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Entry into a Material Definitive Agreement

On November5, 2015, American Railcar Industries, Inc. (ARI) entered into a Second Amendment (the Amendment) to the Purchasing and Engineering Services Agreement and License dated as of January 7, 2013 and amended as of August 22, 2014, (the Agreement) with ACF Industries, LLC (ACF), a company controlled by Mr. Carl Icahn, ARIs principal beneficial stockholder through Icahn Enterprises L.P. The Amendment was unanimously approved by the independent directors of ARIs audit committee.

Pursuant to the terms and conditions of the Agreement, ARI provides purchasing...