ALSTOM signs agreement with United Group for sale of
Australian & New Zealand transport business

The agreement is subject to a limited number of conditions
precedent, and it is envisaged that financial close will occur
in July 2005.

ALSTOM is to receive as consideration on completion a base
purchase price of AUS$ 267,5 million (app. 165 million)
and could receive up to an additional AUS$ 30 million (app.
18 million) based on future financial performance.

ALSTOMs transport operations in Australia and New
Zealand include engineering and maintenance support, road and
rail infrastructure projects, and the provision of professional
services and systems to the transport industry throughout
Australia and New Zealand. This business employs approximately
2,000 staff and operates from both countries. Key customers
include major road and rail operators and Australian
construction companies.

United Group is a diversified services company specialising
in maintenance, facilities management, manufacturing,
fabrication, engineering, construction and business
outsourcing. The Group has over 7,000 employees, delivering
services throughout Australia, New Zealand, UK, Singapore and
Hong Kong.

Press relations:

S. Gagneraud / G. Tourvieille

Tel. +33(0)1 41 49 27 40

press@chq.alstom.com

Investor Relations:

E. Châtelain

Tel. +33(0)1 41 49 37 38

investor.relations@chq.alstom.com