<SEC-DOCUMENT>0001171843-20-007865.txt : 20201110
<SEC-HEADER>0001171843-20-007865.hdr.sgml : 20201110
<ACCEPTANCE-DATETIME>20201110161511
ACCESSION NUMBER:		0001171843-20-007865
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20201110
DATE AS OF CHANGE:		20201110
EFFECTIVENESS DATE:		20201110

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FreightCar America, Inc.
		CENTRAL INDEX KEY:			0001320854
		STANDARD INDUSTRIAL CLASSIFICATION:	RAILROAD EQUIPMENT [3743]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-51237
		FILM NUMBER:		201301287

	BUSINESS ADDRESS:	
		STREET 1:		125 SOUTH WACKER DRIVE
		STREET 2:		SUITE 1500
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606
		BUSINESS PHONE:		(800) 458-2235

	MAIL ADDRESS:	
		STREET 1:		125 SOUTH WACKER DRIVE
		STREET 2:		SUITE 1500
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FCA Acquisition Corp.
		DATE OF NAME CHANGE:	20050316
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEFA14A
<SEQUENCE>1
<FILENAME>defa14a_111020.htm
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 150.8pt 0pt 150.75pt; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 150.8pt 0pt 150.75pt; text-align: center"><B>SECURITIES AND EXCHANGE
COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 150.75pt; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 150.75pt; text-align: center"><FONT STYLE="font-size: 12pt">SCHEDULE
14A</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>


<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Proxy Statement Pursuant
to Section 14(a) of the Securities</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">Exchange Act of 1934 (Amendment No.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">Filed by the Registrant <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9746;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">Filed by a Party other than the Registrant <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">Check the appropriate box:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"></P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0"></TD>
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;
</FONT></TD>
    <TD>Preliminary Proxy Statement</TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></TD><TD>Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></TD><TD>Definitive Proxy Statement</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9746;</FONT></TD><TD>Definitive Additional Materials</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></TD><TD>Soliciting Material Pursuant to &sect;240.14a-12</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 150.75pt; text-align: center">&nbsp;</P>

<P STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center; margin: 0pt 0"><FONT STYLE="font-size: 12pt">FREIGHTCAR
AMERICA, INC.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 150.75pt; text-align: center">(Name of Registrant as Specified
In Its Charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="border-bottom: Black 1pt solid; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Name of Person(s) Filing
Proxy Statement, if other than the Registrant)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">Payment of Filing Fee (Check the appropriate box):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">                                                                                                                                                                                                                                                                                                                                                                                                                              <TR STYLE="vertical-align: top">
<TD></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9746;</FONT></TD><TD>No fee required.</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></TD><TD>Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">1)</TD><TD>Title of each class of securities to which transaction applies:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">2)</TD><TD>Aggregate number of securities to which transaction applies:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">3)</TD><TD STYLE="padding-right: 9.7pt">Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule
0-11 (set forth the amount on which the filing fee is calculated and state how it was determined):</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">4)</TD><TD>Proposed maximum aggregate value of transaction:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">5)</TD><TD>Total fee paid:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></TD><TD>Fee paid previously with preliminary materials.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></TD><TD STYLE="padding-right: 7pt">Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify
the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or
the Form or Schedule and the date of its filing.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">1)</TD><TD>Amount Previously Paid:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">2)</TD><TD>Form, Schedule or Registration Statement No.:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">3)</TD><TD>Filing Party:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">4)</TD><TD>Date Filed:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><I>In connection with
the Special Meeting of Stockholders (the &ldquo;Special Meeting&rdquo;) of FreightCar America, Inc. (the &ldquo;Company&rdquo;),
the Company filed a definitive proxy statement and accompanying proxy card with the U.S. Securities and Exchange Commission on
November 2, 2020. On November 10, 2020, the Company held an investors&rsquo; call to discuss the Company&rsquo;s earnings for the
third quarter (the &ldquo;Q3 Earnings Call&rdquo;). Below is the script&nbsp;for the Company&rsquo;s Q3 Earnings Call.</I></FONT></P>

