Leading investors in luxury residential resorts · 8 golf courses "5 PERMITTED, 2 CURRENTLY OPERATING# DOL15 | IR 2013 | 05/11/2013 | BACK COVER ARTWORK DOL15 | IR 2013 | 05/11/2013

DOL15 | IR 2013 | 05/11/2013 | BACK COVER ARTWORK DOL15 | IR 2013 | 05/11/2013 | FRONT COVER FINAL ARTWORK DOL15 | IR 2013 | 05/11/2013 | FRONT COVER FINAL ARTWORK

Dolphin C

apital Investors Limited IN

TERIM REPOR

T 2013

Dolphin Capital Investors LimitedVanterpool Plaza, 2nd Floor,Wickhams Cay 1, Road Town,Tortola, British Virgin Islandswww.dolphinci.com

Leading investors in luxury residential resortsINTERIM REPORT Period ended 30 June 2013

Pearl Island Marina

14 major projectsLARGE!SCALE LEISURE!INTEGRATED RESIDENTIAL RESORTS

60+ residential projects ARISTO PROJECTS

63 million m2

LAND UNDER DEVELOPMENT

59 kilometresDIRECT COASTLINE

10,000+ unitsRESIDENTIAL CAPACITY

22 hotels"12 PERMITTED, 2 CURRENTLY OPERATING#

5 marinas"2 PERMITTED#

8 golf courses"5 PERMITTED, 2 CURRENTLY OPERATING#


Dolphin C


TERIM REPOR

T 2013



Pearl Island Marina



63 million m2







DOL15 | IR 2013 | 05/11/2013 | UNDER INSIDE COVER FLAP FINAL ARTWORK DOL15 | IR 2013 | 05/11/2013 | INSIDE FRONT COVER FINAL ARTWORK DOL15 | IR 2013 | 05/11/2013 | INSIDE BACK COVER FINAL ARTWORK

Dolphin Capital Investors Limited Interim Report Period ended 30 June 2013 69

DIRECTORSNon-executive and independentAndreas Papageorghiou (Chairman)Cem DunaAntonios AchilleoudisRoger Lane-SmithChristopher Pissaridesof the registered office below

Non-executive and non-independentMiltos KambouridesDavid B. Heller of the registered office below

REGISTERED OFFICEVanterpool Plaza2nd FloorWickhams Cay 1Road TownTortolaBritish Virgin Islands

INVESTMENT MANAGERDolphin Capital Partners LimitedVanterpool Plaza2nd FloorWickhams Cay 1Road TownTortolaBritish Virgin Islands

NOMINATED ADVISERGrant Thornton Corporate FinanceGrant Thornton HouseMelton StreetEuston SquareLondon NW1 2EPUnited Kingdom

JOINT BROKERSPanmure Gordon (Broking) LimitedOne New ChangeLondon EC4M 9AFUnited Kingdom

LCF Edmond de Rothschild Securities Limited4 Carlton GardensLondon SW1Y 5ABUnited Kingdom

CUSTODIANCapital International LimitedCapital HouseCircular RoadDouglasIsle of Man IM1 1AGBritish Isles

ADMINISTRATORGalileo Fund Services LimitedMillennium House 46 Athol StreetDouglasIsle of Man IM1 1JBBritish Isles

LEGAL ADVISERLawrence Graham LLP4 More London RiversideLondon SE1 2AUUnited Kingdom

DEPOSITARYComputershare Investor Services PlcP.O. Box 82The PavilionsBridgwater RoadBristol BS99 7NHUnited Kingdom

REGISTRARComputershare Investor Services (Jersey) LimitedQueensway HouseHilgrove StreetSt HelierJersey JE1 1ESChannel Islands

AUDITORSKPMG Limited14 Esperidon Street1087 NicosiaCyprus

Management and administration

Printed by MegaPrint Ltd.This report has been printed on Symbol Freelife Satin and Symbol Matt Plus. This paper is environmentally friendly ECF (Elemental Chlorine Free) and wood-free with a high content of selected pre-consumer recycled material. The mill is fully FSC-Certified. The paper is also completely bio-degradable and recyclable.

Designed and produced by Boone Designwww.boonedesign.com

Our portfolio

Our portfolio currently comprises 14 large-scale development projects in Cyprus, Greece, Croatia, Turkey, the Dominican Republic and Panama, and more than 60 smaller residential holiday home projects in Cyprus and Greece through Aristo, our largest subsidiary.Venus Rock, which is in the process of being sold, is included in the figures throughout this report, except in the Portfolio Cash Generation (pages 12-13) and Portfolio Review (pages 16-40) sections.

C A R I B B E A N S E A

2

3

14

VR5 9

16

78

13

M E D I T E R R A N E A N S E A

10 11 12

Front cover: Beachfront homesite, 'La Peninsula', Pearl Island

Venus Rock Golf ResortVR

Land site DCI’s (hectares) stake


Our portfolio at a glance

Livka Bay Resort page 37 Mediterra Resorts page 38

13 14

Eagle Pine Golf Resort page 36 Apollo Heights Polo Resort page 36

1211

Plaka Bay Resort page 35 Triopetra page 35

109

Scorpio Bay Resort page 34 Lavender Bay Resort page 35

87

Sitia Bay Golf Resort page 34 Kea Resort page 34

65

Pearl Island page 30

3

Playa Grande Club & Reserve page 26

2

The Porto Heli Collection page 18

1 ADVANCED PROJECTS1 The Porto Heli Collection 343

Amanzoe 96 86% The Nikki Beach Resort & Spa at Porto Heli 1 25% The Chedi and Jack Nicklaus Signature Golf Course 246 100%

2 Playa Grande Club & Reserve 950 100%3 Pearl Island 1,440 60%

VR Venus Rock 1,000 100% Sub total 3,733

MAJOR PROJECTS5 Sitia Bay Golf Resort 280 78%6 Kea Resort 65 67%7 Scorpio Bay Resort 172 100%8 Lavender Bay Resort 310 100%9 Plaka Bay Resort 440 100%10 Triopetra 11 100%11 Eagle Pine Golf Resort 319 50%12 Apollo Heights Polo Resort 461 100%13 Livka Bay Resort 63 100%14 Mediterra Resorts 12 100% Port Kundu 4 100% La Vanta 8 100%

Zoniro Greece 27 100% Sub total 2,160

Aristo Cyprus* 392

Total 6,285 *Excluding Eagle Pine and Venus Rock



















Our portfolio



2

3

14

VR5 9

16

78

13


10 11 12







13 14


1211


109


87


65


3


2








Aristo Cyprus* 392


CONTENTS

1 ABOUT US

2 Niche strategy 3 Residential portfolio 4 Our journey so far 6 Portfolio breakdown 7 Financial highlights 7 Chairman’s statement

8 INVESTMENT MANAGER’S REPORT

9 Asset sales, divestments and investments 11 Zoning and development benefits 12 Portfolio characteristics and cash generation potential 14 Market dynamics 15 Strategic objectives

16 PORTFOLIO REVIEW

17 Project investment and exit summary 18 Advanced Projects 34 Major Projects 39 Permitting status update 40 Aristo 41 Corporate social responsibility

42 CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

43 Finance Director’s report 45 Independent Auditors’ report 46 Condensed consolidated interim statement of comprehensive income 47 Condensed consolidated interim statement of financial position 48 Condensed consolidated interim statement of changes in equity 49 Condensed consolidated interim statement of cash flows 50 Notes to the condensed consolidated interim financial statements 65 Valuation certificates 69 Management and administration

About us

1

Dolphin is one of the largest real estate investment companies quoted on AIM in terms of net assets, and seeks to generate strong capital growth and cash returns for its shareholders.

Since its inception in 2005, Dolphin has become one of the largest private seafront landowners in Greece and Cyprus.

Dolphin’s portfolio is currently spread over 63 million m! of prime coastal developable land and comprises 14 large-scale, leisure-integrated residential resorts under development in Greece, Cyprus, Croatia, Turkey, Panama and the Dominican Republic and a 49.8% strategic participation in Aristo Developers Ltd, the largest developer and private land owner in Cyprus.

Dolphin is managed by Dolphin Capital Partners, ‘DCP’ or the ‘Investment Manager’, an independent real estate private equity firm.

We are a leading global investor in the residential resort sector in emerging markets, acquiring large seafront sites of striking natural beauty in the eastern Mediterranean, Caribbean and Latin America.We develop sophisticated leisure-integrated residential resorts, and partner with some of the world’s most recognised architects, golf course designers and hotel operators.

DOL15 | IR 2013 | 05/11/2013 | ARTWORK

2 Dolphin Capital Investors Limited Interim Report Period ended 30 June 2013

Country selection criteria› Emerging 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 of an airport

› Development capacity for residential units (villas, townhouses 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 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

VALUE CREATION STRATEGY

Acquisitions› Acquire large exquisite developable sites

with strong capital appreciation potential › Use tax efficient holding structures

to minimise tax on development and divestments

Design and branding› Appoint internationally acclaimed

masterplanners, architects and designers to create world-class products

› Partner with luxury operators and marketing experts to create highest quality branding

Development capability› Leverage on the expertise of Dolphin,

Aristo, Zoniro and development partners › Obtain construction permits through

a well-planned process› Appoint the most creditable construction

firms on a turn-key basis› Create portfolio synergies through

economies of scale and expertise transfer in design, management, operations, marketing and financing

Profit realisation› Sell entire projects or strategic stakes

at any stage of development, particularly upon permits being obtained

› Develop and sell the residential components, land parcels and ultimately the residual leisure components

Niche strategy

Dolphin acquires attractively priced seafront sites of exceptional natural beauty and develops them into high-end, premium-branded residential resorts, capitalising on its in-house expertise.

INVESTMENT PRINCIPLES

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Niche strategy/Residential portfolio 3

Dolphin partners up with the most experienced architects, golf designers and hotel operators to conceive and develop the ultimate combination of hospitality and residential accommodation in exquisite seafront locations.

Residential portfolio of units currently for sale

The Porto Heli Collection, Peloponnese, Greece

Amanzoe VillasThe only Aman villas currently available for sale in Europe. Synonymous with the highest level of service while offering an unforgettable retreat in a stunning location, part of Amanzoe, probably the best resort in the Mediterranean today. Each villa, although designed in the same style, is designed individually by the quintessential Amanresorts architect Mr. Ed Tuttle, to the owner’s specifications. Seven villas sold to date.

The Nikki Beach Resort & SpaDue to open in the summer of 2014, the resort comprises 17 hotel suites and 49 apartments & lofts for sale, alongside a yacht club, restaurants, bars and a spa.

The Seafront VillasThe exceptional 11 Seafront Villas make up an exclusive gated community that sits right on one of Greece's most spectacular shorelines. Serviced and deeded, these four to seven bedroom homes offer bespoke design and are crafted from prized native materials.

Aman Villas at Playa Grande, Dominican RepublicOn a sublime cliff-side location, overlooking crescent shaped Playa Grande beach, lies the Aman at Playa Grande, a private resort – currently under construction. An exclusive group of only seven Aman Founders’ Villas is currently available for sale with stunning golf and sea views – three have already been sold or reserved.

Pearl Island, Archipelago de las Perlas, PanamaOver 60 homes already sold in the initial Founders’ Phase of the development; La Peninsula. The second phase of the island will involve the construction of a Ritz Carlton Reserve Hotel starting in early 2014 and will release for sale only seven Founder Ritz Carlton Reserve villas of three to four bedrooms, representing one of the best residential offerings in Central America.

Mediterra Resorts, La Vanta & Kalkan, TurkeyLa Vanta is a development of over eight hectares comprising over 195 villas, townhouses and apartments. Phase 1 was completed in 2010 with 42 units already delivered. Phase 2a is currently under construction including 10 additional units.

Aristo, Cyprus

Venus Rock Golf Resort, PaphosOne of Europe’s largest luxury beachfront residential developments, and home eventually to more than 3,000 properties aiming to create the most vibrant and exclusive residential community in the country.

Thalassea Residences, Polis ChrysochousAristo Plots VillasMersinia Hills, Ayia NapaPissouri Panorama Residences, LimassolRosemary Residences, Nicosia Town, LakatamiaSea Caves Residences, Paphos

Pearl Island

Aman Villa, Playa Grande

Amanzoe Villa

Nikki Beach Resort & Spa

Seafront Villa

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Amanzoe

Our journey so far…

JULYDolphin founded with !5 million of seed capital.DECEMBERDolphin admitted to trading on AIM, raising !104 million.

MARCHDolphin executes first investment in Greece – Kilada Hills Golf Resort.JUNEDolphin follows on with first investment in Cyprus – Apollo Heights Polo Resort, and an additional acquisition in Greece – Scorpio Bay Resort.AUGUST Continued investment activity in Greece – Amanmila and Lavender Bay Resort.NOVEMBERSecond AIM fundraise of an additional !300 million.NOVEMBER Dolphin completes first acquisition in Crete – Sitia Bay Golf Resort, and partners for a second time in Greece with Aman for Amanzoe at The Porto Heli Collection.

JANUARYDolphin makes first investment in Croatia – Livka Bay Resort.APRIL Dolphin purchases 85% stake in Aristo.JUNEThird AIM fundraise of an additional !450 million.JULY Dolphin invests for the second time in Crete – Plaka Bay Resort.OCTOBERDolphin acquires Kea Resort, and executes the first investment in Turkey – Mediterra Resorts.DECEMBER Dolphin makes first investment outside eastern Mediterranean – Playa Grande Club & Reserve in the Dominican Republic.

JANUARYMinority buy-outs in Livka Bay Resort, and Mediterra Resorts.MARCH !62.7 million invested in the acquisition of prime land in strategic locations in Cyprus, funded 100% by Aristo’s operational cash flow and credit lines.JULY Dolphin makes first investment in Central America – Pearl Island in Panama.AUGUST Amanzoe Hotel construction permits obtained.

APRILSale of Amanmila, Milos, Greece and launch of Shares-For-Assets Programme.JUNEAcquired remaining 15% of Aristo.AUGUSTCommencement of construction of Amanzoe at Porto Heli, Greece.SEPTEMBERCommencement of construction of the first golf villa at Playa Grande Club & Reserve.OCTOBERFinal construction permit for the hotel at Sitia Bay Golf Resort.DECEMBERSale of 33% of Kea Resort and signing of management agreement with Aman Resorts.

2005 2006 2007 2008 2009

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Our journey so far… 5

JANUARYConstruction of Pearl Island airport runway begins.MAYAristo Exchange takes place.JUNEConstruction of first golf villa completed at Playa Grande Club & Reserve.AUGUSTAmanzoe welcomes its first guests. At opening, five Aman Villas were already sold.SEPTEMBERDolphin sells a 60% shareholding in Pearl Island’s Founders’ Phase, after having sold over 20 Founder lots.OCTOBER!50 million issue of new Dolphin shares.

MAYVenus Rock Golf Resort obtains permits for two golf courses and related residential reaching 450,000 buildable m2 of real estate.MAY!50 million asset-backed loan facility arranged for Venus Rock Golf Resort.JUNEManagement agreement signed with Nikki Beach to operate the hotel at The Porto Heli Collection.

FEBRUARYCommencement of construction of the first Aman Villa at Amanzoe. MARCHUS$40 million issue of Playa Grande Convertible Bonds.APRILWorks for the construction of the 36-hole golf course commenced at Venus Rock Golf Resort.AUGUSTCommencement of construction of the Aman Beach Club at Amanzoe.

MARCHIssue of !50 million Bonds and US$9 million Bonds.MARCHAman Golf Resort groundbreaking ceremony at Playa Grande.MAYAgreement for the sale of Venus Rock was signed.JULYThe construction of the first Aman Villas at Amanzoe was completed.OCTOBERRitz Carlton announces 2016 resort opening at Pearl Island.

2010 2011 2012 2013

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Portfolio breakdownBY COUNTRY AS AT 30 JUNE 2013

BREAKDOWN BY REAL ESTATE VALUE

Greece !367m 45.4% Cyprus !237m 29.3% Croatia and Turkey !58m 7.2% Americas*** !146m 18.1%

Total !808m 100.0%

BREAKDOWN BY DEBT*

Greece !49m 50.0% Cyprus** !19m 20.4% Croatia and Turkey !15m 15.3% Americas !14m 14.3%

Total !97m 100.0%

BREAKDOWN BY NET ASSET VALUE


Total !618m 100.0%

EXPOSURE BY NET INVESTMENT


Total !603m 100.0%

BREAKDOWN BY LAND SIZE (hectares)

Greece 1,648 26.2% Cyprus 2,172 34.6% Croatia and Turkey 75 1.2% Americas 2,390 38.0%

Total 6,285 100.0%

* Does not include the !81 million DCI Corporate Bonds

** Does not include Aristo Group which is reported in NAV basis

*** Adjusted for Itacare shares value

DOL15 | IR 2013 | 05/11/2013 | ARTWORK

Portfolio breakdown/Financial highlights/Chairman’s statement 7

Chairman’s statementAndreas Papageorghiou

Financial highlightsTotal Group Net Asset Value (‘NAV’), as at 30 June 2013 was !613 million and !535 million before and after deferred income tax liabilities (‘DITL’) respectively.

Sterling NAV per share as at 30 June 2013 before DITL of GBP 0.82 and after DITL of GBP 0.71.

The Company balance sheet remains robust:› Gross assets of !869 million.› Total debt of !178 million with

a Group total debt to asset value ratio of 21%.

› !50 million and US$9.17 million of convertible bonds are held at the Company level.

› The Company has provided corporate guarantees on the US$31 million outstanding Convertible Bonds, and the US$19 million Playa Grande construction loan.

During the first half of 2013, we made continued progress towards achieving our strategic priorities within a challenging but constantly improving market.

I am delighted that the first full year of operations for Amanzoe, the first villa-integrated Aman resort in Europe and one of the most exclusive destinations in the Mediterranean, has been highly successful, with occupancy reaching almost 100% during the peak holiday period. The feedback we continue to receive both from clients and in international publications is testament to the quality of our product.

So far during this year, the Company has pursued several divestments that have resulted in executing the Sale Agreement of Venus Rock Golf Resort and the non-binding agreements for the disposal of Pt. Kundu and for the sale of minority stakes in Amanzoe and The Chedi and Jack Nicklaus Signature Golf Course.

The legislative changes implemented during the past months by both the Greek and the Cypriot governments are expected to be beneficial for most of our projects due to their quality, size and potential impact on the local economy. The Chedi and Jack Nicklaus Signature Golf Course is anticipated to be the first of our projects to be developed under the ‘Strategic Investment’ legislation, granting favourable planning conditions and administrative assistance in the permitting process.

