ETL Eutelsat Communications S.a.

RNS Number:4590R
Eurotunnel PLC/Eurotunnel S.A.
19 February 2007




19 February 2007

Immediate release




                       Second step of the Safeguard Plan:

                      Underwriting of available Tier 3 NRS


The NRS which have become available due to the take up of the Cash Option by
four of the holders of Tier 3 (1) debt have been fully underwritten by the other
holders of Tier 3 and by a large majority of the bondholders.

At this point, the monetisation of these NRS is therefore guaranteed through the
cash made available by the creditors who have put themselves forward to
underwrite the available NRS. Eurotunnel will not therefore be required to fund
payment of the Cash Option.

A priority reserve of #60 million of NRS will be available to Eurotunnel
shareholders who take part in the Exchange Tender Offer.

(1) Ref: Eurotunnel Press release dated 05 February 2007, "First step of the
Safeguard Plan: Tier 3 Creditors take Cash Option".


No 007/2006



For media enquiries contact The Press Office on + 44 (0) 1303 284491.
Email: press@eurotunnel.com


For investor enquiries contact Michael Schuller on + 44 (0) 1303 288 749.
Email: michael.schuller@eurotunnel.com




                               www.eurotunnel.com



Eurotunnel manages the infrastructure of the Channel Tunnel and operates
accompanied truck shuttle and passenger shuttle (car and coach) services between
Folkestone, UK and Calais, France.  Eurotunnel also earns toll revenue from
train operators (Eurostar for rail passengers, and EWS and SNCF for rail
freight) which use the Tunnel. Eurotunnel is quoted in London, Paris and
Brussels.




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            The company news service from the London Stock Exchange
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