Investor Presentation March 2019

MANAGEMENT AGREEMENT SUMMARY ColonyCredit REAL ESTATE Manager Overview A subsidiary of Colony Capital, Inc. Base Management Fee Incentive Fee Compensation 1.50% of stockholders' equity per annum (0.375% per quarter) The difference between (i) 20% of Core Earnings in the most recent 12-months over a 7% hurdle on common equity in the most recent 12-months; less, (ii) the sum of any incentive fee paid to the Manager with respect to the first three calendar quarters of the most recent 12-month period Base and incentive fees paid in cash Initial Term 3-years Renewal Termination Termination Payment Expense Reimbursement Automatic annual renewal after the initial term unless either party elects to terminate CLNC: With cause at anytime with at least 30 days' prior written notice; without cause at the end of the initial 3- year term or any renewal term for poor performance or unfair fees with 180 days' prior written notice (subject to renegotiation of the fees in the event of termination due to unfair fees) Manager: With cause at anytime with 60 days' prior written notice; without cause may decline to renew the management agreement at the end of the initial 3-year term or any renewal term by providing 180 days' prior written notice 3.0x the sum of (i) the average annual base management fee and (ii) the average annual incentive fee, in each case earned over the prior two years; payable upon termination by CLNC without cause or by the Manager with cause Expenses related to CLNC incurred by the Manager, including: legal, tax, accounting, financial, due diligence and other services See footnotes in the appendix 26 26

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