Director Shareholding

Lupus Capital PLC
17 February 2004


Director's shareholding

Earlier today 17,283,944 new ordinary shares issued to Greg Hutchings, Executive
Chairman of the Company, were admitted to the Official List of the UK Listing
Authority. Mr Hutchings is now interested in 23,750,000 ordinary shares which
represent 12.5 per cent. of the 190,157,029 shares following admission.


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