Update on Investigation of ALSTOM Transport by United
States SEC

ALSTOM announced on 30 June 2003 that it had been advised
that the United States Securities and Exchange Commission was
conducting an informal inquiry relating to ALSTOM
Transportation Inc. (ATI), a US subsidiary of the Company.

ALSTOM has now been advised that the United States
Securities and Exchange Commission has issued a formal order of
investigation in connection with its inquiry relating to
ATI.

ALSTOM is continuing to cooperate fully with the Securities
and Exchange Commission.

Press relations:

S. Gagneraud

(Tél. +33 1 47 55 25
87)                    

internet.press@chq.alstom.com

Investor relations:

J-G. Micol

(Tél. +33 1 47 55 26 04)

Investor.relations@chq.alstom.com

Safe Harbor Statement under the United States Private
Securities Litigation Reform Act of 1995: 

This press release may contain forward-looking statements,
within the meaning of Section 27A of the Securities Act of 1933
and Section 21E of the Securities Exchange Act of 1934. 
When relying on forward-looking statements to make decisions
with respect to ALSTOM, readers should carefully consider the
factors described in other documents ALSTOM files or submits
from time to time with the U.S. Securities and Exchange
Commission, including ALSTOMs Annual Report on Form 20-F
and reports submitted on Form 6-K.  Forward-looking
statements speak only as of the date on which they are made,
and ALSTOM undertakes no obligation to update or revise any of
them, whether as a result of new information, future events or
otherwise.