<P STYLE="margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: maroon"><FONT STYLE="font-size: 14pt"><B>FreightCar
America </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: maroon"><FONT STYLE="font-size: 14pt"><B>Third Quarter
2020 Earnings Call Script</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: maroon"><font style="font-size: 14pt"><b>Version 5 as
of 11.9.20 4PM</b></font></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: maroon"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: maroon"><B>SPEAKERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Jim Meyer &ndash; President and Chief Executive Officer, FreightCar
America</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1.5in">Chris Eppel &ndash; Chief Financial
Officer, FreightCar America</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1.5in">Matt Tonn &ndash; Chief Commercial
Officer, FreightCar America</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1.5in">Joe Caminiti &ndash; Investor
Relations</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: maroon"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <B>Moderator</B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Welcome to FreightCar America&rsquo;s Third
Quarter 2020 Earnings Conference Call and Webcast. At this time, all participant lines are in a listen-only mode. For those of
you participating on the conference call, there will be an opportunity for your questions at the end of today&rsquo;s prepared
comments. Please note this conference is being recorded. An audio replay of the conference call will be available on the Company&rsquo;s
website within a few hours after this call.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">I would now like to turn the call over
to Joe Caminiti, Investor Relations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -1.5in"><B>J. Caminiti</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Thank you and welcome. Joining me today
are Jim Meyer, President and Chief Executive Officer, Chris Eppel, Chief Financial Officer, and Matt Tonn, Chief Commercial Officer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">I&rsquo;d like to remind everyone that
statements made during this conference call relating to the Company&rsquo;s expected future performance, future business prospects,
or future events or plans, may include forward-looking statements as defined under the Private Securities Litigation Reform Act
of 1995. Participants are directed to FreightCar America&rsquo;s 2019 Form 10-K and its third quarter 2020 form 10-Q for a description
of certain business risks, some of which may be outside of the control of the Company that may cause actual results to materially
differ from those expressed in the forward-looking statements. We expressly disclaim any duty to provide updates to our forward-looking
statements, whether as a result of new information, future events, or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our 2019 Form 10-K and earnings release
for the third quarter of 2020 are posted on the Company&rsquo;s Web site at www.freightcaramerica.com.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">With that, let me now turn the call over
to Jim for a few opening remarks.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>J. Meyer</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Thank you, Joe. Good morning and thank
you all for joining us today. While it has only been three weeks since our special call to provide you with an update on our business
repositioning process, we have continued to make progress and we&rsquo;re excited to provide some additional updates for you today.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Let me take a few minutes to recap some
of the critical steps we have taken, and that we are still in the process of completing, to finalize the restructuring.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">First, we successfully completed the acquisition
of the remaining 50% of our Joint Venture in Casta&ntilde;os, Mexico in mid-October.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Production at the new Casta&ntilde;os factory
started in July, with the first car completed in August, and I am happy to announce that the manufacturing facility is now fully
certified by Association of American Railroads, or AAR. To the best of our knowledge, this was completed in record time, which
was due entirely to the strong team we have at Casta&ntilde;os. As a result, we will be shipping our first railcars from the facility
this week. So, in short, Casta&ntilde;os is manned with a highly experienced workforce, is AAR certified, is producing and is now
generating revenue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the third quarter we also successfully
negotiated the early termination of our lease at the Cherokee, AL or Shoals facility. As of October, we have no additional rent
due at Shoals and we have agreed to sell and transfer certain basic infrastructure at the facility to the landlord in exchange
for the early termination. Again, there is no additional capital required as part of the lease at this stage.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">By early 2021, our entire freight car portfolio
will be produced in Casta&ntilde;os. We will continue to produce aftermarket parts for our parts business in Richland, PA and this
is not expected to change. And as I always do, I want to thank our employees at Shoals for their dedication and commitment to completing
our remaining orders at that facility. They continue to work with both professionalism and pride.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This is what we have accomplished in recent
months, but what exactly are we trying to create? First and foremost, let us remember what we are. We do not have a big lease fleet
to fall back on, and that isn&rsquo;t what our customers want from us anyway. What we are and what our customers want us to be,
