ALSTOM completes the sale of its Transmission and
Distribution activities to Areva

ALSTOM and Areva signed a binding agreement for the sale and
purchase of ALSTOMs Transmission & Distribution
(T&D) businesses on 26th September 2003.

Pursuant to the authorisations received from the European
Commission and from the US anti-trust authorities, ALSTOM has
now completed the sale of virtually all of its T&D
activities to Areva. These transactions cover the sale of
businesses in some 40 countries, which represent 95% of
ALSTOMs T&D activities. The transfer to Areva of the
remaining T&D activities will be progressively completed
once the relevant local regulatory and other authorisations are
obtained.

The enterprise value of 950 million has been
adjusted, as previously agreed, on the basis of working capital
and other cash related movements between signing and completion
of the transaction. The provisional estimate of these
adjustments is 30 million.

ALSTOM has received  total net cash proceeds of
815 million, and a further 105 million has been paid to
an escrow account by Areva. The escrowed amount is expected to
be released during the first half of calendar year 2004, as the
remaining T&D activities are transferred to Areva and the
31st of December 2003 audited accounts of T&D are
finalised.

Pending their transfer to Areva, ALSTOM will continue to
manage its remaining T&D activities in consultation with
Areva.

Press relations:

G. Tourvieille/S. Gagneraud

(Tel. +33 1 47 55 23
15)                    

internet.press@chq.alstom.com

Investor relations:

E. Chatelain

(Tel. +33 1 47 55 25 33)   

investor.relations@chq.alstom.com