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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As filed with the Securities and Exchange Commission on March&nbsp;18, 2011
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Registration No.&nbsp;33-<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&nbsp;&nbsp;&nbsp;&nbsp;
</DIV>


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




<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>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>

<DIV align="center" style="font-size: 10pt; margin-top: 0pt"><DIV style="width: 100%; border-bottom: 1px solid #000000; FONT-size: 1px">&nbsp;</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>
<TR></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" valign="top" style="border-top: 1px solid #000000">&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>
<TR></TR>
<!-- End Table Head -->
<!-- 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="top"><BR>
97035</TD>
</TR>
<TR style="font-size: 1px">
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&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">2010 Amended and Restated 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.</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 0pt">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&nbsp;12b-2 of the
Exchange Act. (Check one):
</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="22%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="22%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="22%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="22%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">Large accelerated filer <FONT style="font-family: Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Accelerated filer <FONT style="font-family: Wingdings">&#254;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Non-accelerated filer <FONT style="font-family: Wingdings">&#111;</FONT>
<FONT style="white-space: nowrap">(Do not check if a smaller reporting company)</font>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Smaller reporting company <FONT style="font-family: Wingdings">&#111;</FONT>
</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<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%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="54%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>

    <TD width="1%">&nbsp;</TD>
</TR><TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="17" style="border-bottom: 3px double #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD nowrap align="left">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Amount to be</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Proposed maximum offering price</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Proposed maximum 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">Title of securities to be registered</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 0px solid #000000">registered</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 0px solid #000000">per share</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 0px solid #000000">price</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 0px solid #000000">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 valign="top" style="border-top: 2px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">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 align="left" valign="top" style="border-top: 2px solid #000000" nowrap>1,000,000 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 align="center" valign="top" style="border-top: 2px solid #000000">$24.73<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="center" valign="top" style="border-top: 2px solid #000000">$24,730,000<SUP style="FONT-size: 85%; vertical-align: text-top">(2)</SUP>
</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" valign="top" style="border-top: 2px solid #000000">$</TD>
    <TD align="right" valign="top" style="border-top: 2px solid #000000">2,871.15</TD>
    <TD nowrap valign="top" 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="17" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>

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


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

<TR valign="top">
    <TD nowrap align="left"><SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>This filing registers an additional 1,000,000 shares of the registrant&#146;s
common stock reserved for issuance under the 2010 Amended and Restated Stock Incentive Plan (the
&#147;2010 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 2010 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 style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="FONT-size: 85%; vertical-align: text-top">(2)</SUP></TD>
    <TD>&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
March&nbsp;14, 2011, as reported by the New York Stock Exchange.</TD>
</TR>

</TABLE>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This Registration Statement also contains a reoffer prospectus for the purpose of registering
reoffers and resales of up to 1,000,000 shares of the registrant&#146;s common stock on a continuous or
delayed basis in the future by certain directors and officers of the registrant who may be deemed
to be affiliates (the &#147;Selling Shareholders&#148;) that hold &#147;control securities&#148; as defined in Rule&nbsp;405
of the Securities Act of 1933 (the &#147;Securities Act&#148;). The reoffer prospectus is a combined
prospectus pursuant to Rule 429(a) of the Securities Act that also relates to unsold shares that
were previously registered and issued under the 2010 Plan, the Registrant&#146;s 1994 Stock Incentive
Plan (the &#147;1994 Plan&#148;) and the Registrant&#146;s Stock Incentive Plan &#151; 2000 (the &#147;2000 Plan&#148;)
(collectively with the 2010 Plan, the &#147;Plans&#148;) The combined reoffer prospectus updates certain
information regarding the ownership of our common stock by the Selling Shareholders and the number
of shares of our common stock available for resale by each Selling Shareholder pursuant to the
Plans as of March&nbsp;14, 2011.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In accordance with Rule&nbsp;429(a), this filing incorporates by reference (a)&nbsp;Registration Statement
No.&nbsp;333-127922 on Form S-8, including the reoffer prospectus contained therein, filed on August&nbsp;29,
2005 as amended by Post-Effective Amendment No.&nbsp;1 to such Registration Statement filed on April&nbsp;25,
2006, and as amended by Registration Statement No.&nbsp;333-157593 on Form S-8, including the reoffer
prospectus contained therein, which constitutes Post-Effective Amendment No.&nbsp;2 to such Registration
Statement and which was filed on February&nbsp;27, 2009; (b)&nbsp;Registration Statement No.&nbsp;033-80869 on
Form S-8, including the reoffer prospectus contained therein, as amended by Post-Effective
Amendment No.&nbsp;1 to such Registration Statement filed on December&nbsp;15, 2000 and by Post-Effective
Amendment No.&nbsp;2 to such Registration Statement filed on April&nbsp;25, 2006; and (c)&nbsp;Registration
Statement No.&nbsp;333-52032 on Form S-8, including the reoffer prospectus contained therein, as amended
by Post-Effective Amendment No.&nbsp;1 to such Registration Statement filed on April&nbsp;25, 2006. 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 Plans 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>









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










<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><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 an additional 1,000,000 shares of common stock reserved for issuance under the Company&#146;s
2010 Amended and Restated Stock Incentive Plan (the &#147;2010 Plan&#148;). The additional shares to be
registered on this Registration Statement are of the same class as securities covered by the
following previously-filed registration statements on Form S-8: (a)&nbsp;Registration Statement No.
333-127922, including the reoffer prospectus contained therein, filed on August&nbsp;29, 2005, as
amended by Post-Effective Amendment No.&nbsp;1 to such Registration Statement filed on April&nbsp;25, 2006,
and as amended by Registration Statement No.&nbsp;333-157593, including the reoffer prospectus contained
therein, which constitutes Post-Effective Amendment No.&nbsp;2 to Such Registration Statement and which
was filed on February&nbsp;27, 2009; (b)&nbsp;Registration Statement No.&nbsp;033-80869, including the reoffer
prospectus contained therein, as amended by Post-Effective Amendment No.&nbsp;1 to such Registration
Statement filed on December&nbsp;15, 2000 and by Post-Effective Amendment No.&nbsp;2 to such Registration
Statement filed on April&nbsp;25, 2006; and (c)&nbsp;Registration Statement No.&nbsp;333-52032, including the
reoffer prospectus contained therein, as amended by Post-Effective Amendment No.&nbsp;1 to such
Registration Statement filed on April&nbsp;25, 2006 (collectively, the &#147;Prior Registration Statements&#148;).
Pursuant to General Instruction E to Form S-8, this Registration Statement incorporates by
reference the contents of the Prior Registration Statements, including reports under the Securities
Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;), that the Company has filed since the date of
the Prior Registration Statements.
</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 the requirements of Part&nbsp;I of Form S-3 that may be utilized
for reofferings and resales by the Selling Shareholders on a continuous or delayed basis in the
future of up to 1,781,560 shares of common stock that constitute &#147;control securities.&#148; The reoffer
prospectus is being filed herewith pursuant to General Instruction E of Form S-8. The reoffer
prospectus is a combined prospectus pursuant to Rule 429(a) of the Securities Act that relates to
1,000,000 shares which may be issued to the Selling Shareholders under the 2010 Plan and to 781,560
unsold shares previously issued to the Selling Shareholders under the 1994 Stock Incentive Plan
(the &#147;1994 Plan&#148;), the Stock Incentive Plan &#151; 2000 (the &#147;2000 Plan&#148;) and the 2010 Plan
(collectively, the &#147;Plans&#148;). The combined reoffer prospectus updates certain information regarding
the ownership of our common stock by the Selling Shareholders and the number of shares of our
common stock available for resale by each Selling Shareholder pursuant to the Plans as of March&nbsp;14,
2011. Pursuant to Rule 429(b) under the Securities Act, this Registration Statement will
constitute Post-Effective Amendment No.&nbsp;3 to Registration Statements Nos. 333-127922 and
333-157593, Post-Effective Amendment No.&nbsp;3 to Registration Statement No.&nbsp;033-80869 and
Post-Effective Amendment No.&nbsp;2 to Registration Statement No.&nbsp;333-52032.
</DIV>

