Director Shareholding

Lupus Capital PLC
5 April 2002


5 April 2002

FOR IMMEDIATE RELEASE


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

                      Notification of Directors' Interest

Lupus announces that, pursuant to election by the three non-executive directors
of Lupus to receive fifty percent of their entitlement to directors' fees in the
form of shares, ordinary 0.5p shares in Lupus ('Ordinary Shares') were allotted
today in relation to the six month period ended 31 March 2002 as follows:

                                              Ordinary shares          In lieu

                                                                        of fee

                                                                         £
Oliver Stocken                                  83,333                   5,000
Peter Cawdron                                   62,500                   3,750
Peter So                                        62,500                   3,750

The shares were issued at a price of 6.0p, being the average of the closing
mid-market prices of Ordinary Shares for the five trading days to 4 April 2002.

Application to the UK Listing Authority and to the London Stock Exchange for the
above shares to be listed and admitted to trading respectively will be made in
due course.


END




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