Washington, D.C. 20549



Date of Report (Date of Earliest Event Reported): March 10, 2020 (March 10, 2020)

(Exact Name of Registrant as Specified in Its Charter)
(Commission File No.)
(State or other Jurisdiction of Incorporation)
(I.R.S. Employer Identification No.)
30 Isabella Street
Pittsburgh, Pennsylvania
(Address of Principal Executive Offices)
(Zip Code)

(412) 825-1000
(Registrant’s Telephone Number, Including Area Code)

Not Applicable
(Former Name or Former Address, if Changed Since Last Report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

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Securities registered pursuant to Section 12(b) of the Act:
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Common Stock, par value $0.01 per share
New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

Item 7.01.
Regulation FD Disclosure.
On March 10, 2020, Westinghouse Air Brake Technologies Corporation (the “Company”) posted an investor presentation to its website at https://ir.wabteccorp.com/investor-relations in anticipation of the Company’s analyst investor meeting in New York. A real-time webcast of the meeting will be broadcast live over the Internet. Individuals wishing to listen can access the meeting through the aforementioned website. A copy of the investor presentation is attached as Exhibit 99.1 to this Current Report on Form 8-K.
In addition, on March 10, 2020, the Company issued a press release regarding the investor conference and the Company’s previously issued earnings guidance for fiscal year 2020, which will be discussed during the presentation.  A copy of the press release is attached as Exhibit 99.2 to this Current Report on Form 8-K.
In accordance with General Instruction B.2 of Form 8-K, the information furnished pursuant to this Item 7.01 in this Current Report on Form 8-K, including Exhibits 99.1 and 99.2, shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.
Item 9.01.
Financial Statements and Exhibits.
Presentation dated March 10, 2020
Press Release dated March 10, 2020
Cover Page Interactive Data File (embedded within the Inline XBRL document)

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
/s/ Patrick D. Dugan
Patrick D. Dugan
Executive Vice President and
Chief Financial Officer
Date: March 10, 2020

Exhibit 99.1


   This presentation contains “forward-looking” statements as that term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995, including statements relating to the impact of the acquisition by Wabtec of GE Transportation (the “GE Transportation merger”) and statements regarding Wabtec’s expectations about future sales and earnings. All statements, other than historical facts, including statements regarding the expected benefits of the GE Transportation merger, including anticipated synergy benefits and statements regarding Wabtec’s plans, objectives, expectations and intentions; legal, economic and regulatory conditions; and any assumptions underlying any of the foregoing, are forward-looking statements.Forward-looking statements concern future circumstances and results and other statements that are not historical facts and are sometimes identified by the words “may,” “will,” “should,” “potential,” “intend,” “expect,” “endeavor,” “seek,” “anticipate,” “estimate,” “overestimate,” “underestimate,” “believe,” “could,” “project,” “predict,” “continue,” “target” or other similar words or expressions. Forward-looking statements are based upon current plans, estimates and expectations that are subject to risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. The inclusion of such statements should not be regarded as a representation that such plans, estimates or expectations will be achieved. Important factors that could cause actual results to differ materially from such plans, estimates or expectations include, among others, (1) unexpected costs, charges or expenses resulting from the GE Transportation merger; (2) uncertainty of Wabtec’s expected financial performance; (3) failure to realize the anticipated benefits of the GE Transportation merger, including as a result of integrating GE Transportation into Wabtec; (4) Wabtec’s ability to implement its business strategy; (5) difficulties and delays in achieving revenue and cost synergies; (6) inability to retain and hire key personnel;(7) evolving legal, regulatory and tax regimes; (8) changes in general economic and/or industry specific conditions, including the impacts of tax and tariff programs, industry consolidation and changes in the financial condition or operating strategies of our customers; (9) changes in the expected timing of projects; (10) a decrease in freight or passenger rail traffic; (11) an increase in manufacturing costs; (12) actions by third parties, including government agencies; (13) the severity and duration of the evolving COVID-19 pandemic and the resulting impact on the global economy; and (14) other risk factors as detailed from time to time in Wabtec’s reports filed with the SEC, including Wabtec’s annual report on Form 10-K, periodic quarterly reports on Form 10-Q, periodic current reports on Form 8-K and other documents filed with the SEC. The foregoing list of important factors is not exclusive. Any forward-looking statements speak only as of the date of this communication. Wabtec does not undertake any obligation to update any forward-looking statements, whether as a result of new information or development, future events or otherwise, except as required by law. Readers are cautioned not to place undue reliance on any of these forward-looking statements.This presentation as well as Wabtec’s earnings release and 2020 financial guidance mention certain non-GAAP financial performance measures, including adjusted sales, adjusted operating margin, EBITDA, adjusted EBITDA, adjusted effective tax rate, adjusted income from operations, adjusted interest and other expense and adjusted earnings per diluted share. Wabtec defines EBITDA as income from operations plus depreciation and amortization. While Wabtec believes these are useful supplemental measures for investors, they are not presented in accordance with GAAP. Investors should not consider non-GAAP measures in isolation or as a substitute for net income, cash flows from operations, or any other items calculated in accordance with GAAP. In addition, the non-GAAP financial measures included in this presentation have inherent material limitations as performance measures because they add back certain expenses incurred by the company to GAAP financial measures, resulting in those expenses not being taken into account in the applicable non-GAAP financial measure. Because not all companies use identical calculations, Wabtec’s presentation of non-GAAP financial measures may not be comparable to other similarly titled measures of other companies. With respect to Wabtec’s guidance to certain non-GAAP adjusted financial measures, it is not possible, without unreasonable effort, to forecast and quantify with reasonable accuracy certain adjustments that would be necessary for a reconciliation to the corresponding GAAP financial measures.  2  Forward looking statements & non-GAAP financial information 


   Agenda  2  8:30 AM ET  Opening Remarks and Wabtec Overview  Rafael Santana  9:15 AM ET  Portfolio Spotlights      Spotlight on Technology  Dominique Malenfant    Spotlight on Freight Services  Pascal Schweitzer    Spotlight on Digital Electronics  Peter Thomas / Bob Bourg    Spotlight on Global Operations  Alicia Hammersmith    Spotlight on Transit  Lilian Leroux    Spotlight on Regional Growth: Russia /CIS/MENAT  Gokhan Bayhan    Spotlight on Regional Growth: India  Sujatha Narayan  11:00 AM ET  Financials / Q&A      Financial Performance  Pat Dugan    Q&A   

 IntroductionRafael Santana 

                   1. Delivering results through the cycles via world-class technology and innovation while leveraging significant installed base  2. Focused on continuous operational improvementand margin expansion  3. Lean operations driving strong cash flow withdisciplined capital allocation  4. Building a stronger and better Wabtec with a purpose- driven culture of accountability  What you will hear today      Extending the lead as #1 rail technology company in the world              5-YEAR OULOOKMid-Single DigitORGANIC SALES CAGR VS. LOW SINGLE DIGIT FOR INDUSTRY300+ bpsOPERATING MARGINEXPANSION>10%EPS CAGR    >90%CASH FROM OPS CONVERSION (1)  6  (1) Cash from Operations conversion % is defined as GAAP Cash from Operations divided by GAAP Net Income plus Depreciation & Amortization 

   Our speakers        Gokhan Bayhan Regional General Manager, Russia/CIS/MENAT    Rafael SantanaPresident & CEO        Alicia Hammersmith Vice President, Operations, Transit    Sujatha Narayan Regional General Manager, India              Bob BourgVice President, Core Electronics and Data Analytics    Lilian Leroux Group President, Transit    Pascal Schweitzer Group President, Freight Services                Pat DuganCFO & Executive Vice President    Dominique MalenfantChief Technology Officer    Peter ThomasChief Commercial Officer,Digital Electronics – Americas              7 

