Climate Change Data

Environmental Metrics

ESG Focus Areas

• Corporate Social Responsibility

Environmental Achievements

• Further progress in charitable activities is planned over the coming months as Dolphin seeks to balance shareholder returns with CSR. More specifically DCF funds were used to: Provide environmental maintenance equipment to the areas of The Porto Heli Collection, Sitia Bay and Lavender Bay Finance an awareness campaign on environmental issues (such as initiatives to protect the sea turtles in the Mediterranean)

Social Achievements

• Provide scholarships to local students with exceptional academic performance Finance research activities of the Harvard School of Public Health in Cyprus Renovate a church in Greece destroyed by earthquakes Provide IT equipment to local schools Finance initiatives for less privileged children in Greece and Cyprus Provide emergency relief to the wider areas of Lavender Bay and Playa Grande which suffered from floods, earthquakes and other calamities

Governance Achievements

• Not disclosed

Climate Goals & Targets

Environmental Challenges

• Over the last year, we have continued to experience the ripple effects of the severe global financial crisis, making it difficult for Dolphin to sell large assets or stakes in projects as real estate investment activity was concentrated on distressed or commercial assets with stable income that could be acquired often below replacement cost.

Mitigation Strategies

• Dolphin’s team worked on maintaining a strong balance sheet, adding value by progressing the design and permitting of the entire portfolio, and financing the first phases of its four advanced projects.

Supply Chain Management

Supplier Audits: Not disclosed

Responsible Procurement

• Not disclosed

Climate-Related Risks & Opportunities

Physical Risks

• Not disclosed

Transition Risks

• Not disclosed

Opportunities

• Not disclosed

Reporting Standards

Frameworks Used: Null

Certifications: Null

Third-party Assurance: Not disclosed

UN Sustainable Development Goals

• Not disclosed

Not disclosed

Sustainable Products & Innovation

• Not disclosed

Awards & Recognition

• Not disclosed

Environmental Metrics

ESG Focus Areas

• Corporate Social Responsibility

Environmental Achievements

• Provide environmental maintenance equipment to the areas of The Porto Heli Collection, Sitia Bay and Lavender Bay
• Finance an awareness campaign on environmental issues (such as initiatives to protect the sea turtles in the Mediterranean)

Social Achievements

• Provide scholarships to local students with exceptional academic performance
• Renovate a church in Greece destroyed by an earthquake
• Provide IT equipment to local schools
• Finance initiatives for less privileged children in Greece and Cyprus
• Provide emergency aid relief from flooding in the Lavender Bay area
• Provide emergency aid relief for the earthquake in Haiti
• Ongoing support to the local communities of Pearl Island and the Playa Grande vicinity

Governance Achievements

• Not disclosed

Climate Goals & Targets

Environmental Challenges

• Development financing remains very scarce, especially in the Americas.
• The real estate and financing markets remain challenging.

Mitigation Strategies

• Conservative approach to phasing and financing new projects to minimize risk.
• Focus on value engineering and cost optimization of development expenses and construction costs.
• Deferring commencement of works on some projects to concentrate on Advanced Projects and preserve cash.

Supply Chain Management

Supplier Audits: Not disclosed

Responsible Procurement

• Not disclosed

Climate-Related Risks & Opportunities

Physical Risks

• Not disclosed

Transition Risks

• Not disclosed

Opportunities

• Not disclosed

Reporting Standards

Frameworks Used: Null

Certifications: ISO 14001

Third-party Assurance: Not disclosed

UN Sustainable Development Goals

• Not disclosed

Not disclosed

Sustainable Products & Innovation

• Not disclosed

Awards & Recognition

• Not disclosed

Environmental Metrics

ESG Focus Areas

• Corporate Social Responsibility

Environmental Achievements

• The paper used for the interim report 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.

Social Achievements

• Dolphin Capital Foundation (DCF) is a non-profit charitable entity dedicated to helping surrounding regional communities and natural environments where Dolphin invests.
• Pearl Island Foundation invests in programs to strengthen local economic and social development, including education, vocational training, summer programs, healthcare, and infrastructure improvements.
• Playa Grande Foundation develops programs focused on education, sports, and culture in the Dominican Republic, including funding a preschool, establishing a library, and sponsoring community events.

Governance Achievements

• Not disclosed

Climate Goals & Targets

Environmental Challenges

• Aristo's sales performance fell below management's expectations.
• Negative publicity relating to an investigation regarding land plots owned by Aristo.

Mitigation Strategies

• Initiated a competitive sale process for Venus Rock Golf Resort to offset Aristo's poor sales performance.
• Aristo is restructuring bank obligations and launching new projects to enhance sales potential.
• Aristo management is cooperating with authorities in the investigation.

Supply Chain Management

Supplier Audits: Not disclosed

Responsible Procurement

• Not disclosed

Climate-Related Risks & Opportunities

Physical Risks

• Not disclosed

Transition Risks

• Not disclosed

Opportunities

• Not disclosed

Reporting Standards

Frameworks Used: Null

Certifications: FSC

Third-party Assurance: Not disclosed

UN Sustainable Development Goals

• Not disclosed

Not disclosed

Sustainable Products & Innovation

• Not disclosed

Awards & Recognition

• Not disclosed

Environmental Metrics

Climate Goals & Targets

Environmental Challenges

• Challenging market conditions in Greece and Cyprus.
• Greek sovereign debt and banking crises.
• Dependence of Amanzoe and Amanera on villa sales for financial sustainability.

Mitigation Strategies

• Refocused strategy with five Core Projects and ten Non-Core Assets.
• €75 million equity fundraising.
• Restructuring of management agreement with DCP.
• Enhanced sales and marketing initiatives at Amanzoe and Amanera.
• Working with Houlihan Lokey to maximize shareholder value and improve liquidity.
• Debt restructuring with Bank of Cyprus for Aristo Developers.
• Restructured debt facilities for Apollo Heights and Livka Bay.
• Improved financing terms for Amanzoe senior loan with Piraeus Bank.
• Disposal of Zoniro (Greece).

