Finnish Railways Confirm Two Orders With ALSTOM worth 225
Million Euros

VR Limited, the Finnish Railway
company, has just exercised two options with ALSTOM, for 20 SM4
commuter trains and 8 new Pendolino tilting trains, for a
combined value of 225 million euros.

The first order, worth 110 million
euros, is the confirmation of an option for 20 electrical
multiple units (EMUs), from ALSTOM's CORADIA family, to be used
for commuter traffic in Helsinki and on the regional link to
Tampere. Ten similar trains have already been delivered by
ALSTOM to VR, as part of an initial order placed in
1996.

The new 2-car trains will have a
capacity of 284 passengers and will operate at a maximum speed
of 160 km/h. The first delivery of the new trains is expected
to take place in May 2004.

The second order, worth 115 million
euros, is the confirmation of an option for the supply of 8 new
Pendolino tilting trains. The delivery of the first trainset is
scheduled to start in spring 2004.

This order is part of a plan
undertaken by VR for the improvement of rail service on the
main Finnish railway lines, and brings to 18, the total of
Pendolinos ordered today by VR to ALSTOM. Pendolino trains are
already in service in Finland on the Helsinki-Turku;
Helsinki-Jyvaskyla and Helsinki-Oulu main lines.

Each train will comprise 6 cars and
be able to carry up to 287 passengers at a maximum speed of 220
Km/h.

The Pendolino train, thanks to its
proven active tilting system, can negotiate curves at speeds
35% higher than conventional trains, with maximum safety and
comfort for the passengers. Today, 335 trains worldwide are
equipped with ALSTOM's active tilting technology. Trains
equipped with this technology have journeys of around 165
million kilometres in total.

ALSTOM is the global
specialist in energy and transport infrastructure. The
Company serves the energy market through its activities in
the fields of power generation and power transmission and
distribution, and the transport market through its activities
in rail and marine. In fiscal year 2001/02, ALSTOM had annual
sales in excess of 23 billion and employed 118,000
people in over 70 countries.

ALSTOM is listed on the
Paris, London and New York stock exchanges.

ALSTOM's Transport
Sector, with annual sales of 4.4 billion, is an
internationally leading supplier of rolling stock,
information systems, services and complete turnkey systems to
the rail industry.

Press enquiries: S. Gagneraud / G. Tourvieille

(Tel. +33 1 47 55 25 87)

internet.press@chq.alstom.com

Investor relations: R. Shaw

(Tel.+33 1 47 55 25 78)

investor.relations@chq.alstom.com

internet:
www.alstom.com