Investor Presentation March 2019

ColonyCredit REAL ESTATE INVESTMENT HIGHLIGHTS ColonyCredit REAL ESTATE Leading Global Commercial Real Estate Credit REIT combining Scale and Diversification 曲 Veteran management team with proven track record and lending experience through a variety of economic and real estate cycles Differentiated investment strategy across senior and mezzanine loans, preferred equity, CRE debt securities and net lease properties provides flexibility through economic cycles M Attractive dividend yield of 9.8% with value creation opportunity from reinvestment of legacy low- yielding and non-core assets into targeted asset classes (1) Compelling market opportunity driven by significant near-term maturities, strong commercial real estate transaction volumes and lower supply from traditional lenders Strong alignment of interests with Colony Capital as sponsor and manager Note: As of December 31, 2018 unless otherwise stated See footnotes in the appendix Well-diversified $5.5bn portfolio - stabilized in-place portfolio with attractive yield and potential for capital appreciation (2) Strong liquidity position and conservative balance sheet with embedded new investment capacity. ~46% debt-to-asset ratio and $278 million of current liquidity for new investments(3)(4) 4

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