Eurotunnel PLC/Eurotunnel S.A. 19 October 2005 EMBARGO: Not for release before 0730 hours on Wednesday, 19 October 2005 TRADING UPDATE Stable Q3 operating revenue during a period of reorganisation marked by: • Truck Shuttle sales & marketing activity brought back in-house • Better alignment of capacity to demand in the passenger shuttle service Operating revenue in the third quarter of 2005 was £140.8 million, an increase of 1% compared with the third quarter in 2004. Q3 2005 Q3 2004 2005/2004 Q3 2004 £ million Unaudited* Restated* % change Reported** Shuttle Services 77.9 77.4 +1% 77.7 Railways 58.7 58.6 0% 58.8 Transport activities 136.6 136.0 0% 136.5 Non-transport activities 4.2 3.6 +14% 3.6 Operating revenue 140.8 139.6 +1% 140.1 * The exchange rate applicable for the year to 30 September 2005 and for the restated year to 30 September 2004 is £1 = €1.467. ** The equivalent 2004 exchange rate was £1 = €1.482. Shuttle services Shuttle service revenue (£77.9 million) remains stable (+1%). This reflects the contrasting evolution of the freight and passenger shuttle services. • Revenue from the freight shuttle business increased significantly in spite of a slight reduction in the volume of trucks carried. The fall in volumes is more than compensated by a rise in average yield. The increased average yield is a direct result of the new freight commercial policy and of Eurotunnel's decision to take back full control of sales and marketing activity for small and medium-sized hauliers. Prior to 16 August 2005, this was contracted to an external party. • Revenue declined from the passenger shuttle business (cars and coaches), although volumes increased notably in the coach market. Revenue from the passenger business continued to be affected by strong price competition. The reduction in the capacity of the Passenger Shuttle Service took effect from 3 September 2005. By more closely matching capacity with demand, Eurotunnel has chosen to improve operating margin, reducing costs and increasing load factors whilst maintaining the speed ease and frequency of services. Railways Railways revenue (£58.7 million), which includes payments of £16.9m under the Minimum Usage Contract (MUC) in the Railway Usage Contract, was stable in the third quarter of 2005. The volume of rail freight tonnage during the quarter was once again down (-23%). Non-transport activities Increase in non-transport activities revenue (£4.2 million) relates primarily to the sale of land in Ashford, Kent. Appendix 1 : Eurotunnel Shuttle traffic Q3 2005 Q3 2004 2005/2004 % change Truck Shuttles 295,230 trucks 302,445 trucks -2% Passenger Shuttles 609,357 cars* 605,984 cars* +1% 19,443 coaches 15,650 coaches +24% * including motorcycles, cars, cars with trailers, caravans and campervans Appendix 2: Railways traffic Q3 2005 Q3 2004 % change Eurostar 1,959,271 passengers* 1,997,800 passengers* -2% Rail freight (SNCF/EWS) 362,431 tonnes 472,163 tonnes -23% * The passenger number given is for Eurostar passengers who travelled through the Channel Tunnel, and excludes passengers between Paris/Calais and Brussels/ Lille. For media enquiries contact the Eurotunnel Press Office on + 44 (0) 1303 288728 or + 44 (0) 1303 288737. Email: press.uk@eurotunnel.com For investor enquiries contact Xavier Clement on + 33 1 55 27 36 27. Email: xavier.clement@eurotunnel.com 955/2005 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. This information is provided by RNS The company news service from the London Stock Exchange