Order Form For Sheet Cake From Costco

Another meeting was held this Monday, March 30, 2009.

As usual, our interlocutor has shown friendly, communicative and direct.

- FIRE:

Mr. GOUNON indicates that 1, 5 million trucks annually through the tunnel, he recalled that 20 years, only 3 fires took place and that safety standards have proved effective to avoid the worst and they have helped contain the damage that could result.

Statistically fire may occur every 15 million trucks ... This probability, although very low, calls for increased vigilance and enhanced security measures.
reflection has been initiated and is taking shape: Eurotunnel Group will invest 15 million to 20 million euros in facilities for sending clouds of water "sprinklers" in specially equipped 4 zones (4 to 5 million € / box). They help contain the fire until firefighters arrived and reduce the risk of spreading through the storage of large quantities of water. A draft

Summary (APS) was submitted to the IGC 11 March 2009 and got the green light, a preliminary design (ODA) is being prepared for submission to the IGC by the end of the year and A prototype will be tested early next year. These studies are conducted in close cooperation with the firefighters. Once again, Eurotunnel will be a model for other works / tunnels (Lyon-Turin).

This investment may seem high but should be seen in the context of a claim which the latter will cost € 200 million!

- LA IGC:

We discussed the role of the IGC. As indicated in other circumstances, the IGC is more than 5 million € / year EUROTUNNEL single infrastructure to support operating costs of this structure !

Mr. GOUNON recalled that the body is put in place for international liaison. He is responsible for ensuring on behalf of licensors States cross-border coordination and monitoring of operating the route; The IGC is essential for the proper implementation and compliance required to align rail within the Interconnection trans-European infrastructure.

Current time is any priority to solving the aftermath of the fire ... ...

We also questioned Mr. GOUNON on the recent intrusion of illegal immigrants in the tunnel; Should there be an increase in systems monitoring, which would fall to the extra costs?

He replied that it was the State to assume its responsibilities, as indeed confirmed the decision of the Arbitral Tribunal in the case of Sangatte.
* A meeting with the British Minister for Immigration and Border scheduled for tomorrow in order to improve efficiency.
* This meeting is actually on April 1, 2009 and resulted in the signing of an agreement .

At this point in the discussion, we discussed the talks with the British state: Mr.
GOUNON informs us that the negotiations have not advanced and it is possible to return to court!

- CRISIS:

impact on the trade in 2009?

She points to a difficult year ... it certainly will not be without consequence the operation of the tunnel but its impact is difficult to quantify.

It affects mainly the transport of goods. Mr GOUNON indicates that the share of turnover of the group on this type of area is 30%. The decline in sales should be relatively measured as the sector "leisure" does not seem to suffer for the moment; operating loss will be covered by insurance *. * Mr.

GOUNON accurate at the time of this exchange that negotiations are still at large with the insurers and that the investigation into the causes of the fire has not yet concluded.

To our question about the current level of use of the tunnel was that the networks, as Eurotunnel, use half the capacity allocated to them.

The first quarter results will be released on 18/04/2009.

The duration of this crisis is an unknown, so GET SA has preferred to remain cautious in distributing only a small share of profit and reserve a sufficient safety margin to cope with a possible decrease in demand.

The depreciation of the pound concern given the indexing 51% of turnover on the currency: Mr. GOUNON recalls a portion of the debt is also indexed to the English currency, and is thus reduced by nearly 500 million euros. This decrease is welcome for this year is known uncertain and probably difficult.

The revenue decline was partially offset by lower operating expenses and financial expenses.

- COMPETITION:

Sea France, Brittanny Ferries, P & 0, all are facing cuts in their work and struggle to maintain their market share, especially in the market Cargo, P & 0 has just started proceedings against LD Lines, for unfair competition.

In this difficult context, pressures are high, a policy of declining prices can not be excluded but Eurotunnel will continue to offer based on yield management and quality of service established in 2005, although reliability and speed some call this formal policy racketeering *!

* on this last accusation Mr. GOUNON surprised that some carriers want to question the cost of crossing the tunnel when it comes to the mind of any of them to rebel against the price of access to highways!

- FREIGHT RAIL:

In terms of rail freight, the company whose ambitions were 3 million tonnes by 2009 can only confirm his hopes and efforts disappointed. Mr.
COART, director Europort 2 is to analyze the causes in his note of March 19 .

Moreover, using the Ministry of Transport to develop rail freight which was expected in early 2009 was lost in the Grenelle Environment! A new case was presented.

- OWNERSHIP:

The criteria chosen for the analysis of the shareholding in 2009 are different from those of last year, so it is difficult to assess trends. Indeed, we find that a third of the capital was held by institutional investors in March 2008 that is to say as much in 2009 when the LVA reported a net institutional strengthening in 2009: The

explanation comes from 35% of "stakeholders" whose distribution is estimated at 19% for institutional and 16% for individuals.
There was a decrease in the number of shareholders in 2009 against 400 000 500 000 in 2008 which explains the strengthening of the portfolio which spends an average of 343 in 2008 to 902 in 2009. The United Kingdom is strengthening its presence and reached 19% in 2009 against 7% in 2008 to the detriment of France from 76% in 2008 to 59% in 2009.


- dividends and warrants:

The cost of distributing the dividend and the symbolic sum of one are they compatible? Mr

GOUNON replied that the costs incurred for this service have been hotly negotiated and will be low (1% of the amount to pay).

He is very optimistic concerning the exercise of warrants in 2007 in June 2011 because the results are the end of 2008 their exercise ratio to over 75%. A

information will be released very soon on how conversion of the warrants subject to approval at the next General Assembly. Mr

GOUNON said he had strongly advised not to sell such warrants ...

- THE STOCK MARKET:
analysis
How does the disappointing level of share price despite the publication successful?

Apart from market uncertainty caused by the crisis, Mr GOUNON we upheld a handling course against which he says helplessly, says she alerted the MFA has been able to gather evidence to a legal condemnation.

Lack of cash is another cause that weakens the title and allows speculators to make capital gains without heavy investment. It evokes

finally the complexity of the structure denounced by investors. Simplifying the corporate structure to make it more attractive has become a priority for the group.

- UPDATE ON DILUTION:

Mr. GOUNON said that large sums have been spent on share repurchases and ORA representing a 3% accretive to shareholders.

We asked him why he was not forcing more share buybacks while the current weakness of incentive to do so. It specifies the periods during which it can intervene are minimal and that the company has ban to repurchase its own shares announcement period results. For example, he alleges Vinci conviction for insider trading .

Mr. GOUNON confirms its intention to maximize its flexibility to reread the current shareholders, but he prohibited from doing so until 15 April 2009.

Daylight Saving Time has not given us time to address all issues considered ... it will be postponed.

The message that we retain is that of a man calm about the future of society and argued that the qualities of a team that keeps its promises and meet its targets despite a limited room for maneuver to face external constraints stock market, competitive and regulatory namely

- drastic reduction of the debt
- distribution of profits
- accretion and better fortunes