Eurotunnel PLC/Eurotunnel S.A. 18 April 2005 EMBARGO: Not for release before 1640 hours (UK time) on Monday 18 April 2005 TRADING STATEMENT: Q1 2005 REVENUE & TRAFFIC • Increase of 2% in total revenue • Increase of 6% in Truck Shuttle volume Eurotunnel, operator of the Channel Tunnel, today announced its revenue and traffic for the first quarter of 2005. Revenue The total operating revenue for the period, including revenues from transport and non transport activities, is £130.8 million. This represents an increase of 2% compared to the first quarter of 2004, at constant exchange rates. Shuttle revenues increased by 7%, at constant exchange rates compared to the first quarter of 2004, in a period of favourable market conditions. Railway revenues increased 1% to £58.7 million. This includes payments due under the Minimum Usage Charge ("MUC") arrangements amounting to £20.4million in the first quarter. The revenue from non transport activities remains marginal. The reduction of £1.9 million is due largely to the absence of non recurrent revenues (land sales in first quarter 2004) in the first quarter of 2005. OPERATING REVENUE Q1 2005 Q1 2004 % Q1 2004 £ MILLION draft restated* change reported ** unaudited* Shuttle services 70,0 65,4 7% 64,1 Railways 58,7 58,4 1% 57,5 Transport activities 128,7 123,8 4% 121,6 Non-transport 2,1 4,0 -48% 4,0 activities Operating revenue 130,8 127,8 2% 125,6 *exchange rate = £1 = • 1.452 **exchange rate = £1 = • 1.502 Eurotunnel Shuttle Services Truck Shuttles Eurotunnel carried 345,570 trucks in the first quarter of 2005, an increase of 6% compared to 2004. The increase in traffic follows the introduction of the new freight strategy at the start of the year. Eurotunnel also benefited from the widespread disruption to ferry services throughout the first quarter due to a combination of severe weather, reduced berthing capacity at the port of Calais, and continuing industrial action by French seafarers. Average yields were higher in 2005 also contributing to the increase in revenue. Passenger Shuttles Eurotunnel carried 438,804 cars, an increase of 4% compared to 2004. Eurotunnel has pursued a policy of product differentiation for its Passenger car services and has improved the product mix, increasing short break and long stay activity. The Passenger car market has been erratic during the first quarter of 2005 due to the uncertainty of ferry services and disruptions at the port of Calais. The ferry companies have engaged in further price wars to gain market share. Despite this Eurotunnel has improved volumes during this time. Eurotunnel carried 17,629 coaches, an increase of 49%. Coach traffic diverted from the port of Calais due to the uncertainty surrounding the regularity of ferry services. TRAFFIC 2005 2004 % Draft Actual Truck shuttles Trucks 345 570 326 003 6% Passenger shuttles Cars 438 804 421 070 4% Coaches 17 629 11 867 49% Railways (Eurostar and rail freight) The Channel Tunnel is also used by rail services not managed by Eurotunnel: Eurostar for high-speed passenger-only services on London/Paris and London/ Brussels, and EWS and SNCF for international rail freight services. Eurostar Eurostar traffic grew 5% during the first quarter of 2005, compared to the first quarter of 2004, continuing the growth achieved since the opening of the first section of the UK high-speed rail link. Rail freight The volume of rail freight transported through the Channel Tunnel in the first quarter of 2005 declined by 11% to 417,103 tonnes compared to the first quarter of 2004. TRAFFIC 2005 2004 % Eurostar Passengers 1 694 560 1 606 789 5% Rail freight Tonnes 417 103 468 390 -11% END Media enquiries: Eurotunnel 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. 933 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 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