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Eurocastle Prices IPO
Eurocastle Investment Limited
24 June 2004

EUROCASTLE INVESTMENT LIMITED





 This announcement and the information contained herein is not for publication,
  distribution or release in, or into, the United States, Canada, Australia or
                                     Japan.

PRESS RELEASE

                                                             London 24 June 2004

Eurocastle prices IPO

Eurocastle Investment Limited ('Eurocastle' or the 'Company'), a Guernsey
investment company managed by Fortress Investment Group LLC ('Fortress'), today
announces that an offer price of €12.00 per ordinary share has been set in
respect of its initial public offering.  At the offer price, Eurocastle's
ordinary share capital is valued at €214 million.

•         Offer price set at €12.00 per ordinary share

•         Based on offer price, Eurocastle valued at €214 million at
commencement of dealings

•         Over-allotment option of up to 10% of the Global Offer

•         Conditional dealings expected to commence on the London Stock Exchange
at 8.00 a.m. today

•         Admission to the Official List of the UK Listing Authority and
commencement of unconditional dealings on the London Stock Exchange expected at
8.00 a.m. on 29 June 2004



DETAILS OF THE GLOBAL OFFER

6,000,000 shares are being made available under the Global Offer to raise gross
proceeds for Eurocastle of €72 million.  In addition, the Company has made
arrangements with the underwriters of the Global Offer to over-allot an
additional 600,000 shares.



Eurocastle intends to use the net proceeds of the Global Offer of approximately
€68 million to increase the size and diversification of its portfolio of
primarily real estate related asset-backed securities.



Immediately following Admission (prior to exercise of the over-allotment option)
it is expected that Fortress and its affiliates and employees will own 10.3 per
cent. of the Company's ordinary shares.



Conditional dealings on the London Stock Exchange are expected to commence at
8.00 a.m. today.  Admission to the Official List of the UK Listing Authority and
commencement of unconditional dealings on the London Stock Exchange's main
market for listed securities is expected to take place at 8.00 a.m. on 29 June
2004.  The shares will be listed on the London Stock Exchange under the symbol
ECT.

Morgan Stanley is acting as Sponsor, Global Coordinator and Bookrunner to the
Global Offer and Bear, Stearns International Limited is acting as Co-lead
manager.





For further information please contact:
Fortress
Lilly H. Donohue
+1 212 798-6118



Morgan Stanley
Struan Robertson
+44-20-7425-8000



Bear, Stearns International Limited
Emmanuel Pezier
+44-20-7516-6000



About Eurocastle



Eurocastle Investment Limited is an investment company that invests in and
manages a diverse portfolio consisting primarily of European real estate related
asset-backed securities.  Eurocastle is managed by Fortress Investment Group
LLC.



About Fortress

Fortress Investment Group LLC is a global alternative investment and asset
management firm with approximately $7 billion of capital currently under
management. Fortress was founded in 1998, and today employs over 200 people.
Fortress is headquartered in New York and it and its affiliates have offices in
London, Rome, Frankfurt and Geneva.



The contents of this announcement, which have been prepared by and are the sole
responsibility of Eurocastle, have been approved by Morgan Stanley & Co.
International Limited solely for the purposes of section 21(2)(b) of the
Financial Services and Markets Act 2000.

Morgan Stanley & Co. International Limited (acting as Sponsor) and Morgan
Stanley Securities Limited (acting as Global Coordinator),and Bear Stearns
International Limited (acting as Co-lead Manager) are acting for Eurocastle and
no one else in connection with the proposed offering and will not be responsible
to anyone other than Eurocastle for providing the protections afforded to their
respective clients or for providing advice in relation to the proposed offering
or any other matter referred to herein.

This announcement does not constitute, or form part of, an offer or invitation
to sell or issue, or any solicitation of an offer to purchase or subscribe for
securities and any subscription for or purchase of, or application for, shares
in Eurocastle should only be made on the basis of information contained in the
listing particulars to be issued in due course and any supplements thereto.  The
listing particulars will contain certain detailed information about Eurocastle
and its management, as well as financial statements and other financial data.



This document is not an offer of securities for sale in the United States.  The
securities discussed herein have not been and will not be registered under the
US Securities Act of 1933, as amended (the 'US Securities Act'), and may not be
offered or sold in the United States absent registration or an exemption from
registration under the US Securities Act.  No public offering of the securities
discussed herein is being made in the United States.  Eurocastle is not, and
will not be, registered under the US Investment Company Act of 1940, as amended,
and investors will not be entitled to the benefits of such Act.  This
announcement and the information contained herein is not for publication,
distribution or release in, or into, the United States.



The contents of this announcement include statements that are, or may deemed to
be 'forward-looking statements'. These forward-looking statements can be
identified by the use of forward-looking terminology, including the terms '
believes', 'estimates', 'anticipates', 'expects', 'intends', 'may', 'will' or '
should'.  By their nature, forward-looking statements involve risks and
uncertainties and readers are cautioned that any such forward-looking statements
are not guarantees of future performance. Eurocastle's actual results and
performance may differ materially from the impression created by the
forward-looking statements. Eurocastle undertakes no obligation to publicly
update or revise forward-looking statements, except as may be required by law/or
regulation (including the Listing Rules).