SHAREHOLDER INFORMATION November 2008 &YOU DIARY Analysts’ Letter to shareholders recommendations

Analysts’ views Dear shareholders, After being steadily among the top During this first semester, Alstom set a new Despite the turbulences that have arisen 1 performers of the Stock Exchange over commercial record with order intake over the stock exchanges during the past few Reduce the past years, Alstom’s share price has exceeding €15 billion, up by 20%, which has months and the drop in the share value in sharply declined during the recent weeks. brought the backlog at the end of September September and October, the majority of ana- Clearly, the financial crisis and its expected to €47 billion corresponding to two and a lysts’ opinions on Alstom remain favourable: 9 adverse impact on the global economy have half years of sales. Over the same period, Hold • 52% give a positive recommendation, hit the stock market in general, and the sales amounted to €9 billion, showing a • 43% a neutral recommendation, 11 capital goods sector in particular, with substantial increase of 12%. > 20 JANUARY 2009 • and only 5% a negative recommendation. Buy concerns about a potential decrease in The Group’s operational performance First 9 months orders and future demand. sales for fiscal year 2008/09 continued to improve with the operating “WE ARE CONFIDENT But is it not a paradox to see the Company’s margin reaching 7.8% compared to 7.2% last > 24 MARCH 2009 value reduced by a quarter over the month year. As a result of this improvement and the Source Alstom based on analyst reports received as of end of October 2008. TO BE ABLE TO PURSUE Information meeting of October while Alstom is delivering healthy positive financial income, the net profit in Strasbourg, figures for the first half of the current fiscal increased by 36% at €527 million. OUR STRATEGY year? > 5 MAY 2009 Our financial situation has been further COMBINING GROWTH Even if no company can be fully immune strengthened by the generation of a high Annual results from a deterioration of its economic and free cash flow of €1.2 billion during this first for fiscal year 2008/09 Share AND PERFORMANCE commercial environment, Alstom benefits semester. We have a net cash position of > 23 JUNE 2009 IMPROVEMENT AND from strong assets which allow it to address €1.9 billion, twice the March 2008 level. the present uncertainties. Firstly, we have a Price We are confident to be able to pursue our Shareholders’ annual strong cash position and available bonding WE CONFIRM OUR strategy combining growth and performance general meeting lines. Our record high backlog provides us improvement and we confirm our operating OPERATING MARGIN with a much better visibility than other In euros - Base €24.36 as of 2 January 2006 margin estimate for March 2010 at around companies and will give us time to adapt to 100 9%. Simultaneously, we are taking the ESTIMATE FOR a downturn in demand if any. In addition, ALSTOM necessary steps to monitor the evolution of most of our customers are financially very CAC 40 MARCH 2010 our economic and commercial environment 80 strong and thus less exposed to credit and will be as reactive in the future as we Share AT AROUND 9%” limitations. And, importantly, the long term have been in the past. 60 drivers of our markets both in power information generation and rail transportation remain I thank you for your support and trust during solid, financial crisis or not. this challenging period. 40 Place of Listing: Euronext But let’s come back to the results of the first Paris – Compartiment A half 2008/09 which illustrate once again the 20 success of our strategy of profitable growth. ISIN code: FR0010220475 Mnemonic: ALO 0 Patrick Kron Index: CAC40 Jan. 06 July 06 Jan. 07 July 07 Jan. 08 July 08 March 06 May 06 Sept. 06 Nov. 06 March 07 May 07 Sept. 07 Nov. 07 March 08 May 08 Sept. 08 Nov. 08 Chairman & CEO Eligible for PEA: yes Eligible for differed settlement On 22 September, the Alstom share has been added to the Dow Jones Euro Stoxx 50 index, service: yes which includes the euro zone’s top 50 market capitalisations. Orders Sales Income from Net Free CONTACTS received operations result cash flow

ALSTOM By telephone: By e-mail: € 15.4 €9 € 697 €527 € 1.2 Investor Relations In France, a free-phone number is available [email protected] billion billion million million billion to shareholders from Monday to Friday, up by 20% up by 12% up by 22% up by 36% By post: 9am to 7pm: Internet: 3, avenue André Malraux 0 800 50 90 51 www.alstom.com 92309 Levallois-Perret Cedex France From abroad: +33 (0)1 45 30 85 75* * Calls to this number will be charged at your operator’s standard international rate. Design and layout: Franklin Partners, Paris. Photography Credits: Phototèque ALSTOM, X. Phototèque ALSTOM, Paris.Credits: Partners, Photography Design and layout: Franklin

300127_ALSTOM_LAA_nov08_UK.indd 1-2 7/11/08 11:14:29 NEWS

FOCUS ON Alstom Let’s team up in Russia for the planet

Power generation and rail In November 2007, the Group transport are two priority created the Alstom Corporate sectors for Russia. Foundation for the Environment.