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

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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>1,781,560 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 1,781,560 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 have acquired, or will acquire in the future, the common stock pursuant to
grants of restricted shares, options, stock appreciation rights or stock units under the Company&#146;s
1994 Stock Incentive Plan (the &#147;1994 Plan&#148;), the Company&#146;s Stock Incentive Plan &#151; 2000 (the &#147;2000
Plan&#148;) and the Company&#146;s 2010 Amended and Restated Stock Incentive Plan (the &#147;2010 Plan&#148;)
(collectively, the &#147;Plans&#148;), 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 of 1933, as
amended (the &#147;Securities Act&#148;) before their sale under this reoffer prospectus. This reoffer
prospectus has been prepared for the purpose of registering the shares under the Securities Act to
allow for future sales by the selling stockholders, on a continuous or delayed basis, to the public
without restriction. Each stockholder who sells shares of our common stock pursuant to this
reoffer prospectus may be deemed to be an &#147;underwriter&#148; within the meaning of the Securities Act.
Any commissions received by a broker or dealer in connection with resales of shares may be deemed
to be underwriting commissions or discounts under the Securities Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 March&nbsp;14, 2011, was
$24.88 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 March&nbsp;17, 2011.
</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>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="96%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">PROSPECTUS SUMMARY
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">6</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">THE GREENBRIER COMPANIES, INC.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">6</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">6</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">USE OF PROCEEDS
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">9</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">SELLING STOCKHOLDERS
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">9</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">PLAN OF DISTRIBUTION
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">13</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">LEGAL MATTERS
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">13</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">EXPERTS
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">14</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">AVAILABLE INFORMATION
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">14</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">DOCUMENTS INCORPORATED BY REFERENCE
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">14</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><DIV align="center"><DIV style="FONT-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<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 -->5<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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

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


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

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Greenbrier is a leading supplier of transportation equipment and services to the railroad and
related transportation industries. 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 224,000 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;&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="Center" style="font-size: 10pt; margin-top: 12pt"><B>CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This reoffer prospectus and the documents incorporated by reference herein contain
forward-looking statements within the meaning of Section&nbsp;27A of the Securities Act, and Section&nbsp;21E
of the Securities Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;), 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 in various filings made by the Company
with the Commission. These statements involve known and unknown risks, uncertainties and other
important factors that may cause our actual results, performance or achievements to be materially
different from any future results, performance or achievements expressed or implied by the
forward-looking statements. 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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" 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 and marine 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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>ability to renew, maintain 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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" 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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>ability to grow our wheel services, refurbishment and parts, and lease fleet and
management services businesses;</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">&nbsp;</H5><P>

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


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #textcolor#; background: #bgcolor#">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>ability to obtain sales contracts which provide adequate protection against 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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>ability to obtain adequate insurance coverage 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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" 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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>short- and long-term revenue and earnings effects of the above items.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following factors, among others, 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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>fluctuations in demand for newly manufactured railcars or marine barges;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>fluctuations in demand for wheel services, refurbishment and parts;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" 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 the amount of products or services 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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>ability to maintain sufficient availability of credit facilities and to maintain
compliance with or to obtain appropriate amendments to covenants under various credit
agreements;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>domestic and global economic conditions including such matters as 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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>U.S., Mexican and other global political or security conditions including such matters
as terrorism, war, civil disruption and crime;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" 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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>steel and specialty component price fluctuations and
availability, scrap surcharges, steel scrap prices
and other commodity price fluctuations and availability and their impact on product 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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a delay or failure of acquired businesses, assets, start-up operations, or new 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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>changes in product mix and the mix of revenue levels 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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>labor disputes, energy shortages or operating difficulties that might disrupt 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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" 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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>ability to renew or replace expiring customer contracts on satisfactory 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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>ability to obtain and execute 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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>lower than anticipated lease renewal rates, earnings on utilization based leases or
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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" 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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" 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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>natural disasters or severe weather patterns that may affect
either us, our suppliers or our 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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>loss of business from, or a decline in the financial condition of, any of the principal
customers that represent a significant portion of our total revenues;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>competitive factors, including introduction of competitive products, new entrants into
certain of our markets, price pressures, limited customer base and competitiveness of our
manufacturing facilities and products;</TD>
</TR>

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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


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


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>industry overcapacity and our manufacturing capacity utilization;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>decreases or write-downs in carrying value of inventory,
goodwill, intangibles 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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" 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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" 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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>ability to adjust to the cyclical nature of the industries in which we operate;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" 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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>ability and cost to maintain and renew operating permits;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" 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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" 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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>risks associated with our intellectual property rights or those of 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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" 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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" 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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" 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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>discovery of previously 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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" 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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>ability to replace maturing lease and management services revenue and earnings with
revenue and earnings from new commercial transactions, including new railcar leases,
additions to the lease fleet and new management services contracts;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>credit limitations upon our ability to maintain effective hedging programs; 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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any forward-looking statements should be considered in light of these factors. Words such as
&#147;anticipates,&#148; &#147;believes,&#148; &#147;forecast,&#148;
&#147;potential,&#148; &#147;goal,&#148; &#147;contemplates,&#148;
&#147;expects,&#148; &#147;intends,&#148; &#147;plans,&#148;
&#147;projects,&#148; &#147;hopes,&#148;
&#147;seeks,&#148; &#147;estimates,&#148; &#147;could,&#148;
&#147;would,&#148; &#147;will,&#148; &#147;may,&#148;
&#147;can,&#148; &#147;designed to,&#148; &#147;foreseeable future&#148; and similar expressions identify
forward-looking statements. These forward-looking statements are not guarantees of future
performance and are subject to risks and uncertainties that could cause actual results to differ
materially from the results contemplated by the forward-looking statements. Many of the important
factors that will determine these results and values are beyond our ability to control or predict.
You are cautioned not to put undue reliance on any forward-looking statements. Except as otherwise
required by law, we do not assume any obligation to update any forward-looking statements.
</DIV>


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



<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


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


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


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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The table below sets forth the following information regarding the beneficial ownership of
common stock held by the selling shareholders as of March&nbsp;14, 2011: (i)&nbsp;the name and position of
each selling shareholder who may sell common stock pursuant to this prospectus; (ii)&nbsp;the number of
shares of common stock owned by each selling shareholder as of the date above; (iii)&nbsp;the number of
shares of common stock offered under this prospectus, which includes shares of restricted stock
granted to the selling shareholders pursuant to the Plans that are no longer subject to
restrictions or that may be subject to restrictions that have not yet lapsed; and (iv)&nbsp;the amount
and percentage of common stock to be owned by each such selling shareholder if such selling
shareholder were to sell all of the shares of common stock which may be offered pursuant to this
prospectus.
</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="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Shares</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Number of Shares</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Name and Position of Selling</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" nowrap align="center"><B>Owned Prior</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>Number of Shares to be Offered</B><SUP style="FONT-size: 85%; vertical-align: text-top"><B>(4)</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" nowrap align="center"><B>Owned/Percentage</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Security Holder</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000" colspan="2"><B>to Offering</B><SUP style="FONT-size: 85%; vertical-align: text-top"><B>(1)</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>1994 Plan</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2000 Plan</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2010 Plan</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000" colspan="2"><B>After Offering</B><SUP style="FONT-size: 85%; vertical-align: text-top"><B>(5)</B></SUP></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">William A. Furman,
<BR>
President and Chief
<BR>
Executive Officer,
Director</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,645,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">160,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1,485,000/5.96</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Benjamin R. Whiteley,
<BR>
Chairman</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">54,402</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26,402</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">12,500/</TD>
    <TD nowrap>*</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Graeme A. Jack, Director</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,091</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,091</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0/</TD>
    <TD nowrap>*</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Duane C. McDougall,
<BR>
Director</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28,402</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28,402</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0/</TD>
    <TD nowrap>*</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Victoria McManus,
<BR>
Director</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">110,685</TD>
    <TD nowrap><SUP style="FONT-size: 85%; vertical-align: text-top">(2)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,652</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">102,033/</TD>
    <TD nowrap>*</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">A. Daniel O&#146;Neal, Jr.
<BR>
Director</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,649</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,100</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,900</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,838</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">5,811/</TD>
    <TD nowrap>*</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Wilbur L. Ross, Jr.,
<BR>
Director </DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">3,307,714</TD>
    <TD nowrap><SUP style="FONT-size: 85%; vertical-align: text-top">(3)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,652</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">3,299,062/11.70</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Charles J. Swindells,
<BR>
Director</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,061</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,061</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0/</TD>
    <TD nowrap>*</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Wendy L. Teramoto,
<BR>
Director</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,652</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,652</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0/</TD>
    <TD nowrap>*</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">C. Bruce Ward, <BR>
Director</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24,404</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24,404</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0/</TD>
    <TD nowrap>*</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</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="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Shares</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Number of Shares</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Name and Position of Selling</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" nowrap align="center" ><B>Owned Prior</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>Number of Shares to be Offered</B><SUP style="FONT-size: 85%; vertical-align: text-top"><B>(4)</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" nowrap align="center" ><B>Owned/Percentage</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Security Holder</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000" colspan="2"><B>to Offering</B><SUP style="FONT-size: 85%; vertical-align: text-top"><B>(1)</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>1994 Plan</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2000 Plan</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2010 Plan</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000" colspan="2"><B>After Offering</B><SUP style="FONT-size: 85%; vertical-align: text-top"><B>(5)</B></SUP></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Donald A. Washburn,
<BR>
Director</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36,402</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26,402</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">10,000/</TD>
    <TD nowrap>*</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Victor G. Atiyeh,
Emeritus <BR>
Director</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,108</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,808</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">12,300/</TD>
    <TD nowrap>*</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Martin R. Baker, Senior
<BR>
Vice President, General
<BR>
Counsel and Chief
<BR>
Compliance Officer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0/</TD>
    <TD nowrap>*</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Alejandro A. Centurion,
<BR>
President of
Manufacturing
<BR>
Operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50,460</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50,460</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0/</TD>
    <TD nowrap>*</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">James W. Cruckshank,
<BR>
Senior Vice President
and <BR>
Chief Accounting
Officer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,861</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">361/</TD>
    <TD nowrap>*</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">William G. Glenn,
Senior <BR>
Vice President
Strategic <BR>
Planning and
Chief <BR>
Commercial
Officer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46,900</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46,900</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0/</TD>
    <TD nowrap>*</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Lorie L. Leeson, Vice
<BR>
President, Corporate
<BR>
Finance and Treasurer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28,663</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28,076</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">587/</TD>
    <TD nowrap>*</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Maren J. Malik, Vice
<BR>
President of
Administration <BR>
and
Assistant Secretary</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,835</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,360</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">475/</TD>
    <TD nowrap>*</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Anne T. Manning, Vice
<BR>
President and Corporate
<BR>
Controller</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,900</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,900</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0/</TD>
    <TD nowrap>*</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mark J. Rittenbaum,
<BR>
Executive Vice
President, <BR>
Chief
Financial Officer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">114,400</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">108,100</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">6,300/</TD>
    <TD nowrap>*</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">James T. Sharp,
President, <BR>
Greenbrier
Leasing <BR>
Company LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37,400</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37,400</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0/</TD>
    <TD nowrap>*</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Timothy A. Stuckey,
<BR>
President of Gunderson
<BR>
Rail Services LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0/</TD>
    <TD nowrap>*</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>5,715,989</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,100</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,400</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">761,060</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>N/A</B></TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