The acquisition of the remaining 40% stake in Plaka Bay Resort, as well as other opportunities we are currently exploring, are expected to enhance the NAV and profit potential of our portfolio.

The Company’s NAV, before and after DITL, as at 30 June 2013 is reported at !613 million and !535 million, respectively, and the NAV per share before and after DITL in Euro terms was !0.95 and !0.83 respectively, representing a 13.5% and 15.7% decrease from 31 December 2012. This drop was driven principally by the reduction in the value of the Venus Rock project whose fair value has been adjusted to reflect the purchase price agreed with CGIG. The Venus Rock valuation adjustment resulted in a decrease in NAV before and after DITL of !66 million (9.3%) and !60 million (9.4%) respectively from 31 December 2012.

In addition to the Venus Rock sale impact, underlying NAV predominantly decreased due to a valuation discount in the Aristo portfolio in the aftermath of the March 2013 Cyprus banking crisis as well as regular operating expenses offset by revaluation gains in Playa Grande Club & Reserve, Pearl Island and Scorpio Bay resort during the period.

As Dolphin’s real estate portfolio continues to mature, we remain confident in the Company’s ability to take advantage of improved market conditions to generate significant future returns for shareholders.

Andreas Papageorghiou Chairman

Dolphin Capital Investors Limited

DOL15 | IR 2013 | 05/11/2013 | ARTWORK


The prime focus of our team for 2013 remains to achieve progress in all stages of development of our portfolio (ranging from permitting to construction and sales) and secondarily to grow the Company through new investments and joint ventures.

Investment Manager’s Report

Amanzoe’s first full year of operations remains in line with its budget and is expected to result in a positive net operating profit (before depreciation and debt service). The resort continues to serve as a showcase of Dolphin’s development capabilities, profit potential and vision. Amanzoe was again the venue of this year’s DCI Investor Conference, which took place from 30 September to 1 October 2013.

Sales activity has continued to gain momentum in recent months, with a number of potential transactions under negotiation, collectively at a premium to reported NAV, while the Company executed the acquisition of the remaining 40% of the shares in the Plaka Bay project and is currently in negotiations for some additional NAV accretive investments that would further strengthen and diversify our portfolio.

Pierre Charalambides, Founding Partner, and Miltos Kambourides, Managing Partner

DOL15 | IR 2013 | 05/11/2013 | ARTWORK

Venus Rock Golf Club House

Investment Manager’s Report Asset sales, divestments and investments 9

Asset sales and divestmentsIn addition to the already announced sale of Venus Rock, the Company has progressed a number of project Joint Ventures (‘JV’) and sales negotiations which have resulted in signing non-binding preliminary agreements and receiving refundable deposits for the following deals:› The sale of a minority stake

in Amanzoe.› The sale of a minority stake

in The Chedi and Jack Nicklaus Signature Golf Course combined with a capital increase to fund the development.

› The sale of 100% of Pt. Kundu in Turkey.

In parallel, negotiations are taking place for the disposal of other projects within the Dolphin portfolio.

Update on Venus Rock sale

On 17 May 2013, the Company’s 49.8% subsidiaries, Aristo and Venus Rock, entered into a binding Contract of Sale with China Glory International Investment Group (‘CGIG’) for their interests in the Venus Rock project for a fixed consideration of !241 million and a conditional deferred consideration of !48.5 million, and received a non-refundable deposit of !2 million. According to the terms of the Contract, the Venus Rock project shall only be transferred to CGIG upon payment of the pending fixed consideration.

Since signing the transaction, CGIG has invested significant resources both in Cyprus and in China and has redesigned the project to meet the requirements of its Chinese clients, received 252 new planning permits, completed the design and is in the process of proceeding with filing applications for planning permits for another 919 houses, while it has also established operating offices in Nicosia, Cyprus. According to CGIG, there is already significant expression of interest by potential clients. Further information can be found on www.venusrock.com.

Part of the initial fixed consideration for the transaction was due on 17 August 2013, but has not yet been received because, according to CGIG, the currency export control procedures applicable under Chinese legislation regulating foreign investments have not as yet been approved. According to the Contract of Sale Aristo is entitled to charge 6% interest p.a. on any amounts delayed. Aristo is in close communication with CGIG, which expects that the final approval by the Chinese authorities will be granted by the end of the year.

Asset sales, divestments and investments

DOL15 | IR 2013 | 05/11/2013 | ARTWORK


INVESTMENT MANAGER’S REPORT CONTINUED

Investments› On 23 August 2013, Dolphin acquired the remaining 40%

shareholding in Plaka Bay Resort, bringing its total stake in the project to 100%. The consideration for the 40% stake is !4.4 million, and represents a discount of 36% to the Company’s project net asset value as at 30 June 2013. The original Shareholders’ Agreement between the parties, which provided for a deferred conditional cash consideration payable by Dolphin of !8.6 million when the project receives final permits for 80,000 buildable m2, has been terminated and replaced by an obligation by the Company to deliver, upon receiving building permits for freehold residential units, plots of land with an aggregate retail value of up to !4 million, depending on the actual permits obtained. The Company believes that the project’s permits could be obtained in the near future and as such, the transaction resulted in eliminating a contingent !8.6 million cash liability, while creating an immediate NAV accretion of !2.5 million and potential for significant additional profits from Dolphin’s 100% ownership of this project.

› In parallel with the above transaction, the Company has reached a preliminary JV agreement with the owners of a large developable land site, adjacent to the Plaka Bay project. The agreement provides that Zoniro Greece will undertake the masterplanning and permitting of this land in conjunction with the Plaka Bay project as a single unified development in the context of the Strategic Investment legislation, and in exchange will receive as consideration a significant shareholding in the land site in question.

› On 15 July 2013, Dolphin acquired 9,609,650 shares in Itacaré Capital Investments Limited (‘ICI’), equivalent to 10% of the company’s issued share capital. ICI is a London Stock Exchange AIM quoted investment company with an attractive portfolio of luxury residential resort developments situated on the eastern coast of Brazil. ICI presented a good acquisition opportunity because it is debt-free, owns attractive land assets with advanced designs and permits to commence development in the near future for most sites and, at the time of Dolphin’s 10% acquisition, it was trading at a c. 75% discount to its NAV. Following Dolphin’s acquisition, ICI’s share price has appreciated by over 60% (based on share price as at 23 September 2013), while shareholders accounting for 52% of the votes in ICI signed a shareholders’ agreement committing to not sell their shares below NAV for the next three years and to vote in concert at general meetings of the company.

› In parallel, the Company is capitalising on the expertise of its two development platforms, Zoniro and Aristo. Zoniro is the DCI in-house development arm specialising in high-end leisure integrated residential resorts while Aristo is focused on more middle-market residential-only projects with a successful sales network in China, Russia and other major markets. The Zoniro development platform includes over 30 development professionals who are engaged in the Dolphin projects in Greece and a number of other professionals in the Dominican Republic and Panama, respectively working on the development of Playa Grande and Pearl Island. The vertical integration of a development team such as Zoniro within DCI is creating substantial goodwill and savings for the Company, as the alternative would have required the payment of significantly higher fees to other third party developers, without any expertise being retained by the Company.

› Several deals under consideration, such as the one related to land adjacent to Plaka Bay, involve little or no capital deployment by Dolphin and, instead, offer the Company the option to receive an equity stake or profit sharing in the projects in exchange for contributing development and sales services and expertise through Zoniro and/or Aristo.

› The Company is also participating in the competitive bidding process initiated by the National Bank of Greece and the Hellenic Republic Asset Development Fund for the sale of Astir Palace S.A. (www.astir-palace.com), an investment company owning the Astir Palace resort. The completed resort development comprises 75 acres on a private peninsula, and is located in the most upscale area of the Athenian Riviera. If successful, it is expected that the funding for this transaction will be sourced from a combination of third party strategic capital, bank debt and some of Dolphin’s own financial resources.

Asset sales, divestments and investments continued

DOL15 | IR 2013 | 05/11/2013 | ARTWORK

Investment Manager’s Report Asset sales, divestments and investments/Zoning and development 11

Strategic Investments are defined as investments in a series of sectors including tourism which exceed certain investment thresholds or create a predetermined number of new jobs. All of the Company’s projects in Greece would, in principle, qualify under the criteria set out in the new legislation.

Under the Strategic Investments programme, each investment is considered on its own merit by a governmental committee and, if deemed to qualify, is granted favourable planning conditions and administrative assistance (‘fast track’) in the entitlements and permitting process. Such favourable planning conditions include, amongst others, higher building coefficients, the development of residential real estate properties without the need to develop a hotel, preferential access and leasing terms of public beaches, and tax benefits and deferrals.

The Company has already applied for The Chedi and Jack Nicklaus Signature Golf Course to be included under the ‘Strategic Investments’ legislation, improving its development plan and expected profitability, and plans to submit applications for other projects in Greece.

Residence Visa

To further stimulate economic recovery, the Greek state is offering foreign real estate buyers residence visas. The new law allows real estate purchasers or lessees from outside the EU, who purchase or lease real estate investing an amount in excess of !250,000, to be granted a long-term residence visa.

Residence permits are valid for five years and are renewable, providing that the purchaser/lessee still holds their interests in the property acquired or leased.

Leveraging on this novel legislation, and following Aristo’s success in Cyprus in penetrating the Chinese market based on the similar Cyprus visa regulations for property buyers, Dolphin continues to proactively work alongside Aristo to promote awareness in the Chinese market about the opportunity and has already signed several agreements with Chinese agents and immigration offices for the Greek market. It is expected that this legislation will soon become a sales catalyst for Dolphin’s planned supply of its own or future joint venture properties.

Zoning and development benefits for the Greek portfolio under the latest legislation

Strategic Investments The Greek government, under a series of recent legislative changes, has passed laws favourable to so-called ‘Strategic Investments’ and incentives including residence permits for the acquisition of real estate in the country.

The Chedi and Jack Nicklaus Signature Golf Course grounds

DOL15 | IR 2013 | 05/11/2013 | ARTWORK



Following the sales and new investments achieved during the period, the forecast cash generation potential of Dolphin’s real estate portfolio has been updated accordingly. The main changes in the forecast, from what was previously communicated by the Company, reflect the conditional sale of Venus Rock and the acquisition of the remaining 40% of Plaka Bay.

The Advanced Projects, excluding Venus Rock following its recent sale to CGIG, are spread over 2,623 hectares of land, of which 224 hectares represent the first phases of these developments. The total unsold residential capacity of these projects is approximately 360,000 buildable m2, of which circa 80,000 m2 are planned for their first phases. In addition to the built product and leisure facilities, the three Advanced Projects have the potential to sell over 3.4 million m2 of land in the form of land plots.

The sale of the Venus Rock project is expected, as reported on 20 May 2013, to generate dividends to Dolphin ranging from !30 to !40 million, with the largest part of the respective consideration to be used to further deleverage the Aristo Group.

The plans for the first phases of the Advanced Projects include the development of four luxury hotels such as the first Aman residential resort in Europe (Amanzoe), the first Aman golf-integrated resort worldwide (Playa Grande), the first Nikki Beach resort in the eastern Mediterranean, and the first Ritz Carlton Reserve resort in Central America (Pearl Island); as well as a golf course in Playa Grande designed by Robert Trent Jones, Senior and renovated by his son Rees Jones.

As summarised in the table on page 13, the Investment Manager estimates that the Advanced Projects alone have the potential to generate for Dolphin the following returns:

› More than !390 million of net cash returns, or circa 53p per share, from the development and sale of their first phases alone (which represents circa 32% of their estimated total profitability) over an average period of approximately six years.

› Over !1.2 billion of cash, or circa 163p per share, through dividends, the development and sale of all their planned residential units and retail land plots and the sales and operational profits of their leisure components (hotels, golf courses, marinas etc) over an estimated period of 12 years (2013 to 2025).

Dolphin’s remaining portfolio includes:

› Ten major leisure-integrated residential resort projects, spread over 2,160 hectares of land, on which it is conservatively expected to build and sell c. 662,000 residential buildable m2, representing only a c. 3% building coefficient. These projects are expected to further increase in value as they complete their permitting and design phase and reach Advanced Project status.

› The Investment Manager estimates their cash generation potential to be in excess of !1.29 billion, or circa 172p per share, spread over the next 12 years.

› Residual developable land, as under the current plans not all the land of the Major Projects will be developed in the next 12 years. Such land is estimated to have a residual building coefficient of circa 1.45 million buildable m2 and a future value of circa !1.16 billion (based on an estimated average value of !800 per buildable m2).

› Aristo Developers, the largest developer and private land owner in Cyprus, which currently has c. 70,000 buildable m2 of residential product in stock or under construction and c. 315,000 land m2 in the form of readily available land plots with a total listed sales potential of over !90 million. In addition, Aristo holds an additional vast portfolio of land assets with the potential to sell over 676,000 residential buildable m2 once fully developed. Dolphin retains a strategic 49.8% shareholding in Aristo. The Investment Manager estimates that, upon market recovery, Aristo could generate dividends of c. !15 million per year to Dolphin and, conservatively, has not increased this dividend generation estimate following the expected deleveraging of Aristo post the CGIG transaction.

Based on the above, the Investment Manager estimates Dolphin’s total portfolio cash generation potential to be approximately !4 billion, or c. 527p per share, over the next 12 years. This cash generation estimate is summarised in the following table:

Updated portfolio characteristics and cash generation potential of the Dolphin portfolio


3


2


1

DOL15 | IR 2013 | 05/11/2013 | ARTWORK

Investment Manager’s Report Portfolio characteristics/Cash generation potential 13

BASIC ASSUMPTIONS

› All cost assumptions cover future development, marketing, sales, branding and agency costs and do not include already incurred expenses for land acquisition and development.

› Only the expected dividends from the sale of Venus Rock are taken into consideration.

› The above cash returns are before deducting annual management and performance fees at the DCI level.

› For the Other Phases of the Advanced Projects and for the Major Projects, the above cash returns do not include financing costs.

› The anticipated impact on the projects’ profitability from the new legislation enforced by the Greek and Cypriot governments and the preliminary JVs and sales agreements, were not taken into account.

› 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.

› No interim project exits have been assumed. › Dividends are assumed to be distributed upon

Aristo achieving significant positive cashflows from 2015 onwards and are assumed to stabilise at "30 million (for 100%). The Aristo Terminal Value is calculated at 8x on its estimated annual dividends. These dividends exclude the financial returns from Eagle Pine.

› Net Operating Income is calculated over a period ranging from 6 to 10 years depending on the project. The sale of the Leisure components (‘Leisure Sales’) assumes that the hotels, golf courses and other leisure components are sold in years 6 to 10 at a multiple to their NOI ranging from 8x to 10x.

› 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.

Portfolio cash generation potential

Land Residential units plots Leisure Leisure net Leisure Leisure Estimated operating terminal construction cash

" million Sales Costs Sales income values costs returns

ADVANCED PROJECTS 1 The Porto Heli Collection (100%) First Phase 199 78 23 34 74 38 214 Other Phases 536 194 – – – – 342 735 272 23 34 74 38 556 2 Playa Grande Club & Reserve (100%) First Phase 163 81 1 12 38 28 105 Other Phases 272 145 163 – – – 290 435 226 164 12 38 28 395 3 Pearl Island (60%) First Phase 53 29 – 9 15 7 41 Other Phases 361 239 77 – – – 199 414 268 77 9 15 7 240 VR Venus Rock Golf Resort 35 TOTAL 1,584 766 264 54 127 73 1,226

MAJOR PROJECTS AND ARISTO

GREECE 1,954 994 " " " " 960 5 Sitia Bay Golf Resort 560 276 – – – – 284 6 Kea Resort 187 76 – – – – 111 7 Scorpio Bay Resort 306 146 – – – – 159 8 Lavender Bay Resort 454 261 – – – – 193 9 Plaka Bay Resort 315 160 – – – – 155 10 Triopetra 44 23 – – – – 21 Douneika 78 47 – – – – 31 Syros 10 5 – – – – 5

CYPRUS 495 258 " " " " 237 11 Eagle Pine Golf Resort 164 78 – – – – 86 12 Apollo Heights Polo Resort 330 180 – – – – 150

CROATIA 143 95 " " " " 48 13 Livka Bay Resort 143 95 – – – – 48

TURKEY 80 31 " " " " 49 14 Mediterra Resorts 80 31 – – – – 49 TOTAL 2,671 1,378 " " " " 1,293

Residual land value 1,163 – – – – – 1,163

Aristo Developers (49.8%) Dividends and terminal value – – – – – – 276

PORTFOLIO GRAND TOTAL 5,419 2,144 264 54 126 73 3,958

DOL15 | IR 2013 | 05/11/2013 | ARTWORK



Market dynamics

The 2013 UNWTO World Tourism Barometer reports that tourism demand exceeded expectations in the first half of 2013 and international tourist arrivals grew by 5% during the first half of 2013 compared to the same period of 2012, reaching almost 500 million.

In general, the most important observations, for the countries we are invested in, are as follows:

› Tourist arrivals in Greece from January to August 2013 increased by almost 10% based on the preliminary results issued by the country’s main airports. It is expected that, once the figures are final, including all means of transport to the country, tourist arrivals will reach a historic high of almost 17.5 million.

› In Cyprus, tourist arrivals for the period January to August 2013 recorded a decrease of 5% compared to the same period last year.

› In Turkey, the number of foreign visitors is growing albeit at a slower than expected pace due mainly to the impact of anti-government protests and unrest in the region.

› The number of tourists visiting the Dominican Republic for the period January to June 2013 is up by 5% while the country’s GDP is projected to grow by 7.5% in 2013.

› Tourist arrivals in Panama for the period January to August 2013 grew by approximately 5% compared to the same period of 2012. The country’s GDP is forecast to grow by 7.5% for 2013.

For Dolphin, the growth in the number of high and ultra-high net worth individuals (‘UHNWI’, referring to people with personal wealth of over US$30 million) is the most significant figure, since this group of people constitutes the potential buyers of our high-end real estate products. As the data in the Wealth-X & UBS World Ultra Wealth Report (www.wealthx.com/wealthxubswealthreport ) shows, while much economic uncertainty remains around the world, UHNWIs have continued to outperform the global economy, reaching all-time highs in terms of their wealth and population in 2013. There are now c. 200,000 UHNWIs across the world, an increase of 6.3% since 2012, with a combined wealth of US$27.8 trillion and with a desire to differentiate themselves in terms of lifestyle choices.

