RNS Number:7453T
Eurotunnel PLC/Eurotunnel S.A.
31 December 2003

Embargo: Not for release before 0700 hours (UK time) on Wednesday, 31 December
2003

Redemption of Equity Notes

Eurotunnel announces that its outstanding Equity Notes have today been redeemed
by the issue of Units. In accordance with the terms and conditions of the Notes,
181,321,376 of the outstanding Equity Notes have been redeemed by the issue of
1.01 new Eurotunnel Units for each Note held. As a result, a total of
183,134,565 new Eurotunnel Units have been issued representing approximately
7.75% of the existing issued ordinary share capital of Eurotunnel.

The new Units, which have the same rights as the Units currently in issue, have
been admitted to listing and trading in London, Paris and Brussels. The
remaining 60,820 Equity Notes have been redeemed in cash out of the proceeds of
the exercise of the 2003 Warrants resulting in the payment to Note holders of
#0.822276 and Euro1.248180 for each Note held (approximately #50,000 and Euro75,900 in
total).

                                      END

Media enquiries:

Kevin Charles, tel: + 00 44 1303 288728


Investor & analyst enquiries:

Alison Bourgeois, tel: + 00 33 1 55 27 35 59


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/Coquelles, France. It is market leader for
cross-Channel travel. Eurotunnel also earns toll revenue from other 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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