X0306 4 2017-04-03 0 0001679688 Colony NorthStar, Inc. CLNS 0001076343 BARRACK THOMAS JR C/O COLONY NORTHSTAR, INC. 515 S. FLOWER ST., 44TH FLOOR LOS ANGELES CA 90071 1 1 0 0 Executive Chairman Class A Common Stock 2017-04-03 4 C 0 607841 A 1945165 I See Footnote Class A Common Stock 2017-04-03 4 J 0 607841 D 1337324 I See Footnote Class B Common Stock 2017-04-03 4 J 0 28166 0.00 D 741874 I By Family Trust Class A Common Stock 2017-04-03 4 J 0 28166 0.00 A 1365490 I By Family Trust OP Units 2017-04-03 4 C 0 607841 0.00 D Class A Common Stock 607841 26728630 I See footnote OP Units 2017-04-03 4 D 0 392044 12.97 D Class A Common Stock 392044 26336586 I See footnote The acquisition represents the acquisition of shares of Class A Common Stock by the reporting person upon the redemption of OP units held by limited liability companies controlled by the reporting person. The OP Units were redeemed for an equal number of shares of the issuer's Class A Common Stock. The reporting person disclaims beneficial ownership of the securities acquired except to the extent of his pecuniary interest therein. The disposition represents the disposition of shares of Class A Common Stock, received upon the redemption of OP units held by limited liability companies controlled by the reporting person, to members of the limited liability companies who were allocated indirect interests in the units in connection with the issuer's acquisition of substantially all of its former manager's real estate and investment management and business operations in April 2015. The OP Units were redeemed for an equal number of shares of the issuer's Class A Common Stock. The reporting person disclaims beneficial ownership of the securities disposed of except to the extent of his pecuniary interest therein. In connection with the redemption of 999,885 OP Units as reported in this Form, in accordance with the terms of the Class B Common Stock, 28,166 shares of Class B Common Stock were required to be converted to Class A Common Stock. The OP Units were redeemed for shares of Class A Common Stock, at the discretion of the issuer, upon the request of limited liability companies controlled by the reporting person. The OP Units do not have expiration dates. The OP Units are held by limited liability companies controlled by the reporting person. The reporting person disclaims beneficial ownership of the securities disposed of except to the extent of his pecuniary interest therein. The OP Units were redeemed for cash, at the discretion of the issuer, upon the request of limited liability companies controlled by the reporting person. The OP Units do not have expiration dates. /s/ David A. Palame, as Attorney-in-fact 2017-04-05