International tourist arrivals grew by 5% during the first half of 2013

+5%

DOL15 | IR 2013 | 05/11/2013 | ARTWORK

Investment Manager’s Report Market dynamics/Strategic objectives 15

The main strategic priorities of the Company are as follows:

1. Successfully complete all divestment negotiations currently underway and initiate new ones to further demonstrate the value of the portfolio.

2. Continue the sale of Amanzoe Villas.

3. Progress the development of the Aman Golf Resort and continue the sale of the Founder Aman Villas at Playa Grande.

4. Follow up on the completion of the Founders’ Phase infrastructure works and leisure facilities at Pearl Island, secure the financing and complete a JV agreement to develop the Ritz Carlton Reserve phase of the project.

5. Assist Aristo’s management in increasing retail sales during the currently challenging period, allowing it to return to net cash generation, and use the funds following the completion of the Venus Rock sale to reduce leverage and distribute dividends to Dolphin.

6. Implement agreed sales and collect the future proceeds.

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

8. Capitalise on the expertise of Zoniro and Aristo to expand the Company’s portfolio and generate additional income.

9. 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.

Miltos Kambourides, Managing Partner Pierre Charalambides, Founding Partner

Dolphin Capital Partners

Strategic objectives

DOL15 | IR 2013 | 05/11/2013 | ARTWORK


Portfolio review

Nikki Beach Resort and Spa, Porto Heli Collection

DOL15 | IR 2013 | 05/11/2013 | ARTWORK

Portfolio review Project investment and exit summary 17

Project investment and exit summaryA summary of Dolphin’s current investments, excluding Venus Rock, is presented below. As of 31 August 2013, the net invested amount is !520 million.

Land site DCI’s Investment cost* Debt Real estate value Loan to real estate PROJECT (hectares) stake ("m) ("m) ("m) asset value (%)

ADVANCED PROJECTS1 The Porto Heli Collection 343 167 38

› Amanzoe 96 86% 72 38 › The Nikki Beach Resort & Spa 1 25% 4 – › The Chedi and Jack Nicklaus

Signature Golf Course 246 100% 91 – 2 Playa Grande Club & Reserve 950 100% 70 14 3 Pearl Island 1,440 60% 28 –

TOTAL 2,733 265 52 350 15% MAJOR PROJECTS5 Sitia Bay Golf Resort 280 78% 16 6 Kea Resort 65 67% 9 7 Scorpio Bay Resort 172 100% 14 8 Lavender Bay Resort 310 100% 24 9 Plaka Bay Resort 440 100% 10 10 Triopetra 11 100% 4 11 Eagle Pine Golf Resort – Aristo 319 50% 18 12 Apollo Heights Polo Resort 461 100% 15 19 13 Livka Bay Resort 63 100% 25 10 14 Mediterra Resorts 12 100% 30 5 › Port Kundu 4 100% 15 2 › La Vanta 8 100% 15 3 Zoniro Greece 27 100% 2 11 TOTAL 2,160 167 45 274 16% ARISTO CYPRUS* 392 50% 86 – 52 0% Itacaré Investment n/a 10% 2 – 7** DCI Corporate Bonds n/a n/a n/a 81 – GRAND TOTAL 5,285 520 178 683 26% Land site Investment cost* Debt*** Real estate value Loan to real Net asset (hectares) ("m) ("m) ("m) estate value (%) value

BY COUNTRYA Greece 1,648 246 49 367 13% 52% B Cyprus*** 1,172 118 19 112 17% 18% C Croatia and Turkey 75 55 15 58 26% 9% D Americas 2,390 101 14 146 10% 21%

GRAND TOTAL 5,285 520 97 683 14% 100% *Including amounts paid in shares. **Share of 30 June 2013 NAV as reported by Itacaré. ***Not including DCI Corporate Bonds.

Land site Dolphin Dolphin original Dolphin exit Dolphin return on (hectares) stake sold investment ("m) proceeds ("m) investment (times)

EXITS Tsilivi – Aristo 11 100% 2 7 3.50x Amanmila 210 100% 2.8 5.4 1.90x Kea Resort 65 33% 4 4.1 1.00x Seafront Villas 3.6 100% 9 14 1.52x Kings’ Avenue Mall 4 100% 11 15 1.36x Aristo Developers Ltd 1,351 50% 208 375.5 1.80x The Nikki Beach Resort & Spa 1 75% 4 6.9 1.83x Pearl Island Founders’ Phase 106 100% 6 10.6 1.73x Venus Rock* 1,000 50% 83 144** 1.73x TOTAL 2,752 330 582 1.7x *Dolphin’s share of sales proceeds, assuming the Venus Rock transaction is duly completed **Includes the fixed consideration of "241 million and the conditional deferred consideration of "48.5 million

DOL15 | IR 2013 | 05/11/2013 | ARTWORK


PORTFOLIO REVIEW: ADVANCED PROJECTS

Engulfed by azure waters and protected coves, and in close proximity to ancient sites of cultural and archaeological interest and picturesque islands, The Porto Heli Collection is home to Amanzoe and will include two additional 5-star hotels, each one offering its own unique style of vacationing and amenities, as well as a range of luxury residential units, catering to a diverse range of travellers and buyers.

1. The Porto Heli CollectionPeloponnese, Greece

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GREECE

1

Portfolio review Advanced Projects 19

Amanzoe

DOL15 | IR 2013 | 05/11/2013 | ARTWORK

S P E T S E S I S L A N D

E P I D A V R O SM Y C E N A E

N A F P L I O N

H Y D R A I S L A N D

P O R O S I S L A N D

C O R I N T HC A N A L

A T H E N SI N T E R N A T I O N A L

A I R P O R T

THE PORTO HELI COLLECTION 1



THE PORTO HELI COLLECTION AT A GLANCE

DOLPHIN STAKE 100%

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

COMPOSITIONFirst Phase› Amanzoe, a 38-pavilion hotel and

spa designed by Ed Tuttle, opened in August 2012

› The Aman Beach Club, opened on 1 August 2012

› The Aman Villas, serviced by Amanzoe› The Nikki Beach Resort & Spa at Porto Heli,

which will include hotel suites as well as apartments for sale opening in 2014

› The Seafront VillasOther Phases (including, but not limited to)› The Chedi with 102 hotel rooms, spa,

40 club suites and a 60 residence Jack Nicklaus Signature Golf Course

› Golf clubhouse, c. 260 golf residences and 100 hillside residences

› Equestrian centre, tennis academy, kids’ club and beach club

COMPLETED CONSTRUCTION TO DATE › Amanzoe 38-pavilion resort› Amanzoe beach club, spa and other

leisure infrastructure completed and four seafront pavilions under construction

› All infrastructure› Seven villas sold, two delivered and

three currently under construction

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

www.portohelicollection.com

1. The Porto Heli Collection continued

Golf

Beach activities

Beach club

Skiing

Marina

Archaeological site

Port

DOL15 | IR 2013 | 05/11/2013 | ARTWORK


Progress within 2013

Amanzoe’s financial performance in 2013 (the first full year of operations) is in line with its budget and is expected to result in a positive net operating income (before depreciation and debt service).

Many prestigious guests have enjoyed the facilities and services of Amanzoe during the period, with occupancy almost reaching 100% during the key holiday months, while the hotel is serving as the perfect platform to showcase the potential of the Company’s portfolio. Amanzoe clientele comes predominantly from the UK, the USA and Germany, followed by other Central and Northern European countries and Russia. The average length of stay in the popular summer months was five nights and the most sought after rooms were those in the most expensive price category of !1,400 per night.

Reviews for the hotel by guests and industry experts continue to be exceptional. The Russian and the American Robb Report magazines included it in the Best of the Best Resorts 2013 while the French AD magazine published a nine-page article on Amanzoe ‘Gréce: Les Domaine Des Dieux’. Travel & Leisure included Amanresorts in its World’s Best Awards 2013 in ‘The Top 5 Hotel Brands’. The same publication included it in the 2013 It List, as well as in its compilation of the 100 unique places to visit in the world. Conde Nast publications like GQ, House & Garden, Vogue and Tatler have also written articles on Amanzoe as ‘the place to be’. The Swedish Connoisseur magazine included it in the list of the Best of the Best Hotels of 2013, and Russian Elle featured a positive article on the resort and Aman Villas. Last but not least the American Harper’s Bazaar magazine presented Amanzoe as the perfect point for island hopping in Greece.

Based on the success of the first year of operation, and positive reviews, it was decided that an additional four guest pavilions will be constructed adjacent to the Amanzoe Beach Club. These four pavilions will have direct beach access and are expected to enjoy a premium room rate compared to the existing hilltop Amanzoe pavilions. Works will commence in November 2013 after the Beach Club closes for the winter season and, once completed, should further enhance the Amanzoe luxury offering for next season.

Continuing interest in Aman Villas is being witnessed from potential buyers who have experienced Amanzoe and a number of Amanzoe villa plots are currently under negotiation with prospective buyers. Villa owners and potential buyers are predominantly Western Europeans, or high net worth individuals with ties to Greece, either through descent or marriage. The majority of them are familiar with Amanresorts, and some already have a property at another Amanresort around the world.

The first two Aman Villas were added to the Amanzoe rental programme in July, while three more are currently under construction, and due for completion before the next summer season. The design for a further three villas has been concluded and construction is expected to begin in autumn 2013. As these villas are expected to be included in the hotel rental pool based on indications from the villa buyers, there will be an additional 24 rooms for the 2014 summer season, and a further addition of 15 rooms in 2015, bringing the total available rooms at Amanzoe, including the current 38 hotel rooms, and the upcoming four beach front rooms, to 81 rooms for the 2015 season.

A !13.7 million turn-key construction contract was signed on 13 February 2013, between the owners of the Nikki Beach company (75% Swiss Development Group, 25% DCI) and Zoniro Greece. Construction commenced in December 2012 and is progressing on time and on budget, with completion due prior to the 2014 summer season. The mock-up room was completed and reviewed by the operator and project architect on 30 July 2013.

In addition, Dolphin applied on 24 July 2013 for The Chedi and Jack Nicklaus Signature Golf Course to fall under the ‘Strategic Investments’ legislation, improving its development plan and expected profitability. Under the Strategic Investments legislation, it is possible to apply for an additional 130 residential units without the requirement of a second hotel on the golf course.

The development of Seafront Villas is also progressing. The design for completing the construction of two of the eight villa shells sold last year has progressed and works are expected to begin in autumn 2013, while the construction of the remaining six villas will commence gradually as per the agreed payment instalments. Zoniro Greece will be handling both the design and construction management of the first two villas on behalf of the owners.

www.amanresorts.com

www.nikkibeachhotels.com

www.sdg.ch

www.ghmhotels.com

www.denniston.com.my

www.nicklaus.com

PARTNERS

The Seafront Villas

DOL15 | IR 2013 | 05/11/2013 | ARTWORK



Beach Club

Boutique

…our first completed luxury resort, drawing its name from the Sanskrit-derived word for ‘peace’, ‘aman’, and ‘zoe’, the Greek word for ‘life’.In the realm of Greek luxury resorts lies a contemporary retreat embracing Greece’s rich history and culture. Amanzoe offers travellers an ideal base from which to explore the natural beauty, coastal pleasures and ancient heritage of the Peloponnese region.


DOL15 | IR 2013 | 05/11/2013 | ARTWORK


Yoga Pavilion

Spa Treatment Room

DOL15 | IR 2013 | 05/11/2013 | ARTWORK



DRAMATIC & MAGICALSEPTEMBER 2013

The dramatic, magical landscape of the Peloponnese peninsula in Greece is where the mythical exploits of Odysseus and the Trojan War took place. It’s also where you can find a new legend in the making: Amanzoe.

CRISIS? WHAT CRISIS?SUMMER 2013

It says much about the power of an international brand when an off-plan villa project gets off the ground in Greece in these difficult times… The location – a tranquil peninsula of secluded coves 2 # hours from Athens – is truly spectacular.

HOT HOTELSSEPTEMBER 2013

Operated by the Aman Resorts Group, this picturesque resort near Porto Heli is surrounded by olive groves and looks out on the island of Spetses and the Argosaronic Gulf. It’s the perfect jumping-off point for island hopping.

SOMEWHERE FOR THE WEEKEND? SEPTEMBER 2013

Last Autumn’s successful launch of Amanzoe, across the water on the Peloponnese mainland above Porto Heli, gave an unexpected boost to the Greek travel industry. The hotel, in essence a contemporary acropolis on a hilltop commanding the Argolic Gulf, has 38 exquisitely designed guest pavilions with private pools.

AMAN FOR ALL SEASONSSEPTEMBER 2013

Unveiled last year in the decidedly stylish Porto Heli region, within easy reach of Athens, this groundbreaking resort has become one of the most exclusive destinations in the Mediterranean, with a private beach, fine-dining restaurant and epic architecture.

...in the press


DESIGN FOR LIVING AUGUST 2013

With its soft opening in 2012, the beautiful Amanzoe is a must for any Aman-junkie. Set on the Greek island of Peloponnese, boasting breathtaking panoramic views over the sea and neighbouring islands, Amanzoe is surrounded by peaceful olive groves, yet is a 10-minute drive from the livelier Porto Heli, rich in Spartan and Roman history.


A Peloponnese hillside acropolis designed by American architect Ed Tuttle, it overlooks olive trees, vineyards and the blue sea beyond. You stay in a vast, stone, marble-floored pavilion with a private infinity pool and – how spoiling – separate clothes-hanging spaces and vanity areas for you and your partner. And local produce abounds: from the fresh organic eggs that are slow-poached to perfection for breakfast to the gifts of honey or lavender that appear magically on your bed at night.

THE RETREATJANUARY/FEBRUARY 2013

Amanzoe (which means ‘peaceful life’) is the stuff of dreams.

IT’S ALL CHIC TO MEMARCH 2013

There’s a cheering optimism about the opening of the new Amanzoe in the Peloponnese. It’s a sumptuous vote of confidence, a stylish statement of belief that the region, and Greece as a whole, will rally, and that travellers will keep coming just as they have done for millennia.

HOT LIST: 154 BEST NEW HOTELS IN THE WORLD PORT OF PLEASUREMAY 2013

Aman Resort’s newest outpost, Amanzoe, sits just above Porto Heli in Greece’s Peloponnese. Thirty-eight hilltop pavilions outside the yachting resort of Porto Heli. The property is surrounded by olive groves and working farms and has magnificent sea views. Mediterranean minimalism by Ed Tuttle, the architect behind many an Aman property. The light-filled, cathedral-ceiling pavilions are completely private, built around courtyards with private pools. Oak-paneled interiors have sliding wooden doors and matte-finished marble floors.

If the ancient Greeks designed a city on a hill today, with all the innovations of the modern world, it would probably look and feel like Amanzoe. Its stone columns, acres of olive trees, and panoramic views of azure seas – not to mention its 38 residence-like, plunge-pooled guest pavilions, private beach club, three 90-foot-long green-marble-lined pools and 12,000-square-foot spa – would make any returning Homeric hero weep. Add to that its covetable position on the Peloponnese peninsula’s sun-drenched southern coast, known for secluded pebbled beaches and easy access from Athens, and you’re well on your way to Elysium.

THE COOLEST NEW HOTELS OF THE YEARJUNE 2013

P I C T U R E S Q U E R E S O R T S . . . O L I V E G R OV E S . . . D E C I D E D LY S T Y L I S H . . . G R O U N D B R E A K I N G . . . E X C L U S I V E D E S T I N AT I O N S . . . P R I VAT E B E A C H . . . F I N E - D I N I N G . . . C U T T I N G - E D G E T E C H N O LO G Y. . . I N C R E D I B L E S W I M M I N G P O O L S . . . D R A M AT I C A N D M A G I C A L L A N D S C A P E . . . S U C C E S S F U L L AU N C H . . . C O N T E M P O R A R Y A C R O P O L I S . . .E XQ U I S I T E LY D E S I G N E D G U E S T PAV I L I O N S . . . R E T R E AT A S A N A N T I D O T E TO T H E H I G H S T R E S S . . . D E S I G N E D M A S T E R P I E C E . . . S O F T G O L D E N S TO N E . . . I N D I G E N O U S S I LV E R C LO U D M A R B L E . . . G E N T L E F LO W I N G P O O L S . . .F LO O R -TO - C E I L I N G G L A S S D O O R S . . . G E N E R O U S T E R R A C E S . . .T R A N Q U I L P E N I N S U L A . . . S E C L U D E D C O V E S . . .B R E AT H TA K I N G PA N O R A M I C V I E W S . . .T E M P T I N G D I N I N G O P T I O N S . . . PAY S H O M A G E T O G R E E K B E A U T Y R I T U A L S . . . O N E O F T H E M O S T S O U G H T A F T E R D E S T I N AT I O N S . . . D R A M AT I C C L I F F S . . . S U N - D R E N C H E D S O U T H E R N C O A S T . . . S E C L U D E D P E B B L E D B E A C H E S . . . PA C K E D W I T H H E AV E N LY I S L A N D S . . . N AT U R A L B E A U T Y. . . W A R M W E AT H E R . . . G R E AT F O O D . . . F O R T H E D I S C E R N I N G G L O B A L T R AV E L E R . . .

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LUXURY 50 JULY/AUGUST 2013

Overlooking beautiful olive groves just over the island of Spetses. Amanzoe is Aman resort’s third Mediterranean retreat. The Amanzoe is located in the Peloponnese, one of the most sought after destinations in Europe… Amanzoe is located in an authentic part of town, where daily life, as well as Greek history, can be experienced with ease.



Spanning over 11 km of direct coastline with stunning beaches, dramatic 20m cliffs overlooking the Atlantic Ocean, a legendary Robert Trent Jones Snr. designed golf course and an unspoiled nature reserve, Playa Grande Club & Reserve is situated only 1-hour’s drive from two international airports. The project has the capacity for three luxury hotels, including the first Aman resort of the Dominican Republic and over 400 luxury residential units.

