Castle Brands Inc (ROX): Billionaire Phillip Frost Filed An Amended 13D

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Page 6 of 6 SEC Filing

CUSIP No.  148435100 13D/A Page 6 of 6 Pages

(4) Includes 9,370,790 Common Shares held by the Nevada Trust.

(5) Frost is the sole trustee of the Gamma
Trust and may be deemed to share beneficial ownership of the securities held by the Gamma Trust with the Gamma Trust. Frost Gamma
Limited Partnership is the sole and exclusive beneficiary of the Gamma Trust. Frost is one of two limited partners of Frost Gamma
Limited Partnership. The general partner of Frost Gamma Limited Partnership is Frost Gamma, Inc. and the sole shareholder of Frost
Gamma, Inc. is Frost-Nevada Corporation. Dr. Frost is also the sole shareholder of Frost-Nevada Corporation.

(6) Frost is the sole trustee of the Nevada
Trust and may be deemed to share beneficial ownership of the securities held by the Nevada Trust with the Nevada Trust. Frost-Nevada
Limited Partnership is the sole and exclusive beneficiary of the Nevada Trust. Frost is one of five limited partners of Frost-Nevada
Limited Partnership and the sole shareholder of Frost-Nevada Corporation, the sole general partner of Frost-Nevada Limited Partnership.

(7) The calculation of the percentage is
based on (i) 160,034,464 Common Shares outstanding as of February 8, 2016, as reported on the 10-Q filed on February 9, 2016, and
(ii) 555,556 Common Shares issuable upon conversion of $500,000 aggregate principal amount of the Convertible Note held by the
Gamma Trust.

(8) The calculation of the percentage is
based on (i) 160,034,464 Common Shares outstanding as of February 8, 2016, as reported on the 10-Q filed on February 9, 2016, (ii)
40,000 Common Shares to be issued upon the exercise of vested options (including options that will be exercisable within 60 days
of the date hereof) held by the Reporting Person and (iii) 555,556 Common Shares issuable upon conversion of $500,000 aggregate
principal amount of the Convertible Note held by the Gamma Trust.

(9) The calculation of the percentage is
based on 160,034,464 Common Shares outstanding as of February 8, 2016, as reported on the 10-Q filed on February 9, 2016.

(c)         Item
5(c) is hereby deleted in its entirety and replaced with the following:

During the past 60
days prior to the date hereof, the following transactions occurred:

On February 19, 2016,
Frost exercised (i) an option to purchase 100,000 Common Shares at an exercise price of $0.35 per Common Share, (ii) an option
to purchase 20,000 Common Shares at an exercise price of $0.23 per Common Share, (iii) an option to purchase 20,000 Common Shares
at an exercise price of $0.29 per Common Share, (iv) an option to purchase 20,000 Common Shares at an exercise price of $0.27 per
Common Share and (v) an option to purchase 20,000 Common Shares at an exercise price of $0.29 per Common Share.

SIGNATURE

After reasonable inquiry
and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Dated as of March 2, 2016

/s/ Phillip Frost,
M.D.                                        
Phillip Frost, M.D.
FROST GAMMA INVESTMENTS TRUST
By: /s/ Phillip Frost, M.D.                                 
Name:  Phillip Frost, M.D.
Title:  Trustee
FROST NEVADA INVESTMENTS TRUST
By: /s/ Phillip Frost, M.D.                                 
Name:  Phillip Frost, M.D.
Title:  Trustee

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