Investor Presentation

March 2016

399 Park Avenue, 18th Floor, New York, NY 10022 | 212.547.2600 | nrfc.com Safe Harbor

This presentation contains certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements about future results, projected yields, rates of return and performance, projected cash available for distribution, projected cash from any single source of investment or fee stream, projected expenses, expected and weighted average return on equity, market and industry trends, investment opportunities, conditions and other matters, including, among other things: the durability and long-term growth prospects of our business; our performance on the MSCI U.S. REIT Index; whether our monetization initiatives under contract or any additional monetization initiatives will be consummated; whether our completed monetization initiatives will achieve the anticipated benefits; the resulting effects of becoming an externally managed company, including the payment of substantial fees to our manager, an affiliate of NorthStar Asset Management Group Inc. (NSAM), the allocation of investments by our manager among us and NSAM’s other managed companies, and various conflicts of interest in our relationship with NSAM; our ability to achieve anticipated benefits of our investment in RXR Realty; the performance of our portfolio generally; our ability to maintain dividend payments, at current levels, or at all; the diversification of our portfolio; the amount and timing of stock repurchases pursuant to our stock repurchase program or an additional stock repurchase program, if any; volatility, disruption or uncertainty in the financial markets; our liquidity and financial flexibility, including the timing and amount of deployments of capital we retain from our dividend policy and net proceeds we receive from asset sales; the timing and amount of borrowings under our revolving credit facility and facility agreement; our ability to comply with the required affirmative and negative covenants, including the financial covenants; whether we will continue to diligently execute our business strategies in a disciplined manner; the impact of changes to our cost of capital, including on our ability to make accretive investments; NSAM’s ability to source and consummate attractive investment opportunities on our behalf, both domestically and internationally; whether we will realize any potential upside in our limited partnership interests in real estate private equity funds or any appreciation above our original cost basis of our real estate portfolio; the equity and debt mix of our real estate portfolio; our ability to accelerate repayments of loans originated by us; the net operating income (NOI) and overall performance of our investments relative to our expectations and the impact on our actual return on invested equity, as well as the cash generated from these investments and available for distribution; the at our ; our ability to generate attractive risk-adjusted total returns; whether we will produce higher cash available for distribution (CAD) per share or NOI in the coming quarters, or ever; the impact of economic conditions on the borrowers of the commercial real estate debt we originate and acquire the loans underlying the commercial mortgage backed securities in which we invest, as well as on the tenants/operators of our real that we own; our ability to realize the value of the bonds we have purchased and retained in our CDO financing transactions and other securitized financing transactions and our ability to complete securitized financing transactions on terms that are acceptable to us, or at all; our ability to meet various coverage tests with respect to our CDOs; our dividend yield; the size and timing of offerings or capital raises; the ability to opportunistically participate in commercial real estate ; any failure in our due diligence to identify all relevant facts in our underwriting process or otherwise; seasonality in our portfolio; credit rating downgrades; tenant/operator or borrower defaults or bankruptcy; adverse economic conditions and the impact on the commercial real estate industry; our use of leverage; our ability to obtain mortgage financing on our real estate portfolio; the effect of economic conditions on the valuations of our investments; illiquidity of properties in our portfolio; our ability to manage our costs in line with our expectations and the impact on our CAD; environmental compliance costs and liabilities; effect of regulatory actions, litigation and contractual claims against us and our affiliates, including the potential settlement and litigation of such claims; competition for investment opportunities; failure to maintain effective internal controls; compliance with the rules governing real estate investment trusts; the loss of our exemption from the definition of “investment company” under the Investment Company Act of 1940, as amended; and our ability to comply with domestic and international laws or regulations governing various aspects of our business. Forward-looking statements are generally identifiable by use of forward-looking terminology such as “may,” “will,” “should,” “potential,” “intend,” “expect,” “seek,” “anticipate,” “estimate,” “believe,” “could,” “project,” “predict,” “hypothetical,” “continue,” “future” or other similar words or expressions. All forward-looking statements included in this presentation are based upon information available to us on the date hereof and we are under no duty to update any of the forward-looking statements after the date of this presentation to conform these statements to actual results. The forward-looking statements involve a number of significant risks and uncertainties. Factors that could have a material adverse effect on the Company’s operations and future prospects are set forth in NorthStar Realty Finance Corp.’s Annual Report on Form 10-K for the fiscal year ended December 31, 2015, including the section entitled “Risk Factors”. The factors set forth in the Risk Factors section and otherwise described in our company’s filings with SEC could cause our company’s actual results to differ significantly from those contained in any forward-looking statement contained in this presentation. We do not guarantee that the assumptions underlying such forward-looking statements are free from errors. Unless otherwise stated, historical financial information and per share and other data is as of December 31, 2015. This presentation is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities of the Company. The endnotes herein contain important information that is material to an understanding of this presentation and you should read this presentation only with and in context of the endnotes.