2. Playa Grande Club & Reserve Dominican Republic

2

DOL15 | IR 2013 | 05/11/2013 | ARTWORK


Aman at Playa Grande Golf Villa

DOMINICAN REPUBLIC

2

DOL15 | IR 2013 | 05/11/2013 | ARTWORK

P U E R T O P L A T A

R I O S A N J U A NC A B R E R A

C A B A R E T E

N A G U AS A N T I A G O

S A M A N A P E N I N S U L A

PLAYA GRANDE CLUB & RESERVE

2



Golf

Beach activities

Beach club

Spa

Polo/horseriding

PLAYA GRANDE CLUB & RESERVE AT A GLANCE

DOLPHIN STAKE 100%

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 1-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 the completion of a new highway

SPECIAL FEATURES › Operating golf course which is the last

golf course designed by Robert Trent Jones Snr., often referred to as the ‘Pebble Beach of the Caribbean’, and the only golf course in the western hemisphere with 10 holes running alongside 20m-high cliffs bordering the Atlantic Ocean

› First Aman Resort in the Dominican Republic and only golf-integrated Aman Resort in the world

› Playa Grande beach which is one of the most spectacular beaches in the Caribbean

AREA SIZE Approximately 11 km of seafront, spread over circa 950 hectares of land

COMPOSITIONFirst Phase› A 30-room Aman hotel designed

by John Heah› The Playa Grande Aman Beach Club › A new golf clubhouse, fitness, spa

and tennis facilities› 37 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, hilltop and cliff villas)› Tennis, spa, beach and equestrian clubs

COMPLETED CONSTRUCTION TO DATE › Main site infrastructure and utilities› 18 hole golf course with renovation

of back nine holes complete› One golf villa› Aman Resort infrastructure

DESIGN Project masterplanned by Hart Howerton. Golf course renovation design undertaken by Rees Jones, son of Robert Trent Jones Snr., Aman resort designed by Heah & Co led by John Heah

www.playagrande.com

2. Playa Grande Club & Reserve continued

DOL15 | IR 2013 | 05/11/2013 | ARTWORK


PARTNERS

www.amanresorts.com

www.harthowerton.com

www.reesjonesinc.com

www.zoniro.com


The renovation of the back nine holes of the Robert Trent Jones Snr. golf course is progressing according to plan and budget and is due to be completed by the end of the year, at which time the renovation of the front nine holes will begin to ensure nine holes are always available for play. The construction of the Aman hotel infrastructure is also almost complete and the construction of the first Aman hotel mock-up pavilion commenced in late July 2013 and is due for completion in December 2013.

The project has drawn down US$4.9 million pursuant to its US$19 million debt facility agreements with a syndicate of three regional banks, to finance the construction of the Aman Golf Resort. This facility is the first loan in the Dominican Republic provided to a luxury resort development since the financial crisis of 2008, underlining the reputation of Dolphin as a financial sponsor and developer of luxury resorts.

One reservation agreement and one final purchase contract have been executed for the sale of three Aman Villas in the Playa Grande project, both with New York based purchasers. This is an important milestone in the development of the Aman phase of the Playa Grande project and more sales are expected in coming months as the construction of the Aman Golf phase progresses and word of mouth spreads.

The masterplan for the second phase of the project has also been finalised in cooperation with Hart Howerton architects of New York. That phase includes the second sandy beach of the project, has a total coastline of 1.6km and is planned to be developed into a luxury residential community of approximately 78 residential units with its own beach club, spa and services, further establishing the destination. That second phase of the project is expected to generate a higher return on incremental investment due to the limited capital expenditure needed to realise residential sales.

Golf Villa

Aman at Playa Grande Pavilion

Aman at Playa Grande Pavilion

Playa Grande Golf Course

DOL15 | IR 2013 | 05/11/2013 | ARTWORK



A private island, approximating the size of St. Barths or Capri, with almost 30 km of coastline and 14 private beaches in the heart of an untouched archipelago of unique biodiversity, approximately 40 nautical miles from the skyscrapers of Panama City. With at least three luxury 5-star hotels, a marina, more than 1,000 luxury residential units and a private natural reserve comprising more than half of the island, Pearl Island is set to become one of the first exclusive integrated ecological island resorts in the region.

3. Pearl Island Archipelago de las Perlas, Panama

3

DOL15 | IR 2013 | 05/11/2013 | ARTWORK

PANAMA 3


Ocean Penthouse, Pearl Island

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40 nautical miles from

Panama C

ity

I S L A C O N T A D O R A

I S L A V I V E R O S

PEARL ISLAND

I S L A S A N J O S É

I S L A D E L R E Y

3



PEARL ISLAND AT A GLANCE

DOLPHIN STAKE 60%

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 has a completed airstrip, with potential to expand to an international airport

SPECIAL FEATURES › A private island set to become one of the

first exclusive integrated ecological island residential resorts in the region

› 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

COMPOSITIONFounders’ 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 stripFirst Phase – Ritz Carlton Reserve (3% of the island)› 80-key Ritz Carlton Reserve hotel with

beach club and related amenities› Approximately 120 branded residential unitsOther Phases (90% of the island)› Development potential for over 425,000 m2 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, equestrian centre and over 40 km of natural biking and hiking trails

› International airport

COMPLETED CONSTRUCTION TO DATE › Basic infrastructure works including

26 km of roads› Irrigation/drainage/erosion control systems,

nursery and agro-farm› Modular utilities (water and electricity) and

workers' housing that can accommodate up to 300 workers

› Airstrip runway of 1 km, now being expanded to 1.5 km to enable business jets access

› Beachclub, marina with 40 berths and service pier in advanced stages of construction

DESIGN Masterplan and design by Hart Howerton

www.pearlisland.com

Beach activities

Beach club

Spa

Polo/horseriding

Historical place

3. Pearl Island continued

DOL15 | IR 2013 | 05/11/2013 | ARTWORK


PARTNERS


www.ritzcarlton.com

www.zoniro.com


Pearl Island has finalised the management agreements with Ritz Carlton and is advancing the designs of an 80-room Ritz Carlton Reserve hotel, to be developed on one of the island’s 14 private sandy beaches over a land parcel of approximately 50 hectares. The public launch of the project, which was presented to the international press, took place in Panama City on 8 October 2013 and was attended by the Ministers of Tourism and Commerce of Panama and other important regional personalities. All attendees praised the project for being the first resort of its kind in the history of Panama in terms of luxury positioning and environmental sustainability.

To finance the development of the Ritz Carlton Reserve hotel, a term sheet of US$21million has been obtained from a regional bank and financing terms are being finalised. The project is also in discussions with regional investor groups for the joint equity funding of the development.

The investor group that acquired the Founders’ Phase continues to progress the development of the airport, marina, infrastructure, roads, beach club and other facilities in accordance with its commitment to invest US$35 million into the island. The first 1 km of the runway has been completed to enable the landing of smaller planes and that will be expanded to 1.5 km to enable direct access to the island from all major cities in the region (Panama and Colombia) with business jets. The sales of villas and condominiums of that phase continue apace, clearly establishing Pearl Island as a luxury destination, and the construction of the first villas and condominium neighbourhoods has been initiated.

On 17 September 2013, Dolphin collected US$3 million (minus withholding taxes) as the second and final deferred cash payment for the sale of the Founders’ Phase.

Ritz Carlton Reserve Resort Beach

Visitors Lobby

Marina

DOL15 | IR 2013 | 05/11/2013 | ARTWORK


PORTFOLIO REVIEW: MAJOR PROJECTS

Sitia Bay Golf ResortCrete, Greece

Kea ResortCyclades, Greece

Scorpio Bay ResortViotia, Greece

Major Projects

DOLPHIN STAKE 67%

LOCATION The island of Tzia (Kea)

ACCESS A 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

DOLPHIN STAKE 100%

LOCATION Skorponeri, Viotia region, making this probably the closest luxury seaside residential resort to Athens

ACCESS A 1-hour drive from Athens International Airport

SPECIAL FEATURES A mountainous peninsula 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

LATEST UPDATE Scorpio Bay obtained its Environmental Impact Study approval on 17 June 2013. The approval allows for approximately 65,000 buildable m2 of hotel and residential units, in line with the Company’s plan for the site to develop an Oberoi hotel along with branded and unbranded residences.

DOLPHIN STAKE 78%

LOCATION The island of Crete

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 unspoilt natural beauty on the largest of the Greek islands and the most popular Greek tourist destination with 3 million visitors in 2011

AREA SIZE 280 hectares with 2.5 km of seafront

COMPOSITION› Over 80,000m2 of buildable

residential units› A 200-room Waldorf 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

www.sitiabayresort.com

5. 6. 7.

8

7

6

510

9

GREECE

CRETE

GreeceGreece offers to the discerning traveller not only luxury and stunning landscapes, but also adventure, serenity, culinary experiences, a bustling nightlife and a number of outdoor activities. Tourism accounts for 18% of GDP, and is poised for growth as a number of high-end international brands are developing properties in the market.

Golf

Beach activities

Beach club

Spa

Skiing

Marina

Hotel

Archaeological site

Dramatic location

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Portfolio review Major Projects 35

Lavender Bay ResortMagnesia, Greece

Plaka Bay ResortCrete, Greece

TriopetraCrete, Greece

DOLPHIN STAKE 100%

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

ACCESS Approximately 2.5-hours’ drive from both Athens and Thessaloniki International Airports, also 20-minute 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)

DOLPHIN STAKE 100%

LOCATION The island of Crete

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 5-star hotels› Other supporting recreational

facilities and potentially an 18-hole golf course

DESIGN Masterplan prepared by Hart Howerton

DOLPHIN STAKE 100%

LOCATION On the southern side of Rethymno Prefecture, Crete

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, respectively

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 5-star hotel

with restaurant, retail, spa and fitness, watersports, outdoor activities and nature treks

› Approximately 8,870m2 of residential buildable non-branded villas

DESIGN Permit design prepared by Aristo Developers Architectural team

PARTNERS

www.waldorfastoria.com

www.watg.com

www.nicklaus.com

www.amanresorts.com

www.oberoihotels.com

www.edsaplan.com

www.garyplayer.com

www.oppenoffice.com


www.zoniro.com

8. 9. 10.

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Major Projects continued

Kea Resort

Eagle Pine Golf ResortCyprus

DOLPHIN STAKE 49.8%

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

ACCESS Less than 1-hour’s drive from both of the island’s international airports

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

AREA SIZE 319 hectares

COMPOSITION Golf facilities and a residential development component of 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

11.Apollo Heights Polo ResortCyprus

DOLPHIN STAKE 100%

LOCATION Near the town of Limassol

ACCESS Less than 1-hour’s drive from both of the island’s international airports

SPECIAL FEATURES With excellent views of the sea, the mountains and neighbouring villages, the site also lies adjacent to a number of polo fields and an 18-hole golf course

AREA SIZE 461 hectares, 500m away from the beach

COMPOSITION› Hotel facilities› Residential units› Polo fields› 18-hole golf course

DESIGN Masterplan by EDSA and golf course design by Tony Jacklin Design

12.

Golf

Beach activities

Beach club

Spa

Polo/horseriding

Hotel

Archaeological site

Dramatic location

11 12

CYPRUS

CyprusCyprus is a deeply enjoyable holiday island that boasts myriad charms year round. The rich history of the island can be traced back 10,000 years, and as a destination, Cyprus is not only about attractive and impressively clean beaches, but offers skiing, hiking and several other outdoor activities, always combined with a unique culinary experience.

DOL15 | IR 2013 | 05/11/2013 | ARTWORK

Portfolio review Major Projects 37

Livka Bay ResortSolta, Croatia

PARTNERS

www.edsaplan.com

www.gmgd.com.au

www.porphyrios.co.uk

PORPHYRIOSA S S O C I A T E S

www.tonyjacklin.comDOLPHIN STAKE 100%

LOCATION The bay of Livka on the south end of the island of Solta, off the Dalmatian Coast

ACCESS 20 km boat ride from Split International Airport

SPECIAL FEATURES One of the first luxury residential resorts on the Dalmatian coast


COMPOSITION› Luxury hotel with 130 rooms

and suites› Approximately 200 private,

serviced residences› 120-berth marina› Other supporting recreational,

sports and retail facilities

DESIGN WATG

www.livkabay.com

www.watg.com

13.

Beach activities

Beach club

Spa

Marina

Hotel

Historical place

Dramatic location

CROATIA

13

CroatiaWith a spectacular coastline that stretches across the Adriatic, more than 1,000 offshore islands, dozens of medieval towns and villages, Croatia’s appeal is obvious. A heaven for yachters and sun worshippers alike, Croatia is quickly emerging as an adventure and gastronomy destination to boot.

DOL15 | IR 2013 | 05/11/2013 | ARTWORK



Major Projects continued

Mediterra ResortsAntalya, Turkey

DOLPHIN STAKE 100%

LOCATION The Antalya region of southern Turkey

ACCESS A 1.5-hour drive from Dalaman International Airport to La Vanta and 15 km from Antalya International Airport to Port Kundu

DESIGN Cemal Mutlu & Xavier Bohl

www.mediterraresorts.com

LA VANTASPECIAL FEATURES › La Vanta development is very

close to the well-known beaches of Kaputas and Patara and within walking distance from Kalkan beach

AREA SIZE› 8 hectares, 5-minute drive

to the beach

COMPOSITION› La Vanta is a development of

over 25,000m2, comprising over 120 villas and townhouses. Phase 1 was completed in 2009 with 41 units already delivered. Phase 2 is currently under construction

PORT KUNDUSPECIAL FEATURES › Port Kundu’s homes will be

surrounded by canals along the banks of the Aksu River and a private marina will offer home owners direct access to the sea

AREA SIZE› 4 hectares, situated on the

canals and in turn only a 10-minute walk to the beach

COMPOSITION› Port Kundu is in its initial phase

and is planned to comprise 64 detached, semi-detached and townhouse units

PARTNERS

www.cemalmutlu.com

cmM !MARLIKwww.cemalmutlu.com

www.xavierbohl.com

14.

TURKEY

14

Beach activities

Archaeological site

Dramatic location

TurkeyTurkey’s archaeological and cultural wonders, and its lush and twirling Mediterranean coastline, are a Mecca for tourists, attracting millions of European holidaymakers each year. From hikers and adventurers, to yachters and history enthusiasts, Turkey can cater to anyone.

DOL15 | IR 2013 | 05/11/2013 | ARTWORK

GREECE LC A MP PEIS GNTO S EIS AD GNTO A CP UC 1 The Porto Heli Collection Amanzoe Hotel !" !" !" !" !" !" !" !" !" !

Residential development !" !" !" !" !" !" !" !" !" !

The Nikki Beach Resort &Spa !" !" !" !" !" !" !" !" !" !

The Seafront Villas !" !" !" !" !" !" !" !" !" !

The Chedi and Jack Nicklaus Signature Golf Course

Hotel !" !" !" !" !" !" !" !" !"

Residential !" !" !" !" !" !" !" !" "

Golf !" !" !" !" !" !" !" !" !"

5 Sitia Bay Golf Resort Hotel !" !" !" !" !" !" !" !" !"

Golf !" !" !" !" !" " " " "

Marina N/A N/A N/A N/A N/A N/A ! N/A !"

Residential !" !" !" ! N/A !" N/A "

6 Kea Resort !" !" !" !" !" !" !" " "

7 Scorpio Bay Resort !" !" !" !" !" !" " " "

8 Lavender Bay Resort Hotel !" !" !" !" !" !" !" " "

Golf !" !" !" " " " " " "

Residential !" !" !" ! N/A !" ! N/A "

9 Plaka Bay Resort !" !" !" !" !" " " " "

10 Triopetra !" !" !" !" !" !" " " "

CYPRUS IMP MPA EIS AD BP CP UC 11 Eagle Pine Golf Resort !" !" !" !" " "

12 Apollo Heights Polo Resort !" " " " " "

CROATIA IMP EA TZ UP EIS LP CP UC 13 Livka Bay Resort Phase 1 !" !" !" !" !" !" "

Phase 2 !" !" !" !" !" !" "

TURKEY LC MP Z CP UC 14 Mediterra Resorts Port Kundu !" !" !" !"

La Vanta Phase 1 !" !" !" !" !

Phase 2 !" !" !" !" !

Future phases !" !" !" "

DOMINICAN REPUBLIC EA MP AP BP UC 2 Playa Grande Club & Reserve Golf course (renovation) !" !" !" !" !

Aman Hotel !" !" !" !" !

Aman residential !" !" !" "

PANAMA EA MP AP BP UC 3 Pearl Island Project level !" !" " "

Founders’ Phase !" !" !" !" !

Ritz Carlton Reserve !" !" !" "

Portfolio review Major Projects/Permitting status update 39

GREECE LC Land characterisationA ArchaeologyMP MasterplanPEIS Preliminary environmental

impact studyGNTO S Greek National Tourism

Organisation suitabilityEIS Environmental impact studyAD Architectural designsGNTO A Greek National Tourism

Organisation approvalCP Construction permitUC Under construction

CYPRUS IMP Initial masterplanMPA Masterplan approvedEIS Environmental impact studyAD Architectural designBP Building permitCP Construction permitUC Under construction

CROATIA IMP Initial masterplanEA Environmental assessmentTZ Tourist zoningUP Urbanistic planEIS Environmental impact studyLP Location permitCP Construction permitUC Under construction

TURKEY LC Land characterisationMP MasterplanZ ZoningCP Construction permitUC Under construction

DOMINICAN REPUBLICEA Environmental assessmentMP MasterplanAP Architectural plansBP Building permitUC Under construction

PANAMAEA Environmental assessmentMP MasterplanAP Architectural plansBP Building permitUC Under construction

KEY ! Completed! In progress

To be initiatedN/A Not applicable

Permitting status update

DOL15 | IR 2013 | 05/11/2013 | ARTWORK


Aristo

Real estate market activity has significantly slowed down with: the Cypriots having suffered a great impact on their savings and purchasing power, the English client base continuing to be inactive, the Russian customers facing difficulties to secure financing locally given the banking problems on the island, and the Chinese buyers (who strongly supported the market in 2012) deferring their buying decisions until there is more clarity on the overall situation. Nevertheless, it is worth noting that the buyers were interested in more high-end properties during the period.

Despite the current challenges, positive signs seem to be emerging on an institutional level following a number of measures and incentives implemented by the Cypriot government in an effort to offset the negative effects of the banking crisis. These include:› significant favourable tax and labour reforms› development incentives announced in relation to the 50% increase in residential

building capacity for golf integrated resorts › the award of increased building coefficient by 20% in certain tourist zones for

large-scale properties and developments; and › the anticipated agreement between the Cypriot government and the Sovereign Base

Areas (‘SBA’) to allow the zoning and urban development of land within the limits of the SBA.

Such measures have begun attracting international interest for large-scale investments, especially in the tourism infrastructure sectors. Additionally, the banking system has finally been stabilised and restructured, with Bank of Cyprus, the island’s main bank, implementing a new shareholders’ structure and appointing a new governing board. This is seen as the beginning of the restoration of faith and trust in the banking sector on the island.

