First Investment in Cyprus

Dolphin Capital Investors Limited
19 May 2006


For release                         07.00am                          19 May 2006

           Dolphin Capital Investors Limited ('DCI' or the 'Company')

                    First Investment in Cyprus - €15.7 million


Dolphin Capital Investors, the real estate investment company focused on the
Master-planned Residential Resort sector in Southeast Europe and managed by
Dolphin Capital Partners, is pleased to announce the completion of its
investment in Apollo Heights Resort in Cyprus.

DCI is one of the largest foreign real estate investors currently dedicated to
Greece, Cyprus, Turkey and Croatia. The Company's shares commenced trading on
AIM on 8 December 2005, having raised £70.7 million (€104 million) to invest in
the target region.

Highlights:

   •Apollo Heights Resort is DCI's first investment in Cyprus and it is
    expected to be the first polo-integrated residential resort in the region.

   •DCI is investing €15.7 million to acquire a 64.3% stake in the project
    company. The proceeds are used to fund the acquisition of the 460 hectare
    site and the permitting process.

   •The land, probably one of the largest privately held sites in Cyprus, is
    located next to a sandy beach and is easily accessible from both
    international airports of the island.

   •With this new project, DCI has already committed €70 million of the funds
    raised from its December 2005 listing.

Said Miltos Kambourides, the Managing Partner of Dolphin Capital Partners: 'The
Apollo Heights transaction represents one of the largest residential resort
developments in the region, marks our first investment in Cyprus and reaffirms
Dolphin's leadership in the Residential Resort sector in Southeast Europe.'


Further Details:

The project is located in between the cities of Paphos and Limassol and
accessible in less than an hour from both International airports of the island.
DCI is investing a total of €15.7 million to acquire a 64.3% stake in the
project company which will develop a premier master-planned resort integrated
with polo, equestrian and potentially golf facilities on a wholly owned site of
approximately 4.6 million square metres.

The project company is in the process of securing the development permits for
the site which has the potential to accommodate more than 300,000 m2 of
residential real estate (over 1,500 residential units) and is expected to be
developed in phases.

Dolphin is investing €15.7 million of capital to fund the land acquisition and
the permitting process as follows:

   • €12.2 million was paid yesterday upon completion of the transaction,
   • €3.5 million will be paid gradually to fund the permitting and design
    process of the project.

As of completion of the transaction, Dolphin has acquired a 58.3% shareholding
in Apollo Heights Resort. Following the full investment of €15.7 million,
Dolphin's share in Apollo Heights Resort will be increased to 64.3%.

The local partners of DCI have pioneered the game of Polo in Cyprus and possess
significant experience relating to leisure integrated real estate developments
on the island.


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

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



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 and Real Estate Capital Partners.

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

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



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