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

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

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Less than 1%</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="FONT-size: 85%; vertical-align: text-top">(1)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>For purposes of this table, the number of shares of common stock includes all
shares of common stock that may be acquired upon the exercise of options or warrants that
are exercisable within 60&nbsp;days of the date of this prospectus.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="FONT-size: 85%; vertical-align: text-top">(2)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Includes warrants to purchase 102,033 shares of common stock held by Ms.&nbsp;McManus.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="FONT-size: 85%; vertical-align: text-top">(3)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Mr.&nbsp;Ross may be deemed to share dispositive power over the warrants of the
Company held by WLR Recovery Fund IV, L.P. (&#147;Recovery Fund&#148;) and WLR IV Parallel ESC, L.P.
(&#147;Parallel Fund&#148;) and voting</TD>
</TR>

</TABLE>


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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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





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

<TR valign="top">
    <TD nowrap align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>and dispositive power over any shares issuable upon exercise
of the warrants. Mr.&nbsp;Ross disclaims beneficial ownership over the warrants. Warrants to
purchase 3,285,866 shares of common stock (the &#147;Fund IV Warrants&#148;) are held directly by Recovery Fund. Wilbur L. Ross, Jr. (&#147;Mr.&nbsp;Ross&#148;) is
the managing member of El Vedado, LLC, the general partner of WL Ross Group, L.P., which in
turn is the managing member of WLR Recovery Associates IV LLC. WLR Recovery Associates IV
LLC is the general partner of Recovery Fund. Accordingly, WLR Recovery Associates IV LLC,
WL Ross Group, L.P., El Vedado, LLC and Mr.&nbsp;Ross may be deemed to share dispositive power
over the Fund IV Warrants and voting and dispositive power over any shares issuable upon
exercise of the Fund IV Warrants. Warrants to purchase 13,196 shares of common stock (the
&#147;Parallel Fund Warrants&#148;) are held directly by Parallel Fund. Invesco Private Capital, Inc.
is the managing member of Invesco WLR IV Associates LLC, which is in turn the general
partner of Parallel Fund. Accordingly, Invesco WLR IV Associates LLC, Invesco Private
Capital, Inc., WLR Recovery Associates IV LLC, WL Ross Group, L.P., El Vedado, LLC and Mr.
Ross may be deemed to share dispositive power over the Parallel Fund Warrants and voting
and dispositive power over any shares issuable upon exercise of the Parallel Fund Warrants.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="FONT-size: 85%; vertical-align: text-top">(4)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>For purposes of this table, the number of shares of common stock offered includes
the number of shares of restricted stock granted to the security holder under the Plans,
regardless of whether the restrictions on such shares of restricted stock have lapsed. The
number of shares of common stock offered does not include shares of common stock which may
be acquired upon the exercise of options or shares of restricted stock that may be granted
under the 2010 Plan in the future to the selling shareholders, which information is not
currently known.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="FONT-size: 85%; vertical-align: text-top">(5)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Applicable percentage of ownership is based on 24,909,200 shares of common stock
outstanding on March&nbsp;14, 2011, plus shares of common stock issuable upon exercise of
options or warrants currently exercisable within 60&nbsp;days with respect to each selling
shareholder, respectively.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information regarding each Selling Shareholder&#146;s current relationships with us
or our predecessors and affiliates and such relationships, if any, within the past three years is
set forth below.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>William A. Furman </I>has served as a member of the Board and as the Company&#146;s President and Chief
Executive Officer since 1994.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Benjamin R. Whiteley </I>has served as a member of the Board since 1994 and as Chairman of the
Board of Directors since October&nbsp;2004.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Graeme A. Jack </I>has served as a member of the Board since October&nbsp;2006.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Duane C. McDougall </I>has served as a member of the Board since 2003.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Victoria McManus </I>has served as a member of the Board since July&nbsp;2009.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>A. Daniel O&#146;Neal, Jr. </I>has served as a member of the Board since 1994.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Wilbur L. Ross, Jr. </I>has served as a member of the Board since June&nbsp;2009. Mr.&nbsp;Ross is the
Chairman and Chief Executive Officer of WL Ross &#038; Co. LLC (&#147;WLRCo&#148;) and an executive officer of
other affiliates of WLRCo. Certain affiliates of WLRCo have entered into a credit agreement with
the Company that provides for a $75.0&nbsp;million secured term loan, with the potential to increase to
$150.0&nbsp;million. Affiliates of WLRCo also hold warrants to purchase an aggregate of 3,377,903
shares of the Company&#146;s common stock. In 2010, WLRCo and certain of its affiliates entered into
certain agreements, including a Contract Placement Agreement, an Advisory Services Agreement, a
Syndication Agreement, a Railcar Remarketing and Management Agreement and a Line of Credit
Participation Letter Agreement with the Company and its affiliates in connection with a railcar
leasing portfolio transaction.
</DIV>



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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Charles J. Swindells </I>has served as a member of the Board since September&nbsp;2005.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Wendy L. Teramoto </I>has served as a member of the Board since June&nbsp;2009. Ms.&nbsp;Teramoto is a
managing director and executive officer of WLRCo and an executive officer certain other affiliates
of WLRCo. Certain affiliates of WLRCo have entered into a credit agreement with the Company that
provides for a $75.0&nbsp;million secured term loan, with the potential to increase to $150.0&nbsp;million.
Affiliates of WLRCo also hold warrants to purchase an aggregate of 3,377,903 shares of the
Company&#146;s common stock. In 2010, WLRCo and certain of its affiliates entered into certain
agreements, including a Contract Placement Agreement, an Advisory Services Agreement, a Syndication
Agreement, a Railcar Remarketing and Management Agreement and a Line of Credit Participation Letter
Agreement with the Company and its affiliates in connection with a railcar leasing portfolio
transaction.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>C. Bruce Ward </I>has served as a member of the Board since 1994.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Donald A. Washburn </I>has served as a member of the Board since August&nbsp;2004.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Victor G. Atiyeh </I>served as a member of the Board from 1994 until the completion of his term in
January&nbsp;2008. Mr.&nbsp;Atiyeh has served as an Emeritus Director of the Board since January&nbsp;2008.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Martin R. Baker </I>has served as our Senior Vice President, Chief Compliance Officer and General
Counsel since May&nbsp;2008.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Alejandro Centurion </I>is President of Manufacturing Operations, a position he has held since May
of 2007.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>James W. Cruckshank </I>is Senior Vice President and Chief Accounting Officer, a position he has
held since April&nbsp;2008.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>William G. Glenn </I>is Senior Vice President Strategic Planning and Chief Commercial Officer, a
position he has held since June&nbsp;2009. Prior to becoming Senior Vice President, Mr.&nbsp;Glenn was Vice
President of Corporate Development and Staff from April&nbsp;2007 to June&nbsp;2009.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Lorie L. Leeson </I>is Vice President, Corporate Finance and Treasurer, a position she has held
since June&nbsp;2009. Prior to becoming Treasurer, Ms.&nbsp;Leeson was Vice President Corporate Finance and
Assistant Treasurer since November&nbsp;2007 and Assistant Vice President, Corporate Finance since 2004.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Maren J. Malik </I>is Vice President of Administration of the Company, a position she has held
since June&nbsp;1991.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Anne T. Manning </I>is Vice President and Corporate Controller of the Company, a position she has
held since November&nbsp;2007.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Mark J. Rittenbaum </I>is Executive Vice President, Chief Financial Officer, a position he has
held since January&nbsp;2008. Prior to becoming Executive Vice President he was Senior Vice President
and Treasurer of the Company since 2001.
</DIV>



