COMPANY PRESENTATION

www.dolphinci.com September 2012

DOLPHIN OVERVIEW AND STRATEGY

Executive Summary Dolphin at a Glance Our Track Record Since the IPO Proposed Placement of New Shares Our Projects Dolphin Partners Aristo Major Shareholders Dolphin Team Financial Highlights Balance Sheet as of 30 June 2012

03 04 05 06 07 08 09 10 11 12 13

Current Dolphin Trading Discount

Four Advanced Projects Overview Potential Cash Generation of the Dolphin Portfolio Potential Cash Generation by the Advanced Projects Potential Cash Generation by the remaining portfolio Dolphins Strategic Focus for 2012 - 2013 Attractiveness of Investing in Dolphin
Amanzoe Beach Club at Porto Heli

14
15 16 17 18 19 20

Dolphin Capital Investors Limited: September 2012

Executive Summary
Dolphin is a leading global investor in the luxury residential resort sector with current plans for 21 hotels, 8 golf courses, 5 marinas and over 10,000 residential situated on a unique coastal land portfolio of 59 kilometers of beachfront in 6 countries in Southeast Europe, the Caribbean and Latin America Dolphin owns 49.8% of Aristo Developers, Cyprus largest holiday home developer and private landowner, with more than 25 years of experience Dolphin is one of the largest private owners of developable seafront land in Greece and Cyprus and one of the leading investors and developers of large-scale residential resorts in emerging markets Four of the 14 major projects in Dolphins portfolio are already under construction (Advanced Projects), three of them are achieving sales and one of them is currently operating. The construction of three of them is fully funded while for Playa Grande (Dominican Republic) some additional equity is required. The Company is closely held with c. 15% of the stock owned by the Company Managers, while another 63% is owned by 6 institutional investors including BlackRock, Scottish Widows, Fortress and F&C .

Dolphin currently trades at an 78% discount to Net Asset Value and 69% to original cost of investment* and this represents a unique investment opportunity with significant upside.
Dolphin has no direct bank debt at the Company level and a low overall debt to total asset value ratio of 15% . The completion of the first phases of the four Advanced Projects is expected to unlock over 530 m of cash returns in the next 5-6 years and will spearhead the development of Dolphins remaining portfolio . Dolphins portfolio has the potential for a cash return of c.4.2 billion over the coming 12 years against a current market cap of c. 161 million*.

*Based on 30 June 2012 figures, and adjusted for the pro-forma outstanding shares following the 50 million placement

Dolphin Capital Investors Limited: September 2012

Dolphin at a Glance

Dolphin is a leading global investor in the residential resort sector in emerging markets and one of the largest real estate investment companies quoted on AIM in terms of net assets, with a Net Asset Value of 683* million BDITL

63 million m2
LAND UNDER DEVELOPMENT

14 major projects
LARGE-SCALE LEISURE-INTEGRATED RESIDENTIAL RESORTS

60+ smaller projects

SMALLER HOLIDAY HOME OR RESIDENTIAL DEVELOPMETNS

10,000+
RESIDENTIAL UNITS CAPACITY

5 marinas
UNDER PLANNING (2 PERMITTED)

8 golf courses
UNDER PLANNING (5 PERMIITED, 2 CURRENTLY OPERATING)

21 hotels
UNDER PLANNING (12 PERMITTED, 1 UNDER CONSTRUCTION)

59 kilometres
DIRECT COASTLINE

Pearl Island

*amounts include the 49.8% DITL of Aristo as at 30 June 2012

Dolphin Capital Investors Limited: September 2012

Our Track Record Since the IPO in December 2005

Rapid capital deployment and significant value creation while adhering to stringent risk management criteria.
Raised a total of 898 million. Average capital raising price per share of 1.35 vs. 30 June 2012 NAV per share of 1.56 (before DITL)* Invested approximately 790 million to acquire one of the largest seafront developable land portfolios in eastern Mediterranean, Caribbean and Central America Acquired 100% ownership of Aristo, the largest development company and private real estate owner in Cyprus, which was listed on the Cyprus Stock Exchange, in a pioneering Public-to-Private transaction Generated over 468 million of sales, which have been executed at a premium to NAV Placed a 5-year convertible bond of US$40 million to progress the development of Playa Grande, Pearl Island and other projects Achieved preliminary or final zoning for 12 out of 14 major projects and for almost the entire Aristo land portfolio Created a unique coastal land portfolio with 59 km of beachfront in 6 countries with current plans for 21 hotels, 8 golf courses, 5 marinas and over 10,000 residential units Executed the Aristo Exchange, a 375 million transaction concluded at NAV, whereby Dolphin exchanged 50.25% of its shareholding in Aristo against a 34.14% stake in Dolphin which was held by the Aristo CEO Executing a 50 million, fully underwritten placement of new shares to be issued within October 2012
*Amounts include the 49.8% DITL of Aristo as at 30 June 2012 Dolphin Capital Investors Limited: September 2012 EXECUTED

468 m
OF SALES SINCE IPO

Proposed Placement of New Shares

50 million at 0.195 per share
45 million underwritten by funds managed by Third Point LLC (Third Point) and 5 million by the Investment Manager Ensures execution of development programme over the next two years:

The construction of the first phase of Playa Grande which includes a 30-room Aman Hotel, an Aman Beach Club, a new Golf Club House, fitness, spa and tennis facilities, 38 Aman villas and the renovation of the existing, legendary Robert Trent Jones Senior Golf Course based on new designs by his son, Rees Jones, The co-development of the Ritz Carlton Reserve phase of Pearl Island, The co-development of the Nikki Beach in a joint venture with the Swiss Development Group, and

The progression of the permitting and designing process for the Companys other Major Projects to bring them to Advanced Project status and improve their potential to generate returns for the Company.

