BW20030821002112  20030822T063008Z UTC


( BW)(ELAN)(ELA) Elan Receives Extension of Waivers From EPIL
Noteholders

    Business Editors
    UK REGULATORY NEWS

    DUBLIN, Ireland--(BUSINESS WIRE)--Aug. 22, 2003--

Elan Corporation, plc (NYSE: ELN) ("Elan") today announced that it has
sought and received additional agreements from a majority of the
holders of the guaranteed notes issued by Elan's qualifying special
purpose entities, Elan Pharmaceutical Investments II, Ltd. ("EPIL II")
and Elan Pharmaceutical Investments III, Ltd. ("EPIL III"). The
agreements extend to August 29, 2003, the EPIL II and EPIL III
noteholders' waivers of compliance by Elan with certain provisions of
the documents governing the EPIL II and EPIL III notes that required
Elan to provide the noteholders with Elan's 2002 audited consolidated
financial statements by June 29, 2003. The waivers had previously been
set to expire today. Elan did not pay a fee in connection with these
waivers.

"We are devoting all necessary resources to completing and filing our
2002 Form 20-F and we appreciate the patience of all our stakeholders
in seeing this process through to conclusion," said G. Kelly Martin,
President and Chief Executive Officer of Elan.

As previously announced, Elan and its auditor, KPMG, are currently
working to conclude all audit related issues and matters in order to
complete Elan's 2002 Form 20-F. However, Elan cannot provide any
assurances as to the timing of the completion and filing of the 2002
Form 20-F.

Elan is focused on the discovery, development, manufacturing, sale and
marketing of novel therapeutic products in neurology, pain management
and autoimmune diseases. Elan shares trade on the New York, London and
Dublin Stock Exchanges.

This document contains forward-looking statements about Elan's
financial condition, results of operations and business prospects that
involve substantial risks and uncertainties. You can identify these
statements by the fact that they use words such as "anticipate",
"estimate", "project", "envisage", "intend", "plan", "believe" and
other words and terms of similar meaning in connection with any
discussion of future operating or financial performance or events.
Among the factors that could cause actual results to differ materially
from those described herein are the following: the ability of Elan to
complete its audited consolidated financial statements and to file
with the SEC its 2002 Annual Report on Form 20-F on or prior to the
expiration of the waivers, or any extensions thereof, or prior to
September 16, 2003, the date on which the technical default, if any,
under the indenture governing Elan's 7.25% Senior Notes may become an
event of default; the actions that the holders of Elan's outstanding
indebtedness, including its 7.25% Senior Notes, might take in response
to Elan's continued failure to complete its audited consolidated
financial statements and to file with the SEC its 2002 Annual Report
on Form 20-F, including the acceleration of that indebtedness; the
ability of Elan to obtain, if necessary, waivers or extensions thereof
from the holders of the EPIL II notes, the EPIL III notes or the 7.25%
Senior Notes; and the outcome of the ongoing SEC investigation and
shareholder litigation and the impact that the SEC investigation and
the previously announced expected restatement of Elan's 2001 U.S. GAAP
financial results might have on the outcome of the litigation. A
further list and description of these risks, uncertainties and other
matters can be found in Elan's Annual Report on Form 20-F for the
fiscal year ended December 31, 2001, and in its Reports of Foreign
Issuer on Form 6-K. Elan assumes no obligation to update any
forward-looking statements, whether as a result of new information,
future events or otherwise.

   Short Name: Elan Corporation PLC
   Category Code: MSC
   Sequence Number: 00008804
   Time of Receipt (offset from UTC): 20030821T232030+0100

    --30--JB/ny*  DB/ny

    CONTACT: Elan Corporation PLC
             U.S. Investors:
             Jack Howarth, 212-407-5740 or 800-252-3526
              or
             Europe Investors:
             Emer Reynolds, 353-1-709-4000 or 00800-28352600
              or
             Media:
             Anita Kawatra, 212-331-8800 or 646-244-4773

    KEYWORD: NEW YORK IRELAND UNITED KINGDOM INTERNATIONAL EUROPE
    INDUSTRY KEYWORD: PHARMACEUTICAL MEDICAL MEDICAL DEVICES
BIOTECHNOLOGY
    SOURCE: Elan Corporation PLC

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