GRANT OF OPTION RIGHTS / NOTIFIABLE TRADE

Reference is made to the stock exchange notice of 20 December 2010 (minutes from extraordinary general meeting). As stated therein, on 20 December 2010 an extraordinary general meeting of Dolphin Group ASA ("Dolphin") authorized the board of directors to introduce an option scheme for the employees. In accordance with the terms and within the scope of this approval, on 25 January 2010 the board of directors resolved to introduce such option scheme.

The Board of Directors has today decided on the individual allocation which includes 41 employees and in total decided to grant 11,456,000 options according to the abovementioned option scheme at a strike price of NOK 2.50.

The purpose of the plan is to further the interests of the Company, its subsidiaries and its shareholders by providing incentives in the form of awards to employees who can contribute materially to the success and profitability of Dolphin Group. Such awards will recognize and reward outstanding performances and individual contributions and give participants in the plan an interest in the Company parallel to that of the shareholders, thus enhancing the proprietary and personal interest of such participants in the Company's continued long term success and progress. This plan will also enable the Company and its subsidiaries to attract and retain such employees. The board has incorporated in the plan several performance targets as part of the vesting criteria's.

An overview over the primary insiders that have been granted options in the allocation is listed in the attachment.

This information is subject of the disclosure requirements according to section 5-12 of the Norwegian Securities Trading Act.

For further information, please contact:

Ketil Sundal
Mob:+47 959 22 104
E-mail:ketil@dolphinics.com


Dolphin Group ASA
Olaf Helsetsvei 6
0619 OSLO

Tlf:+47 23 16 70 00
Fax:+47 23 16 71 80         

www.dolphinics.com

www.dolphingeo.com