Investor Presentation March 2019

CASE STUDY - NET LEASE REAL ESTATE Investment Investment Date Transaction Type Investment Type Net Lease Industrial Portfolio August 2018 Acquisition Triple Net Leased Owned Real Estate Collateral Total Equity (1) 2 industrial properties totaling ~2.8mm square feet $92mm Key Highlights ☐ Mission critical assets that have recently received significant capital improvements from tenant Negotiated two, new 20-year individual leases through the sale-leaseback transaction Defensive portfolio with upside from in-place annual rent escalations ColonyCredit REAL ESTATE Southern California Initial levered yield of ~9% increases to ~11% over 10- year hold term Dole Attractive fixed-rate financing Current Levered Yield (2) -9% Arizona Note: The above information is provided for illustrative purposes and may not reflect all assumptions used. Actual results of a portfolio may differ materially. Financial information as of December 31, 2018 unless otherwise stated See footnotes in the appendix 20 20

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