Dolphin Capital Investors - Corporate Presentation

www.dolphinci.com March 2013

COMPANY PRESENTATION

Dolphin Capital Investors Limited: March 2013

DOLPHIN OVERVIEW AND STRATEGY

2

Amanzoe Beach Club

Executive Summary 03

Dolphin at a Glance 04

Our Track Record Since the IPO 05

Our Projects 06

Dolphin Partners 07

Aristo 08

Major Shareholders 09

Dolphin Team 10

Financial Highlights 11

Balance Sheet as at 31 December 2012 12

Potential Cash Generation of Dolphin portfolio 13

Objectives for remainder of 2012 14

Dolphin’s Strategic Focus 15

Attractiveness of Investing in Dolphin 16

Dolphin Capital Investors Limited: March 2013 3

Executive Summary

› Dolphin is a leading global investor in the luxury residential resort sector with a unique coastal land portfolio of 63 million m2 and 59 kilometers of beachfront, located in 6 countries in the Eastern Mediterranean, the Caribbean and Latin America

› Five of the 14 major projects in Dolphin’s portfolio are under construction and are selling lots and residences. The current development plans include 22 hotels, 8 golf courses, 5 marinas and over 10,000 residential units.

› Dolphin also owns 49.8% of Aristo Developers, Cyprus’ largest holiday home developer and private landowner, with more than 25 years of experience and more than 60 projects currently under development

› Amanzoe, the first green field resort completed by Dolphin, became operational on 1st August 2012, and is already recognized as probably the best resort in the Mediterranean and among the top resorts in the world

› Dolphin has no bank debt at the Company level and a low overall consolidated debt to total asset value ratio of 14%

› The completion of the first phases of the projects under construction is expected to unlock over €550 million of cash returns in the next 5-6 years and will spearhead the development of Dolphin’s remaining portfolio

› Dolphin’s 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. € 278 million

› The Company is closely held with c. 14% of the stock owned by the Company Managers, while another c. 70% is owned by 9 institutional investors: Third Point, BlackRock, Fortress, Tosca fund, Telford, J O Hambro, F&C, Fir Tree and SC Fundamental.


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 of the LSE in terms of net assets, with a Net Asset Value of € 709 million BDITL

Amanzoe

LAND UNDER DEVELOPMENT

63 million m2

LARGE-SCALE LEISURE-INTEGRATED RESIDENTIAL RESORTS

14 major projects

OTHER SMALLER ARISTO PROJECTS

60+ residential projects

DIRECT COASTLINE

59 kilometres

RESIDENTIAL CAPACITY

10,000+

(2 PERMITTED)

5 marinas

(5 PERMIITED, 2 CURRENTLY OPERATING)

8 golf courses

(12 PERMITTED, 2 CURRENTLY OPERATING)

22 hotels


Our Track Record Since the IPO in December 2005

› Raised a total of €948 million in equity and $40 million of debt. The latest equity placement of €50 million in October 2012 was led by Third Point and the Investment Manager to strengthen the Company’s balance sheet and accelerate the development of its portfolio.

› Invested approximately €836 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

› Achieved preliminary or final zoning for 12 out of 14 major projects and for almost the entire Aristo land portfolio with current plans for 22 hotels, 8 golf courses, 5 marinas and over 10,000 residential units

› Partnered with the some of the world’s most acclaimed masterplanners, architects, designers, luxury operators and marketing experts to create world-class resorts

› Created Amanzoe, operative since August 2012, and already recognized as probably the best resort in the Mediterranean and among the top resorts in the world

› 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

› Generated over €490 million of sales, which have been executed at a premium to NAV

Rapid capital deployment and significant value creation while adhering to stringent risk management criteria

