Q3 NAV and Trading Update

Dolphin Capital Investors Limited
13 November 2006

For release                                 13 November 2006



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

                           Q3 NAV and Trading Update

Dolphin Capital Investors Limited, the real estate investment company focused on
the residential resort sector in Southeast Europe and managed by Dolphin Capital
Partners Limited, is pleased to announce a further uplift in its unaudited Net
Asset Value ('NAV') and further investments in three existing projects, two in
Greece and one in Cyprus.


Highlights

  • Unaudited NAV per share as of 30 September 2006 stated both before and
    after Deferred Income Tax Liabilities ('DITL') at 122p and 103p respectively
    (excluding the new share issuance of October 2006).

  • 16% uplift over the 30 June 2006 NAV per share before DITL (13% after
    DITL).

  • NAV figures are based on the 30 June 2006 Colliers International property
    valuation and on the valuation of new investments executed during Q3 2006;
    specifically additional land acquisitions at Kilada Hills Golf Resort and
    the leasehold part of Lavender Hills Golf Resort.

  • Since the end of Q3 2006, DCI:

      • completed a secondary placing of €300m (£202.7m), becoming the second
        largest AIM-listed property fund by market capitalization;

      • acquired the minority stake of 41% in Apollo Heights Polo Resort in
        Cyprus for a consideration of €4 million and now owns 100% of the
        project;

      • signed a pre-contract to convert part of the leasehold land of
        Lavender Hills Golf Resort in Greece into freehold and in addition
        acquire adjacent land to the existing site by committing an additional
        amount of €30.5 million;

      • committed €20 million to Kilada Hills Golf Resort to acquire
        additional land and expand the permit applications.


Said Miltos Kambourides, Managing Partner, Dolphin Capital Partners: 'We are
pleased that the acquisitions executed in Q3 2006 contributed positively to the
Company's NAV. After the successful secondary placing in early Q4 2006, the
Company is rapidly implementing its investment strategy by enhancing its
existing projects and entering into new investments that we expect to be able to
announce shortly.'

Further Details

The Company's first reported NAV (unaudited) was calculated as of 30 June 2006.
Colliers International undertook a valuation of the acquired sites, namely
Kilada Hills Golf Resort and Scorpio Bay Resort in Greece and Apollo Heights
Polo Resort in Cyprus. Assuming a 100% ownership basis, these investments and
trading properties were valued at €184.4 million.

Over the course of the third quarter, Colliers International recorded an
approximate €40.0 million increase in the overall fair market value of the
Company's investments and trading properties to a total of €224.3 million.
Valuations as at 30 September 2006 were conducted only for additional land
acquired for Kilada Hills Golf Resort and for the leasehold part of Lavender
Hills Golf Resort.

After deducting minority interests, the Company's real estate assets were €174.8
million versus €138.8 million as of 30 June 2006. Accordingly, DCI's NAV as of
30 September 2006 (calculated under IFRS by adding the cash balance and any
other assets less all remaining liabilities) totaled €218.1 million before DITL
and €184.4 million after DITL. This compares to the respective NAV figures as of
30 June 2006 of €188.1 million before DITL and €163.0 million after DITL.

The NAV per Common Share as at 30 September 2006 was calculated after dividing
the above mentioned NAVs by 121.5 million of common shares in issue as of 30
September 2006 which resulted to an NAV per share of 122p (€1.80) before DITL
and 103p (€1.52) after DITL. The number of outstanding shares as of 30 September
2006 includes the 109 million of common shares admitted to trading in December
2005 and the 12.5 million new common shares awarded by the Founding Shareholder
Warrants pursuant to the uplift in the value of DCI's investment portfolio as of
30 June 2006.


                                 30 Sept 2006 *      30 June 2006 *       Uplift

Total NAV Before DITL (millions)     218.1               188.1             16%

Total NAV After DITL (millions)      184.4               163.0             13%

NAV/Share before DITL ** (Euros)     €1.80               €1.55             16%

NAV/Share before DITL** (Sterling)    122p                107p             14%

NAV/Share after DITL** (Euros)       €1.52               €1.34             13%

NAV/Share after DITL ** (Sterling)    103p                 93p             11%

* GBP/Euro exchange rate as of 30 September 2006 of 0. 6775; as of 30 June 2006
0.692

** Number of shares 121.5m (excludes new share issuance on 4 October 2006)




Post Q3 events

Capital Increase


On 4 October 2006, DCI became the second largest AIM-listed property fund by
market capitalisation after a successful €300 million (£202.7 million) placing
of new shares. DCI is now in the process of deploying the new capital raised by
enhancing its existing investments and executing its pipeline of new projects in
the Southeast European region.


