Green light from the European Commission

ALSTOM has taken note of today's decision by the European
Commission to confirm the agreement in principle reached on 26
May 2004 between the French State and the Commission which
approved, under certain conditions, the French State's
participation in the ALSTOM financing package. The French State
therefore becomes a shareholder (approximately 18.5%) in the
Company through the conversion into equity of a


20-year loan granted last summer (TSDDRA).

This confirmation is, after the agreement of our banks on
new financial covenants announced on 23rd June 2004, the second
important step in the implementation of the financing 
plan. The third one is the shareholders meeting to be held on 9
July.

Press relations:


S. Gagneraud / G. Tourvieille


(Tél. +33 1 47 55 25 87)

internet.press@chq.alstom.com 

Investor relations:


E. Chatelain


(Tél. +33 1 47 55 25 33)

investor.relations@chq.alstom.com