Trading Update

Dolphin Capital Investors Limited
14 June 2007

For release
                                                14 June 2007



                       Dolphin Capital Investors Limited


                             Trading and NAV update



Dolphin Capital Investors Limited ('Dolphin', 'DCI' or the 'Company'), the
leading investor in the residential resort sector in south-east Europe and one
of the largest real estate investment companies listed on AIM,  is pleased to
announce continued progress in its investment and development activities, as
well as a significant uplift in its Net Asset Value ('NAV').


Highlights:


• Revised NAV (fully diluted, before deferred income tax liabilities) per Share
- inclusive of Aristo Developers Plc ('Aristo') and other acquisitions executed
in the first quarter of 2007 but excluding revaluation of previously acquired
assets - is calculated to be 165p, representing a 50.1% uplift from 31 December
2006


• The revised NAV implies a 2.9x weighted annual growth multiple of funds raised
to date


• Dolphin's existing projects are advancing in line with their development plans
and Aristo home sales have also made a strong start to the year


• Dolphin's competitive position in the market has been further improved by the
inclusion of the development skills and experience of Aristo's team, the
increased interest in the region by foreign investors and proposed legislative
changes by the Greek government expected to improve the permitting framework for
the sector


• The Company is currently almost fully invested and as at 31 March 2007 has
made additional commitments of €150 million on existing projects. In addition,
the Investment Manager has identified a pipeline of approximately €850 million
of potential investments, approximately €250 million of which relates to the
extension of existing projects and €600 million of which relates to new projects
that are at various stages of negotiation


Today, Dolphin also announced a placing of new Common Shares to raise up to €500
million (before expenses) (the 'Placing'). The net proceeds of the Placing will
be used to fund the Company's existing commitments and ongoing investment
programme.


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


 'Dolphin continued its strong performance into the first five months of 2007 by
doubling its landbank for development and by demonstrating once again its
ability to quickly deploy capital and create exceptional value for shareholders.
We intend to maintain the investment pace of the Company with the aim of
delivering further NAV growth to shareholders during the remaining part of the
year.'


Pierre Charalambides, Partner of DCP, commented:


'Dolphin is in a phase of strong growth acceleration and the prospect of new
capital could not have been more timely. We have identified an exciting pipeline
of opportunities that are expected to add significant value to the Company.'



Contacts:



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

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

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



Additional Information


Background


Dolphin is managed by DCP, an investment management business founded in 2004 by
Miltos Kambourides and Pierre Charalambides. Dolphin was first capitalised with
€5 million in the summer of 2005 by the Investment Manager and a select group of
investors led by partners of Fortress Investment Group. Dolphin invests
exclusively in sophisticated Residential Resorts at an early development stage
(the 'Projects' or the 'Residential Resorts') in south-east Europe (mainly
Greece, Cyprus and Croatia). Dolphin completed its Admission to trading on AIM
in December 2005, raising an additional €104 million at 68 pence per Common
Share.  In October 2006, the Company raised a further €300 million in a
follow-on issuance priced at 93 pence per Common Share.


The Company's investment strategy focuses on the acquisition of large-scale
developable land sites or portfolios in attractive locations within the
south-eastern Mediterranean which the Investment Manager views as having the
highest land price appreciation potential. The primary development product
comprises premium-branded Residential Resorts that integrate residential units
with leisure components (e.g. golf, polo, hotel, marina) and are targeted at
sophisticated international holiday and retirement home buyers from Northern
Europe, Russia, the Middle East and, more opportunistically, wealthy local
buyers. The Company partners with some of the world's most reputable designers,
operators and marketers and follows a thorough and well-planned construction
permit process, appointing the most credible construction firms through tender
offers, in an effort to guarantee the quality and on-time delivery of a
high-quality premium product. Compelling supply/demand dynamics in the Region
targeted by the Investment Manager, a benign economic environment, legislative
improvements, land price convergence with more mature property markets and a
healthy flow of new attractive investment opportunities, continue to drive the
Company's NAV growth.


Trading Update


In the first five months of 2007, the Company has made considerable progress on
all current Projects in the ongoing design, planning and permitting application
processes. The Company completed its first investment in Croatia committing a
total of €35 million to Livka Bay Resort. In February, Dolphin launched
Rebranded Hotels, a platform set up to redevelop old hotel properties into
modern and fashionable condo hotels, via an initial 80% investment of €3 million
in a property in Porto Heli, Greece.  This investment marks the first of a
series that are expected to absorb €30 million of capital in aggregate. During
February 2007, Dolphin acquired the outstanding 49% of Scorpio Bay Resort from
its minority partners and now owns 100% of the investment.  Notable new
appointments include specialist resort architects WATG and Nicklaus Design for
Sitia Bay, renowned architect Ed Tuttle for Seascape Hills, EDSA for the master
planning and Tony Jacklin Design for Apollo Heights.


On 5 April 2007, DCI announced the acquisition of an 80% shareholding in Aristo.
On 7 June 2007 DCI had already acquired, or had unconditionally contracted to
acquire, c.92% of Aristo and a public tender offer was launched. Following the
acquisition of Aristo, Dolphin is currently almost fully invested with around
€150 million of additional commitments and the Company's rate of sourcing and
executing investments continues to be considerably ahead of its initial
forecasts.


Regarding the Aristo transaction, on 5 April 2007, DCI announced that it had
acquired c. 20% of Aristo from its second largest shareholder, had conditionally
agreed to acquire a 59.54% stake in Aristo from founder Mr. Theodoros
Aristodemou and certain persons and companies associated with him (the '
Principal Aristo Acquisition') and that it would launch a public tender offer to
acquire the remaining shares in Aristo (the 'Public Offer'). In the period from
5 April to 7 June 2007, DCA acquired an additional c. 12% of the shares in
Aristo by way of on-market purchases.


On 29 May 2007, the Cyprus Anti-Monopoly Commission (the 'AMC') approved the
acquisition of Aristo by the Company and on 6 June 2007 the Cyprus Securities
and Exchange Commission ('CySEC') gave its final approval for the publication of
the Public Offer document.  Accordingly, on 7 June 2007, Dolphin published the
Public Offer document and formally announced the launch of the Public Offer for
the acquisition of 100% of the share capital in Aristo.  The Company also
released a separate announcement to the London market on 7 June providing
details of the launch of the Public Offer.


