Director Shareholding

Lupus Capital PLC
22 October 2002



FOR IMMEDIATE RELEASE 22 October 2002




                               LUPUS CAPITAL PLC

                            Directors' Shareholdings




Lupus Capital plc (the 'Company') was notified on 21 October 2002 that Charles
Ryder and James Orr, both directors of the Company, have, on 18 and 21 October
2002, each purchased 250,000 ordinary shares. The price paid by Charles Ryder
was an average of 6.50p per share and the price paid by James Orr was an average
of 7.25p per share. Following these purchases they each have a holding of
2,130,408 ordinary shares representing 1.25% of the Company's issued share
capital.



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