3rd Quarter Results

Dolphin Capital Investors Limited
05 December 2007



                       DOLPHIN CAPITAL INVESTORS LIMITED


                  Q3 2007 NAV Announcement and Trading Update


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, is pleased to announce its trading
update for the period ending 30 November 2007 and a significant uplift in its Q3
2007 Net Asset Value ('NAV').


Highlights:


  • NAV per share at 30 September 2007 (fully diluted, before deferred income
    tax liabilities, 'DITL') at 185p, representing an 11% uplift from 30 June
    2007 and a 68% uplift from 31 December 2006. For the purposes of the 30
    September NAV the Aristo portfolio was revalued while the rest of the DCI
    assets were valued as of 30 June 2007.

  • Continued progress with the Company's acquisition strategy during and
    after Q3 2007 through:

      • The investment in Plaka Bay Resort ('Plaka Bay'), the Company's second
        major project on the island of Crete

      • Completion of the first two investments in southern Turkey (Port Kundu
        and LaVanta), in partnership with pioneering developer Kemer Group

      • Execution of Dolphin's tenth major project in Greece through the
        purchase of a 72-hectare beachfront site on the Greek island of Tzia

      • Ongoing expansion of Dolphin's landholdings at existing projects

  • Permitting progress across the portfolio with notable milestone
    achievements at Lavender Bay Golf Resort ('Lavender Bay'), Venus Rock Golf
    Resort ('Venus Rock') and Eagle Pine Golf Resort ('Eagle Pine')

  • Increased total unit sales volume and turnover for Aristo (increased by 9%
    and 7% respectively for the 11-month period ending 30 November 2007 and
    comparable 2006), despite the current difficulties in the UK housing market
    and the withdrawal from pre-sales of Aristo's major projects for the purpose
    of redesign

  • On track to be fully committed before the end of H1 2008. Invested and
    committed funds as at 30 September were €408 million and €584 million
    respectively. Corresponding figures as at 30 November  were €432 million and
    €648 million respectively, leaving €190 million of uncommitted funds

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

'Since 30 June, the Company has continued to make significant progress with the
design and permitting of existing projects and the expansion of its portfolio of
assets in Greece, Cyprus and Turkey. As projects start to reach permitting
milestones and the market value of sea-front land in the targeted regions rises,
we are confident that Dolphin is positioned to continue to deliver strong NAV
growth and generate value for its shareholders. As such, we believe that its
prospects are clearly differentiated from the current difficulties in other
mature real estate markets.'



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

Grant Thornton Corporate Finance                         [phone]
Philip Secrett
Fiona Kindness



Net Asset Value

The reported NAV for Q3 2007 is presented below:
                                                            €          £        Uplift      Uplift        Uplift
                                                                                 since       since         since
                                                                             Admission   31 Dec 06    30 June 07
Total NAV Before DITL (millions)                        1,402        978            na          na            na
Total NAV After DITL (millions)                         1,239        864            na          na            na
NAV per Diluted Share Before DITL                        2.66       1.85          185%         68%           11%
NAV per Diluted Share After DITL                         2.35       1.64          152%         62%            9%


Note: NAV is fully diluted for warrants granted to the Investment Manager (pro
forma number of warrants: 10.3 million).


Dolphin's real estate portfolio was valued as at 30 September by the independent
valuers Colliers International. The 30 September 2007 reported NAV is based on:

      • the 30 June 2007 valuation of all real estate assets of the Company,
        amended to reflect additional land acquisitions. Over the course of the
        third quarter of 2007 additional land was purchased in Kilada Hills Golf
        Resort ('Kilada Hills'), Seascape Hills Resort ('Seascape Hills'), Sitia
        Bay Golf Resort ('Sitia Bay'), Livka Bay Resort ('Livka Bay') and within
        the Aristo portfolio;

      • the valuation of the new investment in Plaka Bay; and

      • a revaluation of all of Aristo's assets so as to more accurately
        reflect the current market value of the Aristo portfolio, driven by (i)
        an increased availability of relevant market comparables and (ii) zoning
        and permitting progress with respect to some of Aristo's largest assets,
        namely Venus Rock and Eagle Pine.


