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About GBW

In June 2014, The Greenbrier Companies (NYSE:GBX) and Watco Companies embarked on a 50/50 railcar repair joint venture called GBW Railcar Services, LLC (GBW). GBW now owns and operates the Greenbrier and Watco respective railcar repair, refurbishment and maintenance businesses. The new company formed by the two industry leaders will respond directly to interests expressed by the companies existing customers and marketplace. This joint venture is designed to meet the certification and maintenance requirements of the growing North American tank car fleet as well as expand railcar repair service offerings for general freight cars of nearly all types.

About Greenbrier

Greenbrier, (www.gbrx.com), headquartered in Lake Oswego, Oregon, is a leading supplier of transportation equipment and services to the railroad industry. We build new freight rail cars in our four manufacturing facilities in the U.S. and Mexico and marine barges at our U.S. manufacturing facility. Greenbrier has thousands of railcars in its lease fleet and performs management services for hundreds of thousands of railcars owned by third parties. Greenbrier also sells reconditioned wheel sets and provides wheel services at nine locations throughout the U.S. We recondition, manufacture and sell railcar parts at four U.S. sites. Greenbrier builds new railroad freight cars and refurbishes freight cars for the European and Middle Eastern markets through our operations in Poland. Greenbrier is also a partner in Greenbrier-Maxion, based in Hortolandia, Brazil, which builds new freight railcars for Brazil and other South American Markets.

About Watco

Watco Companies, LLC (watcocompanies.com), is a Pittsburg, Kansas, based transportation company providing mechanical, transportation,terminal and port services, and supply chain services for Customers throughout North America and Australia. Watco is the owner of Watco Transportation Services, LLC, one of the largest short line railroad holding companies in the U.S. with 35 short line railroads operating on more than 4,700 miles of track, as well as 30 industrial contract switching locations. The Terminal and Port Services division currently manages 55 terminals and the Greens Port Industrial Park.