Transaction in Own Shares

Non-discretionary programme to buy back shares

Lupus Capital plc will make a trading update on 29 February 2008.
Ahead of this, the Company announces that it has put in place an
irrevocable, non-discretionary programme allowing the Company to buy
back shares during the period beginning on 29 February 2008 and
ending on the day prior to publication of the Company's preliminary
results for the year ended 31 December 2007. The buy back programme
will be managed by JM Finn Capital Markets Ltd, an independent third
party, which makes its trading decisions in relation to the Company's
securities independently of, and uninfluenced by, the Company.

Share buy backs will be effected within pre-set parameters and will
be in accordance with the Company's general authority to repurchase
shares granted at the General Meeting held on 11 December 2007.
Consequently the maximum price paid will be limited to no more than
105 per cent of the average middle market quotations of the Company
shares for the 5 dealing days preceding the date of purchase.

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