Eurocastle Investment Limited and Subsidiaries

Eurocastle Investment Limited (“the Company”) primarily owns and invests in German commercial property. The Company and its subsidiaries (“the Group”) has Euro denominated shares which are currently listed on Euronext Amsterdam, under the symbol “ECT” and on the Frankfurt Stock Exchange, under the symbol “EUI1″. Eurocastle is managed by an affiliate of Fortress Investment Group LLC. For more information regarding Eurocastle and to be added to our email distribution list, please visit http://www.eurocastleinv.com.

Highlights

Financial

– FFO* was EUR14.7 million or EUR0.23 per share for the quarter
ended 30 September 2008 and EUR69.8 million or EUR1.09 per share for
the nine months ended 30 September 2008, compared with EUR33.1 million
or EUR0.52 per share and EUR118.2 million or EUR1.85 per share for the
quarter and nine months ended 30 September 2007 respectively.

– NAV per share of EUR17.60 as at 30 September 2008 comprising
of (EUR0.35) for the debt investment business and EUR17.95 for the
commercial property portfolio (31 December 2007: EUR23.05 comprising
EUR2.11 for the debt investment business and EUR20.94 for the
Commercial property portfolio).

– Adjusted NAV** reflects the estimated value of all our
financial assets and liabilities within the debt investment portfolio
and amounted to EUR23.32 per share for the group as a whole and to
EUR5.37 per share for the debt investment business (31 December 2007:
EUR23.47 per share for the group as a whole and EUR2.54 per share for
the debt investment business).

– Net loss after tax was EUR74.6 million for the quarter ended
30 September 2008 and EUR190.3 million for the nine months ended 30
September 2008, compared with a profit of EUR49.4 million and EUR340.0
million for the quarter and nine months ended 30 September 2007
respectively. The losses primarily relate to non-cash valuation
adjustments to our portfolio.

Business review

– Sold five properties during the quarter, for total sales
proceeds of EUR109.2 million, recognising a gain on book cost, net of
all transaction costs of EUR3.1 million.

– Occupancy remained stable at 84.5% when compared with 30 June
2008 on a like-for-like basis.

– During the quarter the Group signed 174 commercial leases for
approximately 85,000 square metres, including 68 new leases for
approximately 30,000 square metres.

* For an explanation of FFO, see Note 20.

** For a reconciliation of NAV to adjusted NAV, see the section headed “Net asset value” on page 8.

Conference Call

Management will conduct a conference call today, 24 November 2008, to review the Group’s financial results for the nine months and quarter ended 30 September 2008. The conference call is scheduled for 1:00 P.M. London time (08:00 A.M. New York time). All interested parties are welcome to participate on the live call. You can access the conference call by dialling +1-877-717-3044 (from within the U.S.) or +1-706-679-1521 (from outside of the U.S.) ten minutes prior to the scheduled start of the call; please reference “Eurocastle Third Quarter Earnings Call.”

A webcast of the conference call will be available to the public on a listen-only basis at http://www.eurocastleinv.com. Please allow extra time prior to the call to visit the site and download the necessary software required to listen to the internet broadcast. A replay of the webcast will be available for three months following the call.