RNS Number:9239M
Alstom
30 June 2003

                                                                 30 June 2003

                      ALSTOM REVISED CONSOLIDATED ACCOUNTS

ALSTOM today announced that it is conducting an internal review assisted by
external accountants and lawyers following receipt of letters earlier this month
alleging accounting improprieties on a railcar contract being executed at the
Hornell, New York facility of ALSTOM Transportation Inc. (ATI), a US subsidiary
of the Company.



The review has identified that losses have been significantly understated in
ATI's accounts, in substantial part due to accounting improprieties by the
understatement of actual costs incurred, including by the non-recognition of
costs incurred in anticipation of shifting them to other contracts, and by the
understatement of forecast costs to completion.



The contracts concerned are all fixed-price contracts and there is therefore no
financial impact on customers.



An additional net after tax charge equivalent to 51 ME is being recorded in
ATI's accounts for the year ended 31 March 2003. The Chairman & CEO of the
Company will propose to the Board of Directors for approval modifications to the
consolidated accounts for the year ending 31 March 2003, including an additional
net after tax charge of 51 ME. It will also be proposed to the Board of
Directors to approve a resolution providing that such modified accounts be
submitted for approval to the Annual Shareholders Meeting of the Company to be
held on 2 July 2003.



Both the Senior Vice President and the Vice President of Finance of ATI have
been suspended pending the completion of the review.


The Company has been advised of informal inquiries related to ATI, by the United
States Securities and Exchange Commission and the United States Federal Bureau
of Investigation.  ALSTOM is cooperating fully with the investigating
authorities.



Press relations:           S. Gagneraud/ G. Tourvieille
                           (Tel. +33 1 47 55 25 87)
                           internet.press@chq.alstom.com



Investor relations:         J-G. Micol/A. Rebiere
                            (Tel. +33 1 47 55 26 34)
                            Investor.relations@chq.alstom.com


                      This information is provided by RNS
            The company news service from the London Stock Exchange
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