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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>James T. Sharp </I>is President of Greenbrier Leasing Company LLC, a position he has held since
February&nbsp;2004.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Timothy A. Stuckey </I>is President of Gunderson Rail Services LLC, doing business as Greenbrier
Rail Services, a subsidiary engaged in the repair and refurbishment of rail cars. He has served as
President since May&nbsp;1999.
</DIV>


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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It is anticipated that the shares will be sold from time-to-time by the selling stockholders
or by their pledges, donees, transferees or other successors in interest. Such sales may be made
over-the-counter on the New York Stock Exchange at prices and at terms then prevailing or at prices
related to the then current market price, or in negotiated transactions.
</DIV>


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


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


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


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


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


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

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




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




<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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The financial statements incorporated in this Prospectus by reference from the Company&#146;s
Annual Report on Form 10-K for the year ended August&nbsp;31, 2010, and the effectiveness of the
Company&#146;s internal control over financial reporting have been audited by Deloitte &#038; Touche LLP, an
independent registered public accounting firm, as stated in their reports, which are
incorporated herein by reference. Such 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="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;&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. Greenbrier maintains an Internet site at
http://www.gbrx.com.
</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;&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;&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, 2010, filed
with the Commission on November&nbsp;10, 2010.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The Company&#146;s quarterly report on Form 10-Q for the quarter ended November&nbsp;30, 2010, filed
with the Commission on January&nbsp;7, 2011.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;All other reports filed pursuant to Section 13(a) or 15(d) of the Exchange Act since the
end of the fiscal year covered by the Company&#146;s annual report referred to in (a)&nbsp;above.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;The description of 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;&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
</DIV>



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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">by reference into the registration statement and to be a part thereof from the date of filing of such
documents. Unless expressly incorporated into this Registration Statement, a report furnished on
Form 8-K prior or subsequent to the date hereof shall not be incorporated by reference into this
Registration Statement, except as to specific sections of such statements as set forth therein.
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>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&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;&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, 2010, filed
with the Commission on November&nbsp;10, 2010.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The Company&#146;s quarterly report on Form 10-Q for the quarter ended November&nbsp;30, 2010, filed
with the Commission on January&nbsp;7, 2011.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;All other reports filed pursuant to Section 13(a) or 15(d) of the Exchange Act since the
end of the fiscal year covered by the Company&#146;s annual report referred to in (a)&nbsp;above.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;The description of 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>


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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;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. Unless expressly incorporated into this Registration Statement, a report furnished on
Form 8-K prior or subsequent to the date hereof shall not be incorporated by reference into this
Registration Statement, except as to specific sections of such statements as set forth therein.
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>


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


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


<DIV align="left" style="font-size: 10pt; margin-top: 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A member of Tonkon Torp, LLP, legal counsel to the Company, is the Secretary of the Company.
</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;&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;&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 (i)&nbsp;for any breach of the director&#146;s duty of loyalty to the corporation or its
shareholders, (ii)&nbsp;for acts or omissions not in good faith or which involve intentional misconduct
or a knowing violation of the law, (iii)&nbsp;for any unlawful distribution as defined under the OBCA,
</DIV>




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



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


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


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


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


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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
</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;8. Exhibits.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The 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;&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;&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: 6%">&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: 6%">&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: 6%">&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;&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 reports
filed with or furnished to the Commission 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;&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;&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>


<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
</DIV>

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</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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;&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 March&nbsp;8, 2011.
</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;&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>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act, this registration statement has been
signed by the following persons in the capacities and on the date(s) indicated:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Principal Executive Officers:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Date:</B></TD>
</TR>
<TR valign="bottom"><!-- 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">/s/ <FONT style="FONT-variant: SMALL-CAPS">William A. Furman</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">March&nbsp;8, 2011</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><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">William A. Furman</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" nowrap><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>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</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="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<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">March&nbsp;8, 2011&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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Executive Vice President</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">and Chief Financial Officer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(Principal Financial Officer)</DIV></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>
</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>
James W. Cruckshank
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">March&nbsp;8, 2011&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>
</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>
</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>
</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"><B>Directors:</B></DIV></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>
</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>
Benjamin R. Whiteley
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">March&nbsp;9, 2011&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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="FONT-variant: SMALL-CAPS">/s/ William A. Furman</FONT>
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
William A. Furman
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">March&nbsp;8, 2011&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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="FONT-variant: SMALL-CAPS">/s/ Graeme A. Jack</FONT>
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Graeme A. Jack
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">March&nbsp;8, 2011&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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="FONT-variant: SMALL-CAPS">/s/ Duane C. McDougall</FONT>
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Duane C. McDougall
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">March&nbsp;7, 2011&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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="FONT-variant: SMALL-CAPS">/s/ Victoria McManus</FONT>
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Victoria McManus
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">March&nbsp;7, 2011&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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="FONT-variant: SMALL-CAPS">/s/ A. Daniel O&#146;Neal, Jr.</FONT>
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
A. Daniel O&#146;Neal, Jr.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">March&nbsp;7, 2011&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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="FONT-variant: SMALL-CAPS">/s/ Wilbur L. Ross, Jr.</FONT>
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Wilbur L. Ross, Jr.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">March&nbsp;7, 2011&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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="FONT-variant: SMALL-CAPS">/s/ Charles J. Swindells</FONT>
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Charles J. Swindells
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">March&nbsp;8, 2011&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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="FONT-variant: SMALL-CAPS">/s/ Wendy Teramoto</FONT>
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Wendy Teramoto
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">March&nbsp;7, 2011&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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="FONT-variant: SMALL-CAPS">/s/ C. Bruce Ward</FONT>
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
C. Bruce Ward
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">March&nbsp;7, 2011&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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="FONT-variant: SMALL-CAPS">/s/ Donald A. Washburn</FONT>
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Donald A. Washburn
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">March&nbsp;9, 2011&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->20<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</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="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="93%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 0px solid #000000">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">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Registrant&#146;s Articles of Incorporation are incorporated herein by reference by Exhibit
3.1 to the Registrant&#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 Registrant&#146;s Articles of Incorporation, are incorporated
herein by reference to Exhibit&nbsp;3.2 to the Registrant&#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 Registrant&#146;s Bylaws, as amended January&nbsp;11, 2006, are incorporated herein by reference to
Exhibit&nbsp;3.3 to the Registrant&#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 Registrant&#146;s Bylaws, dated October&nbsp;31, 2006, is incorporated herein by
reference to Exhibit&nbsp;3.1 to the Registrant&#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 Registrant&#146;s Bylaws, dated January&nbsp;8, 2008, is incorporated herein by
reference to Exhibit&nbsp;3.1 to the Registrant&#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 Registrant&#146;s Bylaws, dated April&nbsp;8, 2008, is incorporated herein by
reference to Exhibit&nbsp;3.1 to the Registrant&#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">Amendment to the Registrant&#146;s Bylaws dated April&nbsp;7, 2009, is incorporated herein by reference
to Exhibit&nbsp;3.1 to the Registrant&#146;s Form&nbsp;8-K filed April&nbsp;13, 2009.</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">Amendment to the Registrant&#146;s Bylaws dated June&nbsp;8, 2009, is incorporated herein by reference
to Exhibit&nbsp;3.1 to the Registrant&#146;s Form&nbsp;8-K filed June&nbsp;10, 2009.</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">Amendment to the Registrant&#146;s Bylaws dated June&nbsp;10, 2009, is incorporated herein by reference
to Exhibit&nbsp;3.1 to the Registrant&#146;s Form&nbsp;8-K filed June&nbsp;12, 2009.</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">Specimen Common Stock Certificate of Registrant is incorporated herein by reference to
Exhibit&nbsp;4.1 to the Registrant&#146;s Registration Statement on Form&nbsp;S-3 filed April&nbsp;7, 2010 (SEC
File Number 333-165924).</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">4.11
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Indenture among the Registrant, 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 Registrant&#146;s Form&nbsp;8-K filed May&nbsp;13, 2005.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->21<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</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="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="93%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 0px solid #000000">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">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.12
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Indenture among the Registrant, 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 Registrant&#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">4.13
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Rights Agreement between the Registrant 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
Registrant&#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">4.14
</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 Registrant&#146;s Form&nbsp;8-K filed November
15, 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">4.15
</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 Registrant&#146;s Form&nbsp;8-K filed February
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">4.16
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amendment No.&nbsp;3, dated June&nbsp;10, 2009, to the Rights Agreement, dated as of July&nbsp;13, 2004, is
incorporated herein by reference to Exhibit&nbsp;4.1 to the Registrant&#146;s Form&nbsp;8-K filed June&nbsp;12,
2009.</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">4.17
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Warrant Agreement, dated June&nbsp;10, 2009, among the Registrant, WLR Recovery Fund IV, L.P., WLR
IV Parallel ESC, L.P. and each other holder from time to time party thereto, is incorporated
herein by reference to Exhibit&nbsp;4.2 to the Registrant&#146;s Form&nbsp;8-K filed June&nbsp;12, 2009.</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">4.18
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Investor Rights and Restrictions Agreement, dated June&nbsp;10, 2009, among the Registrant, WLR
Recovery Fund IV, L.P., WLR IV Parallel ESC, L.P., WL Ross &#038; Co. LLC and the other holders
from time to time party thereto, is incorporated herein by reference to Exhibit&nbsp;4.3 to the
Registrant&#146;s Form&nbsp;8-K filed June&nbsp;12, 2009.</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 the signature page hereto).</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">99.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Greenbrier Companies, Inc. 2010 Amended and Restated Stock Incentive Plan, is
incorporated herein by reference to Appendix&nbsp;B to the Registrant&#146;s Proxy Statement on Schedule
14A filed November&nbsp;24, 2010.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->22<!-- /Folio -->
</DIV>

