Westinghouse Air Brake Technologies : Wabtec 2020 Investor Conference Presentation

Forward looking statements & non-GAAP financial information

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;

1. 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

Note regarding 2020 business operations and financial guidance

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.

3

Agenda

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

4

Introduction

Rafael Santana

What you will hear today

1. Delivering results through the cycles via world-classtechnology and innovation while leveraging significant installed base

2. Focused on continuous operational improvement and margin expansion

1. Lean operations driving strong cash flow with disciplined capital allocation
2. Building a stronger and better Wabtec with a purpose- driven culture of accountability

Extending the lead as #1 rail technology company in the world

1. Cash from Operations conversion % is defined as GAAP Cash from Operations divided by GAAP Net Income plus Depreciation & Amortization

5-YEAR OULOOK

Mid-Single

Digit

ORGANIC SALES CAGR VS. LOW SINGLE DIGIT FOR INDUSTRY

300+ bps

OPERATING MARGIN

EXPANSION

>10%

EPS CAGR

>90%

CASH FROM OPS CONVERSION (1)

6

Our speakers

Rafael Santana

President & CEO

Gokhan Bayhan	Bob Bourg	Pat Dugan
Regional General Manager,	Vice President, Core	CFO & Executive Vice
Russia/CIS/MENAT	Electronics and Data Analytics	President

Alicia Hammersmith	Lilian Leroux	Dominique Malenfant
Vice President, Operations,	Group President,	Chief Technology Officer
Transit	Transit

Sujatha Narayan	Pascal Schweitzer	Peter Thomas
Regional General Manager,	Group President, Freight	Chief Commercial Officer,
India	Services	Digital Electronics - Americas

7

Strong global industrial portfolio with track record of innovation and significant recurring revenue

Portfolio

FREIGHT	TRANSIT
66%	34%
Freight	Transit OEM
Services	16%
24%
	Transit
Digital	Aftermarket
18%
8%
Freight	Freight
Components
Equipment
13%
21%

$8.2B

'19 GAAP SALES

Geography

~60%

non-U.S. revenues

~27K

EMPLOYEES

Market

~60%

Aftermarket

S&P

500

COMPANY

8

Competitive strengths 1.

2.

Technology leader … 7,000 patents

Track-record of execution … customer

partnerships spanning 50+ countries

3. Significant installed base … mission critical products

4. Lean operations … 120+ manufacturing sites

5. Purpose-driven culture … 150 years of industry expertise

9

Wabtec value creation model

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.

Through our scale and innovation, we will drive average double-digit earnings growth and lead the transportation industry

in unprecedented ways.

ENGAGED	INNOVATIVE	LEAN
PEOPLE	TECHNOLOGIES	OPERATIONS
High performance	Sustainable, quality	Continuous
teams & leaders	solutions	improvement
Domain expertise	High barriers to entry	Flexible capabilities
Safety at our core	Growth driver	Culturally engrained

INVESTED IN COMMUNITIES

CUSTOMER FOCUSED

VALUE CREATION FOR OUR SHAREHOLDERS

10

Rail is improving the world's transportation challenges

2x	40%
Global demand for	North America's
transport growing	freight ton mile
fast … freight and	is moved via rail
passenger activity
will more than
double by 2050

CLEANER

<10% of freight transportation carbon emissions*

SAFER

<4% of freight transportation injuries*

EFFICIENT

Rail is 4x more fuel efficient than conventional trucks**

	*Popular Science, 2019
11	** AAR Sustainability Fact Sheet, 2019

Diverse portfolio of businesses uniquely positioned to

outperform the market

Freight segment

Equipment	Services	Components	Digital
Electronics

Transit segment

Transit

>20	2.5M	>30	>30	>
%		%	%	15
	%
Of the world's rail	Messages monitored	Of content on a Freight	Of North American	Rail passenger cars
freight is moved by a	daily on Wabtec	car capable of being	freight moved through	equipped with Wabtec
Wabtec locomotive	locomotives	Wabtec	ports managed by	safety critical
			Wabtec software	components

12

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%
North American Passenger	Passenger-kilometer	2.5%
International Passenger	Passenger-kilometer	2.9%
		Iron Ore exports MT		(2.9)%
Mining and Other Industrials
	Coal consump. QBTU		(1.2)%

Sources: AAR, FTR, Bloomberg, UIC, Global Mining Data, Energy Information Administration, Amtrak, Via Rail, Internal analysis

EXPECTED ANNUAL MARKET GROWTH

(over 5 years)

~2-3%

FREIGHT

~3-4%

TRANSIT

~3-5%

INDUSTRIAL

13

How we win in the global

How we create value …

transportation market

1. Customer focus

Deepen & transform global capabilities. Help customers compete and win.

2. Technology

Protect & extend our current market position with world-class technology.

3. Lean culture

Commitment to quality and continuous improvement.

