Alstom — Investor Presentation 2021

Jul 6, 2021

Disclaimer

• This presentation contains forward-looking statements which are based on current plans and forecasts of Alstom's management. Such forward-looking statements are relevant to the current scope of activity and are by their nature subject to a number of important risks and uncertainty factors (such as those described in the documents filed by Alstom with the French AMF) that could cause actual results to differ from the plans, objectives and expectations expressed in such forward-looking statements. These such forward-looking statements speak only as of the date on which they are made, and Alstom undertakes no obligation to update or revise any of them, whether as a result of new information, future events or otherwise.
• This presentation does not constitute or form part of a prospectus or any offer or invitation for the sale or issue of, or any offer or inducement to purchase or subscribe for, or any solicitation of any offer to purchase or subscribe for any shares or other securities in the Company in France, the United Kingdom, the United States or any other jurisdiction. Any offer of the Company's securities may only be made in France pursuant to a prospectus having received the visa from the AMF or, outside France, pursuant to an offering document prepared for such purpose. The information does not constitute any form of commitment on the part of the Company or any other person. Neither the information nor any other written or oral information made available to any recipient or its advisers will form the basis of any contract or commitment whatsoever. In particular, in furnishing the information, the Company, the Banks, their affiliates, shareholders, and their respective directors, officers, advisers, employees or representatives undertake no obligation to provide the recipient with access to any additional information.
• All data if not specified are reflecting combined group vision including Alstom legacy fiscal year 2020/21 and legacy Bombardier Transportation contribution for 2 months (February and March 2021) and are in line with Alstom accounting methods. Definition are provided at the end of this presentation. Organic change is excluding scope and forex effects, representing Alstom legacy performance only compared to fiscal year 2019/20.

1

July 6th, 2021

Introduction, Market perspectives, Strategic overview

Henri Poupart-Lafarge, Chairman and Chief Executive Officer

Rolling Stock and Components

Danny Di Perna, Executive VP and Chief Operations Officer Benjamin Fitoussi, President Rolling Stock and Components – Development & Operations

Signalling

Jean-François Beaudoin, President Digital & Integrated Systems

Services Matthew Byrne, President Services

Financial Framework Laurent Martinez, Chief Financial Officer

Questions & Answers

Introduction, Market perspectives, Strategic overview

Henri Poupart -Lafarge , Chairman and Chief Executive Officer

Introduction

Strategic roadmap Bombardier Transportation integration

Henri Poupart -Lafarge, Chairman and Chief Executive Officer

With Bombardier Transportation acquisition, Alstom becomes clear global leader with an unparalleled profile

1- Pro-forma FY 2020/21 2- RS only excluding rail component supplied by CRRC New Industry business unit 3- Chinese, Russian, Japanese and Korean locked domestic markets 4- Wabtec, Knorr Bremse and Caterpillar Rail not included 5- Pro forma 2019/20 unaudited Alstom and BT 6- Percentage based on pro forma 2019/20. PL pro forma not available on 2020/21

Significant market tailwinds despite recent global crisis

Secular rail long-term drivers + New Catalysts

1. Also including rail infrastructure 2. Local governmental websites and Alstom source 3. \$165bn for transit + rail in USA job plan 4. Rs 1.10 lakh crore

Leading to a strong rail manufacturing growth outlook

© ALSTOM SA 2021. 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, alter or disclosure to third parties, without express written authorisation, is strictly prohibited.

8

Our priorities for 2021 - 2025

Capture growth, extend our innovative leadership, continued transformation momentum

Expand and reinforce our strategy

Integrate Bombardier Transportation Execute plan

with clear roadmap

Leading the way to greener and smarter mobility, worldwide

Introduction Strategic roadmap Bombardier Transportation integration

Henri Poupart -Lafarge , Chairman and CEO

2019-2021: Alstom in Motion strategy fully on track

1 Average on FY2019/20 and FY2020/21 2 On an Alstom Stand alone perimeter 3 aEBIT includes equity-accounted investments when these are considered to be part of the operating activities of the Group 4 Developed on a stand-alone basis

Extending Alstom in Motion to 2025, powered by our new scale

A comprehensive and best-in-class portfolio positioning Alstom ahead of the game

TREN MAYA (MEX)

A unique global-local footprint to respond to growing demand for localisation while delivering competitiveness

"Customers are looking for reliable, tailored and competitive solutions delivered close to them"

Alstom best positioned to capture growth in key geographies

Targeting +5pp market share

1. Estimated Market Shared on visible market over 2017-2019; 2. Unife Accessible market study 2020-22 3. Incl. France, Italy and Spain 4. Includes Germany, Austria and Switzerland 5. Incl. UK, Denmark, Sweden and Norway 6. Includes Egypt, Israel, Turkey, UAE and South Africa

© ALSTOM SA 2021. 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, alter or disclosure to third parties, without express written authorisation, is strictly prohibited.