1 Overview of NorthStar Realty Finance

 NorthStar Realty Finance (NYSE: NRF, “NorthStar Realty”) is a diversified commercial real estate company that is organized as a REIT and is managed by NorthStar Asset Management Group Inc. (NYSE: NSAM), a global asset management firm

 Proven track record of investing through commercial real estate cycles and across a variety of real estate sectors and capital structures, utilizing a diligent investment strategy driving attractive risk-adjusted returns to shareholders

 $15 billion portfolio of diversified commercial real estate assets (pro forma for asset monetizations announced as of February 23, 2016)

 $2 billion of asset monetizations resulting in approximately $930 million of cash proceeds

 Significant insider ownership

2 NorthStar Realty Consistent Outperformance(1)

 NorthStar Realty has outperformed equity and commercial mortgage REITs since its IPO in 2004  NorthStar Realty Finance is included in the MSCI U.S. REIT Index (RMZ/RMS)

Compound Annual Total Return Price to 2016E AFFO / CADx

NRF (IPO October 2004) through March 4, 2016

20.5 19.6 20.0 NRF

Average = 14.0 15.0 13.7 12.9 MSCI U.S. REIT Index (RMS) 10.1 10.0 S&P 500 7.1 +/- 5 5.0 Commercial Mortgage REITs

-10% -5% 0% 5% 10% 15% 20% 0.0

3 Overview of NorthStar Realty Finance(2)

 Diversification across a broad spectrum of commercial real estate investments

Owned Commercial Real Estate Other Real Estate Related

86% < % of Assets > 14%

* Other Real Estate includes multifamily, multi-tenant office and corporate real estate investments. 4 Asset Monetization Summary(2)

CRE Loans & CRE Property PE CRE Debt CDOs Total Securities ($ in billions)

Assets Pre-Monetizations $13.3 $1.1 $1.8 $0.9 $17.1

Monetizations 1.2 0.2 0.6 - 2.0

Assets After Monetizations announced $12.1 $0.9 $1.2 $0.9 $15.2 on February 26, 2016

Total Cash Proceeds $0.2 $0.2 $0.5 - $0.9

 Stock Repurchases

 Debt Reduction

5 Asset Monetization Summary (continued)

Potential Future Monetizations:

− Real Estate Private Equity Fund Interests • 13 remaining investments • 149 funds managed by institutional quality sponsors • $0.9 billion net carrying value

− • 462 medical office buildings, senior housing facilities, skilled nursing facilities and hospitals • ~$1.5 billion invested equity

− Manufactured Housing Communities • 136 communities located throughout the United States • ~$0.4 billion invested equity

− Industrial Net Real Estate • 35 properties • ~$0.2 billion invested equity

6 NorthStar Realty Finance Net Asset Value(3)

($ in millions) Potential Value Low Mid High Healthcare$ 5,527 $ 5,577 $ 5,627 Hotels 3,523 3,552 3,581 Manufactured Housing 2,016 2,048 2,079 Net Lease 838 843 847 Multi-Family 117 117 117 Multi-Tenant Office 245 248 250 Operating Real Estate 12,266 12,384 12,502 Private Equity Funds 873 873 873 Real Estate Debt Investments 328 328 328 Real Estate Securities 400 400 400 Other (Unconsolidated JV and Cash) 1,310 1,310 1,310 Total Assets Value 15,177 15,295 15,413

Mortgage & Other Notes Payables 8,557 8,557 8,557 Corporate Debt 790 790 790 Unconsolidated Joint Venture Debt 49 49 49 Total Liabilities 9,397 9,397 9,397

Preferred Stock 809 809 809

Net Asset Value 4,971 5,089 5,207 Joint Venture Minority Interests 308 318 329

Net Asset Value (NRF Share)$ 4,664 $ 4,771 $ 4,879 Shares Outstanding (mm) 186 186 186

