Holding in Company

Lupus Capital PLC
16 November 2000


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

Lupus was informed on 16 November 2000 that as a result of the purchase of
750,000 ordinary 0.5p shares in Lupus ('Ordinary Shares') on 13 November 2000
and 12,000,000 Ordinary Shares on 14 November 2000 The Equitable Life
Assurance Society has an interest in 22,847,518 Ordinary Shares.  This
represents 13.47 per cent of the Company's issued share capital.  The shares
are held as follows:

The Equitable Life Assurance Society         13,250,000

Equitable Smaller Companies Fund              9,597,518
(Registered in the name of HSBC
Global Custody Nominee A/C 888582)