by reference by Exhibit&nbsp;3.1
to the Company&#146;s Form&nbsp;10-Q filed April&nbsp;5, 2006.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <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">Articles of Merger amending the Company&#146;s Articles of Incorporation, are incorporated herein
by reference to Exhibit&nbsp;3.2 to the Company&#146;s Form&nbsp;10-Q filed April&nbsp;5, 2006.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <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">The Company&#146;s Bylaws, as amended January&nbsp;11, 2006, are incorporated herein by reference to
Exhibit&nbsp;3.3 to the Company&#146;s Form&nbsp;10-Q filed April&nbsp;5, 2006.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <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">4.4
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amendment to the Company&#146;s Bylaws, dated October&nbsp;31, 2006, is incorporated herein by
reference to Exhibit&nbsp;3.1 to the Company&#146;s Form&nbsp;8-K filed November&nbsp;6, 2006.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <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">4.5
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amendment to the Company&#146;s Bylaws, dated January&nbsp;8, 2008, is incorporated herein by reference
to Exhibit&nbsp;3.1 to the Company&#146;s Form&nbsp;8-K filed November&nbsp;8, 2007.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <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">4.6
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amendment to the Company&#146;s Bylaws, dated April&nbsp;8, 2008, is incorporated herein by reference
to Exhibit&nbsp;3.1 to the Company&#146;s Form&nbsp;8-K filed April&nbsp;11, 2008.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <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">4.7
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Indenture among the Company, AutoStack Corporation, Greenbrier-Concarril, LLC, Greenbrier
Leasing Corporation, Greenbrier Leasing Limited Partner, LLC, Greenbrier Management Services,
LLC, Greenbrier Leasing, L.P., Greenbrier Railcar, Inc., Gunderson, Inc., Gunderson Marine,
Inc., Gunderson Rail Services, Inc., Gunderson Specialty Products, LLC and U.S. Bank National
Association as Trustee, dated May&nbsp;11, 2005, is incorporated herein by reference to Exhibit&nbsp;4.1
to the Company&#146;s Form&nbsp;8-K filed May&nbsp;13, 2005.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <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">4.8
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Indenture among the Company, the Guarantors named therein and U.S. Bank National Association
as Trustee, dated May&nbsp;22, 2006, is incorporated herein by reference to Exhibit&nbsp;4.1 to the
Company&#146;s Form&nbsp;8-K filed May&nbsp;25, 2006.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <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">4.9
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Rights Agreement between the Company and EquiServe Trust Company, N.A., as Rights Agent,
dated as of July&nbsp;13, 2004, is incorporated herein by reference to Exhibit&nbsp;4.1 to the Company&#146;s
Registration Statement on Form&nbsp;8-A filed September&nbsp;16, 2004.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <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">4.10
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amendment No.&nbsp;1, dated November&nbsp;9, 2004, to the Rights Agreement, dated as of July&nbsp;13, 2004,
is incorporated herein by reference to Exhibit&nbsp;4.2 to the Company&#146;s Form&nbsp;8-K filed November
15, 2004.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->15<!-- /Folio -->
</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="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="93%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left">Exhibit</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Number</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Description</TD>
</TR>

<!-- End Table Head -->
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    <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">4.11
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amendment No.&nbsp;2, dated February&nbsp;5, 2005, to the Rights Agreement, dated as of July&nbsp;13, 2004,
is incorporated herein by reference to Exhibit&nbsp;4.3 to the Company&#146;s Form&nbsp;8-K filed February&nbsp;9,
2005.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <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"><!-- Blank Space -->
    <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 Deloitte &#038; Touche LLP.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <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"><!-- Blank Space -->
    <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
pages 13 and 14).</TD>
</TR>
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</DIV>


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sv8
Table of Contents
As filed
with the Securities and Exchange Commission on February 27, 2009
Registration No. 33- _________
UNITED STATES
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)
Oregon
93-0816972
(State or other jurisdiction of
of incorporation or organization)
(IRS Employer
Identification No.)
One Centerpointe Drive, Suite 200
Lake Oswego, Oregon
97035
(Address of principal executive offices)
(Zip Code)
2005 Stock Incentive Plan
(Full title of the plan)
William A. Furman
President and Chief Executive Officer
The Greenbrier Companies, Inc.
