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THIS NOTICE IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION

E.L.A.N. Limited

(the 'Issuer')

Whiteley Chambers

Don Street

St Helier

Jersey

JE4 9WG

NOTICE

In respect of the:

Series 2003-10 USD 35,000,000 Secured 6.0 per cent. Callable Notes due July 2032 (ISIN: XS0166636380) (the 'Notes')

Capitalised terms used herein and not defined shall have the same meaning as set out in the Deed of Amendment dated 12 March, 2008 relating to the Notes (the 'Deed of Amendment').

In accordance with paragraph 2 of the Deed of Amendment, the Issuer is exercising its Issuer Repurchase Option. The Issuer has agreed to purchase USD 75,000 of the Notes; such Notes will be cancelled and a face amount of Collateral which is proportional to USD 75,000 of the Notes will be liquidated and a pro rata portion of each Relevant Agreement (if any) will be terminated. 

Following this exercise of the Issuer Repurchase Option, the Principal Amount Outstanding of the Notes will be USD 8,586,000.

This Notice shall be governed by, and shall be construed in accordance with, English law.

For further information please contact:  

Peter Longstaffe

Ogier

Whiteley Chambers

Don Street

St Helier

Jersey

JE4 9WG

Tel: + 44 (0) 1534 504000

Fax: + 44 (0) 1534 504444 

This announcement has been issued through the Companies Announcement Service of

The Irish Stock Exchange

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