Following the approvals by the AMC and CySEC and the launch of the Public Offer,
the Principal Aristo Acquisition was unconditional in all respects and was
completed on 7 June 2007. Completion of this transaction gave Dolphin in total a
c.92% stake in Aristo.  Given that Dolphin now owns more than 90% of the shares
of Aristo, after the public offer period, which expires 30 days from the launch
of the Public Offer, the Company may activate the 'squeeze out' process to
acquire the remaining shares. This would ordinarily be expected to be completed
within two months.  Once Dolphin completes the acquisition of 100% of Aristo's
shares, Aristo shall become a private company and thus will be de-listed from
the Cyprus Stock Exchange.


Dolphin's acquisition of Aristo was effected via a special purpose vehicle,
Dolphin Capital Atlantis Limited ('Atlantis'), incorporated in Cyprus.  Atlantis
is in turn owned by a newly incorporated BVI company ('BVI Holdco'), 85% of
which is currently (indirectly) owned by Dolphin and 15% of which is owned by
Mr. Aristodemou.  Dolphin's stake in BVI Holdco could potentially be reduced by
up to 2% if all of the remaining shareholders in Aristo take up the share
alternative under the terms of the Public Offer.


With a total implied equity value of €289 million and an enterprise value of
€442 million, Aristo is the largest acquisition the Company has undertaken to
date and will be transformational in terms of the operations and financial
position of the Company.  Aristo is the largest private land owner and holiday
home developer in Cyprus and owns over 13 million m2 of development land, a
pipeline of c. 10,000 residential units under planning and three out of twelve
of Cyprus's new preliminary licenses for golf-integrated resorts.  For further
information, please refer to an extract of Dolphin's press release made on 5
April 2007, reproduced in Appendix B.


Aristo has recorded a strong start to 2007 with trading results in the year to
date coming in ahead of expectations.  Gross sales for the five month period up
to 31 May 2007 were approximately 60% higher than in 2006.  Aristo continues to
progress the expansion and development of its land bank and to actively pursue
further investment opportunities.


Existing Investment Portfolio Summary


Dolphin's existing project portfolio includes investments in 10 major
leisure-integrated Projects and several small ones throughout Greece, Cyprus and
Croatia amounting to c. 30 million m2 of acquired / contracted land and c.17
kilometres of direct coastline.


As at 31 March 2007 and including the Aristo transaction described above,
Dolphin had made total capital commitments of €518 million and total investments
of €368 million. This implies that the Company has committed to invest
approximately €119 million in excess of the €399 million of net equity funds
raised by the Company to date.  Dolphin's capital commitments to, and
investments in, each Project as at 31 March 2007 are summarised below:


Development        Country    Proposed Land    DCI Shareholding         DCI           Total Commitment (€m)
                             Site (hectares)                      Investment as at
                                                                   31 Mar 07 (€m)
Kilada Hills       Greece          250               88%                53.8                  65.0
Scorpio Bay        Greece          172               100%               9.4                   16.0
Apollo Heights     Cyprus          460               100%               16.3                  21.4
Amanmila           Greece          200            25 and 50%            0.1                    5.0
Lavender Bay       Greece          294               96%                9.4                   46.0
Sitia Bay          Greece          250               77%                11.1                  24.0
Seascape Hills     Greece           57               99%               13.41                  30.0
Livka Bay          Croatia          56               90%                7.5                   35.0
Rebranded          Greece           1                100%               1.2                   30.0
Hotels2
Aristo                                               85%3              245.4                  245.4
  Venus Rock4      Cyprus          7615               na                 na                    na
  Eagle Pine       Cyprus          217                na                 na                    na
  Aristo Hellas    Greece           35                na                 na                    na
  Other Aristo     Cyprus          332                na                 na                    na
Total                             3,085                               €367.7m                €517.8m



1 Investment as of 28 February 2007 totaled €17.5m - land purchase of
approximately €4m has since been deferred to Q2 2007.

2 The €30m allocation into Rebranded Hotels has been taken in full into the
Company's calculation of total commitments.

3 Dolphin's stake in the BVI Holdco could potentially be reduced by up to 2% if
all of the remaining shareholders in Aristo take up the share alternative under
the terms of the Public Offer.

4 Aristo own 87.21% of Venus Rock.

5 Refers to developable land on the 1,000 hectare site.



Net Asset Value


A valuation of the Company's investment portfolio (both freehold and leasehold
interests) has been undertaken by Colliers International. This valuation was
performed on the basis of fair market value and conducted in accordance with
generally accepted appraisal standards, as set out by the American Society of
Appraisers.


The reported net asset value of DCI inclusive of Aristo as at 31 March 2007 is
summarised as follows:

                                                                €           £       Uplift Since Uplift Since
                                                                                     Admission    31-Dec-06
Total NAV Before DITL* (millions)                             841.4       571.8        707% 1        54%
Total NAV After DITL* (millions)                              704.4       478.7        576% 1        40%
NAV per Diluted Share Before DITL*                            € 2.42      1.65p        153% 2        50%
NAV per Diluted Share After DITL*                             € 2.03      1.38p        112% 2        37%

Note: The above calculations are made pre-issuance of new equity.

1  Based on a NAV at Admission of £70.9 million / €104.6 million.

2 Based on NAV per Common Share at Admission of 65 pence

* DITL' - deferred income tax liability. NAV is reported after assumed exercise
of the Over-Performance Warrants by the Investment Manager

Note: Using GBP/Euro exchange rate of 0.6796 as of 31 March 2007


The NAV shown in the table above is reported on a diluted basis, taking into
account the exercise of the Over-Performance Warrants by the Investment Manager
structured into the over-performance incentive scheme in conjunction with the
October 2006 Placing. As of the latest NAV valuation, the accrued
Over-Performance  Warrants amount to 7,647,367 Shares; a number that could grow
substantially if the Company's NAV continues to grow at a high pace for the
remainder of 2007.  It does not take into account, however, the potential
payment of the Performance Fee which is payable only when cash profits above the
8% return hurdle are realised.


In line with the Company's NAV reporting guidelines, the newly reported NAV is
based on:


  • the Company's valuation for all of its investments as of 31 December 2006,
    amended only to the extent there have been additional land acquisitions or
    progression with permits. Kilada Hills Golf Resort, Seascape Hills Resort
    and Sitia Bay Golf Resort represent cases where additional land has been
    purchased over the course of the first quarter of 2007 whilst Lavender Bay
    Golf Resort has seen certain of its leasehold interests converted into
    freehold purchases; and
  • the valuation of new investments signed post year-end. This includes
    investments in Livka Bay Resort, the hotel property acquisition in Porto
    Heli (part of the Rebranded Hotels initiative), the completion of the 49%
    minority buy-out in Scorpio Bay Resort and the acquisition of Aristo.