One Centerpointe Drive, Suite 200
Lake Oswego, Oregon 97035
(503) 684-7000
(Name, address and telephone number of agent for service)
Copy to:
Sherrill A. Corbett
Tonkon Torp LLP
1600 Pioneer Tower
888 S.W. Fifth Avenue
Portland, Oregon 97204
(503) 221-1440
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See the definitions of "large accelerated filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer
o
Accelerated filer
þ
Non-accelerated filer
o
(Do not check if a smaller reporting company)
Smaller reporting company
o
CALCULATION OF REGISTRATION FEE
Proposed maximum
Proposed maximum
Title of securities
offering price per
aggregate offering
Amount of
to be registered
Amount to be registered
share
price
registration fee
Common Stock,
no par value
525,000 shares
(1)
$
4.28
(2)
$
2,247,000
(2)
$
88.31
(1)
This filing registers 525,000 shares of the registrant'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)
Calculated pursuant to Rule 457(h)(1) and 457(c) for purposes of computing the
registration fee, based on the average of the high and low sales prices of the common stock on
February 25, 2009, as reported by the New York Stock Exchange.
This filing also registers 525,000 shares of the registrant'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 the registrant who may be deemed to be affiliates that hold control securities.
Pursuant to Rule 457(h)(3), 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.
Table of Contents
EXPLANATORY NOTE
The Greenbrier Companies, Inc. 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 525,000 shares of common stock reserved for issuance under the Company's 2005 Stock
Incentive Plan.
This
registration statement also includes a reoffer prospectus prepared in
accordance with 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 525,000 shares of common stock that constitute "control securities" which
may 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 "Commission"). 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.
2
Table of Contents
REOFFER PROSPECTUS
THE GREENBRIER COMPANIES, INC.
525,000 Shares of Common Stock
This reoffer prospectus relates to 525,000 shares of common stock of The Greenbrier Companies,
Inc. ("Greenbrier" or the "Company"), no par value, which may be offered for sale from time to time
by certain stockholders or their successors in interest. The Company will not receive any proceeds
from the sale of shares of common stock pursuant to this reoffer prospectus. The selling
stockholders will, in the future, acquire the common stock pursuant to grants of restricted shares,
options, stock appreciation rights or stock units under the Company's 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 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 (the "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 February 25, 2009,
was $4.01 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 February 25, 2009.
3
TABLE OF CONTENTS
PROSPECTUS SUMMARY
5
THE GREENBRIER COMPANIES, INC.
5
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
5
USE OF PROCEEDS
7
SELLING STOCKHOLDERS
7
PLAN OF DISTRIBUTION
8
LEGAL MATTERS
8
EXPERTS
8
AVAILABLE INFORMATION
9
DOCUMENTS INCORPORATED BY REFERENCE
9
EX-5.1
EX-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: Anne T. Manning, 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).
4
Table of Contents
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. We operate in three primary business segments: Manufacturing,
Refurbishment & Parts, and Leasing & Services. These three business segments are operationally
integrated. The Manufacturing segment, operating from four facilities in the United States, Mexico
and Poland, produces double-stack intermodal railcars, conventional railcars, tank cars and marine
vessels. The Refurbishment & Parts segment performs railcar repair, refurbishment and maintenance
activities in the United States and Mexico as well as wheel, axle and bearing servicing, and
production and reconditioning of a variety of parts for the railroad industry. The Leasing &
Services segment owns approximately 9,000 railcars and provides management services for
approximately 137,000 railcars for railroads, shippers, carriers, and other leasing and
transportation companies in North America. Segment performance is evaluated based on margins. We
also produce rail castings through an unconsolidated joint venture.
We are an Oregon corporation that was formed in 1981, initially as a Delaware corporation.
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 Commission. 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 refurbishment & parts and lease fleet and management services
businesses;
•
ability to obtain sales contracts which contain provisions for the escalation of prices
due to increased costs of materials and components;
•
ability to obtain adequate certification and licensing of products; and
•
short- and long-term revenue and earnings effects of the above items.