Net Asset Value Per Share$ 25.11 $ 25.69 $ 26.27

* Pro forma for asset monetizations as of February 23, 2016 7 NorthStar Realty Real Estate Portfolio – Healthcare(4)(5)

 One of the largest diversified healthcare real estate owners in the nation

 494 assets across the United States and the United Kingdom

 2016 NOI guidance of $370-$377 million

Healthcare Real Estate by Healthcare Real Estate by Type (NOI) Geographic Location (Properties)

8 NorthStar Realty Real Estate Portfolio – Healthcare Triple-Net Lease(4)(5)

 204 properties Diverse pool of national operators and tenants  17,701 beds/units SH NNN SNF  10.4 year average remaining lease term

 1.6x EBITDAR Coverage: . Seniors Housing NNN – 1.5x . Skilled Nursing – 1.5x Hospitals . Hospitals – 3.0x  2016 NOI guidance of $194-$196 million

Tall Trees Care Home, UK Lafayette Physical Rehabilitation Hospital, Lafayette, LA 9 NorthStar Realty Real Estate Portfolio – Healthcare MOBs(4)(5)

 149 properties Demand driven by favorable demographic trends and positive legislation, including the  6 million square feet Affordable Care Act (ACA)

 Minimal rollover; low CapEx required Individuals 65+  6.6 year average remaining lease term ~18 MM visit their newly physicians' offices insured >2x more  90% occupancy under ACA vs. the remaining population  2016 NOI guidance of $103-$105 million

Bessemer Medical Office Building, Bessemer, AL Falls of Neuse Raleigh Medical Office Building, Raleigh, North Carolina 10 NorthStar Realty Real Estate Portfolio – Healthcare Senior Housing - Operating(4)(5)

 141 properties Nationally recognized operating partners  10,283 units  91% occupancy  2016 NOI guidance of $73-$76 million  Focused manager partnerships offer operational upside in RIDEA assets

Wellspring & Evergreen CCRC, Cincinnati, OH Grand Victoria-Sycamore, Sycamore, Illinois

11 NorthStar Realty Real Estate Portfolio – Hotel(4)(6)

Hotel by Geographic Location  167 select service and extended stay (Keys) hotels  22,092 keys  2016 EBITDA guidance of $303-$308 million based on 3%-4% RevPAR growth  ~$145,000 per key cost basis reflects a significant discount to estimated portfolio-wide replacement cost

12 NorthStar Realty Real Estate Portfolio – Hotel  91% affiliated with Marriott or Hilton % of Brand Type Hotels Rooms Total Rooms

43% Select Service 64 9,455

26% Extended Stay 47 5,733

2% Select Service 6 509

Select Service 4 389 2%

Extended Stay 2 171 1%

Full Service 1 367 2%

5% Select Service 11 1,268

5% Extended Stay 9 1,110

Select Service 8 1,095 5%

Marriott and Hilton Total 152 20,097 91% 13 NorthStar Realty Real Estate Portfolio – Manufactured Housing(4)(7)

Manufactured Housing by Geographic Location (Pad Rental Sites NOI)  33,055 pad rental sites in 136 communities  Low cash flow volatility, steady year- over-year rent increases and low capex  2016 NOI guidance of $127-$131 million  87% of NOI generated from pad rental sites  85% occupied with potential upside through additional home purchases

14 Manufactured Housing Communities Portfolio Concentrated in Attractive Markets(8)

Other Markets Key Statistics Avg. Revenue Occupancy: 74% YE Monthly Pad Rent: $424 % of Pad NOI: 22%

5% 5%

18% 29% 5%

Florida Key Statistics Avg. Revenue Occupancy: 87% Utah Key Statistics YE Monthly Pad Rent: $497 Avg. Revenue Occupancy: 96% % of Pad NOI: 22% YE Monthly Pad Rent: $536 9% % of Pad NOI: 18%

Colorado Key Statistics Texas Key Statistics 22% Avg. Revenue Occupancy: 94% Avg. Revenue Occupancy: 97% YE Monthly Pad Rent: $584 YE Monthly Pad Rent: $456 % of Pad NOI: 29% % of Pad NOI: 9%

15 NorthStar Realty Real Estate Portfolio – Triple Net Lease(4)  64 triple net lease industrial, office and retail properties  96% occupied  2016 NOI guidance of $57-$58 million Net Lease by Property Type (NOI)

