Eurocastle to Announce First Quarter 2006 Earnings on 24 May 2006

Released: 15/05/2006

Guernsey. 15 May 2006 – Eurocastle Investment Limited (Euronext Amsterdam: ECT) today announces that it will release the Company’s financial results for the first quarter ended 31 March 2006 on Wednesday, 24 May 2006 before the market opens. In addition, management will host an earnings conference call at 4:00 P.M. London time (11:00 A.M. New York time) later that day. All interested parties are welcome to participate on the live call. You can access the conference call by dialing +1-866-323-3742 (from within the U.S.) or +1-706-643-0550 (from outside of the U.S.) ten minutes prior to the scheduled start of the call; please reference “Eurocastle First Quarter Earnings Call.”

A webcast of the conference call will be available to the public on a listen-only basis at 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.

For those who are not available to listen to the live call, a replay will be available until 11:59 P.M. New York time on Wednesday, 31 May 2006 by dialing +1-800-642-1687 (from within the U.S.) or +1-706-645-9291 (from outside of the U.S.); please reference access code “9019196.”

Eurocastle Investment Limited is a Euro denominated Guernsey closed-end investment company that invests in and manages a diverse portfolio consisting primarily of European real estate related assets. For more information regarding Eurocastle Investment Limited and to be added to our email distribution list, please visit www.eurocastleinv.com.