LETTER RE. ITACARE CAPITAL INVESTMENTS LTD

25 April 2014

DOLPHIN CAPITAL INVESTORS LIMITED

("DCI" or "Dolphin" or the "Company"

and together with its subsidiaries the "Group")

OPEN LETTER TO SHAREHOLDERS OF ITACARE CAPITAL INVESTMENTS LTD

Dolphin, a leading global investor in the residential resort sector in emerging markets and one of the largest real estate companies on AIM in terms of net assets, today publishes the below open letter to the shareholders of Itacare Capital Investments Ltd.

"From: Dolphin Capital Investors Ltd

Vanterpool Plaza

2nd fl. Wickhams Cay 1

Roadtown, Tortola, British Virgin Islands

To: Shareholders of Itacare Capital Investments Ltd

25 April 2014

Itacare Capital Investments Limited (ITA:London)

The board of Itacare Capital Investments Limited (the "Company" or "ICI") has called a general meeting on 6 May 2014 to approve the delisting of the Company's common shares from AIM (the "Delisting Resolution") which would require the consent of 75% of ICI shareholders voting in the general meeting.

Dolphin Capital Investors Ltd ("DCI"), a 10% minority shareholder in ICI, is strongly opposed to the Delisting Resolution on the grounds that DCI believes that de-listing would be contrary to the interests of the Company and its minority shareholders. DCI is urging all shareholders to vote against the Delisting Resolution with a view to casting at least 25% negative votes to prevent the delisting.

DCI has a number of serious legal and regulatory concerns about the proposed de-listing and other matters relating to the company stretching back into 2013 and is currently in discussion with its lawyers in order to ensure that the interests of all minority shareholders are protected.

If you are a shareholder of ICI and would like to discuss this matter further, please contact:

Orestes Fintiklis

orestes@dolphincp.com

+13054387600

Yours faithfully,

Dolphin Capital Investors Ltd"

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