                                                                                                                                 Strong global industrial portfolio with track record of innovation and significant recurring revenuePortfolio Geography Market                          Transit OEM 16%  Transit Aftermarket 18%  Freight Equipment 21%  Freight Components 13%  Digital 8%  TRANSIT34%    8.2B  $  ‘19 GAAP SALES    500  COMPANY      ~60%non-U.S. revenues~27KEMPLOYEES  8  ~60%AftermarketS&P  FREIGHT66%Freight Services 24% 

             Competitive strengths      Purpose-driven culture … 150 years ofindustry expertise  5.          Technology leader … 7,000 patents  1.          Significant installed base … mission criticalproducts  3.                                                                                  2.  9  Track-record of execution … customerpartnerships spanning 50+ countries  4.  Lean operations … 120+ manufacturing sites 

   Wabtec value creation model      VALUE CREATION FOR OUR SHAREHOLDERS  INVESTED IN COMMUNITIES    CUSTOMER FOCUSED              Through our scale and innovation, we will drive average double-digit earnings growth and lead the transportation industry in unprecedented ways.    Our vision:We will accelerate the future of transportation by building the safest, most reliable and sustainable freight, transit, signaling and logistics systems and services.          ENGAGEDPEOPLEHigh performance teams & leadersDomain expertiseSafety at our core  INNOVATIVETECHNOLOGIESSustainable, quality solutionsHigh barriers to entryGrowth driver  LEANOPERATIONSContinuous improvementFlexible capabilitiesCulturally engrained  10 

           Global demand for transport growing fast … freight andpassenger activity will more than double by 2050    North America’s freight ton mile is moved via rail    *Popular Science, 2019** AAR Sustainability Fact Sheet, 2019  Rail is improving the world’s transportation challenges      SAFER<4% of freight transportation injuries*          EFFICIENTRail is 4x more fuel efficient than conventional trucks**        CLEANER<10% of freight transportation carbon emissions*        2x 40  %  11                                                                                       

                   >20%  Of the world’s rail  freight is moved by a Wabtec locomotive      2.5M  Messages monitored daily on Wabtec locomotives    > 30%  Of content on a Freight car capable of being Wabtec      Transit          Equipment Services      Components      DigitalElectronics    >30%  Of North American freight moved through ports managed by Wabtec software      Freight segment      Transit segment    >15%  14  Rail passenger cars equipped with Wabtec safety critical components  Diverse portfolio of businesses uniquely positioned to outperform the market 

 Market update  Markets we’re in  2019    North America Freight  NAM carload volume  (4.0)%    NAM railcar deliveries  5.8%  International Freight  Int’l rail freight MT  3.1%  Sources: AAR, FTR, Bloomberg, UIC, Global Mining Data, Energy Information Administration, Amtrak, Via Rail, Internal analysis                          ~3-4%TRANSIT~3-5%  INDUSTRIAL    EXPECTED ANNUAL MARKET GROWTH(over 5 years)~2-3%FREIGHT    North American Passenger  Passenger-kilometer  2.5%  International Passenger  Passenger-kilometer  2.9%  Iron Ore exports MT (2.9)%Mining and Other IndustrialsCoal consump. QBTU (1.2)%                                                                                                  14 

         300+ bpsOPERATING MARGINEXPANSION  How we win in the global transportation market              1. Customer focusDeepen & transform global capabilities.Help customers compete and win.  2. TechnologyProtect & extend our current market position with world-class technology.  3. Lean cultureCommitment to quality and continuousimprovement.    >90%CASH FROM OPSCONVERSION      Management compensation aligned to execution  How we create value …    >10%EPS CAGR                          100+ bpsOPERATING MARGINEXPANSION    $900MCASH FROM OPS      $4.50 to $4.80ADJUSTED EPS          2020$8.7BREVENUES  5-YR OUTLOOKMid-Single DigitORGANIC SALES CAGR    14 

   2019 execution & integration reinforces strategic merger rationale  Strategic merger rationale(as communicated at announcement)  Diversified, global leader in transportation & logistics  Electronics & Digital technologies leading to autonomous operations  Recurring revenue growth in high-margin aftermarket &services  Highly compelling pro-forma financial profile …attractive point in cycle  Significant operating synergy potential & tax benefitdrive value creation  Strong free cash flow profile enabling rapidde-leveraging                                      123456  14  How Wabtec has delivered  $8.2B revenue, global operations, ~60% international revenues, leader in Freight and Transit markets  10+ new products launched in ’19 further enablingautonomous operations  ~60% of total revenues in aftermarket, providing stability inkey markets and close alignment with customer needs  2019 adjusted pro forma revenues of $8.7B(a) , EBITDA of$1.5B  $30M synergies delivered in 2019, ahead of plan & on-trackto deliver $250M before 2022  $1B cash from operations delivered in 2019 yielding net debtto adjusted EBITDA of 2.6x  (a): Please refer to Wabtec’s current report on form 8-K dated February 24, 2020 

   Strong cash generation enabling capital allocation flexibility  Dividends    Cap-Ex  Availablecash  Cash from Operations  Excess Cash  Cash uses5-year outlook  Cash sources      Balanced capital allocation priorities to maximize shareholder value      Capital allocation approachMaintain strong balance sheet for flexible capital deploymentContinuing to invest in technology innovation to grow leadership positionFocused on strategic bolt-on M&A that strengthen the core business and are accretive to EPSReturn cash to shareholders through dividends and opportunistic share repurchase  14 

   Committed to creating a more sustainable world … focuson corporate social responsibility                          Creating a moresustainable world  Empowering people andcommunities  Innovating with purpose      Innovating to serve our customers and minimizing our impact onthe planet      Taking action to reduce our environmental impact, while strengthening the long-term sustainability of our business      Driving an inclusive culture grounded in integrity; investing in the communities where our teams live and work  14 

 Segment OverviewsRafael Santana 

       ‘19 ADJ PRO FORMASALES (1)    $5.9B      ~Flat‘20 SALES GROWTH VS.‘19 ADJ PRO FORMA  Growth drivers &industry dynamicsExpanding installed base enabling increased recurring revenue streams  Steady international growth … footprint & partnerships are a strategic advantage  Digital capability is required for customers to achieve OpEx goals … OEM expertise enabling competitive advantage  Merger driving significant footprint rationalization while also capturing more content per train      Geography      Aftermarket60%  OEM 40%          ROW  EMENA  Americas70%  11% 6%  APAC 13%                                                                                          Freight segmentProduct mix2019      ~100bps‘20 MARGIN EXPANSION  (1) 2019 GAAP sales of $5.4B, 2019 GAAP EBIT % of 11.8%, 2019 Adjusted Pro- Forma sales of ~$5.9B, 2019 Adjusted Pro-Forma EBIT % of ~18.5%19 

     LocomotiveIB Age  Sources: AAR, SCI, UIC  Strategy in actionStrongly positioned to capitalize on global dynamics  5 year Outlook  Looking ahead 2021-2025  − OEM agreement to grow market share  − Modernization & new opportunity for service as  Freight carIB ‘20 OEM    NORTH 31KAMERICA  19  1.6M  43K  asset utilization peaks− Strong aftermarket and OEM agreements  APAC 20K  17  1.2M  57K  Deliver India locos, grow share in Southeast AsiaStrong component opportunities in India  RUSSIA/CIS/MENAT 40K  25  1.3M  60K  Continue engine and loco delivery, fleet renewal in other CIS, volume to grow due to coalLeverage RR relationships to grow component share  LATAM 3K  20  151K  1.5K  Renew technology, positive outlook for iron ore & ag.Stable market for components  SUB-SAHARAN 4K AFRICA  19  145K  0.5K   − Renew technology, positive volume for iron ore & coal− Leverage RR relationships to grow component share  EUROPE 7K  22  770K  12K  − Unfavorable volume dynamics & renewal dependent ontechnology progress for non-electrified sections            20                                                                                         

