Results of exercise of warrants to purchase ALSTOM
shares

On 20 November 2003, ALSTOM carried out a 299.9
million capital increase reserved for financial institutions.
ALSTOMs shareholders were then allocated warrants free
of charge allowing them to acquire the shares for the same
price subscribed to by these institutions (1.25 per
share) until 9 January 2004.

The take-up rate of these warrants was 92.6%.

The new shares are listed as of today, on the same line as
the old shares.

Contacts

Press enquiries:

S. Gagneraud / G. Tourvieille

(Tel. +33 1 47 55 25 87)

internet.press@chq.alstom.com
  

Investor Relations:

E. Châtelain

(Tel. +33 1 47 55 25 78)

investor.relations@chq.alstom.com

This announcement does not constitute an offer to sell, or a
solicitation of offers to purchase or subscribe for, securities
in the United States.  The securities referred to herein
have not been, and will not be, registered under the Securities
Act of 1933, as amended, and may not be offered or sold in the
United States absent registration or an applicable exemption
from registration requirements.  This notice is issued
pursuant to rule 135c of the Securities Act of 1933.

This communication is directed only at persons who (i) are
outside the United Kingdom or (ii) have professional experience
in matters relating to investments or (iii) are persons falling
within Article 49(2)(a) to (d) ('high net worth companies,
unincorporated associations etc.') of the Financial Services
and Markets Act 2000  (Financial Promotion) Order 2001
(all such persons together being referred to as 'relevant
persons').  This communication must not be acted on or
relied on by persons other than relevant persons.  Any
investment or investment activity to which this communication
relates is available only to relevant persons and will be
engaged in only with relevant persons.