</BODY>
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sv8
As filed with the Securities and Exchange Commission on March 18, 2011
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)
2010 Amended and Restated 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
Amount to be
Proposed maximum offering price
Proposed maximum aggregate offering
Amount of
Title of securities to be registered
registered
per share
price
registration fee
Common Stock, no par value
1,000,000 shares
(1)
$24.73
(2)
$24,730,000
(2)
$
2,871.15
(1)
This filing registers an additional 1,000,000 shares of the registrant's
common stock reserved for issuance under the 2010 Amended and Restated Stock Incentive Plan (the
"2010 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 2010 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
March 14, 2011, as reported by the New York Stock Exchange.
This Registration Statement also contains a reoffer prospectus for the purpose of registering
reoffers and resales of up to 1,000,000 shares of the registrant's common stock on a continuous or
delayed basis in the future by certain directors and officers of the registrant who may be deemed
to be affiliates (the "Selling Shareholders") that hold "control securities" as defined in Rule 405
of the Securities Act of 1933 (the "Securities Act"). The reoffer prospectus is a combined
prospectus pursuant to Rule 429(a) of the Securities Act that also relates to unsold shares that
were previously registered and issued under the 2010 Plan, the Registrant's 1994 Stock Incentive
Plan (the "1994 Plan") and the Registrant's Stock Incentive Plan — 2000 (the "2000 Plan")
(collectively with the 2010 Plan, the "Plans") The combined reoffer prospectus updates certain
information regarding the ownership of our common stock by the Selling Shareholders and the number
of shares of our common stock available for resale by each Selling Shareholder pursuant to the
Plans as of March 14, 2011.
In accordance with Rule 429(a), this filing incorporates by reference (a) Registration Statement
No. 333-127922 on Form S-8, including the reoffer prospectus contained therein, filed on August 29,
2005 as amended by Post-Effective Amendment No. 1 to such Registration Statement filed on April 25,
2006, and as amended by Registration Statement No. 333-157593 on Form S-8, including the reoffer
prospectus contained therein, which constitutes Post-Effective Amendment No. 2 to such Registration
Statement and which was filed on February 27, 2009; (b) Registration Statement No. 033-80869 on
Form S-8, including the reoffer prospectus contained therein, as amended by Post-Effective
Amendment No. 1 to such Registration Statement filed on December 15, 2000 and by Post-Effective
Amendment No. 2 to such Registration Statement filed on April 25, 2006; and (c) Registration
Statement No. 333-52032 on Form S-8, including the reoffer prospectus contained therein, as amended
by Post-Effective Amendment No. 1 to such Registration Statement filed on April 25, 2006. Pursuant
to Rule 457(h)(3), no additional filing fee is required to be paid with respect to the shares
offered pursuant to the Plans which are offered for resale under the reoffer prospectus contained
herein.
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 an additional 1,000,000 shares of common stock reserved for issuance under the Company's
2010 Amended and Restated Stock Incentive Plan (the "2010 Plan"). The additional shares to be
registered on this Registration Statement are of the same class as securities covered by the
following previously-filed registration statements on Form S-8: (a) Registration Statement No.
333-127922, including the reoffer prospectus contained therein, filed on August 29, 2005, as
amended by Post-Effective Amendment No. 1 to such Registration Statement filed on April 25, 2006,
and as amended by Registration Statement No. 333-157593, including the reoffer prospectus contained
therein, which constitutes Post-Effective Amendment No. 2 to Such Registration Statement and which
was filed on February 27, 2009; (b) Registration Statement No. 033-80869, including the reoffer
prospectus contained therein, as amended by Post-Effective Amendment No. 1 to such Registration
Statement filed on December 15, 2000 and by Post-Effective Amendment No. 2 to such Registration
Statement filed on April 25, 2006; and (c) Registration Statement No. 333-52032, including the
reoffer prospectus contained therein, as amended by Post-Effective Amendment No. 1 to such
Registration Statement filed on April 25, 2006 (collectively, the "Prior Registration Statements").
Pursuant to General Instruction E to Form S-8, this Registration Statement incorporates by
reference the contents of the Prior Registration Statements, including reports under the Securities
Exchange Act of 1934, as amended (the "Exchange Act"), that the Company has filed since the date of
the Prior Registration Statements.
This Registration Statement also includes a reoffer prospectus prepared in accordance with
General Instruction C of Form S-8 and the requirements of Part I of Form S-3 that may be utilized
for reofferings and resales by the Selling Shareholders on a continuous or delayed basis in the
future of up to 1,781,560 shares of common stock that constitute "control securities." The reoffer
prospectus is being filed herewith pursuant to General Instruction E of Form S-8. The reoffer
prospectus is a combined prospectus pursuant to Rule 429(a) of the Securities Act that relates to
1,000,000 shares which may be issued to the Selling Shareholders under the 2010 Plan and to 781,560
unsold shares previously issued to the Selling Shareholders under the 1994 Stock Incentive Plan
(the "1994 Plan"), the Stock Incentive Plan — 2000 (the "2000 Plan") and the 2010 Plan
(collectively, the "Plans"). The combined reoffer prospectus updates certain information regarding
the ownership of our common stock by the Selling Shareholders and the number of shares of our
common stock available for resale by each Selling Shareholder pursuant to the Plans as of March 14,
2011. Pursuant to Rule 429(b) under the Securities Act, this Registration Statement will
constitute Post-Effective Amendment No. 3 to Registration Statements Nos. 333-127922 and
333-157593, Post-Effective Amendment No. 3 to Registration Statement No. 033-80869 and
Post-Effective Amendment No. 2 to Registration Statement No. 333-52032.
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.
3
REOFFER PROSPECTUS
THE GREENBRIER COMPANIES, INC.
1,781,560 Shares of Common Stock
This reoffer prospectus relates to 1,781,560 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 have acquired, or will acquire in the future, the common stock pursuant to
grants of restricted shares, options, stock appreciation rights or stock units under the Company's
1994 Stock Incentive Plan (the "1994 Plan"), the Company's Stock Incentive Plan — 2000 (the "2000
Plan") and the Company's 2010 Amended and Restated Stock Incentive Plan (the "2010 Plan")
(collectively, the "Plans"), and these stockholders may resell all, a portion, or none of these
shares of common stock from time to time.
The shares of common stock are "control securities" under the Securities Act of 1933, as
amended (the "Securities Act") before their sale under this reoffer prospectus. This reoffer
prospectus has been prepared for the purpose of registering the shares under the Securities Act to
allow for future sales by the selling stockholders, on a continuous or delayed basis, to the public
without restriction. Each stockholder who sells shares of our common stock pursuant to this
reoffer prospectus may be deemed to be an "underwriter" within the meaning of the Securities Act.
Any commissions received by a broker or dealer in connection with resales of shares may be deemed
to be underwriting commissions or discounts under the Securities Act.
You should carefully read this reoffer prospectus and any accompanying prospectus supplement
before you make your investment decision. The shares of common stock offered hereby may be sold
from time to time directly by, or on behalf of, each selling stockholder in one or more
transactions on the New York Stock Exchange or on any stock exchange on which our common stock may
be listed at the time of sale, in privately negotiated transactions, or through a combination of
such methods, at market prices prevailing at the time of sale, at prices related to such prevailing
market prices, at fixed prices (which may be changed) or at negotiated prices. We are paying the
expenses incurred in registering the selling stockholders' shares, but all selling and other
expenses incurred by each of the selling stockholders will be borne by that stockholder.
Investing in our common stock involves risks, which are detailed from time to time in the
periodic reports that we file with the Securities and Exchange Commission (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 March 14, 2011, was
$24.88 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 March 17, 2011.
4
TABLE OF CONTENTS
PROSPECTUS SUMMARY
6
THE GREENBRIER COMPANIES, INC.
6
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
