Notification of trade

Funds managed by the Audley Fund sold 600,000 shares in Dolphin Group ASA (the "Company") on 16th September 2011, 600,000 shares on 25th October 2011 and 300,000 shares on 26th October 2011.

Following the transactions referred to above, the Audley Fund controls 8,332,000 ordinary shares in the Company.

Due to a capital increase in the Company registered in the Norwegian Registry of BusinessEnterprises on 28th October 2011 and notified to the Oslo Stock Exchange the same day, theAudley Fund fell below the threshold of 5 %, as referred to in the Norwegian Securities TradingAct of 29th June 2007 Section 4-2. The Audley Fund now controls 3,7 % of the total number ofshares and voting rights in the Company.