re Commitment in Crete

Dolphin Capital Investors Limited
25 September 2007


25 September 2007

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

€26 million commitment to Plaka Bay Resort in Crete



Dolphin Capital Investors, currently the leading investor in the Residential
Resort sector in Southeast Europe and the largest real estate investment company
listed on AIM, is pleased to announce the signing of a new investment in Plaka
Bay Resort, situated on the island of Crete, Greece.



Highlights:



  • Plaka Bay Resort ('Plaka Bay' or the 'Project') represents DCI's ninth
    major project in Greece and is expected to be developed as a beachfront
    resort integrating a few hundred residential units, a luxury hotel, other
    leisure facilities and potentially an 18-hole golf course.



  • The 430-hectare property is one of the largest private contiguous land
    sites on the island of Crete (the largest of the Greek islands), has a 7km
    sea frontage and is situated on a peninsula that is a 30-minute drive east
    from Sitia Airport.



  • DCI has acquired a 60% shareholding in the Project from the Ioannou family
    (the 'Sellers'), the original owners. The 40% shareholding remains with the
    Ioannou family who are major shareholders in J&P Group, one of the region's
    largest construction companies.



  • A €7 million payment has been made upfront and a further €9 million
    payment will be made upon the Sellers obtaining the Environmental Impact
    Study and the approval of the residential master plan. An additional €10
    million has been committed to fund DCI's share of the Project's permitting
    and early development phases, bringing DCI's total commitment to €26
    million.



DCI is managed by Dolphin Capital Partners ('DCP').



Miltos Kambourides, Managing Partner of DCP, commented: 'Plaka Bay is our second
project in the upcoming region of Sitia and one of the largest freehold seafront
sites on the island of Crete which has already entered the design and permitting
approval process by our 40% strategic partners.'



Further Details:



Plaka Bay Resort represents DCI's second investment in Crete, the most popular
Greek tourist destination with over 2.8 million visitors last year and one of
the main beneficiaries of the influx of foreign investments in the real estate
sector that is anticipated over the coming years.

The Project, spread over a 4,300,000 m2 site, is being designed as a seafront,
master-planned leisure-integrated resort aiming for a residential development of
over 100,000 m2, a five-star hotel, other supporting recreational facilities and
potentially an 18-hole golf course.

The site is situated on a secluded peninsula of unspoilt natural beauty, east of
Sitia, on the island of Crete. Crete is the largest of the Greek islands with
three international airports in Chania, Heraklion and Sitia. Plaka Bay is only a
30 minute-drive east from Sitia International Airport, a 2.5-hour drive east
from Heraklion International Airport and very close to Sitia Harbour.

The Project is at an early stage of the design permit approval process, having
received forestry and archeological clearances. The permitting process is
expected to be concluded within approximately two years.

DCI is acquiring a 60% stake in the SPV which owns 100% of the Project company.
The remaining shares of the SPV remain in the ownership of the Sellers. The
Company has agreed to acquire its stake in the Project by paying in stages
subject to permit milestones. A €7 million payment and investment (approx. €2.6
per m2) has been made upfront and a further €9 million payment (approx. €3.4 per
m2) will be made upon the Sellers obtaining the Environmental Impact Study and
the approval of the residential master plan. An additional €10 million has been
allocated to progress the Project's permitting and early development phases,
bringing DCI's total commitment to €26 million.



The other 40% of the Project company remains with the Ioannou family who are
major shareholders in J&P Group, one of the region's largest construction
companies. J&P Development, a subsidiary of the J&P Group with experience in
holiday home development in Greece and Cyprus, will at this stage continue to be
involved in the development management of the Project.



For further information, please contact:

Dolphin Capital Partners Limited
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 Dynamics                                     Tel: [phone]
(Public Relations)
Stephanie Highett
Lauren Mills
Nicole Marino


Dolphin Capital Investors

DCI, 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 Southeast Europe in partnership with world leading
designers and operators. The Company'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, the Company raised a further £303
million (€450 million) in a follow-on issuance priced at 170p per common share.



With Plaka Bay Resort, DCI has in total invested €405 million and committed €564
million to various projects in Greece, Cyprus and Croatia. DCI is also in the
process of becoming 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 though 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.




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