Groupe Eurotunnel launches a fully underwritten €915.4 million rights issue from 30 April to 29 May 2008

•    Based on the free allocation of warrants to subscribe for shares (BSA) to shareholders of Groupe Eurotunnel SA holding (consolidated) shares as at 29 April 2008. The exercise period of the BSA will be from 30 April to 16 May 2008.

•    The subscription price for the exercise of the BSA is €8.75 per share, corresponding to a discount of 28% on the share price of 25 April 2008.

•    Shareholders who retain the new shares subscribed for or acquired pursuant to this transaction until 6 March 2011 will, at that time, receive one additional new share for free for every 22 new shares subscribed for or acquired pursuant to this transaction.

•    The rights issue is fully underwritten by a banking syndicate composed of ABN AMRO, HSBC, LAZARD-NATIXIS, LEHMAN BROTHERS and UBS Investment Bank.

•    This issue will enable Groupe Eurotunnel SA to carry out the early cash redemption of the remaining NRS II in issue and to create further room for manoeuvre.

Jacques Gounon, Chairman of Groupe Eurotunnel SA, stated;

“On the strength of our good 2007 results, confirmed in the first quarter and by the success of our first capital raising in February, GET is launching the second phase of its capital increase. Fully underwritten by a very high quality banking syndicate, it will enable us to raise €915.4 million not only to redeem the remaining NRS II in issue and thereby make further savings on financial charges but also to give us further room for manoeuvre to control our future. 

Current shareholders of Groupe Eurotunnel have the opportunity to increase their investment on very attractive terms. 

This rights issue will enable Groupe Eurotunnel to control its future as a long-term infrastructure concessionaire with good prospects in terms of profitability and recurrent cash flow”.