Elan Funding Ltd Srs 2004-11

RNS Number:6816I
E.L.A.N. Ld
16 February 2005





                                  ANNOUNCEMENT

                                16 February 2005



GBP5,000,000 Pass Through Notes due April 2011  (ISIN: XS0207166819), Series
2004-11 issued by E.L.A.N Limited  (the "Notes")

We hereby notify you that pursuant to a written resolution of the holders of the
Notes and the terms of a Further Notes Supplemental Trust Deed dated 11 February
2005 in respect of the Notes the parties to the Further Notes Supplemental Trust
Deed acknowledged and agreed that:

1.                 the Issue Price of the Notes was 98.875% (not 100%) and that
accordingly the net proceeds of the issue of the Notes was GBP4,943,750; and

2.                 the Settlement Amount payable under the Participation
Agreement was GBP4,943,750 (not GBP5,000,000)

and that the Applicable Supplement and the Participation Agreement should be
construed accordingly.

In addition, with effect from and including 11 February 2005, the Conditions of
the Notes were amended to permit the issuance of further tranches of notes
having the same terms and conditions as the original notes issued on 23 December
2004 (the "Original Notes") in all respects save for the first payment of
interest thereon and which will be consolidated and form a single series with
the Original Notes.

Terms used herein which are not defined have the meaning set out in the
Conditions of the Notes.

These changes are effective immediately.






Arthur Cox Listing Services Limited                   Jane Farrelly
Listing Agent                                         +353.1.618.0000

This announcement has been issued through the Companies Announcement Service of
                           the Irish Stock Exchange.




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