Net Lease by Geographic Location (Properties)

16 NorthStar Realty Real Estate PE Investments(9)

 Remaining $873 million net carrying value with a 16.6% WA yield to maturity  IRR on realized asset monetizations of approximately 17.3%  Diversification through multiple fund managers . 149 funds . 83 general partners

17 RXR Investment(10)

 27% ownership interest in RXR Realty, LLC (“RXR”)  RXR is a best-in-class real estate owner, developer and investment management company focused on high-quality real estate in the New York Tri-State area  RXR is led by the former management team of Reckson Associates Realty Corp., which was sold to SL Green Realty Corp. in 2007, generating a 715% total return to Reckson shareholders from its IPO in 1995  RXR has $12 billion in assets under management, including assets such as:

340 Madison Avenue, New York, NY 75 Rockefeller Plaza, New York, NY Starrett-Lehigh Building, New York, NY

18 NorthStar Realty CRE Loans and Repurchased CDO Bonds(11) CRE Loans by Underlying Type Loan Originations:

 $328 million of invested equity in loans, pro forma for asset monetizations

Repurchased at Discounts $370 million Repurchased NorthStar Realty CDO Bonds:

 NorthStar Realty owns $504 million of Potential realizable CDO bonds, of which $370 million were cash flow of repurchased at 62% discount to par $230 million

Purchase price of $140 million (62% discount to par)

19 Seasoned Executive Team(12)

Name Years of Management Position Experience Relevant Background David T. Hamamoto 32 ▪ NorthStar Capital - Co-Founder NorthStar Realty Chairman and Executive Chairman of NorthStar Asset ▪ Goldman, Sachs & Co. - Co-Founder and Partner of Real Estate Principal Investments Management Group, Inc. (Whitehall Funds) Albert Tylis 17 ▪ Bryan Cave / Robinson Silverman - Senior Attorney Chief Executive Officer of NorthStar Asset Management Group, Inc. ▪ ASA Institute - Director of Corporate Finance and General Counsel Daniel R. Gilbert 21 ▪ NorthStar Capital - Head of Mezzanine Lending Business Chief Investment and Operating Officer of NorthStar Realty Finance Corp. ▪ Merrill Lynch & Co. - Group Head in Global Principal Investment and Commercial Real Estate and NorthStar Asset Management Group, Ltd. Jonathan Langer 23 ▪ Fireside Investments - Co-Founder Chief Executive Officer and President ▪ Goldman, Sachs & Co. - Partner of Real Estate Principal Investments (Whitehall Funds) Debra A. Hess 29 ▪ Newcastle Investment Corp. - Chief Financial Officer Chief Financial Officer of NorthStar Realty Finance Corp. and NorthStar ▪ Fortress Investment Group - Managing Director Asset Management Group, Inc. ▪ Goldman, Sachs & Co. - Vice President, Manager of Financial Reporting Ronald J. Lieberman 20 ▪ Hunton & Williams - Partner, Real Estate Capital Markets Executive Vice President and General Counsel of NorthStar Realty ▪ Skadden, Arps, Slate, Meagher and Flom - Associate, Corporate and Securities Finance Corp. and NorthStar Asset Management Group, Inc. James F. Flaherty III * 30 ▪ HCP, Inc. - Chairman and CEO Healthcare Strategic Partner ▪ Merrill Lynch & Co. - Head of Global Healthcare Group Mahbod Nia 16 ▪ PanCap Investment Partners Chief Executive Officer of NorthStar Realty Europe ▪ Goldman, Sachs & Co. - Senior Executive Director, Real Estate Group ▪ Citigroup, Inc. - Vice President, Real Estate Finance Keith A. Feldman, CFA 17 ▪ Goldman, Sachs & Co. - Financial Reporting Managing Director - Finance and Capital Markets ▪ JPMorgan Chase & Co. - Finance

