Notice

RNS Number:2177H
E.L.A.N. Ld
07 November 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







7 November 2007

Structured Note Programme



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

Announcement of Notice by Rhinebridge PLC

E.L.A.N. noteholders should be aware that on October 18, 2007, Rhinebridge PLC
made the following public notice:

" On Thursday 11 October 2007, Rhinebridge PLC (the "Issuer") breached the Major
Capital Loss Test.  Since it was already in Restricted Funding at that time, the
Issuer has continued to operate in accordance with the Restricted Funding
Procedures.



After a five Business Day cure period, the Issuer has been unable to remedy the
breach of the Major Capital Loss.  An Enforcement Event has therefore occurred
today, 18 October 2007.



In addition to the Enforcement Event described in the paragraph above, a
Mandatory Acceleration Event (which is also an Enforcement Event) has occurred
today, 18 October 2007, due to IKB Credit Asset Management GmbH, London branch
(the "Manager") having determined that a Senior Creditor Payment Event has taken
place.



The Manager has been in contact with the Security Trustee to discuss the
occurrence of the Enforcement Event and the Mandatory Acceleration Event, and
further information will be provided to investors in due course.



In addition, the Manager announces that it has received information that the
following S&P downgrades have occurred:



                                             To:
From:

Issuer Rating                        A+/Watch Neg/A-1   AAA/Watch Neg/A-1+

Commercial Paper               A-1/Watch Neg                     A-1+/Watch Neg

Medium Term Notes            A+/Watch Neg                     AAA/Watch Neg

Mezzanine Capital Notes     CCC+/Watch Neg    BB-/Watch Neg



S&P's rating of CCC-/Watch Neg on the Combination Capital Notes remains
unchanged."

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
END

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