           Strategy in action  Unlocking opportunity for margin expansion across freight ecosystem  LocomotiveWabtec holds significant loco IP contentOpportunity to pull through value on newdeliveries, manufacturing & aftermarket sales      Freight Car~10% of Wabtec content on rail carsOpportunity to grow 2X by 2025  22 

       Strategy in action  Key technologies unlocking $1B revenue in adjacent markets  MiningPropulsion systemSignificant partnershipswith OEMs  Wayside Track ManagementWheel condition monitoring, rail camera, bearing acoustic monitoring            Heat Exchangers100+ patents on heat exchanger / cooling system designsIndustrial applications        Marine, Power GenTier 4 engine: Marine and Power GenTraction motor: Drill Motor                  22 

       Transit segment  Growth drivers & industry dynamics  Dilutive projects are largely behind us… winning new volume at a bettermargin  Regulation changes are creating opportunities ... investing in highly- engineered systems that support shift to green  Steady transit growth across the globe with highlights in India where we’re uniquely positioned to win  Lean culture to deliver significant costout … sourcing, footprint, quality          OEM 48%  Aftermarket 52%                  EMENA55%  Americas20%  GeographyROW 9%APAC17%    $2.8B‘19 SALES            2-5%‘20 SALES GROWTH                                                                                                                                                                                            Product Mix2019    ~100bps‘20 MARGIN EXPANSION  23  (1) 2019 GAAP sales of $2.8B, 2019 GAAP EBIT % of 7.8%, 2019 Adjusted Pro-Forma sales of $2.8B, 2019 Adjusted Pro-Forma EBIT % of ~9.0% 

   How we win in Transit profitably    Aligning portfolio for continuous profitable growth … path to mid-teen margins        Stabilize the portfolioPrudent project selection & improved risk management.  Capture profitable growthExpand in attractive end markets. Win share of global growth & shift to green opportunities.  Drive lean cultureLeverage integration to drive best cost footprint; continuous improvement mindset.      23 

                                           TechnologyDominique Malenfant 

                                                                                                   Technical innovation …at our core    st  26  TO MARKET  Advanced Adhesion controls system to improve traction efficiency for heavy haul freight locomotives  Train Energy Management for freight application  AC electric drive system for mining Ultra-Class trucks  Global Remote Monitoring & Diagnostic solution  Fully electronic SIL 4 brake system in transit  Electronic Train Management System (“PTC”) in freight  Tier 4 engine w/o aftertreatment … 3 years ahead ofcompetitionMetallic 3D printed parts for rail in productionBattery electric freight locomotive 

           Extending our technology leadership by enabling advances in transportation          Environment                        Solving our customers largest challenges:Dwell Reliability Velocity        OpEx            EnergyManagement  Automation  EcosystemEnablement  Sustainabilityin Transit  AdditiveTechnology                                                                                            27 

       Disrupting the rail industry with battery power          100%  BATTERY POWERED        Up to 30%  FUEL AND EMISSIONS SAVINGS        Up to 6,000  KWHr            Customer Value DriversEnvironment OpEx                        FUEL=$7B+  ANNUAL NAM LOCO FUEL SPEND        Up to 45  MILES ON BATTERY  Autonomy  BATTERY-ELECTRIC FREIGHT LOCOMOTIVE                                                                                          28 

                                                                                                       Customer Value DriversOpEx Reliability    LIFE EXTENSION    >2x        LEAD TIME    Up to 90%        INVENTORY    Up to 75%          ‘19 IMPACT    ~$4 MILLION                                                                                  1,250 prototype parts + 12 production part types … target is to grow productioncirculation >25,000 by 2025  29  Additive is disrupting traditional manufacturingFUEL COOLING NOZZLE 

                                                                                               Target to drive 50% increase in market share &  margin over next 10 years          WEIGHT      50%        BRAKING DISTANCE      Up to 15%        RECYCLABILITY    95%            Customer Value DriversEnvironment OpEx        LIFE CYCLE COST      30%   30  Shift to green … technology unlockingopportunity for customers and the worldMETROFLEXX BRAKING SYSTEM 

                                                                                       Technology as a competitive growth enabler    Investing ~5% of revenues in technology development        >20%FLEXIBLE WORKFORCE CAPACITY        >30%ENGINEERS IN BESTCOST COUNTRIES        >3%Y/Y PRODUCTIVITY      Capability … delivering innovation    Flexibility … variable workforce    Competitiveness … driving value            31 

 Freight ServicesPascal Schweitzer 

         Striving to be railroads’ service partner of choiceRolling stock assets and the right maintenance strategy create significant value      Significant opportunity over the asset’s lifecycle                                                                                                                  Why locomotive service matters        >30yrsLocomotive life        >4MGallons of fuel consumed      120+Service events                      Why freight car service matters        >40yrsFreight car life      5M+Global freight cars        ~1MAnnual Ton mileage          33  33 

   Freight Services solutions for our customers          >500 units in operation Up to 10k locomotivemarket potential    Modernizations        Up to 50%Hauling power Replace 3 units with 2  What: Asset life extension via comprehensive upgradesHow: Modular scope defined with every customer            10k+ engines in operation Up to 500 overhauls/yearover the next 10 years    FDL Advantage        Up to 5%Fuel savingsLower emissions & cost  What: Performance upgradeHow: Common rail system and new controls during engine overhaul        Up to 4% availability ~3% reduction in repeat locomotive failures    Smart Shopping        Up to 40%Dwell time Improve loco downtime  What: Suite of products to manage shop logisticsHow: Digitally connect all assets across the network      ~23k locomotives globallyUp to 20% increase in useful life of parts            ~3% of SalesAnnual repair investmentOptimize lifecycle cost  What: Performance upgrades and new productsHow: Global product remanufacturing capabilities        Product Lifecycle  34 

   A well-positioned, technologically advanced locomotive fleet    ~23kINSTALLED BASE    40+COUNTRIES    (a – Source: Southwest Research Institute Locomotive Fuel Consumption Testing            T4    200+CUSTOMERSINSTALLED BASE DISTRIBUTIONDC EVO AC4400 D9  D7                                                                                  Modernizations and upgrades  1st overhaul      2nd overhaul      13 Yrs average age  # of UNITS  Technology differentiators              1. Engine fuel efficiencyUp to 6% more efficient engine driving~18k gallons of fuel savings per year-a)  2. Hauling power14% more tonnage with advance adhesion/individual axle control enabling>1,000 additional cars/loco  3. Trip Optimizer~12k installed saving over 250k gallonsof fuel per day around the globe      AGE OF FLEETThe backbone of freight railroad operations globally                                                                                        35 

                                                                                                     Unique franchise with a proven track record of growth6% annual revenue growth over the last decade        $2.2B2019 ADJ PRO- FORMA SALES-a)      $12BBACKLOG        ~80%Fleet under digital monitoring      500+Performance upgrades in catalog  A global, customer focused team  (a – $2.0B 2019 GAAP revenues adjusted for full-year financials        ~80%Revenues under contract        ~90%OEM parts with Wabtec IP  36  100+ customer locations with Wabtec presenceRemanufacturing at 20+ global locations~30% of installed base outside of North America 

     Long-term fundamentals to deliver growth                Our Strategy  Capture entitlementMaximize utilizationTrack loco performance over lifecycleLeverage global service platform andinfrastructure  Drive outcomesPartner on RR fleet lifecycle strategyRoll-out new offerings at scaleRevitalize aging assets via Mods  Optimize lifecycle costRigorous tools to analyze cost structureDedicated engineering organization focused on lifecycle cost managementLEAN and Quality at heart of business    Market Drivers  Fleet lifecycle+ Favorable fleet age profile … prioritized assetdispatch+ Higher locomotive utilization … acceleratingmaintenance across the board  Fleet performance+ Increased demand for availability, reliability, fuel performance … mods and upgrade opportunities+ Strategic partnerships for value  Fleet size+ International deliveries, units off warrantyNAM Class I parkingRailroad focus on op ratios, short term impact to maintenance costs                                                                          37 