Alstom has been present in this country since With a yearly budget of one million euros, this 1975 and intends to strengthen its activity foundation aims to support projects linked to > SITE VISITS through strategic partnerships with local the protection of the environment. On 1st October 2008, around 30 share- companies. The projects are put forward by employees of holders visited the Alstom site at Aytré-La the Group and developed in partnership with Rochelle. This is the centre of excellence In nuclear, the Group signed in 2007 a major local or national organisations. • the building of a bridge across river Cenranae, for high-speed and very high-speed strategic partnership with Atomenergomash Last September, the foundation’s Board of Indonesia, to facilitate the mobility of the trains, and notably where the TGV Duplex to jointly meet the growing demand in nuclear Directors selected the first 11 projects to be Sengkang’s population; is constructed. From now on it will also power plants in Russia. supported, which included: • the supply of solar panels to “Nazareth be responsible for the design and building Homes”, housing for mentally handicapped of the fourth generation of very high- Within this framework agreement, a joint • the creation of a National Park in the Yunnan Renovation persons in Florida, USA; speed train, the AGV. The visit started venture, Alstom Atomenergomash LLC, has Province of China; • an environmental education programme for with a presentation of the Group and of generators been created to provide conventional islands • the design and construction of an “ecological” children from underprivileged communities in the activities of the Transport Sector. for nuclear power plants built in Russia. orphanage in India; at EDF nuclear South Africa. The shareholders then visited the work- • a plantation of 40,000 mangrove trees in the shops, where they discovered the plants in France Alstom Atomenergomash LLC has won its first Philippines; assembly lines of both the TGV Duplex engineering contract on the turbine islands, • a training programme on protecting the Alstom has signed a 10-year framework and the Citadis tramways. based on the Alstom’s Arabelle technology, for environment for handicapped youngsters in agreement, totalling over €140 million, the Seversk plant in Siberia. Argentina; If you would like to participate in one with the French utility company EDF for of our future site visits, please do not the renovation of 900 MW and 1,300 MW In the field of rail transport, Alstom signed hesitate to contact us. generators in its nuclear power plants. a contract in September 2007 to supply RZD. This memorandum provides for technical Power Service Sector teams, which have Pendolino high speed trains to operate cooperation between the two firms and the unique expertise in equipment mainte- > INFORMATION between Saint-Petersburg and Helsinki in possibility for Alstom to buy a 25% stake in nance for nuclear power plants, will 2010. These trains will allow the journey time TMH equity. MEETINGS provide comprehensive project manage- between these two cities to be reduced from ment, including conceptual design, part Since the beginning of 2008, Alstom has 5.5 hours to 3 hours. In addition, Alstom and TMH have decided supply and site work. The first generator met with individual shareholders at a to create a joint venture, known as TMH- rewinds are planned for 2010 at the regional level. The Group has parti- More recently, Alstom also signed a Alstom DV, in order to respond to a call for Belleville and Chooz nuclear power cipated in meetings organised by the memorandum of understanding with Russian tenders launched by Russian railways (RZD) plants. French Federation of Investment group Transmashholding (TMH), the main for double-deck passenger cars. Clubs (Fédération Française des Clubs Through this contract, EDF demonstrates supplier of the Russian rail transport operator, d’Investissement) and CLIFF (the French its confidence in Alstom, recognising the Investor Relations association) in Group’s skills and expertise in nuclear Marseille and in Rennes. power services.

NEWS NEWS

THE FIRST CARBON CAPTURE PILOT UNIT IS PUT SUPPLIER OF THE YEAR INTO OPERATION German rail operator Deutsche Bahn (DB) standing of customers goals and expectations. The first carbon capture pilot plant based on oxy-combustion gas recovery and storage at Altmark, the second largest gas field named Alstom its “supplier of the year” in This award was also a tribute to the work technology developed by Alstom was put into operation in Germany in Europe. the rolling stocks category at Innotrans, the Alstom’s team performed in the delivery of on 9 September at the Vattenfall’s Schwarze Pumpe power plant. The pilot unit will also serve as a technical reference for the construc- international rail exhibition. Among the crite- 27 Coradia regional trains, which will go into For the Group, this 30 MW pilot project marks a major achievement tion of a larger demonstration power plant of around 250 MW, ria evaluated are reliability, responsiveness, service on the German regional network in in the field of carbon capture and storage. The plant is planned to run by 2015. contractual commitment, cost reduction and December 2008. for at least ten years, with the CO2 captured being used to enhance improvement of processes, as well as under-

300127_ALSTOM_LAA_nov08_UK.indd 3-4 7/11/08 11:14:42 NEWS

FOCUS ON Alstom Let’s team up in Russia for the planet

Power generation and rail In November 2007, the Group transport are two priority created the Alstom Corporate sectors for Russia. Foundation for the Environment.