Daniel D. Raffe 26 ▪ GE Business Property - Head of East and Midwest Real Estate Acquisitions Executive Vice President and Head of Portfolio Management ▪ Cushman & Wakefield - Managing Director, Real Estate Capital Markets Steven B. Kauff 28 ▪ NorthStar Capital - Structuring and Tax Executive Vice President and Global Head of Tax Transactions ▪ Arthur Anderson - Real Estate & Hospitality, Tax Consulting ▪ PricewaterhouseCoopers - Real Estate Industry, Tax Consulting Sujan S. Patel 15 ▪ Thayer Lodging - Acquisitions Managing Director - Co-Head of Investments ▪ Morgan Stanley - Investment Banking Division Robert C. Gatenio 16 ▪ Goldman, Sachs & Co. - Commercial Real Estate Lending Managing Director - Co-Head of Investments ▪ Goldman Sachs Asset Management - Fixed Income Portfolio Management Brett Klein 15 ▪ NorthStar Capital - Mezzanine Lending Business Managing Director - Head of Structured and Alternative Products ▪ Fitch Ratings - CMBS Robert S. Riggs 27 ▪ Olympus Real Estate Partners - Partner Managing Director - NorthStar Realty Finance Corp. Asset Management ▪ GE Capital Realty Group - COO and EVP of Equity Investing David S. Fallick 21 ▪ Bank of America/Merrill Lynch - Managing Director, CMBS Managing Director and Global Head of Real Estate Finance ▪ Standard & Poor’s - Managing Director and Co-Head, CMBS * James F. Flaherty III provides services through a joint venture with NorthStar Asset Management Group Inc. where he is responsible for the directional strategy and implementation of the healthcare real estate business including the oversight of all healthcare investments. 20 Presentation Endnotes

1. NorthStar Realty Consistent Outperformance

a. Compounded Annual Total Return: Based on price performance including reinvestment of dividends. Commercial Mortgage REITs includes the average of companies that had their IPO prior to the recent financial crisis including ABR, NCT, RAS and STAR.

b. Price to 2016E AFFO/CADx: Consensus AFFO estimate per SNL for all sectors except commercial mortgage REITs which represents I/B/E/S consensus estimate reported by FactSet. Prices based on February 25, 2016 market close. NorthStar Realty based on annualized fourth quarter 2015 CAD per share. We consider AFFO to be the most comparable reported earnings metric to NorthStar Realty’s reported CAD and analyst consensus for 2016 AFFO estimates are used for presentation purposes and should not be considered as an alternative to NorthStar Realty reported CAD. In addition, our methodology for calculating CAD may differ from the methodologies used by other comparable companies, including other REITs, when calculating the same or similar supplemental financial measures and may not be comparable with these companies. For further information relating to NorthStar Realty’s calculation of CAD refer to NorthStar Realty’s most recent Annual Report on Form 10-K. 2. Assets Under Management Overview:

a) Based on cost for real estate investments which includes net purchase price allocation related to net intangibles, deferred costs and other assets, if any, fair value for our investments (directly or indirectly in joint ventures) owning limited partnership interests in real estate private equity funds, or PE Investments, and includes the deferred purchase price for PE Investment II, principal amount for our CRE debt and securities investments and amortized cost for N-StarCDOequityandexcludesanytransactioncosts associated with the initial acquisition of assets. Represents 100% of all real estate assets in consolidated joint ventures.

b) Asset information as of December 31, 2015 and is pro forma for asset monetizations, including: In February 2016, we entered into an agreement to sell our 60% interest in a $899 million portfolio of senior housing properties, with $648 million of mortgage borrowing which is being assumed as part of the transaction, we expect to receive approximately $150 million of net proceeds upon completion of the sale expected during the second quarter 2016; in February 2016, we entered into and are finalizing agreements to sell up to ten multifamily properties for a gross price of $311 million with $210 million of mortgage financing expected to be assumed as part of the transaction, we expect to receive approximately $91 million of net proceeds and will continue to explore the sale of the remaining two properties; in February 2016, we entered into an agreement to sell substantially all of our interest in PE Investment II for proceeds of $184 million, of which $145 million was received and the remaining balance is expected to be collected in late March 2016 upon consent from the initial seller; in February 2016, we sold or committed to sell seven loans with a total principal amount of $225 million at par, of which $47 million of proceeds were used to pay down our loan facility, resulting in $178 million of net proceeds; in January 2016, we sold a property in connection with a for net proceeds of $8 million; and subsequent to year end, we sold certain CRE securities for $54 million of net proceeds.

c) Assets Underlying CRE Debt CDOs: Includes assets of deconsolidated CRE debt CDOs, referred to as N-Star CDOs. Based on the respective remittance report issued on date nearest to December 31, 2015. This amount excludes $473 million of aggregate N-Star CDO equity and N-Star CDO bonds included in CRE securities.

d) Net cash proceeds received as of February 23, 2016 was approximately $600 million. The remaining proceeds are expected to be received by the end of second quarter 2016.