 Strategy in action  Wabtec Freight Services … aligned to PSR              Remote Monitoring50%  early failure predictionPerformance upgrades5% fuel savings, 50% in software cycle timeSmart Shopping40%  in dwell time  Technical support500+ certified technicaladvisorsGlobal logisticsGuaranteed parts availabilityand performanceOverhaul solutionsGlobal remanufacturingcapabilitiesWorld Class Reliability50%  in failures per loco aftermodernization                38 

     Key takeaways        Technology-driven service franchise delivering through the cycles      1.      2.  Leveraging fleet dynamics and railroad demand for increased performance to drive mid-single digit annual growth over the next five years  Strong cost and growth synergies with Wabtec service business; leveraging existing platforms to grow penetration      3.                                                                                  39 

 Digital ElectronicsPeter Thomas & Bob Bourg 

       Digital Electronics  Industry dynamics & growth driversManaging a tough cycle globally … overall ‘19 volume down (4%) in North America  NA Railroads shift focus toOperations … Precision ScheduledRailroading (PSR)  Automation opens next generationof productivity … and growth  Opportunity to take capabilities to key global markets  Geography                              North America  APAC  OtherLATAM  Freight          Transit      >10%EXPECTED TOP-LINE GROWTH    $0.7B‘19 SALES      $1.1BBACKLOG  Revenue by SegmentIndustrial                                                                                  41 

                 Customer outcomes that matter, in the context of PSR  Installed base foundation of automation                   Safety Communications                ~12kTrip Optimizer units~20kLOCOTROL Systems~10kGoLINC Edge devices   Fuel savings Asset utilization                    14Days advanced visibility1Information source10%Productivity improvement  Improved customerservice        Safety Asset Performance Network Performance Supply Chain Visibility        250Dispatch desks in service~100kTrack miles under control   Dwell Velocity      ~22kOn-board PTC systems~65kTrack miles with PTC~9kCollision avoidance systems  42 

       Enhancements and upgrades  Market expansion      1.      2.  Growth on existing portfolio      3. Path to automation      4.  How we win with our customers        R        INTEGRATION  43                                                                                          Freight >$15BADDRESSABLE OPEX  Transit 3xEST. DEMAND FOR PASSENGETRANSPORT BY 2050  Mining $5B1% IMPROVEMENT IN OP COSTS  Shipper / 14Ports DAYS OF ADVANCEDVISIBILITY W/DATA 

   Road to rail … harnessing innovation to drive productivity            4X  Rail is 4 times more fuel efficient than trucks  Moving freight by rail instead of truck lowers  greenhouse gasemissions by 75%  Shift of truckingrevenue to rail  Top-line growth of >10% for railroads      1%        75%  Sources: Federal Railroad Administration (June, 2018); Association of AmericanRailroads (July, 2019)        Partnering with customers … improving freight throughput in 10 years what took 40 years            1980  2018  2028    1 gallon  1 gallon  1 gallon    1 ton  1 ton  1 ton    235 2xmiles  473 2xmiles  900+miles  44 

   Class I Operating Expense    Enabling productivity and efficiency for customers  2019      $60B+  Future      ↓      $70B+  2010              Ton (HPT), Locotrol, Zero-to-Zero  NetworkOptimization…$500MYard Planner, Smart Intermodal, Movement Planner  Asset PerformanceManagement… $500MEdgeLINC, Expert on Alert, Condition Monitoring    Productivity… $2BAutonomous, Road Remote Control Locomotive        Market Opportunity for WabtecFuel Efficiency … $600MTrip Optimizer, Smart Horsepower per  Safety … $2B  Signaling, Wayside,Communication      45 

                                                                                               *Estimation for North American Class 1 railroads      25%  FUEL EFFICIENCYIMPROVEMENT        50%POTENTIALPRODUCTIVITY SAVINGS    25    %  REDUCTION IN TRAIN DELAYS      75%REDUCTION IN ACCIDENTS DUE TO HUMAN ERRORS              DE-SKILLED ENGINEER  Vital standalone PTC . High-bandwidth  communication . Yard automation      SINGLE PERSON CREW  Paperless Cab . Road RCL . Movement Planner      ATTENDED AUTOMATION  PTC + Trip Optimizer . Movement Planner  Zero-to-Zero . SmartHPT      TECHNOLOGY FOUNDATION  PTC . Trip Optimizer . Distributed Power      FULL AUTOMATIONMoving block . Dispatch visibility  Wayside sensor integration  Automation building blocks unlock value & capability    Double digit revenue growth by unlocking ~$6B+ in opportunity                                                                                        46  46 

 Global OperationsAlicia Hammersmith 

   BUILDING FLEXIBILITY            >25%  SITES IN BEST COST COUNTRIES          INSOURCED MATERIAL FROM COMBINED OPERATIONS  Global cost-competitive manufacturing strategy      ON-TIME DELIVERY TO CUSTOMERS    >90%      Evolving to lighter asset model  48  Combined manufacturing enabling operations synergiesOptimize footprint for capability to serve multiple product lines … simplify supply chain and asset baseAnnounced upcoming exit of 6%of property portfolio in 2019Actioning additional 9% of footprint in 2020~$70MM  TRANSFORMATIONProven local capability in best cost countries for key customers (India, Brazil, Kazakhstan, Czech Republic, Macedonia)Strong local partnerships for in- country content (South Africa, Turkey, Ukraine, Egypt)Material and transportation cost reduction … targeting 35% content sourced from best cost countries  ACCELERATING LEANDemonstrated track record of margin expansion:  5% manufacturing cost savingsproductivityIntegrated systems and MRPDisruptive manufacturing … additive, condition-based maintenance, etc.Best in class safety record 

           Lean in actionLean operations and multi-modalflexibility … transforming Fort Worth    From  To  A single model, newlocomotive only shop  12 different modelswith modernization mix      (15)%LOWER MANUFACTURING ASSEMBLY HOURS    2xCAPACITY EXPANSIONW/O ADD’L FOOTPRINT        New locos Modernizations        # of uniquemodels                  1    3    3    12    12+          50%    40%    60%  100%    100%                                        50%    60%    40%  2013    2016    2017    2019    2020F  Total Ft. Worth production mix      50+LEAN EXPERTKAIZEN EVENTS                                                                                          49 

     From  To  Static line…batch production push system  Mixed moving line...single piece flow pull system      >13,000 ft2  AREA SAVINGS    10%WORKING CAPITAL IMPROVEMENT    3        SITES CONSOLIDATED0  RECORDABLE INJURIES    Lean in action  First mixed moving line in industry …transforming Brazil site          50 

                 Lean in actionMachine connectivity in Grove City                      51              400+CONNECTED MACHINES ACROSS 13 PLANTS                    60%+ improvement in Safety70%+ improvement in Quality30%+ improvement in Lead Time                25%INCREASE IN EFFICIENCY                                                                                 

                               From  To  Product line focused … ruggedelectronic manufacturing  Insourcing … integrating 3rd party builds into COE system        ~30%  LABOR SAVINGS OPPORTUNITY5+ADDITIONAL PRODUCTLINES INSOURCED>75%FACTORY UTILIZATION(over last 5 years)30 DAYSCUSTOMER LEADTIME REDUCTION        Lean in actionElectronics Manufacturing COE …sourcing and rationalizing electronic builds                                                                                          52 