Strategic benefits:

Cover the Companys development and operational needs for the coming two years and enable Dolphin to unlock significant potential returns, Conclude definitively that Dolphin has weathered the storm and is fully funded, which represents the major reason for the currently depressed share price, Provide a stronger negotiating position to achieve better deals with project investors, joint venture partners, financiers, construction companies, suppliers, and unit buyers. This would enable Dolphin to continue to build on its current strong momentum of sales and joint venture transactions from a position of strength.

Dolphin Capital Investors Limited: September 2012

Our Projects
Major Projects
Greece 1 % size 3,470,000 m2 2,800,000 m2 650,000 1,717,000 m2 3,100,000 m2 4,400,000 m2 110,000 m2 m2
Project Locations in the Americas Project Locations in the Eastern Mediterranean

The Porto Heli Collection 100% 78% 67% 100% 100% 60% 100%

2 Sitia Bay Golf Resort 3 Kea Resort 4 Scorpio Bay Resort 5 Lavender Bay Resort 6 Plaka Bay Resort 7 Triopetra Cyprus 8 Venus Rock Golf Resort 9 Eagle Pine Golf Resort 10 Apollo Heights Croatia 11 Livka Bay Resort Turkey

14
LARGE-SCALE DEVELOPMENT PROJECTS IN GREECE CYPRUS CROATIA, TURKEY, THE DOMINICAN REPUBLIC AND PANAMA

49.8% 10,000,000 m2 49.8% 100% 100% 3,190,000 m2 4,610,000 m2 630,000 m2

12 Mediterra Resorts Dominican Republic 13 Playa Grande Panama 14 Pearl Island Other projects Cyprus Aristo Hellas
Total

100%
99% 60% 49.8% 100%

120,000 m2
9,500,000 m2 14,440,000 m2 4,000,000 m2 250,000 m2 62,295,000 m2
Dolphin Capital Investors Limited: September 2012

Dolphin Partners
Operators and designers currently in place Operators currently in discussions

www.ritzcarlton.com www.amanresorts.com www.ghmhotels.com www.nikkibeach.com www.kempinski.com

www.bulgarihotels.com www.waldorfastoria.hilton.com www.oberoihotels.com www.nicklaus.com www.tonyjacklin.com

www.fourseasons.com

www.garyplayer.com

www.harthowerton.com

www.denniston.com.my www.stregisresidences.com

www.edsaplan.com

www.oppenoffice.com
Dolphin Capital Investors Limited: September 2012

www.watg.com

www.banyantree.com

Aristo
Dolphin holds a strategic 49.8% shareholding in Aristo Developers, the largest residential real estate development company in Cyprus.

Aristos competitive advantages include: The largest private landowner in Cyprus Cyprus largest holiday home developer, both in terms of annual turnover and number of units sold 29 years of development expertise and market knowledge

3,000+
HOLIDAY HOMES SOLD IN THE PAST FIVE YEARS

Over 3,000 holiday homes sold over the past five years
Portfolio includes hundreds of constructed homes and thousands of additional residential units under planning Extensive sales network in Cyprus, Greece, the UK, Russia, Ukraine and Scandinavia

Dolphin Capital Investors Limited: September 2012

Major Shareholders
Company BlackRock Investment Management Dolphin Capital Partners Scottish Widows Investment Partnership Fortress Investment Group F&C Asset Management Damille Investments II Limited J O Hambro Capital Management Ltd SC Fundamental Total Other Shares in issue Number of shares 71,938,248 66,331,362 53,704,076 53,271,702 29,574,710 25,000,000 21,895,000 18,749,800 340,464,898 97,539,372 438,004,270 % 16.42% 15.14% 12.26% 12.16% 6.75% 5.71% 5.00% 4.28% 77.73% 22.27% 100%

Dolphin Capital Investors Limited: September 2012

10

Dolphin Team
Dolphin is managed by Dolphin Capital Partners (DCP). The DCP team comprises over 25 professionals and was set up by Miltos Kambourides and Pierre Charalambides in 2004. The finance and asset management teams of Dolphin Capital Partners oversee the various projects Through its various project subsidiaries, Dolphin has development teams totaling over 400 people with more

than 25 years of experience and with a focus on high-end development, project management and operations
Miltos Kambourides is the Founder and Managing Partner of Dolphin Capital Partners. Prior to
founding Dolphin Capital Partners in 2004, Miltos was a Founding Partner of Soros Real Estate Partners, a global real estate private equity business formed in 1999 by George Soros. Prior to joining Soros, Miltos spent two years at Goldman Sachs working on real estate private equity transactions for the Whitehall Funds. Miltos graduated from the Massachusetts Institute of Technology with a BS and MS in Mechanical Engineering and a BS in Mathematics.
Miltos Kambourides Managing Partner

Pierre Charalambides is the Co-Founder and Partner of Dolphin Capital Partners. Prior to founding Dolphin Capital Partners in 2004, Pierre worked at a Soros Real Estate Partners

initiative with Miltos focused on real estate opportunities in Southeast Europe. From 1999 to
2003, he worked at JPMorgan where he advised on various financial transactions of over US$6 billion and prior to that he worked at Hilton International where he executed numerous new hotel development projects. Pierre holds an MBA from INSEAD and two BS degrees from the
Pierre Charalambides Partner

Management School of The Hague.

