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Press release from Business Wire

Newcastle Announces Amended Treatment of 2010 Preferred Stock Dividends

Monday, March 21, 2011

Newcastle Announces Amended Treatment of 2010 Preferred Stock Dividends12:47 EDT Monday, March 21, 2011 NEW YORK (Business Wire) -- Newcastle Investment Corp. (NYSE: NCT) announced today amended tax treatment of its 2010 preferred stock dividend payments. Series B Preferred Stock Dividends During 2010, return of capital distributions for Newcastle Investment Corp.'s Series B preferred stock (CUSIP# 65105M-207) were $3.656979 per share. The following table summarizes the tax treatment for the 2010 Series B preferred stock dividend payments. Declaration   Record   Pay   Cash   Taxable     Long-Term   Return ofDate   Date   Date   Distribution   As Ordinary   Qualified   Capital Gain   Capital 02/22/10 03/12/10 03/25/10 3.420000 0.000000 0.000000 0.000000 3.420000 03/31/10 04/09/10 04/30/10 0.236979   0.000000   0.000000   0.000000   0.236979 Totals 3.656979 0.000000 0.000000 0.000000 3.656979   Series C Preferred Stock Dividends During 2010, return of capital distributions for Newcastle Investment Corp.'s Series C preferred stock (CUSIP# 65105M-306) were $3.015660 per share. The following table summarizes the tax treatment for the 2010 Series C preferred stock dividend payments. Declaration   Record   Pay   Cash   Taxable     Long-Term   Return ofDate   Date   Date   Distribution   As Ordinary   Qualified   Capital Gain   Capital 02/22/10 03/12/10 03/25/10 2.820000 0.000000 0.000000 0.000000 2.820000 03/31/10 04/09/10 04/30/10 0.195660   0.000000   0.000000   0.000000   0.195660 Totals 3.015660 0.000000 0.000000 0.000000 3.015660   Series D Preferred Stock Dividends During 2010, return of capital distributions for Newcastle Investment Corp.'s Series D preferred stock (CUSIP# 65105M-405) were $3.143559 per share. The following table summarizes the tax treatment for the 2010 Series D preferred stock dividend payments. Declaration   Record   Pay   Cash   Taxable     Long-Term   Return ofDate   Date   Date   Distribution   As Ordinary   Qualified   Capital Gain   Capital 02/22/10 03/12/10 03/25/10 2.940000 0.000000 0.000000 0.000000 2.940000 03/31/10 04/09/10 04/30/10 0.203559   0.000000   0.000000   0.000000   0.203559 Totals 3.143559 0.000000 0.000000 0.000000 3.143559   The data provided in this press release is provided for informational purposes only and does not constitute tax advice.Stockholders are urged to consult their own tax advisors regarding any issues or decisions regarding the proper tax treatment of their shares of Newcastle Investment Corp.About Newcastle Newcastle Investment Corp. invests in real estate debt and other real estate related assets. Newcastle is organized and conducts its operations to qualify as a real estate investment trust (REIT) for federal income tax purposes. Newcastle is managed by an affiliate of Fortress Investment Group LLC, a global investment manager. For more information regarding Newcastle Investment Corp. or to be added to our e-mail distribution list, please visit www.newcastleinv.com. Newcastle Investment Corp.Nadean Novogratz, 212-479-5295Investor Relations