Admission to AIM

Dolphin Capital Investors Limited
08 December 2005


For Release                                                      8 December 2005


   NOT FOR DISTRIBUTION IN THE UNITED STATES, CANADA, JAPAN, AUSTRALIA OR THE
                              REPUBLIC OF IRELAND

                       Dolphin Capital Investors LIMITED

                    Admission to aim - First day of dealings

 First dedicated investment vehicle investing exclusively in residential resort
               developments in Greece, Cyprus, Croatia and Turkey


The Placing

Dolphin Capital Investors Limited ('DCI' or the Company'), the first dedicated
investment vehicle focusing exclusively on residential resort developments in
Southeast Europe (Greece, Cyprus, Croatia, Turkey), announces completion of its
admission to AIM and that trading in its ordinary shares commenced at 8.00am
today, 8 December 2005.

  • Panmure Gordon, the Company's broker, has placed 104 million new
    ordinary shares on behalf of the Company, at 68p per share raising
    approximately £70.7 million (€104.0 million) before expenses. The placing
    was oversubscribed.

  • The new DCI shareholder list comprises a range of leading UK
    institutions and the National Bank of Greece.

  • The market capitalisation of DCI at the placing price on commencement of
    dealings is expected to be approximately £74.1 million (€109.0 million).

  • Following the placing, the Investment Manager believes that Dolphin
    Capital Investors has become one of the largest foreign real estate
    investors currently dedicated to Greece, Cyprus, Turkey and Croatia.

  • The opportunity is to invest in residential resort developments in
    Southeast Europe at an early stage with the target of a high level of medium
    to long term capital appreciation.

  • DCI expects to fully commit the funds raised within the next 12 to 18
    months.

  • Targeted project returns are in the range of 25 to 45% IRR.

  • The Investment Manager of DCI is Dolphin Capital Partners Limited, an
    independent investment management business founded in 2004 by Miltos
    Kambourides and Pierre Charalambides.


Investment Strategy

  • Residential resort developments involve residential units (typically
    several hundred), integrated with leisure components (e.g. golf, polo,
    hotel, marina, spa), targeting holiday and retirement home buyers primarily
    from Northern Europe.

  • The Investment Manager has agreed terms and is now in the process of
    finalising, on behalf of DCI, the investment in 6 project opportunities in
    Greece and Cyprus, sourced over the past 2 years with related capital
    commitments of approximately €66 million. Negotiations are currently
    underway on a number of additional investment opportunities.

  • Prospective projects are structured with limited exposure to the leisure
    component, protection from permit or development risks, low debt levels,
    multiple exit options and entry valuations at discount to open-market land
    values.

  • The principals, Miltos Kambourides (Founder and Managing Partner) and
    Pierre Charalambides (Co-founder and Partner) say: 'There is an extremely
    favourable demand versus supply imbalance in the second home market in
    Southeast Europe, a region that is emerging today as the obvious alternative
    destination to the increasingly expensive and overbuilt shoreline of Spain
    and Portugal'.

Background

  • DCI was capitalised with €5 million during the summer of 2005 by the
    Investment Manager and a select group of 12 investors led by Fortress
    Investment Group, a global private equity group with approximately $15
    billion under management investing in asset based businesses, with an
    extensive and very successful track record in real estate.

  • The professionals of Dolphin Capital Partners combine extensive local
    knowledge and contacts with international network and expertise gained at
    some of the world's leading financial institutions such as Soros, Goldman
    Sachs, JPMorgan, and GE Capital. They specialise in providing capital to
    rigorously selected projects and matching local developers with their
    wide-ranging relationships with sophisticated operators, master-planners,
    marketing agents and financial institutions

  • Panmure Gordon is broker to the placing and Grant Thornton Corporate
    Finance is the Nominated Adviser.