15

Strong assets and clear strategy for each product line

Rolling Stock & Turnkey Signalling Services

• Most innovative products
• Strong Alstom execution track record
• Wide portfolio, with renewed platforms

INCREASE PROFITABILITY FOCUS ON EXECUTION GROW SOUNDLY

• Technological leadership in ETCS
• Presence in strategic markets
• Engineering power hubs in developed and developing countries

LEAD IN TECHNOLOGY GROW TO REACH #1 REAP SCALE BENEFITS

Growth above market High single digit growth Solid mid-single digit growth

• Widest installed base 150,000 cars
• High performing digital solutions
• Existing worldwide network of depots

SUSTAIN LEADERSHIP ACCELERATE GROWTH DELIVER VALUE ON A CONTINUOUS BASIS

Largest R&D scale of the industry and strong innovation pipeline

7,500 digital engineers

… to extend innovation leadership in 3 areas

1. Covering entire Alstom R&D spend (protect the core, expand the reach, develop the growth engines) 2. Alstom standalone 3. Net EBIT Impact R&D expenses

Alstom leading the way in green traction mobility

LARGE GREEN TRACTION DEMAND ENABLED BY PUBLIC SUPPORT

8 EU countries announcing diesel bans ~46% non-electrified lines in Europe

6,000 diesel trains to be replaced / refurbished by 2035

Strong Public involvement

• Increasing carbon cost
• Carbon neutral strategies
• H2 investment plans

H² electrolyser installed capacity Hardware cost (batteries & fuel cell) Infrastructure deployment

ALSTOM COMPLETE OFFERING AND MORE TO COME

LEADER BY FAR,

1. Non-electrified e.g. 40% in Germany, 1300 loco. and 3,000 train powered with Diesel 3. Notably incl. infrastructure (e.g. track electrification, H2 refuelling stations)

Digitalisation core to future performance

ALSTOM RECENT DIGITAL BREAKTHROUGHS

URBALIS FLUENCE™ HIGHER CAPACITY, FLEXIBILITY & TRAIN-TO-TRAIN COMMUNICATIONS

AUTONOMOUS TRAIN ALSTOM LEADING ON BOTH PASSENGER & FREIGHT TRAINS

the world largest installed base and widest solution range, with the HealthHub data platform"

Secure digitalisation as a means for a simpler, greener and more efficient mobility

Continued transformation momentum extended to 2025, with clear targets

Alstom's DNA dedicated to making the world more sustainable

	2025 TARGETS
ENABLING decarbonisation of mobility	25%1 energy reduction in solutions ● 100% of newly-developed solutions eco-designed ● 100% electricity supply from renewables2 ● Alstom committed to science-based targets within ● the frame of the Paris Agreement3
CARING for our people	Total recordable injury rate at 2 ● 28% women in management, engineering ● & professional role Global Top Employer certification ●
CREATING a positive impact on society	250,000 beneficiaries per year from local actions ● and Alstom foundation
ACTING as a responsible business partner	100% of suppliers monitored or assessed on CSR ● and E&C standards according to their level of risk	ECO-DESIGN TO REDUCE IMPACT THROUGH THE ENTIRE LIFE CYCLE OF MANUFACTURE, OPERATION AND END OF LIFE

Driven by One Alstom team, Agile, Inclusive and Responsible

© ALSTOM SA 2021. 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, alter or disclosure to third parties, without express written authorisation, is strictly prohibited. 1. Compared to 2014 2. At end 2025 3. Target on Alstom legacy perimeter covering emissions from operations (scopes 1 and 2) consistent with reductions required to keep warming to 1.5°C, the most ambitious goal of the Paris Agreement. Target on Alstom legacy perimeter for emissions from value chain (scope 3) meeting the SBTi's criteria for ambitious value chain goals, in line with current best practice. As part of the Bombardier Transportation integration program, CO2 reduction targets will be reviewed by the end of FY2021/22.

