Applicable Supplement Amdmnt

RNS Number:1459E
E.L.A.N. Ld
19 September 2007

                              Company Announcement

                             For immediate release

                                E.L.A.N. Limited

                                 (the "Issuer")

                (incorporated in Jersey with limited liability)
                               Whiteley Chambers

                                   Don Street

                               St. Helier, Jersey

                                    JE4 9WG

                                Channel Islands







19 September 2007

Structured Note Programme



Series 2007-4 JPY1,000,000,000 Secured Floating Rate Notes due August 2015
(ISIN: XS0307425248) (the "Notes")

Announcement of Modifications of the Applicable Supplement

The Applicable Supplement relating to the Notes issued on the 29 June 2007 (the
"Applicable Supplement") has been amended and restated with effect from 17
September 2007. The modifications to the Applicable Supplement are set out in
their entirety below.

1.         Item 36 of the Applicable Supplement (Exchange Option) will be
modified and replaced in its entirety with the following:
"Condition 7(k) applies, subject to this paragraph.  If a Disposal Notice relating to an event described in
Condition 7(b)(i)(A) is given any Noteholder may, at its discretion, but subject to the satisfaction of the
provisos below, elect to receive from the Issuer, in lieu of its entitlement to its relevant share of amounts
otherwise to be distributed pursuant to Condition 7(b)(i), such proportion of the Underlying Assets (the
"Attributable Underlying Assets") as equals the proportion (rounded down to the nearest whole number) which such
Noteholders' Notes bear to the total principal amount outstanding of the Notes.  Any Noteholder may make such
election by notice given to the Issuer, the Determination Agent and the Trustee (a "Noteholder Exchange Notice")
at any time on or before the Notification Deadline (as defined below), together with confirmation from Euroclear
or Clearstream, Luxembourg that such Noteholder is the holder of the relevant Notes.  Such Noteholder Exchange
Notice must contain details of: the principal amount of the Notes held by the relevant Noteholder and the account
details of the Noteholder where the Attributable Underlying Assets will be delivered, and an irrevocable election
by the relevant Noteholder to receive the Attributable Underlying Assets in lieu of any payment on the Notes.
Such Noteholder Exchange Notice shall be given by the Noteholder either by delivery to Euroclear or Clearstream
or sent by facsimile transmission to such parties at the facsimile number set out for them for delivery of
Notices in the Transaction Documents or to such other facsimile numbers as such party may have notified to the
Noteholder. If such Noteholder Exchange Notice is given by delivery to Euroclear or Clearstream then notice will
be deemed to have been given on the date of delivery to the clearing system. If such Noteholder Exchange Notice
is sent by facsimile transmission then the notice will be deemed to have been given on the date of such facsimile
transmission provided that such facsimile transmission is evidenced by the relevant transmission receipt. The
Trustee shall not be entitled to take any steps to enforce the Security and the Determination Agent shall,
notwithstanding anything to the contrary provided in the Conditions (including without limitation condition 7
(l)), not be entitled to sell or otherwise dispose of the Attributable Underlying Assets until 5.00 p.m. (London
time) on the Business Day following the date on which the relevant Sale Price Notice (as defined in Condition 7
(l)) has been given to the Noteholders (5:00 p.m. (London time) on such Business Day being referred to herein as
the "Notification Deadline").  If the Issuer, the Determination Agent and the Trustee do not receive a Noteholder
Exchange Notice (together with confirmation from Euroclear or Clearstream, Luxembourg that the relevant
Noteholder is the holder of the relevant Notes) prior to the Notification Deadline electing that such Noteholder
wishes to have the Attributable Underlying Assets delivered to it in lieu of its entitlement to its relevant
share of amounts otherwise to be distributed pursuant to Condition 7(b)(i), the Notes shall be redeemed by sale
of the Underlying Assets as described in Condition 7(b)(i) and Condition 7(l) as if such Noteholder had notified
such parties by the Notification Deadline that it did not wish to receive the Attributable Underlying Assets (as
described in this paragraph). If, prior to the expiration of the Notification Deadline, the Issuer, the
Determination Agent and the Trustee receive a Noteholder Exchange Notice (together with confirmation from
Euroclear or Clearstream, Luxembourg that the relevant Noteholder is the holder of the relevant Notes) electing
that such  Noteholder wishes to have the relevant Attributable Underlying Assets delivered to it in lieu of its
entitlement to its relevant share of amounts otherwise to be distributed pursuant to Condition 7(b)(i), the
Issuer shall notify such Noteholder of the amount (if any) of any payment which would, upon redemption of the
Notes be due in accordance with the Application of Proceeds in priority to any payment to the Noteholder
(together "Priority Payments") and will procure that, subject to the provisos below, the relevant Attributable
Underlying Assets are delivered, to the Noteholder (or to any other place or account specified by the Noteholder
which is acceptable to the Issuer); PROVIDED that the following requirements are met, the relevant Attributable
Underlying Assets shall be delivered to the Noteholder:
(1)              payment is made by, or on behalf of, the Noteholder to the Issuer of an amount equal to its pro
rata share of the Priority Payments; and
(2)              such payment is made by, or on behalf of, the Noteholder to an account specified by the Issuer
by 11:00 a.m., local time in the principal financial centre for the currency in which the relevant Priority
Payment is denominated on the second Business Day from the day on which the Noteholder is notified by the Issuer
of the amount of the Priority Payments.
Upon payment being made to the account specified by the Issuer of an amount equal to the Priority Payments, the
Issuer shall deliver the relevant Attributable Underlying Assets to the Noteholder.
In the event that any Noteholder does not make payment of an amount equal to its pro rata share of the Priority
Payments in accordance with sub-paragraph (2) above, the relevant Notes shall be redeemed by sale of the
Attributable Underlying Assets as described in Condition 7(b)(i) and Condition 7(l).
If part, but not all, of the pro rata share of the Priority Payments are paid in accordance with sub-paragraph
(2) above, the Issuer shall refund the amount of the payments received by it without interest to the relevant
Noteholder and the relevant Notes shall be redeemed by sale of the Attributable Underlying Assets as described in
Condition 7(b)(i) and Condition 7(l)."



2.        Provision (A) of the Special Conditions in Annex 1 will be modified by
adding the following sentence to the sixth line following subsection (D):

.... the Sales Procedure of the Underlying Assets ", subject to the application
of Condition 7(k)."

3.        Provision (C) (Sales Procedure) of the Special Conditions in Annex 1
will be modified by adding the following to the end of subsection (ii):

"The Determination Agent will notify the Principal Paying Agent, and the
Principal Paying Agent will promptly thereafter notify the Noteholders, of the
details of the sale price determined by it as described above in any case where
the Condition 7(b)(i)(A) applies (such notice, an "Enforcement Sale Price
Note").  If on or before the Notification Deadline (as defined in Condition 7
(k), as amended above) no Noteholder Exchange Notice has been given by any
Noteholder then the Determination Agent, on behalf of the Issuer, will proceed
to sell the relevant Underlying Assts in respect of which no Noteholder Exchange
Notice has been given, as described above.  If on or before the Notification
Deadline a Noteholder Exchange Notice has been given then the relevant
Underlying Assets in respect of which such Noteholder Exchange Notice has been
given will be delivered to the relevant Noteholder in accordance with Condition
7(k) above"



These changes are effective immediately.

For further information please contact:

Valerie Gorman
Arthur Cox Listing Services Limited
- 353 1 618 1126





This announcement has been issued through the Companies Announcement Service of



                            The Irish Stock Exchange




                      This information is provided by RNS
            The company news service from the London Stock Exchange
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