X0306 4 2018-04-02 0 0001679688 Colony NorthStar, Inc. CLNS 0001076343 BARRACK THOMAS JR C/O COLONY NORTHSTAR, INC., 515, SOUTH FLOWER STREET, 44TH FLOOR LOS ANGELES CA 90071 1 1 0 0 Executive Chairman Class A Common Stock 2018-04-02 4 C 0 629449 A 2222287 I See Footnote Class A Common Stock 2018-04-02 4 J 0 629449 D 1592838 I See Footnote Class B Common Stock 2018-04-02 4 J 0 28072 0.00 D 708168 I By Family Trust Class A Common Stock 2018-04-02 4 J 0 28072 0.00 A 1620910 I By Family Trust OP Units 2018-04-02 4 C 0 629449 0.00 D Class A Common Stock 629449 25507137 I See footnote OP Units 2018-04-02 4 D 0 367093 5.71 D Class A Common Stock 367093 25140044 I See footnote Represents the redemption by limited liability companies controlled by the reporting person (the "Holdcos") of common membership units ("OP Units") in Colony Capital Operating Company, LLC ("CCOC") 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 4 below. The reporting person disclaims beneficial ownership of the securities acquired except to the extent of his pecuniary interest therein. Represents the distribution by the Holdcos of the shares of Class A Common Stock described in Note 1 above to certain members of the Holdcos (other than the reporting person) who were allocated indirect interests in the OP Units redeemed for such shares of Class A Common Stock in connection with Colony Capital, Inc.'s management internalization in April 2015. 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 996,542 OP Units as reported in this Form, in accordance with the terms of the issuer's Class B Common Stock (the "Class B Common Stock"), 28,072 shares of Class B Common Stock were converted to shares of Class A Common Stock on a one-for-one basis. 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 4 above. The OP Units are held by the Holdcos. The reporting person disclaims beneficial ownership of the securities acquired except to the extent of his pecuniary interest therein. The OP Units were redeemed for cash pursuant to the terms of the OP Units described in Note 4 above. /s/ David A. Palame, as Attorney-in-fact 2018-04-04