                                                                                         Accelerating Lean  Building flexibility  Driving transformation                      5% MANUFACTURINGCOST PRODUCTIVITY15% MANUFACTURING FOOTPRINT3% MATERIAL COST DEFLATIONLean manufacturing delivering operational efficiency  53  Scalable model driving continuous improvementOPERATIONAL TARGETS 

 Transit SegmentLilian Leroux 

   Focused on driving safety, efficiency and passenger comfort                Largest Transit portfolioin the industry>75% of portfolio focusedon 5 core product areasEquipment with high engineering added value    23NEW PRODUCTS INTRODUCED TO MARKET IN 2019                        $3.5B in backlogSales up 6%$92B addressable new and Services rolling stock market> 60 service centers#1 or #2IN KEY PRODUCT CATEGORIES(ACROSS GLOBAL ACCESSIBLE MARKETS)                                                                                                > 900 customersPartner with train manufacturers on strategic projectsDrive outcomes for transitoperators via aftermarket          Business Customers Products            55 

                                                                                             Transit reset … turnaround underway              Stabilize the portfolioPrudent project selection & improved risk management.  Capture profitable growthExpand in attractive end markets. Win share of global growth & shift to green opportunities.  Drive lean cultureLeverage integration to drive best cost footprint;continuous improvement mindset.      >100bps margin improvement in 2020          COST OF  2019ACTUAL  2020GOAL  POORQUALITY  (6%)  (5%)-(10%)  56  ON-TIMEDELIVERY  +3 PTS  +2-3 PTS  Turnaround scorecard  MATERIAL DEFLATION  2%  >2% 

       Stabilizing portfolio & driving lean culture  Strategy in action      OTHER  PIS  HVAC  DOORS  BRAKES  SERVICES  REFURBISHMENT      $3.5B BACKLOGSignificant reduction of refurbishment backlog, in favor of more attractive segments    Design and validation of new couplers for Transit to significantly improve comfort on board of coachesLeveraging Wabtec India’sTechnology & Engineering Center                                                                                    Prudent project selection & improved riskmanagementReinforced project selection governance, 75% of UK refurbishment projects completedStronger supply chain and project management capabilities,new leaders appointed  57  Leverage integration to drive best cost footprint; continuous lean improvementIncreasing to >30% manufacturing and engineering intobest cost countriesOptimize fixed cost structure to deliver year-over-year OpEx savings 

           Strategy in action: best cost footprint & lean  Transforming Transit Brakes operations      COST OF POOR QUALITY OVER 2 YEARS    ~45% ~(15)%  HOURS INBEST COST COUNTRIES        >85%ON-TIME DELIVERY+8PT    Driving manufacturing into best cost countriesStrong make or buy actions to improve material costTotal product cost reduction initiativeDigitizing operationsOptimizing fixed cost structure to deliver OpEx savings2019 achievements:    Continuous improvement and focus on best cost countries          58                                                                                 

       GROWTH THROUGH BROADER AFTERMARKET OFFERINGCondition based maintenance initiative … 5 projectsstarted in 2019Deployment of digital spare part catalogueIntegration of advanced analytics and 3D printing  59  Growing the portfolio in attractive markets10-15% growth in profitable end markets  INCREASED DEMAND FOR MODERN EQUIPMENT FOR EXISTING TRAINGrowth of Passenger Information SystemsIn need of technical upgrade of all Wabtec onboard equipment 

               Economic factorsGDP, demography, urbanization                Energy management    Weight reduction                                                      Dust reduction    CO2 reduction      (100kg) per carwith newest MetroFlexx brake control & brake stationUp to 10xfewer micro-particlesfor friction braking  Expanding product offerings to support the Shift to GreenCapture profitable, growing demand & shift to green opportunities      Up to 30%energy savings in HVAC        Our  response      Strategy  in action      Market  drivers      TechnologyEnergy efficiency, lightweight, automatization, digitization  Shift to green:New global trend for TransitIn political agenda and fundingdecisions    Charging solutions  60 

 Russia / CIS / MENATGokhan Bayhan 

                   Wabtec in Russia / CIS / MENAT today            3-4% Freight Growth        >770K ft2OPERATIONAL FOOTPRINT                  ~300EMPLOYEES ACROSS REGION  WITH AGING FLEET OF 40KLOCOMOTIVES & 1.3M RAILCARS      Double digit revenue growth through the long-term plan  62  ~$3.5B’20 OPENING BACKLOG 

   Leveraging local presence to overcome  high barriers to entry                    Wabtec AdvantageState-of-the-art technology Localization & partnershipService/supply chain infrastructure Financing solutions              #2  Largest diesel locomotive market outside of North America                      LOCOMOTIVES IN OPERATION1,500+ locos in operation  SERVICE50+% fleet under long termservice agreements  ENGINES IN OPERATION300+ engines in operation onother OE locos      8X fleet growth since 2005  63 

             Strategy in action  Fueling Egypt’s railinfrastructure          100 fuel-efficient new locomotives      15-year sole source parts and technical support agreement for 180 locos (new and current fleet)International / complex full project financing packageENR goal to increase freight market share from 1% → 10% … creating demand for 200-300 additional locos    80 locomotive rehabs                                                                                  64  64 

   Confidential & Proprietary    Leverage Wabtec advantage to expand portfolio      4X total market opportunity post merger  Local PresenceUtilize established operational infrastructure and deep relationship with customers, build partners & stake holder  Customer SolutionsExpanded product and services portfolio offering customers integrated & complete solutionsTeamAlignment & cooperation of key account managers with business units… single face to the customer                              Passenger coaches & metroBrake systems, friction, HVAC and doors  Electric locomotivesBrake systems, HVAC, pantograph  Freight wagonsBogie frames, brake systems                                                                                                65 

 IndiaSujatha Narayan 

       Building a $1B* enterprise in India over 5 years                        #1  ROLLING STOCK & RAIL EQUIPMENT COMPANY IN INDIA        ~1Mft2OPERATIONAL FOOTPRINT          $450M+RAPID GROWTH FROM LOCO,TRANSIT BRAKES, METRO        ~1,200WABTEC INDIA ENGINEERING            ~2,750EMPLOYEES ACROSS REGION  67  * Includes intercompany sales 

   MARKET  COSTS            +  +    Wabtec’s leading advantage  TALENT          68 

       Leverage the market      4thLargest rail networkin the world68,000 kmRail route22,700Trains running every day23MPassengers per day3M TonsFreight per day          TRANSIT & FREIGHT  Protect the profitable coreTransit brakesIR locomotive projectBuild new businessDrive aftermarket service growthIntroduce new products and servicesCompete in metro productsDIGITAL ELECTRONICSBusiness development & concept sellingWabtec advantageCurrent RM&D capabilityGlobal Engineering center in IndiaExtensive global portfolio                                                                                                    69 

       Leverage the talent            India has~90,000+ analytics professionals  1 in 10Analytics professionalsworldwide from India  Working in the B2B space, out of which 700+ work with deep technology  ~2,000+Startups  India produces more engineering grads than US + Europe  1.5M# Engineers in India                                                                                  WABTEC INDIA TECHNOLOGY &ENGINEERING CENTER  4 groups / sites → 1 team~1,200 Engineering & IT teamMaximize synergy & utilization  GLOBAL COEWorld-class competitivenessEstablished global design teams for Freight, Transit and signalingDevelop product/solution buildingcapability    70         

   71                Leverage the cost                                                                                                            Drive global sourcing to drive Wabtec profitabilityWorld-class factories through Industry 4.0A global hub for manufacturing of Transit & Freight solutions    Lower operational costsCommodity, overhead & labor costsSupply ecosystemEntrenched automotive and railway suppliersIndia financial reformsMake in India         

 FinancialsPatrick Dugan 

       What you’ve heard        Delivering results through the cycles via world-class technology and innovation while leveraging significant installed base  Focused on continuous operational improvement and margin expansion  Lean operations driving strong cash flow withdisciplined capital allocation  Building a stronger and better Wabtec with apurpose-focused culture of accountability  73 