Introduction Strategic roadmap Bombardier transportation integration

Henri Poupart -Lafarge , Chairman and CEO

Significant progress in 5 months

• One organisation deployed as per Target – 90% employees positive about Bombardier Transportation acquisition
• Product and process convergence roadmap secured
• Organisation working under common IT environment
• Positive customer feedback
• First large commercial successes

~6 Bn€ OF ALSTOM ORDERS WON OVER Q1

DSB FREMTIDENS TOG (REGIONAL - DEN)

RER MI NG (SUB-URBAN – FRA)

TREN MAYA (TURNKEY - MEX)

STUTTGART ETCS (SIGNALLING - GER)

TORONTO LRV (LIGHT RAIL - CAN)

23

A clear roadmap for Bombardier Transportation integration

Complete stabilisation of challenging Bombardier Transportation legacy backlog through strong operational measures and restored customer dialogue

PRIORITIES

Achieve ONE group, with operating model deployed and best-in-class converged processes and portfolio

Ready to fully leverage the significant geographical, industrial and product complementarities for synergies, enhanced value proposition and further growth

24

1. Run rate to be reached between year 2024-25 and 2025 -2026

Rolling Stock & Components

2

Danny Di Perna, Executive VP and Chief Operating Officer Benjamin Fitoussi, President Rolling Stock and Components – Development & Operations

Alstom | The market leader in Rolling Stock & Components

ALSTOM #1 GLOBAL PLAYER

26

RECENT WINS

1.The addressable rolling stock excludes Wagons and China, Russia, Japan, South Korea. – estimate at W 2.Based on UNIFE 2020 Addressable market and Alstom booked order intake, including estimated RS share of turnkey contracts. 3.CAGR of 1.6% based on 2020-2022 to 2023-2025 period 4.33% out of the €32bn UNIFE 2020 Addressable market

Our Ambition I Create value for customers & stakeholders

An industry leading product portfolio

COMBINED PLATFORM & TECHNOLOGIES ENABLES BOTH CUSTOMISATION & STANDARDISATION

Component building blocks drive competitiveness & product performance

BROADEST COMPONENT PORTFOLIO IN THE INDUSTRY

COMPLETE SPECTRUM OF GREEN & CLEAN SOLUTIONS

VERTICALISED WITH SELECTIVE RECENT M&A

Vertical integration of core components and key technology bricks to further leverage service business & enhance competitiveness

• Brakes pads specialist (major consumable)
• Disk brakes specialist

H² Fuel Cell

Medium power H² fuel cell specialist allowing Alstom to master this key technology brick throughout its whole lifecycle

Capitalise on our best-selling platforms to profitably grow Urban focus

Capitalise on our best-selling platforms to profitably grow Mainline focus

• Capitalise on Coradia Stream platform flexibility for SD & high-capacity DD
• Leverage Green Traction leading position (Hydrogen & battery)

GERMANY, TURKEY, NORDICS

• Avelia Horizon, gamechanger cost of ownership by design
• Leverage Zefiro Nordics winterised products

Locomotives EUROPE, INDIA, AMERICAS

• Capitalise on Prima for Indian & CIS markets
• Leverage TRAXX pan-European platform and increase product competitiveness

Our new combined asset portfolio strengthens value offering to customers

Continuous differentiation through innovation

Constant focus on the performance for the benefit of all customers

TCO¹ systematic approach Purchase cost, maintenance, reduced track load, energy savings through traction efficiency

Healthier mobility and passenger experience Air treatment & ventilation, treatment for all contact surfaces, reduced mobility access solutions, Advanced lighting solutions

Security and availability

End-to-end performance management on reliability, availability, design for maintainability, safety, cybersecurity

Sustainable solutions

Complete portfolio of zero emissions trains, recyclability, eco-design circularity

AVELIA™ HIGH-SPEED +20% seats capacity -20% energy consumption -30% maintenance costs • First fully PHM² enabled train • Possibility to switch a car from 1st to 2nd class or to restaurant car in a few hours

33

1. Total Cost of Ownership 2. Prognostic Health Management

Project stabilisation progressing

• Solve technical issues during development
• Accelerate development phase
• Accelerate car manufacturing and supply-chain deliveries
• Increase quality of deliveries
• Accelerate reliability growth
• Manage project cost

OBJECTIVES MEASURES BEING IMPLEMENTED

SPECIFIC TASKFORCE ON MOST CRITICAL PROJECTS

• Mobilisation of technical expertise in engineering and manufacturing
• Staffing of additional resources to debottleneck
• Adjustment of Project Management model to increase empowerment and accountabilities

• Comprehensive review of project planning, enforcement of gate reviews

• Review of all customer requirements and alignment with development roadmaps

• Strengthening on board integration & signalling product roadmap
• Mobilisation of key suppliers on technical and ramp-up issues
• Reinforcement of quality control at manufacturing & supplier level

