Contact:
Oak Fund Services (Guernsey) Limited
Company Administrator
Attn: Hannah Crocker
Tel: +44 1481 723450
Eurocastle Releases Third Quarter 2023 Interim Management Statement
Guernsey, 30 November 2023 - Eurocastle Investment Limited (Euronext Amsterdam: ECT) ("Eurocastle" or the "Company") today (http://today) has released its interim management statement for the quarter ended 30 September 2023.

  * ADJUSTED NET ASSET VALUE ("NAV")(1) of EUR11.1 million, or EUR11.14 per
    share(2), up EUR0.89 per share vs. Q2 2023 mainly due to the release of EUR0.9
    million of reserves linked to the legacy German tax matter following a
    partial reimbursement received in July as a result of an appeal made by the
    Company.
  * IFRS NAV of EUR21.9 million, or EUR21.89 per share (EUR22.0 million, or EUR21.99 per
    share as at Q2 2023).

+---------------+ +---------------+ | | | | | | | | | | Q3 Cash Q3 FV | | | Q2 2023 | Movement Movement | Q3 2023 NAV | +---------------+ --------------- --------------- +---------------+ | EUR'm EUR p.s. | EUR'm EUR p.s. EUR'm EUR p.s. | EUR'm EUR p.s. |
| | | | | | | | | | | | Real Estate | | | | Funds | 0.08 0.08 | - - 0.00 0.00 | 0.08 0.08 | | | | | Net | | | | Corporate | | | | Cash(3) | 17.06 17.08 | 1.09 1.10 (0.10) (0.10) | 18.05 18.08 | | | | | Legacy | | | | German Tax | | | | Asset | 4.82 4.83 | (1,09) (1.10) - - | 3.73 3.73 | ------------- +---------------+ --------------- --------------- +---------------+
IFRS NAV | 21.96 21.99 | - - (0.10) (0.10) | 21.86 21.89 | ------------- +---------------+ --------------- --------------- +---------------+
| | | | | | | | Additional | | | | Reserves(4) |(11.73) (11.74)| - - 0.99 0.99 |(10.74) (10.75)| | | | | | | | | ------------- +---------------+ --------------- --------------- +---------------+
| | | | Adjusted | | | | NAV | 10.23 10.25 | - - 0.89 0.89 | 11.12 11.14 | ------------- +---------------+ --------------- --------------- +---------------+
Ordinary | | | | shares | | | | outstanding | 998,555 | | 998,555 | | | | | | | | | +---------------+ +---------------+ As at 30 September 2023, the Company's assets comprise:
1. EUR18.1 million, or EUR18.08 per share, of net corporate cash(3) which is

    primarily available to fund new investments under the New Investment
    Strategy.

2. A tax asset of EUR3.7 million, or EUR3.73 per share, representing amounts paid
in relation to additional tax assessed against a German property subsidiary.

    The Company is currently appealing the assessment through the German fiscal
    court and expects the matter will eventually be resolved in the Company's
    favour.

3. Residual interests in two legacy Italian Real Estate Fund Investments with

    an NAV of EUR0.08 million, or EUR0.08 per share, where the underlying apartments
    are now all sold with both funds currently in liquidation.

BUSINESS HIGHLIGHTS

  * Legacy German Tax Matter - In July, the Company received revised tax
    assessments in relation to the legacy German tax matter which resulted in a

total reimbursement to the Company of EUR1.1 million of the EUR4.8 million of additional tax paid by Eurocastle in 2022 and 2023. This follows an appeal
by the Company against the additional tax assessed in relation to a property

    subsidiary for the period 2008 to 2012. The revised tax assessments
    represent a full reversal of the additional tax for 2008 as well as part of
    the amount for 2009. The years 2013 - 2015 remain subject to ongoing tax

audits. Prior to the appeal, the Company estimated its total exposure to the tax matter, which relates to the period 2008 - 2015, at up to EUR6.5 million. and now estimates its total maximum potential liability to be EUR5.6 million.

    Eurocastle has paid all additional tax assessed to date to avoid interest
    charges and reserved for the estimated additional potential liability in
    respect of the 2013-2015 audit. However, the Company continues to believe
    that none of the additional tax assessed or reserved for is due. While it
    plans to continue to hold reserves until the matter is finally resolved,
    Eurocastle intends to pursue all available legal means to appeal the
    findings of the German tax authorities and to be reimbursed (with accrued
    interest) all amounts paid in connection with these tax audits.

* Real Estate Funds -The remaining NAV for these investments of EUR0.1 million,

    or EUR0.08 per share, reflects cash currently reserved in the funds that is
    expected to be released once the fund manager resolves certain potential
    liabilities and liquidates each fund.
  * Additional Reserves - The Company reduced these reserves during the third

quarter of the year from EUR11.7 million to EUR10.7 million, or EUR10.75 per share, mainly due to the release of EUR0.9 million reflecting reserves linked the legacy German tax matter. As at 30 September 2023, of the total
Additional Reserves of EUR10.7 million, EUR5.6 million related to the legacy

    German tax matter with the balance of approximately EUR5.1 million in place to
    cover future costs and potential liabilities while the Company pursues in
    parallel the New Investment Strategy.

