Share subscription warrants. Issued by Groupe Eurotunnel SA in Ticker GETBS ISIN: FR («2007 Warrants») ********

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Della Jemimah Marsh
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1 Share subscription warrants Issued by Groupe Eurotunnel SA in 2007 Ticker GETBS ISIN: FR («2007 Warrants») ******** Warrants admitted to: - Trading on the Euronext market (ISIN code: FR ; ticker: «GETBS») ; - Euroclear France S.A. (code ISIN : FR ) carrying out inter-account transactions; and - Euroclear Bank S.A./N.V. and Clearstream Banking, société anonyme (common code: ). ****** Q What is the exercise ratio of the 2007 Warrants into GET shares? On the basis of the exercise ratio calculated in accordance with the terms and conditions of the 2007 Warrants, after adjustments and official confirmation by the representative of the 2007 Warrant holders, one 2007 Warrant entitles their holder to subscribe for GET SA ordinary share, i.e. to subscribe for one share (ISIN Code FR ), a holding of approximately Warrant is required. The entitlement to GET SA shares on exercise of the 2007 Warrants will (excl. Rounding) be equal to the number of Warrants exercised multiplied by the exercise ratio: Number of 2007 Warrants exercised x Exercise Ratio of the 2007 Warrants = Number of GET SA ordinary shares Q What is the exercise price of the 2007 Warrants? The subscription price for each GET SA ordinary share on exercise of the 2007 is equal to the nominal value of the GET SA share, currently 0.40 per ordinary share. The exercise price of the 2007 Warrant is calculated as follows :: Warrant x (exercise ratio) x 0.40 (exercise price) = per 2007 Warrant exercised. 1

2 Q- What happens if my 2007 Warrants do not entitle me to a round number of GET SA ordinary shares? Where the number of ordinary shares calculated as described above is not a whole number, the 2007 Warrant holder may: (i) Subscribe for the whole number of GET SA shares next following his entitlement by paying, in addition to the exercise price, the value of the fraction of GET SA share required to round up his entitlement calculated by reference to the opening share price the day before the exercise request; Or (ii) Subscribe for the whole number of GET SA shares immediately before his entitlement and receive the value of the fraction of GET SA share his warrants would entitle him to, calculated by reference to the opening share price the day before the exercise request. Example: Mr & Mrs X hold 1, Warrants. By applying the exercise ratio, they are entitled to subscribe for shares. They may: - Either (option 1) round up their subscription to 68 ordinary shares, in which case they will need to pay the exercise price of plus 3.85 to pay for the additional fraction needed to round up at the previous day s opening share price ( 7.55), namely a total of Or (option 2) : round down their subscription to 67 shares and in that case, they will have to pay the exercise price of 27.00, from which the value of their fractional entitlement (0.49) will be deducted on the basis of the opening share price the day before (0.49x 7.55 = 3.70), namely an exercise price of Q Will the new shares issued on exercise of the 2007 Warrants be identical to the GET SA shares currently listed on Euronext? Yes, they are identical to existing shares. They will be listed under the same ISIN code FR and be entitled to dividends from 1 st January Q How was the exercise ratio calculated? The issue of the 2007 Warrants to Eurotunnel shareholders who tendered their shares to the 2007 ETO was carried out in accordance with the Safeguard Plan to enable these shareholders to benefit from any increase in value resulting from the occurrence of certain events within the group after implementation of the financial restructuring. The Exercise Ratio has been subject to two adjustments in November 2007 (consolidation on a 1 :40 basis of the GET SA ordinary shares) and in May 2008 (allocation of share subscription warrants free of charge to Groupe Eurotunnel SA shareholders). 2

3 Q Why does one 2007 Warrant only entitle me to GET share? The prospectus relating to their issue provided that if all the 2007 Warrants could be exercised (VT = 100%, i.e. 300M), the exercise ratio would be 1,182. The Exercise Ratio has been subject to two adjustments in November 2007 (consolidation on a 1 :40 basis of the GET SA ordinary shares) and in May 2008 (allocation of share subscription warrants free of charge to Groupe Eurotunnel SA shareholders). Q The exercise price is 0.01 per 2007 Warrant exercised; does that mean that I only need to pay 0.40 per whole share I am entitled to? The exercise price (the «Exercise Price») depends on the number of 2007 Warrants exercised, the subscription price for each GET SA share which is 0.40 as well as the value of the fractional entitlement on the following basis: Warrant x share x 0.40 = for each 2007 Warrant exercised. Registered holders may make the necessary payment by cheque payable to BNP Paribas Securities Services or by bank transfer to the following account IBAN FR N91 BIC PARBFRPPXXX quoting the issuer code 2002 and the shareholder reference. Q I hold 2007 Warrants: is the conversion into shares automatic? The exercise of the 2007 Warrants is a share subscription transaction which necessitates the payment of the exercise price. Shares are not issued free of charge. In order to be processed, the exercise must take place during the 6-month Exercise Period which runs from 1 st July to 30 December 2011 and, to cater for administrative formalities and avoid any risks associated with late exercise requests, it is recommended that you check with your financial intermediary what their precise deadline is. The deadline is fixed at 16 December 2011 for registered 2007 warrant holders. Once the exercise period is closed, your 2007 Warrants will no longer have any value and you will loose any entitlement to shares which those Warrants may have given you. Q I hold 2007 Warrants and I want to exercise them; how do I do this? If you hold 2007 Warrants and you wish to exercise them, you must give your exercise instructions to your account manager during the Exercise Period. As it is not possible to exercise part of your holding, 2007 Warrant holders will have to submit one exercise request for the whole of their 2007 Warrant holding and pay the whole of the exercise price. Each holder will need to confirm on exercise that they are outside of the United-States and that they are not a US citizen and that they are acting on their own behalf or on behalf of persons who are not in the United-States and who are not US citizens. 3

