Transaction in Own Shares

Lupus Capital plc (the "Company") purchased on 31 January 2008 20
ordinary shares from shareholders with holdings of fewer than 9,000
shares at a price of 74.0 pence.  These shares were purchased
pursuant to the buy-back authority granted to the Company by
shareholders at the General meeting on 11 December 2007 (the "Buyback
Authority") and further to the Company's proposed offer to purchase
small holdings outlined in the Company circular dated 16 November
2007.

 The 20 shares purchased, as disclosed above, will be held by the
Company in Treasury.  The Company has 137,287,481 ordinary shares in
issue, of which 7,443,732 are now held in Treasury.  Following this
purchase there are 129,843,749 voting ordinary shares in issue which
are not held in Treasury.

The Company has agreed to extend the small shareholder facility for
an additional two weeks and expects to make a similar purchase of
small shareholdings on 7 February 2008; a further announcement will
be made about this anticipated purchase in due course.

The Board considers that the recent weakness in the share price has
provided an attractive opportunity for the Company to purchase its
own shares and by buying back shares from those with small holdings
this will help increase the administrative efficiency of the Company.

The Company may also make general market purchases pursuant to the
Buyback Authority in advance of the close period before the
announcement of the Company's Annual Results.

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