Director Shareholding

Lupus Capital PLC
26 March 2001



                            LUPUS CAPITAL PLC

                   UK: LUPUS CAPITAL PLC DIRECTOR SHAREHOLDING.
 
DEALINGS BY DIRECTORS

1. NAME OF COMPANY
   LUPUS CAPITAL PLC

2. NAME OF DIRECTOR
   CHARLES RYDER

3. Please state whether notification indicates that it is in respect of   
   holding of the Director named in 2 above or holding of that person's spouse
   or children under the age of 18 or in respect of a non-beneficial interest.

4. Name of the registered holder(s) and, if more than one holder, the number
   of shares held by each of them. (If notified)

5. Please state whether notification relates to a person(s) connected with the
   Directors named in 2 above and identify the connected person(s)

6. Please state the nature of the transaction.  For PEP transactions please
   indicate whether general/single co PEP and if discretionary/non
   discretionary

7. Number of shares/amount of stock acquired.

8. (   %) of issued Class

9. Number of shares/amount of stock disposed 

10. (   %) of issued Class

11. Class of security

12. Price per share

13. Date of transaction

14. Date company informed

15. Total holding following this notification

16. Total percentage holding of issued class following this notification.

IF A DIRECTOR HAS BEEN GRANTED OPTIONS BY THE COMPANY PLEASE COMPLETE THE
FOLLOWING BOXES

17. Date of Grant
    26 March 2001

18. Period during which or date on which exercisable
    26 September 2002 - 25 March 2008

19. Total amount paid (if any) for grant of the option

20. Description of shares or debentures involved: class, number.
    ORDINARY 0.5P SHARES:  400,000

21. Exercise price (if fixed at time of grant) or indication that price is to
    be fixed at time of exercise
    6.0p

22. Total number of shares or debentures over which options held following  
    this notification.
    2,388,705

23. Any additional information

24. Name of contact and telephone number for queries
    JAMES ORR - 020 7976 8000

25. Name and signature of authorised company official responsible for making
    this notification.

Date of Notification - 26 March 2001.

1. NAME OF COMPANY
   LUPUS CAPITAL PLC

2. NAME OF DIRECTOR
   JAMES ORR

3. Please state whether notification indicates that it is in respect of
   holding of the Director named in 2 above or holding of that person's spouse
   or children under the age of 18 or in respect of a non-beneficial interest.

4. Name of the registered holder(s) and, if more than one holder, the number
  of shares held by each of them. (If notified)

5. Please state whether notification relates to a person(s) connected with the
   Directors named in 2 above and identify the connected person(s)

6. Please state the nature of the transaction.  For PEP transactions please
   indicate whether general/single co PEP and if discretionary/non
   discretionary

7. Number of shares/amount of stock acquired.

8. (   %) of issued Class

9. Number of shares/amount of stock disposed 

10. (   %) of issued Class

11. Class of security

12. Price per share

13. Date of transaction

14. Date company informed

15. Total holding following this notification

16. Total percentage holding of issued class following this notification.

IF A DIRECTOR HAS BEEN GRANTED OPTIONS BY THE COMPANY PLEASE COMPLETE THE
FOLLOWING BOXES

17. Date of Grant
   26 March 2001

18. Period during which or date on which exercisable
    26 September 2002 - 25 March 2008

19. Total amount paid (if any) for grant of the option

20. Description of shares or debentures involved: class, number.
    ORDINARY 0.5P SHARES: 400,000

26. Exercise price (if fixed at time of grant) or indication that price is to 
    be fixed at time of exercise
    6.0p

27. Total number of shares or debentures over which options held following 
    this notification.
    2,388,705

28. Any additional information

29. Name of contact and telephone number for queries
    JAMES ORR - 020 7976 8000

30. Name and signature of authorised company official responsible for making  
    this notification.

Date of Notification - 26 March 2001.