. Greenbrier Reaches Settlement After Former European Executives, Seidenstuecker and Krege, Admit Disloyal Acts and Apologize to Greenbrier

LAKE OSWEGO (USA, Oregon) September 13 (PROTEXT/PRNewswire) -The Greenbrier Companies (NYSE: GBX) disclosed yesterday that ithas entered into a settlement agreement with two formerexecutives of its European freight car operations after the two,Bernhard Seidenstuecker and Michael Krege, admitted disloyal actsand apologized to the Company.

Both men, while still employees of Greenbrier, attempted toacquire Bombardier Transportation's freight car manufacturingfacility in Niesky, Germany, even as they advised the Companyagainst pursuing the acquisition. Greenbrier obtained temporaryinjunctions against both men related to the attempted purchaseand terminated Mr. Seidenstuecker without notice; Mr. Krege hadalready left the company. In addition, the public prosecutor'soffice in Siegen, Germany, instituted proceedings against thepair for disloyalty, and conducted searches of their homes,offices and records.

Under the settlement, Mr. Seidenstuecker agreed, among otherthings, to refrain until July 31, 2006 from being involved withcertain of Greenbrier's competitors and from participating inNiesky freight car production. Mr. Krege agreed, among otherthings, to refrain from participating in the acquisition of theNiesky production facility before the end of 2005. Both men haveagreed to monetary concessions favorable to Greenbrier, includingin the case of Mr. Krege, the payment of damages.

William A. Furman, Greenbrier's president and chief executiveofficer, said, "Greenbrier affirms its policy of strict employeecompliance with the Company's Code of Conduct for ethicalbehavior. Unfortunately, the activities of these two individualsviolated this policy in a most serious manner, leading theCompany to take appropriate action. We are glad to have thismatter resolved."

The Greenbrier Companies (http://www.gbrx.com), headquarteredin Lake Oswego, OR, is a leading supplier of transportationequipment and services to the railroad industry. In addition tobuilding new railroad freight cars in the U.S., Canada, andMexico and to repairing and refurbishing freight cars and wheelsat 17 locations across North America, Greenbrier builds newrailroad freight cars and refurbishes freight cars for theEuropean market through both its operations in Poland and varioussubcontractor facilities throughout Europe. Greenbrier ownsapproximately 10,000 railcars, and performs management servicesfor approximately 128,000 railcars.

"SAFE HARBOR" STATEMENT UNDER THE PRIVATE SECURITIESLITIGATION REFORM ACT OF 1995: This release may contain forward-looking statements. Greenbrier uses words such as "anticipate,""believe," "plan," "expect," "future," "intend" and similarexpressions to identify forward-looking statements. Theseforward-looking statements are subject to certain risks anduncertainties that could cause actual results to differmaterially from those reflected in the forward-lookingstatements. Factors that might cause such a difference include,but are not limited to, actual future costs and the availabilityof materials and a trained workforce; steel price increases andscrap surcharges; changes in product mix and the mix betweenmanufacturing and leasing & services segment; labor disputes,energy shortages or operating difficulties that might disruptmanufacturing operations or the flow of cargo; productiondifficulties and product delivery delays as a result of,among other matters, changing technologies or non-performance ofsubcontractors or suppliers; ability to obtain suitable contractsfor the sale of leased equipment; all as may be discussed in moredetail under the heading "Forward Looking Statements" on pages 3through 4 of Part I of our Annual Report on Form 10-K for thefiscal year ended August 31, 2004. Readers are cautioned not toplace undue reliance on these forward-looking statements, whichreflect management's opinions only as of the date hereof.We undertake no obligation to revise or publicly release theresults of any revision to these forward-looking statements.Source: Greenbrier CompaniesMark Rittenbaum of Greenbrier CompaniesTelephone: +1-503-684-7000Web site: http://www.gbrx.com

Subscribers please note that material bearing the slug"PROTEXT" is not part of CTK's news service and is not to bepublished under the "CTK" slug. Protext is a commercial serviceproviding distribution of press releases from clients, who areidentified in the text of Protext reports and who bear fullresponsibility for their contents.

PROTEXT