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May 15, 2020, 2:00 a.m. EDT

Eurocastle Releases First Quarter 2020 Interim Management Statement and Announces Annual General Meeting on 17 June 2020

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(GLOBE NEWSWIRE via COMTEX) -- Contact:

Oak Fund Services (Guernsey) Limited

Company Administrator

Attn: Mark Woodall

Tel: +44 1481 723450

Eurocastle Releases First Quarter 2020 Interim Management Statement and

Announces Annual General Meeting on 17 June 2020

Guernsey, 15 May 2020 - Eurocastle Investment Limited (euronext amsterdam:ECT) today has released its interim management statement for the quarter ended 31 March 2020.

Q1 2020 BUSINESS HIGHLIGHTS

Adjusted Net Asset Value ("NAV")1 of EUR12.5 million, or EUR6.78 per share2, down EUR1.54 per share vs. EUR8.32 per share at 31 December 2019 due to:

- Valuation declines reflecting the estimated potential impact of COVID-19: - EUR1.62 per share decrease (21%) in the valuation of the remaining three real estate fund investments.

- EUR0.08 per share decrease (13%) in the valuation of the remaining three NPL and other loan interests.

- Positive reserve movements of EUR0.16 per share.







                                             
                  FY 2019                                        Q1 CASH Movement           Q1 FV Movement            Q1 2020
                  EUR million EUR per share   EUR million EUR per share   EUR million EUR per share   EUR million EUR per share
        Real Estate Funds            13.9                 7.52                     (1.1)                (0.58)                   (3.0)                (1.62)                   9.9                  5.32
        Italian NPLs & Other Loans   1.2                  0.67                     (0.0)                (0.03)                   (0.2)                (0.08)                   1.0                  0.56
        Net Corporate Cash3          0.2                  0.13                     1.1                  0.61                     0.3                  0.16                     1.6                  0.90
        Adjusted NAV                 15.4                 8.32                     -                    -                        (2.9)                (1.54)                   12.5                 6.78
                                             
        


CASH & MARKET OUTLOOK

- The Company received EUR1.1 million from its investments in the quarter, the majority of which related to Real Estate Fund Investment I. The Directors have elected to retain these cash proceeds in the Company until there is greater certainty regarding the full impact of COVID-19 on the Italian economy. - The cash received in the quarter, along with the cash set aside for reserves, leaves the Company well-capitalised and in a strong position to weather the uncertainty that COVID-19 has created.

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