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Investor Presentaiton

Operational excellence Continued strong operational performance Adjusted EBIT (in € million) As % of sales 167 5.1% +20% 200 5.6% H1 2015/16 H1 2016/17 ■ Volume increase ■ Portfolio mix improvement with accretive acquisitions ■ On-going initiatives for operational excellence ALSTOM - February 2016 - P 16 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. % change reported ALSTOM
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