Investor Presentaiton

4 Cash focus programme Main levers ■ Terms and conditions Level of down payment now stabilised ■ Design to cash actions such as: Planning of supplies • Manufacturing lead-time • Inventory management, ... Key practices • Worldwide training (e.g. sales community) • Upfront review of cash information, from the anticipation phase • Regular meetings during project execution Example Time to market of new standard metro: 12 months (actual 15 months) Strong management actions in place to optimise working capital ALSTOM - February 2016 - P 53 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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