Investor Presentaiton

Progressive margin improvement Adjusted EBIT margin (in % of sales) 5.0% Adjusted EBIT Volume/Price Portfolio mix H1 2015/16 Excellence Footprint Sourcing c. 7% Operational Adjusted EBIT excellence FY 2019/20 Volume/Price ■ Cost absorption driven by solid top-line growth Partly offset by price dynamics and competitive environment Portfolio mix Growth towards more profitable activities ■ Services, signalling, systems to represent c. 60% of sales in 2020 Operational excellence ■ Sourcing savings ■ Global footprint ■ Excellence in delivery with solid project execution Adjusted EBIT margin to reach around 7% in 2020 ALSTOM - February 2016 - P 62 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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