4 Q Do I need to fill in a form to exercise my 2007 Warrants and if so, where can I obtain it? Holders of 2007 Warrants in registered form or of Warrant CDIs through Computershare will receive a personalised exercise form. Holders of 2007 Warrants in bearer form will need to contact their financial intermediary or account manager. Q It is stated that I must enclose payment for the exercise price of my 2007 Warrants with my exercise request. How do I find out what this price is? The exercise price must take into account any fractional entitlement to new shares. Thus for every 2007 Warrant exercised you will receive GET share and you will have to pay 1 x x 0.40 = for each 2007 Warrant exercised. Q I hold Warrants which I wish to exercise. How do I calculate the number of shares I am entitled to and the price I need to pay to exercise these warrants? In order to work out the number of shares your warrants entitle you to, you must multiply the number of 2007 Warrants exercised by the exercise ratio, i.e.: Warrants x GET share = 3.40 shares The exercise price is calculated as follows: Warrants x (Exercise Ratio) x 0.40 (Price per share) = 1.36 You may choose: (1) To receive 3 GET shares and receive the value in cash of the 0.40 fraction of GET SA share to which you are entitled to by reference to the opening share price of the GET share the day before the date of exercise of your 2007 Warrants. I.e. if such share price was 7.50, you would be entitled to receive a payment of 3.00 (0.40 share x 7.50) for your fraction. (2) Or round up your subscription to the next whole number and receive 4 shares by paying the value of the fraction of GET SA share needed to round up by reference to the opening share price of the GET share the day before the date of exercise of your 2007 Warrants. You may therefore receive 4 shares by paying the exercise price calculated as above plus 4.50 corresponding to the value of your fraction (4 shares requested shares entitled to on exercise = 0.60 share required x 7.50) In this example, the total amount you would have to pay to receive 4 shares would be : = Q What does the day before the date of exercise of the warrants and how can I find out this share price? 4

5 It is the opening GET share price on Euronext the day before the date you request the exercise of your Warrants. The opening share price on the preceding day will be available daily on the website of the Company ( and a calculator will enable you to see the result of the options available to you. Such information is given to you purely for illustrative purposes and only the information given at the relevant time to your account manager will be taken into account. Q I have exercised the 2007 Warrants allocated to me in June Can I buy more in the market and exercised them prior to the close of the exercise period? There is nothing preventing you from purchasing additional 2007 Warrants in the market ; you must however exercise the whole of your holding of 2007 Warrant on each exercise. Q I do not have a Euro account ; how can I pay the exercise price? The exercise price for the 2007 Warrants is in Euros. You may contact your bank to determine the amount required in your currency to make the appropriate payment in Euros. Q I hold 2007 Warrants and would like to know if it is better to sell them in the market or to exercise them. Can you tell me what to do? In order to determine whether or not it is best to hold on to your 2007 Warrants, we would refer you to the Securities Note approved by the French market authority (AMF) under number on 4 April 2007 and in particular section 3.2 Risk Factors and to contact your financial adviser or account manager. Q Process for US investors Any 2007 Warrant holder wishing to exercise will need to confirm that they are outside the US and that they are not a US citizen and that they are not acting on their own behalf, the persons they represent are outside the US and are not US citizens. Alternatively, subscribers in the US must be an accredited investor (within the meaning of the rules under the US Securities Act) acting on its own behalf or for other accredited investors and I and each such investor, if any, acknowledge and agree that the ordinary shares, have been registered under the above Act or registered or qualified under any US state securities laws and, accordingly, are restricted securities within the meaning of such laws and the rules under such Act and can only be offered or sold in transactions that are exempt from, or not subject to, the registration or qualification requirements of such Act and laws and agree not to offer or sell the ordinary shares other than in such transactions. 5

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