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Investor Presentaiton

Net cash & equity In € million (203) Net cash/(debt) 333 (43) (33) 54 54 In € million 3,328 Equity 128 (85) 44 3,415 Mar-16 FCF Acq. & disposals* Forex & other Sept-16 Mar-16 Net income Pensions Forex & other Sept-16 * includes GE related separation impact (e.g. IS&T) ALSTOM - February 2016 - P 21 ALSTOM 2016. All rights reserved. Information contained in this document is indicative only. No representation or warranty is given or should be relied on that it is complete or correct or will apply to any particular project. This will depend on the technical and commercial circumstances. It is provided without liability and is subject to change without notice. Reproduction, use or disclosure to third parties, without express written authority, is strictly prohibited. ALSTOM
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