Eurocastle Investment Limited
22 October 2004


                          STOCK EXCHANGE ANNOUNCEMENT

For immediate release

22nd October 2004


                         EUROCASTLE INVESTMENT LIMITED

                       Re: Interest of Major Shareholder


The Company wishes to announce that on 14th October 2004 Morgan Stanley
Securities Limited acquired an interest in the shares of the Company which
resulted in a total holding of 736,948 shares, being 3.99% of the issued share
capital.

The Company wishes to announce that on 15th October 2004 Morgan Stanley
Securities Limited acquired an interest in the shares of the Company which
resulted in a total holding of 745,948 shares, being 4.04% of the issued share
capital.


Enquiries:


Management International (Guernsey) Limited

Rochelle Mei-Ling Yau

Phone (+44 1481) 707211