Notification of Interest

Lupus Capital PLC
19 July 2002



FOR IMMEDIATE RELEASE     19 July 2002


                  LUPUS CAPITAL PLC ('Lupus' or the 'Company')

                            Notification of Interest


Following notification by Insight Investment on 19 July 2002, Lupus announces
that HBOS plc and its subsidiaries have the following interests in its share
capital:

                                            Ordinary Shares         % of issued
                                                                  share capital

Equitable Life Assurance Society                  9,150,000               5.37%

Clerical Medical Investment Management            7,769,518               4.56%



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