Management compensation aligned to execution

2020

$8.7B

REVENUES

100+ bps

OPERATING MARGIN

EXPANSION

$4.50 to $4.80

ADJUSTED EPS

$900M

CASH FROM OPS

5-YR OUTLOOK

Mid-Single

Digit

ORGANIC SALES CAGR

300+ bps

OPERATING MARGIN

EXPANSION

>10%

EPS CAGR

>90%

CASH FROM OPS

CONVERSION

14

2019 execution & integration reinforces strategic merger rationale

	Strategic merger rationale
	(as communicated at announcement)
1
Diversified, global leader in transportation & logistics
2	Electronics & Digital technologies leading to
autonomous operations
3	Recurring revenue growth in high-margin aftermarket &
	services
4	Highly compelling pro-forma financial profile …
	attractive point in cycle
5	Significant operating synergy potential & tax benefit
	drive value creation
6
Strong free cash flow profile enabling rapid
	de-leveraging

(a): Please refer to Wabtec's current report on form 8-K dated February 24, 2020

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 enabling autonomous operations

~60% of total revenues in aftermarket, providing stability in key 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-track to deliver $250M before 2022

$1B cash from operations delivered in 2019 yielding net debt to adjusted EBITDA of 2.6x

15

Strong cash generation enabling capital allocation flexibility

Cash	Cash uses
sources	5-year outlook
Excess Cash
	Available
	cash

Cash from

Operations

Dividends

Cap-Ex

Capital allocation approach

• Maintain strong balance sheet for flexible capital deployment
• Continuing to invest in technology innovation to grow leadership position
• Focused on strategic bolt-on M&A that strengthen the core business and are accretive to EPS
• Return cash to shareholders through dividends and opportunistic share repurchase

Balanced capital allocation priorities to maximize shareholder value

16

Committed to creating a more sustainable world … focus on corporate social responsibility

Innovating with purpose	Creating a more	Empowering people and
sustainable world	communities

Innovating to serve our customers and	Taking action to reduce our	Driving an inclusive culture grounded in
environmental impact, while
minimizing our impact on	integrity; investing in the communities
strengthening the long-term sustainability
the planet	where our teams live and work
of our business

17

Segment Overviews

Rafael Santana

Freight segment

$5.9B

Product mix

2019

Aftermarket	OEM
60%
40%

Geography

ROW EMENA

Growth drivers & industry dynamics

• Expanding installed base enabling

increased recurring revenue

streams

• Steady international growth …

footprint & partnerships are a

strategic advantage

• Digital capability is required for

'19 ADJ PRO FORMA

SALES (1)

~Flat

'20 SALES GROWTH VS.

'19 ADJ PRO FORMA

APAC 11% 13%

6%

Americas

70%

customers to achieve OpEx goals …

OEM expertise enabling

competitive advantage

• Merger driving significant footprint

rationalization while also capturing

more content per train

~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

Strategy in action

Strongly positioned to capitalize on global dynamics

	Locomotive	Freight car
	IB	Age	IB	'20 OEM
NORTH	31K	19	1.6M	43K
AMERICA
APAC	20K	17	1.2M	57K
RUSSIA/	40K	25	1.3M	60K
CIS/MENAT
LATAM	3K	20	151K	1.5K
SUB-SAHARAN	4K	19	145K	0.5K
AFRICA
EUROPE	7K	22	770K	12K

5 year	Looking ahead 2021-2025
Outlook
	− Modernization & new opportunity for service as
	asset utilization peaks
	− Strong aftermarket and OEM agreements
↓	− Deliver India locos, grow share in Southeast Asia
− Strong component opportunities in India
↓	− Continue engine and loco delivery, fleet renewal in
other CIS, volume to grow due to coal
	− Leverage RR relationships to grow component share
	− Renew technology, positive outlook for iron ore & ag.
	− Stable market for components
↔	− Renew technology, positive volume for iron ore & coal
	− Leverage RR relationships to grow component share
	− Unfavorable volume dynamics & renewal dependent on
	technology progress for non-electrified sections
	− OEM agreement to grow market share

20

Sources: AAR, SCI, UIC

Strategy in action

Unlocking opportunity for margin expansion across

freight ecosystem

Freight Car

• ~10% of Wabtec content on rail cars

• Opportunity to grow 2X by 2025

Locomotive

• Wabtec holds significant loco IP content
• Opportunity to pull through value on new deliveries, manufacturing & aftermarket sales

21

Strategy in action

Key technologies unlocking $1B revenue

in adjacent markets

Heat Exchangers

• 100+ patents on heat exchanger / cooling system designs
• Industrial applications

	Mining		Marine, Power Gen
•	Propulsion system	•	Tier 4 engine: Marine and
•	Significant partnerships		Power Gen
	with OEMs	•	Traction motor: Drill Motor

Wayside Track Management

• Wheel condition monitoring, rail camera, bearing acoustic monitoring

22

Transit segment

Product Mix

2019

Aftermarket

52%OEM

48%

Geography

ROW

9%

APAC 17%

EMENA

Americas 55% 20%

Growth drivers & industry dynamics

• Dilutive projects are largely behind us
  … winning new volume at a better margin
• 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 cost out … sourcing, footprint, quality

$2.8B

'19 SALES

2-5%

'20 SALES GROWTH

~100bps

'20 MARGIN EXPANSION

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%

23

How we win in Transit profitably

Stabilize the	Drive lean	Capture profitable
portfolio	culture	growth
Prudent project selection &	Leverage integration to drive best	Expand in attractive end markets.
improved risk management.	cost footprint; continuous	Win share of global growth & shift
	improvement mindset.	to green opportunities.