21 Presentation Endnotes (continued)

3. NetAssetValue:

a) Assets include unrestricted cash, certain restricted cash, operating real estate, real estate debt and securities investments, excluding investments owned in consolidated CDO’s, and excludes receivables, unbilled rent receivable, derivative assets, deferred cost and other assets. Liabilities include mortgage and other notes payable, credit facilities, exchangeable senior notes, junior subordinated notes and liabilities of discontinued operations and exclude CDO bonds payable, accounts payable, amounts due to related parties, escrow deposits payable, derivative liabilities and other liabilities. The calculation of NAV does not include obligations associated with lease agreements or other contractual arrangements, including, but not limited to, the Company’s management agreement with NSAM. The calculation of NAV is subject to numerous assumptions and you should not unduly rely on it as an indicator of value or otherwise. b) Low and high net asset value reflects operating real estate values based on low and high projected 2016 NOI/EBITDA guidance on page 17 of NorthStar Realty’s Fourth Quarter 2015 Financial Supplement, which can be found on NorthStar Realty’s website, www.nrfc.com. Mid-point of range reflects operating real estate values based on the average of the low and high 2016 NOI/EBITDA. 2016 NOI/EBITDA guidance amounts exclude pro forma real estate asset monetizations as of February 23, 2016 and amounts represent a range of most likely outcomes based on management estimates. Actual 2016 NOI/EBITDA could vary materially from the estimates presented. NOI/EBITDA represents 100% for all consolidated investments and represents NorthStar Realty’s ownership percentage for unconsolidated joint ventures. c) Asset Value: Shown at 100% for all consolidated investments and represents NorthStar Realty’s ownership percentage for unconsolidated joint ventures and based on the following: i) Operating real estate based on range of 2016 NOI/EBITDA guidance divided by Green Street Advisors’ Weekly Pricing Update applied sub-sector nominal cap rates as of February 19, 2016 (for all sub-sectors except for Multifamily, which is based on a substantially similar cap rate as the average pending sale cap rate for 10 properties) and excludes a portfolio of four office buildings vacated by the in-place tenant and in October 2015, the mortgage related to this portfolio matured; ii) Private equity funds based on carrying value of $1.1 billion as of December 31, 2015, less $184 million from the sale of substantially all of NorthStar’s Realty’s interest in PE Investment II in February 2016, less deferred purchase price liabilities of $44 million (included in Other Liabilities on NorthStar Realty’s consolidated balance sheet); iii) Real estate debt investments based on December 31, 2015 carrying value of $501 million (excluding real estate debt investments held for sale), less $22 million of debt investments in consolidated CDOs, $72 million of loans related to our healthcare real estate portfolio, $25 million of credit facility financing and $54 million of secured borrowings; iv) Real estate securities based on December 31, 2015 fair value of $702 million, less $385 million of securities investments in consolidated CDOs, and includes $141 million of principal amount of owned CDO bonds that are eliminated in NorthStar Realty’s consolidated financial statements. Amount is pro forma for the sale of $58 million of real estate securities subsequent to the fourth quarter 2015; v) Unconsolidated joint ventures based on December 31, 2015 carrying value of $146 million, excluding carrying value related to net lease and multifamily unconsolidated joint ventures which are included in 2016 NOI/EBITDA and real estate asset value; vi) Unrestricted cash based on cash balance of $476 million as of February 23, 2016; vii) Restricted cash includes capital expenditure reserves of $172 million and operating real estate escrow reservesof $107 million as of December 31, 2015 and $70 million of restricted cash for margin collateral as of February 23, 2016; and viii) Cash from Asset Sales includes expected proceeds of $91 million from the sale of up to 10 multifamily properties, $39 million remaining proceeds from sale of interest in PE Investment II, $150 million proceeds from sale of senior housing portfolio, and $58 million proceeds from sale of commercial real estate loans. d) Liabilities: Mortgage notes amounts exclude mortgage notes related to real estate pro forma for asset monetizations as of February 23, 2016, including $648 million related to senior housing assets, $210 million related to multifamily assets and $42 million related to a portfolio of four office buildings vacated by the in-place tenant and in October 2015, the mortgage related to this portfolio matured. Corporate debt includes principal amounts as of December 31, 2015 for exchangeable senior notes, credit facilities (pro forma for $15 million of pay downs subsequent to the fourth quarter 2015) and Trust Preferred Securities (“TruPS”) at fair value. $79 million of credit facility financing is deducted from the real estate debt investments asset value. Credit facility financing deducted from real estate debt investments includes $72 million of Loan Facility 1 and $54 million of Other Secured Borrowings as of December 31, 2015, less $47 million Loan Facility 1 pay-off subsequent to the fourth quarter 2015. Unconsolidated joint venture debt includes NorthStar Realty’s percentage of debt related to net lease and multifamily real estate joint ventures. 22 Presentation Endnotes (continued)