                                                                                   2019 adjusted pro-forma results(1)  ($ in billions, except per share amounts)  FY19GAAP(2)    FY19 nonGAAP  Policy Partial year Recurringharmonization(3) pro-forma(4) PPA(5)      FY19 adj.pro-forma  FY20 adj.guidance  Revenue  $8.2  $8.3  $(0.1)  $0.5  -  $8.7  $8.7  Income from Operations  $0.7  $1.2  $(0.1)  $(0.1)  $0.3  $1.3  $1.4  EBITDA  $1.1  $1.6  $(0.1)  $(0.0)  -  $1.5  $1.6  Cash from Operations  $1.0  $1.1  -  $(0.3)  -  $0.8  $0.9  EPS (177M shares)  $1.84  $4.17  ($0.39)  $(0.37)  $1.19  $4.60  N/A  EPS (192M shares)  $1.70  $3.86  ($0.36)  $(0.34)  $1.10  $4.26  $4.50-$4.80  FY 2019 adjusted pro forma financial results give effect to the GE Transportation merger as if it had occurred on January 1, 2019. The FY 2019 pro forma financial results are not presented in accordance with Article 11 of Regulation S-X, and are presented here for illustrative purposes only and are not indicative of the results of operations that would have actually occurred had the GE Transportation merger occurred on January 1, 2019.The GE Transportation merger closed on February 25, 2019. Accordingly, Wabtec’s FY 2019 results do not include results attributable to GE Transportation for January and February of 2019.Represents the impact of non-cash accounting policy harmonization, which is included in GAAP results; policy harmonization will no longer be treated as a non-GAAP addback in 2020 results.Represents 2 months of GE Transportation performance, interest expense, additional amortization and PP&E expenses, and impact from intercompany salesThis represents intangible amortization amounts which will be excluded from non-GAAP EPS calculations.                                                                                  74 

   2020 outlook      Delivering in challenging environment        ‘19GAAP  ‘19 Adj.Pro-Forma  ‘20 Adj.Guidance  Sales  $8.2B  $8.7B  ~$8.7B  EBIT %  8%  15%  ~16%  EPS  $1.84  $4.26  ~$4.50 to~$4.80  Cash fromOps  $1.1B  $0.8B  ~$0.9B  75  What we are expectingSalesSoftening NAM Freight (loco, freight car, services)Moderate growth in mods, int’l services, & TransitDigital Electronics growthEBIT %>$150 cumulative net synergies ($120 year over year impact), primarily in FreightNegative mix due to lower Freight & higher TransitLean improvementsCash from Ops~$100 outflow for prior year 1x chargesWorking capital drag due to timingGE Tax payment benefit 

   Diversified & global sales portfolio        Freight      $8.2B  $8.7B  ’19 salesGAAP  ’19 salesAdj. pro-forma  ’20 outlook            Equipment  $1.7B  $1.9B  NAM carload volume flat to down … NAMloco volume partially offset by international    Components  $1.1B  $1.1B  Lower freight car build @ ~40K    Services  $2.0B  $2.2B   Loco parkings remain @ ‘19 ending levels …NAM offset by int’l & slight mods growth    Digital Electronics  $0.7B  $0.7B  Growing product offerings aligned to customer needs    Transit          Transit OE  $1.3B  $1.3B  Low single digits growth    Transit AM  $1.5B  $1.5B  Low single digits growth    76 

   Significant synergy opportunities            2019  2020  BEFORE 2022  $30M  Net cumulative synergy $s$250M$150M  SG&A  Shared servicesCorporate costsLCC optimization  Facility consolidation  Exit co-located facilitiesOffice consolidationsMfg. footprint optimization  Sourcing  MRO spendDirect material spendIndirect spend  IT savings  Exit GE shared servicesSystem rationalizationNetwork standardization  Revenue  Digital/ElectronicsSales cross-selling      On-track to achieve $250MM run-rate synergies before 2022  77 

   Adjusted EBIT margins        Key driversProven ability to achieve synergiesCulturally engrained lean efforts$22B backlogSignificant installed base with~60% aftermarket revenuesGlobally diverse portfolioPockets of growth offsettingNAM freight slowdown  Continuing to drive margin expansion    TRANSIT  + Synergies+ Lean productivity+ Volume growth    FREIGHT  + Synergies+ Lean productivity+ Int’l services & mods+ Digital Electronics− NAM Freight (locos, components, services)    15%  78  2019ADJ PRO-FORMA  ~16%  2020ADJ GUIDANCE  Freight~18.5%Transit~9.0%  Freight~19.5%Transit~10.0%  ~70 bps  ~30 bps 

   Cash tax benefit driven by transaction      Tax step-up associated with the transaction drives average annual cash tax benefits of ~$150M for the next 15 years    ~$150MANNUAL BENEFIT  First $470M of gross cash tax benefits ($440 NPV) to be paid toGE by Wabtec (expected to be realized during first 3-4 years)    ~$470MBENEFIT TO BEPAID TO GE  Remaining cash tax benefits accrue to Wabtec (net present value of ~$1.1B)    ~$1.1BNPV BENEFIT TO WABTEC  79 

   Continuing to drive strong cash generation      Key driversEBIT growth driven by synergy execution, lean actionsLower interest expense on lower debtGE Tax benefit ~flat versus ’19;effective tax rate slightly upWorking capital pressure due to timing… significant focus area to improveCash outflows of ~$100M driven bypayments of ’19 1x charges treated asnon-GAAP adjustments      2020      2019   Cash from operations $1.0B    + EBIT growth+ Lower interest— GE tax benefitHigher tax rateWorking capital timing2019 1x charges  ~$0.9B      Committed to goal of >90% cash conversion  80 

   Capital allocation strategy        Invest organically  Consistent R&D and CapEx investments in new ~5% ~2% products, aftermarket & recurring revenue streams, & TECHNOLOGY CAPEX digitization % SALES % SALES  Grow through acquisitions  Strategic bolt-on acquisitions that enhance growth > cost of capital strategy … grow aftermarket, product offerings, and TARGET RETURN ON new markets INVESTMENT  Return capital  Maintain stable dividend policy … recently announced Excess cashshare repurchase authorization to be usedopportunistically when returns exceed other RETURN TO SHAREHOLDERSalternatives, providing a return exceeding cost ofcapital  81 

               Sales growth  Strong recurring revenue base & deep partnerships in long- Mid-singlecycle business enabling growth through the cycle digitsORGANIC GROWTH  EBIT marginimprovement  Significant synergy opportunities driven by business 300+ bpscombination; Transit stabilizing & delivering accretive growth MARGIN EXPANSION OVERNEXT 5 YEARS  Cash generation  Proven ability to execute strong working capital >90%management; deal structure unlocking ~15 year tax benefit CASH FLOWCONVERSION  Focused capital allocation  Invest in the company; free up capital for strategic M&A and >10%share buy-back EPS CAGR  82  Long-term value creation will average double-digit EPS growth  5-year financial plan 

                                                                                             Key takeaways      Positioned to outperform        Portfolio is uniquely positioned to deliver strong resultsLeading technologies positioning Wabtec to build further momentum on its track record with customersLean transformation and global capabilities are making Wabtec stronger and enabling significant synergies and margin expansionStrong cash generation enabling capital deployment strategy to grow shareholder valueConfident in long-term business fundamentals and ability to execute in dynamic environment  83 