5
Table of Contents
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, start-up operations, products or services to
compete successfully;
•
decreases in carrying value of inventory, goodwill or other 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 or warranty requirements;
•
fluctuations in demand for newly manufactured railcars or failure to obtain orders as
anticipated in developing forecasts;
•
effects of local statutory accounting;
•
domestic and global business conditions and growth or reduction in the surface
transportation industry;
•
ability to maintain good relationships with third party labor providers or collective
bargaining units;
•
steel price fluctuations, scrap surcharges, steel scrap prices and other commodity price
fluctuations and their impact on railcar and wheel demand and margin;
•
ability to deliver railcars in accordance with customer specifications;
•
changes in product mix and the mix among reporting 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 pending or future litigation and investigations;
•
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 and at acceptable rates;
•
disputes arising from creation, use, licensing or ownership of intellectual property in
the conduct of the Company's business;
•
competitive factors, including introduction of competitive products, price pressures,
limited customer base and competitiveness of our manufacturing facilities and products;
•
industry overcapacity and our manufacturing capacity utilization;
6
Table of Contents
•
changes in industry demand 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;
•
changes in interest rates and financial impacts from interest rates;
•
actions by various regulatory agencies;
•
changes in fuel and/or energy prices;
•
risks associated with intellectual property rights of Greenbrier or third parties,
including infringement, maintenance, protection, validity, enforcement and continued use of
such rights;
•
expansion of warranty and product support terms beyond those which have traditionally
prevailed in the rail supply industry;
•
availability of a trained work force and availability and/or price of essential raw
materials, specialties or components, including steel castings, to permit manufacture of
units on order;
•
failure to successfully integrate acquired businesses;
•
ability to maintain sufficient availability of credit facilities and compliance with
financial covenants;
•
discovery of unknown liabilities associated with acquired businesses;
•
failure of or delay in implementing and using new software or other technologies;
•
ability to replace maturing lease revenue and earnings with revenue and earnings from
additions to the lease fleet and management services; and
•
financial impacts from currency fluctuations and currency hedging activities in our
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 selling stockholders will, in the future, acquire the common stock pursuant to grants of
restricted shares, options, stock appreciation rights or stock units under the Company's 2005 Stock
Incentive Plan. As of the date of this reoffer prospectus, no such grants have been made with
respect to the common stock offered hereby, and the names of the selling stockholders are
therefore unknown. Information regarding the selling stockholders, including the number of shares
offered for sale, will be set forth in a prospectus supplement to the extent required.
7
Table of Contents
PLAN OF DISTRIBUTION
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 will notify 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 consolidated financial statements of the Company incorporated into this prospectus by
reference to the Company's Annual Report on Form 10-K for the
year ended August 31, 2008, and the effectiveness of the
Company's internal control over financial reporting, have been
audited by Deloitte & Touche LLP, an independent
8
Table of Contents
registered public accounting firm, as stated in their reports, which are incorporated herein by
reference. Such consolidated financial statements 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 Commission. Stockholders may inspect and copy these materials at the Public Reference
Room maintained by the Commission at Room 1580, 100 F Street, N.E., Washington, D.C. 20549. Please
call the Commission at 1-800-SEC-0330 for more information on the operation of the Public Reference
Room. The Commission maintains an Internet site that contains reports, proxy and information
statements and other information regarding issuers that file electronically with the Commission.
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
Commission in accordance with the requirements of Part I of Form S-3 and General Instruction C of
the Instructions to Form S-8. The Commission allows this filing to "incorporate by reference"
information that the Company previously filed with the Commission. This means the Company can
disclose important information to you by referring you to other documents that it filed with the
Commission. 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
supersede 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:
(a) The Company's annual report on Form 10-K for the fiscal year ended August 31, 2008.
(b) The Company's quarterly report on Form 10-Q for the quarter ended November 30, 2008.
(c) The Company's reports on Form 8-K dated October 1, 2008, November 6, 2008, January 9, 2009
and February 12, 2009.
(d) The description of the Company's common stock set forth in the Company's registration
statement on Form S-1, as declared effective on July 11, 1994 (Registration No. 33-78852), and any
amendment or report filed for the purpose of updating such description.
In addition, all documents filed by the Company subsequent to those listed above with the
Commission pursuant to sections 13(a), 13(c), 14 or 15(d) of the Securities Exchange Act of 1934,
as amended (the "Exchange Act"), prior to the filing of a post-effective amendment which indicates
that all securities offered hereby have been sold or which deregisters all securities then
remaining unsold, will be deemed to be incorporated by reference into the registration statement
and to be a part thereof from the date of filing of such documents. Any statement contained in a
document incorporated by reference into the registration statement will be deemed to be modified or
superseded for purposes of the registration statement to the extent that a statement contained
therein or in any other subsequently filed document which also is or is deemed to be incorporated
by reference therein modifies or supersedes such statement. Any statement so
modified or superseded will not be deemed, except as so modified or superseded, to constitute a
part of the registration statement.
