Colony Capital, Inc. Announces Corporate Governance Enhancements

– Raymond Mikulich and Craig Hatkoff Appointed to Board as
Independent Directors –

– One Additional Independent Director to Be Nominated –

– Board Forms Strategic Asset Review Committee –

– Company Has Entered into a Cooperation Agreement with Blackwells
Capital –

LOS ANGELES–(BUSINESS WIRE)–Colony Capital, Inc. (“Colony Capital” or the “Company”) (NYSE: CLNY),
a leading global investment management firm with assets under
management of $44 billion, today announced a series of changes designed
to enhance its corporate governance. The Company has worked
collaboratively with Blackwells Capital LLC (“Blackwells”), a
stockholder of the Company, and has entered into a Cooperation Agreement
with Blackwells under which two new independent directors, Raymond
Mikulich and Craig Hatkoff, are appointed to the Board of Directors,
effectively immediately. Further, Blackwells and the Company will
jointly agree upon an additional appointment to the Board.

Thomas J. Barrack, Jr., Executive Chairman and Chief Executive Officer
of Colony Capital, said, “We are pleased to welcome Ray Mikulich and
Craig Hatkoff to our Board, following constructive discussions with
Blackwells. Both Ray and Craig bring valuable real estate and finance
experience as well as new perspectives to our Board, and their skills
and experiences complement the diverse skillsets and backgrounds of our
current Board members.”

In conjunction with these appointments, the Board formed a Strategic
Asset Review Committee. The Committee will be tasked with reviewing,
evaluating and making recommendations to the Board on issues related to
the Company’s assets and business configuration and shall be comprised
of Douglas Crocker II, Nancy A. Curtin, Justin Metz, Mr. Mikulich and
Mr. Hatkoff.

Jason Aintabi, Managing Member of Blackwells, said, “Colony has a great
portfolio of assets and significant opportunities ahead to create value
for all shareholders. Ray and Craig are tremendous additions to the
board given their experience and will be instrumental in identifying and
realizing these opportunities to optimize the company’s portfolio and
business configuration.”

Mr. Mikulich has significant experience in the real estate industry,
having served on the boards of directors of a number of public and
private real estate companies, including Altus Group, Ltd., Campus Crest
Communities, Inc. and Interstate Hotels & Resorts Inc., and previously
served as the Head of North American Real Estate at Apollo Global
Management and the Head of the Real Estate Private Equity Group at
Lehman Brothers.

Mr. Hatkoff has an extensive real estate and capital markets background
and has significant experience including formerly serving as the
managing partner of Victor Capital Group, the Co-Head of the Real Estate
Investment Banking Unit of Chemical Bank, Vice Chairman and director of
Capital Trust, and a director of Taubman Centers. He currently serves as
a director of SL Green Realty Corp. and as an adjunct professor at
Columbia Business School.

Pursuant to the Cooperation Agreement, Blackwells has agreed to certain
customary standstill provisions, including voting in favor of the
Company’s proposed slate of directors at Colony’s 2019 Annual Meeting.
The full Cooperation Agreement with Blackwells will be filed by Colony
on a Current Report on Form 8-K with the Securities and Exchange
Commission.

About Colony Capital

Colony Capital, Inc. (NYSE: CLNY) is a leading global investment
management firm with assets under management of $44 billion. The Company
manages capital on behalf of its stockholders, as well as institutional
and retail investors in private funds, traded and non-traded real estate
investment trusts and registered investment companies. The Company has
significant holdings in: (a) the healthcare, industrial and hospitality
property sectors; (b) Colony Credit Real Estate, Inc. (NYSE: CLNC)
and NorthStar Realty Europe Corp. (NYSE: NRE), which are both externally
managed by subsidiaries of the Company; and (c) various other equity and
debt investments. The Company is headquartered in Los Angeles with key
offices in New York, Paris and London, and has over 400 employees across
17 locations in ten countries. For additional information regarding the
Company and its management and business, please refer to www.clny.com.

About Blackwells Capital

Blackwells Capital was founded in 2016 by Jason Aintabi, its Chief
Investment Officer. Since that time, it has made investments in public
securities, engaging with management and boards, both publicly and
privately, to help unlock value for stakeholders, including
shareholders, employees and communities. Throughout their careers,
Blackwells’ principals have invested globally on behalf of leading
public and private equity firms and have held operating roles and served
on the boards of media, energy, technology, insurance and real estate
enterprises.

Cautionary Statement Regarding Forward-Looking Statements

This press release may contain forward-looking statements within the
meaning of the federal securities laws. Forward-looking statements
relate to expectations, beliefs, projections, future plans and
strategies, anticipated events or trends and similar expressions
concerning matters that are not historical facts. In some cases, you can
identify forward-looking statements by the use of forward-looking
terminology such as “may,” “will,” “should,” “expects,” “intends,”
“plans,” “anticipates,” “believes,” “estimates,” “predicts,” or
“potential” or the negative of these words and phrases or similar words
or phrases which are predictions of or indicate future events or trends
and which do not relate solely to historical matters. Forward-looking
statements involve known and unknown risks, uncertainties, assumptions
and contingencies, many of which are beyond our control, and may cause
actual results to differ significantly from those expressed in any
forward-looking statement. Additional information about these and other
factors can be found in Colony Capital’s reports filed from time to time
with the Securities and Exchange Commission.

Colony Capital cautions investors not to unduly rely on any
forward-looking statements. The forward-looking statements speak only as
of the date of this press release. Colony Capital is under no duty to
update any of these forward-looking statements after the date of this
press release, nor to conform prior statements to actual results or
revised expectations, and Colony Capital does not intend to do so.

Contacts

Colony Investor Contacts:
Addo Investor Relations
Lasse Glassen
(310)
829-5400

Blackwells Media Contact:
Gagnier Communications
Dan Gagnier /
Jeffrey Mathews
646-569-5897

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