. Eurocastle announces intention to increase size of offer of new ordinary shares
Guernsey 21 May 2013
Eurocastle Investment Limited (the "Company") announces today that it is increasing the number of new ordinary shares that are being offered in its institutional offering that was launched on 15 May 2013 (the "Offer"). The Company had previously announced that it did not intend to issue more than 10,000,000 new ordinary shares at a price below €10 per share in the six-month period following the recent conversion of all of the Company's outstanding convertible securities*. Taking into account initial feedback from potential investors contacted as part of the Offer, however, the Board of Directors of the Company have concluded that it would be in the best interests of the Company to increase the number of shares available in the Offer to 15,000,000.

Further details of the Offer are contained in the Prospectus published on 15 May 2013 which will be supplemented by a supplementary prospectus (the "Supplementary Prospectus") containing details of the revised Offer statistics and to be published in due course subject to regulatory approval. A further announcement will be made once the Supplementary Prospectus has been published.

The net proceeds of the Offer will be used by the Company to pursue new investment opportunities in the Italian real estate and debt markets in line with the Company's new investment focus.

The Company has engaged Credit Suisse Securities (Europe) Limited ("Credit Suisse") to act as the sole bookrunner (the "Sole Bookrunner") in relation to the Offer.

* The number of shares and price per share have been adjusted to take into account the 200:1 share consolidation that was effective on 8 May 2013.

The price of the Offer Shares (the "Offer Price") will be determined by an institutional bookbuilding process. Following completion of this process, the definitive number of new ordinary shares to be issued (the "Offer Shares") and the Offer Price will be set by the Sole Bookrunner in consultation with the Company, having regard to the outcome of the bookbuilding process.

Copies of the Prospectus are available, and copies of the Supplementary Prospectus will be available, from the Company's registered office and on its website www.eurocastleinv.com. In addition, an announcement containing details of the Offer Price will be made, once the Offer Price has been determined, and this will also be available on the Company's website.

About Eurocastle
Eurocastle Investment Limited is an investment company which primarily owns and manages German commercial real estate assets. The Company is Euro denominated and is listed on Euronext Amsterdam under the symbol "ECT." Eurocastle is managed by an affiliate of Fortress Investment Group LLC, a leading global alternative asset manager. For more information regarding Eurocastle Investment Limited and to be added to our email distribution list, please visit www.eurocastleinv.com