ELEPHANT LOANS & MORTGAGES PLC
                                        
                       ('Elephant Loans' or 'the Company')
                                        
   Rescheduling of Loan Terms, Issue of Equity & Notification of Significant &
                            Directors' Shareholdings

Date: 07 March 2008                                        

The  Company  is  pleased to announce that it has agreed  terms  with  Trafalgar
Capital  Specialized  Investment  Fund,  FIS  ("TCSIF"  or  the  "Lender"),  its
principal  lender, to extend the term of the loan and defer capital  repayments.
This  will  improve  the  Company's cashflow during the  current  tough  trading
conditions within the sub-prime mortgage and loan market.

Under  the revised terms of the loan, principal repayments will commence  on  31
December 2008, at a rate of �15,000 per month, plus a redemption premium of  15%
applied to each principal repayment.  Sixteen such payments will fall due on the
last  day  of  each month, followed by a final payment of �10,000,  plus  a  15%
redemption  premium,  payable on 30 June 2010.  Interest remains  payable  on  a
monthly basis at a rate of 10% per annum.  The loan becomes repayable in full in
the  event of the Company undertaking a Reverse Takeover as defined by  the  AIM
Rules.  Trafalgar has been granted an option to reinstate the original terms  of
the loan at any point between 1 August 2008 and 31 December 2008 unless the loan
has  been repaid in full by 31 July 2008.  Trafalgar has been allotted 4,635,797
new  Ordinary 0.03p Ordinary Shares in compensation for the revised  terms.   An
application has been made for these shares to be admitted to trading on  AIM  on
13 March 2008.

Following  the  allotment  of  the  above new  shares,  the  Company  will  have
403,565,123  Ordinary 0.03p Shares in issue.  The holdings of directors  are  as
follows:

Name                           Shares             Percentage

Gary Miller-Cheevers         167,000,000            41.38%
Simon Hargreaves               4,000,000             0.99%

There  are no shareholders, other than Mr Miller-Cheevers who holds over  3%  of
the shares of the Company.


For further information please contact:

Elephant Loans & Mortgages plc              T: 020 8892 2777
www.elephantloans.co.uk
Gary Miller-Cheevers, Chief Executive

Blomfield Corporate Finance                 T: 020 7512 0191
Nick Harriss

SVS Securities                              T: 020 7638 5600
Ian Callaway
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