Investor Presentation March 2019

CASE STUDIES - LOAN PORTFOLIO ColonyCredit REAL ESTATE Investment Investment Date Transaction Type Investment Type Collateral Total Funded / Total Committed LTV(1) Key Highlights Coupon (2) Current Levered Yield (3) Northern California Luxury Hotel Southeast Multifamily Portfolio Dublin Office Campus Development July 2018 January 2018 Origination Senior Mortgage Loan November 2017 Origination Senior Mortgage Loan 804 key full-service luxury hotel 5 multifamily properties totaling 1,166 units $167mm / $174mm 57% Prime location which has recently seen significant institutional investment activity Experienced asset manager in the hospitality sector Significant sponsorship equity 1mo USD LIBOR + 4.25% ~12% $77mm / $84mm 68% Strong in-place cash flows with upside potential through renovations Prime location within desirable submarkets Experienced regional sponsor 1mo USD LIBOR + 4.00% -10% Origination Senior Mortgage Loan Grade A office campus totaling 335,000 SF $63mm / $66mm(4) 63%(5) Proprietary sourced through strong repeat sponsor with significant development experience in Ireland Pre-let entire office campus to large multi- national company 12.5% ~12.5% Property Photos 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 16

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