Sales performance

In the first eight months of 2013, Aristo generated !21.9 million of sales, 7% lower than the corresponding period of 2012, with Chinese buyers representing over 80%, Russians 14%, and others c. 6% of sales.

Although demand significantly decreased leading to a 40% drop in unit sales, its effect was partially offset by the 30% increase in the average sale price per m2 in the units sold, which denotes the sale of more high-end properties as a result of the favourable visa legislation recently enacted in Cyprus. Although the company’s sales have benefited from the introduction of the legislation in question, the fact that 80% of Aristo 2013 sales are to Chinese buyers shows a significant weakness from other geographical markets, with the local Cypriot buyers notably accounting for only 0.5% of gross sales revenues (a 97% reduction from last year), and creates a concentration risk for Aristo’s business which has become extremely reliant on the Chinese market. Eight months to Eight months to 31 August 2013 31 August 2012

Retail sales resultsNew sales booked !21,927,324 !23,492,213% change -7% Average selling price per m2 (% change) 30% Units sold 63 105% change -40%

Client originChina 80.2% 21.9%Russia 14.4% 37.2%Other overseas 2.7% 19.5%UK 2.2% 4.7% Cyprus 0.5% 16.7%

Aristo property

During the eight-month period ending August 2013, Aristo’s sales performance was heavily affected by the impact of the Eurogroup decisions on Cyprus. The country’s ensuing banking crisis and capital restrictions created a credibility issue, and that, inevitably, affected potential buyers.

www.aristodevelopers.com

DOL15 | IR 2013 | 05/11/2013 | ARTWORK

Aristo/Corporate social responsibility 41

Corporate social responsibility

Corporate social responsibility (‘CSR’) is embedded in Dolphin’s culture. As such, Dolphin and its Investment Manager consider it their responsibility to mindfully coexist with, and support, the societies and environments where we invest.

PEARL ISLAND

We have continued to pursue innovative environmental and social initiatives on Pearl Island and remain committed to its mission to act with the upmost sense of responsibility and make a significant difference in the lives of the local community. The first half of 2013 was marked by several achievements:› We established a summer camp for children

of all ages and adults in the towns of Pedro Gonzalez and San Miguel that offer safety, education and care for the community. The camp programme included as many as 244 participants.

› In order to improve the standard of local education, the project donated new schooling facilities: we completed the construction of a new pavilion for the school of Jose Dolores Luna and two new classrooms for the middle school.

› We continue to promote environmental awareness in joint participation with the local community, with initiatives such as cleaning the beaches and ecological tours.

› The project has made significant contributions to the sanitation and living standards of the local community by investing towards the first sewage system and aqueduct in the island, providing the local population with access to clean water and disposal of sewage in a hygienic manner. The project is 85% complete.

› In order to promote sports and exercise among children, we put in place a soccer field with 2,500 m2 of grass and improved the basketball court with the collaboration of the sports community.

› We continue to develop and promote community-based organic agricultural programmes, including education and training to encourage the adoption of organic farming technologies. We donated 25 hectares to the community for this organic farm project that will employ nine people and benefit the entire community.

› We continue to support our ongoing projects in the island, funding English programmes for children in the community, the construction of a new community centre, and the maintenance and construction of parks.

PLAYA GRANDE

Playa Grande Club & Reserve promotes the sustainable development of the surrounding communities through a series of programmes, including:› Educational Initiatives: A pre-school in

the town of Abreu, which allows more than 30 local low income children to enjoy a Montessori early childhood educational experience. This is fully funded by Playa Grande, and operated in partnership with the Dream Project Foundation. Additionally, Playa Grande, funds on an annual basis, the school library and reading enrichment programmes of the Abreu public school (kindergarten to eighth grade).

› Cultural Activities: Playa Grande Club & Reserve is the main sponsor of the Rio San Juan carnival, the main venue for artistic and cultural expression in the region. It includes carnival mask and costume competitions, dance troop performances, among others.

› Sporting Events: These include an annual surfing competition, which brings the best Dominican surfers to the beach of Playa Grande; an annual 10km run, which has become a key stop in the country’s athletic circuit; and the regional basketball and volleyball championships, which are embraced by the region’s young athletes and their families.

DOLPHIN CAPITAL FOUNDATION

Dolphin Capital Foundation (‘DCF’) is a non-profit charitable entity set up on 12 December 2007, dedicated to helping the surrounding regional communities and the natural environments where Dolphin invests, by donating to various charitable endeavours.

GREECE

Dolphin, through the Dolphin Capital Foundation, has during the first half of 2013 contributed in Greece and in particular in the area of Argolida to the regional community and the natural environment. To date we have contributed amongst others to: awards for the school students who participated in the contest ‘2013 – Kavafis Year’, sponsoring music events, local festivals, conferences as well as local produce exhibitions. Additionally, we financially supported the Sports Clubs of Kranidi, Argos and Didyma, the Kranidi High School, the Kilada Community and its church and the Kilada harbor, while we also sponsored the Footvolley tournament at Kilada for the ‘Elpida’ Association of Friends of Children with Cancer.

DOL15 | IR 2013 | 05/11/2013 | ARTWORK

42 CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

43 Finance Director’s report 45 Independent Auditors’ report 46 Condensed consolidated interim statement of comprehensive income 47 Condensed consolidated interim statement of financial position 48 Condensed consolidated interim statement of changes in equity 49 Condensed consolidated interim statement of cash flows 50 Notes to the condensed consolidated interim financial statements 65 Valuation certificates 69 Management and administration

Playa Grande Golf Course

Financial position


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DOL15 | IR 2013 | 05/11/2013 | ARTWORK

Finance Director’s report

NET ASSET VALUE !‘NAV’"The reported NAV as at 30 June 2013 is presented below: Variation since Variation since 31 December 2012 31 December 2012 (pro forma)1 ! GBP ! GBP ! GBP

Total NAV before DITL (millions) 613 524 (13.5)% (9.5)% (4.6)% (0.2)%Total NAV after DITL (millions) 535 458 (15.7)% (11.9)% (7.0)% (2.7)%NAV per share before DITL 0.95 0.82 (13.5)% (9.5)% (4.6)% (0.2)%NAV per share after DITL 0.83 0.71 (15.7)% (11.9)% (7.0)% (2.7)%

Notes: 1. Total NAV variation percentages have been calculated using the pro forma consolidated balance sheet as at 31 December 2012 (adjusted to reflect Venus Rock fair value equal to

the sales price agreed with CGIG).2. Euro/GBP rate 0.81737 as at 31 December 2012 and 0.85482 as at 30 June 2013.3. Euro/USD rate 1.3215 as at 31 December 2012 and 1.3007 as at 30 June 2013.4. NAV per share has been calculated on the basis of 642,440,167 issued shares as at 31 December 2012 and as at 30 June 2013.5. NAV before DITL includes the 49.8% DITL of Aristo.

Total Group NAV as at 30 June 2013 was !613 million and !535 million before and after DITL respectively. This represents a decrease of !96 million (13.5%) and !100 million (15.7%), respectively, from 31 December 2012. The decrease is mainly due to the reduction in the value of"the Venus Rock project whose fair value has been adjusted to reflect the purchase price agreed with CGIG. The effect of the VR sale price adjustment was a decrease on NAV before and after DITL by !66 million (9.3%) and !60 million (9.4%) respectively from 31 December 2012.

In addition to the VR sale impact, underlying NAV predominantly decreased due to the reductions in property valuations in Cyprus to reflect the ongoing difficulties faced by the Cypriot economy in the aftermath of the March banking crisis, as well as regular Company operational, corporate and management expenses. These decreases were, however, partially offset by revaluation gains in Playa Grande Club & Reserve, Pearl Island and Scorpio Bay Resort during the period. NAV after DITL further decreased due to the increase of income tax rates in Greece and Cyprus.

Sterling NAV per share before DITL decreased in the six-month period ended 30 June 2013 by 9.5% as the effect of the reasons mentioned above was partially counterbalanced by c. 4.5% devaluation of sterling versus the euro, during the period.

The reduction in the NAV after DITL resulted in an accounting loss of !103 million for the six-month period ended 30 June 2013, implying a loss per share of !0.16.

The 30 June 2013 reported NAV is primarily based on new valuations conducted by Colliers International for Playa Grande Club & Reserve and Pearl Island. In April 2013 Colliers International has decided to terminate its local presence in the Greek and Cyprus markets and closed down its Athens office valuation department. As a result, the Company has appointed American Appraisal (www.american-appraisal.com), to conduct valuations on the Scorpio Bay Resort and the Aristo Cyprus portfolio.

The next full portfolio valuation will be as at 31 December 2013.


DOL15 | IR 2013 | 05/11/2013 | ARTWORK

Finance Director’s report continued

FINANCIAL POSITIONPro forma condensed interim consolidated statement of financial position Pro forma 30 June 2013 31 December 2012 31 December 2012* !’000 !’000 !’000

ASSETSReal estate assets (investment and trading properties) 599,809 579,609 579,609Equity accounted investees 201,706** 285,560** 219,392**Other assets 47,719 50,046 50,046Cash and cash equivalents 42,709 22,181 22,181Total assets 891,943 937,396 871,228

EQUITYEquity attributable to Dolphin shareholders before DITL 613,072** 708,600** 642,432**Non-controlling interests 32,421 32,293 32,293Total equity 645,493 740,893 674,725

LIABILITIESLoans, borrowings and finance lease obligations 186,481 140,351 140,351Other liabilities 59,969 56,152 56,152Total liabilities 246,450 196,503 196,503Total equity and liabilities 891,943 937,396 871,228

Notes: * Consolidated statement of financial position has been adjusted to reflect the Venus Rock sale price** Amounts include the 49.8% DITL of Aristo

The Company’s NAV before DITL, after deducting from total consolidated assets, non-controlling interests of !32 million, other liabilities of !60 million and total debt of !186 million, is set at !613 million as at 30 June 2013.

The Company’s consolidated assets total !892 million and include !600 million of real estate assets, !202 million of investments in equity accounted investees, and !90 million of other assets and cash. The !600 million figure represents the fair market valuation of Dolphin’s real estate portfolio (both freehold and leasehold interests) as at 30 June 2013, assuming 100% ownership. The !202 million figure represents the 49.8% investment in Aristo and the 25% stake in Nikki Beach. The !48 million of other assets comprise mainly !12 million of VAT receivable, !4 million of deferred income tax assets and !16 million other receivables from customers and JV partners.

The Company’s consolidated liabilities total !246 million and comprise !60 million of other liabilities as well as !186 million of loans, borrowings and finance lease obligations, out of which !50 million and US$9.17 million convertible bonds are held at Company level. The remaining loans are held by Group subsidiaries and are non-recourse to Dolphin (except for the Playa Grande convertible Bond and the US$19 million Playa Grande construction loan which are guaranteed by the Company). The !60 million of other payables comprise mainly !24 million of option contracts to acquire land.

The consolidated interim financial statements have been reviewed by KPMG.

Panos Katsavos Finance DirectorDolphin Capital Partners24 September 2013


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Independent Auditors’ report on review of condensed consolidated interim financial informationTo the members of Dolphin Capital Investors Limited

INTRODUCTION We have reviewed the condensed consolidated interim financial statements of Dolphin Capital Investors Limited (the ‘Company’) on pages 46 to"64, which comprise the condensed consolidated interim statement of financial position as at 30 June 2013, and the related condensed consolidated interim statements of comprehensive income, changes in equity and cash flows for the six-month period then ended and notes to the condensed consolidated interim financial information (the ‘condensed consolidated interim financial information’). Management is responsible for the preparation and presentation of this condensed consolidated interim financial information in accordance with IAS 34, ‘Interim Financial Reporting’. Our responsibility is to express a conclusion on this condensed consolidated interim financial information based on our review.

SCOPE OF REVIEW We conducted our review in accordance with the International Standard on Review Engagements 2410, ‘Review of Interim Financial Information Performed by the Independent Auditor of the Entity’. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

CONCLUSION Based on our review, nothing has come to our attention that causes us to believe that the condensed consolidated interim financial information as at 30 June 2013 is not prepared, in all material respects, in accordance with IAS 34, ‘Interim Financial Reporting’. This report, including the conclusion, has been prepared for and only for the Company’s members as a body. We do not, in giving this conclusion, accept or assume responsibility for any other purpose or to any other person to whose knowledge this report may come to.

KPMG Limited

Chartered Accountants23 September 2013Nicosia, Cyprus

KPMG Limited Telephone +357 22 209000Chartered Accountants Fax +357 22 67820014 Esperidon Street E-mail [email protected] Nicosia, Cyprus Internet www.kpmg.com.cyP.O. Box 211211502 Nicosia, Cyprus

Board Members:N.G. Syrimis, A.K. Christofides, E.Z. Hadjizacharias, P.G. LoizouA.M. Gregoriades, A.A. Demetriou, D.S. Vakis, A.A. ApostolouS.A. Loizides, M.A. Loizides, S.G. Sofocleous, M.M. AntoniadesC.V. Vasiliou, P.E. Antoniades, M.J. Halios, M.P. Michael, P.A. PeletiesG.V. Markides, M.A. Papacosta, K.A. Papanicolaou, A.I. ShiammoutisG.N. Tziortzis, H.S. Charalambous, C.P. Anayiotos, I.P. GhalanosM.G. Gregoriades, H.A. Kakoullis, G.P. Savva, C.A. Kalias, C.N. KallisM.H. Zavrou, P.S. Elia, M.G. Lazarou, Z.E. HadjizachariasP.S. Theophanous, M.A. Karantoni, C.A. Markides

KPMG Limited, a private company limited by shares, registered in Cyprus under registration number HE 132822 with its registered office at 14, Esperidon Street, 1087, Nicosia, Cyprus.

LimassolP.O.Box 50161, 3601Telephone +357 25 869000Fax +357 25 363842

LarnacaP.O.Box 40075, 6300Telephone +357 24 200000Fax +357 24 200200

PaphosP.O.Box 60288, 8101Telephone +357 26 943050Fax +357 26 943062

Paralimni/Ayia NapaP.O.Box 33200, 5311Telephone +357 23 820080Fax +357 23 820084

Polis ChrysochouP.O.Box 66014, 8330Telephone +357 26 322098Fax +357 26 322722


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From 1 January 2013 From 1 January 2012 to 30 June 2013 to 30 June 2012 Note !’000 !’000

CONTINUING OPERATIONSValuation gain/(loss) on investment property 9 7,722 (2,812)Impairment loss on trading properties 11 (790) (2,570)Share of losses on equity accounted investees 12 (79,290) (56)Other operating profits 4,365 3,938Total operating losses (67,993) (1,500)Investment Manager fees 21.2 (6,890) (8,970)Professional fees (6,475) (3,131)Other expenses (7,172) (12,274)Total operating and other expenses (20,537) (24,375)

Results from operating activities (88,530) (25,875)

Finance income 521 2,167Finance costs (7,419) (15,235)Net finance costs (6,898) (13,068)

Gain on disposal of investment in subsidiaries 22 – 44,668Impairment loss on property, plant and equipment – (18,302)Total non-operating profits – 26,366

Loss before taxation (95,428) (12,577)Taxation 7 (7,909) 1,743Loss for the period (103,337) (10,834)

OTHER COMPREHENSIVE INCOMEItems that will never be reclassified to profit or loss:Share of revaluation on equity accounted investees 12 (112) –Revaluation of property, plant and equipment 10 1,965 (317)Tax on items that will never be reclassified to profit or loss 18 (207) 54 1,646 (263)Items that are or may be reclassified subsequently to profit or loss:Foreign currency translation differences 1,741 2,513Other comprehensive income for the period, net of tax 3,387 2,250

Total comprehensive income for the period (99,950) (8,584)

Loss attributable to:Owners of the Company (103,450) (9,074)Non-controlling interests 113 (1,760)Loss for the period (103,337) (10,834)

Total comprehensive income attributable to:Owners of the Company (100,078) (7,519)Non-controlling interests 128 (1,065)Total comprehensive income for the period (99,950) (8,584)

LOSS PER SHAREBasic and diluted loss per share (!) 8 (0.16) (0.01)

The notes on pages 50 to 64 are an integral part of these condensed consolidated interim financial statements.