Aligning portfolio for continuous profitable growth … path to mid-teen margins

24

Technology

Dominique Malenfant

Technical innovation …

at our core

st

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 of competition
• Metallic 3D printed parts for rail in production
• Battery electric freight locomotive

26

Extending our technology leadership by enabling advances in transportation

Energy	Automation	Additive	Ecosystem	Sustainability
Management	Technology	Enablement	in Transit

Solving our customers largest challenges:

OpEx

Dwell

Reliability

Velocity

Environment

27

Disrupting the rail industry with battery power

BATTERY-ELECTRIC FREIGHT LOCOMOTIVE

Customer Value Drivers

EnvironmentOpEx

FUEL=$7B+Up to 30%

			FUEL AND EMISSIONS SAVINGS
	ANNUAL NAM LOCO FUEL SPEND

Up to 6,000	100%		Up to 45
			MILES ON BATTERY
KWHr
		BATTERY POWERED		Autonomy

28

Additive is disrupting traditional manufacturing

FUEL COOLING NOZZLE

Up to 90%↓

LEAD TIME

Up to 75%↓

INVENTORY

Customer Value Drivers

OpEx Reliability

~$4MILLION

'19 IMPACT

>2x

LIFE EXTENSION

1,250 prototype parts +

12 production part types … target is to grow production

circulation >25,000 by 2025

29

Shift to green … technology unlocking

opportunity for customers and the world

METROFLEXX BRAKING SYSTEM

Up to 15%↓

BRAKING DISTANCE

Target to drive 50% increasein market share & margin over next 10 years

Customer Value Drivers

EnvironmentOpEx

95%

RECYCLABILITY

30% ↓

LIFE CYCLE COST

50%↓

WEIGHT

30

Technology as a competitive growth enabler

Capability … delivering innovation

Flexibility … variable workforce

Competitiveness … driving value

Investing ~5% of revenues in technology development

>30%

ENGINEERS IN BEST

COST COUNTRIES

>20%

FLEXIBLE WORKFORCE

CAPACITY

>3%

Y/Y PRODUCTIVITY

31

Freight Services

Pascal Schweitzer

Striving to be railroads' service partner of choice

Rolling stock assets and the right maintenance strategy create significant value

Why locomotive service matters >30yrs >4M 120+

Locomotive life Gallons of fuel consumed Service events

Why freight car service matters

>40yrs 5M+	~1M
Freight car life Global freight cars	Annual Ton mileage

Significant opportunity over the asset's lifecycle

33

Freight Services solutions for our customers

Modernizations FDL Advantage Smart Shopping Product Lifecycle

	Up to 50%		Up to 5%		Up to 40%		~3% of Sales
	Hauling power 		Fuel savings		Dwell time 	Annual repair investment
Replace 3 units with 2	Lower emissions & cost	Improve loco downtime	Optimize lifecycle cost
>500 units in operation	10k+ engines in operation	Up to 4% availability 	~23k locomotives globally
Up to 10k locomotive	Up to 500 overhauls/year	~3% reduction in repeat	Up to 20% increase in
market potential	over the next 10 years	locomotive failures	useful life of parts
What: Asset life extension	What: Performance upgrade	What: Suite of products to	What: Performance
via comprehensive upgrades	How: Common rail system	manage shop logistics	upgrades and new products
How: Modular scope defined	and new controls during	How: Digitally connect all	How: Global product
with every customer	engine overhaul	assets across the network	remanufacturing capabilities

34

A well-positioned, technologically advanced locomotive fleet

~23k	40+	200+
INSTALLED BASE	COUNTRIES	CUSTOMERS

Technology differentiators

1. Engine fuel efficiency

Up to 6% more efficient engine driving ~18k gallons of fuel savings per year-a)

2. Hauling power

14% more tonnage with advance adhesion/individual axle control enabling >1,000 additional cars/loco

3. Trip Optimizer

~12k installed saving over 250k gallons of fuel per day around the globe

	INSTALLED BASE DISTRIBUTION
T4	DC EVO AC4400	D9	D7
	13 Yrs	Modernizations and upgrades
	average age
	1st overhaul	2nd overhaul

