Trading Update

Dolphin Capital Investors Limited
30 January 2008




                       DOLPHIN CAPITAL INVESTORS LIMITED


                Notice of Annual 2007 Results and Trading Update


(LONDON, 30 January 2008) - Dolphin Capital Investors Limited ('Dolphin' or the
'Company'), the leading investor in the residential resort sector in south-east
Europe and the largest real estate investment company listed on AIM, will be
announcing its results for the year ended 31 December 2007 on 18 March 2008.

Furthermore, the Company is pleased to report three recent transactions which
are expected to enhance the Company's Net Asset Value ('NAV'):


(i)     Venus Rock Minority Buy-out

Dolphin Capital Atlantis ('DCA'), the holding company of Aristo Developers Plc
('Aristo'), has successfully acquired a 13% minority stake in Venus Rock, the
Company's largest development. Dolphin has paid a total of €9 million to acquire
the minority shareholding, which brings DCA's total shareholding in the project
to 99%. The acquisition, the valuation of which was agreed upon a few years ago,
comes at a discount to the project's last reported Dolphin NAV as at 30
September 2007 which in combination with the project's favourable zoning
amendments announced in early January 2008, is expected to generate considerable
NAV uplift.


(ii)    Kilada Hills, Seascape Hills and Lavender Bay Minority Buy-outs

Dolphin has bought out the single minority partner in each of its Kilada Hills,
Seascape Hills and Lavender Bay holdings, again at a discount to the last
reported Company NAV. The acquisitions of the 10%, 1% and 3% shareholdings
respectively, for a total consideration of €11 million, are also expected to be
accretive for the 31 December 2007 NAV figures.



(iii)   A&A Super Aphrodite Waterpark Asset Disposal

Dolphin is pleased to announce the divestment of one of Aristo's non-core
assets, through the sale of the company's 60% stake in A&A Super Aphrodite
Waterpark (the 'Waterpark') for a net cash consideration received by DCA  of €5
million. The transaction was executed on the basis of an enterprise value for
the Waterpark of €14 million. This compares favourably with the last reported
enterprise value based on Colliers' valuation of €2.8 million and the allocated
acquisition value of €1.3 million, in turn representing profit multiples of 5x
and 11x respectively, and resulting in a relevant uplift in the Q1 2008 NAV
figures.



Miltos Kambourides, Managing Partner of Dolphin Capital Partners Limited,
commented:



'Dolphin aims to continue to enhance shareholder value by expanding or
consolidating its ownership in core projects at attractive terms and by
divesting maturing or non-core assets.'




For further information, please contact:


Dolphin Capital Investors

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

Grant Thornton Corporate Finance                      Tel: [phone]
(Nominated Adviser)
Philip Secrett/ Fiona Kindness


Panmure Gordon                                        Tel: [phone]
(Broker)
Richard Gray / Dominic Morley / Andrew Potts


Financial Dynamics, London                            Tel: [phone]
(Public Relations)
Stephanie Highett
Nicole Marino



Notes to Editors


Dolphin Capital Investors

Dolphin, 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 south-east Europe in partnership with world
leading designers and operators. Dolphin'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, Dolphin raised an additional £303
million (€450 million) in a follow-on issuance priced at 170p per common share.

Dolphin has to date invested approximately €443 million and committed
approximately €670 million to various projects in Greece, Cyprus, Croatia,
Turkey and the Dominican Republic. Dolphin is also 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 through 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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