9
Table of Contents
The Company 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: The Greenbrier Companies, Attention: Anne T. Manning, Vice
President and Corporate Controller, One Centerpointe Drive, Suite 200, Lake Oswego, Oregon 97035,
telephone (503) 684-7000.
The Company 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 the Company'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 Commission are incorporated by reference
into this registration statement:
(a) The Company's annual report on Form 10-K for the fiscal year ended August 31, 2008.
(b) The Company's quarterly report on Form 10-Q for the quarter ended November 30, 2008.
(c) The Company's reports on Form 8-K dated October 1, 2008, November 6, 2008, January 9, 2009
and February 12, 2009.
(d) The description of the Company's common stock set forth in the Company's registration
statement on Form S-1, as declared effective on July 11, 1994 (Registration No. 33-78852), and any
amendment or report filed for the purpose of updating such description.
In addition, all documents filed by the Company subsequent to those listed above with the
Commission pursuant to sections 13(a), 13(c), 14 or 15(d) of the Exchange Act, prior to the filing
of a post-effective amendment which indicates that all securities offered hereby have been sold or
which deregisters all securities then remaining unsold, will 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 by reference herein will be deemed
to be modified or superseded for purposes of this registration statement to the extent that a
statement contained herein or in any other subsequently filed document which also is or is
deemed to be incorporated by reference herein modifies or supersedes such statement. Any statement
so modified or superseded will not be deemed, except as so modified or superseded, to constitute a
part of this registration statement.
10
Table of Contents
Item 4. Description of Securities.
Not applicable.
Item 5. Interests of Named Experts and Counsel.
None.
Item 6. Indemnification of Directors and Officers.
The Oregon Business Corporation Act (the "OBCA") authorizes the indemnification of a director
or officer made party to a proceeding because the director or officer is or was a director or
officer against liability (including amounts paid in settlement) incurred in the proceeding and
against expenses with respect to the proceeding (including attorney fees) if: (a) the conduct of
the director or officer was in good faith, (b) the director or officer reasonably believed that his
conduct was in the best interests of the corporation or at least not opposed to its best interests,
(c) in the case of a criminal proceeding, the director or officer had no reasonable cause to
believe his conduct was unlawful, (d) in the case of any proceeding by or in the right of the
corporation, if the director or officer was not adjudged liable, and (e) in connection with any
other proceeding charging improper personal benefit to the director or officer, if the director or
officer was not adjudged liable on the basis that personal benefit was improperly received by the
director or officer. The OBCA also authorizes a court to order indemnification, whether or not the
above standards of conduct have been met, if the court determines that the director or officer is
fairly and reasonably entitled to indemnification in view of all the relevant circumstances. The
Company's Articles of Incorporation permit, and the Company's Bylaws require, the Company to
indemnify directors and officers to the fullest extent permissible by law.
The OBCA further provides that the articles of incorporation of a corporation may provide that
no director shall be personally liable to a corporation or its shareholders for monetary damages
for conduct as a director, except that such provision does not eliminate the liability of a
director (a) for any breach of the director's duty of loyalty to the corporation or its
shareholders, (b) for acts or omissions not in good faith or which involve intentional misconduct
or a knowing violation of the law, (c) for any unlawful distribution as defined under the OBCA, or
(d) for any transaction from which the director derived an improper personal benefit. The
Company's Articles of Incorporation provide that, to the fullest extent permissible by law, no
director shall be personally liable to the Company or its shareholders for monetary damages.
The Company has entered into indemnification agreements with each director and certain
officers that indemnify them to the full extent authorized or permitted by the OBCA.
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.
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Item 7. Exemption from Registration Claimed.
Not applicable.
Item 8. Exhibits.
The Exhibit Index immediately preceding the exhibits is incorporated herein by reference.
Item 9. Undertakings.
(a) The undersigned registrant hereby undertakes:
(1) To file, during any period in which offers or sales are being made and to the
extent required by the Securities Act and the rules and regulations promulgated thereunder, 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 this registration statement (or the most recent post-effective
amendment thereof) which, individually or in the aggregate, represent a fundamental
change in the information set forth in this 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 a prospectus filed with the Commission pursuant to
Rule 424(b) if, in the aggregate, the changes in volume and price represent no more
than a 20 percent change in the maximum aggregate offering price set forth in the
"Calculation of Registration Fee" table in the effective registration statement;
(iii) To include any material information with respect to the plan of
distribution not previously disclosed in this registration statement or any material
change to such information in this 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 this 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.