EXECUTED

€ 490 m

OF SALES SINCE IPO


Our Projects

Greece % size

1 The Porto Heli Collection 100% 3,470,000 m2

2 Sitia Bay Golf Resort 78% 2,800,000 m2

3 Kea Resort 67% 650,000 m2

4 Scorpio Bay Resort 100% 1,717,000 m2

5 Lavender Bay Resort 100% 3,100,000 m2

6 Plaka Bay Resort 60% 4,400,000 m2

7 Triopetra 100% 110,000 m2

Cyprus

8 Venus Rock Golf Resort 49.8% 10,000,000 m2

9 Eagle Pine Golf Resort 49.8% 3,190,000 m2

10 Apollo Heights 100% 4,610,000 m2

Croatia

11 Livka Bay Resort 100% 630,000 m2

Turkey

12 Mediterra Resorts 100% 120,000 m2

Dominican Republic

13 Playa Grande 100% 9,500,000 m2

Panama

14 Pearl Island 60% 14,440,000 m2

Other projects Cyprus 49.8% 3,920,000 m2

Aristo Hellas 100% 270,000 m2

Total 62,890,000 m2

Project Locations in the Americas Project Locations in the Eastern Mediterranean

Major Projects

14

LARGE-SCALE DEVELOPMENT

PROJECTS IN GREECE CYPRUS CROATIA,

TURKEY, THE DOMINICAN REPUBLIC

AND PANAMA

Dolphin Capital Investors Limited: March 2013 7 7

Dolphin partners Operators and designers

currently in place

Operators currently in

discussions

www.banyantree.com

www.bulgarihotels.com

www.fourseasons.com

www.stregisresidences.com

www.ritzcarlton.com

www.amanresorts.com

www.garyplayer.com

www.kempinski.com

www.oppenoffice.com

www.denniston.com.my

www.ghmhotels.com

www.nicklaus.com

www.tonyjacklin.com www.harthowerton.com

www.nikkibeach.com

www.waldorfastoria.hilton.com www.oberoihotels.com

www.edsaplan.com


Aristo

3,000+

HOLIDAY HOMES SOLD IN THE PAST FIVE YEARS

Aristo’s 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

› 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, China, Ukraine and Scandinavia

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


Major Shareholders

Company Number of shares %

Third Point LLC 129,000,000 20.08%

Dolphin Capital Holdings 86,774,952 13.51%

BlackRock Investment Management 76,627,431 11.93%

Fortress Investment Group 53,271,702 8.29%

Toscafund Asset Management 41,084,669 6.40%

Telford International Ltd 34,700,000 5.40%

J O Hambro Capital Management Ltd 33,456,128 5.21%

F&C Asset Management 31,964,717 4.98%

Fir Tree Inc. 31,205,000 4.86%

SC Fundamental 21,749,800 3.39%

Total 539,834,399 84.03%

Other 102,605,768 15.17%

Shares in issue 642,440,167 100.00%


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 DCP investment, finance and

asset management teams 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 Managing Partner

Pierre Charalambides Founding Partner

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.

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

Management School of The Hague.


Financial Highlights

As at 31 December 2012 :

› Sterling NAV per share before DITL of 90p

› Gross assets of € 910 million

› Net Asset Value before DITL of € 709 million

› Total Debt of €132 million and Group total debt to asset value ratio of only 14%

› 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. The Company is expected to increase its direct debt in the near

future through the issue of €50 million of convertible bonds.

assets

14%

TOTAL GROUP DEBT TO ASSET


Balance Sheet as at 31 December 2012

ROBUST BALANCE SHEET

€709m NAV BDITL

Condensed consolidated statement of financial position

31 December

2012

31 December

2011 €' 000 €' 000 Assets Real estate assets (investment and trading properties) 579,609 598,733 Equity accounted investees 285,560* 306,750* Other assets 50,046 13,075 Cash and cash equivalents 22,181 25,058 Total Assets 937,396 943,616 Equity Equity attributable to Dolphin shareholders before DITL 708,600* 724,485* Non-controlling interests 32,293 35,955 Total equity 740,893 760,440 Liabilities iInterest bearing loans and finance lease obligations 140,351 133,544 Other liabilities 56,152 49,632 Total liabilities 196,503 183,176 Total equity and liabilities 937,396 943,616

*Amounts include the 49.8% DITL of Aristo


Potential Total Cash Generation of Dolphin Portfolio

› Four Advanced Projects :

› more than €550 million of net cash returns or circa 70p per share, from the development and sale of their first phases over a period of an average of 6 years starting from 2012

› circa €1.5 billion of net cash returns or circa 189p 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.€1.2 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 72,000 buildable m2 of residential product in stock or under construction, circa 318,000 m2 of readily available retail land plots with a total listed sales potential of over € 95 million and a vast portfolio of land assets with potential to sell over 676,000 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 Dolphin’s total portfolio net cash generation potential to be circa €4.2 billion spread over the next 10-12 years

TOTAL PORTFOLIO CASH

GENERATION POTENTIAL OF C.

