American Railcar Industries, Inc. entered into an Agreement and Plan of Merger (the Merger Agreement) with STL Parent Corp. In connection with the Merger, each of SungHwan Cho, James C. Pontious, J. Mike Laisure, Harold First, Jonathan Frates, Michael Nevin and Patricia A. Agnello resigned and ceased to be members of the Board of Directors of the company (including any committees thereof). These resignations were not a result of any disagreements between the Company and its directors on any matter relating to the Company's operations, policies or practices.