Trading Update

Dolphin Capital Investors Limited
20 November 2007


                       DOLPHIN CAPITAL INVESTORS LIMITED

             Notice of Q3 2007 NAV announcement and Trading Update

(LONDON, 20 November 2007) - Dolphin Capital Investors Limited ('Dolphin' or the
'Company'), a real estate investment company focused on residential resort
developments in south-east Europe, will announce its  NAV for Q3 2007 and a
Trading Update on 5 December 2007.

Whilst the Company's quarterly reporting policy for Q1 and Q3 is not typically
based on existing asset revaluations for assets held at the respective half
year, the Q3 2007 NAV will reflect a revaluation of the assets of Dolphin's
largest subsidiary, Aristo Developers Plc ('Aristo'). The most recent valuation
of these assets was reported as at 30 June 2007.  Since then, substantial
progress has been made with the Aristo portfolio, which the Investment Manager
believes necessitates a revaluation of its assets to more accurately reflect the
impact on Dolphin's reported NAV. Details of this will be announced to
shareholders in the Q3 trading update.

                                      ENDS

For further information, please contact:

Dolphin Capital Investors
Miltos E. Kambourides                                 [e-mail]
Pierre A. Charalambides                               [e-mail]

Financial Dynamics, London                            [phone]
Stephanie Highett
Nicole Marino




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