The NAV shown in the table above is net of an estimated accrued amount payable
to Mr. Theodoros Aristodemou, founder of Aristo, in respect of his service
agreement with Dolphin, under which he is entitled to a post-tax amount equal to
20% of the NAV growth of certain key Aristo assets over a variable period
(expected to be for a maximum of 4 years) starting from 1 January 2007. The
estimated accrued amount currently represents c.7% of the total NAV of Aristo
included in the 31 March 2007 pro forma balance sheet of Dolphin and could
change depending on the NAV growth of the relevant assets. The actual amount
payable would be first calculated at 31 December 2007 and, beyond that, at year
end based on the NAV growth of the relevant assets for the preceding financial
year.

Dolphin's reported NAV figures to date reflect the current land prices based on
existing uses and do not take into account, specifically:


  • future permits;
  • expected operating cash-flows or sales;
  • value from high-quality design and branding;
  • subsidies or grants even in the event they have been awarded, as has been
    the case for Kilada Hills Golf Resort which has received a €13m subsidy
    package intended for the construction of the resort's golf course and hotel;
  • expected market growth or inflation; and
  • pre-contracts or land transfer agreements in situations where the land has
    not fully been transferred to Dolphin. For example, the Amanmila Resort site
    on the island of Milos, for which a pre-contract and a shareholders
    agreement has been signed, has not been included in the above NAV figures.

The Investment Manager expects that Dolphin's NAV will continue to grow, driven
by:


  • progress with the planning and permitting process for existing Projects;
  • conversion of signed land pre-contracts into final contracts;
  • upgrade of the Aristo products;
  • continued convergence of land prices in south-east Europe with more mature
    holiday markets;
  • the use of leverage by individual project companies as investments enter
    the early construction phases; and most importantly,
  • closing of additional Projects in the pipeline that the Investment Manager
    believes are currently being negotiated at attractive entry valuations.


Illustrative Pro Forma Balance Sheet as at 31 March 2007

The following unaudited pro forma balance sheet is provided to illustrate the
effect on the balance sheet of Dolphin of the acquisition of Aristo as if this
event had taken place on 31 March 2007.  This unaudited pro forma balance sheet
has been prepared for illustrative purposes only and, because of its nature,
addresses a hypothetical situation and therefore it does not, and is not
intended to, represent the actual financial position of the Company.  The
unaudited pro forma balance sheet has been prepared by management and KPMG has
performed agreed upon procedures in relation to it.


BALANCE SHEET (amounts in € millions)                                                      As at 31-Mar-07
Investment Property and Fixed Assets1                                                                           894.8
Other Non-Current Assets                                                                                          5.3
Total Non-Current Assets                                                                                        900.1

Trading Properties                                                                                              338.3
Other Current Assets                                                                                             48.7
Total Current Assets                                                                                            387.0

TOTAL ASSETS                                                                                                  1,287.0

Total Equity Attributable to Equity Holders of the Parent                                                       704.4
Minority Interest                                                                                               146.7
Shareholders' Equity                                                                                            851.1

Deferred Tax Liability                                                                                          137.0
Other Non-Current Liabilities                                                                                   102.1
Total Non-Current Liabilities                                                                                   239.1

Total Current Liabilities                                                                                       196.8

Total Liabilities                                                                                               435.9

TOTAL LIABILITIES & SHAREHOLDERS' EQUITY                                                                      1,287.0



1 Includes investment property, land and buildings from PP&E and investment in
associates.

Sector Dynamics

Market fundamentals for Dolphin's premium-branded residential resort product
remain strong. Foreign property ownership worldwide continues to grow whilst
economic indicators continue to be overall supportive of the Company's business
model.


More importantly, the investment environment in the Region targeted by DCP has
seen a positive turn of events over the course of the past few months which are
believed to further enhance Dolphin's investment case.  Significant proposals
for legislative changes have gathered pace, most notably relating to the draft '
Special National Tourism Zoning Plan' issued by the Greek government which aims
to redefine and prioritise the country's tourist product and accelerate the
permit approval process. The decision to reference directly and for the very
first time leisure-integrated residential communities as integral to the
country's tourism re-branding efforts marks an overhaul in the government's
mindset and is predicted to foster the development of Residential Resorts over
the coming years. On a similar note, there have been recent reports that the
British and Cypriot authorities are in discussions regarding accelerating real
estate development within the British Military Bases in Cyprus, which, if
successful, would mark an important milestone for the Apollo Heights Polo Resort
site, which is mainly located in the base territories.


The expected accession of Cyprus into the Eurozone from 1 January 2008
represents an additional favourable turn of events for the Company, underlining
the country's successful economic trajectory over the past few years and is
believed to contribute to an increased interest in the country's property
market.  Finally, the sale of Aphrodite Hills on 4 May 2007 to a Deutsche Bank
affiliated fund created the first real market comparable and represents a prime
example of the premium value creation the DCI Projects are expected to generate
over the years to come.


Investment Pipeline


Building on its successful investment activity to date and in addition to the
investment commitments of €150 million on existing projects described above, the
Investment Manager has identified a pipeline of approximately   €850 million of
potential investment opportunities (the 'Investment Pipeline'). Approximately
29% of such pipeline is related to acquisitions adjacent to existing Projects
while the remainder is earmarked for new projects.  A number of new investments
have been identified and ongoing negotiations for each potential project are at
various stages.  Approximately 75% of the identified new investments relate to
projects located in the Company's primary focus area of Greece and Cyprus and
25% to projects in other countries of the south-east Mediterranean region.   The
completion of each such investment in the Investment Pipeline depends in part
upon, amongst other things, satisfactory completion of due diligence into each
of the Investment Pipeline project companies and land sites and the execution
and delivery of final binding agreements in a form mutually satisfactory to the
parties. There can be no guarantee that Dolphin will complete all or any of the
Projects that form the Investment Pipeline.


Amendments to the Investment Management Agreement


The Company believes that certain changes to the Investment Management Agreement
are appropriate to reflect the increased size of the Company assuming a
successful Placing.