BART Restart of production in Sahagun

SBB Reliability growth

AVENTRA Output increase to ~20 cars per week

TRAXX DC3 Poland authorisation received ahead of schedule

Increased competitiveness by leveraging product capabilities

"Best-of-both" on vehicle architecture, components and technologies Optimised technical performance BEST COMPONENT SELECTION MAKE VS BUY INTERIOR AND ELECTRICAL Bogie/Drive, Traction, TC&IS ● Agate 4 ● X'Trapolis train for Tren Maya: Flexx ECO bogie ● Metro Bucharest: Bombardier legacy bogie ● Mumbai L4: Bombardier bogie / traction Leverage Alstom make capabilities to increase competitiveness ● Transformers ● Electrical harnesses ● Brakes ● Auxiliary converters Leverage Alstom development capabilities on Bombardier Transportation legacy platforms ● MF19 ● RRTS in India Reduced recurring & non-recurring costs Benchmark and roadmap completed by March 2022

Procurement as a clear synergy and competitiveness lever

Alstom RSC Procurement

>20k suppliers 80% of spend with 1k suppliers

Operate as ONE by March 2022, fully digitalised by 2025

Transition model to one company

Digitalisation enabling continuous efficiency improvement

Robotic Process Automation

• Leverage AI to automate tasks / processes
• 50 RPA opportunities identified
• Potential efficiency gain: ~1000 hrs/month

Pixyz

• Consolidation and visualisation tool to read access to projects' DMU and support design review process
• Uses: 3D navigation in product structure, measurement, sectioning, …

ENGINEERING AUTOMATION SITE AUTOMATION & DIGITALISATION

• 0 vibration for operators → removal of ergonomic risk
• Allocated time divided by 5

• 250m3 of water saved/year

• Leakage detection assistance

• Allocated time divided by 3

• Process fully repeatable

• Reduced human effort
• Better defect detection
• Increased delivery rate
• Allocated time divided by 4
• Quality improved by 90%

Operational excellence throughout our value chain

Increased efficiency by leveraging scale & site specialisation

© ALSTOM SA 2021. 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, alter or disclosure to third parties, without express written authorisation, is strictly prohibited.

40

Our focus and journey ahead

41

Signalling

Jean-François Beaudoin President, Digital and Integrated Systems

Signalling technology responds to key concerns of rail operators, supporting a strong market outlook

Increasing capacity on existing infrastructure

Improving reliability & passenger comfort

Increasing energy efficiency and limiting CO2 emissions

Protecting & enhancing assets value

Strong underlying drivers A fast-growing signalling market¹

Accessible market 2024-25 in €bn (rounded value)

Source: UNIFE. Mainline incl. all ETCS for Freight & European Freight. (*) Accessible market following UNIFE: accessible for European Companies (70% of total market) 1 Service estimated range of ca.2 bnEUR based on Alstom internal intelligence

Alstom has delivered strongly during the last two years

ALSTOM DELIVERING GROWTH AND PROFITABILITY UPLIFT TO ITS SIGNALLING ACTIVITIES¹

WITH EXCELLENT TRACK RECORD FOR KEY TECHNOLOGIES

SINGAPORE: world's longest underground driverless metro

INDIA: ETCS Hybrid Level 2/3 NORWAY: radar-less odometry

1 Alstom legacy perimeter 20/21

With Bombardier Transportation, Alstom signalling acquires a new dimension

Bombardier Transportation legacy 32% Alstom legacy 68% ~2.1 Bn€ COMBINED SALES OVER 13,000 COMBINED HEADCOUNT (1) FY 2020/2021 for AT, 2020 for BT Pro Forma revenues¹ Alstom Digital Mobility ~9,000 EMPLOYEES ~4,000 EMPLOYEES + Bombardier Transportation Rail Control Solutions & Wayside

ALSTOM #2 IN A COMPETITIVE MARKET

A COMPLEMENTARY GLOBAL FOOTPRINT

45

1 Unaudited Pro Forma revenues 2 Global Competitor 1 sales is an Alstom analysis – lower range estimated to be a comparable with Alstom 2.1: However, the periods do not allow like for like comparison

Alstom will leverage its assets to continue its growth dynamic on a larger scale

COMPLETE SET OF ASSETS ACROSS ALL SEGMENTS: MAINLINE, URBAN, SERVICES

1. Best Cost Countries

Mainline: Leverage geographical complementarities and latest ETCS technology

A fast growing market

>5% Market CAGR 2020/25

Digital Railways and ETCS Deployment

10 to 15% ETCS coverage as of today 1.8 Bn€ investment in ETCS p.a. in 24/25

ETCS expansion outside of Europe (e.g. EGY, IN, AU, LATAM)

