Statement re Exchanged Bonds

RNS Number:4307F
E.L.A.N. Ld
19 November 2004


LETTER TO:  RNS
            18 November 2004


(1)   EUR 57,980,000 Secured Instalment Notes due 23 November 2040 issued by 
      E.L.A.N. Limited (ISIN: XS0122960882) (the "Notes")

(2)   New Asset Notice

Terms used and not defined herein shall have the same meanings given thereto in
the terms and conditions of the Notes.

We refer to a substitution transaction dated 19 January 2001 entered into
between ourselves, as counterparty, and the Issuer in relation to the Notes (the
"Substitution Transaction"). In accordance with Section 2(b) of the Substitution
Transaction we require the Issuer to Deliver to ourselves on 26 November, 2004,
(the "Portfolio Substitution Date") (i) EUR 13,750,000 Elva 2004-6 Class C1
Notes due 2013 (ISIN: XS0196418643) (the "Substituted Bond Series 1") and (ii)
EUR 1,250,000 of Elva 2004-6 Class D2 Notes due 2013 (ISIN: XS0196419880) (the
"Substituted Bond Series 2") and (iii) EUR 180,000 of the ESAF Navigator CDO I
Class II Notes due 2010 (ISIN: XS0161590426).

In accordance with Condition 7(g)(iv) we hereby give you notice that following
the occurrence of a Portfolio Substitution. We will be delivering Exchanged
Bonds for inclusion within the Portfolio of the Issuer for value 26 November,
2004.

The Exchanged Bonds consist of the following:

(a)  Full title, notional amount, Prospectus details and governing law of 
     Exchanged Bonds: EUR 15,180,000 Secured Credit Linked Floating Rate Notes 
     due 2013 issued by Arosa Funding Limited. The governing law in respect of 
     Exchanged Bonds is English law.

(b)  ISIN of Exchanged Bonds: XS0205144180.

(c)  OECD Stock Exchange on which the Exchanged Bonds are traded: The Irish 
     Stock Exchange. Application has been made to list the Exchanged Bonds on or 
     before their issue date on the Irish Stock Exchange.

(d)  Long-term debt rating of the Exchanged Bonds: AA by Standard & Poor's.

(e)  Full legal name of the issuer of the Exchanged Bonds: Arosa Funding Limited

(f)  Registered office of the issuer of the Exchanged Bonds :
     Whiteley Chambers, Don Street, St. Helier, Jersey JE4 9WG, Channel Islands.

(g)  Country of incorporation of the issuer of the Exchanged Bonds : Jersey, 
     Channel Islands.

(h)  Nature of business of the issuer of the Exchanged Bonds:
     Arosa Funding Limited was specifically established to issue secured 
     synthetic credit transactions, including the Exchanged Bonds.

(i)  Approved Calls for the Exchanged Bonds: In respect of the Exchange Bonds, 
     an early redemption of the Exchanged Bonds pursuant the terms and 
     conditions of Exchanged Bonds.

Please note that the Exchanged Bonds will be issued on 26 November, 2004. 

From:  E.L.A.N. Limited


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