Statement on Taiwan high speed rail project

Two years after selecting Eurotrain, the ALSTOM-SIEMENS
consortium, as 'preferred bidder' for the Taiwan High-Speed
Train project, THSRC has just announced the selection of the
Japanese TSC as 'priority party for negotiation' to finalise
the Electrical and Mechanical portion of its high speed rail
link.

Eurotrain takes note of this information and remains
convinced that its offer is the premium solution for the
Republic of Taiwan. The decision is all the more disturbing in
that the Eurotrain offer is the only internationally proven
system, and that ALSTOM has regularly won all high-speed export
contracts until now.

Eurotrain will take all necessary actions to protect its
interests. Furthermore, it will continue to pursue all
attractive high-speed train opportunities in Asia.

ALSTOM confirms that the project had not been included in
its order book and would not have generated revenues before
2004/05.