6
USE OF PROCEEDS
9
SELLING STOCKHOLDERS
9
PLAN OF DISTRIBUTION
13
LEGAL MATTERS
13
EXPERTS
14
AVAILABLE INFORMATION
14
DOCUMENTS INCORPORATED BY REFERENCE
14
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).
5
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 224,000 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 Section 27A of the Securities Act, and Section 21E
of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), 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 in various filings made by the Company
with the Commission. These statements involve known and unknown risks, uncertainties and other
important factors that may cause our actual results, performance or achievements to be materially
different from any future results, performance or achievements expressed or implied by the
forward-looking statements. 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 and marine warehousing activities;
•
ability to renew, maintain or obtain sufficient lines of credit and performance
guarantees on acceptable terms;
•
ability to utilize beneficial tax strategies;
•
ability to grow our wheel services, refurbishment and parts, and lease fleet and
management services businesses;
6
•
ability to obtain sales contracts which provide adequate protection against increased
costs of materials and components;
•
ability to obtain adequate insurance coverage at acceptable rates;
•
ability to obtain adequate certification and licensing of products; and
•
short- and long-term revenue and earnings effects of the above items.
The following factors, among others, could cause actual results or outcomes to differ
materially from the forward-looking statements:
•
fluctuations in demand for newly manufactured railcars or marine barges;
•
fluctuations in demand for wheel services, refurbishment and parts;
•
delays in receipt of orders, risks that contracts may be canceled during their term or
not renewed and that customers may not purchase the amount of products or services under
the contracts as anticipated;
•
ability to maintain sufficient availability of credit facilities and to maintain
compliance with or to obtain appropriate amendments to covenants under various credit
agreements;
•
domestic and global economic conditions including such matters as embargoes or quotas;
•
U.S., Mexican and other global political or security conditions including such matters
as terrorism, war, civil disruption and crime;
•
growth or reduction in the surface transportation industry;
•
ability to maintain good relationships with third party labor providers or collective
bargaining units;
•
steel and specialty component price fluctuations and
availability, scrap surcharges, steel scrap prices
and other commodity price fluctuations and availability and their impact on product demand and margin;
•
a delay or failure of acquired businesses, assets, start-up operations, or new products
or services to compete successfully;
•
changes in product mix and the mix of revenue levels among reporting segments;
•
labor disputes, energy shortages or operating difficulties that might disrupt 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 renew or replace expiring customer contracts on satisfactory terms;
•
ability to obtain and execute suitable contracts for railcars held for sale;
•
lower than anticipated lease renewal rates, earnings on utilization based leases or
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;
•
natural disasters or severe weather patterns that may affect
either us, our suppliers or our customers;
•
loss of business from, or a decline in the financial condition of, any of the principal
customers that represent a significant portion of our total revenues;
•
competitive factors, including introduction of competitive products, new entrants into
certain of our markets, price pressures, limited customer base and competitiveness of our
manufacturing facilities and products;
7
•
industry overcapacity and our manufacturing capacity utilization;
•
decreases or write-downs in carrying value of inventory,
goodwill, intangibles 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;
•
ability to adjust to the cyclical nature of the industries in which we operate;
•
changes in interest rates and financial impacts from interest rates;
•
ability and cost to maintain and renew operating permits;
•
actions by various regulatory agencies;
•
changes in fuel and/or energy prices;
•
risks associated with our intellectual property rights or those of 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;
•
discovery of previously unknown liabilities associated with acquired businesses;
•
failure of or delay in implementing and using new software or other technologies;
•
ability to replace maturing lease and management services revenue and earnings with
revenue and earnings from new commercial transactions, including new railcar leases,
additions to the lease fleet and new management services contracts;
•
credit limitations upon our ability to maintain effective hedging programs; 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. Words such as
"anticipates," "believes," "forecast,"
"potential," "goal," "contemplates,"
"expects," "intends," "plans,"
"projects," "hopes,"
"seeks," "estimates," "could,"
"would," "will," "may,"
"can," "designed to," "foreseeable future" and similar expressions identify
forward-looking statements. These forward-looking statements are not guarantees of future
performance and are subject to risks and uncertainties that could cause actual results to differ
materially from the results contemplated by the forward-looking statements. Many of the important
factors that will determine these results and values are beyond our ability to control or predict.
You are cautioned not to put undue reliance on any forward-looking statements. Except as otherwise
required by law, we do not assume any obligation to update any forward-looking statements.
8
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 table below sets forth the following information regarding the beneficial ownership of
common stock held by the selling shareholders as of March 14, 2011: (i) the name and position of
each selling shareholder who may sell common stock pursuant to this prospectus; (ii) the number of
shares of common stock owned by each selling shareholder as of the date above; (iii) the number of
shares of common stock offered under this prospectus, which includes shares of restricted stock
granted to the selling shareholders pursuant to the Plans that are no longer subject to
restrictions or that may be subject to restrictions that have not yet lapsed; and (iv) the amount
and percentage of common stock to be owned by each such selling shareholder if such selling
shareholder were to sell all of the shares of common stock which may be offered pursuant to this
prospectus.
Number of
Shares
Number of Shares
Name and Position of Selling
Owned Prior
Number of Shares to be Offered
(4)
Owned/Percentage
Security Holder
to Offering
(1)
1994 Plan
2000 Plan
2010 Plan
After Offering
(5)
William A. Furman,
President and Chief
Executive Officer,
Director
1,645,000
160,000
1,485,000/5.96
%
Benjamin R. Whiteley,
Chairman
54,402
3,000
12,500
26,402
12,500/
*
Graeme A. Jack, Director
23,091
23,091
0/
*
Duane C. McDougall,
Director
28,402
28,402
0/
*
Victoria McManus,
Director
110,685
(2)
8,652
102,033/
*
A. Daniel O'Neal, Jr.
Director
13,649
1,100
3,900
2,838
5,811/
*
Wilbur L. Ross, Jr.,
Director
3,307,714
(3)
8,652
3,299,062/11.70
%
Charles J. Swindells,
Director
25,061
25,061
0/
*
Wendy L. Teramoto,
Director
8,652
8,652
0/
*
C. Bruce Ward,
Director
24,404
24,404
0/
*
9
Number of
Shares
Number of Shares
Name and Position of Selling
Owned Prior
Number of Shares to be Offered
(4)
Owned/Percentage
Security Holder
to Offering
(1)
1994 Plan
2000 Plan
2010 Plan
After Offering
(5)
Donald A. Washburn,
Director
36,402
26,402
10,000/
*
Victor G. Atiyeh,
Emeritus
Director
21,108
8,808
12,300/
*
Martin R. Baker, Senior
Vice President, General
Counsel and Chief
Compliance Officer
30,000
30,000
0/
*
Alejandro A. Centurion,
President of
Manufacturing
Operations
50,460
50,460
0/
*
James W. Cruckshank,
Senior Vice President
and
Chief Accounting
Officer
23,861
23,500
361/
*
William G. Glenn,
Senior
Vice President
Strategic
Planning and
Chief
Commercial
Officer
46,900
46,900
0/
*
Lorie L. Leeson, Vice
President, Corporate
Finance and Treasurer
28,663
28,076
587/
*
Maren J. Malik, Vice
President of
Administration
and
Assistant Secretary
16,835
16,360
475/
*
Anne T. Manning, Vice
President and Corporate
Controller
22,900
22,900
0/
*
Mark J. Rittenbaum,
Executive Vice
President,
Chief
Financial Officer
114,400
108,100
6,300/
*
James T. Sharp,
President,
Greenbrier
Leasing
Company LLC
37,400
37,400
0/
*
Timothy A. Stuckey,
President of Gunderson
Rail Services LLC
46,000
46,000
0/
*
Total
5,715,989
4,100
16,400
761,060
N/A
*
Less than 1%
(1)
For purposes of this table, the number of shares of common stock includes all
shares of common stock that may be acquired upon the exercise of options or warrants that
are exercisable within 60 days of the date of this prospectus.
(2)