The key changes, which are conditional on the completion of the Placing, are
summarised as follows and aim to:


  • reinforce the current restriction contained in the Investment Management
    Agreement on DCP managing competing fund vehicles by making it clear that
    for the life of the Investment Management Agreement DCP shall be prohibited
    from setting up or managing other investment vehicles investing in the
    residential resort sector in south-east Europe;


  • amend the escrow account mechanism in the Investment Management Agreement
    to ensure that the release of all funds from the escrow account will occur
    only upon the date that cumulative distributions by the Company first exceed
    the aggregate of €109 million (being the funds raised as at admission to AIM
    in December 2005) plus €300 million (being the proceeds of the October 2006
    Placing) plus an amount equal to 50% of the gross proceeds of the Placing,
    each amount being increased by the applicable 8% annual compounding hurdle
    rate as from the date the relevant funds were raised (the 'Tier 2 Returns
    Equalisation Date');


  • amend the clawback mechanism contained in the Investment Management
    Agreement relating to DCP's performance fees with the effect that the
    clawback provisions shall drop away on the occurrence of the 'Tier 2 Returns
    Equalisation Date'; and


  • insert a new event of termination on behalf of the Company being the
    occurrence of material underperformance by DCP in the management of the
    Company's assets which would be triggered on the occurrence of 'Material
    Underperformance' (as defined below) at any time after the publication of
    the Company's audited accounts for the financial year ending 31 December
    2010 and would allow the Investment Management Agreement to be terminated
    following the passing of (i) a majority board resolution and (ii) an
    ordinary shareholders resolution (being a resolution passed by 50% of the
    shareholders entitled to vote and so voting) to terminate.  'Material
    Underperformance' for these purposes occurs where the published Net Asset
    Value as at 31 December for the previous two consecutive years is less than
    an amount being equal to:


(i) €105 million compounded annually at LIBOR since the 8 December 2005; plus

(ii) €292 million compounded annually at LIBOR since 7 October 2006; plus

(iii) the net proceeds of the Placing compounded at LIBOR from the date of
admission to trading on AIM of the Common Shares the subject of the Placing;
less

(iv) the value of all distributions made by the Company to shareholders
compounded at LIBOR from the date such distributions are made.


In the event of termination for Material Underperformance, the Manager is no
longer entitled to any performance fee. In other instances of termination,
performance fees accrued up to the point of termination become payable once
realised.


Amendments to the Warrant Deed


Under the terms of the current Over-Performance Warrant Deed, DCP had been
granted a performance incentive designed to reward DCP if the Company achieved
exceptional growth in its Net Asset Value during the period from 7 October 2006
(being date of the October 2006 Placing) to 31 December 2007.  The achievement
of this additional incentive was predicated upon the Net Asset Value growth over
this period outperforming a simple hurdle rate of 30% (the 'Super Hurdle').  In
the event of this performance, DCP was granted the right to subscribe (at par
value of €0.01) for such number of further Common Shares as equals 10% of the
value of the Net Asset Value growth over the Super Hurdle divided by €1.34 (the
'Warrant Grant').  Under the terms of the Over-Performance Warrant Deed, DCP had
also agreed that any Common Shares subscribed for pursuant to the Warrant Grant
would be subject to a lock-up requirement for a period of two years from the
date of subscription.


The Company and DCP have agreed to vary the Over-performance Warrant Deed by
increasing the Super Hurdle to include the gross proceeds of the Placing
multiplied by 1.11, which results in the equivalent of the 30% original Super
Hurdle for the remaining period.


In addition, the Company and DCP have agreed a further variation to the Over
Performance Warrant Deed under which, for the period from 1 January 2008 to 31
December 2008, DCP is to be granted a further one-off over-performance warrant
entitlement to reward exceptional growth. The hurdle for the 2008 Warrant Deed
is the Net Asset Value per Common Share on 31 December 2007 multiplied by 1.3
(the 'Second Super Hurdle').  In the event that this Second Super Hurdle is met,
DCP would be granted the right to subscribe (at par value of €0.01) for such
number of further Common Shares as equals 10% of the excess Net Asset Value
achieved by the Company by the end of 2008 divided by Net Asset Value per Common
Share on 31 December 2007 multiplied by 1.3.  These new Common Shares subscribed
for would be subject to the same lock-up requirement as for the Common Shares
subscribed for under the initial Warrant Grant.


The Directors (excluding Miltos Kambourides who is considered a related party
for the purposes of the proposed amendments to the Over-performance Warrant 
Deed), having consulted with Grant Thornton Corporate Finance, the Company's
nominated adviser, consider the amendments to the Over-performance Warrant Deed
to be fair and reasonable insofar as Shareholders are concerned.


Amendments to the Investment Policy


The AIM admission document of the Company dated 5 December 2005 provided that,
'The Directors and the Investment Manager believe that the countries which offer
the most attractive locations for such Projects are Greece, Cyprus, Turkey and
Croatia. The Company's investment activity is concentrated on these four
countries with particular emphasis being given to Greece and Cyprus. The Company
may also invest in Projects in neighbouring countries, should the Directors
consider that such investments would be complementary to the Company's
investment portfolio or offer attractive investment returns (Greece, Cyprus,
Turkey, Croatia and neighbouring countries being known as the 'Primary
Investment Region').


The Board has resolved to vary this policy with the effect that the Company will
have the ability to invest capital from the Placing and the proceeds of other
future fund raisings into other geographies outside the Primary Investment
Region that demonstrate similar value upside characteristics to the current
regional focus and that would enable Company to enhance existing or create new
strategic relationships with international service providers/operators (such as
master-planners, golf designers, hotel operators and developers) that are for
the benefit of the Company's investments in the Primary Investment Region. These
investments outside of the Primary Investment Region in aggregate, however, will
not exceed 5% of the Company's last reported NAV at the time of investment.


Looking Ahead


Since its admission to trading on AIM in December 2005, Dolphin has successfully
established itself as one of the leading investment companies for the
residential resort sector in south-east Europe with €518 million committed to
investments in Greece, Cyprus and Croatia. Following a rapid series of
investments in the past 18 months and the acquisition of Aristo, Dolphin intends
to further capitalise on its first mover advantage and continue to expand its
investment portfolio. Dolphin's Project Investment Pipeline consists of
attractive investment opportunities that the Investment Manager believes could
generate strong Shareholder returns.


Following the upcoming Placing, Dolphin intends to:


  • commit or invest the Placing proceeds raised within the next 12 months;
  • progress the design and permitting of all existing and new projects;
  • upgrade the Aristo products;
  • export the Aristo team's development management know-how and experience to
    other Dolphin projects;
  • expand the Company's network of world class strategic partnerships; and
  • prepare for a transition to the main market of the London Stock Exchange
    during the course of 2008.

...............................................................................


Grant Thornton Corporate Finance, a division of Grant Thornton UK LLP, which is
authorized and regulated by the Financial Services Authority, is acting as
nominated adviser to Dolphin and for no one else in connection with the matters
referred to above and will not be responsible to anyone other than Dolphin for
providing the protections afforded to its customers or for providing advice to
any other person in relation to the matters referred to above.


