Investor Presentation March 2019

DIFFERENTIATED STRATEGY TO MAXIMIZE ROE Colony Credit REAL ESTATE Disciplined and differentiated investment strategy across the CRE capital stack provides flexibility through economic and real estate cycles to achieve attractive risk-adjusted returns Target Assets Competitive Advantages Senior Mortgage Loans Mezzanine Loans Preferred Equity CRE Debt Securities Net Lease Real Estate ✓ Large diversified in-place portfolio Maximize risk-adjusted returns through economic real estate cycles Yield-focused with capital appreciation upside Proven asset management capabilities Experienced manager with long track record of real estate credit investing 10

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