Dolphin's NAV is based on land values which the Investment Manager believes have
strong upward momentum as they do not take into account any value derived from:

      • future permits;

      • operating cash-flows or sales;

      • high-quality design and branding; and

      • subsidies or grants even in the event they have been awarded.


In addition, the Company's solid business fundamentals remain unchanged as
further summarized below:

      • undersupply of high-end product in a region with high barriers to
        entry;

      • favourable demographic and mobility patterns;

      • increasing spending power from the strong local target markets and
        upcoming sources of demand such as Russia and the Middle-East;
      • a debt-free land portfolio and low levels of financing on the
        construction portfolio of Aristo;

      • reduced risk by adopting the 'pre-sell and build' approach; and

      • strong cash balance of c. €427 million as of 30 September 2007.


Trading Update


Quarter ended 30 September 2007


In the three months ending 30 September 2007, Dolphin made continued progress in
its investment and development activities, with the Company investing and
committing €29 million and €66 million respectively. Notable achievements
include the following:

(1)     Acquisition of a 60% shareholding in Plaka Bay, the Company's second
investment on the island of Crete, Greece, by committing a total of €26 million.
The 430-hectare site is being designed as a sea-front, master-planned
leisure-integrated resort incorporating a residential development of over
100,000 buildable m2.  The site lies in close proximity to Dolphin's Sitia Bay.

(2)     The acquisition of further land within existing project boundaries, as
well as in the immediate surrounding areas. During the reporting period, the
Company allocated an additional €20 million each to Kilada Hills and Seascape
Hills (over and above the current commitment of €65 million and €30 million
respectively), with the intention of expanding the land available for
development. Since 30 June, close to 122,000m2 have been acquired in Kilada
Hills, and 178,000m2 near Seascape Hills, including c.130,000m2 of beachfront to
accommodate an Aman beach-club.

(3)     Aristo, Dolphin's largest subsidiary and the largest holiday home
developer in the region, has continued its strong performance. Total unit sales
for the 9-month period to end of September 2007 were 524, approximately 17%
higher than for the same period in 2006, with corresponding revenues up 16%, at
€137 million. Gross reported turnover and net profit (under IFRS) for the same
period were €91 million and €16 million respectively. This is despite a relative
slowdown in Q3 primarily attributed to reduced sales from the UK market as a
result of difficult credit markets and the withdrawal from pre-sales of Aristo's
major projects in order to redesign them so to maximize future selling prices.

(4)     Aristo's continued acquisition of prime land in strategic locations
principally around the Paphos and Limassol areas in Cyprus, funded by the €85
million debt facility secured in late August.


Post 30 September 2007

In the post Q3 period, Dolphin made further strides both in terms of land
acquisition and in the permitting process for existing projects, with the
Company investing and committing €24 million and €65 million respectively.
Achievements of note include:

(5)  Completion of the first foray in the Turkish holiday home market in
partnership with the pioneering Kemer Group. Port Kundu and LaVanta represent
the first two in a series of investments the Company is intending to make in
southern Turkey. Port Kundu, a 25-hectare zoned site near Belek area, is already
being designed as a waterfront residential community where most of the 453-units
are connected through water canals. LaVanta, an 8-hectare site near Kalkan, is a
hill-top residential community comprising close to 200 villas and townhouses
overlooking the Aegean Sea. Dolphin holds an 80% stake in Port Kundu and 60% in
LaVanta and has committed €28.6 million to these two projects and an additional
€21.4 million to the partnership's pipeline.

(6)  The acquisition of the Company's tenth major project in Greece through an
€11 million purchase of a   c. 72-hectare site on the island of Tzia, one of the
biggest islands of the Cyclades, only 25 nautical miles from Lavrio harbour,
which is a 15-minute drive from Athens International airport. The Company is
committing €15 million of capital to this project which benefits from a
spectacular sandy beach.

(7)  Significant permitting and development progress with regards to Lavender
Bay in Greece. The project recently received a governmental certificate for a
38-hectare portion of the site, which subject to the approval of final
construction plans, will allow the Company to build up to 90,000m2 of freehold
residential real estate in addition to the resort permits that were originally
envisioned and which are underway. The prospect of Lavender Bay hosting the golf
competition of the 2013 Mediterranean Games that was awarded on 27 October 2007
to the nearby cities of Volos and Larissa, has also given a significant boost to
the Lavender Bay project and brought it further into the spotlight.