Supply Chain Management

Climate-Related Risks & Opportunities

Reporting Standards

Frameworks Used: IFRS

Third-party Assurance: KPMG Limited

Awards & Recognition

• 'the most zen spa in the world' award (Amanzoe Spa)
• Included in the 2016 CNT (UK) Spa Guide
• 'the best Spa in Eastern Europe' award (Amanzoe Spa)
• Extensive coverage in London Evening Standard
• Amanzoe Villas in the 10 most luxurious homes in the world (Singapore Tatler)
• Amanzoe second Best European Resort (The Gallivanter’s Guide)
• Villa 20 most exclusive new villa in Greece (Forbes)
• Among the 15 best new openings of the season (Departures).

Environmental Metrics

Climate Goals & Targets

Environmental Challenges

• Challenging market conditions for disposals in Greece and Cyprus.
• Timeline for full disposal of remaining assets by end of 2019 deemed unachievable.

Mitigation Strategies

• Extended divestment period by two years.
• Changes in remuneration structure for Investment Manager to align interests with shareholders.
• Continued efforts to sell assets earlier if feasible and to take advantage of opportunistic deals.

Supply Chain Management

Climate-Related Risks & Opportunities

Reporting Standards

Frameworks Used: IFRS-EU

Third-party Assurance: KPMG Limited

Environmental Metrics

Climate Goals & Targets

Environmental Challenges

• COVID-19 pandemic impacting business activities, including weaker Aristo sales, delays in construction and permitting, postponement of sales & marketing, and deferment of disposals.

Mitigation Strategies

• Closely monitoring the situation and adjusting strategies, implementing necessary measures such as further reducing corporate costs and temporarily suspending development expenses.

Supply Chain Management

Climate-Related Risks & Opportunities

Reporting Standards

Frameworks Used: IFRS-EU

Third-party Assurance: KPMG Limited

Environmental Metrics

Governance Achievements

• Shareholders approved a two-year extension of the Company’s divestment period to 31 December 2021 and reduced the fixed management fees to €3.6 million per annum while further aligning variable fees by linking them to actual shareholder distributions.

Climate Goals & Targets

Environmental Challenges

• The market for undeveloped real estate in Greece, Cyprus, Croatia and Turkey has yet to make a significant recovery.

Mitigation Strategies

• Continue our efforts to address the inherent challenges that the asset class presents and will work with the Investment Manager and the Company’s advisers to explore, on an asset by asset basis, the best manner in which to achieve divestment results in the light of prevailing market conditions.

Supply Chain Management

Climate-Related Risks & Opportunities

Environmental Metrics

Governance Achievements

• Improved corporate governance
• Appointed a new independent Chairman (Sean Hurst)
• Removed Miltos Kambourides as a Director
• Appointed Nicolai Huls and Nick Paris as Executive Directors and co-Managing Directors.
• Implemented a new investment policy and realisation strategy aimed at selling remaining investments, repaying debt, and distributing proceeds to shareholders.

Climate Goals & Targets

Environmental Challenges

• Challenging period for the company
• Undisclosed share option agreement by DCP (former investment manager) regarding Amanzoe resort.
• Repudiatory breach of contract by DCP leading to termination of the Investment Management Agreement.
• Legal claim filed against the company by DCP.
• Disputed ownership of Lavender Bay land by the Greek state.
• Regular operating expenses, commitments to Kilada, and investment management fees paid to DCP.

Mitigation Strategies

• Completed disposal of interest in One & Only at Kea Island project (€17.92 million net consideration), using €13.01 million to repay existing loan facility.
• Terminated the IMA with DCP and removed Miltos Kambourides as a director.
• Filed a counterclaim against DCP.
• Seeking to recover value from the undisclosed option agreement.
• Put in place additional resources, including loan funding from shareholders, to self-manage assets and continue construction of Kilada Hills.
• Negotiations with the original vendor of Lavender Bay land to potentially reduce liabilities.
• Working with legal counsel to prepare legal recourse against the Greek State.
• Securing funding for the finalisation of the Golf Course and the Country Club at Kilada through a new agreement with the JV partner.

Supply Chain Management

Climate-Related Risks & Opportunities

Environmental Metrics

Governance Achievements

• Improved corporate governance.
• Redomiciliation from BVI to Guernsey (approved December 19, 2024, implemented December 23, 2024).

Climate Goals & Targets

Environmental Challenges

• Delays in the audit process of the Annual Results for the year ended 31 December 2023, resulting in a suspension of trading on AIM.
• Litigation in Greece, the United Kingdom, and the British Virgin Islands relating to the former Investment Manager or DCP's business partner Zoniro.
• Liquidity issues in 2023 and 2024, requiring financing through shareholder loans.
• Slower than expected progress on the Kilada project.
• Challenges in obtaining planning permissions for Apollo Heights in Cyprus.
• Legal disputes regarding land ownership at Lavender Bay in Greece.

Mitigation Strategies

• Working towards completing the audit and interim results to relist shares on AIM.
• Defending litigation claims and pursuing counterclaims.
• Negotiating the sale of immovable properties to improve liquidity.
• Exploring additional funding options.
• Restructuring the sales team at Kilada to meet increased demand.
• Applying for special urban planning permits for Plaka Bay and Scorpio Bay in Greece.
• Discussions with the Greek Church to restructure the Lavender Bay purchase agreement.
• Initiating legal proceedings to confirm land ownership at Lavender Bay.

Supply Chain Management

Climate-Related Risks & Opportunities