This announcement has been issued by, and is the sole responsibility of,
Dolphin. This announcement does not constitute or form part of any offer or
invitation to sell or issue, or any solicitation of any offer to acquire,
purchase or subscribe for any securities. This announcement has not been
examined or approved by the FSA or the London Stock Exchange or any other
regulatory authority.


Definitions


The following definitions apply throughout this document unless the context
requires otherwise:


'Admission' admission of the Common Shares of the Company to trading on AIM in
December 2005


'AIM' the market of that name operated by the London Stock Exchange


'Aristo' Aristo Developers Plc


'Colliers International' Colliers International Hellas and its affiliates


'Common Shares' or 'Shares' the common shares of €0.01 each in the capital of
the Company


'Company' or 'Dolphin' Dolphin Capital Investors Limited


'Directors' or 'Board' the directors of the Company including any duly appointed
committee thereof


'Fortress Investment Group' or 'Fortress' Fortress Investment Group LLC


'Grant Thornton Corporate Finance' the corporate finance division of Grant
Thornton UK LLP which is authorised and regulated by the Financial Services
Authority to carry on investment business


'Investment Pipeline' the identified Projects in respect of which Dolphin is
currently negotiating a participation, as described in this announcement


'Investment Management Agreement' the investment management agreement between
the Company and the Investment Manager dated 1 August 2005 (as amended and
restated on 8 December 2005 and again on 6 October 2006)


'Investment Manager' or 'Dolphin Capital Partners' or 'DCP' Dolphin Capital
Partners Limited


'London Stock Exchange' London Stock Exchange plc


'NAV' or 'Net Asset Value' the value of the assets of the Company less its
liabilities, determined in accordance with the accounting principles adopted by
the Company from time to time


'October 2006 Placing' means the placing by Panmure Gordon as announced on 04
October 2006


'October 2006 Placing Agreement' means the placing agreement dated 04 October
2006 and entered into between the Company, the Investment Manager, Panmure
Gordon and Grant Thornton Corporate Finance


'Over-performance Warrants' or 'Warrants' the warrants issued to the Investment
Manager pursuant to the Over-performance Warrant Deed


'Over-performance Warrant Deed' the instrument constituting warrants to
subscribe for Common Shares, subject to the terms and conditions set out therein
and in the October 2006 Placing Agreement and issued to the Investment Manager


'Panmure Gordon' Panmure Gordon (Broking) Limited


'Performance Fee' means fee to which the Investment Manager is entitled based on
the net realized cash profits achieved by the Company


'Placing' means the conditional placing as announced on 14 June 2007


'Projects' means investments undertaken by Dolphin


'Region' or 'south-east Europe' Croatia, Cyprus, Greece, Turkey and Italy


'Residential Resorts' mean master-planned residential resort developments which
incorporate a combination of, but are not limited to, leisure facilities such as
hotels, golf courses, polo fields, country clubs, spas and marinas


'Shareholders' holders of Common Shares


In this document, unless otherwise specified, all references to 'pounds' or '£'
are to United Kingdom pounds sterling, references to 'dollars' or '$' are to US
dollars and all references to 'Euro' or '€' are to the unit of money used in all
European Union countries which have adopted the single European currency unit.


This press release may contain forward-looking statements with respect to
Dolphin and its operations, strategy, financial performance and condition. These
statements generally can be identified by use of forward looking words such as '
may', 'will', 'expect', 'estimate', 'anticipate', 'use', 'intends', 'believe' or
'continue' or the negative thereof or similar variations. The actual results and
performance of Dolphin could differ materially from those expressed or implied
by such statements. Such statements are qualified in their entirety by the
inherent risks and uncertainties surrounding future expectations, including that
the transaction contemplated herein is completed.


Important factors that could cause actual results to differ materially from
expectations include, among other things, general economic and market factors,
competition and changes in government regulation. The cautionary statements
qualify all forward-looking statements attributable to Dolphin and persons
acting on its behalf. Unless otherwise stated, all forward-looking statements
speak only as of the date of this press release and the parties have no
obligation to update such statements.



APPENDICES


Appendix A: Dolphin Capital Investors Limited's Annual Report 2006

Dolphin Capital Investors Limited's Annual Report 2006 is available to download
from the Company's website:

http://www.dolphincapitalinvestors.com



Appendix B: Aristo Background Information

Overview

Aristo, founded in 1983, is today believed to be the largest private land owner
in Cyprus and the largest holiday home developer both in terms of annual
turnover and number of units sold. With more than 13 million m2 of development
land under ownership, over 3,000 holiday home sales over the past five years and
a pipeline of approximately 10,000 residential units under planning, Aristo has
a strong presence within the real estate development sector in south-east
Europe. The Aristo group holds three out of the country's 12 new preliminary
licenses for golf-integrated Residential Resorts that have recently been granted
by the Cypriot government and is considering applying for a fourth license.

Aristo's flagship asset is Venus Rock, one of the largest sea-front residential
resort development sites in Europe. It is situated next to Aphrodite Hills
(south-east Europe's first golf-integrated Residential Resort) between the towns
of Limassol and Paphos. The 1,000 hectare site of Venus Rock is expected to be a
truly integrated destination comprising 3 golf courses, more than 3,000
residential units, a 5-star hotel with spa, extensive beach-front entertainment,
retail and commercial facilities, marina and other sport facilities. The fourth
golf-integrated permit relates to Eagle Pines, a 220 hectare site a few
kilometres away from DCI's Apollo Heights Polo Resort and a 15 minute drive from
Venus Rock.

In addition to the golf-integrated developments described above, Aristo is
currently involved in the development of additional large scale residential
projects, which together represent the substantial majority of Aristo's total
land holdings.

Aristo has grown significantly in recent years, and turnover and net profit grew
by an annual rate of 34% and 27% respectively from 2005 to 2006. Total sales and
net profit before tax for 2006 were €137.2m and €28.8m respectively.

Mr. Aristodemou's 15% shareholding in BVI Holdco is subject to a 2-year lockup
period. After the lock-up period, and for an additional period of two years, put
and call options have been agreed for Mr. Aristodemou's shareholding in the
Aristo. Dolphin has also entered into a service agreement with Mr. Aristodemou
for at least two years and has an option to renew this for two more years for as
long as he maintains at least two thirds of his current shareholding in BVI
Holdco  He has also been given incentives tied to the NAV growth of Aristo. Mr.
Aristodemou has provided Dolphin with personal warranties regarding titles and
land ownership, the book value of the Aristo's net asset position and
undisclosed or contingent liabilities.