Includes warrants to purchase 102,033 shares of common stock held by Ms. McManus.
(3)
Mr. Ross may be deemed to share dispositive power over the warrants of the
Company held by WLR Recovery Fund IV, L.P. ("Recovery Fund") and WLR IV Parallel ESC, L.P.
("Parallel Fund") and voting
10
and dispositive power over any shares issuable upon exercise
of the warrants. Mr. Ross disclaims beneficial ownership over the warrants. Warrants to
purchase 3,285,866 shares of common stock (the "Fund IV Warrants") are held directly by Recovery Fund. Wilbur L. Ross, Jr. ("Mr. Ross") is
the managing member of El Vedado, LLC, the general partner of WL Ross Group, L.P., which in
turn is the managing member of WLR Recovery Associates IV LLC. WLR Recovery Associates IV
LLC is the general partner of Recovery Fund. Accordingly, WLR Recovery Associates IV LLC,
WL Ross Group, L.P., El Vedado, LLC and Mr. Ross may be deemed to share dispositive power
over the Fund IV Warrants and voting and dispositive power over any shares issuable upon
exercise of the Fund IV Warrants. Warrants to purchase 13,196 shares of common stock (the
"Parallel Fund Warrants") are held directly by Parallel Fund. Invesco Private Capital, Inc.
is the managing member of Invesco WLR IV Associates LLC, which is in turn the general
partner of Parallel Fund. Accordingly, Invesco WLR IV Associates LLC, Invesco Private
Capital, Inc., WLR Recovery Associates IV LLC, WL Ross Group, L.P., El Vedado, LLC and Mr.
Ross may be deemed to share dispositive power over the Parallel Fund Warrants and voting
and dispositive power over any shares issuable upon exercise of the Parallel Fund Warrants.
(4)
For purposes of this table, the number of shares of common stock offered includes
the number of shares of restricted stock granted to the security holder under the Plans,
regardless of whether the restrictions on such shares of restricted stock have lapsed. The
number of shares of common stock offered does not include shares of common stock which may
be acquired upon the exercise of options or shares of restricted stock that may be granted
under the 2010 Plan in the future to the selling shareholders, which information is not
currently known.
(5)
Applicable percentage of ownership is based on 24,909,200 shares of common stock
outstanding on March 14, 2011, plus shares of common stock issuable upon exercise of
options or warrants currently exercisable within 60 days with respect to each selling
shareholder, respectively.
Information regarding each Selling Shareholder's current relationships with us
or our predecessors and affiliates and such relationships, if any, within the past three years is
set forth below.
William A. Furman
has served as a member of the Board and as the Company's President and Chief
Executive Officer since 1994.
Benjamin R. Whiteley
has served as a member of the Board since 1994 and as Chairman of the
Board of Directors since October 2004.
Graeme A. Jack
has served as a member of the Board since October 2006.
Duane C. McDougall
has served as a member of the Board since 2003.
Victoria McManus
has served as a member of the Board since July 2009.
A. Daniel O'Neal, Jr.
has served as a member of the Board since 1994.
Wilbur L. Ross, Jr.
has served as a member of the Board since June 2009. Mr. Ross is the
Chairman and Chief Executive Officer of WL Ross & Co. LLC ("WLRCo") and an executive officer of
other affiliates of WLRCo. Certain affiliates of WLRCo have entered into a credit agreement with
the Company that provides for a $75.0 million secured term loan, with the potential to increase to
$150.0 million. Affiliates of WLRCo also hold warrants to purchase an aggregate of 3,377,903
shares of the Company's common stock. In 2010, WLRCo and certain of its affiliates entered into
certain agreements, including a Contract Placement Agreement, an Advisory Services Agreement, a
Syndication Agreement, a Railcar Remarketing and Management Agreement and a Line of Credit
Participation Letter Agreement with the Company and its affiliates in connection with a railcar
leasing portfolio transaction.
11
Charles J. Swindells
has served as a member of the Board since September 2005.
Wendy L. Teramoto
has served as a member of the Board since June 2009. Ms. Teramoto is a
managing director and executive officer of WLRCo and an executive officer certain other affiliates
of WLRCo. Certain affiliates of WLRCo have entered into a credit agreement with the Company that
provides for a $75.0 million secured term loan, with the potential to increase to $150.0 million.
Affiliates of WLRCo also hold warrants to purchase an aggregate of 3,377,903 shares of the
Company's common stock. In 2010, WLRCo and certain of its affiliates entered into certain
agreements, including a Contract Placement Agreement, an Advisory Services Agreement, a Syndication
Agreement, a Railcar Remarketing and Management Agreement and a Line of Credit Participation Letter
Agreement with the Company and its affiliates in connection with a railcar leasing portfolio
transaction.
C. Bruce Ward
has served as a member of the Board since 1994.
Donald A. Washburn
has served as a member of the Board since August 2004.
Victor G. Atiyeh
served as a member of the Board from 1994 until the completion of his term in
January 2008. Mr. Atiyeh has served as an Emeritus Director of the Board since January 2008.
Martin R. Baker
has served as our Senior Vice President, Chief Compliance Officer and General
Counsel since May 2008.
Alejandro Centurion
is President of Manufacturing Operations, a position he has held since May
of 2007.
James W. Cruckshank
is Senior Vice President and Chief Accounting Officer, a position he has
held since April 2008.
William G. Glenn
is Senior Vice President Strategic Planning and Chief Commercial Officer, a
position he has held since June 2009. Prior to becoming Senior Vice President, Mr. Glenn was Vice
President of Corporate Development and Staff from April 2007 to June 2009.
Lorie L. Leeson
is Vice President, Corporate Finance and Treasurer, a position she has held
since June 2009. Prior to becoming Treasurer, Ms. Leeson was Vice President Corporate Finance and
Assistant Treasurer since November 2007 and Assistant Vice President, Corporate Finance since 2004.
Maren J. Malik
is Vice President of Administration of the Company, a position she has held
since June 1991.
Anne T. Manning
is Vice President and Corporate Controller of the Company, a position she has
held since November 2007.
Mark J. Rittenbaum
is Executive Vice President, Chief Financial Officer, a position he has
held since January 2008. Prior to becoming Executive Vice President he was Senior Vice President
and Treasurer of the Company since 2001.
12
James T. Sharp
is President of Greenbrier Leasing Company LLC, a position he has held since
February 2004.
Timothy A. Stuckey
is President of Gunderson Rail Services LLC, doing business as Greenbrier
Rail Services, a subsidiary engaged in the repair and refurbishment of rail cars. He has served as
President since May 1999.
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.
LEGAL MATTERS
The validity of the common stock offered hereby will be passed upon by Tonkon Torp LLP.
13
EXPERTS
The financial statements incorporated in this Prospectus by reference from the Company's
Annual Report on Form 10-K for the year ended August 31, 2010, and the effectiveness of the
Company's internal control over financial reporting have been audited by Deloitte & Touche LLP, an
independent registered public accounting firm, as stated in their reports, which are
incorporated herein by reference. Such 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. Greenbrier maintains an Internet site at
http://www.gbrx.com.
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, 2010, filed
with the Commission on November 10, 2010.
(b) The Company's quarterly report on Form 10-Q for the quarter ended November 30, 2010, filed
with the Commission on January 7, 2011.
(c) All other reports filed pursuant to Section 13(a) or 15(d) of the Exchange Act since the
end of the fiscal year covered by the Company's annual report referred to in (a) above.
(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
14
by reference into the registration statement and to be a part thereof from the date of filing of such
documents. Unless expressly incorporated into this Registration Statement, a report furnished on
Form 8-K prior or subsequent to the date hereof shall not be incorporated by reference into this
Registration Statement, except as to specific sections of such statements as set forth therein.
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.
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, 2010, filed
with the Commission on November 10, 2010.
(b) The Company's quarterly report on Form 10-Q for the quarter ended November 30, 2010, filed
with the Commission on January 7, 2011.
(c) All other reports filed pursuant to Section 13(a) or 15(d) of the Exchange Act since the
end of the fiscal year covered by the Company's annual report referred to in (a) above.
(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.
15
