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Royalty Pharma Statement Regarding Elan Proposal
Date:3/6/2013

ing Elan Shareholders of the opportunity to decide on the merits of the Proposal.

Royalty Pharma is ready and able to move quicklyRoyalty Pharma believes that the pre-conditions to its Proposal, as stated in full in the Proposal Announcement, can easily be satisfied or waived once it is given access to due diligence. The pre-conditions are limited to the completion of customary due diligence, the completion of the Tysabri Transaction, no other transactions being undertaken by Elan (including acquisitions or buybacks) and other customary conditions.

Royalty Pharma is ready to move quickly and has the required financial strength to complete the Possible Offer, with more than US$1.1 billion of cash on hand and "highly confident" letters from its financing banks, J.P. Morgan and BofA Merrill Lynch. Upon satisfactory completion of Royalty Pharma's due diligence the financing banks will provide committed financing sufficient to satisfy the consideration payable.

Royalty Pharma has a strong track record of raising capital in the debt and equity markets, including investment grade debt. Appendix III contains details of selected recent debt and equity fundraisings undertaken by Royalty Pharma.

Royalty Pharma believes that it will be able to complete its required due diligence within 20 days of being provided the necessary access to due diligence materials. Accordingly, Royalty Pharma believes Elan Shareholders should urge the Board of Elan to engage with Royalty Pharma and grant the required access to allow an offer to be pursued expeditiously.

Royalty Pharma's Proposal delivers full value in cash for Elan Stock today Royalty Pharma believes that the Proposal offers Elan Shareholders a compelling financial alternative that will allow them to realize full value for their Elan Stock in cash immediately and eliminate the execution risk associated with Elan's acquisition strategy.

In the event that the Possible Offer were successfully
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SOURCE RP Management, LLC
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