Directors' Notification

Lupus Capital PLC
19 September 2002

19 September 2002


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

                            Directors' Notification

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 30 September 2002 as follows:

                                   Ordinary shares             In lieu of fee
                                                                     £
Oliver Stocken                         92,593                      5,000
Peter Cawdron                          69,444                      3,750
Peter So                               69,444                      3,750

The shares were issued at a price of 5.4p, being the average of the closing
mid-market prices of Ordinary Shares for the five trading days to 18 September
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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