New Investment

Dolphin Capital Investors Limited
01 August 2006


For immediate release                                              1 August 2006



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

        €15.5 million commitment in Lavender Hills Golf Resort 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 Lavender Hills Golf Resort to be situated in Thessalia, Greece.

DCI is one of the largest foreign real estate investors currently dedicated to
Greece, Cyprus, Turkey and Croatia. The Company's shares commenced trading on
AIM on 8 December 2005, having raised £70.7 million (€104 million) to invest in
the target region.

Highlights:

  • Lavender Hills Golf Resort represents DCI's fourth investment in Greece -
    following investments in the Amanmila Resort, Scorpio Bay Resort and the
    Kilada Hills Golf Resort. The resort will combine residential units, a
    luxury hotel, an 18-hole golf course, country & golf club and other leisure
    facilities.

  • The 292 hectares site has a 2km beach front and is surrounded by forest.
    It is situated in the region of Thessalia, at the mouth of Pagasitikos Gulf,
    approximately half-way between Athens and Thessaloniki.

  • DCI is committing a total of €15.5 million for an 85% shareholding in the
    project company. The remaining shares are owned by a company controlled by
    Mark Potiriadis, Dolphin's development partner in Kilada Hills Golf Resort.

  • With this new project, and including the four previously announced
    projects (three in Greece and one in Cyprus), the Company has in aggregate
    committed €90.7 million of the funds raised at the time of its December 2005
    AIM admission.

Said Pierre Charalambides, Partner of DCP: 'Lavender Hills Golf Resort will be
developed in a magnificent 292 hectares landscape of undulating hills fronted by
sandy beaches and surrounded by olive groves and forest. It has all the
prerequisites to become a leading golf-integrated residential resort in Greece.
With this new investment, DCI has thus far almost fully committed the funds
raised in its December 2005 admission to AIM, well-ahead of its investment 
plan.'

Further Details:

Lavender Hills Golf Resort is being designed as a sea-front master-planned,
leisure integrated residential resort aiming for more than 400 residential
units, a luxury hotel, an 18-hole golf course, country & golf club and other
leisure facilities.

The 292-hectare site is situated on a secluded peninsula of unspoilt natural
beauty with undulating hills overlooking a sandy beach and surrounded by olive
groves and forest. The site is within three hours' drive from Athens
International Airport and two hours' drive from Thessaloniki International
Airport.  Further access to the development is provided by a small private-jet
airport in New Aghialos, 10 miles away, and through the port of Volos, one of
the main ports of Greece.

Lavender Hills Golf Resort is anticipated to become a leading golf resort in
Greece, not least because of its prime location within the prefecture of
Thessalia, currently bidding to host the 2013 Mediterranean Games, where golf is
expected to make its debut appearance in the competition.

The local partner of DCI in this new development is Mark Potiriadis who is also
DCI's partner in Kilada Hills Golf Resort, the Company's biggest and most
advanced project to date.

The planning process has been initiated and is expected to take approximately 24
months.

The site is being acquired from the Church of Greece. Out of the 292 hectares of
the site, 41 hectares are freehold and 251 hectares are leased for 99 years.
Dolphin has agreed to pay its commitment in stages subject to permits being in
place within the next 5 years. Only €2 million out of Dolphin's €15.5 million
commitment will be paid upfront. An additional €2 million will be allocated to
progress the Resort's design and permit process.

DCI's total commitment of €15.5 million for the 85% stake in the Lavender Hills
Golf Resort investment will cover the cost of the freehold land, the leasehold
payments for the first 5 years, the permit and design expenses and all related
closing costs.

The investment in the Lavender Hills Golf Resort represents the closing of DCI's
first investment outside of the six projects presented in the Prospective
Investment Portfolio section of Dolphin's December 2005 Admission Document.


For further information, please contact:

Dolphin Capital Partners Limited                       Tel: [phone]
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                                  Tel: [phone]
Annie Evangeli                                         Tel: [phone]
Peter Binns                                            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. DCP is using in
every development an international and sophisticated network of operators,
designers, master-planners, marketing agents and financial institutions.


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