Dolphin Capital Investors Limited: September 2012

11

Financial Highlights

As at 30 June 2012 :
Sterling NAV per share before DITL of 126p and after DITL of 113p Total assets of 909 million Net Asset Value before DITL of 683 million* No bank debt at the Company level. The Company has only provided corporate guarantees on the $40 million Playa Grande Convertible Bonds, and the servicing of Banco Leon loan interest at Playa Grande. Total group debt of 140 million and Group total debt to asset value ratio of only 15%
assets

15%
TOTAL GROUP DEBT TO ASSET

*Amounts include the 49.8% DITL of Aristo as at Dolphin Capital Investors Limited: September 2012 30 June 2012

12

Balance Sheet as at 30 June 2012

Pro forma Condensed Interim consolidated statement of financial position
30 June 2012 ' 000 Assets Real estate assets (investment and trading properties) Equity accounted investees Other assets Cash and cash equivalents Total Assets Equity Equity attributable to Dolphin shareholders Non-controlling interest Total equity Liabilities Interest-bearing loans and finance lease obligations Other liabilities Total liabilities Total equity and liabilities 148,936 68,150 217,086 935,551 133,544 49,632 183,176 943,616 607,308 291,795* 25,576 10,872 935,551 598,733 306,750* 13,075 25,058 943,616
ROBUST BALANCE SHEET

31 December 2011 ' 000

683 m*
NAV BDITL

682,623* 35,842 718,465

724,485* 35,955 760,440

*amounts include the 49.8% DITL of Aristo

Dolphin Capital Investors Limited: September 2012

13

Current Dolphin Trading Discount

Pro-forma figures on a fully diluted basis following the Placement
Gross Assets (as of 30 June 2012) NAV (as of 30 June 2012) Cost (as of 30 June 2012) Market Cap (as of 25 September 2012)
2.50

986m* 733m* 525m 161m

Gross Assets/share: 122p NAV/share: 91p Cost/ share: 65p Share price: 20p

78%
TRADING DISCOUNT TO NAV

69%
TRADING DISCOUNT TO COST

40.00mm
40.00mm

Dolphin Stocks 5-Year Price Performance:

2.50 2.00

35.00mm

2.00 1.50

30.00mm 35.00mm 25.00mm 30.00mm

25.00mm 20.00mm
20.00mm 15.00mm
Average Trading Volume = 1.25 mm

1.50

1.00
1.00

15.00mm 10.00mm 5.00mm

0.50 0.50
0.00

10.00mm 5.00mm

0.00

0.00

0.00

Dolphin Capital Capital Investors Limited (AIM:DCI) - Volume Dolphin Investors Limited (AIM:DCI) - Volume
*amounts include the 49.8% DITL of Aristo Dolphin Capital Investors Limited: September 2012

Dolphin Capital Investors Limited (AIM:DCI) - Share Pricing Dolphin Capital Investors Limited (AIM:DCI) Share Pricing

14

Four Advanced Projects Overview

The Porto Heli Collection Greece (100% ownership)

www.portohelicollection.com

Venus Rock Golf Resort Cyprus (49.8% ownership)

www.venusrock.com

Playa Grande Dominican Rep. (99% ownership)

www.playagrande.com

Pearl Island Panama (60% ownership)

www.pearlisland.com

Advanced Projects are 4 of the 14 major projects in Dolphins portfolio, considered to be advanced in the sense that they have commenced development and sales or are already operating

The total residential capacity of these projects is: - Approximately 710,000 buildable m2 for sale, with c. 290,000 m2 planned for their first phases; plus - Over 2.9 million m2 of retail land plots for sale.
Estimated net cash returns to Dolphin of first phases of Advanced Projects of over 530 million or 64p per share and estimated total potential development net cash returns of c. 1.4 billion or circa 175p per share* Completion of first phases expected to unlock significant profitability of remaining phases with little or no requirement for additional Dolphin equity Amanzoe, at Porto Heli, commenced operations in August 2012 and the remaining three projects already commenced construction. The first phase infrastructure and leisure facilities of Venus Rock and Pearl Island are planned to be completed by the end of 2013 and Playa Grande by end 2014, when all 4 Advanced projects are to become cashflow positive from the sales of residences.

