Greenbrier : GBX 2022 Annual Meeting Slides

NYSE: GBX

2022 Shareholder's Meeting

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www.gbrx.com

Safe Harbor Statement

"SAFE HARBOR" STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995: This presentation may contain forward-looking statements, including any statements that are not purely statements of historical fact. Greenbrier uses words, and variations of words, such as "achieve", "ensure", "goal", "improve", "intend", "maintain", "resume", "poised", "positioned", "preserve", "reduce", "target" and similar expressions to identify forward-looking statements. These forward-looking statements include, without limitation, statements about backlog, targets and goals as well as other information regarding future performance and strategies and appear throughout this presentation. 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 the results contemplated by the forward-looking statements. Factors that might cause such a difference include, but are not limited to, the following. (1) We are unable to predict when, how, or with what magnitude COVID-19 governmental reaction to the pandemic, and related economic disruptions will negatively impact our business: we may be prevented from operating our facilities; the operations of our customers may be disrupted increasing the likelihood that our customers may attempt to delay, defer or cancel orders, or cease to operate as going concerns; the operations of our suppliers may be disrupted; our indebtedness may increase. The longer the pandemic continues, the more likely that negative impacts on our business will occur, some of which we cannot now foresee. (2) Our backlog of railcar units and marine vessels is not necessarily indicative of future results of operations. Certain orders in backlog are subject to customary documentation which may not occur. Customers may attempt to cancel or modify orders or refuse to accept and pay for products, the likelihood of which generally increases during periods of market weakness. The timing of converting backlog to revenue is also materially impacted by our decision whether to lease railcars, sell railcars, or syndicate railcars with a lease attached to an investor. (3) We rely on limited suppliers for certain products and services. If we are not able to procure products or services on commercially reasonable terms or on a timely basis, our business, financial condition, results of operations, and progress toward achieving targets or goals would be adversely affected. More information on potential factors that could cause our results to differ from our forward-looking statements is included in the Company's filings with the SEC, including in the "Risk Factors" and "Management's Discussion

and Analysis of Financial Condition and Results of Operations" sections of the Company's most recently filed periodic report on Form 10-K

and subsequent reports on 10-Q. Except as otherwise required by law, the Company assumes no obligation to update any forward-looking statements or information, which speak as of their respective dates. Readers are cautioned not to place undue reliance on these forward- looking statements, which reflect management's opinions only as of the date hereof.

2021 Accomplishments & Strategic Developments

• Operated core business safely and maintained profitability
• Greenbrier Board announced Lorie Tekorius as incoming CEO and set transition timeline
• Formed GBX Leasing joint venture to create stable, tax-advantaged cash flows plus an added part of go to market strategy
• Stable annual dividend of $1.08 per share, Greenbrier has paid dividends consecutively for 31 quarters
• Refinanced nearly $1.5 billion of debt effectively doubling the maturity profile of our debt structure
• Expanded ESG and Diversity, Equity and Inclusion commitment to build on our core value of respect for people and corporate social responsibility

Core ESG Values

SAFETYENVIRONMENT

PEOPLE & COMMUNITIES

GOVERNANCE & ETHICS

Leading the Industry Worldwide

"Our dedication to ensuring employee safety, health, diversity and inclusion has paved the way to numerous awards and overall employee satisfaction with Greenbrier as an employer of choice."

• Four consecutive years of improved safety statistics - achieved the lowest rate in 2021
• OSHA injury and DART1 rates have improved by >60% since 2013
• Received multiple annual recognitions by the Portland Business Journal as a
  'Most Admired Company'

Advancing Sustainability

"We are committed to improving our environmental performance, both by reducing our environmental footprint and by meeting or exceeding the ecological

requirements in the countries where we

operate."

• Design advancements have reduced tare weight in our railcars and results in lower fuel consumption and reduced greenhouse gas emissions
• Recycled steel content increased from 47% to 51% in 2021

Contributing to Our People and

Communities

"We believe it is a privilege to be good neighbors in every community where we operate, which is why we are careful to foster a spirit of civic engagement and

volunteerism."

• Our charitable giving program actively encourages employees to provide service to their local communities
• Donated over $400,000 and 7,000 hours to nonprofit organizations in diverse focus areas
• Launched our IDEAL commitment in 2020

Assuring the Highest Standards of Oversight

"We are committed to workforce diversity at all levels, including senior management and Board of Directors positions. As we continue to expand globally, we intend for that trend to accelerate."

• Greenbrier's current percentage of female board members is 25%, exceeding the 2020 Women on Boards target
• 90% of directors are independent

1. Days Away, Restricted, and Transferred.

Environmental, Social and Governance (ESG) Report

• Railroads are the most fuel-efficient way to move freight over land and are 3-4 times more fuel efficient than trucks
• Moving freight by train instead of truck reduces greenhouse gas emission by up to 75%
• Freight railcars have useful life of 40-50 years

Greenbrier's third annual ESG Report was published in

November 2021 and was prepared in accordance with the

Sustainability Accounting Standards Board (SASB) framework.

ESG priority areas include:

• Safety
• People / IDEAL
• Environmental Sustainability
• Governance & Ethics
• Communities