The Investment Manager and the Board of DCI believe that the consideration paid,
despite being approximately at an 80% premium to the estimated 31 December 2006
net book value of Aristo and at a 9% premium to the closing share price as of 4
April 2007, represents a significant discount to what DCP believes Aristo's net
asset value to be.

The Investment Manager and the Board of DCI believe that the transaction is of
paramount strategic importance to Dolphin, and is expected to:

1.    Enhance the DCI portfolio with a number of significantly advanced
development projects in Cyprus and Greece, spread over an aggregate of 13
million m2 of land, comprising 4 potential golf-integrated residential
developments and approximately 1.5 million buildable m2 equivalent to
approximately 10,000 freehold residential units. The Investment Manager believes
that the land portfolio and pipeline, and particularly the golf integrated
developments, would be almost impossible for a third party to replicate due to
the lack of available large land sites in south Cyprus.

2.    Create the potential for significant NAV uplift and ultimately generate
strong returns to DCI shareholders. When fully developed, the assets are
expected to generate returns in line with Dolphin's strategy of not investing in
projects unless they are expected to generate an IRR of at least 25%. DCP
believes that there could be additional benefits from the higher quality
branding and design concept that Dolphin can bring into Aristo's large scale
projects.

3.    Enable Dolphin to double its land bank in a single transaction, investing
substantially all of its remaining capital of €250 million, bringing its total
investments to date to €368 million and total commitments to €517 million.

4.    Generate future profits largely from sales of existing residential units
and from other operating assets that can create opportunities for further
organic growth and reinvestment.

5.    Enable Dolphin to utilise Aristo's management expertise for the
progression of Dolphin's current projects, as well as for the sourcing and
execution of more land acquisitions in Greece and Cyprus. In addition, Aristo
has an established marketing platform which can also be leveraged upon.

6.    Bring in-house a number of key operational functions that would have
otherwise been outsourced, ensuring greater control over quality and costs.

7.    Accelerate the development of the Dolphin strategy by acquiring a
portfolio of projects at an advanced development stage, a residential
development business that is expected to generate future profits, and management
expertise to further assist in the development of Dolphin's existing projects.

8.    Establish Dolphin as the largest private land-owner and residential resort
developer in Cyprus and cement its leadership position in the sector in
south-east Europe.



FURTHER DETAILS


Company Background


Aristo is the largest holiday home development company in Cyprus and probably
south-east Europe (www.aristodevelopers.com). Aristo was established in 1983 by
Mr Theodoros Aristodemou who continues to be Aristo's Managing Director and who
was before the acquisition the majority shareholder with approximately 60%.


Aristo grew organically from a one-man, one apartment building company to the
largest private land-owner and holiday/second home developer in Cyprus. Over the
past decade, Aristo has developed and sold approximately 4,500 residential units
from more than 100 residential, commercial and tourism-related projects around
Cyprus, the majority of which have been completed in the past five years. Aristo
has also been a pioneering force behind investments in golf-integrated
developments and has developed the first two golf courses in Cyprus, the 'Secret
Valley Golf Course' (within Venus Rock, which Aristo owns) and the 'Tsada Golf
Course' (which Aristo operates) near Paphos.


Aristo is believed to be today the largest private land-owner in Cyprus with a
total land ownership totaling 13 million m2. The Aristo group has received three
out of the twelve preliminary golf-integrated project approvals recently granted
by the Cyprus Government and has the potential to apply for a fourth one in the
medium term. Aristo also operates two out of the three existing commercial
18-hole golf courses in Cyprus and has an approximate 15% market share of the
Cyprus holiday home market.


In addition to the golf-integrated developments, Aristo is currently involved in
the development of additional large scale projects, predominantly residential
developments for overseas buyers. Aristo's top ten developments or land holdings
in Cyprus and Greece represent a substantial majority of its total land holdings
and the estimated net asset value of Aristo.


Artisto's strategy of acquiring land in key locations at attractive prices to
develop holiday homes for foreign buyers is consistent and complementary to that
of Dolphin. Aristo performs in-house the functions of land acquisition, design,
project management, marketing and sales. The construction is primarily
contracted to third parties.


Aristo focuses mainly on the regions of Paphos and Limassol and currently has
over 70 residential developments of various sizes under construction and 150
under planning on the island, operated and managed currently by an in-house team
of approximately 406 staff.  Since 1999, Aristo has also established a presence
in Greece with seven residential developments completed and delivered, two
residential developments under construction and three beachside projects under
planning.


Aristo's headquarters are in Paphos, Cyprus, with satellite offices principally
in Nicosia, Limassol, Athens and Moscow.


Cyprus Market Environment


Cyprus entered the EU on May 1st 2004 and offers one of the most competitive
taxation environments in Europe (corporate income tax at 10%). The country
further benefits from an excellent climate with long seasonality and is already
a very popular 2nd home/retirement destination for British citizens. Over the
past three years demand for second homes is estimated to have increased by an
average 15 to 20% annually.


Smaller mid-market residential projects with 30 to 60 houses have been quite
common in Cyprus over the past 20 years. Those were mostly built in and around
Paphos, a picturesque town in the south-west corner of the island.


There is only one master-planned leisure integrated residential development on
the island, Aphrodite Hills (www.aphroditehills.com ), which has experienced
tremendous success.  Aphrodite Hills has been developed and managed by Lanitis
Development Ltd over 231 hectares. The development started golf course
operations on October 1st 2002 and to date has sold over 400 villas and 200
apartments. 90% of sales have been made to foreigners, of which approximately
60% were to the United Kingdom. The largest other foreign markets have been
Russia, Scandinavia and Germany.


The Cyprus Tourism Organization has recently prepared a new 10-year strategic
plan for the tourism industry aimed at attracting wealthier tourists and
residential buyers. This involves incentives to attract private financing to
build additional marinas and golf courses. There are currently only three
commercially operated 18-hole golf courses on the island and a further twelve
golf course developments have recently received pre-approvals from the Cyprus
government. To encourage investment in golf resorts, the Cyprus government has
allowed for up to 100,000 m2 of residential real estate that could be integrated
with the development of golf courses and sold as freehold, subject to developers
meeting certain investment criteria.


Aristo is one of the leaders in the development of golf-integrated Residential
Resorts in Cyprus, having received three out of the twelve preliminary
golf-integrated project pre-approvals to date.


Market positioning and sales


Aristo currently owns a land portfolio of approximately 13 million m2 of
attractive land sites in Cyprus and Greece. In 2006, Aristo derived
approximately 97% of its revenues from the development of its land holdings and
subsequent sale of residential units. Non-core assets, namely the operation of
recreational and other leisure facilities, only accounted for approximately 3%
of Aristo's revenues for the year ended 31 December 2006.


