Directorate Change

Dolphin Capital Investors Limited
18 September 2006


For release                          07.00am                   18 September 2006


           Dolphin Capital Investors Limited ('DCI' or the 'Company')
                                        
                      Appointment of Non-executive Director

Dolphin Capital Investors ('DCI'), a real estate investment company focused on
the Master-planned Residential Resort sector in Southeast Europe and managed by
Dolphin Capital Partners ('DCP'), is pleased to announce the appointment of Mr
Roger Lane-Smith as a Non-executive director.

Mr Roger Lane-Smith was until April 2005 Executive Chairman and Senior Partner
of DLA Piper Rudnick Group Cary LLP, a major Professional Services firm, which
under his leadership grew through acquisition and geographical expansion to
global revenues exceeding US$1.2 billion. He is also a non executive director of
a number of UK quoted companies including the chairmanship of JJB Sports plc.

Said Roger Lane-Smith: 'I am delighted to be joining the board at this time and
look forward to working closely with Miltos, Pierre and the rest of the team in
continuing to build this dynamic and exciting company.'

All remaining information required for disclosure under paragraph (g) of
Schedule Two of the AIM Rules follows at the foot of this announcement.

- ENDS -

For further information:

Dolphin Capital Partners Limited                           Tel: [phone]
Miltos Kambourides / Pierre Charalambides
[e-mail]  / [e-mail]

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

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

Adventis Financial PR
Annie Evangeli                                         Tel: [phone]
Peter Binns                                            Tel: [phone]



Information concerning the appointment of Mr Roger Lane-Smith, aged 61.

Current directorships/partnerships:

JJB Sports plc
MS International plc
Timpson Group plc
GBM Support Services Group Limited
Lanebridge Investment Management Limited
Paymentshield Holdings Limited
Mostyn Estates Limited
Cholmondeley Farms Limited
Turley Associates Limited
The Alderley Group Ltd
Alderley Investments Limited
Alderley Industries Limited
DLA & Partners Limited

Past directorships/partnerships:

Chuckledan Properties Limited
Sandymere Limited
Punch Taverns (PM) Limited


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.


                      This information is provided by RNS
            The company news service from the London Stock Exchange