Elan repeats terms of warrants

Responding to a number of recent inquiries from the investment community, Elan Corporation has reiterated the terms of its Series Z warrants.

Each warrant is exercisable into 0.127585 of an Elan American Depositary Share (ADS). Each ADS represents one Elan Ordinary Share, at an exercise price of $26.72 per ADS, subject to certain adjustments. The warrants expire at 5:00pm US eastern time on August 31, 2005.