Dolphin Capital Investors Limited

(the "Company" or "DCI")

Kilada Funding agreed for finalisation of the Golf Course and the Country Club

26 May 2023

The Board of the Company is pleased to announce that DCI and its JV partner at the Kilada Golf and Country Club project (the "Kilada Project") have agreed the outline heads of terms to secure funding for the finalisation of the Golf Course and the Country Club on a 85%:15% split which reflects our respective equity shareholdings. DCI will be responsible for bringing in 85% of the funding needs to complete Phase 1 which is the construction of the golf course and the country club house while our JV partner's commitment will be limited to 15%. As DCI is in the process of selling some of its assets it has been agreed that DCI has 12 months to execute on its commitment to fund its share of the development. Our JV partner will deploy €2.5m of cash to the Kilada Project with immediate effect. As our JV partner's current commitment is higher than is needed according to the 85%:15% split, it is expected that part of the €2.5m will be paid back within the next 12 months to our JV partner. Documentation is being finalised. Further announcements will be made in due course.

Due to this agreement, the Company will be in the position to grass the remainder of the golf course and to continue the development of the country club house without any further delay. It also positions the Company to be able to apply for the payment of the first €1.5m of €6m of approved government grants very shortly. Due to the above agreement, it is expected that the golf course and the country club will be opened in 2024.

While we believe that the above arrangement puts in place the capital needs for finalising Phase 1 of the Kilada Project, we will also pursue bank financing for the development in order to give us more flexibility on our capital needs as there is currently no bank debt at the Kilada Project.

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