Alstom's key assets

● Strong position in all strategic markets thanks to Alstom / Bombardier Transportation complementarities

● Strongly competitive in trackside – increased market share by 8% points since 2016-18

Leadership in ETCS deployment

• #1 for ETCS Onboard reinforced by expanded portfolio
• ETCS Trackside homologated in more EU countries than competitors
• Over 120 ETCS projects worldwide
• 19,200 onboard units and 13,300 km of lines equipped
• Implementing Baseline 3R2

47

Significant assets to grow market share

Urban: Deliver a competitive value proposition based on global footprint and technological leadership

A market favourable to large, sophisticated players Alstom's key assets

City congestion: need for capacity increase

Larger and more complex cities: additional lines, extensions, renewals

Digitalisation: high-performance driverless trains becoming mainstream

leader Technological leader with the most innovative product on the market today: train-to-train driverless CBTC – Urbalis Fluence (World-first implementation for Métropole Européenne de Lille)

Alstom market

STATE OF THE ART : REDUCING HEADWAY TO 60S

• Strong CBTC portfolio expanded by Monorail and APM solutions
• Solid track record in managing large and complex projects (e.g., Amsterdam. Singapore, Santiago de Chile)

● Truly global footprint allowing unrivalled customer proximity with presence in over 70 cities on all continents

Services: Build the industry-leading digital services solutions for our customers and harvest our huge installed base

204

Strong market drivers Alstom's key assets

Expected lifecycle of signalling system of 20-30 years but product lines released every 10-15 years

Stringent Reliability, Availability, Maintainability, Safety requirements

Customers requiring longer maintenance contracts (20-30 years)

Emerging need for data-based services and cybersecurity

● Bombardier Transportation increases the already significant installed base by ~50%

LINES EQUIPPED WITH CBTC 19,200 ETCS ONBOARD EQUIPMENT WORLDWIDE 13,300 KM OF LINES EQUIPPED WITH ETCS TRACKSIDE

● Offering end-to-end portfolio of services, from conventional to digital

● Investment in data-based solutions and analytics (e.g. HealthHub) and cybersecurity

Data Acquisition Solution (e.g., Class I Railroads) Singapore CCL

Fast growth trajectory x2 sales in the past 2 years

Innovation and smart products core to continued leadership

DIGITALISATION OF PORTFOLIO AUTONOMOUS TRAINS CYBERSECURITY

• Less hardware, more software, more automation
• Moving to cloud-ready and virtual solutions

• Leveraging the best of data science and artificial Intelligence

• Technological leadership on highest grades of automation (3/4) for both passenger and freight trains

• Up to 45% energy saving, up to 20% capacity increase

• Complete autonomy prototype planned to be ready in 2023

• Cybersecurity embedded in 100% of new solutions

• Strong partnerships (Airbus) and M&A (Cylus)
• Target to double the number of cybersecurity experts in Alstom by 2027

c.3,000 R&D engineers over 15 development sites and 130+ R&D programs

Efficiency driven by continued transformation and synergies

Leverage unparalleled footprint boosted by BCC¹

Drive R&D and engineering standardisation

Digitalisation of operations

• Best in class profitability & growth potential:
• 3 major engineering centres (Bangkok, Bangalore, Katowice) serving projects globally
• 3X increase in no. of engineers in Bangalore in the last 4 years
• By 2024/25, 50% engineers in BCC¹

WORLDWIDE PRESENCE

● Platform convergence in 30 key programmes to capture scale effect

• Digitalisation of processes and efficiency gains (e.g. earned value management monitoring, real time collaboration, automated code generation)
• 15% Engineering lead time reduction and reduction of non quality costs

1. Best Cost Countries

Key takeaways

❶ Very positive market perspectives, with growing need for more efficient transport systems

❷ Complete offering with reinforced portfolio, global presence and best in class innovative solutions

❸ Profitability improvement benefiting from scale effect, best cost countries footprint and the digitalisation of our solutions

Alstom Ambition: Be the technological market leader in Signalling, high single digit sales growth rate, best-in-class profitability

Services

4

Matthew Byrne, President, Services

A growing, profitable services market with untapped potential

Services long-term drivers

Market liberalisation in Europe

Drive of sustainable, green mobility

Rise in PPP¹ system contracts

Efficiency concerns of operators

1- Public-Private Partnership

Accessible market size by 2023-2025 Largely Untapped (covered by national operators doing in-house maintenance)

Rail Services market characteristics:

• Long-term contracts 20+ years
• Low execution risk due to stable technology serviced
• High contract, high renewal rate and repeat orders
• Strong delta in efficiency between private and public services

