Notification of Holdings

Lupus Capital PLC
19 September 2002


19 September, 2002

FOR IMMEDIATE RELEASE


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

                            Notification of Holdings

The Company has been notified by The Equitable Life Assurance Society
('Equitable') that, following a sale of 1,489,237 ordinary shares of the Company
on 12 September 2002, Equitable now has an interest in 6,300,000 ordinary shares
(3.70 per cent).

END


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