€4.2 bn


Strategic priorities for 2013

14

1. Conclude the issue of the new Convertible Bond

2. Continue to sell Amanzoe Villas

3. Progress the development of the Aman Golf Resort at Playa Grande

4. Promote and sell the Founder Aman villas at Playa Grande

5. Follow up on the completion of the Founders’ phase infrastructure works and leisure facilities at Pearl Island

and complete a JV agreement to develop the Ritz Carlton Reserve phase of the project

6. Assist Aristo’s management in increasing retail sales to China, Russia and the UK allowing it to return to net cash

generation, reducing leverage and distributing dividends to Dolphin

7. Implement the already executed sales and collect the future proceeds

8. Successfully complete the additional divestment negotiations currently underway and initiate new ones to

further demonstrate the true value of the portfolio

9. Pursue further NAV accretive, attractively-priced or distressed acquisitions in eastern Mediterranean and

the Americas

10.Advance construction of Nikki Beach

11. Continue the construction of the infrastructure and leisure works at Venus Rock allowing for the successful

launch of the residential sales of the new phases in autumn 2013

12.Advance the zoning and permitting of Dolphin’s other Major Projects, enabling the Company to sell them –

either partially or wholly – at a profit, or develop them and realise their full cash return potential


Attractiveness of Investing in Dolphin

15

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 current plans

› Low risk proposition with zero debt at the corporate level and only 14% 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

› Dolphin’s four Advanced Projects estimated to generate net cash returns over a period of an average of 6 years of over €550million and €1.5billion over the coming 10 years, as all phases of the Advanced Projects are completed

› Entire Dolphin portfolio has potential to generate circa €4.2billion of cash returns over the coming 10 - 12 years against a current market cap of c. €278 million

Dolphin currently trades at an 60% discount to Net Asset Value and 49% to original cost of investment and this represents a unique investment opportunity with significant upside


APPENDIX A: ADVANCED PROJECTS

The Seafront Villas


Four Advanced Projects Overview

› Advanced Projects are 4 of the 14 major projects in Dolphin’s 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 720,000 buildable m2 for sale, with c. 310,000 m2 planned for their first phases; plus

- Over 3.4 million m2 of retail land plots for sale

› Estimated net cash returns to Dolphin of first phases of Advanced Projects of over €550 million or 70p per share and estimated total potential development net cash returns of c. €1.5billion or circa 189p 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.

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

€550m

PROFITABILITY POTENTIAL OF FIRST PHASE OF ADVANCED

PROJECTS


Potential Cash Generation by the Advanced Projects

18

Residential Units Land Plots Leisure

(€ million) Sales Costs Sales

Leisure Net Operating Income

Leisure Terminal Values

Leisure Construction Costs

Project Cash

Advanced Projects

The Porto Heli Collection 100%

First phase 202 85 23 31 70 42 199

Other phases 536 193 - 342

738 279 23 31 70 42 541

Venus Rock 49.8%

First phase 384 199 - 1 21 21 186

Other phases 211 101 - 110

595 300 - 1 21 21 296

Playa Grande 100%

First phase 159 73 2 11 56 30 124

Other phases 268 143 161 286

426 216 162 11 56 30 409

Pearl Island 60%

First phase 45 14 - 5 12 6 42

Other phases 356 236 76 196

401 250 76 5 12 6 238

TOTAL 2,160 1,045 261 48 159 99 1,484

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, 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.