Alstom has been present in this country since With a yearly budget of one million euros, this 1975 and intends to strengthen its activity foundation aims to support projects linked to > SITE VISITS through strategic partnerships with local the protection of the environment. On 1st October 2008, around 30 share- companies. The projects are put forward by employees of holders visited the Alstom site at Aytré-La the Group and developed in partnership with Rochelle. This is the centre of excellence In nuclear, the Group signed in 2007 a major local or national organisations. • the building of a bridge across river Cenranae, for high-speed and very high-speed strategic partnership with Atomenergomash Last September, the foundation’s Board of Indonesia, to facilitate the mobility of the trains, and notably where the TGV Duplex to jointly meet the growing demand in nuclear Directors selected the first 11 projects to be Sengkang’s population; is constructed. From now on it will also power plants in Russia. supported, which included: • the supply of solar panels to “Nazareth be responsible for the design and building Homes”, housing for mentally handicapped of the fourth generation of very high- Within this framework agreement, a joint • the creation of a National Park in the Yunnan Renovation persons in Florida, USA; speed train, the AGV. The visit started venture, Alstom Atomenergomash LLC, has Province of China; • an environmental education programme for with a presentation of the Group and of generators been created to provide conventional islands • the design and construction of an “ecological” children from underprivileged communities in the activities of the Transport Sector. for nuclear power plants built in Russia. orphanage in India; at EDF nuclear South Africa. The shareholders then visited the work- • a plantation of 40,000 mangrove trees in the shops, where they discovered the plants in France Alstom Atomenergomash LLC has won its first Philippines; assembly lines of both the TGV Duplex engineering contract on the turbine islands, • a training programme on protecting the Alstom has signed a 10-year framework and the Citadis tramways. based on the Alstom’s Arabelle technology, for environment for handicapped youngsters in agreement, totalling over €140 million, the Seversk plant in Siberia. Argentina; If you would like to participate in one with the French utility company EDF for of our future site visits, please do not the renovation of 900 MW and 1,300 MW In the field of rail transport, Alstom signed hesitate to contact us. generators in its nuclear power plants. a contract in September 2007 to supply RZD. This memorandum provides for technical Power Service Sector teams, which have Pendolino high speed trains to operate cooperation between the two firms and the unique expertise in equipment mainte- > INFORMATION between Saint-Petersburg and Helsinki in possibility for Alstom to buy a 25% stake in nance for nuclear power plants, will 2010. These trains will allow the journey time TMH equity. MEETINGS provide comprehensive project manage- between these two cities to be reduced from ment, including conceptual design, part Since the beginning of 2008, Alstom has 5.5 hours to 3 hours. In addition, Alstom and TMH have decided supply and site work. The first generator met with individual shareholders at a to create a joint venture, known as TMH- rewinds are planned for 2010 at the regional level. The Group has parti- More recently, Alstom also signed a Alstom DV, in order to respond to a call for Belleville and Chooz nuclear power cipated in meetings organised by the memorandum of understanding with Russian tenders launched by Russian railways (RZD) plants. French Federation of Investment group Transmashholding (TMH), the main for double-deck passenger cars. Clubs (Fédération Française des Clubs Through this contract, EDF demonstrates supplier of the Russian rail transport operator, d’Investissement) and CLIFF (the French its confidence in Alstom, recognising the Investor Relations association) in Group’s skills and expertise in nuclear Marseille and in Rennes. power services.

NEWS NEWS

THE FIRST CARBON CAPTURE PILOT UNIT IS PUT SUPPLIER OF THE YEAR INTO OPERATION German rail operator Deutsche Bahn (DB) standing of customers goals and expectations. The first carbon capture pilot plant based on oxy-combustion gas recovery and storage at Altmark, the second largest gas field named Alstom its “supplier of the year” in This award was also a tribute to the work technology developed by Alstom was put into operation in Germany in Europe. the rolling stocks category at Innotrans, the Alstom’s team performed in the delivery of on 9 September at the Vattenfall’s Schwarze Pumpe power plant. The pilot unit will also serve as a technical reference for the construc- international rail exhibition. Among the crite- 27 Coradia regional trains, which will go into For the Group, this 30 MW pilot project marks a major achievement tion of a larger demonstration power plant of around 250 MW, ria evaluated are reliability, responsiveness, service on the German regional network in in the field of carbon capture and storage. The plant is planned to run by 2015. contractual commitment, cost reduction and December 2008. for at least ten years, with the CO2 captured being used to enhance improvement of processes, as well as under-

