Drive Shack 9.75% Series B Cumulative Redeemable Preferred Stock

Previously issued by Newcastle Investment which was a REIT. Changed name and converted to a C-Corp making the dividends now qualified.

Dividend Suspended

Ticker: DS-B

Parent Ticker: DS

OTC Grey Market Temporary Ticker: NA

Issuance Date: 03/14/2014

1st Call Date: 03/18/2008

Maturity Date: None

Shares Issued: 2,500,000

Overallotment Shares: 375,000

Coupon: 9.75%

Face Value: $25.00

Cumulative: Yes

Qualified: Yes

Quarterly Dividend Amount: 0.61

Ex-Dividend Months: MAR, JUN, SEP, DEC

Approx. Ex-Dividend Day: Last Day

Payment Months: JAN, APR, JUL, OCT

Payment Day: Last Day

S&P Rating: NR

III Rating (In Regards to Dividend Safety Only): D

Moody Rating: NR

Fitch Rating: NR