Distribution Reinvestment Program

We are pleased to offer a Dividend Reinvestment and Direct Stock Purchase Plan (the “Plan”) to holders of Colony NorthStar, Inc. common stock and other interested investors.

To learn more about the Plan please review the Plan prospectus supplement, prospectus and other applicable documents.

General Information

The Plan is administered through the Company’s transfer agent, American Stock Transfer and Trust Company, LLC (“AST”). For further information please contact AST toll free at (888) 563-9653. Customer service representatives are available Monday through Friday, between the hours of 8:00 A.M. and 8:00 P.M. Eastern Time. Alternatively, please visit AST’s website at www.amstock.com.

All stockholders and new investors considering enrollment in the Plan should carefully review the terms of the Plan and consult with their advisors as to the implications of enrollment in the Plan.

Colony NorthStar, Inc. has filed a registration statement (including a prospectus and prospectus supplement) with the Securities and Exchange Commission (SEC) for the offering to which this communication relates. Before you invest, you should read the prospectus supplement, prospectus, registration statement and the other documents we have filed with the SEC for more complete information about us and the offering. You may get these documents for free by visiting the SEC website at www.sec.gov. Alternatively, AST will arrange to send you the prospectus if you request it by calling (888) 563-9653.

Shareholder Contact Information

Investor Relations

Lasse Glassen
ADDO Communications
310.829.5400
lglassen@addoir.com

Press & Media

Caroline Luz
Owen Blicksilver P.R., Inc.
203.656.2829
caroline@blicksilverpr.com

Stock & Transfer Agent

American Stock & Transfer
Trust Company
800.937.5449
www.amstock.com/main/