# of UNITS

AGE OF FLEET

The backbone of freight railroad operations globally

(a - Source: Southwest Research Institute Locomotive Fuel Consumption Testing

35

Unique franchise with a proven track record of growth

6% annual revenue growth over the last decade

$2.2B $12B

2019 ADJ PRO-	BACKLOG
FORMA SALES-a)

~80% ~90%

Revenues under	OEM parts with
contract	Wabtec IP

~80%	500+
Fleet under digital	Performance
monitoring	upgrades in catalog

A global, customer focused team

• 100+ customer locations with Wabtec presence
• Remanufacturing at 20+ global locations
• ~30% of installed base outside of North America

(a - $2.0B 2019 GAAP revenues adjusted for full-year financials

36

Long-term fundamentals to deliver growth

Market Drivers

Fleet lifecycle

+ Favorable fleet age profile … prioritized asset dispatch

• Higher locomotive utilization … accelerating maintenance 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 warranty

• NAM Class I parking
• Railroad focus on op ratios, short term impact to maintenance costs

Our Strategy

Capture entitlement

• Maximize utilization
• Track loco performance over lifecycle
• Leverage global service platform and infrastructure

Drive outcomes

• Partner on RR fleet lifecycle strategy
• Roll-outnew offerings at scale
• Revitalize aging assets via Mods

Optimize lifecycle cost

• Rigorous tools to analyze cost structure
• Dedicated engineering organization focused on lifecycle cost management
• LEAN and Quality at heart of business

37

Strategy in action

Wabtec Freight Services … aligned to PSR

Remote Monitoring

50%  early failure prediction

Performance upgrades

5% fuel savings, 50%  in software cycle time

Smart Shopping

40%  in dwell time

Technical support

500+ certified technical advisors

Global logistics

Guaranteed parts availability and performance

Overhaul solutions

Global remanufacturing capabilities

World Class Reliability

50%  in failures per loco after modernization

38

Key takeaways

1. Technology-driven service franchise delivering through the cycles

2. Leveraging fleet dynamics and railroad demand for increased performance to drive mid-single digit annual growth over the next five years

3. Strong cost and growth synergies with Wabtec service business; leveraging existing platforms to grow penetration

39

Digital Electronics

Peter Thomas & Bob Bourg

Digital Electronics

$0.7B

Revenue by Segment

Industrial

Transit

Freight

Geography

Other

LATAM

North

America

APAC

Industry dynamics & growth drivers

• Managing a tough cycle globally … overall '19 volume down (4%) in North America
• NA Railroads shift focus to
  Operations … Precision Scheduled
  Railroading (PSR)
• Automation opens next generation of productivity … and growth
• Opportunity to take capabilities to key global markets

'19 SALES

$1.1B

BACKLOG

>10%

EXPECTED TOP-LINE

GROWTH

41

Customer outcomes that matter, in the context of PSR

SafetyAsset Performance Network Performance Supply Chain Visibility

~22k		~12k		250		14
On-board PTC systems		Trip Optimizer units			Days advanced visibility
~65k		~20k		Dispatch desks in service		1
Track miles with PTC		LOCOTROL Systems		~100k		Information source
~9k		~10k			10%
		Track miles under control
Collision avoidance systems		GoLINC Edge devices				Productivity improvement

 Safety		 Fuel savings		 Dwell		Improved customer
 Communications		 Asset utilization		 Velocity		service

Installed base foundation of automation

42

How we win with our customers

Freight	>$15B
	ADDRESSABLE OPEX
Transit	3x
	EST. DEMAND FOR PASSENGER
	TRANSPORT BY 2050
Mining	$5B
	1% IMPROVEMENT IN
	OP COSTS
Shipper /	14
Ports	DAYS OF ADVANCED
VISIBILITY W/DATA
	INTEGRATION

1. Growth on existing portfolio

2. Enhancements and upgrades

3. Path to automation

4. Market expansion

43

Road to rail … harnessing innovation to drive productivity

1%

Shift of trucking		75%
revenue to rail	4X
Top-line growth
of >10% for	Moving freight by
rail instead of
railroads	Rail is 4 times
	more fuel	truck lowers
	efficient than	greenhouse gas
	trucks	emissions by 75%

1980	2018	2028
1 gallon	1 gallon	1 gallon
1 ton	1 ton	1 ton
235 2x	473 2x	900+
miles	miles	miles

Sources: Federal Railroad Administration (June, 2018); Association of American Railroads (July, 2019)

Partnering with customers … improving freight throughput in 10 years what took 40 years

44

Enabling productivity and efficiency for customers

Class I Operating Expense

Market Opportunity for Wabtec

Fuel Efficiency … $600M

$70B+

$60B+

Safety … $2B

Signaling, Wayside, Communication

Trip Optimizer, Smart Horsepower per Ton (HPT), Locotrol, Zero-to-Zero

Network Optimization… $500M

Yard Planner, Smart

Intermodal,

Movement Planner

↓

20102019Future

Productivity
… $2B	Asset Performance
Autonomous,
Road Remote	Management… $500M
Control Locomotive	EdgeLINC, Expert on Alert,
	Condition Monitoring

