Chairman and Majority Shareholder Carl Icahn and Jim Unger, CEO of American Railcar Industries, Inc.,
Ring The NASDAQ Stock Market Closing Bell

Wednesday, June 7, 2006
at NASDAQ's MarketSite
in New York City.

American Railcar Industries, Inc. [ARII]

Chairman and Majority Shareholder Carl Icahn and Jim Unger, CEO of American Railcar Industries, Inc. (Nasdaq: ARII) preside over the closing bell to celebrate its initial public offering on the NASDAQ.

American Railcar Industries, Inc. is a leading North American manufacturer of covered hopper and tank railcars. ARI also repairs and refurbishes railcars, provides fleet management services and designs and manufactures certain railcar and industrial components used in the production of its railcars as well as railcars and non-railcar industrial products produced by others. ARI provides its railcar customers with integrated solutions through a comprehensive set of high quality products and related services.

Click for larger pictures of the NASDAQ MarketSite. Additional Photographs for 6/7/2006 Download Hi-Res Quality Photo of this NASDAQ Market Open - Pictured: Jim Unger, CEO of American Railcar Industries, Inc. and Chairman and Majority Shareholder Carl Icahn, rings the Closing Bell These photos are Copyright 2006, The Nasdaq Stock Market Inc. and available for re-publication by the news media only. Any commercial use is strictly prohibited without the prior written consent of The Nasdaq Stock Market Inc. © Copyright 2006, The NASDAQ Stock Market, Inc. Reprinted with the permission of The Nasdaq Stock Market, Inc.