Condensed consolidated interim statement of comprehensive incomeFor the six-month period ended 30 June 2013


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30 June 2013 31 December 2012 Note !’000 !’000

ASSETSInvestment property 9 425,123 422,204Property, plant and equipment 10 132,700 118,672Equity accounted investees 12 178,494 257,896Deferred tax assets 18 4,040 3,384Other non-current assets 4,564 5,161Total non-current assets 744,921 807,317

Trading properties 11 41,986 38,732Receivables and other assets 13 39,115 41,500Cash and cash equivalents 14 42,709 22,181Total current assets 123,810 102,413Total assets 868,731 909,730

EQUITYShare capital 15 6,424 6,424Share premium 15 498,933 498,933Reserves 13,388 10,016Retained earnings 16,658 120,108Total equity attributable to owners of the Company 535,403 635,481Non-controlling interests 32,421 32,293Total equity 567,824 667,774

LIABILITIESLoans and borrowings 16 160,780 96,435Finance lease obligations 17 7,903 8,114Deferred tax liabilities 18 54,456 45,454Other non-current liabilities 17,128 16,973Total non-current liabilities 240,267 166,976

Loans and borrowings 16 17,373 35,363Finance lease obligations 17 425 440Trade and other payables 19 42,811 39,083Current tax liabilities 31 94Total current liabilities 60,640 74,980Total liabilities 300,907 241,956

Total equity and liabilities 868,731 909,730

Net asset value (‘NAV’) per share (!) 20 0.83 0.99

Diluted NAV per share (!) 20 0.83 0.99


Condensed consolidated interim statement of financial positionAs at 30 June 2013


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Condensed consolidated interim statement of changes in equityFor the six-month period ended 30 June 2013

Attributable to owners of the Company Non- Share Share Translation Revaluation Reserve for Retained controlling Total capital premium reserve reserve own shares earnings Total interests equity !’000 !’000 !’000 !’000 !’000 !’000 !’000 !’000 !’000

Balance at 1 January 2012 6,650 825,671 1,486 474 – 161,414 995,695 35,955 1,031,650

TOTAL COMPREHENSIVE INCOME FOR THE PERIODLoss for the period – – – – – (9,074) (9,074) (1,760) (10,834)Other comprehensive income Foreign currency translation differences – – 1,818 – – – 1,818 695 2,513 Revaluation of property, plant and equipment, net of tax – – – (263) – – (263) – (263) Transfer of net revaluation gain on property due to disposal – – – (93) – 93 – – –Total other comprehensive income – – 1,818 (356) – 93 1,555 695 2,250Total comprehensive income for the period – – 1,818 (356) – (8,981) (7,519) (1,065) (8,584)

TRANSACTIONS WITH OWNERS OF THE COMPANY, RECOGNISED DIRECTLY IN EQUITYContributions by and distributions to owners of the Company Own shares acquired – – – – (375,303) – (375,303) – (375,303) Non-controlling interests on capital increases of subsidiaries – – – – – – – 953 953Total contributions by and distributions to owners of the Company – – – – (375,303) – (375,303) 953 (374,350)Total transactions with owners of the Company – – – – (375,303) – (375,303) 953 (374,350)Balance at 30 June 2012 6,650 825,671 3,304 118 (375,303) 152,433 612,873 35,843 648,716

Balance at 1 January 2013 6,424 498,933 1,483 8,533 – 120,108 635,481 32,293 667,774

TOTAL COMPREHENSIVE INCOME FOR THE PERIODLoss for the period – – – – – (103,450) (103,450) 113 (103,337)Other comprehensive income Foreign currency translation differences – – 1,550 – – – 1,550 191 1,741 Revaluation of property, plant and equipment, net of tax – – – 1,934 – – 1,934 (176) 1,758 Share of revaluation on equity accounted investees – – – (112) – – (112) – (112)Total other comprehensive income – – 1,550 1,822 – – 3,372 15 3,387Total comprehensive income for the period – – 1,550 1,822 – (103,450) (100,078) 128 (99,950)

Balance at 30 June 2013 6,424 498,933 3,033 10,355 – 16,658 535,403 32,421 567,824



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From 1 January 2013 From 1 January 2012 to 30 June 2013 to 30 June 2012 !’000 !’000

CASH FLOWS FROM OPERATING ACTIVITIESLoss for the period (103,337) (10,834)Unrealised losses/(gain) on property 72,358 (20,928)Other adjustments 15,950 10,298 (15,029) (21,464)Change in receivables 2,982 2,385Change in payables 3,883 (1,352) (8,164) (20,431)Tax paid (76) (92)Net cash used in operating activities (8,240) (20,523)

CASH FLOWS FROM INVESTING ACTIVITIESNet proceeds from disposal of subsidiaries – 32,101Net acquisitions of investment property (691) (1,636)Net acquisitions of property, plant and equipment (8,590) (14,199)Net change in equity accounted investees – (289)Net change in trading properties (2,746) 7,348Interest received 521 625Net cash (used in)/from investing activities (11,506) 23,950

CASH FLOWS FROM FINANCING ACTIVITIESFunds received from non-controlling interests – 953Change in loans and borrowings 46,299 22,950Change in finance lease obligations (226) (215)Interest paid (5,717) (14,849)Net cash from financing activities 40,356 8,839

Net increase in cash and cash equivalents 20,610 12,266Cash and cash equivalents at the beginning of the period 19,993 (3,607)Effect of exchange rate fluctuations on cash held (138) (6)Cash and cash equivalents at the end of the period 40,465 8,653

For the purpose of the condensed consolidated interim statement of cash flows, cash and cash equivalents consist of the following:Cash in hand and at bank (see note 14) 42,709 10,872Bank overdrafts (see note 16) (2,244) (2,219)Cash and cash equivalents at the end of the period 40,465 8,653


Condensed consolidated interim statement of cash flowsFor the six-month period ended 30 June 2013


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1. REPORTING ENTITYDolphin Capital Investors Limited (the ‘Company’) was incorporated and registered in the British Virgin Islands on 7 June 2005. The Company is a"real estate investment company focused on the early-stage, large-scale leisure-integrated residential resorts in south-east Europe and the Americas, and managed by Dolphin Capital Partners Limited (the ‘Investment Manager’), an independent private equity management firm that specialises in real estate investments, primarily in south-east Europe. The shares of the Company were admitted to trading on the AIM market of the London Stock Exchange (‘AIM’) on 8 December 2005.

The condensed consolidated interim financial statements of the Company as at and for the six-month period ended 30 June 2013 comprise the financial statements of the Company and its subsidiaries (together referred to as the ‘Group’) and the Group’s interests in associates and jointly controlled entities.

The consolidated financial statements of the Group as at and for the year ended 31 December 2012 are available at www.dolphinci.com.

2. STATEMENT OF COMPLIANCEThese condensed consolidated interim financial statements have been prepared in accordance with IAS 34 ‘Interim Financial Reporting’. They do not include all of the information required for full annual financial statements and should be read in conjunction with the consolidated financial statements of the Group as at and for the year ended 31 December 2012. They are presented in euro (!), rounded to the nearest thousand.

These condensed consolidated interim financial statements were approved by the Board of Directors on 20 September 2013.

3. SIGNIFICANT ACCOUNTING POLICIESThe accounting policies applied by the Group in these condensed consolidated interim financial statements are the same as those applied by the Group in its consolidated financial statements as at and for the year ended 31 December 2012.

4. ESTIMATES The preparation of interim financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these"estimates.

In preparing these condensed consolidated interim financial statements, the significant judgements made by management in applying the Group’s accounting policies and the key sources of estimation and uncertainty were the same as those applied to the consolidated financial statements as at and for the year ended 31 December 2012.

Notes to the condensed consolidated interim financial statements

Notes to the condensed consolidated interim financial statements continued


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5. SIGNIFICANT SUBSIDIARIESAs at 30 June 2013, the Group’s most significant company holdings were the following: Country of ShareholdingName incorporation interest

Scorpio Bay Holdings Limited Cyprus 100%Scorpio Bay Resorts S.A. Greece 100%Latirus Enterprises Limited Cyprus 80%Iktinos Techniki Touristiki S.A. (’Iktinos’) Greece 78%Xscape Limited Cyprus 100%Golfing Developments S.A. Greece 100%MindCompass Overseas Limited Cyprus 100%MindCompass Overseas S.A. Greece 100%MindCompass Overseas Two S.A. Greece 100%MindCompass Parks S.A. Greece 100%Ergotex Services Co. Limited Cyprus 100%D.C. Apollo Heights Polo and Country Resort Limited Cyprus 100%Symboula Estates Limited Cyprus 100%DolphinCI Fourteen Limited Cyprus 86%Eidikou Skopou Dekatessera S.A. Greece 86%Eidikou Skopou Dekaokto S.A. Greece 86%Portoheli Hotel and Marina S.A. Greece 25%**DCI Holdings Two Limited (‘DCI H2’) BVIs 50%*Dolphin Capital Atlantis Limited Cyprus 50%*Aristo Developers Limited (‘Aristo’) Cyprus 50%*Single Purpose Vehicle Twelve Limited Cyprus 50%*Azurna Uvala D.o.o. (‘Azurna’) Croatia 100%Eastern Crete Development Company S.A. Greece 60%DolphinLux 1 S.a.r.l. Luxembourg 100%DolphinLux 2 S.a.r.l. Luxembourg 100%Pasakoy Yapi ve Turizm A.S. Turkey 100%Kalkan Yapi ve Turizm A.S. Turkey 100%Dolphin Capital Americas Limited BVIs 100%DCI Holdings Seven Limited (‘DCI H7’) BVIs 100%Playa Grande Holdings Inc. (‘PGH’) Dominican Republic 100%Single Purpose Vehicle Eight Limited Cyprus 100%Eidikou Skopou Dekapente S.A. Greece 100%Single Purpose Vehicle Ten Limited (‘SPV 10’) Cyprus 67%Eidikou Skopou Eikosi Tessera S.A. Greece 67%Pearl Island Limited S.A. Panama Republic 60%Zoniro (Panama) S.A. Panama Republic 60%

* On 22 June 2012, the Company exchanged 50% of its holding in these companies for the acquisition of 227 million own shares, under the Aristo Exchange agreement (see note 21.4).** On 24 September 2012, the Company disposed of its 75% holding in Portoheli Hotel and Marina S.A. via the disposal of its 75% holding in Single Purpose Vehicle Five Limited

(‘SPV"5’) (see note 21.4).

The above shareholding interest percentages are rounded to the nearest integer.



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6. SEGMENT REPORTINGThe Group has one operation, investing in real estate, and three reportable segments as shown below, which represent the geographical regions in which the Group operates. South-East Reportable Consolidated Americas1 Europe2 Other3 segment totals Adjustments4 totals !’000 !’000 !’000 !’000 !’000 !’000

30 June 2013Investment property 101,869 323,254 – 425,123 – 425,123Property, plant and equipment 35,730 96,970 – 132,700 – 132,700Trading properties 1,298 40,688 – 41,986 – 41,986Equity accounted investees – 178,494 – 178,494 – 178,494Cash and cash equivalents 2,270 6,800 33,639 42,709 – 42,709Intra-group debit balances 9 325,898 481,045 806,952 (806,952) –Other assets 8,621 37,042 2,056 47,719 – 47,719Total assets 149,797 1,009,146 516,740 1,675,683 (806,952) 868,731

Loans and borrowings 13,835 83,538 80,780 178,153 – 178,153Finance lease obligation 197 8,131 – 8,328 – 8,328Deferred tax liabilities 1,836 52,620 – 54,456 – 54,456Intra-group credit balances – 440,933 275,905 716,838 (716,838) –Other liabilities 3,275 55,323 1,372 59,970 – 59,970Total liabilities 19,143 640,545 358,057 1,017,745 (716,838) 300,907

Valuation gain on investment property 5,933 1,789 – 7,722 – 7,722Impairment losses – (790) – (790) – (790)Share of losses on equity accounted investees – (79,290) – (79,290) – (79,290)Other operating profits 1,917 2,448 – 4,365 – 4,365Investment Manager fees – – (6,890) (6,890) – (6,890)Net finance costs (291) (6,406) (201) (6,898) – (6,898)Other expenses (3,055) (8,216) (2,376) (13,647) – (13,647)Profit/(loss) before taxation 4,504 (90,465) (9,467) (95,428) – (95,428)Taxation (148) (7,761) – (7,909) – (7,909)Profit/(loss) for the period 4,356 (98,226) (9,467) (103,337) – (103,337)



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6. SEGMENT REPORTING CONTINUED South-East Reportable Consolidated Americas1 Europe2 Other3 segment totals Adjustments4 totals !’000 !’000 !’000 !’000 !’000 !’000

31 December 2012Investment property 100,780 321,424 – 422,204 – 422,204Property, plant and equipment 21,654 97,018 – 118,672 – 118,672Trading properties – 38,732 – 38,732 – 38,732Equity accounted investees – 257,896 – 257,896 – 257,896Cash and cash equivalents 256 11,350 10,575 22,181 – 22,181Intra-group debit balances 8 318,869 453,352 772,229 (772,229) –Other assets 10,082 37,949 2,014 50,045 – 50,045Total assets 132,780 1,083,238 465,941 1,681,959 (772,229) 909,730

Loans and borrowings 13,686 87,795 30,317 131,798 – 131,798Finance lease obligation 236 8,318 – 8,554 – 8,554Deferred tax liabilities 1,673 43,781 – 45,454 – 45,454Intra-group credit balances 33,731 55,528 275,760 365,019 (365,019) –Other liabilities 1,285 53,527 1,338 56,150 – 56,150Total liabilities 50,611 248,949 307,415 606,975 (365,019) 241,956

30 June 2012Valuation loss on investment property (163) (2,649) – (2,812) – (2,812)Impairment losses – (20,872) – (20,872) – (20,872)Share of losses on equity accounted investees – (56) – (56) – (56)Gain on disposal of investment in subsidiaries (241) 44,909 – 44,668 – 44,668Other operating profits 156 3,578 204 3,938 – 3,938Investment Manager fees – – (8,970) (8,970) – (8,970)Net finance (costs)/income (341) (14,930) 2,203 (13,068) – (13,068)Other expenses (1,995) (11,057) (2,353) (15,405) – (15,405)Loss before taxation (2,584) (1,077) (8,916) (12,577) – (12,577)Taxation – 1,743 – 1,743 – 1,743(Loss)/profit for the period (2,584) 666 (8,916) (10,834) – (10,834)

1 Americas comprises the Group’s activities in the Dominican Republic and the Republic of Panama.2 South-East Europe comprises the Group’s activities in Cyprus, Greece, Croatia and Turkey.3 Other comprises the parent company, Dolphin Capital Investors Limited.4 Adjustments consist of intra-group eliminations.

7. TAXATION From 1 January 2013 From 1 January 2012 to 30 June 2013 to 30 June 2012 !’000 !’000

Corporate income tax 13 24Defence tax – 2Deferred tax 7,896 (1,769)Total 7,909 (1,743)

As of 1 January 2013, the corporation tax rate applicable to profits in Greece and in Cyprus increased from 20% to 26% and from 10% to 12.50%, respectively.



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8. LOSS PER SHAREBasic loss per shareBasic loss per share is calculated by dividing the profit/loss attributable to owners of the Company by the weighted average number of common shares outstanding during the period. From 1 January 2013 From 1 January 2012 to 30 June 2013 to 30 June 2012 ’000 ’000

Loss attributable to owners of the Company (!) (103,450) (9,074)Number of weighted average common shares outstanding 642,440 655,068Basic loss per share (!) (0.16) (0.01)

Weighted average number of common shares outstanding From 1 January 2013 From 1 January 2012 to 30 June 2013 to 30 June 2012 ’000 ’000

Outstanding common shares at the beginning of the period 642,440 665,048Effect of own shares acquired – (9,980)Weighted average number of common shares outstanding 642,440 655,068

Diluted loss per shareDiluted loss per share is calculated by adjusting the profit/loss attributable to owners and the number of common shares outstanding to"assume conversion of all dilutive potential shares. During the period, the Company has one category of dilutive potential common shares: warrants. The number of shares calculated above is compared with the number of shares that would have been issued assuming the exercise of the warrants. As at 30 June 2012, the diluted loss per share was the same as the basic loss per share, due to the fact that no dilutive potential ordinary shares were outstanding during the period. From 1 January 2013 From 1 January 2012 to 30 June 2013 to 30 June 2012 ’000 ’000

Loss attributable to owners of the Company (!) (103,450) (9,074)

Weighted average number of common shares outstanding 642,440 655,068Effect of potential conversion of warrants 5,585 –Weighted average number of common shares outstanding for diluted loss per share 648,025 655,068

Diluted loss per share (!) (0.16) (0.01)

9. INVESTMENT PROPERTY 30 June 2013 31 December 2012 !’000 !’000

At beginning of period/year 422,204 1,201,933Direct acquisitions 691 3,257Transfers to property, plant and equipment (see note 10) (5,117) (151,093)Transfers to trading properties (see note 11) (1,298) (2,306)Transfers to equity accounted investees (see note 12) – (691)Disposals through disposal of subsidiary companies – (605,925)Direct disposals – (9,289)Exchange difference 921 (1,931) 417,401 433,955Fair value adjustment 7,722 (11,751)At end of period/year 425,123 422,204



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10. PROPERTY, PLANT AND EQUIPMENT 30 June 2013 31 December 2012 !’000 !’000

Cost or deemed costAt beginning of period/year 139,183 122,164Direct acquisitions of property, plant and equipment 8,597 16,921Direct disposals of property, plant and equipment (7) (338)Disposals through disposal of subsidiary companies – (161,786)Transfers from investment property (see note 9) 5,117 151,093Revaluation adjustment 1,965 11,172Exchange difference 198 (43)At end of period/year 155,053 139,183Depreciation and impairment lossesAt beginning of period/year 20,511 18,951Direct disposal of property, plant and equipment – (143)Disposals through disposal of subsidiary companies – (10,593)Revaluation adjustment – (33)Depreciation charge for the period/year 1,826 1,758Impairment loss – 15,401Reversal of impairment loss – (4,794)Exchange difference 16 (36)At end of period/year 22,353 20,511Carrying amounts 132,700 118,672

11. TRADING PROPERTIES 30 June 2013 31 December 2012 !’000 !’000

At beginning of period/year 38,732 298,964Net direct additions/(disposals) 2,746 (3,727)Net transfers from investment property (see note 9) 1,298 2,306Disposals through disposal of subsidiary companies – (258,880)Impairment loss (790) (2,684)Reversal of impairment loss – 1,158Exchange difference – 1,595At end of period/year 41,986 38,732

12. EQUITY ACCOUNTED INVESTEES Joint Joint Joint venture Joint venture venture between venture between between Aristo between Aristo and Aristo Aristo and Alea Aristo Tsada/Randi and Accounting Limassol and Cyprus Golf Lanitis DCI H2 SPV 5 S.A. Star Limited Poseidon Resorts Limited Total !’000 !’000 !’000 !’000 !’000 !’000 !’000 !’000

Balance at 1 January 2013 256,150 1,722 24 – – – – 257,896Share of losses, net of tax (79,182) (105) (3) – – – – (79,290)Share of revaluation deficit (112) – – – – – (112)Balance as at 30 June 2013 176,856 1,617 21 – – – – 178,494

Balance at 1 January 2012 – – 29 7,703 83 53 – 7,868Initial cost of investment 265,566 1,670 – – – – – 267,236Share of (losses)/profits, net of tax (9,469) 52 (5) (62) – – – (9,484)Share of revaluation surplus 53 – – – – – – 53Transfer from investment property (see note 9) – – – – – – 691 691Profits received – – – – – (36) – (36)Contribution from shareholders – – – 317 – – 8 325Disposals – – – (7,958) (83) (17) (699) (8,757)Balance as at 31 December 2012 256,150 1,722 24 – – – – 257,896



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12. EQUITY ACCOUNTED INVESTEES CONTINUEDThe details of the above investments are as follows: Shareholding interest Country of 30 June 31 December Name incorporation Principal activities 2013 2012

DCI H2 BVIs Acquisition and holding of investments 50% 50%SPV 5 Cyprus Construction and management of resort 25% 25%Aristo Accounting S.A. Greece Provision of professional services 20% 20%

The above shareholding interest percentages are rounded to the nearest integer.

During 2012, the Company reduced its participation in DCI H2 and SPV 5 from 100% to 49.8% and 25%, respectively (see note 21.4).

As of 30 June 2013, Aristo, DCI H2’s largest subsidiary, had a total of !4.8 million (31 December 2012: !6.7 million) contractual capital commitments on property, plant and equipment and a total of !47 million (31 December 2012: !51 million) contingent liabilities in respect to bank guarantees arising in the ordinary course of business. Aristo’s management does not anticipate any material liability to arise from these contingent liabilities. SPV 5 had a total of !5.6 million (31 December 2012: nil) contractual capital commitments on property, plant and equipment.