45

Automation building blocks unlock value & capability

FULL AUTOMATION

Moving block . Dispatch visibility

Wayside sensor integration

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

25%

FUEL EFFICIENCY IMPROVEMENT

25%

REDUCTION IN TRAIN DELAYS

50%

POTENTIAL PRODUCTIVITY SAVINGS

75%

REDUCTION IN ACCIDENTS DUE TO HUMAN ERRORS

Double digit revenue growth by unlocking ~$6B+ in opportunity

*Estimation for North American Class 1 railroads

46

Global Operations

Alicia Hammersmith

Global cost-competitive manufacturing strategy

BUILDING FLEXIBILITY

• Combined manufacturing enabling operations synergies
• Optimize footprint for capability to serve multiple product lines … simplify supply chain and asset base
• Announced upcoming exit of 6% of property portfolio in 2019
• Actioning additional 9% of footprint in 2020

~$70MM

INSOURCED MATERIAL FROM

COMBINED OPERATIONS

ACCELERATING LEAN

Demonstrated track record of margin expansion:

• 5% manufacturing cost savings productivity
• Integrated systems and MRP
• Disruptive manufacturing … additive, condition-based maintenance, etc.
• Best in class safety record

>90%

ON-TIME DELIVERY

TO CUSTOMERS

Evolving to lighter asset model

TRANSFORMATION

• Proven 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

>25%

SITES IN BEST COST

COUNTRIES

48

Lean in action

Lean operations and multi-modal

flexibility … transforming Fort Worth

2x	(15)%	50+
CAPACITY EXPANSION	LOWER MANUFACTURING	LEAN EXPERT
W/O ADD'L FOOTPRINT	ASSEMBLY HOURS	KAIZEN EVENTS

• of unique models

1

3

3

12

12+

50% 40% 60%

100% 100%

50% 60% 40%

FromTo

							A single model, new	12 different models
	2013	2016	2017	2019	2020F
	locomotive only shop	with modernization mix
		New locos	Total Ft. Worth production mix

Modernizations

49

Lean in action

First mixed moving line in industry …	10%
transforming Brazil site
		WORKING CAPITAL IMPROVEMENT
From	To
>13,000 ft2
batch production push system	single piece flow pull system
Static line…	Mixed moving line...

AREA SAVINGS

3

SITES CONSOLIDATED

0

RECORDABLE INJURIES

50

Lean in action

Machine connectivity in Grove City

400+ 60%+

70%+

CONNECTED
MACHINES ACROSS	30%+
13 PLANTS

improvement in Safety

improvement in Quality

improvement in Lead Time

25%

INCREASE IN EFFICIENCY

51

Lean in action

Electronics Manufacturing COE …

sourcing and rationalizing electronic builds

From	To
Product line focused … rugged	Insourcing … integrating 3rd party
electronic manufacturing	builds into COE system

~30%

LABOR SAVINGS

OPPORTUNITY

5+

ADDITIONAL PRODUCT

LINES INSOURCED

>75%

FACTORY UTILIZATION

(over last 5 years)

30 DAYS

CUSTOMER LEAD TIME REDUCTION

52

Scalable model driving continuous improvement

Accelerating Lean

Building flexibility

Driving transformation

OPERATIONAL TARGETS

5% ↓

MANUFACTURING

COST PRODUCTIVITY

15% ↓

MANUFACTURING

FOOTPRINT

3% ↓

MATERIAL COST

DEFLATION

Lean manufacturing delivering operational efficiency

53

Transit Segment

Lilian Leroux

Focused on driving safety, efficiency and passenger comfort

Business

• $3.5B in backlog
• Sales up 6%
• $92B addressable new and Services rolling stock market
• > 60 service centers

#1 or #2

IN KEY PRODUCT CATEGORIES

(ACROSS GLOBAL ACCESSIBLE MARKETS)

Customers

• > 900 customers
• Partner with train manufacturers on strategic projects
• Drive outcomes for transit operators via aftermarket

Products

• Largest Transit portfolio in the industry
• >75% of portfolio focused on 5 core product areas
• Equipment with high engineering added value

23

NEW PRODUCTS

INTRODUCED TO MARKET IN 2019

55

Transit reset … turnaround underway

Stabilize the portfolio

Prudent project selection & improved risk

management.

Drive lean culture

Leverage integration to drive best cost footprint;

continuous improvement mindset.

Capture profitable growth

Expand in attractive end markets. Win share of global growth & shift to green opportunities.