(8) Both Seascape Hills and the new designs of Kilada Hills were granted
approval of their respective preliminary environmental impact study. This
represents an important intermediate milestone within the permitting process.
Project expansion continues with additional land acquisition on both projects.

(9)  The water applications for the major golf projects of Aristo, namely Venus
Rock and Eagle Pine, were approved, one of the key final approvals before
construction permits are typically granted.

(10) Total Aristo unit sales for the 11-month period to end of November 2007
were 619, approximately 9% higher than in 2006, with corresponding sales value
up 7% over 2006, at €160 million. 2007 Aristo sales are expected to surpass
those of 2006 despite the relative slowdown in the second half of the year
primarily attributed to reduced sales from the UK market, in the wake of the
difficult credit markets, and the withdrawal from pre-sales of Aristo's major
projects for the purpose of redesign.


The following table summarises Dolphin's key projects and levels of commitment
and investment, as at 30 November 2007.


                               Land site            Dolphin            Dolphin          Dolphin
                              (hectares)          (% stake)         investment       commitment
                                                                   30 Nov 2007      30 Nov 2007        
                                                                          (€m)             (€m)
Greece
Kilada Hills                         250                 89                 66               85
Seascape Hills                        89                 99                 32               50
Lavender Bay                         294                 96                 13               46
Scorpio Bay                          172                100                 10               16
Amanmila                             200            25 - 50                  1                5
Sitia Bay                            250                 77                 12               24
Rebranded Hotels                       1                100                  1               30
Plaka Bay                            430                 60                  7               26
Tsilivi - Aristo                      11                 85                  3                3
Douneika - Aristo                     27                 85                  1                1
Other - Aristo                         3                 85                  1                1
    Tzia                              72                100                 11               15
Cyprus
Apollo Heights                       460                100                 17               21
Venus Rock - Aristo                1,000                 85                 84               84
Eagle Pine - Aristo                  301                 85                 16               16
Magioko - Aristo                      11                 85                  7                7
Other - Aristo                       541                 85                135              135
Croatia
Livka Bay                             59                 90                 10               35
Turkey
Kundu                                  4                 80                  6               23
    LaVanta                            8                 60                 na                5
    Partnership Pipeline              na                 na                 na               21

TOTAL                              4,177                                   432              648



Outlook


The Investment Manager believes that, in addition to the achievements described
above and progress in the existing portfolio, significant NAV growth can be
expected from the following key developments achieved post 30 September 2007:

      • After 30 September 2007, considerable progress has been made on a
        number of projects with respect to master-planning, design and
        permitting. As a result, the Investment Manager believes that final
        construction permits for the first phases of Dolphin's major
        leisure-integrated projects in Greece should be expected in 2008, which
        is earlier than the typical European resort development timelines given
        that land acquisition activities only began in 2006.

      • The recent water supply approvals of the major Aristo golf-integrated
        projects of Venus Rock and Eagle Pine are expected to fast-track the
        process of obtaining construction permits. In addition, the value of
        Venus Rock is expected to be significantly enhanced from imminent
        improvements to its current zoning status.

      • Notable progress was also made in partnering some of Dolphin's
        attractive coastal sites with some of the world's most renowned luxury
        hotel operators. The Company has agreed terms and is close to signing
        final hotel management agreements with such operators for Lavender Bay,
        Sitia Bay and Scorpio Bay Resort and expects to announce these
        developments in the coming months.

      • Aristo has received compelling offers for the sale of certain assets
        in its portfolio. Some of these early exit opportunities are being
        considered.

      • With approximately €190 million of uncommitted funds as of the end of
        November 2007, the Investment Manager is confident in being able to
        commit the remaining capital before the end of H1 2008.


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 a further £303 million
(€450 million) in a follow-on issuance priced at 170p per common share.


Dolphin has to date invested €432 million and committed €648 million to various
projects in Greece, Cyprus, Croatia and Turkey. Dolphin is also the 85% owner of
Aristo, 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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