PDMR - Exercise of Warrants

Dolphin Capital Investors Limited
04 October 2006


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

                       Founder Shareholder Warrants


Following the full award of the Founding Shareholder Warrants pursuant to the
uplift in the value of Dolphin's investments from the Prospective Investment
Portfolio section of the Company's admission document published in December
2005, the Founding Shareholder Warrants have now been exercised by certain
parties including Dolphin Capital Partners Limited (the 'Investment Manager').
The Company has applied for a total of 12,500,000 common shares to be admitted
to trading on AIM and admission is expected to occur on 9 October 2006.

By virtue of his interest in the Investment Manager, which has been allotted
2,966,200 common shares at par value of €0.01 per share, Miltos Kambourides is
interested in 3,199,300 common shares of the Company, which will represent
approximately 0.9 per cent. of the issued share capital of the Company following
the placing announced this morning.


- 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 / Fiona Kindness

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

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




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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