54

• Asset-light business model

Alstom is the undisputed leader in rail services

ALSTOM #1 IN A COMPETITIVE MARKET¹

In € - Sales based on latest published figures

1- Progress Rail non-disclosed; Knorr-Bremse and Wabtec not displayed

OUTSTANDING TRACK-RECORD

Last year flagship projects

SYTRAL – Lyon Tram Overhaul of Lyon's trams (France)

contract (Germany)

Delhi – Meerut RRTS New build + 15-yr maintenance contract (India)

Finch West Light Rail 30-yr maintenance contract (Canada)

A CLEAR LEADERSHIP OVER THE RAIL SERVICES MARKET

Extensive portfolio and footprint covering the whole asset lifecycle

Solutions portfolio across the whole asset lifecycle

ALL ENCOMPASSING PORTFOLIO

Trusted partner to our client with a portfolio covering the whole asset lifecycle

• Combining strengths in parts business
• Digital solutions from enabler to solution

• Train operations business complements portfolio

• Best-in-class expertise in smart and green services solutions

• Outstanding engineering competences

LARGEST FOOTPRINT

Reinforced customer proximity due to enlarged footprint with 250 sites in over 40 countries

• Largest global footprint
• Footprint is #1 differentiator on Services market

Alstom Services renewed ambition

"Deliver enhanced value to customers every day"

Revenue growth

INNOVATION AS A MEANS TO…

• Finetune offering to individual customers specific needs
• Use the size to enhance and expand premium positioning
• Drive partnerships and M&A

DRIVE SERVICES OPERATIONAL EXCELLENCE TO THE NEXT LEVEL

• Deliver world-class services and performance to our clients
• Optimise operations productivity through new maintenance execution models

Strong growth through enhancement and expansion of Alstom's premium positioning

Alstom's Four Services growth levers

• and leverage installed base
• 1. Increase globalisation of Parts & Component Repairs & Overhauls

58

Alstom is best placed to capture the potential of the maintenance market

FULL DEDICATION to our client and holistic view on their services needs to reach outstanding system availability

SCALABLE SERVICES from technical support to fully outsourced maintenance

INTEGRATED ENGINEERING CAPABILITIES between new build & services

DIGITAL SOLUTIONS best-in-class for highest performance

ALSTOM'S UNIQUE VALUE PROPOSITION… … SECURING FUTURE SALES AND MAINTAINING GROWTH

ILLUSTRATION OF TSSSA¹ AS A SCALABLE SOLUTION

15 + 15 years technical support and spare supply

• All preventive, corrective and overhaul spares
• Off-site overhauls
• On-site technical and engineering support

Strong partnerships and collaborative approach

1- TSSSA: Technical Support and Spare Supply Agreement

Expansion of parts & overhaul services with a clear plan

Grow Alstom's Train Operations business beyond North America and APM segment selectively 3.

• Operations support (incl. manually driven and fully automatic solutions)
• Ticketing & station management
• Train drivers & crew staff
• Train control & dispatching
• Scheduling & timetable optimisation

Services growth will additionally be driven by smart & green modernisation

Enhance smart & green modernisation

Upgrade of fleets for up to + 20 years of life

Portfolio covering all green traction technologies (hydrogen, battery, hybrid solutions…)

Leverage new build bricks development

Offer local and tailored solutions due to extensive footprint

CLIENT EXAMPLE

ILLUSTRATION OF FRANCE SNCF AGC TRAIN UPGRADE • Conversion from diesel traction to battery traction 5 trains to be converted + option for up to 326 • Reduced energy consumption through storage of braking energy • Dual-model solution with recharging under catenary sections 0 Emissions 20% Less energy consumption Up to 120 km Autonomy in battery mode

People, partnerships, innovation and digital solutions will enable additional value delivery for our customers

talent

People as differentiator for services excellence

Strong track record in acquisitions

Digital solutions and innovation as enabler for value creation

ATTRACT Inclusive attraction of diverse

GROW & DEVELOP Competency and leadership development

RETAIN Succession planning and talent retention programs

Vertical Integration

Specialists in braking systems, enhancing parts sales and enabling most cost-effective sourcing

Leading maintenance provider in the Netherlands

Geographical expansion

Technology bricks

Pioneer in hydrogen power units extending Alstom's services capabilities

Alstom's new group scale and capabilities will boost competitiveness

INTEGRATION ON TRACK TO DELIVER VALUE

• Complementary capabilities and footprint confirmed
• Efficiency optimisation through best-ofboth-worlds processes and tools
• Solution convergence on-going (esp. on digital solutions)

