Eurotunnel PLC/Eurotunnel S.A. 30 March 2005 EMBARGO: Not for release until 1640 (UK time) on Wednesday, 30 March 2005 EUROTUNNEL REQUESTS WAIVER The Joint Board of Eurotunnel, which met today (Wednesday, 30 March), has unanimously agreed to request a waiver to its Credit Agreement. This waiver requires the approval of a qualified majority of the creditors, which Eurotunnel expects to receive as soon as possible. In the event of a favourable reply, Eurotunnel will begin negotiations with the intention of reaching a financial arrangement that will ensure the future of the Group whilst at the same time maintaining shareholder interests. The negotiations are expected to take eight months. The fees for the advisors to the creditors, which have for a long time been deemed unacceptable by the Joint Board, have been reduced in agreement with the Ad-hoc Committee of the principal creditors. This agreement has received the consent of a majority of the Board. At the request of the Joint Board, Jacques Gounon, Eurotunnel's Chairman, takes responsibility for the restructuring of the debt. He has requested the assistance of Herve Huas, who leaves his role as Deputy Chief Executive to become Special Advisor to the Chairman, whilst still remaining a member of the Joint Board. Following the meeting, Jacques Gounon said: "This convergence of positions between Eurotunnel and the Ad-hoc Committee is very positive. After many months of effort and thanks to the hard work of all concerned, I am very pleased to be making this announcement today. The Board will continue to work to secure the long term future of the Group." Media enquiries: Press Office, tel: + 44 (0) 1303 288728 or + 44 (0) 1303 288737 Investor enquiries: Xavier Clement, tel: + 33 1 55 27 36 27 News release no. 930 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. 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. This information is provided by RNS The company news service from the London Stock Exchange