Placing

Dolphin Capital Investors Limited
22 June 2007

Not for release, publication or distribution in whole or in part, in or into the
United States, Canada, Australia, the Republic of Ireland, the Republic of South
Africa, Japan or any other jurisdiction if to do so would constitute a violation
of the relevant laws of such jurisdiction.

                   DOLPHIN CAPITAL INVESTORS LIMITED (DCI.L)

                    PLACING OF 178,041,096 NEW COMMON SHARES
                       BY GOLDMAN SACHS INTERNATIONAL AND
                     MORGAN STANLEY & CO. INTERNATIONAL PLC
           AT 170 PENCE PER SHARE TO RAISE €450 MILLION (£303 MILLION)



Dolphin Capital Investors Limited ('Dolphin' or the 'Company'), the leading
investor in the residential resort sector in south-east Europe and now the
largest real estate investment company listed on AIM, announces the placing (the
'Placing') by Goldman Sachs International and Morgan Stanley of 178,041,096 new
common shares of €0.01 each ('Common Shares') at a price of 170 pence per Common
Share to raise €450 million (£303 million) (before expenses) following
successful completion of the bookbuilding exercise.  The net proceeds of the
Placing will be used to fund the Company's ongoing investment programme and are
expected to be fully committed within the next 12 months.

Highlights:

• Placing subscribed over the maximum target level of €500 million

• A total of 178,041,096 new Common Shares are being issued at a price of
  170 pence per Common Share to raise €450 million (£303 million)

• Net proceeds of approximately €439 million (£295 million) after expenses

• Funds to be used for Dolphin's ongoing investment programme

• Creates the largest AIM quoted real estate investment company



Miltos Kambourides, Managing Partner of Dolphin Capital Partners Limited ('DCP'
or the 'Investment Manager'), commented:

'We are delighted with the high level of support from our existing shareholders
and new investors, despite the challenging market conditions. This fundraising
will enable us to maintain the strong pace of investment for the Company and
deliver further NAV growth to shareholders.'

Pierre Charalambides, Partner of DCP, commented:

'We look forward to committing the newly raised funds to our exciting pipeline
of investment opportunities and to further expanding Dolphin's leadership in the
residential resort sector in south-east Europe.'

Placing

Goldman Sachs International ('Goldman Sachs') and Morgan Stanley & Co.
International plc ('Morgan Stanley') were appointed as joint bookrunners, lead
managers and placing agents and Panmure Gordon (Broking) Limited ('Panmure') as
co-lead manager in connection with the Placing.  A placing agreement was entered
into on 14 June 2007 (the 'Placing Agreement') under which Goldman Sachs and
Morgan Stanley each agreed, subject to the satisfaction of certain conditions,
to procure subscribers for new Common Shares.

The number of Common Shares to be issued pursuant to the Placing (the 'Placing
Shares') and the price at which the Placing Shares are to be issued (the '
Placing Price') was determined at the close of a bookbuilding exercise
undertaken by Goldman Sachs and Morgan Stanley.  Dolphin, Dolphin Capital
Partners Limited, Goldman Sachs and Morgan Stanley have entered into the Pricing
Agreement under the terms of which the Placing Price is 170 pence per Common
Share and the total number of Placing Shares is 178,041,096.

The Placing has been made in accordance with the terms of the Placing Agreement
and the appendix to the announcement made on 14 June 2007.  Completion of the
Placing is subject to all the conditions set out in the Placing Agreement,
including the admission to trading on AIM of the Placing Shares ('Admission'),
being satisfied or where appropriate waived.  Application has been made for all
the Placing Shares to be admitted to trading to AIM and it is expected that
Admission will occur on 27 June 2007 at which time the Placing Agreement will
become unconditional in all respects. The Placing Shares will rank pari passu in
all respects with the Dolphin Common Shares traded on AIM.

Notices

This announcement has been issued by Dolphin and is the sole responsibility of
Dolphin.

Goldman Sachs, Morgan Stanley and Panmure Gordon are each acting for Dolphin and
no-one else in connection with the Placing.  Goldman Sachs, Morgan Stanley and
Panmure Gordon will not be responsible to anyone other than Dolphin for
providing the protections afforded to their respective clients, nor for
providing advice in relation to the placing or any other matter referred to in
this announcement.

This announcement is for information purposes only and does not constitute an
offer or an invitation to acquire or dispose of any securities or investment
advice in any jurisdiction.

This announcement does not constitute an offer to sell or issue or the
solicitation of an offer to buy or subscribe for securities in the United
States, Canada, Australia, the Republic of Ireland, the Republic of South Africa
or Japan or any other jurisdiction in which such offer or solicitation is
unlawful and should not be relied upon in connection with any decision to
acquire the Placing Shares or any other securities of Dolphin.

Unless otherwise identified, the rate of exchange used throughout this
announcement is Euro/GBP 1.48715.



Contacts
Dolphin Capital Investors Limited:                    [phone]
Miltos E Kambourides                                  [e-mail]
Pierre A Charalambides                                [e-mail]

Adventis Financial PR                                 020 7034 4757/07778 507162
Annie Evangeli                                        [e-mail]

Goldman Sachs International (Joint Bookrunner)        020 7774 1000
Diego de Giorgi
Andy Richard

Morgan Stanley (Joint Bookrunner)                     020 7425 8000
Gergely Voros
Emmanuel Blouin

Panmure Gordon (Co - Lead Manager)                    020 7459 3600
Richard Gray
Dominic Morely
Andrew Potts

Grant Thornton Corporate Finance (Nominated Adviser)  020 7383 5100
Philip Secrett
Fiona Kindness




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