Dolphin Capital Investors Limited

(the "Company" or "DCI")

Shareholder Loans

28 April 2023

The Board of the Company has entered into a third loan agreement with DCI shareholders and these are intended to provide additional working capital to the Company, and they are expected to amount to up to €2.0 million in aggregate (the "Shareholder Loans" or "Shareholder Loan Agreements"). Two of the loans amounting to €350,000 have now been advanced to the Company and the other has yet to be funded. These Shareholder Loans 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.

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