Transaction in Own Shares

Lupus Capital plc (the "Company") purchased on 7 February 2008 2,951
ordinary shares from shareholders with holdings of fewer than 9,000
shares at a price of 68.625 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 2,951 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 7,446,683 are now held in Treasury.  Following this
purchase there are 129,840,798 voting ordinary shares in issue which
are not held in Treasury.

The above purchase is the final transaction in connection with the
offer to purchase small holdings.

The Company may make general market purchases pursuant to the Buyback
Authority in advance of the close period before the announcement of
the Company's Annual Results. The Board considers that the recent
weakness in the share price has provided an attractive opportunity
for the Company to purchase its own shares.  Buying back shares from
those with small holdings has helped to increase the administrative
efficiency of the Company.

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