Paris, February 29, 2008—Shearman & Sterling represented the placement banks in connection with the issuance by Groupe Eurotunnel S.A of subordinated deferred equity securities (SDES) with a term of 18 months, in the principal amount of €800 million. The SDES were offered in France and internationally (outside the United States, Canada, and Italy), and the placement was led by Citigroup Global Markets Ltd, Lazard-Natixis, and Lehman Brothers International. The offering was also “backstopped” by certain affiliates of Goldman Sachs.

The net proceeds of the issuance will be used to finance the early cash redemption of a portion of the NRS II issued by Eurotunnel Group UK PLC in June 2007 in connection with the restructuring of Eurotunnel’s finances.

Eurotunnel owns and operates the Channel Tunnel, or Chunnel, and its rail shuttle system, which moves trucks, passenger cars, and buses beneath the English Channel between the United Kingdom and France.

Attorneys include partners Hervé Letréguilly (PA-CM), Bertrand Sénéchal (PA-CM) and Robert Treuhold (PA-CM/MA), European counsel Christophe Delrieu (PA-ITX), Of counsel Christian Guilluy (PA-MA), and associates Séverine de La Courtie (PA-CM), Françoise Even (PA-CM), Anne-Sophie Maes (PA-ITX), François Pierson (PA-ITX), Armelle Sandrin (PA-MA), Pierre Treille (PA-CM) and Philippe Wolanski (PA-EF).