Mr. Kenneth M. Riis, the Chief Executive Officer and President of Newcastle Investment Corp., is retiring, and, on September 20, 2016, submitted his resignation as Chief Executive Officer and President of the Company effective September 26, 2016. Mr. Riis will continue to serve as a director of Newcastle. On September 21, 2016, the board of directors of Newcastle appointed Ms. Sarah L. Watterson as Chief Executive Officer and President effective as of September 26, 2016.

Ms. Watterson, is a Managing Director in the Private Equity group of the Company's manager, FIG LLC, which is an affiliate of Fortress Investment Group LLC. Ms. Watterson joined Fortress in 2011. Ms. Watterson currently oversees Newcastle's golf business and other leisure investments, and works with a number of Fortress-managed businesses.

Ms. Watterson has meaningful experience in the Lodging, Gaming and Leisure industry. Prior to joining Fortress, Ms. Watterson worked at Goldman Sachs where she was a member of the global securities team. Ms. Watterson graduated Summa Cum Laude from Cornell University with a Bachelor of Science in Applied Economics and Management.

The board of directors of Newcastle has appointed Mr. Lawrence A. Goodfield, Jr. as Chief Financial Officer, Chief Accounting Officer and Treasurer effective as of September 26, 2016. Mr. Goodfield, joined Fortress's Private Equity group on September 26, 2016 as a Managing Director. Mr. Goodfield served as Senior Vice President and Controller at W.P. Carey Inc. From 2001 through 2015, Mr. Goodfield served in both audit and advisory practices and specialized in real estate at PricewaterhouseCoopers LLP.

The board of directors of Newcastle has appointed Ms. Sara A. Yakin as Chief Operating Officer effective as of September 26, 2016. Ms. Yakin, has served in various capacities within Fortress since joining Fortress's Private Equity group in 2013. Ms. Yakin is actively involved with Newcastle's golf business and other leisure investments.

On September 20, 2016, Ms. Justine A. Cheng submitted her resignation as Chief Financial Officer, Chief Operating Officer and Treasurer of the Company effective September 26, 2016, to pursue a new professional opportunity. On September 20, 2016, Ms. Eun Nam submitted her resignation as Interim Chief Accounting Officer of the Company effective September 26, 2016. Ms. Nam will continue to serve as a Vice President of the Manager.

On September 20, 2016, Mr. Randal A. Nardone submitted his resignation as Secretary of the Company effective September 26, 2016. Mr. Nardone will continue to serve in his various positions at Fortress.