                                           Speaker Biographies                                                                                 

   Rafael Santana is President and CEO of Wabtec where he brings roughly 25 years of commercial, product management and executive leadership experience to this post, including more than 10 years in the transportation industry. He has a proven track record of transforming businesses, while delivering top- and bottom-line growth.Most recently, he served as President and CEO of GE Transportation, a unit of General Electric company, where he significantly expanded the company’s regional footprint and built strong overhaul and modernization capabilities and backlog through multi-year programs. Prior to that role, he was president & CEO of GE in Latin America, where he helped transform the market into one of GE’s largest and fastest-growing regions. A respected global and business executive, Santana also served as president and CEO of the Turbomachinery Solutions Business of GE Oil & Gas, where he drove significant margin improvement and growth in a contracting marketplace. Prior to joining GE in 2000, Santana worked for six years at ExxonMobil and British American Tobacco.A native of Brazil, Santana has a degree in Engineering from the Universidade Federalde Minas Gerais in Brazil. He currently serves on Wabtec’s Board of Directors.  Rafael SantanaPresident & CEO      86 

       Gokhan Bayhan is General Manager for Wabtec’s Russia/CIS, Europe, M. East and N. Africa region. Prior to the merger of GE Transportation and Wabtec, Bayhan joined GE in 1997 and held multiple roles including Regional Sales Manager Russia, CIS & Turkey, Global Locomotive Strategic Marketing Manager, and Strategic Marketing Leader, Pricing.On December 2009 he was named the General Manager of Russia, CIS and South East Europe and on December 2012 his region was expanded to cover Europe, Middle East and Europe. After the February 2019 Wabtec Corporation acquisition of GE Transportation, he was named the regional leader for the same territory for Wabtec.Bayhan holds a Bachelors of Science in Electrical Engineering from Gannon University, and MBA in Finance from the Katz School of Business at the University of Pittsburgh, and a Masters of Science in Electrical Engineering from Gannon University.  87  Gokhan BayhanRegional General Manager − Russia/CIS 

       Bob Bourg is Vice President for Core Electronics & Data Analytics at Wabtec Corporation. He has P&L responsibility for a portfolio of products and systems including locomotive electronics, braking systems, event recorders, IoT platforms, and digital solutions for the mining industry.In prior positions with Wabtec, Bourg led strategy & growth initiatives, managed multiple product and services business units, and led efforts for the design and implementation of Positive Train Control systems mandated by the Rail Safety Improvement Act of 2008. Before joining Wabtec, Bourg worked in the instrumentation and controls industry, and he began his career in the U.S. Navy where he helped develop microprocessor-based equipment used in naval nuclear instrumentation and control applications.Bourg holds a BSE degree in Electrical Engineering from Duke University and an MSdegree in Computer Science from George Washington University.  88  Bob BourgVice President for Core Electronics & Data Analytics 

       Patrick D. Dugan  89  Chief Financial Officer & Executive Vice PresidentPatrick Dugan is Chief Financial Officer (CFO) and Executive Vice President At Wabtec, where he is responsible for all aspects of Investor Relations, Accounting, Tax and Finance, and Information Technology.Dugan joined Wabtec in 2003, and has been a key member of the management team focused on delivering growth through new product development, international expansion and acquisitions. As CFO, Wabtec has grown from ~$2.5B in revenues to nearly ~$9B in revenues, driven largely by the strategic acquisitions of Faiveley Transport and GE Transportation. During those critical combinations, Dugan was instrumental in executing the strategy and business structure, debt and equity financing, as well as integration of these investments. Prior to this role, he was Wabtec’s Corporate Controller and Vice President of Finance.Before joining the company, Dugan was Vice President and CFO at CWI International, Inc., where he helped transform a local chemical operations into a supplier of advanced oilfield technologies, through M&A, product development and international expansion. He also helped guide the start up to acquisition by Weatherford International.Dugan began his career with PWC providing business assurance and advisory services, serving middle market growth companies focused on transformational transactions including M&A, recapitalizations and initial public offerings.He holds an MBA from the Joseph M. Katz Graduate School of Business at the University of Pittsburgh, a Bachelor of Science in Accounting from The Pennsylvania State University, and is a Certified Public Accountant. 

   Alicia Hammersmith is Vice President of Operations for the Transit segment. She brings 29 years of manufacturing operations expertise spanning three large industrial, technically advanced segments of Aviation, Transportation and Oil & Gas. Hammersmith is skilled in acquisitions, divestitures, consolidations, start-ups, system implementations and tech transfers.Most recently, she was the Materials Leader for GE Aviation responsible for $4.5 billion in inventory across 80+ sites leading demand forecasting, master scheduling, planning, configuration management, fulfillment, distribution and logistics for new equipment and services. Prior to that role, she was the Global Operations Leader for GE Oil & Gas on four-year assignment in Germany managing 10 acquisition sites in five countries in addition to providing operational oversight for European sales and service locations.Hammersmith has eight years in the transportation industry in operations and materials.Hammersmith has a degree in Engineering from the University of Pittsburgh and a Masters in Business from Xavier University.  Alicia HammersmithVP Operations, Transit        90 

   Kristine Kubacki is Vice President of Investor Relations. She brings 14 years of experience as a sell-side analyst covering industrials.Kubacki previously served as executive director and senior analyst for the transportation, logistics and equipment sector at Mizuho Securities USA. Prior to this role, she was vice president of market strategy for Wells Fargo’s commercial vehiclegroup, as well as director of equity research for the global industrial equipment industry at CLSA. Kubacki spent nearly nine years covering the industrial sector at Avondale, and held analyst roles at A.G. Edwards, as well as operations management, process design and supply chain management positions at Procter and Gamble.Kubacki earned her MBA from Washington University, Bachelor of Science degree in chemical engineering from Washington University, and Bachelor of Science in mathematics from Webster University. Kubacki is also a CFA charterholder.  Kristine KubackiVP, Investor Relations      91 

       Lilian Leroux has been the president of Wabtec’s Transit business since 2019 and has spent most of his 25 years career in a variety of leadership, commercial and project management roles across the railway sector. After various positions within industrial and railway companies such as the French national railway operator SNCF, Leroux joined Faiveley Transport in 2001 as Project Manager and then Key Account Manager.From 2004 to 2009, he worked successively as Faiveley Transport Managing Director in Tamworth (U.K.) and then U.K. Managing Director. Following the acquisition of SAB WABCO, he took full P&L responsibility of the region.Leroux was subsequently appointed Services President, a division supporting rail operators and maintainers with the maintenance and optimization operations of original equipment throughout their lifespan. In 2014, Leroux was appointed Brakes & Safety Group President where he was responsible for all Transit Brakes, Couplers, and Friction Product Lines worldwide. He was instrumental in driving growth and successfulintegration of the two compagnies’ brakes product portfolios when Faiveley Transportwas acquired by Wabtec in 2016.Lilian has worked and lived in France, UK, Italy & Germany. He holds the Science Degree in Engineering from INSA Lyon, a leading engineering school in France, and is graduate of INSEAD.  92  Lilian LerouxPresident, Transit 

       Dominique Malenfant is the Global Technology Officer & Senior Vice President Engineering for Wabtec. In this role, he is responsible for the overall global technology strategy and engineering organization for the company.Malenfant previously served as the Vice president Global Technology & Chief Technology Officer for GE Transportation for 4.5 years where he lead GE Transportation’s overall global technology strategy. Prior to GET, he served as Vice President of Product and Engineering for the Transport Propulsion and Control Business at Bombardier Transport, overseeing 1,200 professionals across eight different countries. Through his 24 withBombardier, he managed Bombardier Transport’s North American division where he was responsible for product management, engineering and supply management. He also led the Center of Expertise R&D group, and has experience in plant management, engineering quality assurance, systems engineering and project management.Malenfant graduated from Laval University in Quebec City with a bachelor’s degree inElectrical Engineering.  93  Dominique MalenfantGlobal Technology Officer 

