Trading Statement

LUPUS CAPITAL PLC

AGM TRADING STATEMENT


As stated at the end of April the start of 2008 has been  challenging
and the  balance  of the  year  remains uncertain.   US  housing  has
continued its  declining trend  and the  overall European  market  is
showing signs of deterioration.   Within these constraints,  however,
our companies are  now trading satisfactorily  and Gall Thomson,  our
oil services business, is thriving.

The last six months of the year are undoubtedly going to be difficult
and our share price regrettably has been hit hard by both the general
stockmarket malaise and sentiment  regarding the housing  industry.
However, we are confident  that once markets  improve we will  emerge
stronger and more profitable.

---END OF MESSAGE---