Posting of Letter to Shareholders

21 January 2011

DOLPHIN CAPITAL INVESTORS LIMITED

("the Company")

Posting of Letter to Shareholders

Dolphin Capital Investors Limited, a leading global investor in the residential resort sector in emerging markets and the largest real estate investment company listed on AIM by net asset value (NAV), posted a letter to its shareholders on 20 January 2011 regarding the proposed Playa Grande Convertible Bond and has uploaded a copy on the Company website (www.dolphinci.com).

For further information, please contact: 

Dolphin Capital Partners

Miltos E. Kambourides [email protected]

Pierre A. Charalambides [email protected]

Katerina G. Katopis [email protected]

Financial Dynamics, London Tel: +44 (0)20 7831 3113

Stephanie Highett

Will Henderson

Olivia Goodall