Drive Shack 9.75% Cumulative, Redeemable Preferred Stock

FORMERLY NEWCASTLE INVESTMENT

S&P Rating   NR    Moodys Rating   NR

Security Ticker Symbol   DS-B

Market Traded ON   NYSE

Dividend Payment Paid on the last day of January, April, July and October beginning on 04/30/2003

Quarterly Dividend   .609   Annual Dividend   2.438

Securities may be redeemed, at the issuers option, as early as 03/18/2008  the call price is $25 plus accrued dividends

Dividend Payment will be Qualified Distributions

Maturity Date   None

Company Investor Relations Page for Newcastle Investment

Below you can find the offering Prospectus and/or Final Pricing Document