Director/PDMR Shareholding

Dolphin Capital Investors Limited
09 October 2006

For immediate release                         09 October 2006


                 DOLPHIN CAPITAL INVESTORS LTD (The 'Company')

                             Director Shareholding

The board of the Company received notification on 9th October 2006 that Roger
Lane-Smith bought shares in the Company on 9th October 2006.

This transaction notification disclosure is in accordance with DR 3.1.4(R) (1)
(a) and (b).

PDMR            Date of    Purchase  Price per Class of  Percentage of Total number of      Total
              transaction  of shares  share     shares   issued class   shares owned    percentage of
                                                                          following     issued class
                                                                        notification      following
                                                                                        notification

   Roger           9        25,000   97 pence   Common      0.0074%        25,000          0.0074%
 Lane-Smith     October                        shares of
                 2006                           EUR0.01


ADDITIONAL INFORMATION:

NONE



CONTACT:
Annie Evangeli
Adventis Financial PR
020 7034 4757

Notes to Editors

Dolphin Capital Partners

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

The DCP professionals combine extensive local knowledge and contacts with
expertise gained at some of the world's leading financial institutions. They
specialise in providing capital to rigorously selected real estate developments
in Southeast Europe by joint venturing with local developers. DCP is using in
every development an international and sophisticated network of operators,
designers, master-planners, marketing agents and financial institutions.


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