X0306 4 2018-04-02 0 0001679688 Colony NorthStar, Inc. CLNS 0001472235 Tangen Darren J. C/O COLONY NORTHSTAR, INC., 515 SOUTH FLOWER STREET, 44TH FLOOR LOS ANGELES CA 90071 0 1 0 0 Exec. VP - CFO Class A Common Stock 2018-04-02 4 J 0 90976 A 814170 I By Family Trust OP Units 2018-04-02 4 J 0 90976 0.00 D Class A Common Stock 90976 90977 I See footnote OP Units 2018-04-02 4 J 0 90977 5.71 D Class A Common Stock 90977 0 I See footnote Represents the redemption by limited liability companies controlled by Thomas J. Barrack, Jr. (the "Holdcos") of common membership units ("OP Units") in Colony Capital Operating Company, LLC ("CCOC") allocable to the reporting person for shares of the issuer's Class A Common Stock ("Class A Common Stock") pursuant to the terms of the OP Units described in Note 2 below. Pursuant to the operating agreements of the Holdcos, the shares of Class A Common Stock received in connection with the redemption were distributed by the Holdcos to the reporting person. Represents OP Units, which are redeemable at the election of the OP Unit holder for (1) cash equal to the market value of an equivalent number of shares of Class A Common Stock or (2) at the option of the issuer in its capacity as the managing member of CCOC, shares of Class A Common Stock on a one-for-one basis. The right to redeem OP Units does not have an expiration date. The OP Units were redeemed for shares of Class A Common Stock pursuant to the terms of the OP Units described in Note 2 above. The OP Units are allocated to the reporting person and held by the Holdcos. The OP Units were redeemed for cash pursuant to the terms of the OP Units described in Note 2 above. /s/ David A. Palame, as Attorney-in-fact 2018-04-04