DigitalBridge Group, Inc. — Director's Dealing 2018

Apr 5, 2018

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Colony NorthStar, Inc. (CLNS)
CIK: 0001679688
Period of Report: 2018-04-02

Reporting Person: Sanders Ronald M. (Exec. VP - CLO & Secretary)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2018-04-02	Class A Common Stock	J	53138	—	Acquired	482753	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2018-04-02	OP Units	$	J	53138	Disposed		Class A Common Stock (53138)	Indirect
2018-04-02	OP Units	$	J	53139	Disposed		Class A Common Stock (53139)	Indirect

Footnotes

F1: 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.

F2: 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.

F3: 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.

F4: The OP Units are allocated to the reporting person and held by the Holdcos.

F5: The OP Units were redeemed for cash pursuant to the terms of the OP Units described in Note 2 above.