530 m
PROFITABILITY POTENTIAL OF FIRST PHASE OF ADVANCED PROJECTS

* All figures are on a fully diluted basis following the Placement

Dolphin Capital Investors Limited: September 2012

15

Potential Cash Generation by the Advanced Projects

Residential Units Land Plots Leisure Leisure Net Operating Income Leisure Terminal Values Leisure Construction Costs

( million) Advanced Projects The Porto Heli Collection First phase Other phases Venus Rock First phase Other phases Playa Grande First phase Other phases

Sales 100% 220 541 761 49.8% 384 211 595 99% 146 274 420 60% 49 368 417 2,193

Costs

Sales

Project Cash

83 269 352 196 101 297 76 143 219 14 243 258 1,125

23 33 56 2 170 172 80 80 308

13 13 1 1 11 11 6 6 30

46 46 21 21 57 57 14 14 138

42 42 21 21 22 22 7 7 92

176 305 481 190 110 300 118 301 419 47 204 252 1,451

Pearl Island First phase Other phases

TOTAL

Basic Assumptions: All cost assumptions cover future development, marketing, sales, branding and agency and do not include already incurred expenses for land acquisition and development. The above cash returns do not include annual management and performance fees, and corporate overhead costs during the period. For the Other Phases of the Advanced Project and for the Major Projects, the above cash returns do not include financial costs. Following the sale of the Founders Phase of Pearl, the first phase of Pearl Island is now assumed to be the Ritz Carlton Reserve phase. No inflation adjustments have been made. Cash returns are calculated on a before corporate income tax basis. Actual taxes would depend on the jurisdiction of each project and the structure of each specific sale transaction. Residential units are assumed to be developed on a sell and build basis, apart from minor investments in show units. Net Operating Income of the Advanced Projects is calculated over a period of at average seven years. The sale of the Leisure components assumes that the hotels, golf courses and other leisure components are sold at exit at a multiple to their NOI ranging from 8x to 10x. No interim project exits have been assumed. Dolphin Capital Investors Limited: September 2012

16

Potential Total Cash Generation of Dolphin Portfolio

Four Advanced Projects : more than 530 million of net cash returns or circa 64p per share*, from the development and sale of their first phases over a period of an average of 6 years starting from 2012 circa 1.4 billion of net cash returns or circa 175p per share* through the development and sale of all phases over an estimated period of 12 years 2012-2023 Ten Other Major Projects: spread over 2,160 hectares of land with plans to build and sell approximately 662,000 residential buildable m2 with estimated net cash generation of c.1.27 billion over the next 12 years residual building coefficient of c. 1.45 million m2 , with a future value of c. 1.16 billion (based on an estimated average value of 800 per buildable m2) Aristo Developers: largest developer and private land owner in Cyprus, with currently more than 45,000 buildable m2 of residential product in stock or under construction, circa 324,000m2 of readily available retail land plots with a total listed sales potential of over 170million and a vast portfolio of land assets with potential to sell over 610,000 residential buildable m2 once fully developed Following the recent restructuring, Dolphin retains a strategic 49.8% participation in Aristo. Upon market recovery, Aristo is expected to have a dividend capacity in excess of 30 million per year Based on the above, the Investment Manager estimates Dolphins total portfolio net cash generation potential to be circa 4.15 billion spread over the next 10-12 years
Dolphin Capital Investors Limited: September 2012 TOTAL PORTFOLIO CASH GENERATION POTENTIAL OF C.

4.15 bn

* All figures are on a fully diluted basis following the Placement

17

Dolphins Strategic Focus for 2012-2013

Complete Dolphins proposed Placement of 50 million to ensure the Company can complete its development program and accelerate returns to shareholders; Begin construction of Nikki Beach;

Begin construction at Playa Grande;

Pursue the sale and construction of additional Amanzoe Villas; Potentially execute the sale of one or more components from the Porto Heli Collection;

Conclude more Joint Ventures for Pearl Island or Playa Grande; and
Conduct additional investor events and roadshows both in Europe and in the USA to revive interest in the Dolphin stock

Dolphin Capital Investors Limited: September 2012

18

Attractiveness of Investing in Dolphin

Investing in Dolphin offers the opportunity to participate alongside world class institutional investors in an otherwise closely held company offering a unique risk / return investment proposition:
-

Blue chip institutional shareholder base and fully aligned Managers being one of the largest shareholders in the Company
Leader in the residential resort sector with 14 large-scale and 60 smaller projects in 6 countries providing a geographically diverse land portfolio Portfolio of 59 km of spectacular zoned coastlines representing one of the most appreciating asset classes in the world and offering a good hedge against inflation Network of partnerships with top resort brands and a dedicated development team with more than 25 years of development experience Fully capitalised to execute its plans for the next two years Low risk proposition with zero debt at the corporate level and only 15% loan to value on remaining SPVs whose debt has no recourse to Dolphin, apart from the $40 million Playa Grande Convertible Bonds and the servicing of the interest on the $5 million Banco Leon loan at Playa Grande Dolphins four Advanced projects estimated to generate net cash returns over a period of an average of 6 years of over 530 million and 1.45 billion over the coming 10 years, as all phases of the advanced projects are completed Entire Dolphin portfolio has potential to generate circa 4.15 billion of cash returns over the coming 10 - 12 years against a current market cap of c. 161 million

Dolphin currently trades at an 78% discount to Net Asset Value and 69% to original cost* of investment and this represents a unique investment opportunity with significant upside
* Figures are on a fully diluted basis following the Placement Dolphin Capital Investors Limited: September 2012

