Eurocastle Investment Limited
11 November 2004


                          STOCK EXCHANGE ANNOUNCEMENT


For immediate release

11th November 2004

                         EUROCASTLE INVESTMENT LIMITED

                       Re: Interest of Major Shareholder


The Company wishes to announce that on 5th November 2004 Morgan Stanley
Securities Limited acquired an interest in the shares of the Company which
resulted in a total holding of 1,127,860 shares, being 6.11% of the issued share
capital.


Enquiries:

Management International (Guernsey) Limited
Rochelle Mei-Ling Yau
Telephone +44 1481 707211