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Fortress Investment Group: Fortress Announces Closing Of Fortress Macro Fund

The following excerpt is from the company's SEC filing.

Principal and Fund CIO Michael Novogratz to Retire from Fortress at Year-End

Repurchase of Shares at Price of $4.50 to Reduce Dividend-Paying Share Count by 13%

New York, NY. October 13, 2015 Fortress Investment Group LLC today announced that it will close the Fortress Macro Funds and managed separate accounts (FMF or the Funds) and return all capital to investors by the end of the year. Fortress Principal Michael Novogratz, who founded the firms Liquid Markets business in 2002, is expected to retire from the firm and its Board of Directors at year end.

In conjunction with todays an nouncement, Fortress will redeem all of Mr. Novogratz Fortress Operating Group Units, representing beneficial ownership of approximately 56.8 million class A or equivalent shares as of September 30, 2015. The company will repurchase Mr. Novogratz ownership interests at a price of $4.50, equivalent to a 17% discount to the closing price of Fortress Class A shares on October 12, 2015. As a result of this transaction, Fortresss dividend-paying share count will be reduced by approximately 13%. Fortress will fund the transaction through a combination of available cash and a note issued to Mr. Novogratz. The transaction is...