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Newcastle Sets Record Date and Distribution Date for Spin-Off of New Residential Investment Corp.



  Newcastle Sets Record Date and Distribution Date for Spin-Off of New
  Residential Investment Corp.

Business Wire

NEW YORK -- April 26, 2013

Newcastle Investment Corp. (“Newcastle” or the “Company”; NYSE: NCT) announced
today that its Board of Directors has formally declared the distribution of
shares of common stock of New Residential Investment Corp. (“New
Residential”), a wholly owned subsidiary of Newcastle. The distribution will
complete the spin-off of New Residential from Newcastle. Following the
distribution, New Residential will be an independent, publicly-traded real
estate investment trust (“REIT”) primarily focused on investing in residential
mortgage related assets.

The distribution will be made on or about May 15, 2013 (the “Distribution
Date”) to Newcastle stockholders of record (“Newcastle Record Holders”) as of
5:00 p.m., Eastern Time, on May 6, 2013 (the “Record Date”).

On the Distribution Date, Newcastle will distribute all of the shares of New
Residential common stock to Newcastle Record Holders. Each Newcastle Record
Holder will receive one share of New Residential common stock for each share
of Newcastle common stock held on the Record Date. Newcastle Record Holders
are not required to take any action to receive New Residential common stock in
the distribution, and they will not be required to surrender or exchange their
Newcastle shares. On the first trading day after the Distribution Date,
Newcastle’s shares of common stock will continue to trade on the NYSE under
the ticker symbol “NCT,” and New Residential’s shares of common stock will
commence trading on the NYSE under the ticker symbol “NRZ.”

The distribution remains subject to the Securities and Exchange Commission
(the “SEC”) declaring effective New Residential’s registration statement on
Form 10, which Newcastle expects to occur in the coming days.

A presentation containing more information regarding the spin-off of New
Residential will be available on Newcastle’s website, www.newcastleinv.com,
and on New Residential’s website, www.newresi.com, in the “Investor Relations”
Section.

Trading Before the Distribution Date

The New York Stock Exchange (“NYSE”) has informed Newcastle that, in
connection with the spin-off, it will establish three trading markets
beginning on May 2 and continuing through the Distribution Date (including May
2 and the Distribution Date):

  * In the “regular way” market, shares of Newcastle common stock will trade
    with the right to the New Residential shares distributed on the
    Distribution Date.
  * In the “ex-dividend” market, shares of Newcastle common stock will trade
    without the right to the New Residential shares distributed on the
    Distribution Date.
  * In the “when-issued” market, the right to the New Residential shares
    distributed on the Distribution Date will trade.

Newcastle stockholders are urged to consult their financial advisors and tax
advisors regarding the particular consequences of the distribution in their
situation, including, without limitation, the specific implications of selling
Newcastle common stock on or prior to the Distribution Date and the
applicability and effect of any U.S. federal, state, local and foreign tax
laws.

About Newcastle

Newcastle focuses on opportunistically investing in, and actively managing,
real estate related assets. The Company is organized and conducts its
operations to qualify as a REIT for federal income tax purposes. The Company
is managed by an affiliate of Fortress Investment Group LLC, a leading, highly
diversified global investment management firm.

FORWARD-LOOKING STATEMENTS

Certain items in this press release may constitute forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of 1995,
including, but not limited to, Newcastle’s expectations regarding the
completion of the spin-off, the timing of the distribution of New Residential
shares, the declaration of effectiveness by the SEC of New Residential’s
registration statement and the establishment of when-issued and ex-dividend
trading markets for New Residential and Newcastle shares, respectively. These
statements are based on management's current expectations and beliefs and are
subject to a number of uncertainties that could cause actual results to differ
materially from those described in the forward-looking statements, many of
which are beyond our control. Newcastle can give no assurance that its
expectations will be attained. Factors that could cause actual results to
differ materially from Newcastle's expectations include, but are not limited
to, the risk that the SEC does not declare the registration statement
effective on the anticipated timeframe or at all, the risk that other
conditions to the completion of the spin-off, as described in the registration
statement filed by New Residential with the SEC, are not satisfied or waived,
and the risk that the spin-off cannot be completed for any other reason.
Accordingly, you should not place undue reliance on any forward-looking
statements contained in this press release. For a discussion of some of the
risks and important factors that could affect such forward-looking statements,
see each company’s filings with the SEC and particularly the sections entitled
“Risk Factors” and “Management’s Discussion and Analysis of Financial
Condition and Results of Operation” in New Residential’s registration
statement on Form 10, which is available on New Residential’s website
(www.newresi.com) and Newcastle’s website (www.newcastleinv.com), and
Newcastle’s Annual Report on Form 10-K, which is available on Newcastle’s
website. In addition, new risks and uncertainties emerge from time to time,
and it is not possible to predict or assess the impact of every factor that
may cause its actual results to differ from those contained in any
forward-looking statements. Such forward-looking statements speak only as of
the date of this press release. Newcastle and New Residential each expressly
disclaims any obligation to release publicly any updates or revisions to any
forward-looking statements contained herein to reflect any change in their
expectations with regard thereto or change in events, conditions or
circumstances on which any statement is based.

Contact:

Newcastle Investment Corp.
Investor Relations, 212-479-3195
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