Investor Presentation March 2019

SELECT INVESTMENT CRITERIA Positive Market Fundamentals • • • • Sponsor Strength • • Borrower Business Plan Supply constrained markets / recognizable demand drivers High barriers to entry in market and / or specific submarket Superior location within market ColonyCredit REAL ESTATE Institutional/regional sponsors and operators with track records and financial wherewithal Alignment of interests through appropriate capital commitment Current and previous relationships/ transaction history with Colony Capital • Readily executable strategy to stabilize property • Last Dollar • Basis Ability to refinance upon stabilization / protect under downside conditions • Defensive loan structuring to insulate the lender . Significant equity cushion to absorb potential losses in downside scenario Underwritten to appropriate stabilized debt yields to protect value through CRE cycles Ability to take ownership / hold asset through a downturn 12

View entire presentation