Quarterly Insider Transactions at American Railcar Industries, Inc. (ARII)

Shares Bought

Shares Sold

Quarter	Buy / Adquisition				Sell / Disposition				Net Activity
Quarter	Traded Shares	Avg. Price /p share	Transactions	Insiders	Traded Shares	Avg. Price /p share	Transactions	Insiders	Net Activity
Quarter	Buy / Adquisition				Sell / Disposition				Net Activity
Quarter	Traded Shares	Avg. Price /p share	Transactions	Insiders	Traded Shares	Avg. Price /p share	Transactions	Insiders	Net Activity
Q4 2018	—				11.9M	$70.0 $831 Million	1	1	(11.9M)

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Operation

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Type

P - Open market or private purchase×

S - Open market or private sale×

V - Transaction voluntarily reported earlier than required×

A - Grant, award, or other acquisition×

D - Sale (or disposition) back to the issuer×

F - Payment of exercise price or tax liability×

I - Discretionary transaction×

M - Exercise of conversion of derivative security×

C - Conversion of derivative security×

E - Expiration of short derivative position×

H - Expiration (or cancellation) of long derivative position with value received×

O - Exercise of out-of-the-money derivative securities×

X - Exercise of in-the-money or at-the-money derivatives securities×

G - Bona fide gift×

L - Small Acquisition×

W - Acquisition or disposition by will or laws×

Z - Deposit into or withdrawal from voting trust×

J - Other acquisition or disposition×

K - Transaction in equity swap or similar instrument×

U - Disposition due to a tender of shares in a change of control transaction×

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