HIGHLY SKILLED WORKFORCE AS CORE OF SERVICES EXCELLENCE

• High customer intimacy with +15,000 employees in over 40 countries
• Full ownership and entrepreneurial mindset to customise the solutions to the client's needs

OPERATIONAL EXCELLENCE FOR MAXIMISED PERFORMANCE

• Building "Depots of the Future" incl. Dynamic Maintenance Planning solutions for cost and time efficiency
• Implementing Operational Control Centre by leveraging the enlarged global footprint

Key takeaways

Financial framework

Laurent Martinez, Chief Financial Officer

Alstom¹ delivering on its AIM strategic plan despite unprecedented crisis

1 All figures on Alstom stand alone basis 2 Impacted by covid-19;

© ALSTOM SA 2021. 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, alter or disclosure to third parties, without express written authorisation, is strictly prohibited.

67

Extending Alstom in Motion to 2025, powered by our new scale

Leading the way to greener and smarter mobility, worldwide

INNOVATION by pioneering smarter and greener mobility solutions for all

Driven by One Alstom team, Agile, Inclusive and Responsible

Above market growth for all product lines, supporting strong sales uplift by 2024/25

● Strong €74.5Bn backlog securing c.€30Bn sales over next 3 years

Sales step up: compound average growth rate above 5% between 2020/21 and 2024/25

1 Between Sales proforma of 14bn€ at March 2021 and at March 2025

Profitability improvement towards best-in-class level

VOLUME

• Solid top line growth
• Cost control on S&A and R&D

MARGIN & EFFICIENCY

• Operational excellence
• Projects execution and stabilisation
• Improving gross margin on new orders
• Product line and intra product line mix

70

SYNERGIES

● Progressive synergies execution

Ambition: between 8% and 10% aEBIT margin from 2024/25 onwards

* Based on combined aEBIT margin proxy including 8% aEBIT for Alstom FY 2020/21 and a proxy of 2% aEBIT margin applied on Bombardier Transportation for the same period

Clear roadmap launched to achieve €400 cost synergies run rate¹

FY 2021/22 FY 2022/23 FY 2023/24 FY 2024/25 EXPECTED RAMP UP OF SYNERGIES €400 run rate synergies¹ €400 integration costs – 1 year of run rate

FINANCING SYNERGIES

● Lower financing costs linked to alignment of Bombardier Transportation legacy financing costs to Alstom level

PROCUREMENT SYNERGIES

• Commercial power, supply base massification
• Best cost countries sourcing & design to cost

PROCESS

• Overlaps reduction: tender budget, design & project management
• Harmonisation and standardisation of processes, methods & tools, shared services centers

R&D, STRUCTURE COSTS

● R&D projects mutualisation

~15%

~30%

~25%

● Structure costs reduction by minimising overlaps ~15%

BCC & INDUSTRIALS

• Best cost countries engineering and manufacturing
• Footprint optimisation: massification, sites specialisation

1 Objective to generate €400 million cost synergies on annual run rate basis by the fourth to fifth year after closing of the acquisition of Bombardier Transportation on 29 January 2021

Priorisation on project stabilisation measures leading to significant negative Free Cash Flow in 2021/22

Priority on stabilisation of challenging projects in 2021/22 through:

Product technical performance

Development, Industrial and supply chain deliveries

Quality of deliveries for customer and reliability Short term focus on projects stabilisation leading to cash outflows in H1 2021/22, and securing positive FCF as of H2 2021/22 onwards:

FCF €(1.6)-(1.9)bn on H1 2021/22 Projects stabilisation efforts (Engineering, supply chain, rescheduling) Working capital phasing and Industrial Ramp up

FCF Generation as of H2 2021/22 and onwards

Deliveries take up Progressive working capital stabilisation

Above 80% Free Cash Flow conversion from Net Income¹ from 2024/25 onwards

73

1 Adjusted Net income

Disciplined capital allocation policy to protect financial flexibility, pursue growth opportunities and fairly reward our shareholders

1. Adjusted net income

74

Multiple drivers to deliver value generation for shareholders

• Sales: above 5% CAGR growth between 2020/21 and 2024/25¹
• Margin improvement driven by synergies and operational excellence
• Positive contribution from Joint Ventures

1 Between Sales PF at March 2021 and at March 2025 2 Adjusted Net income / Number of outstanding shares

Key takeaways

AiM 2025 Mid-term financial targets

• Sales above 5% CAGR between 2020/21 and 2024/25¹
• Adjusted EBIT margin between 8% to 10% from 2024/25 onwards
• Conversion of FCF¹ from Net Income³ above 80% from 2024/25 onwards

