AXA Private Equity takes part in the financial restructuring of Eurotunnel Paris, 27th June 2006.

AXA Private Equity, a leading world player in Private Equity, is committing to Eurotunnel’s refinancing plan as stipulated in the preliminary restructuring agreement dated 23rd May 2006 between Eurotunnel and the Ad Hoc committee representing majority creditors.

The financing structure, which will be examined during the Annual Board Meeting on 27th July 2006, represents a reasonable and the most equitable balance possible between massive write off of the debt on the one hand and a partial and differed dilution of capital linked with a dividends distribution policy, on the other.

Once this agreement has been implemented, Eurotunnel will be backed by a healthy financial structure, including a level of debt consistent with its ability for future reimbursement and in terms of its real future perspectives. From then onwards, the group will thus be able to develop and grow its business.

AXA Private Equity invests in high expansion potential companies in new technology as well as in traditional industrial sectors. Building privileged trustbased relations with its partners is paramount and its assets under management (8.5 billion euros) have grown exceptionally as has the high rate of return on the funds it manages. These results have been reached thanks to its ability to detect well performing companies or those able to be so in the short term.

About Eurotunnel:

Eurotunnel manages the Channel Tunnel infrastructure and exploits two types of shuttle, freight shuttles transporting trucks and passenger shuttles transporting cars and buses from Coquelles (France) Folkestone (Great-Britain). Eurotunnel also receives toll from railway companies using the Tunnel (Eurostar for rail passengers; SNCF and EWS for freight trains).

Eurotunnel is listed on the Paris, London and Brussels stock exchanges.

Press contact:

Tel.: 33 1 44 45 92 20

AXA Private Equity
20, place Vendôme
75001 Paris - France
www.axaprivateequity.com