Have posted a copy of e mail for those interested !!Eurotunnel Happy New Year for 2005, for you and for Eurotunnel Dear Shareholder We wish you a very Happy New Year. We are pleased to count you amongst oursubscribers who have expressed an interest in following Eurotunnel'sprogress online.This means of communication will allow us to update you with news ofEurotunnel rapidly, regularly and cost effectively. 2004 was a year of change for your company, with the new board elected byyou the shareholders in April. Our first response to this challenge was theannouncement in October of the outline of project DARE, which constitutes amajor reorganisation of Eurotunnel's commercial and operational strategies. 2005 will be the year of the debt restructuring. This restructuring willallow us to resolvethe fundamental imbalance of our company. Rest assured that we remain committed to our responsibilities: defending theinterests of the company and that of its shareholders. Regards Jacques Maillot Jean-Louis RaymondChairman Chief Executive
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