CFF Cargo SA and Alstom Transport sign an agreement for the
creation of a joint venture

 The new company will handle maintenance activities
relating to the shunting engines and tank wagons operated by CFF
and CFF Cargo, as well as by private freight companies. These
activities should generate sales of 37 million Swiss francs
(22.9 million) in 2007.

Alstom Transport and CFF Cargo will hold a 51% and 49% stake
respectively in the joint ventures equity. Employees at
the site involved in the maintenance activities in question will
be integrated into the new structure.

This alliance allows for the bringing together of the
expertise of CFF Cargo and Alstom Transport in maintenance.
Through the deal, Alstom Transport will gain an experienced
workforce and be able to significantly develop its activities in
Switzerland.

The joint venture also represents a further stage in the
development of Alstom Transports policy of building a
network of maintenance centres across Europe. With this new
operation, 9 sites will now provide coverage of the North-South
corridor, which stretches from the Netherlands to Italy. The
network will enable the company to respond to growing demand from
public and private operators for service and global maintenance
solutions.

Alstom Transport is world leader in very high-speed
trains and holds the No. 2 market position in urban rail
transport. The company has an 18% share of the full accessible
rail transport equipment and service market. With an annual
turnover of 5.1 billion euros generating an operating margin of
6.3%, Alstom Transport has established itself as the most
profitable integrated solutions provider in the industry. Its
range of offerings includes rolling stock products, rail
infrastructure equipment, signaling systems and maintenance
services. Alstom Transport employs 26 000 men and women serving
customers in over 60 countries.