Blackwells Capital Activist Presentation Deck

SUCCESSFULLY PUSHED FOR SALE OF $5.7 BILLION INDUSTRIAL PORTFOLIO TO BLACKSTONE Colony Blackwells' activist involvement as a shareholder of Colony Capital (NYSE:CLNY) led to the creation of the Strategic Asset Review Committee and subsequent sale of the 13th largest Industrial Real Estate Portfolio in the U.S. to Blackstone in 2019 Blackwells' three most recent activism campaigns have resulted in the sale of the company or the sale of the company's underlying assets Buildings Rentable SF 3Q19 Consolidated NOI LTM Consolidated NOI Leased Weighted Average Lease Term in years Colony Ownership Tenant Type ▪ Local Regional Source: Colony Capital Inc. SEC filings as of Q3 2019. BW BLACKWELLS CAPITAL ■ Sold Industrial Real Estate Portfolio Overview Light 450 57.4 million 4.2 million $63 million $3 million $235 million 90.9% 3.9 Bulk 6 34% 67.4% 11.5 51% San Francisc 3 Ceball Volley 475 Tenant Use H Office Other ▪ Distribution / Warehouse Strictly Confidential & Trade Secret Los Angeles 41% Portant 1% Las Vegas: lo ▪ Retail Showroom - Manufacturing Brewe Kansas City: Aastin 17% Merespols San Anton P St. Lou Allevia s Cal P Tampa: 15 Philadelphi New Jersey Jacksonville: 2% Orlando: 6% Tenant Industry Sh ■ Other ■ Media & Information Health & Science ■ Wholesale Trade ■ Professional, Scientific and Technical Services Manufacturing 104

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