SUBSEQUENT EVENTS TO 30 SEPTEMBER 2023
New Investment Strategy update
In mid-November 2023, Eurocastle agreed to acquire the first investment under its new strategy, being part of a boutique retail complex in an affluent part of
Athens, Greece. The asset is being purchased from one of the largest Greek banks
out of a distressed situation where the main leaseholder is in default. Eurocastle's strategy is to lease-up the last 20% of the building which is currently vacant and then seek an exit in the open market.
Eurocastle is acquiring the asset alongside a local partner who is anticipated to take a 20% interest in the asset. The total expected investment is approximately EUR6.3 million, of which Eurocastle's share is approximately EUR5.0
million with a closing targeted before the end of 2023, subject to certain conditions precedent.
As previously announced, Eurocastle intends to leverage the relationship of the Company's investment manager with a local partner in Greece to source investment
opportunities. In parallel with executing this first investment, the Company has
been underwriting a number of additional opportunities.
In order to support its new investment program, Eurocastle has been working on establishing an investment structure through which it expects to invest the majority of its current net corporate cash of over EUR18 million alongside
selected external co-investors. In addition to generating attractive risk adjusted returns on its share of any investments made through the platform, Eurocastle anticipates also receiving market standard management and incentive fees from the external investors.
Income Statement for the Nine Months and Quarter ended 30 September 2023
(unaudited)

                                                Income                   Income
                                             Statement                Statement
                                         9 months 2023                  Q3 2023
                                           EUR Thousands              EUR Thousands

--------------------------------------------------------------------------------
Portfolio Returns
Italian NPLs & Other Loans realised
gain 2 -
Real Estate Funds unrealised fair value
movement (49) 1
--------------------------------------------------------------------------------
Fair value movement on Italian

 investments                                      (47)                        1
 Other income                                        -                      (2)
 Interest income                                   378                      168

+------------------------------------------------------------------------------+
|Total income 331 167| +------------------------------------------------------------------------------+
Operating Expenses

 Manager base and incentive fees                    73                       20
 Remaining operating expenses                      775                      251

--------------------------------------------------------------------------------
Other operating expenses 848 271
+------------------------------------------------------------------------------+
|Total expenses 848 271| +------------------------------------------------------------------------------+
+------------------------------------------------------------------------------+
|(Loss) for the period (517) (104)| | | |EUR per share (0.52) (0.10)|
+------------------------------------------------------------------------------+
Balance Sheet and Adjusted NAV Reconciliation as at 30 September 2023

                                                               Total
                                                         EUR Thousands

----------------------------------------------------------------------

  Assets
      Other assets                                               150
      Legacy German tax asset                                  3,727
      Investments - Real Estate Funds                             83
      Cash, cash equivalents and treasury investments:
      Cash and cash equivalents                               14,100
      Treasury Investments                                     4,223

----------------------------------------------------------------------

  Total assets                                                22,283
  Liabilities
      Trade and other payables                                   404
      Manager base and incentive fees                             20

----------------------------------------------------------------------
Total liabilities 424
----------------------------------------------------------------------
IFRS Net Asset Value 21,859
----------------------------------------------------------------------

  Liquidation cash reserve                                   (5,163)
  Legacy German tax cash reserve                             (1,850)
  Legacy German tax asset reserve                            (3,727)

+--------------------------------------------------------------------+

| Adjusted NAV                                                11,119 |
|                                                                    |
| Adjusted NAV (EUR per Share)                                   11.14 |

+--------------------------------------------------------------------+
NOTICE: This announcement contains inside information for the purposes of the Market Abuse Regulation 596/2014.
ADDITIONAL INFORMATION
For investment portfolio information, please refer to the Company's most recent Financial Report, which is available on the Company's website (www.eurocastleinv.com (http://www.eurocastleinv.com)).
Terms not otherwise defined in this announcement shall have the meaning given to
them in the Circular.
ABOUT EUROCASTLE
Eurocastle Investment Limited ("Eurocastle" or the "Company") is a publicly traded closed-ended investment company. On 8 July 2022, the Company announced the relaunch of its investment activity and is currently in the early stages of pursuing its new strategy by initially focusing on opportunistic real estate in Greece with a plan to expand across Southern Europe. For more information regarding Eurocastle Investment Limited and to be added to our email distribution list, please visit www.eurocastleinv.com (http://www.eurocastleinv.com).
FORWARD LOOKING STATEMENTS
This release contains statements that constitute forward-looking statements. Such forward-looking statements may relate to, among other things, future commitments to sell real estate and achievement of disposal targets, availability of investment and divestment opportunities, timing or certainty of completion of acquisitions and disposals, the operating performance of our investments and financing needs. Forward-looking statements are generally identifiable by use of forward-looking terminology such as "may", "will", "should", "potential", "intend", "expect", "endeavour", "seek", "anticipate", "estimate", "overestimate", "underestimate", "believe", "could", "project", "predict", "project", "continue", "plan", "forecast" or other similar words or expressions. Forward-looking statements are based on certain assumptions, discuss future expectations, describe future plans and strategies, contain projections of results of operations or of financial condition or state other forward-looking information. The Company's ability to predict results or the actual effect of future plans or strategies is limited. Although the Company believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, its actual results and performance may differ materially from those set forth in the forward-looking statements. These forward-looking statements are subject to risks, uncertainties and other factors
that may cause the Company's actual results in future periods to differ materially from forecasted results or stated expectations including the risks regarding Eurocastle's ability to declare dividends or achieve its targets regarding asset disposals or asset performance.
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(1) In light of the Realisation Plan announced in 2019, the Adjusted NAV as at
30 September 2023 reflects additional reserves for future costs and potential
liabilities, which have not been accounted for under the IFRS NAV. No
commitments for these future costs and potential liabilities existed as at 30
September 2023.
(2) Per share calculations for Eurocastle throughout this document are based on
998,555 shares, unless otherwise stated.
(3) Reflects corporate cash and treasury investments net of accrued liabilities
and other assets. Treasury investments mainly comprise notice accounts and short
term Italian Government Bonds.
(4) Reserves that were put in place when the Company realised the majority of
its investment assets in 2019 in order for the Company to continue in operation
and fund its future costs and potential liabilities. These reserves are not
accounted for under IFRS.
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