New Investment

Dolphin Capital Investors Limited
03 January 2007



For release  7.00am  3 January 2007



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

              €30 million commitment in Seascape Hills in Greece


Dolphin Capital Investors, a real estate investment company focused on the
Master-planned Residential Resort sector in Southeast Europe and managed by
Dolphin Capital Partners ('DCP'), is pleased to announce the signing of a new
investment in Seascape Hills, situated in the region of Argolida, Greece.

DCI is one of the largest real estate investment companies listed on AIM. It
focuses on early-stage, large scale leisure-integrated residential resorts
mainly in Greece, Cyprus, Croatia and Turkey. The Company's shares commenced
trading on AIM on 8 December 2005, having raised £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.

Highlights:

  • Seascape Hills ('Seascape' or the 'Project') represents DCI's sixth
    investment in Greece and is intended to become an exclusive villa community
    including a luxury 40-room Aman hotel integrated with 40 Aman villas and
    spa.

  • The Site is situated near Porto Heli and is only a 10-minute-drive away
    from Kilada Hills Golf Resort, probably the first golf-integrated
    residential resort expected to come to market in Greece. It will span over
    100 hectares of which approximately 50 hectares will be taken by the Aman
    Resort and the rest will serve as a land bank for additional phases.

  • DCI is committing a total of €30 million for a 99% shareholding in the
    Project company. The remaining shares are owned by a company controlled by
    Mark Potiriadis, the Project's development partner and Dolphin's existing
    development partner for both the Kilada Hills and Lavender Hills projects.


Said Miltos Kambourides, Managing Partner of DCP: 'Seascape Hills is expected to
be one of the most exclusive residential resorts in the Mediterranean region
and, following Kilada Hills Golf Resort, represents Dolphin's second investment
in the Argolida peninsula, a region of Greece which Dolphin considers of
strategic importance for its investment plans.'


Further Details:

Seascape Hills represents the acquisition of various land plots to create a
contiguous site in excess of 100 hectares, located near Porto Heli in the
Argolida peninsula of the Peloponnese. The site is situated approximately 180 km
from Athens International Airport and is accessible both by car and ferry
transfer within two hours. Nestled within the highest hills of the wider Porto
Heli area, an established second-home holiday destination for affluent Greeks,
the site offers almost 360o panoramic sea views and a serene environment, ideal
for an exclusive, private getaway.

The Project's exclusivity will be further established by a luxury hotel and spa.
Dolphin is in advanced discussions with Aman hotels to develop a 40-room Aman
hotel integrated with 40 Aman villas and spa on approximately 50 hectares of
land. The remaining land will be kept as a short-term land-bank expected to
benefit from significant capital appreciation.

The Project will further benefit from the extended range of facilities to be
offered by Kilada Hills Golf Resort which is visible and easily accessible from
the Site. The two projects also share the same development partner, namely Mark
Potiriades and his team.

DCI is committing €30 million to acquire the site and fund the design and
permitting process which is expected to conclude by the end of 2008. To date,
approximately 57 hectares have been acquired or optioned and the acquisition of
the remaining land is expected to be completed in the first quarter of 2007.


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

Adventis Financial PR

Annie Evangeli     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. For every
development, DCP partners with an international and sophisticated network of
operators, designers, master-planners, marketing agents and financial
institutions.


Dolphin Capital Investors

In addition to Seascape Hills, DCI has closed investments in six other projects,
namely Kilada Hills Golf Resort, Scorpio Bay Resort, Apollo Heights Polo Resort,
Amanmila Resort, Lavender Hills Golf Resort and Sitia Bay Golf Resort,
committing a total of €199 million in one year since its Admission to AIM in
December 2005.

DCI's investment objective is to provide shareholders with strong capital growth
combined with a low risk profile through investing in early-stage sophisticated
leisure-integrated resort developments in South East Europe (principally Greece,
Cyprus, Croatia and Turkey) in partnership with leading developers and
operators.




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