Wabtec Corporation

The purpose of this website is to provide access to certain analyses and/or white papers (collectively, the “Documents”) prepared by WSD Capital Management, L.P. (the “Firm”) with respect to certain companies (“Issuers”) in which the Firm and certain funds and accounts it manages (collectively, the “WSD Funds”) are or were investors.

The Documents contain information relating to all of the publicly disclosed and/or announced investments made by the Firm since its inception. The companies cited in the Documents do not represent all of the investments made by the Firm and are not selected based on past performance. While the Firm expects to maintain its active investment method, the Firm expects to have an economic interest, and in the past has had an economic interest, in a number of other investment positions as a passive investor. No information contained in the Documents constitutes a prediction or forecast as to the performance of any investments. Any historical information contained in the Documents is provided by way of illustration only, past performance is not a guide or guarantee to future performance and actual performance may differ materially. Assumptions upon which financial illustrations are based may differ from actual circumstances and no representation is made as to the reasonableness of any assumptions made.

Publicly Available Information

The Documents represent the opinions of the Firm. These opinions are current opinions as of the date appearing in the relevant material and are subject to change without notice. The information contained in the Documents is based on publicly available information with respect to the Issuers as of the date of such Documents and has not been updated since such date. The Firm has not sought or obtained consent from any third party to use any statements or information, which are described in the Documents as having been obtained or derived from statements made or published by third parties. Any such statements or information should not be viewed as indicating the support of such third party for the views expressed in the Documents. No warranty is made that data or information, whether derived or obtained from filings made with any regulatory agency or from any third party, are accurate. The Firm recognizes that there may be non-public information in the possession of the Issuer or others that could lead the Issuer or others to disagree with the Firm’s analyses, conclusions and opinions.

Forward-Looking Statements

The information contained in the Documents includes forward-looking statements (including statements as to potential future performance or prices), estimates, projections and opinions prepared with respect to, among other things, the Issuers and other companies. Such statements, estimates, projections and opinions may prove to be inaccurate and are subject to economic, competitive, financial and other risks and uncertainties. No representation or warranty, express or implied, is made as to the accuracy or completeness (currently or historically) of those statements, estimates, projections or opinions or any other written or oral communication made by or on behalf of the Firm in the Documents or otherwise with respect to the Issuers, the information contained in the Documents or otherwise. The information contained in the Documents is provided ‘as is’ and, except where otherwise indicated, statements speak as of the date made, and the Firm undertakes no obligation to correct, update or revise those statements or to otherwise provide any additional information.

Content Disclaimer

Neither this website nor the Documents are intended to be, nor should they be construed as, an offer to sell or a solicitation of an offer to buy any security. The information provided on this website and in the Documents (including any statements, estimates, projections or opinions) is not, and should not be construed as, investment advice or as a recommendation, invitation or inducement to engage in any investment activity, and should not be used as the basis for any investment decision. The Firm does not assume liability or responsibility (in the absence of fraud) for the content, accuracy or appropriateness of the content available on this website and in the Documents.

Neither this website nor the Documents are intended to be, nor should they be construed as, a marketing or solicitation vehicle for the Firm or the WSD Funds. The information herein does not provide a complete presentation of the investment strategies or portfolio holdings of the WSD Funds and should not be relied upon for purposes of making an investment or divestment decision with respect to the WSD Funds.

The WSD Funds are in the business of trading – buying and selling – securities, and intend to continue trading in the securities of the Issuers or the other companies or industries referenced in the information contained in the Documents. You should assume that the WSD Funds will from time to time modify all or a portion of their investment positions of one or more of the Issuers or such other companies or industries in open market transactions or otherwise (including via short sales), buy additional shares (in open market or privately negotiated transactions or otherwise), or trade in options, puts, calls, swaps or other derivative instruments relating to some or all of such securities, regardless of the views expressed in the Documents.

Investing involves risks, including possible loss of principal. Asset allocation strategies do not ensure a profit or protect against loss in declining markets. International investing involves risks, including risks related to foreign currency, limited liquidity, less government regulation and the possibility of substantial volatility due to adverse political, economic or other developments. These risks are magnified for investments in emerging or smaller capital markets.

Acceptance and Eligibility

To view this website and the Documents, you must agree to the following terms, in addition to and supplementing the Terms of Use and Privacy Policy. Confirmation of understanding and acceptance:

• • You have read and understood the notice set out above and agree to be bound by its terms.
• • You understand that investments managed by the Firm are not available to the general public.
• • You understand that this website and the Documents do not contain the information you would need to consider for an investment, and that such information is only available to a limited group of persons and institutions meeting specified criteria.
• • You understand that this website and the Documents have not been reviewed or approved by, filed with, or otherwise furnished to any governmental or similar authority, and is intended only to provide limited information to members of the public who have a legitimate interest in that information for reasons unrelated to making investments.
• • You are not (nor do you act on behalf of someone who is) resident in any country that renders the accessing of this website or the Documents or parts of it illegal.
• • This website and the Documents constitute the proprietary intellectual property of the Firm or its licensors and that you will not directly or indirectly copy, modify, recast, create derivative works, post, publish, display, redistribute, disclose, or make available the content, in whole or in part, to any third parties, or assist others to do the same, or otherwise make any commercial use of the content without the prior written consent of the Firm.

Your use and access of this website and the Documents indicates your agreement to be bound by the foregoing Disclaimer, Terms of Use and Privacy Policy. If you do not accept these terms, you are not authorized to access this website or the Documents.