Directorate Change

Lupus Capital PLC
23 February 2004


                               Lupus Capital Plc
                               Board appointment

Lupus Capital plc announced today the appointment of Denis Mulhall as an
Executive Director. He will join the Company and Board with immediate effect.

From 1988 to 1993 Denis, 52, worked with Greg at Tomkins, the company Greg built
from a market capitalisation of £6m to £5bn in 15 years. Denis left to join
Berisford plc firstly as Chief Financial Officer and then Chief Operating
Officer, seeing the transformation of the company from a shell to a market
capitalisation of £700m. Recently he was Chief Financial Officer at Oxford
GlycoSciences Plc.

Commenting on the appointment, Greg Hutchings said: 'We are now building the
core team of the company which will see us through to the first series of
acquisitions. This is a very exciting and important time for Lupus and I am
looking forward to a year of great progress.'

Commenting on his appointment Denis Mulhall said: 'I am delighted to be working
with Greg again. We proved what can be achieved at Tomkins where under Greg's
leadership massive shareholder value was created.'

Enquiries:

Equity Development               020 7405 7777 / 07850 944187
Alan Frame

Mr. Mulhall is a non-executive director of RingProp plc. In accordance with
paragraph 16.4 of the Listing Rules, no further details regarding Mr. Mulhall
are required to be disclosed under paragraph 6.F.2(b) to (g).




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