       Sujatha Narayan joined Wabtec in August 2017 and in her 2.5 years as Managing Director of Transit business in India, she has led the company through a period of unprecedented profitable growth with a passionate focus on customer satisfaction, operational efficiency, compliance, profitability and employee well-being. In 2019, under her leadership, the Wabtec Transit business was certified as a “Great Place to Work” by Great Place To Work InstitutePrior to her current role, Naryan was the Vice President & General Manager leading the Commercial Solutions Business at 3M India Limited. In the United States, Narayan worked for Rogers Corporation managing R&D & Commercialization of new products in the electronics, industrial and consumer markets.Narayan holds a Masters & PhD in Polymer Science & Engineering from Georgia Institute of Technology, USA and BTech Degree from Indian Institute of Technology, Delhi. She originally hails from Chennai, India.  94  Sujatha NarayanRegional General Manager − India 

       Pascal Schweitzer is Group President, Wabtec’s Freight Services business, which helps customers maximize the value of their existing assets, over their entire lifecycle, through innovative technologies and business models. In this role, Schweitzer is responsible for improving critical customer outcomes in the areas of product reliability, asset use, velocity, fuel consumption, operating expenses and railcar dwell time. His organization oversees maintenance agreements for part sales, asset maintenance, global remanufacturing, fulfillment and the development of advanced software and analytics.Before the merger with Wabtec, Schweitzer served as GE Transportation’s Vice President, Global Services Organization and prior to that was GE Power’s Services Leader for Europe, where he was responsible for developing and delivering a regional services strategy, while leading the company’s transformation following the acquisition of Alstom. Prior to this, he ran the Gas Turbine Service business for Alstom globally. Before joining Alstom, he was the strategy manager in charge of strategy and IPO projects at Rexel in Paris.Schweitzer received a master’s degree with specialization in finance from the HECBusiness School in Paris.  95  Pascal SchweitzerGroup President, Freight Services 

       Peter Thomas is the Chief Commercial Officer in the Americas for Wabtec’s Digital Electronics business where he and his team are charged with developing a winning commercial strategy and driving customer focused, outcome oriented commercialization efforts for the company’s suite of software and digital technologies to the rail, port and shipper segments.In his previous role, Thomas was the General Manager for GE Transportation’s Optimization Solutions business and President of RMI. He joined GE Transportation in 2004 as the Marketing Leader for Global Signaling. In 2005, he was promoted to the role of International Sales Leader for Global Signaling and Global Rail Operations and was based in Florence, Italy. He subsequently served as General Manager of Sales for the Middle East/Africa region and was based in Dubai, UAE before being named Chief Marketing Officer forGE Transportation in 2009.Prior to joining GE Transportation, Thomas spent eight years with the GE Fanuc Automation business where he held positions of increasing responsibility in sales, marketing, and operational leadership. Peter is a certified Six Sigma Master Blackbelt and holds both a Bachelor of Science in Marketing and a Master of Business Administration from the University of Alabama at Birmingham.  96  Peter ThomasChief Commercial Officer, Digital Electronics – Americas 


   EPS and Non-GAAP Reconciliation  98  Wabtec CorporationReconciliation of Reported Results to Adjusted Results(in millions) 2019 Full Year Results                          Gross  Operating  Income from  Interest &      Minority  Wabtec      Net Sales  Profit  Expenses  Operations  Other Exp  Tax  Net Income  Interest  Net Income  EPS  Reported Results  $ 8,200.0  $ 2,278.0  $ (1,614.9)  $ 663.1  $ (216.3)  $ (120.3)  $ 326.5  $ 0.2  $ 326.7  $ 1.84  Restructuring, Transaction, & Litigation costs  -  38.3  191.5  229.8  25.0  (61.6)  193.2  -  193.2  $ 1.08  One-time PPA  -  185.0  -  185.0  -  (44.8)  140.2  -  140.2  $ 0.79  Policy Harmonization  123.0  65.6  26.0  91.6  -  (22.2)  69.4  -  69.4  $ 0.39  Tax on Transaction Costs  -  -  -  -  -  12.5  12.5  -  12.5  $ 0.07  Adjusted Results  $ 8,323.0  $ 2,566.9  $ (1,397.4)  $ 1,169.5  $ (191.3)  $ (236.4)  $ 741.8  $ 0.2  $ 742.0  $ 4.17  Fully Diluted Shares Outstanding                    177.3                        Set forth below is the calculation of the non-GAAP performance measures. We believe that these measures provide useful supplemental information to assess our operating performance and to evaluate period-to-period comparisons. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, Wabtec’s reported results prepared in accordance with GAAP. 

   EBITDA Reconciliation  99  Wabtec Corporation  Income from Operations$ 663.1229.8185.091.6  Depreciation$ 157.8---  Amortization$ 238.4---  EBITDA (Income from Operations plus Depreciation & Amortization)$ 1,059.3229.8185.091.6  2019 Full Year EBITDA Reconciliation          (in millions)          Consolidated 2019 Actual Results As Reported          Restructuring, Transaction, & Litigation costs          One-time PPA Charges          Policy Harmonization          Adjusted Results  $ 1,169.5  $ 157.8  $ 238.4  $ 1,565.7            Set forth below is the calculation of the non-GAAP performance measures. We believe that these measures provide useful supplemental information to assess our operating performance and to evaluate period-to-period comparisons. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, Wabtec’s reported results prepared in accordance with GAAP. 

Exhibit 99.2

Wabtec Holds 2020 Investor Conference

Pittsburgh, PA, March 10, 2020 – Wabtec Corporation (NYSE: WAB) will host its 2020 Investor Conference via webcast starting at 8:30 a.m., ET, today. The webcast of the event can be accessed on the investor relations section of the company’s website: www.WabtecCorp.com.

Rafael Santana, President and CEO, Pat Dugan, CFO, and other company leaders will highlight Wabtec’s business strategy and long-term financial targets.

During the conference, Wabtec management will discuss its previously issued guidance for 2020. This guidance has not been revised for any potential impact due to COVID-19, and more recently with volatility in the commodity and financial markets.

To date, Wabtec has seen limited impact to its first quarter. However, we are continuing to monitor our customers and the end markets we serve, as those could have an impact on Wabtec’s business, operations and financial performance.

Investor Conference: How to Participate
Wabtec will host its 2020 Investor Conference via webcast starting at 8:30 a.m., ET, today.  To listen to the webcast and view the presentation materials, go to Wabtec’s website at www.WabtecCorp.com and click on “Events & Presentations” in the “Investor Relations” section.  A replay of the webcast and presentation materials will also be available on Wabtec’s website at www.WabtecCorp.com.

About Wabtec Corporation
Wabtec Corporation is a leading global provider of equipment, systems, digital solutions and value-added services for freight and transit rail. Drawing on nearly four centuries of collective experience across Wabtec, GE Transportation and Faiveley Transport, the company has unmatched digital expertise, technological innovation, and world-class manufacturing and services, enabling the digital-rail-and-transit ecosystems. Wabtec is focused on performance that drives progress, creating transportation solutions that move and improve the world. The freight portfolio features a comprehensive line of locomotives, software applications and a broad selection of mission-critical controls systems, including Positive Train Control (PTC). The transit portfolio provides highly engineered systems and services to virtually every major rail transit system around the world, supplying an integrated series of components for buses and all train-related market segments that deliver safety, efficiency and passenger comfort.   Along with its industry-leading portfolio of products and solutions for the rail and transit industries, Wabtec is a leader in mining, marine, and industrial solutions. Based in Pittsburgh, PA, Wabtec has approximately 27,000 employees in facilities throughout the world. Visit:  www.WabtecCorp.com

Wabtec Investor Contact
Kristine Kubacki, CFA / Kristine.Kubacki@wabtec.com / 412-450-2033

Wabtec Media Contact
Deia Campanelli / Deia.Campanelli@wabtec.com / 773-297-0482