>100bps margin improvement in 2020

Turnaround scorecard

	2019	2020
	ACTUAL	GOAL
COST OF
POOR	(6%)	(5%)-(10%)
QUALITY

ON-TIME	+3 PTS	+2-3 PTS
DELIVERY

MATERIAL 2% >2%

DEFLATION

56

Stabilizing portfolio & driving lean culture

Prudent project selection & improved risk management

• Reinforced project selection governance, 75% of UK refurbishment projects completed
• Stronger supply chain and project management capabilities, new leaders appointed

Leverage integration to drive best cost footprint; continuous lean improvement

• Increasing to >30% manufacturing and engineering into best cost countries
• Optimize fixed cost structure to deliver year-over-year OpEx savings

Strategy in action

PIS	$3.5B BACKLOG
OTHER
HVAC	Significant reduction
DOORS
BRAKES	of refurbishment
	backlog, in favor of
SERVICES	more attractive
REFURBISHMENT	segments

Design and validation of new couplers for Transit to significantly improve comfort on board of coaches

Leveraging Wabtec India's Technology & Engineering Center

57

Strategy in action: best cost footprint & lean

Transforming Transit Brakes operations

• Driving manufacturing into best cost countries
• Strong make or buy actions to improve material cost
• Total product cost reduction initiative
• Digitizing operations
• Optimizing fixed cost structure to deliver OpEx savings

2019 achievements:
~45%	~(15)%	>85%
HOURS IN	COST OF POOR QUALITY	ON-TIME DELIVERY
BEST COST COUNTRIES	OVER 2 YEARS	+8PT

Continuous improvement and focus on best cost countries

58

Growing the portfolio in attractive markets

10-15% growth in profitable end markets

GROWTH THROUGH BROADER

AFTERMARKET OFFERING

• Condition based maintenance initiative … 5 projects started in 2019
• Deployment of digital spare part catalogue
• Integration of advanced analytics and 3D printing

INCREASED DEMAND FOR MODERN EQUIPMENT FOR EXISTING TRAIN

• Growth of Passenger Information Systems
• In need of technical upgrade of all Wabtec onboard equipment

59

Expanding product offerings to support the Shift to Green

Capture profitable, growing demand & shift to green opportunities

Market	Our
drivers	response

Shift to green:	Energy management
New global trend for Transit

• In political agenda and funding

decisions	Weight reduction
Economic factors	Dust reduction
• GDP, demography, urbanization
Technology	Charging solutions

• Energy efficiency, lightweight,

automatization, digitization	CO2 reduction

Strategy in action

(100kg) per car

with newest MetroFlexx brake control & brake station

Up to 10x

fewer micro-particles for friction braking

Up to 30%

energy savings in HVAC

60

Russia / CIS / MENAT

Gokhan Bayhan

Wabtec in Russia / CIS / MENAT today

3-4% Freight Growth		~$3.5B
WITH AGING FLEET OF 40K		'20 OPENING BACKLOG
LOCOMOTIVES & 1.3M RAILCARS
~300		>770K ft2
EMPLOYEES ACROSS REGION		OPERATIONAL FOOTPRINT

Double digit revenue growth through the long-term plan

62

Leveraging local presence to overcome high barriers to entry

	LOCOMOTIVES IN OPERATION
Largest diesel	1,500+ locos in operation
locomotive market
#2 outside of North
America
Wabtec Advantage	SERVICE
50+% fleet under long term
State-of-the-art technology
service agreements

Localization & partnership

Service/supply chain infrastructure	ENGINES IN OPERATION
Financing solutions	300+ engines in operation on
other OE locos
8X fleet growth since 2005

63

Strategy in action

Fueling Egypt's rail

infrastructure

100 fuel-efficient new locomotives

80 locomotive rehabs

15-year sole source parts and technical support agreement for 180 locos (new and current fleet)

International / complex full project financing package

ENR goal to increase freight market

share from 1% → 10% … creating

demand for 200-300 additional locos

64

Leverage Wabtec advantage to expand portfolio

Local Presence

Utilize established operational infrastructure and deep relationship with customers, build partners & stake holder

Customer Solutions

Expanded product and services portfolio offering customers integrated & complete solutions

Team

Alignment & cooperation of key account managers with business units… single face

to the customer

Passenger coaches & metro

Brake systems, friction, HVAC and doors

Electric locomotives

Brake systems, HVAC, pantograph

Freight wagons

Bogie frames, brake systems

4X total market opportunity post merger

Confidential & Proprietary

65

India

Sujatha Narayan

Building a $1B* enterprise in India over 5 years

#1

ROLLING STOCK & RAIL

EQUIPMENT COMPANY IN INDIA

$450M+	~2,750
RAPID GROWTH FROM LOCO,	EMPLOYEES ACROSS REGION
TRANSIT BRAKES, METRO

~1Mft2	~1,200
OPERATIONAL FOOTPRINT	WABTEC INDIA ENGINEERING

* Includes intercompany sales

67

Wabtec's leading advantage

MARKET

TALENT

COSTS

+ +

68

Leverage the market

4th

Largest rail network in the world

68,000 km

Rail route

22,700

Trains running every day

23M

Passengers per day

3M Tons

Freight per day

TRANSIT & FREIGHT

Protect the profitable core

• Transit brakes
• IR locomotive project

Build new business

• Drive aftermarket service growth
• Introduce new products and services
• Compete in metro products

