ALSTOM'S ADR listing on NYSE

ALSTOM ordinary shares currently are listed on the Paris
Stock Exchange and American Depositary Receipts (ADRs)
representing approximately 30 million ALSTOM ordinary shares
currently are listed on the New York Stock Exchange. The
Company delisted its UK Depository Receipts from the London
Stock Exchange in November 2003.

The trading price of ALSTOMs ADRs has recently fallen
below the minimum of $1 per ADR required in order to maintain
the listing of the ADRs on the NYSE. The volume of ADR
transactions is very low (approximately 1% of the overall
trading in ALSTOM shares during the last six months).
Therefore, after discussion with the NYSE, ALSTOM has decided
not to take steps, such as to modify its current 1:1
ADR/ordinary shares exchange ratio, as would be required to
return to compliance with the NYSEs continued listing
criteria. ALSTOM expects that this will lead to suspension of
trading of the ADRs on the NYSE.

ALSTOM will determine in the near future whether its ADR
program will be continued.  Should a decision be made to
terminate the program, notice of the termination date would be
mailed to the registered owners of the ADRs at least 30 days in
advance. Following any such termination, the ADR owners would
continue to be entitled for a period of one year to surrender
their ADRs for the underlying ALSTOM ordinary shares in
accordance with the Deposit Agreement, but would cease to be
entitled to register transfers of the ADRs themselves.

ALSTOM will remain subject to SEC reporting requirements
upon delisting.

Press enquiries:

S. Gagneraud

(Tel. +33 1 47 55 25 87)

internet.press@chq.alstom.com

Investor relations:

E. Châtelain

(Tel. +33 1 47 55 25 33)

investor.relations@chq.alstom.com