Aristo sold a total of approximately 623 units in Cyprus for the year ended 31
December 2006, which, as estimated by Aristo's management, corresponds to a
market share of around 11% in terms of units sold (out of 5,800 estimated total
residential units sold in Cyprus during 2006) or a market share of approximately
15% in Cyprus and 30% in Paphos in terms of total sales.


Aristo targets foreign buyers, mostly northern Europeans and Russians in search
of a retirement home and, more opportunistically, wealthy Cypriots or Greeks.
Historically, the client base has been 60% British, 15% Russians, 10% Cypriots
and 15% other (mainly Europeans). Aristo currently operates 25 information and
sales offices in Cyprus and Russia and also co-operates with an extensive
network of agents and real estate professionals. Its sales team provides
extensive support services and guidance relating to legal and tax issues for
acquiring a property in Cyprus, as well as facilities management and re-sale
services. During 2006, 93% of sales were made to foreigners with demand
anticipated to remain strong.


Large-scale Real Estate Development


Aristo's largest ten projects in Cyprus and Greece represent the substantial
majority of its total land holdings by size and estimated value. These
development projects comprise ten residential communities, four of which are
intended to be large upscale golf-integrated Residential Resorts, as further
summarized below.


Cyprus


1.   Venus Rock: Land site of approximately 10 million m2, 18 km east of Paphos,
one of the largest sea-front residential resort development sites in Europe,
adjacent to Aphrodite Hills (south-east Europe's first golf-integrated
residential resort experiencing large success). Venus Rock is expected to be a
truly integrated destination comprising three golf courses, 3,000 residential
units, a five-star hotel with spa, extensive beach-front entertainment, retail
and commercial facilities, marina and other sport facilities.


The site currently has an existing 18-hole golf course in place (Secret Valley
Golf Course) and existing zoning for 290 villas that are currently for sale and
which are in addition to those expected to be developed as part of the
golf-integrated permits. 242 villas have already been sold to date.


2.   Eagle Pine: Land site of approximately 2.2 million m2, a few kilometres
away from Apollo Heights Polo Resort (Dolphin's first investment in Cyprus), and
a 15 minutes drive from Venus Rock. Situated at the highlands, the Eagle Pine
site overlooks the sea around the Episkopi and Acrotiri areas near Limassol. It
has received preliminary approval for a golf integrated resort, with a
residential development component of up to 100,000 m2.


3.   Paphos centre plot: Land site of approximately 150,000 m2 in the centre of
Paphos and within walking distance from the beach-front hotel Riviera of the
town. The site falls under two high density building zones with building
coefficients of 80% and 60%, where the estimated residential development for the
site is anticipated to cover over 73,000 buildable m2.


4.   Pissouri Panorama: Land site of 120,000 m2 in the upcoming area of
Pissouri, east of Paphos, with an estimated residential development area of
20,000 buildable m2. Several other land sites are within a radius of 2km of the
site that may eventually create a large scale development program.


5.   Magioko: Beach-front site of approximately 102,000 m2 situated within a
tourism zone a few kilometres away from Paphos International airport. The site
has a building coefficient of 30% for tourism developments or 20% for
residential developments. The site is intended to be developed into an exclusive
beachfront residential resort with an estimated 17,000 m2 of residences.

Other major sites: Aristo owns a large number of residential non-leisure
integrated developments and villas under construction which are nevertheless
very close to the beach or other leisure activities. Notable examples include:


6.   Zephyros: a development of approximately 40,000 residential buildable m2
spread across a 94,000 m2 land site, situated 400 meters from the beach and the
Magioko site.


7.   Limassol Star: a development comprising luxury beachfront properties and
leisure facilities, only 10 minutes from Limassol town centre and 30 minutes
from Nicosia and Larnaca International Airport. The development is also within a
minute's walk from the Limassol Yachting Marina and enjoys the water sport
facilities offered by the neighbouring blue flag beach.


Greece


In 1999, Aristo established its Greek operations to focus on property
development in Greece and is now actively involved in that market. Aristo has
developed and marketed large blocks of flats and offices in selective areas of
Athens and has acquired attractive coastal properties in areas such as
Zakynthos, Syros and the western Peloponnese, where it plans to develop
exclusive residential developments. These include:


8.   Tsilivi project: A two-phased development with an estimated 56,000 m2 of
residential buildable expected to be sold over 80,000 m2 of land in the small
village of Tsilivi, approximately 4 km from the town of Zakynthos, near the area
of Planos. Efforts are being made to reclaim an additional 20,000 m2 of land.


9.   Douneika project: A beachfront property of 265,000 m2 at Douneika in
Peloponnese, adjacent to the Aldemar hotel. The tourism development of the
property will take advantage of a building coefficient of 20%, allowing for the
development of a hotel and c. 18,000 m2 of residential real estate.


10.       Syros project: Residential development designed in Cycladic
architecture style, 12 km from Ermoupolis on the island of Syros, spread over a
22,000 m2 site, where approximately 4,500 m2 of residential real estate can be
developed


Small to medium Scale Real Estate Development


Aristo has additionally 60 residential projects of various sizes under
construction, with remaining available for sale units of approximately 80,000
buildable m2 spread over an estimated 274,000m2 of land. It further holds a land
inventory of 2,600,000 m2 for several potential projects under planning which
are expected to be developed over the medium term.  These small to medium scale
developments are expected to be permitted for more than 670,000 buildable m2 in
total.


Almost all of these existing and potential new residential projects are located
in strategic points of the island, by or close to the sea, easily accessible by
airports and next to well-developed infrastructure. Notable examples include
Golden Beach and Riviera Beach Villas in Paphos.


Other Activities


Aristo also generates approximately 3% of its revenues (approximately €4 million
in 2006) from the operation of recreational/leisure facilities and other
miscellaneous travel and insurance services. The two main ones are:


  • Randi Golfers Limited: Jointly runs the Secret Valley Golf Club (Venus
    Rock) and Tsada Golf Club, Cyprus' first 18-hole grass course, only 20
    minutes from Paphos, on an elevated position of 550 metres above sea level.
  • A&A Super Aphrodite Waterpark Limited: Owner of a waterpark located amidst
    30,000 m2 of landscaped grounds across from the hotels on the seafront of
    the tourist area. This represents the main source of revenues for Aristo's
    non-core activities, attracts more that 100,000 visitors and generates a net
    cash profit of approximately €1 million per annum.


