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2016 Annual Report

Profile

Wabtec Corporation is a leading global provider of equipment, systems and value-added services for transit and

freight rail. Our mission is to help customers increase their safety, efficiency and productivity. Through its

subsidiaries, the company manufactures a range of products for locomotives, freight cars and passenger transit

vehicles; builds new commuter and switcher locomotives; and manufactures cooling systems and related

equipment for the power generation and transmission industry. We strive to combine practical innovations for

our customers with the best in modern manufacturing and business practices to generate above-average, long-

term returns for our shareholders, and to provide our employees with a safe, challenging and dynamic work

environment.

This annual report contains forward-looking statements and includes assumptions about future market conditions,

operations and results. These statements are based on current expectations and are subject to risks and

uncertainties. They are made pursuant to safe harbor provisions of the Private Securities Litigation Reform Act

of 1995. Our Annual Report on Form 10-K for 2016 and our other filings made with the Securities and Exchange

Commission lists the factors that could cause actual results to differ materially from the forward-looking

statements. In making these forward-looking statements, the company assumes no obligation to update them or

advise of changes in the assumptions on which they were based.

CORPORATE INFORMATION

Transfer Agent andRegistrarOur transfer agent isresponsible for stockholderrecords, issuance of stockcertificates, and distributionof dividends and I.R.S.form 1099. Your requests,as shareholders, concerningthese matters are mostefficiently answered bycommunicating directlywith:

Wells Fargo ShareownerServicesP.O. Box 64854St Paul, MN 55164-0874

Street and overnightdelivery address:Wells Fargo ShareownerServicesMAC N9173-0101110 Centre Point Curve,Suite 101Mendota Heights,MN 55120

Toll-free number:(800) 468-9716

Stock Exchange ListingNew York Stock ExchangeTicker Symbol: WAB

Independent PublicAccountantsErnst & Young LLPPittsburgh, PA 15222

Form 10-KThis documentincludes the company’sAnnual Report onForm 10-K.

Annual MeetingMay 10, 201711:30 a.m.The Duquesne Club325 Sixth AvenuePittsburgh, PA 15222

Message to ShareholdersDespite facing challenges in our freight rail markets in 2016, our financial results were among the best in our

history, with strong cash flow from operations and a record year-end backlog. Also during the year, we acquired Faiveley

Transport – our most strategic acquisition to date – which we believe helps to position the company for future growth.

Since 2006, we have more than doubled our revenues and more than tripled our earnings per diluted share. In

the past five years, our total return to shareholders has outperformed both the S&P 500 and our peer group. We think

the best is yet to come, and our long-term vision remains consistent: Through the combination of our diversified

business model, our growth strategies and the principles embodied in The Wabtec Excellence Program (WEP) we want

to generate, on average, double-digit growth in earnings per diluted share through the business cycle.

WEP provides the tools to continuously improve safety, quality, delivery and cost for our customers. As a result,

we generate strong cash flow to invest in these growth strategies: Product Innovation and New Technologies, Global and

Market Expansion, Aftermarket Products and Services, and Acquisitions. In 2016 we made progress in each.

Strategic Acquisitions have represented about half of our growth in the past decade, and we expect that to

continue in the future. With the acquisition of Faiveley Transport, we solidified our position as one of the world’s

largest public rail equipment companies, with a presence in all key freight rail and passenger transit markets

globally. Faiveley Transport strengthens the diversity of our business model, with most of its $1.2 billion in revenues

in the global transit market. Transit projects tend to provide long-term visibility and stability that helps to offset

cyclical swings in the freight rail and industrial markets. In addition to expanding our geographic presence in transit

markets such as Europe and Asia Pacific, Faiveley Transport broadens our product and service capabilities, and

enhances our technology and innovation initiatives. Together, we expect to benefit from compelling growth

opportunities and synergies for years to come.

Also in 2016, Wabtec acquired several other businesses with total revenues of more than $120 million,

including: Unitrac, a leading designer and manufacturer of railroad track products such as turnouts, panels and frogs;

Pride Bodies, which equips rail and utility vehicles with custom rail gear, cranes, air systems and lighting; Gerken

Group, a leading manufacturer of specialty carbon and graphite products for rail and other industrial applications;

and Workhorse Rail, a supplier of engineered freight car components, including couplers and knuckles. We’re

confident these companies will be a strong strategic fit, and we are continuing to seek opportunities to add other

high-quality companies to our portfolio.

Our focus on Product Innovation and New Technologies enables Wabtec to help customers improve their

safety, productivity and efficiency. Worldwide, we have more than 20 Centers of Competence with specialized

expertise, and we’re an industry leader in products such as brake and door systems, train control, friction and heat

exchangers.

We are investing in Global and Market Expansion because a majority of the world’s locomotives, freight

cars and transit cars operate outside the U.S. In the past decade we have built a presence in all key markets around

the world, such as Australia, Brazil, China, India and South Africa. In 2016, sales outside the U.S. reached a record

$1.6 billion.

