Elan Board Issues Response to Earlier Royalty Pharma Statement

The Board of Elan Corporation, plc

(the Company) acknowledges this morning's statement by Royalty Management, LLC (Royalty Pharma). Elan's position remains as outlined on February 25, 2013: * The “proposal” by Royalty Pharma remains an indication of interest, is highly conditional and may or may not lead to an offer being made for the entire issued share capital of the Company. * The highly conditional indication of interest is opportunistic in its timing. * Any credible proposal which may be made by Royalty Pharma or any other party will of course be considered by the Company alongside the strategic transactions and unique investment thesis referred to in our recent announcements in February 2013. Further announcements and business updates by the Company will be made as appropriate. The Directors of Elan accept responsibility for the information contained in this announcement. To the best of their knowledge and belief (having taken all reasonable care to ensure such is the case), the information contained in this announcement is in accordance with the facts and does not omit anything likely to affect the import of such information. Any holder of 1% or more of any class of relevant securities of Elan or of Royalty Pharma may have disclosure obligations under Rule 8.3 of the Irish Takeover Panel Act, 1997, Takeover Rules 2007 (as amended).