The Greenbrier Companies Inc's Business Segments

We are one of the leading designers, manufacturers and marketers of railroad freight car equipment in North America and Europe, a manufacturer and marketer of marine barges in North America, a leading provider of wheel services, parts, leasing and other services to the railroad and related transportation industries in North America and a provider of railcar repair, refurbishment and retrofitting services in North America through a joint venture partnership. We also produce rail castings and tank heads through unconsolidated joint ventures and have a ownership stake in a railcar manufacturer in Brazil.

We operate an integrated business model in North America that combines freight car manufacturing, wheel services, repair, refurbishment, retrofitting, component parts, leasing and fleet management services. Our model is designed to provide customers with a comprehensive set of freight car solutions utilizing our substantial engineering, mechanical and technical capabilities as well as our experienced commercial personnel. This model allows us to develop cross-selling opportunities and synergies among our various business segments and to enhance our margins. We believe our integrated model is difficult to duplicate and provides greater value for our customers.

We operate in four reportable segments: Manufacturing; Wheels & Parts; Leasing & Services; and GBW Joint Venture. Financial information about our business segments as well as geographic information is located in Note 19 Segment Information to our Consolidated Financial Statements.

The Greenbrier Companies, Inc., which was incorporated in Delaware in 1981, consummated a merger on February 28, 2006 with its affiliate, Greenbrier Oregon, Inc., an Oregon corporation, for the sole purpose of changing its state of incorporation from Delaware to Oregon. Greenbrier Oregon survived the merger and assumed the name, The Greenbrier Companies, Inc. Our principal executive offices are located at One Centerpointe Drive, Suite 200, Lake Oswego, Oregon 97035, our telephone number is (503) 684-7000 and our Internet website is located at http://www.gbrx.com.

The Greenbrier Companies, Inc. is a prominent player in the railcar manufacturing and leasing sector, with a wide array of products and services spread across multiple segments. Below is an extensive overview of the various segments, products, and services offered by the company.

Manufacturing Segments

North American Railcar Manufacturing
Greenbrier is known for manufacturing a diverse range of railcar types in North America, excluding coal cars. The primary products offered in this segment include:

1. Intermodal Railcars:
- Articulated Double-Stack Railcars: These are designed to transport containers stacked two-high, allowing for increased load capacity and efficiency. The articulation between the platforms provides better maneuverability and reduces wear on tracks and wheels.
- Non-Articulated Double-Stack Railcars: Similar to articulated variants but designed for different operational needs and capabilities, catering to various shipping demands.

2. Tank Cars:
- A variety of tank cars, including general and pressurized types, are produced for transporting chemicals and liquids such as crude oil, ethanol, liquefied petroleum gas, and more. The product line continues to expand to accommodate different industries and regulations.

3. Automotive Railcars:
- Greenbrier manufactures equipment for the transportation of automobiles, including proprietary designs such as the Auto-Max railcar, Multi-Max auto rack, and flat cars specifically tailored for automotive products.

4. Conventional Railcars:
- This includes boxcars for goods like perishables and general merchandise, covered hopper cars for agricultural and industrial commodities, gondolas for metal and steel transport, and a variety of flat cars designed for different types of cargo, including forest products and heavy machinery.

European Railcar Manufacturing
The European division focuses on a similar range of products as its North American counterpart but tailors them to meet the requirements of Continental Europe and the UK. Key offerings include:

- Pressurized Tank Cars: For transporting liquefied petroleum gas and ammonia.
- Non-Pressurized Tank Cars: Designed for light oils and chemicals.
- Conventional Freight Railcars: Such as flat cars, coil cars, gondolas, and specialized automobile transporters.
- As of recent expansions, they began producing railcars for the Saudi Arabian market.

Marine Vessel Fabrication
Greenbrier has a manufacturing facility in Portland, Oregon, that specializes in marine vessel fabrication, which plays a crucial role in transporting merchandise between U.S. ports while complying with the Jones Act. Key products include:

- Ocean-Going Barges: Such as conventional deck barges, double-hull tank barges, and railcar/deck barges.
- Dump Barges: For heavy industrial product transport.

Wheels & Parts
Greenbrier operates an extensive wheel services and component parts network across North America, offering:

- Wheel Reconditioning Services: These include refurbishing wheels and axles as well as manufacturing new axle components.
- Component Manufacturing: Facilities deliver a range of elements, such as railcar cushioning units, couplers, side frames, and doors, thereby ensuring the maintenance and production needs of the railcar segment are met.

GBW Joint Venture
With Watco Companies, LLC, Greenbrier established the GBW Railcar Services LLC to oversee a holistic railcar repair, refurbishment, maintenance, and retrofitting service. Highlights of the GBW Joint Venture include:

- Repair and Maintenance Network: This includes the largest independent railcar repair shop network in North America, with 33 locations and numerous certifications for various types of tank car repairs and maintenance for third parties and Greenbrier’s own fleet.

Leasing & Services
Greenbrier also provides comprehensive leasing and management services, including:

1. Leasing Services:
- The company offers flexible leasing options, including operating leases for a wide variety of railcars. It manages a leasing fleet of approximately 9,300 railcars, providing full-service leases that include maintenance and management services.
- Finance and Management Services: In addition to leasing, Greenbrier arranges financing for railcar acquisitions, supporting both their production and second-market transactions.

2. Management Services:
- The firm offers software and services such as railcar maintenance management, billing services, and total fleet management. They manage a total fleet of about 269,000 railcars for various clients, enhancing operational efficiencies across their customer base.

Overall, The Greenbrier Companies, Inc. stands out in the railcar manufacturing and leasing industry through its extensive range of products, services, and repair capabilities, customized to meet the needs of diverse market segments in North America and Europe. The companys commitment to innovation and compliance positions it well for ongoing success in the transport sector.