EUROTUNNEL DEVELOPMENTS LIMITED

DEUTSCHE BANK AG, PARIS BRANCH (IN ITS CAPACITY AS BENEFICIARY) AND ANY SUCCESSOR BENEFICIARY

RECEIVABLES SECURITY ASSIGNMENT MASTER AGREEMENT

THE CHANNEL TUNNEL GROUP LIMITED

LEGAL CHARGE

(1) ANY DESIGNATORAS DEFINED IN THE MASTER SECURITY AGREEMENT. (2) CREDIT NATIONAL (3) EUROPEAN INVESTMENT BANK (4) THE BANKS (5) CLEMET S.A.

MASTER SECURITY AGREEMENT

(1) THE DESIGNATED LENDERS (AS DEFINED IN THE TRUST DEED) (2) THE REPRESENTITIVES (AS DEFINED IN THE TRUST DEED) (3) EUROPEAN INVESTMENT(AS DEFINED IN THE TRUST DEED) (4) CREDIT NATIONAL (4) THE BANKS(AS DEFINED IN THE TRUST DEED) THE AGENTS(AS DEFINED IN THE TRUST DEED) THE LAW DEBENTURE CORPORATION P.L.C. AS TRUSTEE UNDER THE TRUST DEE FOR

DEBENTURE

BANQUE INDOSUEZAS AGENT FOR THE LENDERS

DEBENTURE