X0306 4 2017-03-07 0 0001579471 Colony Starwood Homes SFR 0001679688 Colony NorthStar, Inc. 515 SOUTH FLOWER STREET 44TH FLOOR LOS ANGELES CA 90071 0 0 1 0 0001663627 CFI CSFR Investor, LLC 515 S. FLOWER STREET, 44TH FLOOR LOS ANGELES CA 90071 0 0 1 0 Common Shares, par value $0.01 per share 2017-03-07 4 S 0 7583840 32.50 D 7535967 I By controlled entity On March 1, 2017, CFI CSFR Investor, LLC entered into an underwriting agreement (the "Underwriting Agreement") with the Issuer, Colony Starwood Homes Partnership, L.P., the underwriters party thereto (the "Underwriters") and the selling shareholders party thereto. Pursuant to the Underwriting Agreement, the Issuer agreed to sell 9,600,000 of the Issuer's common shares ("Shares") and the selling shareholders party thereto agreed to sell 10,476,891 Shares in an underwritten offering, of which CFI CSFR Investor, LLC agreed to sell 6,591,238 Shares (the "Offering"). All material contingencies set forth in the Underwriting Agreement were satisfied and the Offering closed on March 7, 2017. In addition, the Underwriters exercised an option to purchase additional Shares, and on March 7, 2017, pursuant to such option exercise the Underwriters purchased 992,602 Shares from CFI CSFR Investor, LLC. Colony NorthStar, Inc. is the indirect controlling entity of CFI CSFR Investor, LLC. /s/ Darren J. Tangen, authorized signatory 2017-03-07 /s/ Darren J. Tangen, authorized signatory, CFI CSFR Investor, LLC 2017-03-07