300127_ALSTOM_LAA_nov08_UK.indd 3-4 7/11/08 11:14:42 SHAREHOLDER INFORMATION November 2008 ALSTOM&YOU DIARY Analysts’ Letter to shareholders recommendations

Analysts’ views Dear shareholders, After being steadily among the top During this first semester, Alstom set a new Despite the turbulences that have arisen 1 performers of the Paris Stock Exchange over commercial record with order intake over the stock exchanges during the past few Reduce the past years, Alstom’s share price has exceeding €15 billion, up by 20%, which has months and the drop in the share value in sharply declined during the recent weeks. brought the backlog at the end of September September and October, the majority of ana- Clearly, the financial crisis and its expected to €47 billion corresponding to two and a lysts’ opinions on Alstom remain favourable: 9 adverse impact on the global economy have half years of sales. Over the same period, Hold • 52% give a positive recommendation, hit the stock market in general, and the sales amounted to €9 billion, showing a • 43% a neutral recommendation, 11 capital goods sector in particular, with substantial increase of 12%. > 20 JANUARY 2009 • and only 5% a negative recommendation. Buy concerns about a potential decrease in The Group’s operational performance First 9 months orders and future demand. sales for fiscal year 2008/09 continued to improve with the operating “WE ARE CONFIDENT But is it not a paradox to see the Company’s margin reaching 7.8% compared to 7.2% last > 24 MARCH 2009 value reduced by a quarter over the month year. As a result of this improvement and the Source Alstom based on analyst reports received as of end of October 2008. TO BE ABLE TO PURSUE Information meeting of October while Alstom is delivering healthy positive financial income, the net profit in Strasbourg, France figures for the first half of the current fiscal increased by 36% at €527 million. OUR STRATEGY year? > 5 MAY 2009 Our financial situation has been further COMBINING GROWTH Even if no company can be fully immune strengthened by the generation of a high Annual results from a deterioration of its economic and free cash flow of €1.2 billion during this first for fiscal year 2008/09 Share AND PERFORMANCE commercial environment, Alstom benefits semester. We have a net cash position of > 23 JUNE 2009 IMPROVEMENT AND from strong assets which allow it to address €1.9 billion, twice the March 2008 level. the present uncertainties. Firstly, we have a Price We are confident to be able to pursue our Shareholders’ annual strong cash position and available bonding WE CONFIRM OUR strategy combining growth and performance general meeting lines. Our record high backlog provides us improvement and we confirm our operating OPERATING MARGIN with a much better visibility than other In euros - Base €24.36 as of 2 January 2006 margin estimate for March 2010 at around companies and will give us time to adapt to 100 9%. Simultaneously, we are taking the ESTIMATE FOR a downturn in demand if any. In addition, ALSTOM necessary steps to monitor the evolution of most of our customers are financially very CAC 40 MARCH 2010 our economic and commercial environment 80 strong and thus less exposed to credit and will be as reactive in the future as we Share AT AROUND 9%” limitations. And, importantly, the long term have been in the past. 60 drivers of our markets both in power information generation and rail transportation remain I thank you for your support and trust during solid, financial crisis or not. this challenging period. 40 Place of Listing: Euronext But let’s come back to the results of the first Paris – Compartiment A half 2008/09 which illustrate once again the 20 success of our strategy of profitable growth. ISIN code: FR0010220475 Mnemonic: ALO 0 Patrick Kron Index: CAC40 Jan. 06 July 06 Jan. 07 July 07 Jan. 08 July 08 March 06 May 06 Sept. 06 Nov. 06 March 07 May 07 Sept. 07 Nov. 07 March 08 May 08 Sept. 08 Nov. 08 Chairman & CEO Eligible for PEA: yes Eligible for differed settlement On 22 September, the Alstom share has been added to the Dow Jones Euro Stoxx 50 index, service: yes which includes the euro zone’s top 50 market capitalisations. Orders Sales Income from Net Free CONTACTS received operations result cash flow

ALSTOM By telephone: By e-mail: € 15.4 €9 € 697 €527 € 1.2 Investor Relations In France, a free-phone number is available [email protected] billion billion million million billion to shareholders from Monday to Friday, up by 20% up by 12% up by 22% up by 36% By post: 9am to 7pm: Internet: 3, avenue André Malraux 0 800 50 90 51 www.alstom.com 92309 Levallois-Perret Cedex France From abroad: +33 (0)1 45 30 85 75* * Calls to this number will be charged at your operator’s standard international rate. Design and layout: Franklin Partners, Paris. Photography Credits: Phototèque ALSTOM, X. Phototèque ALSTOM, Paris.Credits: Partners, Photography Design and layout: Franklin

300127_ALSTOM_LAA_nov08_UK.indd 1-2 7/11/08 11:14:29