X0306 4 2018-01-31 0 0001717547 Colony NorthStar Credit Real Estate, Inc. CLNC 0001273467 SCHWARTZ VERNON B C/O COLONY NORTHSTAR CREDIT REAL ESTATE, INC., 515 S. FLOWER STREET, 44TH FLOOR LOS ANGELES CA 90071 1 0 0 0 Class A Common Stock 2018-01-31 4 A 0 6213 A 6213 D Pursuant to the terms of that certain Master Combination Agreement, dated as of August 25, 2017, as amended and restated on November 20, 2017 (the "Combination Agreement"), by and among (i) Colony Capital Operating Company, LLC, (ii) NRF RED REIT Corp., (iii) NorthStar Real Estate Income Trust, Inc.("NorthStar I"), (iv) NorthStar Real Estate Income Trust Operating Partnership, LP, (v) NorthStar Real Estate Income II, Inc., (vi) NorthStar Real Estate Income Operating Partnership II, LP, (vii) Colony NorthStar Credit Real Estate, Inc. (the "Issuer") and (viii) Credit RE Operating Company, LLC, at the effective time of the merger of NorthStar I into the Issuer (the "Merger"), each outstanding share of NorthStar I common stock was converted into the right to receive 0.3532 shares of the Issuer's class A common stock and cash in lieu fractional shares, subject to immaterial adjustments due to rounding. Received in exchange for 17,591 shares of NorthStar I common stock in connection with the Merger. On February 1, 2018, the closing price of the Issuer's class A common stock was $20.40 per share. /s/ David A. Palame, as Attorney-in-fact 2018-02-01