Aristo Developers refinancing

Dolphin Capital Investors Limited
23 August 2007

23 August 2007



                   Dolphin Capital Investors Limited (DCI.L)



Refinancing of Aristo Developers Plc and update on acquisition progress to date



DCI Holdings Two, a subsidiary of Dolphin Capital Investors ('DCI') and holding
company of Dolphin Capital Atlantis ('DCA' or the 'Company') which owns Aristo
Developers Plc ('Aristo'), has secured an €85 million debt facility from Bank of
Cyprus. The interest-only loan has a cost of 95bps over 1-month Euribor with
bullet repayment in five years. The loan is secured against DCA's shares in
Aristo and will be drawn down as required.



The Company will use the proceeds of the refinancing to fund Aristo's ongoing
acquisition programme which has resulted in investments in excess of €50 million
over the last three months.



DCA currently holds 98.74% of the share capital of Aristo. The Public Offer
process has been completed and the Company is now on track to activate its right
to squeeze out the remaining shareholders, a process expected to be completed
within a period of approximately two months.



Miltos Kambourides, Managing Partner of Dolphin Capital Partners, said:



'Consistent with our business plan for Aristo, we proceeded with the refinancing
of the acquisition at very flexible terms that will allow the company to
increase its liquidity and execute its growing investment pipeline, the details
of which we will announce in due course. Despite the challenging credit and
equity markets around the world, Dolphin's ability in executing its investment
strategy and generating strong NAV growth for its shareholders is steadily
improving.'





Contacts:
Dolphin Capital Investors                                   www.dolphinci.com
Miltos E Kambourides                                        [e-mail]
Pierre A Charalambides                                      [e-mail]

Financial Dynamics                                          020 7831 3113
(Public Relations)
Stephanie Highett

Grant Thornton Corporate Finance                            020 7383 5100
(Nominated Adviser)
Philip Secrett/ Fiona Kindness

Panmure Gordon                                              020 7459 3600
(Broker)
Richard Gray/ Dominic Morley/ Andrew Potts












Notes to Editors



Dolphin Capital Investors is a real estate investment company focusing
exclusively on residential resort developments in south-east Europe.  DCI was
founded by its Investment Manager, Dolphin Capital Partners, and a select group
of investors led by partners of Fortress Investment Group.



DCI was admitted to trading on AIM in December 2005, raising €104 million, and
went on to raise a further €300 million in a follow-on issuance in October 2006.
  The company currently represents the largest real estate investment company
listed on AIM, further to a successful €450 million offering in June 2007.



Since its admission to trading on AIM, DCI has demonstrated an impressive
investment performance. The company has currently almost fully invested the
original €399 million net equity funds raised (prior to its latest placing in
June 2007), acquiring strategic positions in Greece, Cyprus and Croatia in
attractive land holdings and developments spread over more than 30 million m2 of
land.









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