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(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
foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the
Commission 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 the 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 proceedings)
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 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.
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 February 23, 2009.
THE GREENBRIER COMPANIES, INC.
By
/s/
William A. Furman
William A. Furman
President and Chief Executive Officer
POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS that each person whose signature appears below hereby
constitutes and appoints William A. Furman 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 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.
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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
February 23, 2009
William A. Furman
President, Chief Executive Officer and Director
/s/
Mark J. Rittenbaum
February 23, 2009
Mark J. Rittenbaum
Executive Vice President, Treasurer
and Chief Financial Officer
(Principal Financial Officer)
/s/
James W. Cruckshank
February 23, 2009
James W. Cruckshank
Senior Vice President
and Chief Accounting Officer
(Principal Accounting Officer)
Directors:
/s/
Benjamin R. Whiteley
February 23, 2009
Benjamin R. Whiteley
/s/
C. Bruce Ward
February 23, 2009
C. Bruce Ward
/s/
A. Daniel O'Neal, Jr.
February 25, 2009
A. Daniel O'Neal, Jr.
/s/
Duane C. McDougall
February 23, 2009
Duane C. McDougall
/s/
Charles J. Swindells
February 25, 2009
Charles J. Swindells
/s/
Donald A. Washburn
February 25, 2009
Donald A. Washburn
/s/
Graeme A. Jack
February 23, 2009
Graeme A. Jack
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INDEX TO EXHIBITS
Exhibit
Number
Description
4.1
The Company's Articles of Incorporation are incorporated herein by reference by Exhibit 3.1
to the Company's Form 10-Q filed April 5, 2006.
4.2
Articles of Merger amending the Company's Articles of Incorporation, are incorporated herein
by reference to Exhibit 3.2 to the Company's Form 10-Q filed April 5, 2006.
4.3
The Company's Bylaws, as amended January 11, 2006, are incorporated herein by reference to
Exhibit 3.3 to the Company's Form 10-Q filed April 5, 2006.
4.4
Amendment to the Company's Bylaws, dated October 31, 2006, is incorporated herein by
reference to Exhibit 3.1 to the Company's Form 8-K filed November 6, 2006.
4.5
Amendment to the Company's Bylaws, dated January 8, 2008, is incorporated herein by reference
to Exhibit 3.1 to the Company's Form 8-K filed November 8, 2007.
4.6
Amendment to the Company's Bylaws, dated April 8, 2008, is incorporated herein by reference
to Exhibit 3.1 to the Company's Form 8-K filed April 11, 2008.
4.7
Indenture among the Company, AutoStack Corporation, Greenbrier-Concarril, LLC, Greenbrier
Leasing Corporation, Greenbrier Leasing Limited Partner, LLC, Greenbrier Management Services,
LLC, Greenbrier Leasing, L.P., Greenbrier Railcar, Inc., Gunderson, Inc., Gunderson Marine,
Inc., Gunderson Rail Services, Inc., Gunderson Specialty Products, LLC and U.S. Bank National
Association as Trustee, dated May 11, 2005, is incorporated herein by reference to Exhibit 4.1
to the Company's Form 8-K filed May 13, 2005.
4.8
Indenture among the Company, the Guarantors named therein and U.S. Bank National Association
as Trustee, dated May 22, 2006, is incorporated herein by reference to Exhibit 4.1 to the
Company's Form 8-K filed May 25, 2006.
4.9
Rights Agreement between the Company and EquiServe Trust Company, N.A., as Rights Agent,
dated as of July 13, 2004, is incorporated herein by reference to Exhibit 4.1 to the Company's
Registration Statement on Form 8-A filed September 16, 2004.
4.10
Amendment No. 1, dated November 9, 2004, to the Rights Agreement, dated as of July 13, 2004,
is incorporated herein by reference to Exhibit 4.2 to the Company's Form 8-K filed November
15, 2004.
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Exhibit
Number
Description
4.11
Amendment No. 2, dated February 5, 2005, to the Rights Agreement, dated as of July 13, 2004,
is incorporated herein by reference to Exhibit 4.3 to the Company's Form 8-K filed February 9,
2005.
5.1
Opinion of Tonkon Torp LLP.
23.1
Consent of Deloitte & Touche LLP.
23.2
Consent of Tonkon Torp LLP (included in Exhibit 5.1).
24.1
Power of Attorney (provided on
pages 13 and 14).
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