Holding(s) in Company

Dolphin Capital Investors Limited
25 April 2007

TR-1:               notification of major interests in shares

1. Identity of the issuer or the underlying issuer of existing        Dolphin Capital Investors Ltd
shares to which voting rights are attached:

2. Reason for the notification     (please tick the appropriate box or boxes)

An acquisition or disposal of voting rights                                                       x
An acquisition or disposal of financial instruments which may result in the acquisition of
shares already issued to which voting rights are attached
An event changing the breakdown of voting rights
Other (please specify):

3. Full name of person(s) subject to the notification            Royal Bank of Scotland plc as Trustee of
obligation:                                                      the Merrill Lynch UK Dynamic Fund

4. Full name of shareholder(s) (if different from 3.):

5. Date of the transaction (and date on which the threshold is               23rd April 2007
crossed or reached if different):

6. Date on which issuer notified:                                            24th April 2007

7. Threshold(s) that is/are crossed or reached:                             Gone from 8% to 7%

8. Notified details:

A: Voting rights attached to shares

Class/type of       Situation previous to the    Resulting situation after the triggering transaction
shares              Triggering transaction
                    Number of    Number of       Number of     Number of voting rights   % of voting rights
 if possible using  Shares       Voting Rights   shares
the ISIN CODE                                    Direct        Direct       Indirect     Direct   Indirect

VGG2803G1028        27,170,352   27,170,352      26,370,352    26,370,352   N/A          7.76%    N/A


B: Financial Instruments
Resulting situation after the triggering transaction
Type of financial    Expiration date Exercise/ Conversion      Number of voting rights    % of voting
instrument                           Period/ Date              that may be acquired if    rights
                                                               the instrument is
                                                               exercised/ converted.



Total (A+B)
Number of voting rights                            % of voting rights

26,370,352                                         7.76%



9. Chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively
held, if applicable:


Proxy Voting:
10. Name of the proxy holder:
11. Number of voting rights proxy holder will cease to hold:
12. Date on which proxy holder will cease to hold voting rights:


13. Additional information:
14. Contact name:
15. Contact telephone number:






ANNEX NOTIFICATION OF MAJOR INTERESTS IN SHARES
A: Identity of the person or legal entity subject to the notification obligation
Full name (including legal form for legal entities)        Royal Bank of Scotland plc as Trustee of the
                                                           Merrill Lynch UK Dynamic Fund
Contact address (registered office for legal entities)     33 King William Street, London, EC4R 9AS
Phone number                                               020 7743 2098
Other useful information (at least legal representative    Thomas Hone
for legal persons)



B:         Identity of the notifier, if applicable
Full name                                                  BlackRock, Inc
Contact address                                            33 King William Street, London, EC4R 9AS
Phone number                                               020 7743 2098
Other useful information (e.g. functional relationship     Thomas Hone
with the person or legal entity subject to the
notification obligation)



C:         Additional information





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