Director Shareholding

Lupus Capital PLC
27 March 2002



27 March, 2002

FOR IMMEDIATE RELEASE



                               LUPUS CAPITAL PLC

                            Directors' Shareholdings


The company has today been notified that both Charles Ryder and James Orr have
today each purchased 300,000 ordinary shares at an average price of 6.04p per
share. Following these purchases they each have a holding of 1,880,408 ordinary
shares representing 1.1056% of the Company's issued share capital.




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