Suspension of application of Covenants until 30 September
2004

The Credit Agreements for ALSTOM's refinancing package
signed in September 2003 required the Group to respect certain
financial agreements ("covenants") or to reach an agreement
with its Banks, of which two thirds must approve

During the meeting of ALSTOM's Board of Directors on the 9
March 2004, the 2003-2004 financial forecasts were reviewed. It
was noted that if these forecasts are confirmed, it would be
necessary for ALSTOM to review with its Banks the agreements
relating to the EBITDA and the Group's net situation, noting
that the agreements relating to the reduction of its debt are
being respected.

ALSTOM's Banks have formally accepted to suspend the
obligation to respect the financial agreements ("covenants")
until 30 September 2004 as a new assessment of the
Groups situation will be made before this date. This
suspension has been achieved without modification to the
financial conditions of the credits concerned and without
cost.

Press Relations:  


S. Gagneraud/G. Tourvieille 


Tel. +33 1 47 55 25 87

internet.press@chq.alstom.com

Investor Relations:  


E. Chatelain


Tel. +33 1 47 55 25 33

investor.relations@chq.alstom.com