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

Date: 07 March 2008                                       

The Company has also allotted 6,666,667 new Ordinary 0.03p Shares, at a price of
0.375p  per  share, the same price as the recently announced placing,  following
receipt  of a subscription for �25,000. An application has been made  for  these
shares to be admitted to trading on AIM on 13 March 2008.

King  Asia  Investments  Limited informed the  Company  on  3  March  2008  that
following  a  series  of  disposals to certain private clients  of  Saint  Pauls
Capital Limited, it no longer has a notifiable interest in the Company.

Following  the  allotment  of  the  above new  shares,  the  Company  will  have
398,929,326 Ordinary 0.03p Shares in issue.


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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