Holding(s) in Company

Lupus Capital PLC
9 July 2002


TO: CITY EDITORS

FOR IMMEDIATE RELEASE

                                                                     9 July 2002


                            Notification of Holding

                  Lupus Capital plc ('Lupus' or 'the Company')


Following notification by Equitable Life Assurance Society of the sale of
250,000 ordinary shares on 2 July 2002, Lupus announces the following interests
in its share capital: -


                                                                    Ordinary shares      % of issued share
                                                                                                   capital

Equitable Life Assurance Society                                         10,150,000                  5.96%

Clerical Medical Investment Management                                    7,769,518                  4.56%


These two holdings were combined in the Annual Report dated 27 March 2002, which
showed 19,669,671 shares or 11.56% held by Clerical Medical.


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