Aftermarket Expansion plays a key role in our diversified business model because it can help to offset the

cyclicality of our original equipment markets. Last year, about 60 percent of our total sales came from aftermarket

products and services.

Although in 2017 we expect conditions in the U.S. freight rail market to remain challenging, we believe the

global freight rail and passenger transit markets offer compelling long-term growth opportunities. These markets are

large and global, and they’re expected to grow over time. UNIFE, the European rail industry association, estimates

the global accessible market for rail-related products and services at more than $100 billion, with an expected

growth rate of about 3 percent annually over the next five years. With our growth strategies, diversified business

model and financial strength, we are confident Wabtec will continue to grow in these markets.

As we approach our 150th anniversary in 2019, we will continue to work hard to live up to our commitments

to customers, employees, communities and shareholders – and we strive to do so in ways that are environmentally

friendly and responsible. In these pursuits, we will be guided by our values and operating principles – we call it The

Wabtec DNA. These values and principles unite our organization around a common purpose and provide the

foundation upon which we work to build and strengthen the company. Because reliability, passion and collaboration

are at the heart of who we are, we:

• are committed to Safety – zero accidents

• maintain a clear Customer Focus – make Wabtec the customer’s first choice

• seek Continuous Improvement – strive for perfection

• believe in Teamwork – we’re stronger as one

• realize Leadership is everyone’s responsibility – character matters

There is a reason we refer to our values as DNA: Our values are an inherent part of who we are, individually

and collectively. We believe that reflecting our values in our decisions and our actions provides a competitive

advantage in the marketplace. Our values also support our never-ending drive to build long-term, sustainable

shareholder value.

In closing, we would like to thank Gary Valade who stepped down in 2016 after serving on our Board of

Directors for 11 years. With his extensive business and financial background, Gary provided valuable counsel and

expertise throughout his tenure. Succeeding Gary as chair of the Board’s Audit Committee is Linda Harty, who has held

executive finance and treasury positions in public companies in a variety of industries. In addition to Linda, also joining

the Wabtec Board in 2016 were Philippe Alfroid and Erwan Faiveley, formerly members of the Faiveley Transport Board.

We welcome these new members and value their contributions.

Finally, we want to thank the nearly 20,000 Wabtec employees worldwide. Each day, they work diligently

on behalf of our customers, shareholders and other stakeholders, and it’s a privilege to serve the company with them.

Albert J. Neupaver, Executive Chairman

Raymond T. Betler, President and Chief Executive Officer

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Comparison of 5 Year Cumulative Total ReturnAssumes Initial Investment of $100

December 2016

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2011 2012 2013 2014 2015 2016

Westinghouse Air Brake Technologies Corporation S&P 500 Index - Total Returns New Peer Group Old Peer Group

BOARD OF DIRECTORS

Albert J. Neupaver Robert J. Brooks (1,3) Brian P. Hehir (1,2)Executive ChairmanWabtec Corporation

William E. KasslingLead Director

Emilio A. Fernandez (1,3)Vice Chairman

Philippe Alfroid (1)Former ChiefOperating OfficerEssilor Corporation

Raymond T. BetlerPresident andChief Executive OfficerWabtec Corporation

Former ChiefFinancial OfficerWabtec Corporation

Erwan Faiveley (3)President and ChairmanFinanciere Faiveley S.A.

Lee B. Foster II (1,2)ChairmanL.B. Foster Co

Linda S. Harty (1)Treasurer,Medtronics, Inc.

Former Vice ChairmanInvestment BankingMerrill Lynch

Michael W. D. Howell (2,3)Former ChiefExecutive OfficerTransport InitiativesEdinburgh Limited

Nickolas W. Vande Steeg (2,3)Former PresidentParker Hannifin Corporation

(1) Audit Committee(2) Compensation Committee(3) Nominating and Corporate Governance

Committee

EXECUTIVE MANAGEMENT

Albert J. NeupaverExecutive Chairman

Raymond T. BetlerPresident andChief Executive Officer

Stéphane Rambaud-MeassonChief Executive Officer-Transit Segment

Patrick D. DuganExecutive VicePresident,Chief Financial Officer

R. Mark CoxExecutive VicePresident,CorporateDevelopment

David L. DeNinnoExecutive Vice President,General Counsel andSecretary

Scott E. WahlstromExecutive Vice President,Human Resources

Guillaume BouhoursChief Financial Officer-Transit Segment

John A. Mastalerz, Jr.Vice President andCorporate Controller

Timothy R. WesleyVice President,Investor Relations andCorporate Communications

GROUP PRESIDENTS

Yao CuiPresident,China Group

Michael E. Fetsko IIIPresident,Freight

James S. FrantzPresident,Freight Services

Michael GrunwaldPresident,Friction and PowerCollection

Rajendra K. JadhavPresident,Electronics

Lilian LerouxPresident,Brakes and Safety

David J. MeyerPresident,Access and Mobility

Olivier RavitPresident,Energy and Comfort

Jérôme SpencerPresident,Transit Services

Chris WeatherallPresident,Transit UK

Ronald WittPresident,International Freight