X0306 4 2020-05-13 0 0001688852 Safehold Inc. SAFE 0001191821 ADLER DEAN S C/O SAFEHOLD INC. 1114 AVENUE OF THE AMERICAS, 39TH FLOOR NEW YORK NY 10036 1 0 0 0 Common Stock, $0.01 par value per share 2020-05-13 4 A 0 5500 0 A 0 D Common Stock, $0.01 par value per share 2020-05-13 4 J 0 5500 0 D 0 D The Reporting Person was granted 5,500 shares of Common Stock of Safehold Inc. (NYSE: SAFE) on May 13, 2020 for his services as a Director of Safehold Inc. At the Reporting Person's direction, these shares were delivered directly to SFTY VII-B LLC. SFTY VII-B LLC's sole member is Lubert-Adler Real Estate Fund VII-B, L.P. Lubert-Adler Real Estate Fund VII-B, L.P.'s general partner is Lubert-Adler Group VII-B, LLC. Lubert-Adler Group VII-B, LLC's sole member is Lubert-Adler Group VII-B Holdings, L.P. Lubert-Adler Group VII-B Holdings, L.P.'s general partner is Lubert-Adler Group VII-B Holdings, LLC. The Reporting Person is a member of Lubert-Adler Group VII-B Holdings, LLC. The Reporting Person expressly disclaims beneficial ownership of Safehold Inc. shares owned by SFTY VII-B LLC except to the extent of his pecuniary interest therein. s/ Dean Adler 2020-05-15