Investor Presentation March 2019

FOOTNOTES ColonyCredit REAL ESTATE Page 4 1. 2. 3. 4. Page 5 1. Based on annualized dividend of $1.74 and CLNC closing stock price of $17.70 as of February 26, 2019 Represents total assets at CLNC share as of December 31, 2018. This includes noncontrolling interest in Operating Partnership and excludes noncontrolling interest in investment entities Debt-to-asset ratio based on total outstanding secured debt agreements at CLNC share divided by total assets at CLNC share as of December 31, 2018 Current liquidity includes cash-on-hand of $33 million and availability under the corporate revolving credit facility of $245 million (based on maximum available capacity of $560 million) as of February 26, 2019 Based on annualized dividend of $1.74 and CLNC closing stock price of $17.70 as of February 26, 2019 2. Based on February 2019 monthly dividend declared of $0.145 per share of common stock 3. 4. 5. 167 6. 7. Page 6 Represents total assets and undepreciated book value per share at CLNC share as of December 31, 2018. This includes noncontrolling interest in Operating Partnership and excludes noncontrolling interest in investment entities. Undepreciated book value excludes accumulated depreciation and amortization Debt-to-asset ratio based on total outstanding secured debt agreements at CLNC share divided by total assets at CLNC share as of December 31, 2018 Represents CLNC's share of total outstanding secured debt agreements less unrestricted cash at CLNC share divided by total shareholders' equity as of December 31, 2018; shareholders' equity includes noncontrolling interest in Operating Partnership and excludes noncontrolling interest in investment entities Represents carrying values at CLNC share as of December 31, 2018 Represents total investment-level assets and book equity value at CLNC share as of December 31, 2018. This includes noncontrolling interest in Operating Partnership and excludes noncontrolling interest in investment entities 1. Represents Colony Capital's total assets under management ("AUM") as of December 31, 2018; AUM includes both balance sheet AUM and third party AUM as of December 31, 2018 露露 2. Represents Colony Capital's balance sheet AUM as of December 31, 2018 3. Represents Colony Capital's third party AUM as of December 31, 2018 Page 9 1. Represents Shareholders' equity which excludes noncontrolling interest in investment entities and includes noncontrolling interest in Operating Partnerships; based on company filings as of December 31, 2018 Page 13 1. 2. Investment figures represent full year 2018 activity for CLNC Total closed represents full year 2018 activity for CLNC; excludes deals closed or in advanced stages of execution subsequent to year-end 2018 Page 14 1. 2. 3. 234 5. 6. 599 7. Based on carrying values at CLNC share as of December 31, 2018 and excludes CMBS, mortgage loans held in securitization trusts and private equity interests except for investment type chart. For the loan portfolio, reflects carrying values net of allowance for loan losses Net lease and other real estate equity includes deferred leasing costs and intangible assets Operating real estate consists of multi-tenant office, multifamily residential and hotel assets Includes investment grade and non-investment grade rated CMBS bonds, (including "B-pieces" of CMBS securitization pools) as well as our net equity position in consolidated securitization trusts that CLNC owns the controlling class of securities Preferred equity balances include related equity participation interests Other includes (i) manufactured housing communities, (ii) commercial and residential development and predevelopment and (iii) mixed-use assets Other includes one collateral asset based in Latin America Page 15 1. 123 2. 3. 4. Represents carrying values, net of allowance for loan losses, at CLNC share as of December 31, 2018 Represents the remaining loan term based on the current contractual maturity date of loans and is weighted by carrying value at CLNC share as of December 31, 2018 Represents the remaining loan term based on maximum maturity date assuming all extension options on loans are exercised by the borrower and is weighted by carrying value at CLNC share as of December 31, 2018 In addition to the stated cash coupon rate, unlevered all-in yield includes non-cash payment in-kind interest income and the accrual of origination, extension and exit fees. Unlevered all-in yield for the loan portfolio assumes the applicable floating benchmark rate as of December 31, 2018 for W.A. calculations 599 5. Based on carrying values, net of allowance for loan losses, at CLNC share as of December 31, 2018 6. Other includes one collateral asset based in Latin America 7. Other includes (i) manufactured housing communities, (ii) commercial and residential development and predevelopment and (iii) mixed-use assets 31

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