is a &lsquo;pure play&rsquo; manufacturer. And given this, we better be the best in the business at it &ndash; for cost, for quality,
and for on-time delivery performance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have been working for almost three years
now to create the best cost structure in the business, and with the recent announcement describing our final transformative steps,
we believe we are there. No one else in our industry is producing from a single efficient site and on the cost structure that we
have in Mexico. Nobody else can start turning a manufacturing profit on the volume levels that we will soon be able to do. And
in addition, we have almost three years of product re-engineering and strategic sourcing initiatives from our &lsquo;Back to Basics&rsquo;
work, which transfer with us to the new footprint. Starting now, we can compete in every product category in which we have an offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Let us next talk about quality. We have
said for some time that our goal is to be the industry leader in quality. Our move to Casta&ntilde;os is fully aligned with this
objective. Beyond the careful attention that went into the design of our new factory, we are assembling the very best workforce
in the business. Now, for the first time, we are located in the heart of railcar manufacturing for North America, with access to
a large pool of highly trained railcar manufacturing personnel. We are hiring the best. Period. The facts that (a), we delivered
the first steel to the plant in July and completed our first car in August, and (b) we had our onsite inspection audits from the
AAR in September and were formally certified just one month later, are testimony to this. And again, we will start shipping cars
to customers this week.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">By moving all production to Casta&ntilde;os
by early 2021, we will have reset our cost-base and are multiple steps closer to reaching our goal to become the highest quality
and lowest cost producer in the industry.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Lastly, our industry remains in a cyclical
downturn, which has been greatly intensified by a &lsquo;once in a century&rsquo; pandemic. While there are some initial signs
of market stabilization and small wins, which Matt will talk about in a few minutes, we cannot be certain how long the downturn
will last.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As a result, we have done several things
to mitigate the risks associated with these external conditions. First, we have accelerated our business repositioning plan as
the full shift of production to Casta&ntilde;os provides significant financial and operational flexibility to ride out these headwinds.
We have lowered our breakeven economics to less than 2,000 cars per year. And the Casta&ntilde;os facility will be scaled quickly
once we see signs that the pandemic and its economic effects are leaving us for good. I would argue we will be in one of the best
positions in our industry to navigate this pandemic with this new lean and scalable business profile, and that it will allow us
to emerge quickly and from a position of strength when conditions allow. We have also obtained a new asset-backed credit facility,
and we are in the final steps of completing a $40 million term loan. I will talk more about the latter later in the call.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">With that brief overview, I&rsquo;ll pass the call to Chris
to talk more specifically about our financial results and performance in the third quarter. Chris?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>C. Eppel</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Thanks Jim. Turning to our financial results,
consolidated revenues for the third quarter totaled $25.2 million, compared to $17.5 million in the second quarter of 2020 and
$40.7 million in the third quarter of 2019. We delivered 163 railcars in the quarter, compared to 100 in the second quarter of
2020 and 467 in the third quarter of 2019.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As previously noted, our current backlog
of 2020 orders, scheduled to ship this year, is heavily weighted to the second half of the year. That said, we shipped fewer cars
in the third quarter than we expected as we made the strategic decision to shift some of our orders from Shoals to Casta&ntilde;os
to take advantage of the certification timing and improved economics of the new facility. This resulted in a pushout of deliveries
from Q3 into Q4 and beyond. Thus, we still expect to come within the bottom end of the guidance range we provided for you last
quarter, but have narrowed it to 750 to 850 railcars for the second half of 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our gross profit improved to a negative
$4.1 million, compared to negative $6.1 million in the second quarter of this year, and negative $5.4 million in Q3 of 2019. Gross
profit performance reflects previous cost reductions and a mix of higher margin railcars, which offsets the impact of negative
efficiencies due to lower production volumes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: red">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">SG&amp;A for the quarter totaled $7.2 million
up from $6.5 million in the second quarter of 2020, but down from $7.8 million in Q3 of 2019. The sequential increase included
several onetime costs related to the deal activity and certain commercial reserves for approximately $1 million. The Company expects
to have additional SG&amp;A costs related to the financing in both Q4 of this year and Q1 of 2021. Excluding these costs, the Company&rsquo;s
SG&amp;A will remain under $7 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Consolidated operating loss for the third
quarter of 2020 was $41.3 million, compared to an operating loss of $12.9 million in the second quarter of 2020 and a loss of $36.3
