Investor Presentation March 2019

FOOTNOTES (CONT'D) ColonyCredit REAL ESTATE Page 16 Based on the total committed loan amount divided by third party appraised value at time of closing 1. 2. Coupon does not include origination or exit fees 3. Reflects levered investment net income assuming 1-month USD LIBOR of 2.50% as of December 31, 2018 divided by net book value; net book value represents book value net of any in-place investment-level financing as of December 31, 2018 Represents CLNC's share as of December 31, 2018. Does not include potential upside through equity participation. Invested alongside an affiliate of our Sponsor (Colony Capital, Inc.) 4. 5. Page 17 1. 2. 3. 34 4. 5. Based on current estimated residual land value. Represents CLNC's and affiliates position only, to which sponsor capital is subordinated Based on the total loan amount divided by third party appraised value at time of closing; represents first dollar and last dollar basis Represents CLNC's share as of December 31, 2018. Does not include potential upside through equity participation Reflects current preferred return rate which has future contractual increases of 0.50% annually In connection with CLNC's upsized commitment in June 2018, the original mezzanine loan was bifurcated into a mezzanine loan and a preferred equity investment Represents CLNC's share as of December 31, 2018. Invested alongside an affiliate of our Sponsor (Colony Capital, Inc.) Page 18 1. 2. 1 2 3 4 4. 5. Represents principal amounts and carrying values at CLNC share as of December 31, 2018; includes our net equity position in consolidated securitization trusts that CLNC owns the controlling class of securities For "B-piece" investments, investment count represents total number of tranches acquired; three total "B-piece" transactions Weighted average calculation based on 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 interest income related to the accretion of purchase discounts and are loss-adjusted for the non-rated CRE debt securities. W.A. calculation based on carrying value at CLNC share as of December 31, 2018 Based on carrying values at CLNC share as of December 31, 2018 Page 19 1. 2. Represents annualized Q4 2018 reported net operating income at CLNC share 3. 4. 5. Represents undepreciated carrying values at CLNC share as of December 31, 2018 Represents the percent leased as of December 31, 2018 and is weighted by undepreciated carrying value at CLNC share Based on in-place leases (defined as occupied and paying leases) as of December 31, 2018; assumes that no renewal options are exercised and is weighted by undepreciated carrying value at CLNC share Based on undepreciated carrying values at CLNC share as of December 31, 2018 Page 20 1. 2. Represents undepreciated net carrying value at CLNC's share as of December 31, 2018; undepreciated net carrying value reflects undepreciated carrying value less in-place investment-level financing as of December 31, 2018 Reflects annualized reported Q4 net operating income less financing costs divided by undepreciated net carrying value as of December 31, 2018 Page 21 1. Represents undepreciated carrying values at CLNC share as of December 31, 2018 2. Includes office properties only 1234 3. 4. 5. Annualized NOI/EBITDA is calculated by annualizing reported NOI/EBITDA for the fourth quarter 2018 at CLNC share. Excludes NOI / EBITDA related to an asset sold during the fourth quarter 2018 Represents the percent leased as of December 31, 2018 except for hotel assets which reflects the average occupancy for the fourth quarter 2018. W.A. calculation based on undepreciated carrying value at CLNC share Based on in-place leases (defined as occupied and paying leases) as of December 31, 2018; assumes that no renewal options are exercised and is weighted by undepreciated carrying value at CLNC share. Includes office properties only 6. Based on undepreciated carrying values at CLNC share as of December 31, 2018 Page 22 1234 1. Debt based on the unpaid principal balance at CLNC share as of December 31, 2018 2. Includes noncontrolling interest in the Operating Partnership and excludes noncontrolling interest in investment entities 3. 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 4. 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 32

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