Eurocastle Investment Limited
19 October 2004

                          STOCK EXCHANGE ANNOUNCEMENT


For immediate release
19th October 2004


                         EUROCASTLE INVESTMENT LIMITED

                       Re: Interest of Major Shareholder


The Company wishes to announce that on 13th October 2004 Morgan Stanley
Securities Limited acquired an interest in the shares of the Company which
resulted in a total holding of 739,948 shares, being 4.01% of the issued share
capital.

Enquiries:

Management International (Guernsey) Limited

Rochelle Mei-Ling Yau

Phone (+44 1481) 707211