Summary of financial information for equity accounted investees as at 30 June 2013 and 31 December 2012, not adjusted for the percentage of"ownership held by the Group: DCI H2 Aristo Accounting S.A. SPV 5 Total !’000 !’000 !’000 !’000

30 June 2013Current assets 233,112 244 3,198 236,554Non-current assets 605,184 17 7,911 613,112Total assets 838,296 261 11,109 849,666

Current liabilities 200,164 156 3,360 203,680Non-current liabilities 282,643 – 1,281 283,924Total liabilities 482,807 156 4,641 487,604

Revenues 8,823 270 – 9,093Expenses (167,985) (273) (420) (168,678)Loss (159,162) (3) (420) (159,585)

31 December 2012Current assets 314,023 192 227 314,442Non-current assets 676,347 2 7,890 684,239Total assets 990,370 194 8,117 998,681

Current liabilities 167,263 96 148 167,507Non-current liabilities 307,531 – 1,081 308,612Total liabilities 474,794 96 1,229 476,119

Revenues 29,400 466 – 29,866Expenses (85,205) (482) (550) (86,237)Loss (55,805) (16) (550) (56,371)

13. RECEIVABLES AND OTHER ASSETS 30 June 2013 31 December 2012 !’000 !’000

Trade receivables 1,028 748Amount receivable from Archimedia Holdings Corp. (‘Archimedia’)(see note 21.4) 1,548 1,541Receivables in relation to business combinations 14,561 18,415VAT receivables 11,772 15,577Other receivables 9,913 5,083Total trade and other receivables 38,822 41,364Prepayments and other assets 293 136Total 39,115 41,500



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14. CASH AND CASH EQUIVALENTS 30 June 2013 31 December 2012 !’000 !’000

Bank balances 41,206 14,197One-week deposits – 6,437Two-month fixed deposits 1,467 –Three-month fixed deposits – 1,531Total bank balances 42,673 22,165Cash in hand 36 16Total 42,709 22,181

The average interest rate on the above fixed deposit balances for the six-month period ended 30 June 2013 was 0.691% (31 December 2012: 1.863%).

15. CAPITAL AND RESERVESCapitalAuthorised share capital 30 June 2013 31 December 2012 ’000 of shares !’000 ’000 of shares !’000

Common shares of !0.01 each 2,000,000 20,000 2,000,000 20,000

Movement in share capital and premium Shares in Share capital Share premium ’000 !’000 !’000

Capital at 1 January 2012 665,048 6,650 825,671Cancellation of own shares (227,044) (2,270) (373,033)Shares issued on 25 October 2012 204,436 2,044 47,956Placement costs – – (1,661)Capital at 31 December 2012 642,440 6,424 498,933

Capital at 1 January 2013 and 30 June 2013 642,440 6,424 498,933

On 25 October 2012, the Company issued 204,435,897 new common shares at GBP 0.195 per share, for a total value of !50 million. The new shares rank pari passu with the existing common shares of the Company.

WarrantsIn December 2011, the Company raised !8,500,000 through the issue of 26,210,536 new shares at GBP 0.27 per share (with warrants attached to subscribe for additional Company shares equal to 25% of the aggregate value of the new shares at the price of GBP 0.317 per share subject to anti-dilution adjustments pursuant to the warrant’s terms and conditions – initial price of GBP 0.35 per share). The warrant holders can exercise their subscription rights within five years from the admission date. The number of shares to be issued on exercise of their rights will be determined based on the subscription price on the exercise date.

ReservesReserve for own sharesThe reserve for the Company’s own shares comprises the cost of the Company’s shares held by the Group.

On 22 June 2012, the Company exchanged Mr. Theodoros Aristodemou’s (‘TA’) shareholding of 34.14% in the Company (227,044,080 shares) for a direct 50.25% participation of TA in DCI H2 (see note 21.4). On 6 July 2012, the Company proceeded with the cancellation of 227,044,080 own shares that had been received through the Aristo Exchange.

Following the above transaction, the Company does not hold any amount of own shares as at 30 June 2013 and 31 December 2012.

Translation reserveTranslation reserve comprises all foreign currency differences arising from the translation of the interim financial statements of foreign operations.

Revaluation reserveRevaluation reserve relates to the revaluation of property, plant and equipment from both subsidiaries and equity accounted investees, net of any deferred tax.



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16. LOANS AND BORROWINGS Total Within one year Within two to five years More than five years 30 June 31 December 30 June 31 December 30 June 31 December 30 June 31 December 2013 2012 2013 2012 2013 2012 2013 2012 !’000 !’000 !’000 !’000 !’000 !’000 !’000 !’000

Loans in euro 80,791 85,108 8,705 26,873 39,433 23,230 32,653 35,005Loans in United States dollars 14,338 14,185 6,424 6,302 7,914 5,912 – 1,971Bank overdrafts in euro 2,244 2,188 2,244 2,188 – – – –Convertible bonds payable in euro 50,000 – – – 50,000 – – –Convertible bonds payable in United States dollars 30,780 30,317 – – 30,780 30,317 – –Total 178,153 131,798 17,373 35,363 128,127 59,459 32,653 36,976

Convertible bonds payableOn 5 April 2013, the Company issued 5,000 bonds (the ‘Euro Bonds’) at !10 thousand each, bearing interest of 5.5% per annum, payable semi-annually, and maturing on 5 April 2018.

On 23 April 2013, the Company issued 917 bonds (the ‘US$ Bonds’) at US$10 thousand each, bearing interest of 7% per annum, payable semi-annually, and maturing on 23 April 2018.

The Euro Bonds and the US$ Bonds may be converted prior to maturity (unless earlier redeemed or repurchased) at the option of the holder into common shares of !0.01 each. The initial conversion price is !0.5737 (representing GBP 0.50 per share converted into euro at the fixed exchange rate of GBP 1.00:!1.1474) and US$0.6717 (representing GBP 0.45 per share converted into United States dollars at the fixed exchange rate of GBP 1.00:US$1.4928) per share for the Euro Bonds and the US$ Bonds, respectively.

The Euro Bonds and the US$ Bonds are not publicly traded.

Part of the bonds, amounting to !41,004 thousand, was subscribed by Third Point LLC, a significant shareholder of the Company (see note 21.5).

On 29 March 2011, DCI H7 issued 4,000 bonds at US$10 thousand each, bearing interest of 7% per annum, payable semi-annually, and maturing on 29 March 2016. The bonds are trading on the Open Market of the Frankfurt Stock Exchange (the freiverkehr market) under the symbol 12DD. On 23 April 2013, the Company purchased 891 bonds at a consideration of US$10 thousand each (representing their par value) plus corresponding accrued interest of approximately US$200 thousand using the funds received from the issue of the US$ Bonds.

Bonds may be converted prior to maturity (unless earlier redeemed or repurchased) at the option of the holder into Company’s common shares of !0.01 each for a conversion price of US$0.7239, equivalent of GBP 0.453, subject to anti-dilution adjustments pursuant to the bond’s terms and conditions (initial conversion price GBP 0.50). The number of shares to be issued on exercise of a conversion right shall be determined by dividing the principal amount of the bonds to be converted by the conversion price in effect on the relevant conversion date.

At the option of bondholders:

(i) some or all of the principal amount of the bonds held by a bondholder may be repurchased by the issuer; and (ii) the consideration for such repurchase shall be the transfer by the Company to the bondholder of land plot(s) at the issuer’s Playa Grande

Aman development in the Dominican Republic.

17. FINANCE LEASE OBLIGATIONS 30 June 2013 31 December 2012 Future Present value Future Present value minimum of minimum minimum of minimum lease lease lease lease payments Interest payments payments Interest payments !’000 !’000 !’000 !’000 !’000 !’000

Less than one year 501 76 425 516 76 440Between two and five years 1,893 288 1,605 1,758 288 1,470More than five years 12,664 6,366 6,298 13,048 6,404 6,644Total 15,058 6,730 8,328 15,322 6,768 8,554

The major finance lease obligations comprise leases in Greece with 99-year lease terms.



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18. DEFERRED TAX ASSETS AND LIABILITIES 30 June 2013 31 December 2012 Deferred Deferred Deferred Deferred tax assets tax liabilities tax assets tax liabilities !’000 !’000 !’000 !’000

Balance at beginning of period/year 3,384 (45,454) 3,659 (104,335)From disposal of subsidiary – – (509) 59,239Recognised in profit or loss 817 (8,713) 133 2,020Recognised in other comprehensive income – (207) – (1,735)Exchange difference and other (161) (82) 101 (643)Balance at end of period/year 4,040 (54,456) 3,384 (45,454)

Deferred tax assets and liabilities are attributable to the following: 30 June 2013 31 December 2012 Deferred Deferred Deferred Deferred tax assets tax liabilities tax assets tax liabilities !’000 !’000 !’000 !’000

Revaluation of investment property – (45,137) – (34,364)Revaluation of trading properties (on acquisition of subsidiaries) – (1,574) – (1,574)Revaluation of property, plant and equipment – (7,116) – (8,867)Other temporary differences – (629) – (649)Tax losses 4,040 – 3,384 –Total 4,040 (54,456) 3,384 (45,454)

19. TRADE AND OTHER PAYABLES 30 June 2013 31 December 2012 !’000 !’000

Trade payables 546 539Land creditors 23,993 23,663Investment Manager fees payable 467 467Payable to the former controlling shareholder of PGH project (see note 21.4) 668 4,503Other payables and accrued expenses 17,137 9,911Total 42,811 39,083

20. NAV PER SHARE 30 June 2013 31 December 2012 ’000 ’000

Total equity attributable to owners of the Company (!) 535,403 635,481Number of common shares outstanding at end of period/year 642,440 642,440NAV per share (!) 0.83 0.99

30 June 2013 31 December 2012 ’000 ’000

Total equity attributable to owners of the Company (!) (basic) 535,403 635,481Effect of potential conversion of warrants 2,070 –Total equity attributable to owners of the Company (!) (diluted) 537,473 635,481

Number of common shares in issue at end of period/year 642,440 642,440Effect of potential conversion of warrants 5,585 – 648,025 642,440

Diluted NAV per share (!) 0.83 0.99



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21. RELATED PARTY TRANSACTIONS21.1 Directors of the CompanyMiltos Kambourides is the founder and managing partner of the Investment Manager.

The interests of the Directors, all of which are beneficial, in the issued share capital of the Company as at 30 June 2013 were as follows: Shares ’000

Miltos Kambourides (indirect holding) 65,081Roger Lane-Smith 60Andreas Papageorghiou 5

Save as disclosed, none of the Directors had any interest during the period in any material contract for the provision of services which was significant to the business of the Group.

21.2 Investment Manager fees Annual fees The Investment Manager is entitled to an annual management fee of 2% of the equity funds, defined as follows:

› !890 million; plus› The gross proceeds of further equity issues, other than the funds raised in respect of the proceeds of the equity issues as at 25 October 2012

and 30 December 2011; plus› Realised net profits less any amounts distributed to shareholders.

The equity funds as at 30 June 2013 comprised !689 million.

In addition, the Company shall reimburse the Investment Manager for any professional fees or other costs incurred on behalf of the Company at its request for services or advice.

Management fees for the six-month periods ended 30 June 2013 and 30 June 2012 amounted to !6,890 thousand and !8,970 thousand, respectively.

Performance fees The Investment Manager is entitled to a performance fee based on the net profits made by the Company, subject to the Company receiving the ‘Relevant Investment Amount’, which is defined as an amount equal to:

i the total cost of the investment reduced on a pro rated basis by an amount of !167 million; plusii a hurdle amount equal to an annualised percentage return equal to the average one-month Euribor rate applicable in the period

commencing from the month when the relevant cost is incurred compounded for each year or fraction of a year during which such investment is held (the ‘Hurdle’); plus

iii a sum equal to the amount of any realised losses and/or write-downs in respect of any other investment which has not already been taken into account in determining the Investment Manager’s entitlement to a performance fee.

In the event that the Company has received distributions from an investment equal to the Relevant Investment Amount, any subsequent net profits arising shall be distributed in the following order or priority:

i 60% to the Investment Manager and 40% to the Company until the Investment Manager shall have received an amount equal to 20% of such profits; and

ii 80% to the Company and 20% to the Investment Manager, such that the Investment Manager shall receive a total performance fee equivalent to 20% of the net profits.

The performance fee payment is subject to the following escrow and clawback provisions:

EscrowThe following table displays the current escrow arrangements: Escrow Terms

Up to !109 million returned 50% of overall performance fee held in escrowUp to !109 million plus the cumulative hurdle returned 25% of any performance fee held in escrowAfter the return of !409 million post-hurdle, plus the return of !225 million post-hurdle All performance fees released from escrow



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21. RELATED PARTY TRANSACTIONS CONTINUED21.2 Investment Manager fees continuedClawbackIf on the earlier of (i) disposal of the Company’s interest in a relevant investment or (ii) 1 August 2020, the proceeds realised from that investment are less than the Relevant Investment Amount, the Investment Manager shall pay to the Company an amount equivalent to the difference between the proceeds realised and the Relevant Investment Amount. The payment of the clawback is subject to the maximum amount payable by the Investment Manager not exceeding the aggregate performance fees (net of tax) previously received by the Investment Manager in relation to other investments.

No performance fees were charged to the Company for the six-month periods ended 30 June 2013 and 30 June 2012. As at 30 June 2013 and 31 December 2012, funds held in escrow, including accrued interest, amounted to !467 thousand.

21.3 Directors’ remunerationThe Directors’ remuneration for the six-month periods ended 30 June 2013 and 30 June 2012 were as follows: From 1 January 2013 From 1 January 2012 to 30 June 2013 to 30 June 2012 !‘000 !‘000

Andreas Papageorghiou 7.5 7.5Cem Duna 7.5 7.5Roger Lane-Smith 22.5 22.5Antonios Achilleoudis 7.5 7.5Christopher Pissarides 25.0 25.0David B. Heller* 5.2 –Total 75.2 70.0

* On 14 March 2013, Mr. David B. Heller was appointed as non-executive Director.

Mr. Miltos Kambourides has waived his fees.

21.4 Shareholder and development agreementsShareholder agreementsDolphinCI Twenty Two Limited, a subsidiary of the Group, has signed a shareholder agreement with the non-controlling shareholder of Eastern Crete Development Company S.A. DolphinCI Twenty Two Limited has acquired 60% of the shares of Plaka Bay project by paying the former majority shareholder a sum upon closing and a conditional amount in the event the non-controlling shareholder is successful in, among others, acquiring additional specific plots and obtaining construction permits.

DolphinCI Thirteen Limited, a subsidiary of the Group, has signed a shareholder agreement with the non-controlling shareholder of Iktinos. Under its current terms, DolphinCI Thirteen Limited has acquired approximately 80% of the shares of Latirus Enterprises Limited (Sitia Bay project) by paying the non-controlling shareholder an initial sum upon closing and a conditional amount in the event the non-controlling shareholder will be successful in, among others, acquiring additional specific plots and obtaining construction permits.

On 20 September 2010, the Group signed an agreement with Archimedia controlled by John Hunt, for the sale of a 14.29% stake in Amanzoe for"a consideration of !11 million. The agreement also granted Archimedia the right to partially or wholly convert this shareholding stake into up to three predefined Aman Villas (the ‘Conversion Villas‘) for a predetermined value and percentage per Villa. The first !1 million of the consideration was received at signing, while the completion of the transaction and the payment of the !10 million balance was subject to customary due diligence on the project and the issuance of the construction permits for the Conversion Villas prior to a longstop date set at 1"April 2011. On 28 March 2011, the Company reached an agreement with Archimedia to vary the original terms of the sale agreement, which was followed by the Company and Archimedia entering into an amended sale agreement on 13 March 2012. The Company has already received US$12,422 thousand and !1,300 thousand, while US$978 thousand and !800 thousand, plus any additional consideration that may be due depending on the exact size and features of the Conversion Villas, will be received upon completion of the Conversion Villas. The total receivable amount of !1,548 thousand (31 December 2012: !1,541 thousand) is included in receivables and other assets (see note 13). On 3"August 2012, Dolphin received a Conversion Notice from Archimedia to convert 6.43% of its shares in Amanzoe in exchange for an Aman Villa and on 27 December 2012 a further Notice for the conversion of the remaining 7.86% of its shares for two other Aman Villas. The Company is in the process of finalising the relevant documentation for the completion of the conversions in question. Following the conversions, Archimedia will not hold any shareholding interest in Amanzoe.

On 22 June 2012, the Company and TA agreed to the exchange of TA’s 34.14% shareholding in Dolphin for a direct 50.25% participation in DCI H2. The Aristo Exchange took place on a NAV-for-NAV basis before deferred income tax liabilities and, as such, was valued at approximately !375 million. Under the same shareholder agreement, neither party may sell or transfer the beneficial ownership of any shares of Aristo to third parties without first making an offer in writing to sell the same to the other party while each party retains tag along rights in the event of"a"sale of the shares by the other party.



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21. RELATED PARTY TRANSACTIONS CONTINUED21.4 Shareholder and development agreements continuedShareholder agreements continuedOn 6 August 2012, the Company signed an agreement for the sale of eight out of the nine remaining Seafront Villas, part of the Mindcompass Overseas Limited group of entities. The total base net consideration agreed for this sale was !10 million, with the Company also entitled to the maximum amount between 35% profit participation on the sales generated by the purchaser from the further sale of four villas or !2 million. It"was also agreed that the Company would undertake the construction contract for the completion of the Villas and a !1 million deposit was paid upon signing. On 6 December 2012, the Company and the purchasers agreed an amendment to the Sale of Shares Agreement to provide that an amount of !1 million would be payable in January 2013, the remaining !8 million would become payable in five interest-bearing instalments (at 6% per annum) starting from June 2013 (instalment has already been received), and that the Company’s profit participation in"the sale of five Villas will be set at 50% with no minimum profit participation.

On 5 September 2012, the Company signed a sales agreement with a regional investor group led by Mr. Alberto Vallarino for the sale of its 60%"shareholding in Peninsula Resort Holdings Limited, the entity that indirectly holds the land for Pearl Island’s Founders’ Phase of the Pearl"Island Project. The consideration for the sale was a cash payment of US$6 million (50% paid at closing on 14 September 2012 and 50%"one year from closing) and a commitment to invest an additional circa US$35 million of development capital within a maximum period of"two years in order to complete the aforementioned phase of the project. Out of those funds, approximately US$13 million shall be incurred on development of components owned by Pearl Island Limited S.A., with US$4,400 thousand already invested by 30 June 2013.