19

APPENDIX A: ADVANCED PROJECTS

The Porto Heli Collection Venus Rock Golf Resort Playa Grande Club & Reserve

22 24 26

Pearl Island

28

View from The Seafront Villas Dolphin Capital Investors Limited: September 2012

20

THE PORTO HELI COLLECTION

Peloponnese, Greece

first
VILLA INTERGRATED AMAN RESORT IN EUROPE

Dolphin Capital Investors Limited: September 2012

21

The Porto Heli Collection

www.portohelicollection.com
Location Access Special features Area size Composition Region of Argolida, near Porto Heli (one of the most upmarket, second home residential areas in Greece) Within 2-hours driving distance from Athens International Airport and two hours by ferry from Piraeus Port Probably the most exclusive development in Greece, to host a range of high-end, masterplanned, leisure-integrated residential resorts, in a serene environment with panoramic sea views 347 hectares First phase Amanzoe, a 38-pavilion hotel and spa designed by Ed Tuttle, opened on 1 August 2012 The Aman Beach Club The Aman Villas, serviced by the Aman hotel The Nikki Beach Resort & Spa at Porto Heli, which will include hotel suites as well as apartments for sale The Seafront Villas

Partners

Other phases The Chedi with 102 hotel rooms, spa, 40 club suites and 40 residences Jack Nicklaus Signature Golf Course Golf boutique hotel, golf clubhouse and c. 225 golf residences Equestrian centre, tennis academy, kids club, beach club
Design Aman facilities masterplanned and designed by Ed Tuttle Chedi hotel and residences, golf clubhouse and golf villas masterplanned and designed by Jean Michel Gathy (Denniston International) Golf course designed by Jack Nicklaus Signature Design

Dolphin Capital Investors Limited: September 2012

22

VENUS ROCK GOLF RESORT

Cyprus

largest
SEAFRONT RESIDENTIAL RESORT UNDER DEVELOPMENT IN EUROPE

Dolphin Capital Investors Limited: September 2012

23

Venus Rock Golf Resort

www.venusrock.com
Location Access Between the towns of Limassol and Paphos, next to Aphrodite Hills Cyprus most significant golf resort area, located 10 minutes from Paphos International Airport and one hour from Larnaca International Airport Europes largest residential beachfront resort development

Partners

Special features Area size Composition

1,000 hectares with 850m of beachfront First phase Two 18-hole Golf Courses designed by Tony Jacklin Two Golf Club Houses A Nikki Beach Club Approximately 1,000 Villas and 261 Plots Other phases More than 2,000 residential units Retail, commercial and leisure facilities A 5-star hotel with spa and branded villas operated by Nikki Beach Marina and other sport facilities

Design

A truly integrated residential resort, masterplanned by EDSA. The golf clubhouse and commercial facilities have been designed by Robert A.M.Stern, who also designed the first phase of multi-family residential units and established the architectural guidelines for custom-built units.

Dolphin Capital Investors Limited: September 2012

24

PLAYA GRANDE CLUB & RESERVE

Dominican Republic

first
GOLF-INTERGRATED AMAN RESORT IN THE WORLD

Dolphin Capital Investors Limited: September 2012

25

Playa Grande Club & Reserve

www.playagrande.com
Location Access Northern coast of the Dominican Republic, situated between the towns of Cabrera and Rio San Juan, each approximately 8 km away from the site Approximately an hours drive from Puerto Plata International Airport and Nagua Airport. The journey time to Santo Domingo has been reduced to two hours due to completion of a new highway First golf-integrated Aman Resort in the world. Operating golf course often referred to as the Pebble Beach of the Caribbean, designed by Robert Trent Jones Sr, and with 10 direct oceanfront holes (more than any other golf course in the western hemisphere) running alongside 20 m-high cliffs bordering the Atlantic Ocean. Playa Grande Beach perceived as one of the most spectacular beaches in the Caribbean. Approximately 11 km of seafront, spread over approximately 950 hectares of land First phase A 30-room Aman Hotel designed by John Heah (the first Aman Resort in the Dominican Republic and the first Aman golf-integrated resort in the world) The Playa Grande Aman Beach Club A new Aman Golf Club House, fitness, spa and tennis facilities 38 Aman Villas serviced by the Aman Hotel The renovation of the existing, legendary Robert Trent Jones, Snr. Golf Course based on new designs by his son Rees Jones Other phases Approximately 400 additional residential units (beachfront, hill-top and cliff villas) Tennis, spa, beach and equestrian clubs Design Project masterplanned by Hart Howerton. Golf course renovation design undertaken by Rees Jones, son on Robert Trent Jones, Sr. Aman Resort designed by Heah & Co led by John Heah

Partners

Special features

Area size Composition

Dolphin Capital Investors Limited: September 2012

26

PEARL ISLAND, ARCHIPELAGO DE LAS PERLAS

Panama

largest
PRIVATE ISLAND RESIDENTIAL RESORT DEVELOPMENT IN CENTRAL AMERICA

c.30 km
OF SEAFRONT WITH 14 PRIVATE BEACHES

Dolphin Capital Investors Limited: September 2012

27

Pearl Island
www.pearlisland.com
Location Access Special features In the Archipelago de las Perlas, approximately 40 nautical miles south of Panama City Accessible by boat in 1 hour and by air in 20 minutes. Project permitted for its own airport Largest private island residential resort development in Central America 70% of the island is retained as a natural reserve park A unique ecosystem, marine and bird sanctuary Natural harbour set to become one of the largest marinas in Central America

