Greenbrier Again Rejects $22 Per Share Proposal From Carl Icahn And American Railcar

 Greenbrier Again Rejects $22 Per Share Proposal From Carl Icahn And American
                                   Railcar

Company Sets The Record Straight

PR Newswire

LAKE OSWEGO, Ore., Dec. 20, 2012

LAKE OSWEGO, Ore., Dec. 20, 2012 /PRNewswire/ --The Greenbrier Companies,
Inc. [NYSE: GBX] ("Greenbrier" or "the Company") today reaffirmed that
American Railcar Industries, Inc.'s [NASDAQ: ARII] ("American Railcar")
conditional proposal to acquire the Company for $22 per share is unacceptable
and not in the best interests of Greenbrier stockholders.

Greenbrier also refuted the characterization of events and discussions
described in the letter from American Railcar to Greenbrier dated December 19,
2012. Although representatives of the two companies and Greenbrier's advisers
have held discussions on numerous occasions since November 2012, at no point
during these discussions did representatives of Greenbrier or its advisers
invite or encourage American Railcar to make an offer to acquire Greenbrier
for a price in the range of $20 – $22 per share. To the contrary, Greenbrier
has made clear to Mr. Icahn and his representatives that a price range of $20
– $22 per share would not be acceptable to the Company.

The Greenbrier Board continues to believe that a combination of Greenbrier and
American Railcar could be beneficial to both companies and their stockholders,
and remains ready and willing to continue discussions. However, the Board
cannot support a transaction that undervalues the Company and the potential
benefits to American Railcar, or overvalues American Railcar.

The Company noted that, whether or not conversations continue or an agreement
is ultimately reached between Greenbrier and American Railcar, Greenbrier
remains confident that it has the right plan in place and is well-positioned
for growth and stockholder value creation.

Goldman, Sachs & Co. and Bank of America Merrill Lynch are serving as the
Company's financial advisers and Skadden, Arps, Slate, Meagher & Flom LLP and
Tonkon Torp LLP are legal advisers.

Greenbrier (www.gbrx.com), headquartered in Lake Oswego, Oregon, is a leading
supplier of transportation equipment and services to the railroad industry.
Greenbrier builds new railroad freight cars in its four manufacturing
facilities in the U.S. and Mexico and marine barges at its U.S. facility. It
also repairs and refurbishes freight cars and provides wheels and railcar
parts at 39 locations across North America. Greenbrier builds new railroad
freight cars and refurbishes freight cars for the European market through both
its operations in Poland and various subcontractor facilities throughout
Europe. Greenbrier owns approximately 10,000 railcars, and performs management
services for approximately 221,000 railcars.

"SAFE HARBOR" STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF
1995: This release may contain forward-looking statements, including
statements regarding expected new railcar production volumes and schedules,
expected customer demand for the Company's products and services, plans to
increase manufacturing capacity, new railcar delivery volumes and schedules,
growth in demand for the Company's railcar services and parts business, and
the Company's future financial performance. Greenbrier uses words such as
"anticipates," "believes," "forecast," "potential," "contemplates,"
"expects," "intends," "plans," "seeks," "estimates," "could," "would," "will,"
"may," "can," and similar expressions to identify forward-looking statements.
These forward-looking statements are not guarantees of future performance and
are subject to certain risks and uncertainties that could cause actual results
to differ materially from in the results contemplated by the forward-looking
statements. Factors that might cause such a difference include, but are not
limited to, reported backlog is not indicative of our financial results;
turmoil in the credit markets and financial services industry; high levels of
indebtedness and compliance with the terms of our indebtedness; write-downs of
goodwill, intangibles and other assets in future periods; sufficient
availability of borrowing capacity; fluctuations in demand for newly
manufactured railcars or failure to obtain orders as anticipated in developing
forecasts; loss of one or more significant customers; customer payment
defaults or related issues; actual future costs and the availability of
materials and a trained workforce; failure to design or manufacture new
products or technologies or to achieve certification or market acceptance of
new products or technologies; steel or specialty component price fluctuations
and availability and scrap surcharges; changes in product mix and the mix
between segments; labor disputes, energy shortages or operating difficulties
that might disrupt manufacturing operations or the flow of cargo; production
difficulties and product delivery delays as a result of, among other matters,
changing technologies, production of new railcar types, or non-performance of
subcontractors or suppliers; ability to obtain suitable contracts for the sale
of leased equipment and risks related to car hire and residual values;
difficulties associated with governmental regulation, including environmental
liabilities; integration of current or future acquisitions; succession
planning; all as may be discussed in more detail under the headings "Risk
Factors" and "Forward Looking Statements" in our Annual Report on Form 10-K
for the fiscal year ended August 31, 2012, and our other reports on file with
the Securities and Exchange Commission. Readers are cautioned not to place
undue reliance on these forward-looking statements, which reflect management's
opinions only as of the date hereof. Except as otherwise required by law, we
do not assume any obligation to update any forward-looking statements.

SOURCE The Greenbrier Companies, Inc. (GBX)

Website: http://www.gbrx.com
Contact: Mark Rittenbaum, The Greenbrier Companies, Inc., +1-503-684-7000; or
Matthew Sherman/Andrew Siegel/Aaron Palash, Joele Frank, Wilkinson Brimmer
Katcher, +1-212-355-4449
 
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