DIGITAL ELECTRONICS

• Business development & concept selling
• Wabtec advantage
• • Current RM&D capability
  • Global Engineering center in India
  • Extensive global portfolio

69

Leverage the talent

	1.5M	India produces more
	engineering grads
	# Engineers in India	than US + Europe
1 in 10	India has
~90,000+ analytics
Analytics professionals	professionals
worldwide from India
~2,000+	Working in the B2B
700+ work with
		space, out of which
	Startups	deep technology

WABTEC INDIA TECHNOLOGY &

ENGINEERING CENTER

• 4 groups / sites → 1 team
• ~1,200 Engineering & IT team
• Maximize synergy & utilization

GLOBAL COE

• World-classcompetitiveness
• Established global design teams for Freight, Transit and signaling
• Develop product/solution building capability

70

Leverage the cost

Lower operational costs

Commodity, overhead & labor costs

Supply ecosystem

Entrenched automotive and railway suppliers

India financial reforms

Make in India

Drive global sourcing to drive Wabtec profitability

World-class factories through Industry 4.0

A global hub for manufacturing of Transit & Freight solutions

71

Financials

Patrick Dugan

What you've heard

Delivering results through the cycles via world-classtechnology and innovation while leveraging significant installed base

Focused on continuous operational improvement and margin expansion

Lean operations driving strong cash flow with disciplined capital allocation

Building a stronger and better Wabtec with a

purpose-focused culture of accountability

73

2019 adjusted pro-forma results(1)

($ in billions, except per share amounts)

	FY19	FY19 non	Policy	Partial year	Recurring	FY19 adj.	FY20 adj.
	GAAP(2)	GAAP	harmonization(3)	pro-forma(4)	PPA(5)	pro-forma	guidance
Revenue	$8.2	$8.3	$(0.1)	$0.5	-	$8.7	$8.7
Income from	$0.7	$1.2	$(0.1)	$(0.1)	$0.3	$1.3	$1.4
Operations
EBITDA	$1.1	$1.6	$(0.1)	$(0.0)	-	$1.5	$1.6
Cash from	$1.0	$1.1	-	$(0.3)	-	$0.8	$0.9
Operations
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

1. 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.
2. 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.

(3) 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.

(4) Represents 2 months of GE Transportation performance, interest expense, additional amortization and PP&E expenses, and impact from intercompany sales

(5) This represents intangible amortization amounts which will be excluded from non-GAAP EPS calculations.

74

2020 outlook

	'19	'19 Adj.	'20 Adj.
	GAAP	Pro-Forma	Guidance
Sales	$8.2B	$8.7B	~$8.7B
EBIT %	8%	15%	~16%
EPS	$1.84	$4.26	~$4.50 to
~$4.80
Cash from	$1.1B	$0.8B	~$0.9B
Ops

What we are expecting

Sales

• Softening NAM Freight (loco, freight car, services)
• Moderate growth in mods, int'l services, & Transit
• Digital Electronics growth

EBIT %

• >$150 cumulative net synergies ($120 year over year impact), primarily in Freight
• Negative mix due to lower Freight & higher Transit
• Lean improvements

Cash from Ops

• ~$100 outflow for prior year 1x charges
• Working capital drag due to timing
• GE Tax payment benefit

Delivering in challenging environment

75

Diversified & global sales portfolio

Freight

'19 sales	'19 sales
GAAP	Adj. pro-forma	'20 outlook

Equipment	$1.7B	$1.9B		NAM carload volume flat to down … NAM
	loco 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

$8.2B $8.7B

76

Significant synergy opportunities

SG&A	•	Shared services
•	Corporate costs
	•	LCC optimization
Facility	• Exit co-located facilities
•	Office consolidations
consolidation	•	Mfg. footprint
		optimization
Sourcing	•	MRO spend
•	Direct material spend
	•	Indirect spend
IT savings	• Exit GE shared services
•	System rationalization
	•	Network standardization
Revenue	•	Digital/Electronics
•	Sales cross-selling

Net cumulative synergy $s

$250M

$150M

$30M

2019

2020

BEFORE 2022

On-track to achieve $250MM run-rate synergies before 2022

77

Continuing to drive margin expansion

Adjusted EBIT margins

					~30 bps	~16%
15%		~70 bps			Freight
			+ Synergies
				+ Lean productivity	~19.5%
	+ Synergies	+ Volume growth
Freight	+ Lean productivity			Transit
+ Int'l services & mods
~18.5%
+ Digital Electronics			~10.0%

− NAM Freight (locos,

Transit	components, services)
~9.0%

2019	FREIGHT	TRANSIT	2020
ADJ PRO-FORMA			ADJ GUIDANCE

Key drivers

• Proven ability to achieve synergies
• Culturally engrained lean efforts
• $22B backlog
• Significant installed base with ~60% aftermarket revenues
• Globally diverse portfolio
• Pockets of growth offsetting NAM freight slowdown

