Holding(s) in Company

TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARESi

1. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached: ii

Dolphin Capital Investors Ltd.

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

An acquisition or disposal of voting rights

An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached

An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments

An event changing the breakdown of voting rights

Other (please specify):

Change in number of shares outstanding

X

3. Full name of person(s) subject to the notification obligation: iii

Peter M. Collery

4. Full name of shareholder(s)

 (if different from 3.):iv

Citigroup Global Prime Brokerage, Inc.

Morgan Stanley Smith Barney LLC

5. Date of the transaction and date on which the threshold is crossed or reached: v

July 5, 2012

6. Date on which issuer notified:

July 13, 2012

7. Threshold(s) that is/are crossed or reached: vi, vii

4 %

8. Notified details:

A: Voting rights attached to shares viii, ix

Class/type ofshares

if possible usingthe ISIN CODE

Situation previousto the triggeringtransaction

Resulting situation after the triggering transaction

NumberofShares

NumberofVotingRights

Numberof shares

Number of votingrights

% of voting rights x

Direct

Direct xi

Indirect xii

Direct

Indirect

Common Stock

(VGG2803G1028)

18, 749, 800

18, 749, 800

0

0

18, 749, 800

0

4.28 %

B: Qualifying Financial Instruments

Resulting situation after the triggering transaction

Type of financialinstrument

Expirationdate xiii

Exercise/ConversionPeriod xiv

Number of votingrights that may beacquired if theinstrument isexercised/ converted.

% of votingrights

C: Financial Instruments with similar economic effect to Qualifying Financial Instruments xv, xvi

Resulting situation after the triggering transaction

Type of financialinstrument

Exerciseprice

Expirationdate xvii

Exercise/Conversionperiod xviii

Number of votingrights instrumentrefers to

% of voting rights xix, xx

Nominal

Delta

Total (A+B+C)

Number of voting rights

Percentage of voting rights

18, 749, 800

4.28%

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

Citigroup holds the following shares as nominee for SC Fundamental Value Fund, L.P. (7,630,280), SC Fundamental Value BVI, Ltd. (7,319,520), and SC Fund Management LLC Employee Savings and Profit Sharing Plan (1,800,000). Morgan Stanley Smith Barney holds the following shares as nominee for Claire Collery (690,000), Edward Collery (620,000), and Elizabeth Collery (69,000). Mr. Collery is President of the General Partner of the SC Fundamental Value Fund, L.P., Director of SC Fundamental Value BVI, Ltd., Trustee of the SC Fund Management LLC Employee Savings and Profit Sharing Plan, and controls the accounts of his three adult children, Claire, Edward and Elizabeth.

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:

On July 5, the company announced a reduction in the number of its outstanding shares. Such lower amount increased the percentage ownership herein without any action on Mr.Collery's part.

14. Contact name:

 Neil H.Koffler

15. Contact telephone number:

212-813-3411