Response to Press Speculation

Lupus Capital PLC
13 May 2005

                            

Lupus Capital plc 

Response to press speculation

The Board of Lupus Capital plc (the 'Company') has noted today's press
speculation and the recent rise in the Company's share price. It is our policy
not to comment on press speculation or market rumours. As mentioned in our
preliminary announcement we continue to be diligent and resolute on making value
producing acquisitions. However, we are not aware of any particular reason for
the increase in the Company's share price.
 



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