Directors' Notification of Dealing in Shares

Lupus Capital PLC
15 May 2000

                       DEALINGS BY DIRECTORS


1)  NAME OF COMPANY

    LUPUS CAPITAL PLC

2)  NAME OF DIRECTOR

    CHARLES RYDER

3)  Please state whether notification indicates that it is in respect of
    holding of the Director named in 2 above or holding of that person's
    spouse or children under the age of 18 or in respect of a non-beneficial
    interest



4)  Name of the registered holder(s) and, if more than one holder, the
    number of shares held by each of them. (If notified)



5)  Please state whether notification relates to a person(s) connected
    with the Director named in 2 above and identify the connected person(s)



6)  Please state the nature of the transaction. For PEP transactions
    please indicate whether general/single co PEP and if discretionary/non
    discretionary



7)  Number of shares/amount of
    stock acquired



8)   (    % )
    of issued Class

9)  Number of shares/amount
    of stock disposed



10)  (    % )
   of issued Class

11) Class of security



12) Price per share



13) Date of transaction



14) Date company informed



15) Total holding following this notification



16) Total percentage holding of issued class following this notification



     IF A DIRECTOR HAS BEEN GRANTED OPTIONS BY THE COMPANY PLEASE
                    COMPLETE THE FOLLOWING BOXES

17) Date of grant

    10 MAY 2000

18) Period during which or date on which exercisable

    10 NOVEMBER 2001 - 9 MAY 2007

19) Total amount paid (if any) for grant of the option

    -

20) Description of shares or debentures involved: class, number.

    ORDINARY SHARES: 913,705

21) Exercise price (if fixed at time of grant) or indication that price
    is to be fixed at time of exercise

    9.85p

22) Total number of shares or debentures over which options held
    following this notification

    1,988,705

23) Any additional information



24) Name of contact and telephone number for queries

    JAMES ORR - 020 7821-0233

25) Name and signature of authorised company official responsible for
    making this notification

    Date of Notification.....15 MAY 2000................



                       DEALINGS BY DIRECTORS


1)  NAME OF COMPANY

    LUPUS CAPITAL PLC

2)  NAME OF DIRECTOR

    JAMES ORR

3)  Please state whether notification indicates that it is in respect of
    holding of the Director named in 2 above or holding of that person's
    spouse or children under the age of 18 or in respect of a non-beneficial
    interest



4)  Name of the registered holder(s) and, if more than one holder, the
    number of shares held by each of them. (If notified)



5)  Please state whether notification relates to a person(s) connected
    with the Director named in 2 above and identify the connected person(s)



6)  Please state the nature of the transaction. For PEP transactions
    please indicate whether general/single co PEP and if discretionary/non
    discretionary



7)  Number of shares/amount of
    stock acquired



8)   (    % )
    of issued Class

9)  Number of shares/amount
    of stock disposed



10)  (    % )
   of issued Class

11) Class of security



12) Price per share



13) Date of transaction



14) Date company informed



15) Total holding following this notification



16) Total percentage holding of issued class following this notification



     IF A DIRECTOR HAS BEEN GRANTED OPTIONS BY THE COMPANY PLEASE
                    COMPLETE THE FOLLOWING BOXES

17) Date of grant

    10 MAY 2000

18) Period during which or date on which exercisable

    10 NOVEMBER 2001 - 9 MAY 2007

19) Total amount paid (if any) for grant of the option

     -

20) Description of shares or debentures involved: class, number.

    ORDINARY SHARES: 913,705

21) Exercise price (if fixed at time of grant) or indication that price
    is to be fixed at time of exercise

    9.85p

22) Total number of shares or debentures over which options held
    following this notification

    1,988,705

23) Any additional information

    -

24) Name of contact and telephone number for queries

    JAMES ORR - 020 7821-0233

25) Name and signature of authorised company official responsible for
    making this notification

    Date of Notification.....15 MAY 2000................