Apollo Heights Polo Resort

DCI completed a successful buy-out of the minority shareholders in Apollo
Heights Polo Resort, the development of a premier master-planned polo-integrated
residential resort on a 460-hectare site situated near the cities of Paphos and
Limassol, Cyprus.

The buy-out of the 41% minority stake was completed by paying a consideration of
€4 million, which represents a deep discount to the site's market value and
which is expected to enhance the Company's NAV. Following this transaction, DCI
has obtained 100% ownership of Apollo Heights Polo Resort and is now in a more
flexible position to explore strategic partnerships with large developers and
investors to further improve the Project's profit potential.


Lavender Hills Golf Resort

DCI successfully renegotiated and expanded its commitment to Lavender Hills Golf
Resort, the development of a sea-front master-planned leisure integrated
residential resort located on the east shoreline of central Greece.

As per the Company's announcement dated 1 August 2006, DCI had originally
committed a total of €15.5 million in return for an 85% stake in the Project
which was to be developed over a 292-hectare site.

DCI's new commitment amounts to a total of €46 million, representing an
additional commitment of €30.5 million over and above the original €15.5
million. The additional funds are intended to cover the conversion of part of
the leasehold land into freehold, the acquisition of adjacent land to the
existing site and the expansion of the permit applications. This will further
increase the Project's development potential.

Gary Player Design has been appointed to design a signature championship golf
course and the Company is in final discussions with leading resort operators for
the management of the resort. DCI intends to disclose further details on this
Project expansion in its forthcoming annual report.


Kilada Hills Golf Resort

DCI has committed and is in the process of investing an additional €20 million
to expand the proposed development area of Kilada Hills Golf Resort, which is
expected to become one of Greece's first golf-integrated residential resorts.
The total investment thus far has been €45 million and the current size of the
site is 202 hectares.

Jack Nicklaus has been appointed to design a Signature Golf Course and the
Company is in final discussions with a leading resort operator for the
management of the resort. Further details will be disclosed in the Company's
forthcoming annual report.



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

Annie Evangeli                                       Tel: [phone]

Peter Binns                                          Tel: [phone]




Notes to Editors

Dolphin Capital Investors Limited

Dolphin Capital Investors Limited was founded in the summer of 2005 with €5
million of seed capital from Dolphin Capital Partners Limited, the Investment
Manager, and other investors including Fortress Investment Group. In December
2005, the Company floated on AIM of the London Stock Exchange, successfully
placing 104 million new ordinary shares at 68 pence per share and raising
approximately £70.7 million or €104 million before expenses. DCI has since grown
to become the second largest AIM-listed real estate investment company by market
capitalisation after a successful £202.7 million or €300 million follow-on
offering at a price of 93 pence per share in October 2006.

Since its admission to trading on AIM, DCI has committed the funds raised at its
IPO ahead of its original plans and has significantly grown its NAV. DCI is now
set to continue its rate of growth by investing the new capital raised in a
pipeline of attractive opportunities.

Dolphin Capital Partners Limited

Dolphin Capital Partners Limited ('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 employs world leading brands from an international and
sophisticated network of operators, designers, master-planners, and marketing
agents.

Q3 Valuation

In line with the Company's NAV reporting guidelines as stated in the news
announcement issued by the Company on 4 October 2006, revised quarterly
valuations have not been undertaken for the existing investments and trading
properties as of 30 June 2006. The basis of DCI's third quarter NAV is instead
based primarily on the:

 i. half yearly valuations of the existing projects, amended only to the extent
    there has been additional land acquisitions, as has been the case with
    Kilada Hills Golf Resort; and

ii. the valuation of any new investment signed post the half-year end, as has
    been undertaken for Lavender Hills Golf Resort.


                      This information is provided by RNS
            The company news service from the London Stock Exchange