is pleased to announce its role as financial advisor to The Estate of Alan James in connection with the sale of 3,504,167 common shares in May 12, 2005

Transaction Highlights
	Successful culmination of Relational’s efforts on behalf of Alan James and, after his death, to his Estate over a 21-month period.
	Relational advised Mr. James’ Estate on the sale of common shares in The Greenbrier Companies (“Greenbrier”) (NYSE: GBX).
	–	Estate owned approximately 26% of the outstanding shares
	–	Estate sold approximately 90% of its holdings
	–	Shares were bought by Greenbrier with proceeds from a successful primary share public stock offering
	–	Relational assisted the Estate in negotiating an agreement with Greenbrier
	Reinforces Relational Advisors’ position as a leading financial advisor.
	–	Shares were sold at a substantially higher price than the price on the date of our initial engagement
	–	Relational provided a full range of services to Mr. James and his Estate
	–	Highlights Relational’s expertise in complex shareholder matters
	–	Relational established a trusted advisor relationship with our client

Client Testimonial

”Relational Advisors has provided exceptional service to Alan James and, subsequent to Mr. James’ passing, to his Estate. Relational has worked tirelessly in providing a full range of advisory services and diligently assisting us with increasing the value of the common stock holdings in Greenbrier. We engaged Relational in August of 2003 based on their expertise in advising on complex shareholder matters and their service model of executing engagements with senior, savvy professionals. From the beginning and throughout the engagement, senior management was always available to provide Mr. James and now the Estate with extraordinarily cogent advice on time sensitive matters. Our expectations have been exceeded, and we have been extremely pleased with the outcome of Relational’s work.”

– George Chelius, Co-Executor of the Estate of Alan James

	Contact Us 12400 High Bluff Dr., Ste. 600 San Diego, CA 92130 Tel. (858) 704-3300 Fax (858) 704-3340 info@relationaladvisors.com www.relationaladvisors.com For more information on the Greenbrier transaction please contact: Bob Woolway, Managing Director (858) 704-3353 woolway@relationaladvisors.com Todd Wilson, Director (858) 704-3372 twilson@relationaladvisors.com What's New Relational Advisors is pleased to announce its role as financial advisors to Del Mar Database in its sale to Fiserv Relational Advisors is pleased to announce its role as financial advisors to Onyx Acceptance Corp. in its sale to CapitalOne ’Low-Profile Powerhouse’ Relational Advisors Appears in San Diego Union Tribune		About Relational Advisors Relational Advisors is one of the West Coast's preeminent private investment banking firms. We have been involved in some of the most significant and complex transactions in America. Relational Advisors specializes in mergers and acquisitions, private financings, complex shareholder and Board of Directors matters, restructurings and crisis situations for clients ranging from middle market companies to the Fortune 500. Since the firm's inception in 1988, Relational Advisors has executed numerous transactions for our clients totaling more than $60 billion. The senior professionals of Relational Advisors bring more than 20 years on average of experience to the firm's high profile and complex engagements - such as the restructuring of Enron and unlocking of value for Chrysler shareholders. We work "in the trenches" to achieve our clients' strategies and financial objectives, which has earned us the reputation as long-term, trusted advisors to a select group of performance driven companies.
	About the Estate of Alan James Alan James was co-founder and former chairman of The Greenbrier Companies. Mr. James passed away in late January of this year. His Estate included approximately 3.9 million shares of Greenbrier. The executors of the Estate negotiated a settlement with Greenbrier to allow for the purchase of about 3.5 million shares by the company from the proceeds of a primary public offering. About The Greenbrier Companies The Greenbrier Companies (NYSE: GBX) is a leading supplier of transportation equipment and services to the railroad industry. Greenbrier builds new railroad freight cars in the U.S., Canada, and Mexico and repairs and refurbishes freight cars or wheels at 15 locations across North America, with growing supply chain relationships in Asia. 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 125,000 railcars in its leasing and services unit. Testimonials may not be representative of the experience of other clients. Past performance may not be indicative of future performance or success.