Warthog PLC
17 March 2004


                          WARTHOG PLC (the 'Company')

                             DIRECTOR SHAREHOLDING


The Company was informed on 17 March 2004 that Ashley Hall, Iain Macdonald,
Simon Elms and Steven Law, directors of the Company, took up entitlements to new
ordinary shares of 1p each under the rights issue at 2p per share on 17 March
2004, which was funded by the sale of nil paid rights shares at 0.1p per share.
Details of these transactions are set out below:

Name of director  Number of new  Number of nil       Resultant   Percentage of
                  rights shares    paid rights     interest in  maximum issued
                       taken up    shares sold ordinary shares   share capital
                                                                     following
                                                                  rights issue

Ashley Hall             417,970      8,359,406       7,519,554            2.16
Iain Macdonald           93,378      1,867,573       2,400,679            0.69
Simon Elms               88,187      1,763,737       1,447,803            0.42
Steven Law               18,214        364,289         398,216            0.11


17 March 2004


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