Eurocastle Announces Waiver Pending Debt Restructuring

Released: 24/12/2008

Guernsey. 24 December 2008 – Eurocastle Investment Limited (“Eurocastle”) (Frankfurt Stock Exchange: EUI1 and Euronext Amsterdam: ECT) announced that it has secured a waiver with regard to its Mars Floating Facility pending the anticipated restructuring of this facility in early 2009. As a result, Eurocastle will not be required to make an amortisation payment reducing the amount outstanding under this facility to €200 million on 31 December 2008.

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 Frankfurt Stock Exchange under the symbol “EUI1” and on Euronext Amsterdam under the symbol “ECT.” Eurocastle is managed by an affiliate of Fortress Investment Group LLC, a global alternative asset manager with approximately $34.3 billion in assets under management as of September 30, 2008. For more information regarding Eurocastle Investment Limited and to be added to our email distribution list, please visit www.eurocastleinv.com.

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