New Investment

Dolphin Capital Investors Limited
20 July 2006


For release                                                 09.00am                                                     
20 July 2006


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

              €5 million commitment in Amanmila Resort in Greece



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 signing of its investment
in Amanmila Resort in Greece.



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:



  • The Amanmila Resort, to be developed over 65 hectares of a virgin
    peninsula in the Cycladic islands, is expected to become Europe's first
    villa-integrated Aman Resort comprising 40 rooms and 40 villas.



  • DCI is jointly developing the Resort with three other equal partners: Aman
    Resorts - the world's most exclusive resort operator, John Heah - award
    winning architect and S&B Industrial Minerals - Greece's largest mining
    company.



  • The remaining sea-front land of the peninsula (approximately 135 hectares)
    will be owned by a joint venture between DCI and S&B, therefore allowing DCI
    to own a larger land site than originally presented in the DCI admission
    document in December 2005.



  • DCI is committing €5 million to this investment to fund its share of the
    land acquisition and the first phase of the Resort's development.



  • With this commitment, DCI's total commitments since its December 2005
    listing have reached €75 million.


Said Miltos Kambourides, the Managing Partner of Dolphin Capital Partners: 'The
inclusion of S&B into the Amanmila partnership strengthens even further the
development proposition. We firmly believe that this Aman Resort has the
potential to become the most exclusive villa integrated hotel in the
Mediterranean region.'



Further Details:



The Amanmila Resort involves the development of Europe's first villa-integrated
Aman Resort, on the island of Milos, in Cyclades, Greece. The Resort is expected
to comprise a 40 room Aman hotel together with 40 Aman Villas and will be
positioned at the highest end of the hotel and real estate market.

The Resort will be located on an unspoilt peninsula with approximately 5
kilometres of shoreline and with its own natural harbour. It is currently being
designed by award winning architect John Heah, and managed by Aman Resorts,
operator of the world's most exclusive resorts. The Villas will be branded,
serviced and sold by Aman.

Dolphin has signed a Shareholders' Agreement with S&B Industrial Minerals S.A.
('S&B'), a company listed on the Athens Stock Exchange, to form a 50/50 joint
venture ('JV') which will own 100% of the sea-shore land of the peninsula which
is approximately 200 hectares. From this land 65 hectares will be contributed to
the Amanmila Resort where the JV will be a 50% shareholder with the other 50%
being split equally between Aman and Heah. The remaining 135 hectares represent
a land bank for future development expected to significantly increase in value
as the Resort's development progresses.

Partnering with S&B brings the following additional benefits:

1. The Dolphin-S&B JV will control the entire sea-front of the peninsula,
approximately 200 hectares (versus the 140 hectares that were to be originally
acquired) as S&B and related companies will be contributing the adjacent land
they currently own into the JV.

2. S&B is one of Greece's most successful industrial companies with a strong
presence, trading history and influence on the island of Milos.

The land transfer and planning application process has already begun and is
expected to conclude in approximately 18 months. The effective cost of the 200
hectares is approximately €6 million.

DCI is committing €5 million to this JV in order to fund its share of the land
acquisition and the first phase of the Resort's development. With this
commitment, DCI has already committed €75 million of the funds raised from its
December 2005 listing.



Project Amanmila is one of the six projects that were presented in the
Prospective Investment Portfolio section of Dolphin's December 2005 Admission
Document. Together with the Kilada Hills Resort, Scorpio Bay Resort and Apollo
Heights Resort, DCI has thus far closed four out of six of the prospective
projects presented.


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                                  Tel: [phone]
Peter Binns                                            Tel: [phone]
Annie Evangeli                                         Tel: [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.



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 and matching local developers with DCP's international
network of sophisticated operators, designers, master-planners, marketing agents
and financial institutions.


                      This information is provided by RNS
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