X0201 4 2003-11-21 0 0001175483 NEWCASTLE INVESTMENT CORP NCT 0001124465 NARDONE RANDAL A 0 1 0 0 Secretary Option (Right to buy) 22.85 2003-11-21 4 J 0 328227 22.85 A 2013-11-21 Common Stock, par value $0.01 per share 328227 328227 I By Fortress Investment Holdings LLC Mr. Nardone may be deemed to be the beneficial owner of these shares by virtue of his beneficial ownership of a portion of Fortress Investment Holdings LLC ("FIH"). Mr. Nardone disclaims beneficial ownership of all shares of common stock of the Issuer and derivative securities therefor held by FIH except to the extent of his pecuniary interest therein. The option is fully vested on the date of grant and is exercisable in thirty (30) equal monthly installments beginning on December 1, 2003. $22.85 is the conversion on exercise price of the derivative security. /s/ Randal A. Nardone 2003-11-25