Athena to redeem 4.75% notes

9 February 2001

Athena Neurosciences, a wholly-owned subsidiary of Ireland's Elan Corp,has said it will redeem prior to maturity, on March 8 this year, all of its outstanding 4.75% exchangeable notes due November 15, 2004, at a redemption price equal to 102.7% of their principal amount, together with accrued interest to the redemption date. The aggregate principal amount of notes currently outstanding is approximately $324.7 million.

The notes may be exchanged for Elan American Depository Shares at any time on or before 5 pm Eastern Standard Time on the redemption date (March 8), at a conversion price of $35.52 per ADS or 28.151 ADSs per $1,000 principal amount of notes.

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