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. Unless expressly incorporated into this Registration Statement, a report furnished on
Form 8-K prior or subsequent to the date hereof shall not be incorporated by reference into this
Registration Statement, except as to specific sections of such statements as set forth therein.
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.
Item 4. Description of Securities.
Not applicable.
Item 5. Interests of Named Experts and Counsel.
A member of Tonkon Torp, LLP, legal counsel to the Company, is the Secretary of the Company.
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 (i) for any breach of the director's duty of loyalty to the corporation or its
shareholders, (ii) for acts or omissions not in good faith or which involve intentional misconduct
or a knowing violation of the law, (iii) for any unlawful distribution as defined under the OBCA,
16
or (iv) 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.
In addition to the indemnification and exculpation provided by the Company's Articles of
Incorporation and Bylaws, the Company has entered into an indemnification agreement with its
directors and certain officers. The indemnification agreements provide that no director or officer
shall have a monetary liability of any kind in respect of the director's or officer's errors or
omissions in serving the Company or any of its subsidiaries, shareholders or related enterprises,
so long as such errors are not shown by clear and convincing evidence to have involved: (i) any
breach of the duty of loyalty to such entities; (ii) any act or omission not in good faith or which
involved intentional misconduct or a knowing violation of the law; (iii) any transaction from which
the director or officer derived an improper personal benefit; (iv) any unlawful corporate
distribution; or (v) profits made from the purchase and sale by the director or officer of
securities of the Company within the meaning of Section 16(b) of the Securities Exchange Act of
1934. Furthermore, regardless of the theory of liability asserted and to the fullest extent
permitted by law, no director or officer shall have personal liability for (i) punitive, exemplary
or consequential damages; (ii) treble or other damages computed based upon any multiple of damages
actually and directly proved to have been sustained; (iii) fees of attorneys, accountants, expert
witnesses or professional consultants; or (iv) civil fines or penalties of any kind or nature
whatsoever.
The indemnification agreements also require the Company to indemnify any director or officer
who is a party to, or is threatened to be made a party to, any proceeding, against all expenses,
judgments, fines and amounts paid in settlement, actually and reasonably incurred by the director
or officer in connection with such proceeding, if the director or officer: (i) acted in good faith
and in a manner the director or officer reasonably believed was in or not opposed to the best
interests of the Company; and (ii) with respect to any criminal proceeding, the director or officer
also had no reasonable cause to believe that his or her conduct was unlawful. In any proceeding
charging a director or officer with improper personal benefit to the director or officer, the
Company will indemnify the director or officer if the appropriate court determines that the
director or officer is fairly and reasonably entitled to indemnification.
The indemnification agreements also provide indemnity to a director or officer in proceedings
brought by or in the right of the Company, as long as the director or officer acted in good faith
and in a manner which he or she reasonably believed to be in, or not opposed to, the best interests
of the Company. If a director or officer is adjudged liable to the Company, he or she will not be
indemnified unless the appropriate court determines that the director or officer is fairly and
reasonably entitled to indemnification.
The Company maintains directors' and officers' liability insurance under which the Company's
directors and officers are insured against claims for errors, neglect, breach of duty and other
matters.
Item 7. Exemption from Registration Claimed.
Not applicable.
17
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 reports
filed with or furnished to the Commission 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.
(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
18
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 March 8, 2011.
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.
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
March 8, 2011
William A. Furman
President, Chief Executive Officer and Director
19
/s/
Mark J. Rittenbaum
March 8, 2011
Mark J. Rittenbaum
Executive Vice President
and Chief Financial Officer
(Principal Financial Officer)
/s/
James W. Cruckshank
James W. Cruckshank
March 8, 2011
Senior Vice President
and Chief Accounting Officer
(Principal Accounting Officer)
Directors:
/s/
Benjamin R. Whiteley
Benjamin R. Whiteley
March 9, 2011
/s/ William A. Furman
William A. Furman
March 8, 2011
/s/ Graeme A. Jack
Graeme A. Jack
March 8, 2011
/s/ Duane C. McDougall
Duane C. McDougall
March 7, 2011
/s/ Victoria McManus
Victoria McManus
March 7, 2011
/s/ A. Daniel O'Neal, Jr.
A. Daniel O'Neal, Jr.
March 7, 2011
/s/ Wilbur L. Ross, Jr.
Wilbur L. Ross, Jr.
March 7, 2011
/s/ Charles J. Swindells
Charles J. Swindells
March 8, 2011
/s/ Wendy Teramoto
Wendy Teramoto
March 7, 2011
/s/ C. Bruce Ward
C. Bruce Ward
March 7, 2011
/s/ Donald A. Washburn
Donald A. Washburn
March 9, 2011
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INDEX TO EXHIBITS
Exhibit
Number
Description
4.1
The Registrant's Articles of Incorporation are incorporated herein by reference by Exhibit
3.1 to the Registrant's Form 10-Q filed April 5, 2006.
4.2
Articles of Merger amending the Registrant's Articles of Incorporation, are incorporated
herein by reference to Exhibit 3.2 to the Registrant's Form 10-Q filed April 5, 2006.
4.3
The Registrant's Bylaws, as amended January 11, 2006, are incorporated herein by reference to
Exhibit 3.3 to the Registrant's Form 10-Q filed April 5, 2006.
4.4
Amendment to the Registrant's Bylaws, dated October 31, 2006, is incorporated herein by
reference to Exhibit 3.1 to the Registrant's Form 8-K filed November 6, 2006.
4.5
Amendment to the Registrant's Bylaws, dated January 8, 2008, is incorporated herein by
reference to Exhibit 3.1 to the Registrant's Form 8-K filed November 8, 2007.
4.6
Amendment to the Registrant's Bylaws, dated April 8, 2008, is incorporated herein by
reference to Exhibit 3.1 to the Registrant's Form 8-K filed April 11, 2008.
4.7
Amendment to the Registrant's Bylaws dated April 7, 2009, is incorporated herein by reference
to Exhibit 3.1 to the Registrant's Form 8-K filed April 13, 2009.
4.8
Amendment to the Registrant's Bylaws dated June 8, 2009, is incorporated herein by reference
to Exhibit 3.1 to the Registrant's Form 8-K filed June 10, 2009.
4.9
Amendment to the Registrant's Bylaws dated June 10, 2009, is incorporated herein by reference
to Exhibit 3.1 to the Registrant's Form 8-K filed June 12, 2009.
4.10
Specimen Common Stock Certificate of Registrant is incorporated herein by reference to
Exhibit 4.1 to the Registrant's Registration Statement on Form S-3 filed April 7, 2010 (SEC
File Number 333-165924).
4.11
Indenture among the Registrant, 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 Registrant's Form 8-K filed May 13, 2005.
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Exhibit
Number
Description
4.12
Indenture among the Registrant, 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 Registrant's Form 8-K filed May 25, 2006.
4.13
Rights Agreement between the Registrant 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
Registrant's Registration Statement on Form 8-A filed September 16, 2004.
4.14
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 Registrant's Form 8-K filed November
15, 2004.
4.15
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 Registrant's Form 8-K filed February
9, 2005.
4.16
Amendment No. 3, dated June 10, 2009, to the Rights Agreement, dated as of July 13, 2004, is
incorporated herein by reference to Exhibit 4.1 to the Registrant's Form 8-K filed June 12,
2009.
4.17
Warrant Agreement, dated June 10, 2009, among the Registrant, WLR Recovery Fund IV, L.P., WLR
IV Parallel ESC, L.P. and each other holder from time to time party thereto, is incorporated
herein by reference to Exhibit 4.2 to the Registrant's Form 8-K filed June 12, 2009.
4.18
Investor Rights and Restrictions Agreement, dated June 10, 2009, among the Registrant, WLR
Recovery Fund IV, L.P., WLR IV Parallel ESC, L.P., WL Ross & Co. LLC and the other holders
from time to time party thereto, is incorporated herein by reference to Exhibit 4.3 to the
Registrant's Form 8-K filed June 12, 2009.
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 the signature page hereto).
99.1
The Greenbrier Companies, Inc. 2010 Amended and Restated Stock Incentive Plan, is
incorporated herein by reference to Appendix B to the Registrant's Proxy Statement on Schedule
14A filed November 24, 2010.
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