Exercise of Warrants

Dolphin Capital Investors Limited
25 March 2008

25 March 2008

                       Dolphin Capital Investors Limited

                                ('the Company')

            2007 Annual Report and Accounts and Exercise of Warrants

Dolphin Capital Investors Limited today announces the release of its full set of
annual and audited accounts for the year ended 31 December 2007 - these can be
viewed on the Company's website www.dolphinci.com.

Furthermore, the Directors of the Company announce that on 18 March 2008,
pursuant to a warrant deed dated 26 November 2007, Dolphin Capital Partners
Limited, the Company's Investment Manager has exercised its rights to 31,535,149
new common shares of €0.01 each in the capital of the Company and such shares
will be issued and allotted to Dolphin Capital Participations Limited, an
affiliate of the Investment Manager, with effect from 24 March 2008. The new
common shares will rank pari passu with the existing common shares of the
Company.

Application has been made for 31,535,149 common shares to be admitted to trading
on AIM. It is expected that such admission will become effective on 26 March
2008.

Following this exercise the total issued share capital of the Company will be
549,036,141 common shares.



For further information, please contact:

Dolphin Capital Investors

Miltos E. Kambourides                                       [e-mail]
Pierre A. Charalambides                                     [e-mail]


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


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


Financial Dynamics, London                             Tel: [phone]
(Public Relations)
Stephanie Highett/Nicole Marino





Notes to Editors

Dolphin Capital Investors

Dolphin, currently the largest real estate investment company listed on AIM,
seeks to provide shareholders with strong capital growth combined with a low
risk profile through investing in early-stage, large-scale, leisure-integrated
residential resorts mainly in south-east Europe in partnership with world
leading designers and operators. Dolphin's shares commenced trading on AIM in
December 2005 raising £70.7 million (€104 million) at an issue price of 68p,
followed by a £202.7 million (€300 million) secondary offering at a price of 93p
per share in October 2006. In June 2007, Dolphin raised an additional £303
million (€450 million) in a follow-on issuance priced at 170p per common share.

Dolphin has to date invested approximately €550 million and committed
approximately €693 million to various projects in Greece, Cyprus, Croatia,
Turkey and the Dominican Republic. Dolphin is also the 85% owner of Aristo
Developers Plc, one of the region's largest and most experienced holiday home
developers.

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
mainly in the eastern Mediterranean, typically through joint ventures with local
developers. DCP cooperates with an international and sophisticated network of
operators, designers, master-planners and marketing agents for each of its
developments.

END






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