On 24 September 2012, the Company signed an agreement with an affiliate of the Swiss Development Group for the sale of a 75% stake in the Nikki Beach Resort & Spa at Porto Heli together with a contract for the management and construction of the project for a minimum consideration of !3.15 million, that will increase depending on the size of the loan facility obtained, the returns realised and the final construction cost. An"amount of !1.23 million had already been received by the Company as of 31 December 2012, and the remaining balance of the minimum consideration was received in early 2013.

Development agreementsEastern Crete Development Company S.A., a subsidiary of the Group, has signed a development management agreement with a company related to the non-controlling shareholder of Plaka Bay Resort under the terms of which this company undertakes to assist Eastern Crete Development Company S.A. to obtain all permits required to enable the development of the project as well as to select advisers, consultants, etc., during the pre-construction phases. The development manager receives an annual fee.

Pursuant to the original Sale and Purchase Agreement of 10 December 2007, DCI H7 was obliged to make payments for the construction of"infrastructure on the land retained by DR Beachfront Real Estate LLC (‘DRB’), the former majority shareholder of PGH. Pursuant to a restructuring agreement dated 5 November 2012, those obligations have been restructured with the material provisions of that agreement already fulfilled. As at 30 June 2013, following cash payments of US$7.6 million and transfers of land parcels valued at US$11 million, the total provision outstanding is US$0.9 million (!668 thousand) (31 December 2012: US$5.9 million or !4,503 thousand) which is included in trade and"other payables (see note 19).

Pedro Gonzalez Holdings II Limited, a subsidiary of the Group, has signed a development management agreement with DCI Holdings Twelve Limited (‘DCI H12’) in which the Group has a stake of 60%. Under its terms, DCI H12 undertakes, among others, the management of permitting, construction, sale and marketing of the Pearl Island project.



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21. RELATED PARTY TRANSACTIONS CONTINUED21.5 Other related partiesDuring the periods ended 30 June 2013 and 30 June 2012, the Group incurred the following related party transactions with the following parties:

30 June 2013Related party name !’000 Nature of transaction

Aristo Accounting S.A. 145 Accounting feesJohn Heah, non-controlling shareholder of SPV10 30 Design fees in relation to Playa Grande projectIktinos Hellas S.A. 25 Project management services in relation to Sitia project and rent paymentJ&P Development S.A. 30 Project management services in relation to Cape Plaka projectThird Point LLC, shareholder of the Company 41,004 Subscription to bonds (see note 16)

30 June 2012Related party name !’000 Nature of transaction

Aristo Accounting S.A. 189 Accounting feesJohn Heah, non-controlling shareholder of SPV10 24 Design fees in relation to Kea Resort project and Playa Grande projectIktinos Hellas S.A. 25 Project management services in relation to Sitia project and rent paymentJ&P Development S.A. 30 Project management services in relation to Cape Plaka project

22. BUSINESS COMBINATIONSDuring the six-month period ended 30 June 2012, the Group, under the Aristo Exchange agreement (see note 21.4), reduced its participation in DCI H2 from 100% to 49.8%, as follows: !’000

Investment property (594,098)Property, plant and equipment (143,362)Equity accounted investees (see note 12) (8,757)Deferred tax assets (509)Trading properties (247,749)Receivables and other assets (22,573)Cash and cash equivalents (1,141)Loans and borrowings 303,956Deferred tax liabilities 58,222Bank overdrafts 33,242Trade and other payables 26,568Net assets on which control was lost (596,201)Equity accounted investees 265,566Net assets disposed of (330,635)Own shares exchanged 375,303Net gain on exchange 44,668

Cash effect on exchange:Proceeds on exchange –Cash and cash equivalents (1,141)Bank overdrafts 33,242Net cash inflow on exchange 32,101



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23. FINANCIAL RISK MANAGEMENTThe Group’s financial risks and risk management objectives and policies are consistent with those disclosed in the consolidated financial statements as at and for the year ended 31 December 2012.

Fair valuesThe fair values of the Group’s financial assets and liabilities approximate their carrying amounts at the statement of financial position date.

Risk from economic crisisAfter the escalation of the sovereign debt crisis in Greece in mid-2012 and the international media speculation involving scenarios of default"and/or Greece’s exit from the Eurozone, the country’s economic conditions have significantly stabilised. Greek tourism has witnessed impressive growth during the first six months of 2013 and, according to the Association of the Greek Tourism Enterprises, tourist arrivals are"expected to exceed 17 million tourists in 2013, which is a record for the Greek tourism sector. Prospects for 2014 are expected to be even"better, according to pre-bookings and sentiment expressed by tour operators. The debt crisis has also been a catalyst in"adopting a faster"entitlement process for development projects in Greece.

The crisis of sovereign debt affected the Cypriot economy with a time lag, causing negative effects not only on public finances but also in"the"banking system. Despite the fact that the government tried to react promptly and effectively by preparing a fiscal consolidation programme, the country captured the world’ s attention early in 2013 as it fought hard to bounce back from the brink of bankruptcy through intense negotiations with international lenders. The so called ‘bail-in’ decision of the Eurozone included imposing losses on depositors with"amounts exceeding !100 thousand, a closed banking system for two weeks and extensive capital controls. The decision of the Eurozone was"then followed by the resolution of Cyprus Popular Bank and the recapitalisation of the Bank of Cyprus.

The general economic environment prevailing in the south-east Europe area and internationally may affect the Group’s operations to a significant extent. Concepts such as inflation, unemployment, and development of the gross domestic product are directly linked to the economic course of every country and any variation in these and the economic environment in general may create chain reactions in all areas,"hence affecting the Group.

24. COMMITMENTSAs of 30 June 2013, the Group had a total of !3,613 thousand contractual capital commitments on property, plant and equipment (31 December 2012: !7,131 thousand).

Non-cancellable operating lease rentals are payable as follows: 30 June 2013 31 December 2012 !’000 !’000

Less than one year 19 19Between two and five years 58 71Total 77 90

25. CONTINGENT LIABILITIESCompanies of the Group are involved in pending litigations. Such litigations principally relate to day-to-day operations as a developer of second-home residences and largely derive from certain clients and suppliers. Based on the Group’s legal advisers, the Investment Manager believes that there is sufficient defence against any claim and they do not expect that the Group will suffer any material loss. All provisions in"relation to this matter which are considered necessary have been recorded in these condensed consolidated interim financial statements.

If investment properties, trading properties and property, plant and equipment were sold at their fair market value, this would have given rise"to a payable performance fee to the Investment Manager of approximately !47 million (31 December 2012: !59 million), subject always to"the escrow and clawback provisions mentioned in note 21.2.

In addition to the tax liabilities that have already been provided for in the condensed consolidated interim financial statements, based on existing evidence, there is a possibility that additional tax liabilities may arise after the examination of the tax and other matters of the companies of the Group.

26. EVENTS AFTER THE REPORTING PERIOD On 23 August 2013, DolphinCI Twenty Two Limited, a subsidiary of the Company, signed an agreement with the non-controlling shareholder of"Eastern Crete Development Company S.A. for the purchase of the remaining 40% stake of the entity. The base consideration for the purchase is !4.4 million payable in three instalments: !2.4 million by 10"September 2013, !1 million by 30"September 2013 and !1 million by"31"October 2013. Consideration might be increased by the transfer of plots of land in the project, to the seller, of total market value equal to"!4 million subject to the project receiving permits for building 40,000 m2 of freehold residential properties. The conditional deferred consideration will be adjusted pro rata in case the buildable properties are less than 40,000m2 but is also subject to a 5% annual increase commencing from the second anniversary from the signing of the agreement and until implementation from the Company.

On 15 July 2013, the Company acquired 9.6 million shares, equivalent to 10% of Itacare Capital Investments Ltd’s (‘Itacare’) share capital, for"the"amount of !1.9 million. Itacare is a real estate investment company listed on AIM market of the London Stock Exchange.


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Valuation certificates

Board of Dolphin Capital InvestorsDolphin Capital PartnersVanterpool PlazaWickhams Cay 1Road Town Re: Certificate of Value as of 30 June 2013TortolaBritish Virgin Islands Miami, 25 September 2013

Dear Sirs:

In accordance with the terms of our appointment as independent appraisers, we have conducted a valuation of your real estate assets, including land and buildings (the “Assets”) belonging to Dolphin Capital Investors Limited (AIM: DCI.L) and certain subsidiaries (here after the “Company”) in Dominican Republic and Panama. Colliers Latin America LLC have been instructed by Dolphin Capital Investors Limited (‘DCI’), to offer an opinion of the “Fair Value” of the real estate assets owned by the Company and/or its subsidiaries in the following locations:Location Property Location Property

Dominican Republic Playa Grande Club and Reserve Panama Pearl Island

The properties are held for investment and/or held for development or are in the course of development.

The purpose of our valuation analysis was to provide to the Board of Dolphin Capital Investors information about the Fair Value of the subject assets in order to support their decision making process in relation to the compliance with the requirements of the International Accounting Standards – IAS and the International Financial Reporting Standards – IFRS.

The value estimates apply as of 30 June 2013 and are subject to the Contingent and Limiting Conditions in addition to any specific assumptions contained in our valuation reports and that were addressed to the management of DCI. In the process of preparing this appraisal we have:

› Inspected all the subject properties;

› Relied on information provided by the Company;

› Verified current land use and land use regulations;

› Conducted market research into sales and listing data on comparable properties;

› Interviewed market participants; and

› Examined local market conditions and analysed their potential effect on the properties.

Our valuations assume that the properties have good and marketable titles and are free of any undisclosed onerous burdens, outgoings or"restrictions.

The valuation reports have been prepared at the request of Dolphin Capital Partners and for their exclusive (and confidential) use, and for the"specific purpose and function as stated in the reports. All copyright is reserved to the author and the reports are considered confidential by"the author and Dolphin Capital Partners.

The result of our valuation consulting services does not constitute a fairness opinion or investment advice and should not be interpreted as"such. Our valuation report is not intended for the benefit of a Bank or Developer (other than the client) or any other third party and should not"be"taken to supplant other inquiries and procedures that a Bank or any other third party should undertake for the purpose of considering a"transaction with the Company. Accordingly our work product is not to be used for any other purpose or distributed to third parties.


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Valuation certificates continued

Our real estate valuation analysis is based on the premise that the Company is and will continue as a going-concern business enterprise.

Our valuation consulting services are performed in accordance with generally accepted appraisal standards and in conformance with the professional appraisal societies to which we belong.

We confirm that we do not have any material interest in any of the properties and that we have undertaken these valuations in the capacity of"Independent Valuers.

The date of valuation has been established as of 30 June 2013.

The standard of value is “Fair Value”.

The expression Market Value and the term Fair Value as it commonly appears in accounting standards are generally compatible, if not in every instance exactly equivalent concepts. Fair Value, an accounting concept, is defined in IFRS and other accounting standards as the amount for which an asset could be exchanged, or a liability could be settled, between knowledgeable, willing parties in an arm’s-length transaction. Fair Value is generally used for reporting both Market and Non-Market Values in financial statements. Where the Market Value of an asset can be established, this value will equate to Fair Value.

For reporting purposes, we have adopted Royal Institution of Chartered Surveyors – RICS and International Valuation Standards Committee – IVSC definition of “Fair Value” as “the estimated amount for which a property, or space within a property, should exchange on the day of valuation between a willing buyer and a willing seller in an arm’s-length transaction after proper marketing wherein the parties had acted knowledgeably, prudently and without compulsion”.

Before any valuation analysis can be made, the appropriate premise of value should be established. The general concept of value can be separated into two categories: value-in-exchange on a piecemeal basis and value-in-use. Value-in-exchange represents the action of buyers, sellers, and investors, and implies the value at which the property would sell on a piecemeal basis in the open market.

Value-in-use is the value of special purpose property and assets as part of an integrated facility and reflects the extent to which the assets contribute to the profitability of the operation of that facility or going concern. These two premises can have a significant effect on the results of"a valuation analysis.

For purposes of the valuation of the selected assets, we have used the premise of value-in-exchange.

We have performed no test of earnings and cash flows to verify whether there is a sufficient return on and return of investment in the Assets.

The aggregate Fair Value figure makes no allowance for any effect that placing the whole portfolio on the market contemporaneously may have on the overall realisation. The Fair Value of the portfolio sold as single entity would not necessarily be the same as the aggregate figure reported.

Property values may change significantly over a relatively short period. Consequently our valuations are only valid on the date of valuation. On"the basis of our research, study, inspection, investigation and analysis, it is our opinion that the subject Assets have an estimated “Fair Value” as of 30 June 2013.

Our Appraisal Reports comply with the reporting requirements set forth under the generally accepted appraisal standards and principles. The"valuation report was prepared in conformity with the IVS, the RICS and the Appraisal Institute of Canada. As such, all relevant material was"provided in the reports including the discussion of appropriate data, reasoning, and analyses that were used in the appraisal process to develop the appraiser’s opinion of value. Additional supporting documentation concerning the data, reasoning, and analyses are retained in the appraiser’s file. The depth of discussion contained in the reports is specific to the needs of the client and for the intended use stated therein.

Respectfully submitted,

COLLIERS LATIN AMERICA LLC

Gary E. LaughtonVice President Valuation & Advisory ServicesLatin America – CaribbeanMRICS, AACI, AAPI, P. App


DOL15 | IR 2013 | 05/11/2013 | ARTWORK

Board of Dolphin Capital InvestorsDolphin Capital PartnersVanterpool PlazaWickhams Cay 1Road Town TortolaBritish Virgin Islands Athens, 26 September 2013

Dear Sirs,

In accordance with the terms of our agreement and as independent appraisers, American Appraisal (Hellas) Limited, have conducted a valuation of the real estate assets, including land and buildings (the “Assets”) belonging to Dolphin Capital Investors Limited, hereafter referred to as “DCI” or “Company”and certain subsidiaries,hereafter referred to as the “Company”, in Greece and Cyprus.

Specifically, we provided our independent opinion as to the “Fair Value” of the real estate assets owned by the “Company” and/or its subsidiaries in the area of Voiotia, Greece for the property “Scorpio Bay Resort” and in Cyprus for the Aristo Developers (excluding Venus Rock) real estate portfolio.

The properties are held for investment and/or held for development or are in the course of development.

The purpose of our valuation exercise was to provide the Board of DCI with information about the Fair Value of the subject assets in order to assist in relation to the compliance with the requirements of the International Financial Reporting Standards – IFRS, the International Accounting Standards, and specifically according to IAS 40 – Investment Properties and IAS 16 – Property, Plant and Equipment.

The value estimates apply as of 30 June 2013 and are subject to the Standard Assumptions and Limiting Conditions attached to our valuation reports and are based on the reasonable assumptions contained in our valuation reports.

In the process of preparing these appraisals we have:

› Undertaken inspection of the majority of the subject properties;› Collected relevant data regarding the prevailing market conditions and trends that can affect the value of the properties;› Collected relevant data about the availability of comparable properties in the areas examined;› Investigated prevailing prices and asking values of similar properties in the areas examined;› Made the appropriate adjustments, if necessary, in order to proceed with the estimation of the Fair Value of the properties under investigation;› Relied on information provided by the Company;

Our valuations assume that the properties have good and marketable titles and are free of any undisclosed legal burdens, outgoings or restrictions.

The valuation reports are not intended for the benefit of a Bank or Developer (other than the “Client”), have been prepared at the request of the management of Dolphin Capital Investors Ltd for their exclusive (and confidential) use, and for the specific purpose and use stated in the reports. Any other purpose or use of the reports is not valid. Our reports should not be distributed to any third party. All copyright is reserved to"the author and the reports are considered confidential by the author and Dolphin Capital Partners.

Our valuation consulting services do not constitute and/ or include investment advice and should not be interpreted as such.


American Appraisal (Hellas) Limited54, Vasillissis Sophias Ave., 115 28 Athens Greece

Tel.: +30 210 72 91 867 / Fax +30 210 72 50 982E-mail: [email protected]

www.american-appraisal.gr


DOL15 | IR 2013 | 05/11/2013 | ARTWORK

American Appraisal (Hellas) Limited’s valuation services are performed in conformity with the RICS (Royal Institution of Chartered Surveyors) Appraisal and Valuation Standards (March 2012)1 and the relevant code of ethics, the International Valuation Standards (IVS2)and the IFRS framework. As such, all relevant material was provided in the reports including the discussion of appropriate data, reasoning, and analyses that were used in the appraisal process to develop the appraiser’s opinion of value. Additional supporting documentation concerning the data, reasoning, and analyses are retained in the appraiser’s file. The depth of discussion contained in the reports is specific to the needs of the client and for the intended use stated therein.

Our Appraisal Reports comply with the reporting requirements set forth under the generally accepted appraisal standards and principles.

The basis of value is “Fair Value”. For reporting purposes, we have adopted Royal Institution of Chartered Surveyors (“RICS”) and International Valuation Standards Committee (“IVSC”) definition of “Fair Value” as “the estimated amount for which an asset or liability should exchange on the valuation date between a willing buyer and a willing seller in an arm’s-length transaction after proper marketing wherein the parties had acted knowledgeably, prudently and without compulsion3”.

According to the International Valuation Standards, Fair Value is the price that would be received to sell an asset or paid to transfer a liability in"an orderly transaction between market participants at the measurement date.4

According to IVS5, the Fair Value under IFRS is generally consistent with the concept of Market Value as defined in the IVS Framework.

American Appraisal (Hellas) Limited has no present or prospective interest in or bias with respect to the properties that are the subject of the reports and has no personal interest or bias with respect to the parties involved and has undertaken these valuations as independent valuer. American Appraisal (Hellas) Limited and its Qualified Valuers, do not have any conflict of interest in respect to the scope and content of work executed.

It is furthermore noted that we have not performed for the properties in reference a test of earnings and cash flows to verify if they provide sufficient return on the invested capital. Property values may change significantly over a relatively short period. Consequently our valuations are only valid on the date of valuation.

Sincerely yours,

On behalf of American Appraisal (Hellas) Limited

Pavlos M. ZeccosManaging DirectorMSc, CRE®, MRICS


1 Royal Institute of Chartered Surveyors, the new “Red Book”, March 2012 (IVS Framework, IVS 101, IVS 102, IVS 103, IVS 230 & IVS 300).2 International Valuation Standards (IVS), 9th edition 2011.3 IVS: IVS Framework para. 30.4 IAS 40: para. 5.5 IVS: IVS 300, Application Guidance G2.



















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Documents

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