January 24, 2000

Greenbrier acquires German freight company

LAKE OSWEGO, Ore., - DaimlerChrysler Rail Systems GmbH, Berlin (Adtranz), the international rail equipment supplier, announced the execution of a asset purchase agreement for the sale of its Freight Wagon Division to The Greenbrier Companies, a leading manufacturer, lessor and servicer of freight wagons (i.e. railcars) in North America and Europe. The companies expect the transaction to be approved and completed within thirty days.

The sale includes a comprehensive portfolio of wagon designs certified for the European marketplace, and a freight wagon order book with an estimated value of 155 million DM (US $82 million). The Freight Wagon Division, located in Siegen, Germany, provides expertise in the fields of engineering, design, sales and marketing, and project management. All employees of the Division will be offered employment with Greenbrier, and Siegen will become the technical center for Greenbrier's growing European operations.

The acquisition is expected to compliment Greenbrier's existing European operations which include WagonySwidnica, a freight wagon manufacturing facility located in Poland. A portion of the order backlog will be produced at WagonySwidnica. The acquisition will also provide immediate access to highly desirable, certified wagon designs and enhanced access to the Western European marketplace.

The roots of the Adtranz Freight Division date back to 1908. Over the past 40 years, the Division has been responsible for the sale of nearly 50,000 freight wagons, principally in the Western European market. In the German marketplace, the largest marketplace in Europe, the Division has earned up to a 25% market share. Over the past several years, the Division has been the largest wagon supplier to the German national railroad, Deutsche Bahn.

Greenbrier and Adtranz' Cust-omer Support Division also announced plans for joint cooperation in the area of freight wagon maintenance and related services. In addition, Greenbrier and Adtranz will expand their pre-existing relationship, whereby Adtranz provides certain freight wagon components for Greenbrier's European freight wagon manufacturing operations.

William A. Furman, President and Chief Executive Officer of Greenbrier, commented, "Together, the Siegen engineering, design and sales team and our recently modernized manufacturing facility, WagonySwidnica, located in southwestern Poland are an ideal combination for serving our growing list of

European customers. The design portfolio and customer base at Siegen are highly attractive, and the current order backlog is expected to provide benefits to WagonySwidnica commencing in the summer of year 2000. We welcome the Siegen employees to the Greenbrier family and look forward to building an on-going relationship with Adtranz in Europe and beyond."

Rolf Eckrodt, Adtranz President and Chief Executive Officer, commented, "In the intensely competitive railway supply industry, only focused players will survive the shake-out and succeed in the deregulated European transportation market. Adtranz will focus its energies on the design and assembly of passenger trains and locomotives, as well as all related services. With Greenbrier we have found the ideal partner to offer exciting employment opportunities for our people and to exploit our innovative designs in combination with world-class low-cost manufacturing. Together, Adtranz and Greenbrier are in a better position to offer our customers comprehensive freight solutions."

The Greenbrier Companies, headquartered in Lake Oswego, Oregon, is a leading supplier of transportation equipment and services to the railroad industry in North America. Greenbrier builds new railroad freight cars in the U.S., Canada and Mexico, and repairs and refurbishes freight cars and wheels at ten locations across North America. The company builds new freight cars for the European market through its WagonySwidnica subsidiary in Poland. Greenbrier builds ocean-going barges for the maritime industry in North America. Greenbrier owns or manages a fleet of approximately 33,000 railcars.

The international company Adtranz is one of the leading suppliers of railway systems and solutions. Adtranz was founded in 1996 and is a 100% subsidiary of DaimlerChrysler AG. The Group's products include People Movers, Light Rail Vehicles, Metros, Regional-, Intercity- and High Speed Trains, Electric and Diesel Locomotives as well as Signaling, Fixed Installations,

Customer Support and Total Rail Systems. Adtranz employs approximately 24,000 people worldwide.

Except for historical information contained herein, this press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including without limitation,statements as to expectations, beliefs, and future financial performance. These forward-looking statements are dependent on a number of factors, business risks and issues, a change in which could cause actual results to differ materially from those expressed or implied in the forward-looking statements. Such factors, risks and issues are set forth from time to time under "Forward-Looking Statements," in Management's Discussion and Analysis of Financial Condition and Results of Operations in Greenbrier's SEC filings and reports. Any forward-looking statement speaks only as of the date on which such statement is made. Greenbrier undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made