Key Statistics

Placing price                                                  68p (€1.00)
Number of common shares being issued pursuant to the           104,000,000
placing
Number of ordinary shares in issue immediately                 109,000,000
following Admission
Gross proceeds of the placing receivable by the Company £70.7 m (€104.0 m)
Estimated net proceeds of the placing receivable by the  £67.9 m (€99.8 m)
Company
Market capitalisation at the placing price on Admission £74.1 m (€109.0 m)

Miltos Kambourides, Founder and Managing Partner of DCP, commented:
'We are delighted the placing has been so well received and we welcome our new
shareholders. DCI is now in an excellent position to use its first mover
advantage and capitalise on a wide range of investment opportunities that we
have sourced over the past two years.

We look forward to further expand our partnerships with leading developers and
operators in the development of what will be a unique portfolio of sophisticated
residential resorts in Southeast Europe.'


For further information:

Dolphin Capital Investors Limited                    Tel: [phone]
Miltos Kambourides
[e-mail]

Panmure Gordon                                       Tel: [phone]
(Broker)
Richard Gray / Dominic Morley / Andrew Potts

Grant Thornton Corporate Finance                     Tel: [phone]
(Nominated Adviser)
Philip Secrett

Binns & Co PR                                        Tel: [phone]
(Financial PR)
Peter Binns / Tarquin Edwards/ Annie Evangeli


Notes to Editors

Dolphin Capital Partners ('DCP')
DCP is an independent investment management business founded in 2004 by Miltos
Kambourides and Pierre Charalambides after leaving Soros Real Estate Partners.

DCP specialises in providing capital to rigorously selected real estate
developments in Southeast Europe and matching local developers with DCP's
international network of sophisticated operators, designers, master-planners,
marketing agents and financial institutions.

The partners combine extensive local knowledge and contacts with an
international network following expertise gained at some of the world's leading
financial institutions including Soros Real Estate Partners, Goldman Sachs,
JPMorgan, GE Capital and Citibank.

DCP contributed to DCI an attractive prospective investment portfolio and a
strong pipeline of potential projects sourced over the past two years.

The Company is incorporated in the British Virgin Islands and has local offices
in Greece and Cyprus.

Fortress Investment Group
Fortress Investment Group is a global alternative investment and asset
management firm founded in 1998 and now with approximately $15 billion in equity
capital currently under management. Fortress' investments include Mapeley
Limited, a UK quoted company with a capitalisation of approximately £575 million
that invests in and manages real estate portfolio outsourcing contracts, and
Eurocastle, a UK quoted company with a capitalisation of approximately £440
million that invests and manages real estate asset backed securities.

Miltos Kambourides has a well-established working relationship with Fortress for
over 6 years. He was co-founder and the deal leader of Mapeley while at Soros
Real Estate Partners, as well as the financial architect of the two major
outsourcing deals that Mapeley has under management.

Background of the Principals of the Investment Manager

Miltos Kambourides (Founder and Managing Partner) was a founding member and is
now a retired partner of Soros Real Estate Partners, a global real estate
investment business with a successful track record in residential resort
developments in Spain.

Whilst at Soros he was the deal leader and a founder of Mapeley Limited which
was listed on the LSE in June 2005. He was also responsible for Southeast
European markets where he developed a broad network of relationships. Prior to
Soros, he spent 2 years at Goldman Sachs in the Real Estate Principal Investment
Area, where he received a Goldman Sachs Innovation Award for his work at
Trillium (currently part of Land Securities), one of Goldman Sachs' most
successful principal investments. He has two B.S. degrees and one M.S. degree
all from MIT.

Pierre Charalambides (Co-founder and Partner) worked with Miltos Kambourides at
a Soros Real Estate Partners vehicle set up to investigate investment
opportunities in Southeast Europe. Previously he was a senior M&A associate at
JPMorgan covering a number of sectors and executing transactions of over $6
billion.

Prior to JPMorgan, he was a founding member of Hilton International's corporate
development team focusing on new hotel development projects (including luxury
resorts) ranging from US$10 to $100 million in value. He has a B.S. degree from
the Management School of The Hague and an MBA from INSEAD.


The Placing Price of 68p equates to €1.00 per Common Share based on an exchange
rate of 68p to €1.00 as published by Bloomberg on 1 December 2005, being the
last practicable date prior to the date of the Admission Document. This exchange
rate has been used throughout this announcement.


- ENDS -



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