Partners

Area size Composition

1,440 hectares with a total seafront of 30 km and 14 private sandy beaches Founders' Phase (7% of the island) - sold Beach club, spa and other leisure facilities A 40-berth and 30 dry-dock marina Approximately 200 residential units (villas and plots) Private landing strip First Phase Ritz Calrton Reserve (3% of the island) 80-key Ritz Carlton Reserve hotel with beach club and related amenities Approximately 80 branded residential units Other phases (90% of the island) Development potential for over 425,000m2 of buildable residential space or approximately 945 residential units and lots for sale Up to four additional luxury 5-star hotels Marina with up to 500 berths and retail facilities Recreational and sports facilities, including scuba diving, whale watching, fishing, over 40 kilometres of natural biking and hiking trails, equestrian centre International airport

Design

Masterplanned by Hart Howerton

Dolphin Capital Investors Limited: September 2012

28

APPENDIX B: ADDITIONAL CORPORATE INFORMATION

Investment Principles Value Creation Strategy Group Investment Position

31 32 33

Portfolio Breakdown by Project Type

Portfolio Breakdown by Country Asset Valuations Other Major Projects
Sitia Bay Golf Club Kea Resort

34
35 36 37
37 37

Scorpio Bay Resort

Lavender Bay Resort Plaka Bay Resort Triopetra Eagle Pine Golf Resort Apollo Heights Resort

38
38 39 39 40 40

Livka Bay Resort

Mediterra Resorts

41
41

View from the beach of Kea Resort

Dolphin Capital Investors Limited: September 2012

29

Investment Principles
Dolphin acquires attractively-priced seafront sites of exceptional natural beauty and transforms them into fully permitted, high-end, premium-branded development projects, capitalising on its inhouse expertise of over 25 years.
Country Selection Criteria Emerging new economies with significant tourist inflow High barriers to entry for foreign investors without local network Beautiful coastlines, unspoilt landscapes, pleasant climate Wealth of outdoor activities, safety, rich history and culture Limited supply of serviced residential resorts managed by luxury international operators Commitment and legislative initiatives from local governments to nurture sustainable luxury tourism and second-home industry Significant capital appreciation potential as they converge with mature economies Investment Parameters Large coastal land sites of striking natural beauty with residential development potential Located near the sea and within driving distance from an airport Development capacity for residential units (villas, town houses and apartments), and leisure components such as a hotel, golf course, country club, spa facility, marina or other sporting facilities Potential for comprehensive residential services (such as food and beverage, concierge services, health services, security maintenance and property management) and leisure experiences (such as sports, adventure travel, excursions, spa, arts, culture and nature-oriented activities) Attractive locations for affluent holiday and retirement home buyers, primarily from Europe, Russia, the Middle East, Latin and North America Risk Mitigation Land acquisition prices which are at a big discount to south-west Europe and North America Conservative phasing of the projects No speculative building of homes Financing of the residential construction through pre-sales Financing of the leisure components mainly with ring-fenced non-recourse bank debt on a projectby-project basis No or limited borrowings at the corporate level

low-risk
APPROACH

Dolphin Capital Investors Limited: September 2012

30

Value Creation Strategy

Dolphin takes advantage of low land prices and compelling medium- term supply/demand dynamics to generate significant capital appreciation

Identify locations with potential for high capital appreciation in emerging resort market Acquire unique large developable land sites at attractive prices Partner land sites with the worlds best designers, operators, marketers and strong local partners

Design high-end, branded, leisure-integrated residential resorts

Obtain construction permits through a low-risk and well-planned process Attract international private and institutional investors with sophisticated marketing Exit or monetise upon full permits being obtained or develop alone or with partners

niche
STRATEGY

Realise significant returns from land permitting, brand and development and from land price convergence with mature markets

Dolphin Capital Investors Limited: September 2012

31

Group Investment Position

Project Land site (hectares) DCI's stake Investment Debt Real Estate Value Cost * ( million) ( million) ( million)

Loan to real estate asset value (%)

1 2 3 4

5 6 7 8 9 10 11 12 13 15 16

Advanced Projects The Porto Heli Collection Venus Rock Playa Grande Pearl Island Total Major projects Sitia Bay Kea Resort Scorpio Bay Lavender Bay Plaka Bay Triopetra Livka Bay Apollo Heights Eagle Pine-Aristo Aristo Hellas Mediterra Resorts Total Other - Aristo Cyprus Grand Total

347 1,000 950 1,440 3,737 280 65 172 310 440 11 63 461 319 27 12 2,160 392 6,289

100% 50% 99% 60%

147 82 24 30 284 16 9 14 23 7 4 24 11 17 0.5 30 156 86 525

42 49 91 10 21 0 11 7 49 140

526

17%

78% 67% 100% 100% 60% 100% 100% 100% 50% 100% 100%

diversified
PORTFOLIO

286 60 873

17% 0% 16%

50%

As at 30 June 2012, including amounts paid in shares

Dolphin Capital Investors Limited: September 2012

32

Dolphin Portfolio Breakdown by Country

Breakdown by Real Estate Value* Greece
Greece Cyprus Americas Total 357m 40.9% 34.9% 6.8% 17.4% 100.0%