THE PORTO HELI COLLECTION Peloponnese, Greece

first

VILLA INTERGRATED

AMAN RESORT IN

EUROPE


The Porto Heli Collection www.portohelicollection.com Partners

Location Region of Argolida, near Porto Heli (one of the most upmarket, second home residential areas in Greece)

Access Within 2-hours driving distance from Athens International Airport and two hours by ferry from Piraeus Port

Special features

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

Area size 347 hectares

Composition First phase

› Amanzoe, a 38-pavilion hotel and spa designed by Ed Tuttle, opened on 1 August 2012

› The Aman Beach Club, opened on 1 August 2012

› 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

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


VENUS ROCK GOLF RESORT Cyprus

21

largest

SEAFRONT RESIDENTIAL RESORT

UNDER DEVELOPMENT IN EUROPE


Venus Rock Golf Resort www.venusrock.com Partners

Location Between the towns of Limassol and Paphos, next to Aphrodite Hills

Access Cyprus’ most significant golf resort area, located 10 minutes from Paphos International Airport and one hour from Larnaca International Airport

Special features

Europe’s largest residential beachfront resort development

Area size 1,000 hectares with 850m of beachfront


› 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.


PLAYA GRANDE CLUB & RESERVE Dominican Republic

23

first

GOLF-INTERGRATED AMAN RESORT IN THE

WORLD


Playa Grande Club & Reserve www.playagrande.com Partners

Location Northern coast of the Dominican Republic, situated between the towns of Cabrera and Rio San Juan, each approximately 8 km away from the site

Access Approximately an hour’s 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

Special features

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.

Area size Approximately 11 km of seafront, spread over approximately 950 hectares of land


› 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 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


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


Pearl Island www.pearlisland.com Partners

Location In the Archipelago de las Perlas, approximately 40 nautical miles south of Panama City

Access Accessible by boat in 1 hour and by air in 20 minutes. Project permitted for its own airport

Special features

› 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

Area size 1,440 hectares with a total seafront of 30 km and 14 private sandy beaches

Composition 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, hiking and equestrian trails

› International airport

Design Masterplanned by Hart Howerton


APPENDIX B: ADDITIONAL CORPORATE INFORMATION

View from the beach of Playa Grande


Investment Principles

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

28

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 project-by-project basis

› No or limited borrowings at the corporate level

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 in-house expertise of over 25 years.

low-risk APPROACH


Value Creation Strategy

29

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

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 world’s 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


Project Land site (hectares) DCI's stake Investment

Cost * Debt Real Estate Value Loan

to real estate asset value (%) ( €million) ( €million) ( €million)

Advanced Projects

1 The Porto Heli Collection 343 163 40

2 Venus Rock 1,000 50% 83 -

3 Playa Grande 950 100% 35 44

4 Pearl Island 1,440 60% 28 -

Total 3,733 - 309 84 444 19%

Major projects

5 Sitia Bay 280 78% 17 -

6 Kea Resort 65 67% 9 -

7 Scorpio Bay 172 100% 14 -

8 Lavender Bay 310 100% 24 -

9 Plaka Bay 440 60% 7 -

10 Triopetra 11 100% 4 -

11 Livka Bay 63 100% 24 10

12 Apollo Heights 461 100% 12 21

13 Eagle Pine-Aristo 319 50% 18 0

15 Aristo Hellas 27 100% - 11

14 Mediterra Resorts 12 100% 30 6

Total 2,160 - 159 48 268 18%

Other - Aristo Cyprus 392 50% 86 n/a 126 0%

Grand Total 6,285 554 132 838 16%

30

Group Investment Position

diversified

PORTFOLIO

*Including amounts paid in shares


Dolphin Portfolio Breakdown by Country as at 31.12.2012

Breakdown by Real Estate Value

► Greece €363m 43.3%

► Cyprus €294m 35.1%

► Croatia & Turkey €59m 7.0%

► Americas €122m 14.5%

Total €838m 100.0%

Exposure by Net Investment

► Greece €238m 42.9%

► Cyprus €199m 35.9%



Total €554m 100.0%

Breakdown by Debt

► Greece €51m 38.5%

► Cyprus €21m 16.2%



Total €132m 100.0%

Breakdown by Land Size (hectares)

► Greece 1,648 26.3%

► Cyprus 2,172 34.6%

► Croatia & Turkey 75 1.2%

► Americas 2,390 38.0%

Total 6,285 100.0%

Breakdown by NAV

► Greece €288m 40.7%

► Cyprus €300m 42.3%



Total €709m 100.0%


Asset Valuations

› Dolphin’s asset valuations are undertaken by Colliers and updated on a quarterly basis

› Dolphin’s 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 €490million, 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

