X0202 4 2004-11-22 0 0001175483 NEWCASTLE INVESTMENT CORP NCT 0001124465 NARDONE RANDAL A 0 1 0 0 Secretary Option (Right to Buy) 31.4 2004-11-22 4 J 0 96689 0 A 2014-11-22 Common Stock Par Value $0.01 96689 96689 I Fortress Principal Investment Holdings LLC Option grant to Fortress Principal Investment Holdings LLC ("FPIH") (Option for (i) number of shares equal to 10% of the number of shares issued by the issuer in a common stock offering that settled on November 22, 2004 less (ii) the portion of such option grant that was assigned for no value to certain employees simultaneously upon receipt thereof by FPIH). The Option is fully vested on the date of the grant and is exercisable in thirty equal monthly installments beginning December 1, 2004 Mr. Nardone may be deemed to be the beneficial owner of these shares of common stock by virtue of his beneficial ownership of a portion of Fortress Principal Investment Holdings LLC ("FPIH"); Mr. Nardone disclaims beneficial ownership of any derivative securities (and the underlying shares of common stock) of the issuer held by FPIH except to the extent of his pecuniary interest therein. /s/ Randal A. Nardone 2004-11-24