78

Cash tax benefit driven by transaction

~$150M	Tax step-up associated with the transaction drives average
annual cash tax benefits of ~$150M for the next 15 years
ANNUAL BENEFIT

~$470M	First $470M of gross cash tax benefits ($440 NPV) to be paid to
GE by Wabtec (expected to be realized during first 3-4 years)
BENEFIT TO BE
PAID TO GE
~$1.1B	value of ~$1.1B)
	Remaining cash tax benefits accrue to Wabtec (net present
NPV BENEFIT TO
WABTEC

79

Continuing to drive strong cash generation

Cash from operations

$1.0B

~$0.9B

• EBIT growth
• Lower interest ↔ GE tax benefit − Higher tax rate
  − Working capital timing − 2019 1x charges

2019

2020

Committed to goal of >90% cash conversion

Key drivers

• EBIT growth driven by synergy execution, lean actions
• Lower interest expense on lower debt
• GE Tax benefit ~flat versus '19; effective tax rate slightly up
• Working capital pressure due to timing
  … significant focus area to improve
• Cash outflows of ~$100M driven by payments of '19 1x charges treated as non-GAAP adjustments

80

Capital allocation strategy

Invest organically

Consistent R&D and CapEx investments in new products, aftermarket & recurring revenue streams, & digitization

~5%	~2%
TECHNOLOGY	CAPEX
% SALES	% SALES

Grow through acquisitions

Strategic bolt-on acquisitions that enhance growth strategy … grow aftermarket, product offerings, and new markets

> cost of capital

TARGET RETURN ON

INVESTMENT

Maintain stable dividend policy … recently announced share repurchase authorization to be used

Return capital opportunistically when returns exceed other alternatives, providing a return exceeding cost of

capital

Excess cash

RETURN TO SHAREHOLDERS

81

5-year financial plan

Sales growth

Strong recurring revenue base & deep partnerships in long-	Mid-single
cycle business enabling growth through the cycle	digits

ORGANIC GROWTH

EBIT margin improvement

Significant synergy opportunities driven by business	300+ bps
combination; Transit stabilizing & delivering accretive growth	MARGIN EXPANSION OVER
	NEXT 5 YEARS

Cash generation	Proven ability to execute strong working capital	>90%
management; deal structure unlocking ~15 year tax benefit	CASH FLOW
	CONVERSION

Focused capital allocation

Invest in the company; free up capital for strategic M&A and	>10%
share buy-back	EPS CAGR

Long-term value creation will average double-digit EPS growth

82

Key takeaways

• Portfolio is uniquely positioned to deliver strong results
• Leading technologies positioning Wabtec to build further momentum on its track record with customers
• Lean transformation and global capabilities are making Wabtec stronger and enabling significant synergies and margin expansion
• Strong cash generation enabling capital deployment strategy to grow shareholder value
• Confident in long-term business fundamentals and ability to execute in dynamic environment

Positioned to outperform

83

Speaker Biographies

Rafael Santana

President & CEO

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 Federal de Minas Gerais in Brazil. He currently serves on Wabtec's Board of Directors.

86

Gokhan Bayhan

Regional General Manager − Russia/CIS

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

Bob Bourg

Vice President for Core Electronics & Data Analytics

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 MS degree in Computer Science from George Washington University.

88

Patrick D. Dugan

Chief Financial Officer & Executive Vice President

Patrick 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.

89

Alicia Hammersmith

VP Operations, Transit

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.

90

Kristine Kubacki

VP, Investor Relations

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 vehicle group, 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.

91

Lilian Leroux

President, Transit

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 successful integration of the two compagnies' brakes product portfolios when Faiveley Transport was 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

Dominique Malenfant

Global Technology Officer

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 with Bombardier, 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 in

Electrical Engineering.

93

Sujatha Narayan

Regional General Manager − India

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 Institute

Prior 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

Pascal Schweitzer

Group President, Freight Services

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 HEC

Business School in Paris.

95

Peter Thomas

Chief Commercial Officer, Digital Electronics - Americas

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 for GE 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

Appendix

EPS and Non-GAAP Reconciliation

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.

Wabtec Corporation
Reconciliation 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

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EBITDA Reconciliation

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.

Wabtec Corporation
2019 Full Year EBITDA Reconciliation
(in millions)								EBITDA (Income from
		Income from					Operations plus Depreciation
		Operations	Depreciation	Amortization		& Amortization)
Consolidated 2019 Actual Results As Reported	$	663.1	$	157.8	$	238.4	$	1,059.3
Restructuring, Transaction, & Litigation costs		229.8		-		-		229.8
One-time PPA Charges		185.0		-		-		185.0
Policy Harmonization		91.6		-		-		91.6
Adjusted Results	$	1,169.5	$	157.8	$	238.4	$	1,565.7

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