› Dolphin’s accounts are audited by KPMG


Other Major Projects

Sitia Bay Golf Resort Kea Resort

Partners

Location The island of Crete

Dolphin Ownership

78%

Access 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

Special features

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

Area size 280 hectares with 2.5 km of seafront

Composition › Over 80,000m2 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

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

Partners

Location The island of Tzia (Kea)

Dolphin Ownership

67%

Access 1-hour ferry ride from Lavrio Harbour and a 15-minute drive from Athens International Airport. Regular ferry services from Lavrio all year round

Special features

Dramatic sea views and a spectacular sandy beach offering a natural harbour and a safe shelter from the Aegean winds

Area size 65 hectares with private beach

Composition › Aman hotel and residences

› Beach club

Design Designed by Heah & Co led by John Heah



Scorpio Bay Resort

Lavender Bay Resort

Partners

Location Skorponeri, Voiotia region, making this probably the closest luxury seaside residential resort to Athens

Dolphin Ownership

100%

Access 1- hour’s drive from Athen’s International Airport

Special features

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

Area size 172 hectares with approximately 2 km of sea frontage

Composition Luxury Oberoi operated hotel and full service spa, integrated with a residential development and sea-related leisure facilities

Design Hotel and villa designed by Heah & Co led by John Heah

Partners

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

Dolphin Ownership

100%

Access Approximately 2.5-hours drive from both Athens and Thessaloniki International Airports. Also 20-minutes’ drive from New Aghialos International Airport

Special features

Unspoilt, undulating hills fronted by a 2 km beach and surrounded by forest

Area size 310 hectares with 2 km of seafront

Composition › 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

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



Plaka Bay Resort Triopetra

Partners

Location The island of Crete

Dolphin Ownership

60%

Access A 40-minute drive east from Sitia International Airport, a 2-hour drive east from Heraklion International Airport and in close proximity to Sitia Harbour

Special features

Easternmost point of Crete


Composition › A residential development of over 100,000m2

› One or more five-star hotels

› Other supporting recreational facilities and potentially an 18-hole golf course

Design Masterplan prepared by Hart Howerton

Partners

Location On the southern side of Rethymno Prefecture, Crete

Dolphin Ownership

100%

Access Approximately 54 km from Rethymno, the Prefecture’s capital and main port. The international airports of Heraklion and Chania fall within a distance of approximately 104 km and 124 km

Special features

Dramatic sea views and a spectacular sandy beach

Area size 11 hectares with a 280m façade along a marvellous, scenic sandy and pebbly beach, with crystal clear waters

Composition › 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

Design Permit design prepared by Aristo Developers architectural team



Eagle Pine Golf Resort Apollo Heights Resort

Partners

Location Inland, with stunning sea views, overlooking the Episkopi and Akrotiri regions near Limassol

Dolphin Ownership

49.8% (after the Aristo Exchange)

Access Less than an hour’s drive from both the island’s international airports

Special features

A few kilometres from Apollo Heights Polo Resort and a 15-minute drive from Venus Rock

Area size 319 hectares

Composition › Golf facilities and a residential development component to up to 100,000m2 of residential units

Design Masterplanning by EDSA, golf design by Graham Marsh in association with Hans-Georg Erhardt, resort design by Porphyrios & Associates

Partners

Location Near the town of Limassol

Dolphin Ownership

100%

Access Less than an hour’s drive from both of the islands international airports

Special features

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

Area size Approximately 461 hectares, 500m away from the beach

Composition › Hotel facilities

› Residential units

› Polo fields

› 18-hole golf course

Design Masterplanned by EDSA and golf course by Tony Jacklin Design



Livka Bay Resort Mediterra Resorts

Partners

Location The bay of Livka on the south end of the island of Solta, off the Dalmation Coast

Dolphin Ownership

100%

Access 20 km boat ride from Split International Airport

Special features

One of the first luxury residential resorts on the Dalmation coast


Composition › Luxury hotel with 60 suites

› Approximately 200 private serviced residences and apartments

› 160-berth marina

› Other supporting recreational, sports and retail facilities

Design WATG

Partners

Location The Antalya region of sourthern Turkey

Access 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 Kundu’s 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

Area size › 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

Composition › 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

Design Cemal Mutlu and Xavier Bohl


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.

Documents

Dolphin Capital Investors - Corporate Presentation