Eurocastle Investment Limited
18 October 2004



                      EUROCASTLE INVESTMENT LIMITED

        Eurocastle to Announce Third Quarter Earnings on 19 October 2004

London. 18 October 2004 - Eurocastle Investment Limited (LSE: ECT) today
announced that it will release third quarter financial results for the period
ended 30 September 2004 on 19 October 2004. In addition, management will host an
earnings conference call on Wednesday, 20 October 2004 at 3:00 P.M. London time
(10:00 A.M. New York time). All interested parties are welcome to participate on
the live call. You can access the conference call by dialing US (800) 762-6067
or International (480) 629-9567 ten minutes prior to the scheduled start of the
call; please reference 'Eurocastle Third Quarter 2004 Earnings Call.'

For those who are not available to listen to the live call, a replay will be
available until 11:59 P.M. New York time on 29 October 2004 by dialing US (800)
475-6701 or International (320) 365-3844; please reference access code '751228.'


Contact: FOR IMMEDIATE RELEASE
Lilly H. Donohue
Director of Investor Relations
+1 212-798-6118


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.