X0206 3 2017-01-10 0 0001679688 Colony NorthStar, Inc. CLNS 0001472238 Sanders Ronald M. C/O COLONY NORTHSTAR, INC. 515 S. FLOWER STREET, 44TH FLOOR LOS ANGELES CA 90071 0 1 0 0 Chief Legal Officer Class A Common Stock 313969 D OP Units Class A Common Stock 212553 I See footnote Amounts subject to immaterial adjustments due to rounding and/or fractional shares. The OP Units are redeemable for shares of Class A Common Stock or cash at the discretion of the Issuer. The OP Units do not have expiration dates. These units are held by limited liability companies controlled by Thomas J. Barrack, Jr. The amount represents the portion of the units allocated to the reporting person with respect to which, subject to certain vesting and other conditions, the reporting person has the right to require from time to time the redemption thereof and distribution to the reporting person of the Class A Common Stock or cash received upon such redemption. /s/ David A. Palame, Attorney-in-Fact 2017-01-20