Dolphin Capital Investors Limited

(the "Company" or "DCI")

Shareholder Loans

and

Related Party Transaction

19 April 2023

The Board of the Company has entered into the first two of a number of loan agreements with DCI shareholders which are intended to provide additional working capital to the Company, and which are expected to amount to up to €2.0 million in aggregate (the "Shareholder Loans" or "Shareholder Loan Agreements"). One of the loans amounting to €350,000 has now been advanced to the Company. These Shareholder Loans will each have identical terms to one another (other than their date of initiation), and are for a 12-month term bearing an interest rate of 12 per cent. p.a., with no fees payable on disbursement or repayment. The Company's intention is to repay the Shareholder Loans from the proceeds of the sale of Company assets. If the Shareholder Loans have not been repaid within six months from initiation, collateral in the form of security over certain Company assets will be put in place which would exceed the aggregate value of the loans.

Related Party Transaction

One of the above Shareholder Loan Agreements, for €350,000 in total, has been entered into with Discover Investment Company ("DIC"). Nicolai Huls, Managing Director of the Company, is also a Director of DIC. Accordingly, the entering into of the Shareholder Loan Agreement with DIC is deemed to be a related party transaction pursuant to AIM Rule 13 of the AIM Rule for Companies. The Company's directors (excluding Nicolai Huls) consider, having consulted with the Company's Nominated Adviser, finnCap Limited, that the terms of the DIC Shareholder Loan Agreement are fair and reasonable insofar as the shareholders are concerned.

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