3. Net Asset Value (continued):

e) Preferred Stock: Reflects stock price as of February 25, 2016 excluding accrued interest. f) Joint Venture Minority Interest: Reflects adjustment for NorthStar Realty’s weighted average ownership percentage. Excludes any partner promote amounts that have not been recognized as of February 23, 2016. g) Shares outstanding: Reflects common shares, LTIP units and RSUs not subject to performance hurdles, outstanding as of December 31, 2015. 4. NorthStar Realty Real Estate Portfolio: a) 2016 NOI/Hotel EBITDA guidance constitutes forward-looking statements within the meaning of the federal securities law and is based on a number of assumptions that are subject to change and many of which are outside the control of the Company. Actual results may differ materially from the Company’s expectations depending on factors discussed in the Company’s filings with the Securities and Exchange Commission. There can be no assurance that the Company will achieve these results. These statements are made as of the date hereof, are not guarantees of future performance and are subject to known and unknown risks, uncertainties, assumptions and other factors—many of which are out of the Company's and its management's control and difficult to forecast—that could cause actual results to differ materially from those set forth in or implied by such forward-looking statements. b) 2016 NOI/Hotel EBITDA guidance amounts exclude real estate assets pro forma for asset monetizations as of February 23, 2016. NOI/Hotel EBITDA represents 100% for all consolidated investments and represents NorthStar Realty’s ownership percentage for unconsolidated joint ventures.

5. 2016 NOI guidance includes interest earned from healthcare real estate development loans that are recorded in the Interest Income line item on NorthStar Realty’s financial statements. Other amounts presented are fourth quarter 2015 results. Q4 2015 occupancy metrics for Senior Housing - Operating represents average fourth quarter 2015 and MOB’s is as of December 31, 2015.

Sources of data in box:

U.S. Department of Health and Human Services (September 2015)

Centers for Medicare & Medicaid Services

6. 2016 Hotel EBITDA guidance amounts exclude $36 million of projected FF&E reserves.

7. 2016 NOI guidance includes non pad related income related primarily to interest earned from seller financing loans and ancillary income and rents from pad sites and homes that are that are recorded in the Interest Income and Other Revenue line items on NorthStar Realty’s financial statements. Other amounts presented are fourth quarter 2015 results.

8. Shaded states have NorthStar Realty manufactured home pad rental sites. Circles are proportionally sized by pad rent NOI contribution. NOI and metrics presented are fourth quarter 2015 results. Excludes non pad related interest income.

23 Presentation Endnotes (continued)

9. Real Estate PE Investments

a. Based on financial data reported by the underlying funds as of December 31, 2015, except as otherwise noted.

b. Number of General Partners: Includes 28 funds and 21 general partners held across multiple PE Investments.

10. RXR Realty owns varying interests in each property. NorthStar Realty’s equity interest in RXR Realty, LLC is structured so that NSAM is entitled to the portion of distributable cash flow from the investment in excess of the $10 million minimum annual base amount under the NSAM-NorthStar Realty management agreement. Asset as of September 30, 2015.

11. CRE Loans and Repurchased CDO Bonds

a. Based on December 31, 2015 carrying value of $501 million (excluding real estate debt investments held for sale), less $22 million of debt investments in consolidated CDOs, $72 million of real estate development loans related to our healthcare real estate portfolio, $25 million of credit facility financing and $54 million of secured borrowings.

b. Repurchased NorthStar Realty CDO Bonds: NorthStar Realty owned CDO principal amount of $504 million represents maximum principal amount NorthStar Realty can receive. ThereisnoassurancethatNorthStarRealty will receive that maximum amount.

c. Repurchased at Discounts: Shaded portions represent a range of potential recovery with the high end representing the maximum principal amount recoverable.

12. Includes employees of NorthStar Asset Management Group Inc. and its affiliates.

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