Fairness Opinion

Fairness Opinion Cobalt Capital Partners

On December 18, 2014, ColFin Industrial Holdings, LLC, a wholly owned subsidiary of Colony Financial, Inc. (NYSE:CLNY), acquired a portfolio of three light industrial real estate investment trusts (REITs) and the operating platform of Cobalt Capital Partners, L.P. for an aggregate purchase price of $1.6 billion.

About Cobalt Capital Partners
Cobalt Capital Partners, L.P. together with its three REITs, own and manage a portfolio of 256 light industrial properties (298 buildings) across 16 major U.S. metropolitan markets, with Atlanta, Dallas and Chicago comprising over half of the portfolio.

About Colony Financial, Inc.
Colony Financial, Inc. is a publicly-traded REIT that focuses on acquiring, originating, and managing various real estate-related debt and equity investments.

Transaction Role
Duff & Phelps served as an independent financial advisor to the boards of directors and the executive management committee of the three REITs and rendered a fairness opinion that the aggregate purchase consideration of $1.6 billion and the relative value allocated to each of the REITs and the management company were fair to the REITs from a financial point of view.


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