ALSTOM's 3.2 billion refinancing package approved at
General Shareholders' Meeting

Shareholders at ALSTOMs Ordinary and Extraordinary
Meeting held today in Paris voted in favour of resolutions
which will allow the Group to implement totally the refinancing
agreement announced on 22 September 2003.

The approval of the resolutions will allow ALSTOM to proceed
with the planned  300 million capital increase and
900 million issue of Bonds Mandatorily Reimbursable with
Shares (ORA) designed to strengthen the Groups equity
and to rapidly conclude all other aspects of the 3.2
billion refinancing package announced on 22 September 2003.

Summary voting results:

- the third and fourth resolutions relative to the capital
increase at an issue price of 1.25 per share, were
approved by 98.2% and 98% respectively.

- the fifth resolution relative to the issue of Bonds
Mandatorily Reimbursable with Shares (ORA) at an issue price of
1.40 was approved by 99.5%,

- the second and sixth resolutions relative to the issue to the
French State of

200 million of subordinated bonds and 300
million* subordinated bonds   were also approved by
94.6% and 99% respectively.

The shareholders also approved the first resolution relative
to the four year appointment of a new director, James William
Leng, Chairman of Corus, in replacement of Sir William Purves
who resigned after the Annual General Meeting on 2 July
2003.

Patrick Kron, Chairman & CEO, commented: I thank our
shareholders for the confidence they have shown today by voting
in favour of the refinancing agreement. The measures it
comprises, in addition to the restructuring and operational
performance programmes already well underway, give the Group a
sound base from which to strengthen customer confidence and
deliver a marked turn-around in financial performance.

On behalf of the Board of Directors, I would also
like to welcome James Leng  to the Board; he brings
valuable experience and expertise and we all look forward to
working with him.

* reimbursable into shares upon the express approval of the
European Commission

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

M Communications:

L. Tingström

Tel. + 44 789 906 6995

Disclaimer :

This announcement is not an offer of ALSTOM securities for sale
or subscription in the United States or any other jurisdiction.
Securities may not be sold or subscribed in the United States
absent registration or an exemption from registration. Any
public offering of securities to be made in the United States
or elsewhere will be made only by means of a prospectus that
may be obtained from ALSTOM and that will contain detailed
information about ALSTOM and its management, as well as
financial statements.  ALSTOM does not intend to register
all or part of the offering in the United States or make any
public offering in the United States.