Investor Presentation March 2019

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION ($ and shares in thousands, except per share data) (Unaudited) ColonyCredit REAL ESTATE Reconciliation of GAAP total assets to CLNC share of total assets Cash and cash equivalents Restricted cash Loans and preferred equity held for investment, net Real estate securities, available for sale, at fair value Real estate, net Investments in unconsolidated ventures Receivables, net Deferred leasing costs and intangible assets, net Other assets Mortgage loans held in securitization trusts, at fair value" Total assets (3) Reconciliation of GAAP book value to undepreciated book value GAAP book value (excluding noncontrolling interests in investment entities) Accumulated depreciation and amortization Undepreciated book value Undepreciated book value per share (4) Total common shares and OP units outstanding (4) Note: As of December 31, 2018 unless otherwise stated See footnotes in the appendix 2,020,497 As of December 31, 2018 Consolidated NCI (1) $ 77,317 $ 110,146 2,269 $ 2,693 7,429 228,185 At CLNC share (2) 75,048 107,453 2,013,068 228,185 1,959,690 136,647 1,823,043 903,037 58 902,979 48,806 824 47,982 134,068 6,711 127,357 62,006 3,116,978 2,961 2,973,936 59,045 143,042 $ 8,660,730 $ 3,133,528 $ 5,527,202 As of December 31, 2018 $ 2,772,519 82,398 $ 2,854,917 $ 21.81 130,885 29

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