• 25-35% Net Income confirmed ¹ payout from 2021/22

• ✓ Sales uplift supported by strong market momentum, and solid backlog

• ✓ Leading profitability through efficiency and sound execution
• ✓ Sustained mid term Cash Flow generation
• ✓ Value creation: EPS uplift and Synergies

1 Between Sales PF March 2021 and at March 25 2 Free cash flow generation is subject to usual short-term volatility 3 Of adjusted Net income

Conclusion

Henri Poupart-Lafarge, Chairman and Chief Executive Officer

Unique assets and opportunities ensuring Alstom's continuous growth

Mid-term targets

1. By 2024/2025 2. CAGR between Sales PF 20/21 and 2024/25 3 2024/25 onwards 4 2024/25 adjusted net income to FCF conversion. Subject to short term volatility

© ALSTOM SA 2021. 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, alter or disclosure to third parties, without express written authorisation, is strictly prohibited.

78

Alstom : Leading the way to greener and smarter mobility, worldwide

Appendix 1 - Non-GAAP financial indicators definitions

This section presents financial indicators used by the Group that are not defined by accounting standard setters.

● Orders received

A new order is recognised as an order received only when the contract creates enforceable obligations between the Group and its customer. When this condition is met, the order is recognised at the contract value. If the contract is denominated in a currency other than the functional currency of the reporting unit, the Group requires the immediate elimination of currency exposure using forward currency sales. Orders are then measured using the spot rate at inception of hedging instruments.

● Order backlog

Order backlog represents sales not yet recognised from orders already received. Order backlog at the end of a financial year is computed as follows:

• order backlog at the beginning of the year;
• plus new orders received during the year;
• less cancellations of orders recorded during the year;
• less sales recognised during the year.

The order backlog is also subject to changes in the scope of consolidation, contract price adjustments and foreign currency translation effects.

Order backlog corresponds to the transaction price allocated to the remaining performance obligations, as per IFRS 15 quantitative and qualitative disclosures requirement.

● Book-to-Bill

The book-to-bill ratio is the ratio of orders received to the amount of sales traded for a specific period.

● Adjusted EBIT

Starting September 2019, Alstom has opted for the inclusion of the share in net income of the equity-accounted investments into the aEBIT when these are considered to be part of the operating activities of the Group (because there are significant operational flows and/or common project execution with these entities). This mainly includes Chinese joint-ventures, namely CASCO joint-venture for Alstom as well as, following the integration of Bombardier Transportation, Bombardier Sifang (Qingdao) Transportation Ltd., Bombardier NUG Propulsion System Co. Ltd. and Changchun Bombardier Railway Vehicles Company Ltd.

aEBIT corresponds to Earning Before Interests and Tax adjusted for the following elements:

• net restructuring expenses (including rationalization costs);

• tangibles and intangibles impairment;

• capital gains or loss/revaluation on investments disposals or controls changes of an entity;

• any other non-recurring items, such as some costs incurred to realize business combinations and amortization of an asset exclusively valued in the context of business combination, as well as litigation costs that have arisen outside the ordinary course of business;

• and including the share in net income of the operational equity-accounted investments

A non-recurring item is a "one-off" exceptional item that is not supposed to occur again in following years and that is significant. Adjusted EBIT margin corresponds to Adjusted EBIT expressed as a percentage of sales.

Appendix 1 - Non-GAAP financial indicators definitions

● Adjusted Net Profit

Following the Bombardier Transportation acquisition and with effect from these Fiscal year 2020/21 consolidated financial statements, Alstom decided to introduce the "adjusted net profit" indicator aimed at restating its net profit from continued operations (Group share) to exclude the impact of amortization of assets exclusively valued when determining the purchase price allocations ("PPA") in the context of business combination, net of the corresponding tax effect. This indicator is also aligned with market practice.

● Free cash flow

Free Cash Flow is defined as net cash provided by operating activities less capital expenditures including capitalised development costs, net of proceeds from disposals of tangible and intangible assets. Free Cash Flow does not include any proceeds from disposals of activity.

The most directly comparable financial measure to Free Cash Flow calculated and presented in accordance with IFRS is net cash provided by operating activities.

● Net cash/(debt)

The net cash/(debt) is defined as cash and cash equivalents, marketable securities and other current financial asset, less borrowings.

● Payout ratio

The payout ratio is calculated by dividing the amount of the overall dividend with the "Adjusted Net profit from continuing operations attributable to equity holders of the parent, group share" as presented in the management report in the consolidated financial statements.

82