Investor Presentation March 2019

ILLUSTRATIVE INVESTMENT ECONOMICS CLNC invests across the CRE capital stack across all property types Target Unlevered Yield Target Levered Yield Target Term Senior Mortgage Loans ~5.0% - 6.0% ~10.5% 12.5% - 2 to 7 years Mezzanine Loans / Preferred Equity ~11.0% 14.0% ~11.0% 14.0% 5 to 10 years CRE Debt Securities Varies ~11.0% 15.0% 3 to 10 years Net Lease Real Estate ~6.0% - 7.0% - ~9.5% 11.0% 5+ years Target W.A. Investment-level Levered Yield ~11% -13% ColonyCredit REAL ESTATE Transition to targeted portfolio through various levers: Disposition of select legacy low-yielding and non-core assets Additional leverage capacity Return of capital from debt investments Note: The financial information contained in this slide is for illustrative purposes only and is not represented as being indicative nor should you rely on such information as being indicative of Colony Credit Real Estate's views on its future financial condition and/or performance 11

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