Business Plan & Future Strategy


Following this acquisition, Dolphin intends to (i) undertake a revaluation of
Aristo's assets to establish market value (ii) further build on Aristo's success
as the largest holiday home developer in Cyprus, and (iii) retain and further
improve the efficiency of Aristo's existing key management and operations. In
order to maximise Aristo's NAV and profitability, Dolphin will have a separate
approach for Aristo's following three project categories:


Leisure Integrated Residential Resort Developments


Represents the majority of Aristo's land portfolio and shall include:


a.    Large sites suitable for the development of branded golf-integrated
Residential Resorts with up to 100,000 m2 of freehold residential real estate
per project, namely the 3 Venus Rock projects and the Eagle Pine project.

b.    Smaller sites suitable for the development of more exclusive residential
developments due to the site's attractiveness, views and beach access, to
include for example the Pissouri Panorama site and Magioko.


To maximise the returns on these developments and to seek to grow Aristo's NAV,
Dolphin intends to engage some of the world's most renowned master-planners,
architects, golf designers, operators and marketers and target the most affluent
part of the Northern European and Russian markets.


Other Residential Developments


Represents the remainder of Aristo's land portfolio and includes the mid-market
residential holiday home developments Aristo is well known for.


Aristo is the leading developer in the residential sector in Cyprus, having sold
3,000 units over the past 5 years. The average selling prices for the year ended
31 December 2006 was approximately €270,000 per unit and the estimated net
profit margin per unit was approximately 20%.


Dolphin intends to maximise the efficiency of this division and continue to sell
its existing developments to generate strong cash flows and profits. Dolphin
will be cautious with this part of the business, as it is believed that this
segment of the market is becoming very competitive in Cyprus - with a potential
slowdown expected over the medium to long term - and better margins can be
achieved for more upper-scale developments which are also more in line with
Dolphin's core strategy. Dolphin may also seek to sell developments to other
investors if this provides a suitable return.


Other Leisure Activities


This includes non-core projects such as the Super Aphrodite Waterpark in Paphos,
which generated sales in the year ended 31 December 2006 of approximately €3
million and is profitable, Skylark Insurance which is an insurance broker
providing insurance for purchasers of Aristo's residential developments, and
other small non-core assets.


Dolphin will consider a possible disposal of some or all of these assets and
reinvest the proceeds into the existing activities of Aristo.


Financial  Information


Aristo has grown significantly in recent years with turnover and net profit
growing by an annual rate of 29% and 38% respectively between 2005 and 2006.


The table below summarizes the total number of units sold for the period
2004-2006:
€m                                       2004                      2005                      2006
Number of Units Sold                      587                       517                       623
Average Selling Price per unit          173,250                   190,700                   266,500
(€)


Extracts of Aristo's published historical financial information for the
financial years 2004, 2006 and 2006 is presented below. The financial
information for the years ended 31 December 2004, 2005 and 2006 has been audited
by Stephanos Stephanou & Co.


PROFIT & LOSS ACCOUNT                                              Audited               Audited               Audited
(amounts in €)                                                   31-Dec-04             31-Dec-05             31-Dec-06
Sales                                                           82,919,143           101,599,984           136,961,862
Cost of Sales                                                 (45,528,695)          (57,623,151)          (78,655,680)

Gross Profit                                                    37,390,449            43,976,833            58,306,182
as a % of Sales                                                      45.1%                 43.3%                 42.6%

Other Income                                                       729,432               343,797               757,704
Selling & Administrative Expenses                             (16,408,283)          (19,198,072)          (25,318,584)

Operating Profit                                                21,711,597            25,122,558            33,745,302
as a % of Sales                                                      26.2%                 24.7%                 24.6%

Profit / (Loss) from Revaluation of Assets                      -(116,633)                     -                     -
Profit from Investment Activities                                        -               292,464               142,269
Financing Income                                                         -               808,055               790,406
Financing Expenses                                             (6,576,641)           (6,388,327)           (8,233,861)
Profit / (Loss) from sale of affiliated company                   (31,280)              (10,337)              (12,418)
Profit / (Loss) from Joint Ventures                              1,249,936             2,417,507             2,894,581

Earnings Before Tax                                             16,236,980            22,241,920            29,326,279
as a % of Sales                                                      19.6%                 21.9%                 21.4%

Corporate Tax                                                  (3,450,948)           (3,201,059)           (4,724,076)
Effective Tax Rate                                                   21.3%                 14.4%                 16.1%

Earnings After Tax                                              12,786,031            19,040,861            24,602,203
as a % of Sales                                                      15.4%                 18.7%                 18.0%




BALANCE SHEET                                                      Audited               Audited               Audited
(amounts in €)                                                   31-Dec-04             31-Dec-05             31-Dec-06
Fixed Assets                                                   136,651,115           135,157,926           135,105,415
Intangible Assets                                                        -               149,169               149,169
Investments in Joint Ventures                                    1,378,778                     -                     -
Investments in Affiliated Companies                              4,497,557             4,413,663             4,411,342
Total Fixed Assets                                             142,527,449           139,720,758           139,665,926

Inventory and Work in Progress                                 156,510,954           194,551,173           263,761,567
Investments                                                        310,357               371,220               406,557
Debtors and Prepayments                                          8,887,527             7,990,141            18,281,206
Receivables from affiliated companies                              133,508             1,794,749               232,964
Cash & Banks                                                       715,318               968,273             1,204,602

Total Current Assets                                           166,557,664           205,675,556           283,886,896

TOTAL ASSETS                                                   309,085,113           345,396,314           423,552,822

Share Capital                                                   44,991,540            44,424,145            44,424,145
Reserves                                                        77,793,204            40,746,278            47,198,107
Retained Earnings                                                        -            53,013,193            69,791,755
Minority Interest                                               14,038,444            13,994,846            15,939,325

Shareholders' Equity                                           136,823,188           152,178,462           177,353,332

Long-Term Debt                                                  42,949,491            70,693,207           107,554,921
Land Creditors                                                   9,772,414                     -                     -
Deferred Taxation                                                9,968,337             9,635,963            10,859,024

Long Term Liabilities                                           62,690,242            80,329,170           118,413,945

Creditors                                                       70,341,704            12,787,595            15,300,994
Short-Term Debt                                                 17,589,371            51,002,841            47,452,586
Short-Term Liabilities Payable                                  19,352,756            46,817,174            60,870,316
Amounts Payable to Affiliated Companies                                  -                     -               988,518
Tax & Duties Payable                                             2,287,853             2,281,072             3,173,131

Short Term Liabilities                                         109,571,684           112,888,682           127,785,545

TOTAL LIABILITIES & SHAREHOLDERS' EQUITY                       309,085,113           345,396,314           423,552,822






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