million in the year ago period. The sequential increase in the loss was primarily attributable to $30.1 million of restructuring
and impairment charges incurred during the quarter. As a reminder, the majority of these charges specifically related to the exit
from the Shoals facility. Specifically, the charge included a $17.5 million non-cash impairment charge recorded to reduce the Shoals
facility lease asset to its fair value, non-cash impairment charges for property, plant and equipment of $9.0 million, and employee
severance and retention charges of $3.4 million. Furthermore, the final agreement with the landlord was reached in the beginning
of the fourth quarter, which requires us to write down the lease liability associated with the facility in that quarter in line
with Generally Accepted Accounting Principles. As such, we will record a non-cash gain related to the lease in our Q4 results.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Moving to the balance sheet, we finished
the quarter with cash and cash equivalents, including restricted cash and certificates of deposit, of $32.9 million, down from
$52.4 million at the end of Q2 and down $37.1 million from the year end 2019. Part of the decline in our cash results is attributable
to a build in our working capital. Inventories increased to $60.2 million, from $47.1 million last quarter and $25.1 million as
of December 31, 2019. This increase is related to the delivery guidance we are providing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Capital expenditures for the third quarter
of 2020 totaled $1.3 million dollars, the majority of which was related to the needs of our Mexico facility to support our production
ramp-up. The Company anticipates between $1-to-2 million of additional capital investments in 2020, which will allow us to complete
the first phase of our <B>Mexican capacity production investments</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Now I&rsquo;d like to turn the call over
to Matt for a few commercial comments related to the third quarter and moving forward. Matt.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>M. Tonn</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Thanks, Chris. Our industry continues to
navigate the challenges of this cyclical downturn. Key market indicators including rail traffic and railcar storage levels are
trending in the right direction although the economy in general remains uncertain due to the pandemic. Our view is that customer
sentiment remained very cautious in the third quarter, and thus, we don&rsquo;t anticipate meaningful demand improvement in the
near-term.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Although down from the second quarter,
third quarter inquiries represented a greater mix of car types that FreightCar America is well suited to deliver. Our third quarter
orders reflect the continued weakness and caution in the industry.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are extremely confident that the move
to Casta&ntilde;os will strengthen our competitive position and allow us to earn our share of orders once the market begins to
return to some level of normalcy. Despite the pandemic and the associated travel restrictions, we remain focused on staying engaged
with our customers. Through the use of video, we have started hosting live and virtual customer meetings from Casta&ntilde;os,
and have received great feedback on the facility and experienced leadership there.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">I&rsquo;ll end with a review of our backlog.
Our order backlog as of September 30, 2020 consisted of 1,776 railcars, compared to 1,839 railcars at the end of the second quarter.
Our backlog has an estimated sale value of approximately $195 million. We&rsquo;ve had no order cancellations as a result of our
manufacturing shift, and again continue to receive positive feedback from customers about both Castanos and our new business repositioning
plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">With that, I&rsquo;ll now turn the call
back over to Jim for a few closing remarks. Jim.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>J. Meyer</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Thanks, Matt. We have spent the last few
weeks talking about this critical business repositioning process and we have had a few consistent questions. So, I thought the
best thing we could do today is to address these questions on this call.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>The first question is why now? Why does
FreightCar America need to execute such an aggressive repositioning plan in the middle of a pandemic, when the market&rsquo;s in
the middle of a downcycle?</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To start, our &lsquo;Back to Basics&rsquo;
strategy made significant progress in lowing our cost per car, but it hasn&rsquo;t been enough, not in this pandemic and the resulting
prolonged industry downturn.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We entered 2020 with cautious optimism,
but the impact of the downcycle and pandemic forced us to accelerate our plans. We must change our cost structure and we must do
so quickly. We cannot afford to sustain our current level of losses, and we must put quarters like this one behind us once and
for all. This move gets us to where we need to be. And the good news is that through the &lsquo;Back to Basics&rsquo; work and
then the JV formation and Casta&ntilde;os plant start-up, we can do it now, as in right now, and we can do it without disruption
and without giving up future scale and upside. We will just no longer be paying for that scale until we need it.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>The next question involves the structure
of our purchase of the remaining interest in our joint venture in Mexico. Specifically, why did we choose to purchase the Gil Family&rsquo;s