Exposure by Net Investment

Greece
Cyprus Americas Total 304m 59m

Cyprus

Greece Cyprus

221m
197m 53m 525m

42.1%
37.5% 10.1% 10.3% 100.0%

Croatia and Turkey

Croatia & 152m Turkey Americas873m

Croatia and Turkey

54m Croatia & Turkey

Americas

Breakdown by Debt
Greece

Greece

53m 21m 17m 49m 140m

37.9% 15.0% 12.1% 35.0% 100.0%

Breakdown by Land Size (hectares) Greece

Greece
Cyprus Cyprus Croatia and Turkey

1,652
2,172 75 2,390 6,289

26.3% 34.5% 1.2% 38.0% 100.0%

CyprusCyprus Croatia and Turkey

Croatia Americas
Total

&

Croatia Americas Turkey Total

&

Turkey Americas

Americas

Breakdown by NAV**
Greece

Greece

265m

40.4%

Cyprus Cyprus
Croatia and Turkey

304m
51m 63m 683m

42.3%
7.7% 9.6% 100.0%

& Croatia Americas

Total

Turkey Americas

* Amount does not include the 49.8% DITL of Aristo **As at 30 June 2012, on a pro-forma basis, including Aristo DITL
Dolphin Capital Investors Limited: September 2012

33

Asset Valuations
Dolphins asset valuations are undertaken by Colliers and updated on a quarterly basis

Dolphins NAV reflects current land prices based on existing uses and market comparables and does not take into account:
Value upside from future permits Expected operating cash flows or sales Value from high-quality design and branding Market growth or inflation

Total sales achieved to date are over 468 million, representing a considerable premium to the relevant Colliers valuation
Latest Dolphin NAV reflects significant valuation reductions effected by Colliers for Greece and Cyprus in the past 4 years, in spite of permitting advances, to reflect the adverse market conditions globally and locally Dolphins accounts are audited by KPMG

Dolphin Capital Investors Limited: September 2012

34

Other Major Projects

Sitia Bay Golf Resort Kea Resort

Location Dolphin Ownership Access

The island of Crete 78% A 10-minute drive from Sitia International Airport, a 1.5-hour drive east from Heraklion International Airport and a 15-minute drive from Sitia Harbour A secluded peninsula of unspoiled natural beauty on the largest of the Greek islands and the most popular Greek tourist destination with 2.3 million visitors in 2007 280 hectares with 2.5 km of seafront Over of buildable residential units A 200-room Warldorf Astoria resort A convention centre An 18-hole championship golf course A golf clubhouse A 32-berth marina A beach and country club and other leisure facilities 80,000m2

Location Dolphin Ownership Access

The island of Tzia (Kea) 67% 1-hour ferry ride from Lavrio Harbour and a 15-minute drive from Athens International Airport. Regular ferry services from Lavrio all year round Dramatic sea views and a spectacular sandy beach offering a natural harbour and a safe shelter from the Aegean winds 65 hectares with private beach Aman hotel and residences Beach club Designed by Heah & Co led by John Heah

Special features Area size Composition

Special features Area size Composition Design

Design

Masterplan and hotel design by WATG. Nicklaus Design has been appointed as the golf course architect Partners

Partners

Dolphin Capital Investors Limited: September 2012

35

Other Major Projects

Scorpio Bay Resort Lavender Bay Resort

Location Dolphin Ownership Access Special features

Skorponeri, Voiotia region, making this probably the closest luxury seaside residential resort to Athens 100% 1- hours drive from Athens International Airport A mountainous peninsular of unspoilt natural beauty overlooking a secluded bay and the island of Evoia, and within a 1-hour drive from the ski resort of Mount Parnassus 172 hectares with approximately 2 km of sea frontage Luxury Oberoi operated hotel and full service spa, integrated with a residential development and sea-related leisure facilities Hotel and villa designed by Heah & Co led by John Heah

Location Dolphin Ownership Access

Near the town of Volos, in the region of Thessalia, at the mouth of Pagasitikos Gulf 100%

Approximately 2.5-hours drive from both Athens and Thessaloniki International Airports. Also 20-minutes drive from New Aghialos International Airport Unspoilt, undulating hills fronted by a 2 km beach and surrounded by forest 310 hectares with 2 km of seafront A 180-room Kempinski operated hotel More than 220 branded residential units More than 390 non-branded residential units An 18-hole Gary Player Signature golf course Beach club and other leisure facilities

Area size Composition

Special features Area size Composition

Design

Design Partners Partners

Masterplan by EDSA, golf design by Gary Player and hotel and residences design by Chad Oppenheim (Oppenoffice)

Dolphin Capital Investors Limited: September 2012

36

Other Major Projects

Plaka Bay Resort Triopetra

Location Dolphin Ownership Access

The island of Crete 60% A 40-minute drive east from Sitia International Airport, a 2hour drive east from Heraklion International Airport and in close proximity to Sitia Harbour Easternmost point of Crete 440 hectares with 7 km of seafront A residential development of over 100,000m2 One or more five-star hotels Other supporting recreational facilities and potentially an 18-hole golf course

