Press Release

$800 Million Cap Reached in First Yen Fund

Experienced Team to Capitalize on Opportunistic Investments in Japan

NEW YORK--(BUSINESS WIRE)-- Fortress Investment Group LLC (NYSE: FIG) today announced the successful close of its first Yen denominated opportunity fund, Fortress Japan Opportunity Domestic Fund, at ¥75 billion. This close brings the fund all the way to its cap of $800 million. The new fund has already invested approximately ¥20 billion ($200 million) in three transactions, and has committed to one additional transaction, which is expected to close by the end of the second quarter. The fund will invest primarily in real estate-related debt and other assets in Japan, and is expected to be fully invested over the next 12 months.

Daniel Mudd, Fortress’s Chief Executive Officer, said, “This successful close exemplifies our ability to capitalize on market opportunities that are aligning with the foundational strengths of our company. Pete Briger and the Fortress Credit team have tremendous experience spanning a range of investment cycles in Asia. Our local operations in Tokyo and our ability to leverage global corporate resources provide a significant advantage in sourcing, executing and managing complex investments in Japan and the surrounding region. We appreciate the confidence our limited partners have placed in us and we look forward to delivering strong investment results on their behalf.”

Thomas Pulley, Chief Investment Officer of Fortress Japan, said, “We believe that near-term pressures have created extraordinary opportunities in Japan. In 2009, we saw significant deleveraging by financial institutions, with sales of over $5 billion in non-core real estate-related assets. We expect that figure to more than double in 2010. As we have seen in previous cycles, broad-based deleveraging tends to result in supply-demand gaps, volatility, and significant price distortions. As these dynamics play out over the next five years, we believe a historic investment environment will take shape for experienced investors in Japan.”

About Fortress

Fortress is a leading global investment manager founded in 1998. Fortress offers alternative and traditional investment products. For more information regarding Fortress Investment Group LLC or to be added to our e-mail distribution list, please visit www.fortress.com.

Cautionary Note Regarding Forward-Looking Statements

Certain statements 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, statements regarding pending investments, market conditions, investment opportunities, the volume of asset sales, supply-demand dynamics and our ability to capitalize on market opportunities. These statements are not historical facts, but instead represent only the Company’s beliefs regarding future events, many of which, by their nature, are inherently uncertain and outside of the Company’s control. It is possible that results of pending investments, market conditions, investment opportunities, the volume of asset sales, supply-demand dynamics and our ability to capitalize on market opportunities may differ, possibly materially, from these forward-looking statements, and any such differences could cause our actual results to differ materially from the results expressed or implied by these forward-looking statements. For a discussion of some of the risks and important factors that could affect such forward-looking statements, see the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s Quarterly Report on Form 10-Q, which is available on the Company’s website (www.fortress.com). In addition, new risks and uncertainties emerge from time to time, and it is not possible for the Company 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. Accordingly, you should not place undue reliance on any forward-looking statements contained in this press release. The Company can give no assurance that the expectations of any forward-looking statement will be obtained. Such forward-looking statements speak only as of the date of this press release. The Company expressly disclaims any obligation to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with regard thereto or any change in events, conditions or circumstances on which any statement is based.

Source: Fortress Investment Group LLC

Contact:

Fortress Investment Group LLC
Investor Relations
Lilly H. Donohue, 212-798-6118
or
Media Relations
Gordon E. Runté, 212-798-6082