50% interest in the JV, in exchange for approximately 14 and a half percent of our common stock?</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 12pt">The simple
answer is that Casta</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ntilde;</FONT><FONT STYLE="font-size: 12pt">os
is our future. And with the decision to move all our production to Mexico, we needed to ensure more complete management control
of our soon-to-be only manufacturing facility. We also needed to have complete ownership of the profit stream coming out of it.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We did the deal in stock versus for two
reasons. One, cash must be managed carefully in this time of economic uncertainty, and two, we did the deal in stock because we
believed it was absolutely critical to directly align our interests with those of our partners. As to the amount, approximately
14 and a half percent, consider that the JV is where the majority, the large majority, of our future profits are expected to be
earned. So, we believe strongly that purchasing 50% of the future profits coming out of Mexico for approximately 14 and a half
percent of company equity represents very good value for our stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>The third question involves our new
term-loan, and investors obviously want to better understand why we need this capital today? </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There are really two answers to this question
as well, one involves risk management, and the second is focused on the need for growth capital. In terms of risk management, our
cash position is down nearly $40 million since the end of 2019 and the pandemic has clearly elongated the current downturn in our
industry cycle. Not only do our investors see that, but our customers do too. In a capital intensive business like ours, we require
strong liquidity and customers need to know we have a balance sheet that will allow us to fulfill our commitments to them. Without
the proper balance sheet, winning business becomes that much harder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">But equally important is when this industry
downturn finally reverses &ndash; and it always does &ndash; we need to be in a position to leverage the opportunity. That will
require additional capital to ramp up production, build the 3<SUP>rd</SUP> and 4<SUP>th</SUP> production lines at Casta&ntilde;os,
and support working capital needs to build inventory. We must leverage the next upcycle to win share and become a larger company
again, and that&rsquo;s going to need capital to support it.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This incremental funding is vital to our
plans and vital to our future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Lastly, we&rsquo;ve had a common question
around our capital raise process. Some investors view the term loan structure as expensive, since it includes a warrant that provides
our new lending partner with the ability to purchase up to 23% of the Company&rsquo;s outstanding common stock for a penny a share.
So, the question has been, what was the process and why this deal?</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Let me start by saying this solution was
not entered into lightly. This team ran a process for nearly a year. We went to the market with a plan and asked what it would
cost to underwrite it. This plan wasn&rsquo;t backed by assets and it wasn&rsquo;t backed by a strong positive EBITDA stream. Rather
it was focused on value-creation and the expectation that we can turn around past negative EBITDA results into real profitability
in the future. We reviewed countless proposals, and it quickly became clear that every solution required some degree of equity
for whichever partner we selected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The bottom-line is, this was the best solution
available to us. We will not find a better deal and remember that we are in the middle of a pandemic causing great uncertainty.
We need to reposition this business and we need to do it now. We need this capital to complete the restructuring, reassure our
customers that we have the staying power, backstop the business through the pandemic, and fund our future working capital and growth
investment needs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">So, while we understand that this business
repositioning plan will require roughly 35% in total dilution for our stockholders, through the JV purchase and the new term loan,
it&rsquo;s THE RIGHT solution. Owning a business that&rsquo;s struggling to compete and isn&rsquo;t growing, with limited capital
to fix itself&hellip;.versus a business that has a clear path for becoming the lowest cost, highest quality producer in its industry
&ndash; one that will grow and earn profit at a significantly higher rate &ndash; is an easy decision.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Thus, I am asking all of you as stockholders
to vote for our plan by submitting your proxy in support of this new term loan. This is an extraordinarily important decision,
and we need your support.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">That concludes our prepared remarks and
I&rsquo;ll now turn the call over to the operator for Q&amp;A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: maroon"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <B>Moderator</B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1.5in">At this time there are no other
questions in queue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <B>Jim</B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Thank you again for your time today. We need your support to
complete this business repositioning process and to ensure our future. I look forward to entering an exciting new phase for our
Company with all of you and strongly believe we have the right plan to deliver strong value. Have a great day.</P>



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