Location Dolphin Ownership Access

On the southern side of Rethymno Prefecture, Crete 100% Approximately 54 km from Rethymno, the Prefectures capital and main port. The international airports of Heraklion and Chania fall within a distance of approximately 104 km and 124 km Dramatic sea views and a spectacular sandy beach

Special features Area size Composition

Special features

Area size
Composition

11 hectares with a 280m faade along a marvellous, scenic sandy and pebbly beach, with crystal clear waters
A 60-room luxury five-star hotel with restaurant, retail, spa and fitness, water-sports, outdoor activities and nature treks Approximately 8,870 residential buildable m2 of non-branded villas Permit design prepared by Aristo Developers architectural team

Design

Masterplan prepared by Hart Howerton

Design

Partners

Partners

Dolphin Capital Investors Limited: September 2012

37

Other Major Projects

Eagle Pine Golf Resort Apollo Heights Resort

Location Dolphin Ownership Access Special features Area size Composition Design

Inland, with stunning sea views, overlooking the Episkopi and Akrotiri regions near Limassol 49.8% (after the Aristo Exchange) Less than an hours drive from both the islands international airports A few kilometres from Apollo Heights Polo Resort and a 15minute drive from Venus Rock 219 hectares Golf facilities and a residential development component to up to 100,000m2 of residential units Masterplanning by EDSA, golf design by Graham Marsh in association with Hans-Georg Erhardt, resort design by Porphyrios & Associates

Location Dolphin Ownership Access

Near the town of Limassol 100% Less than an hours drive from both of the islands international airports

Special features
Area size Composition

With excellent views of the sea, the mountains and neighbouring villages, the site is also adjacent to a number of polo fields and an 18-hole golf course
Approximately 461 hectares, 500m away from the beach Hotel facilities Residential units Polo fields 18-hole golf course

Design

Masterplanned by EDSA and golf course by Tony Jacklin Design

Partners

Partners

Dolphin Capital Investors Limited: September 2012

38

Other Major Projects

Livka Bay Resort Mediterra Resorts

Location Dolphin Ownership Access Special features Area size Composition

The bay of Livka on the south end of the island of Solta, off the Dalmation Coast 100% 20 km boat ride from Split International Airport One of the first luxury residential resorts on the Dalmation coast 63 hectares with 3 km of seafront Luxury hotel with 60 suites Approximately 200 private serviced residences and apartments 160-berth marina Other supporting recreational, sports and retail facilities WATG

Location Access

The Antalya region of sourthern Turkey A 1.5-hour drive from Dalaman International Airport to La Vanta and 115 km from Antalya International Airport to Port Kundu

Special features

LaVanta development is very close to the well-known beaches of Kaputas and Patara, and within walking ditance from Kalkan beach Port Kundus homes will be surrounded by water canals along the banks of the Aksu river, and a private marina will offer home owners direct access to the sea
LaVanta: 8 hectares, 5 minutes drive to the sea Port Kundu: 4 hectares, situated on the water canals, and in turn only a 10-minute walk to the beach LaVanta is a development of over 25,000m2, comprising over 120 villas and townhouses. Phase 1, comprising 49 homes, has been completed in 2009. The delivery of homes to owners commenced in May 2009 Cemal Mutlu and Xavier Bohl

Area size

Composition

Design

Design

Partners

Partners

Dolphin Capital Investors Limited: September 2012

39

General Terms and Conditions

The information in this presentation, which is for background and informational purposes only, is preliminary in nature and subject to change. This presentation has not been issued for circulation to the general public. This presentation does not constitute an offer or invitation to enter into any contract or commitment with Dolphin Capital Investors (Dolphin).
Neither Dolphin nor its subsidiaries nor any of their respective officers, employees, managers, agents or shareholders have verified any of the information or opinions set out in this presentation and do not represent or warrant their accuracy or completeness. Nothing in this presentation is, or should be relied upon as a promise or a forecast and no representation or warranty is given as to the accuracy, achievement or reasonableness of any future projection, forecast or other statement. All statements are based on future expectations rather than on historical facts and are forward looking statements that involve a number of assumptions, risks and uncertainties. The Company and the Investment Manager cannot give any assurance that such statements will prove to be correct. Any forward looking statements made by or on behalf of the Company are made only on a best estimate basis as of the date they are made and they do not constitute future earnings, revenues or profits forecasts or guidance. Neither the Company nor the Investment Manager undertake to update forward looking statements to reflect any changes in expectations, events, conditions or circumstances upon which such statements are made. Dolphin and its subsidiaries as well as their respective officers, employees, agents or shareholders disclaim to the fullest extent permitted by law any and all liability for representations, either express or implied, whether contained in or omitted from the presentation in any other written or oral communication made in connection with this presentation. This presentation is confidential and neither it not any of its contents may be reproduced in whole or in part or passed on to any person without the consent of Dolphin Capital Partners (DCP). This presentation is not intended to be an inducement to a contract, no is it intended to form the basis of an investment decision. Receipt of this document does not constitute the giving of the investment or other advice by Dolphin or DCP and recipients are recommended to consult their own independent advisers.
Dolphin Capital Investors Limited: September 2012

40