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NorthStar Income I and NorthStar Income II File Definitive Proxy Materials Related to the Proposed Combination to Create Colony NorthStar Credit Real Estate, Inc.

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Special Meetings of Stockholders Scheduled for January 18, 2018 for
Stockholders to Vote on the Proposed Combination and Related Proposals

NorthStar Real Estate Income Trust, Inc. ("NorthStar Income I") and
NorthStar Real Estate Income II, Inc. ("NorthStar Income II") today
announced that, in connection with their proposed combination with a
select portfolio of assets and liabilities of Colony NorthStar, Inc.
("Colony NorthStar") to create Colony NorthStar Credit Real Estate,
Inc., each has filed with the Securities and Exchange Commission (the
"SEC") a definitive joint proxy statement/prospectus. In addition, both
companies commenced a mailing of proxy materials on December 6, 2017.

NorthStar Income I and NorthStar Income II have each scheduled a special
meeting of their stockholders to be held on January 18, 2018 at 9:00
a.m. (Eastern Time) and 10:00 a.m. (Eastern Time), respectively, to vote
on the proposed combination and related proposals. Each meeting will be
held at the offices of J.P. Morgan, 270 Park Avenue, 11th floor, New
York, NY 10017.

Stockholders of record as of the close of business on November 28, 2017
are entitled to notice of and to vote at their respective special
meeting of stockholders.

Participation in the vote is important. Stockholders are urged to
participate in this critical vote regarding the future of their
investment and to vote their shares promptly to avoid unnecessary
solicitation measures and costs. Telephone and Internet voting are
available by following the instructions in the proxy materials sent to
stockholders.

Stockholders that hold shares through a broker or nominee should provide
their broker or nominee with instructions to vote for the proposed
combination and related proposals.

Questions and requests for assistance in voting may be directed to
NorthStar Income I's and NorthStar Income II's proxy solicitor, D.F.
King & Co., Inc., at the following numbers:

NorthStar Income I: 800.967.0261
NorthStar Income II: 800.755.7250

About NorthStar Real Estate Income Trust, Inc.

NorthStar Income I is a public, non-traded REIT sponsored by Colony
NorthStar. NorthStar Income I was formed to originate, acquire and asset
manage a diversified portfolio of commercial real estate debt, select
equity and securities investments predominantly in the United States.

About NorthStar Real Estate Income II, Inc.

NorthStar Income II is a public, non-traded REIT sponsored by Colony
NorthStar. NorthStar Income II was formed to originate, acquire and
asset manage a diversified portfolio of commercial real estate debt,
select equity and securities investments predominantly in the United
States.

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. Among others, the following uncertainties and
other factors could cause actual results to differ from those set forth
in the forward-looking statements: the failure to receive, on a timely
basis or otherwise, the required approvals by the stockholders of each
of NorthStar Income I and NorthStar Income II, governmental or
regulatory agencies and third parties; the risk that a condition to
closing of the proposed combination may not be satisfied (including the
listing by Colony NorthStar Credit Real Estate, Inc. (the "Company") of
its Class A common stock on a national securities exchange); each
party's ability to consummate the proposed combination; operating costs
and business disruption may be greater than expected; and the ability to
realize substantial efficiencies as well as anticipated strategic and
financial benefits, and the impact of legislative, regulatory and
competitive changes. The foregoing list of factors is not exhaustive.
Additional information about these and other factors can be found in
each of NorthStar Income I's or NorthStar Income II's reports filed from
time to time with the SEC. There can be no assurance that the proposed
combination will in fact be consummated.

We caution investors not to unduly rely on any forward-looking
statements. The forward-looking statements speak only as of the date of
this press release. None of Colony NorthStar, NorthStar Income I or
NorthStar Income II is under any 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
none of Colony NorthStar, NorthStar Income I or NorthStar Income II
intends to do so.

Additional Information and Where to Find It

In connection with the proposed combination, Colony NorthStar, NorthStar
Income I and NorthStar Income II caused the Company, which will be the
surviving company of the combination, to file with the SEC a
registration statement on Form S-4 that includes a joint proxy statement
of NorthStar Income I and NorthStar Income II and that also constitutes
a prospectus of the Company, and NorthStar Income I and NorthStar Income
II have commenced mailing such joint proxy statement/prospectus to their
stockholders. Each of Colony NorthStar, NorthStar Income I and NorthStar
Income II may also file other documents with the SEC regarding the
proposed transaction. This document is not a substitute for the joint
proxy statement/prospectus or registration statement or any other
document that Colony NorthStar, NorthStar Income I or NorthStar Income
II may file with the SEC. INVESTORS AND SECURITY HOLDERS OF COLONY
NORTHSTAR, NORTHSTAR I AND NORTHSTAR II ARE URGED TO READ THE
REGISTRATION STATEMENT, THE JOINT PROXY STATEMENT/PROSPECTUS, THE
CURRENT REPORTS ON FORM 8-K FILED BY EACH OF COLONY NORTHSTAR, NORTHSTAR
INCOME I AND NORTHSTAR INCOME II ON AUGUST 28, 2017 IN CONNECTION WITH
THE ANNOUNCEMENT OF THE ENTRY INTO THE MASTER COMBINATION AGREEMENT AND
ON NOVEMBER 21, 2017 IN CONNECTION WITH THE AMENDMENT AND RESTATEMENT OF
THE MASTER COMBINATION AGREEMENT, AND ANY OTHER RELEVANT DOCUMENTS THAT
ARE FILED OR WILL BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR
SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY BECAUSE
THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED
COMBINATION AND RELATED MATTERS. Stockholders may obtain free copies of
the registration statement and the joint proxy statement/prospectus and
other documents filed with the SEC by Colony NorthStar, NorthStar I and
NorthStar II through the website maintained by the SEC at www.sec.gov
or by contacting the investor relations departments of Colony NorthStar,
NorthStar Income I or NorthStar Income II at the following:

Contacts:

NorthStar Real Estate Income Trust, Inc.
Lisa Baker
Owen
Blicksilver Public Relations, Inc.
914-725-5949
lisa@blicksilverpr.com
or
Caroline
Luz
Owen Blicksilver Public Relations, Inc.
203-570-6462
caroline@blicksilverpr.com

NorthStar Real Estate Income II, Inc.
Lisa Baker
Owen
Blicksilver Public Relations, Inc.
914-725-5949
lisa@blicksilverpr.com
or
Caroline
Luz
Owen Blicksilver Public Relations, Inc.
203-570-6462
caroline@blicksilverpr.com

Participants in the Solicitation

Each of NorthStar Income I and NorthStar Income II and their respective
directors and executive officers may be deemed to be participants in the
solicitation of proxies from their respective stockholders in connection
with the proposed transaction. Information regarding NorthStar Income
I's directors and executive officers, including a description of their
direct interests, by security holdings or otherwise, is contained in
NorthStar Income I's Annual Report on Form 10-K for the year ended
December 31, 2016 and its annual proxy statement filed with the SEC on
April 28, 2017. Information regarding NorthStar Income II's directors
and executive officers, including a description of their direct
interests, by security holdings or otherwise, is contained in NorthStar
Income II's Annual Report on Form 10-K for the year ended December 31,
2016 and its annual proxy statement filed with the SEC on April 28,
2017. A more complete description is available in the registration
statement on Form S-4 filed by the Company and the joint proxy
statement/prospectus. Stockholders may obtain free copies of these
documents as described in the preceding paragraph.

No Offer or Solicitation

This communication is not intended to and shall not constitute an offer
to sell or the solicitation of an offer to sell or the solicitation of
an offer to buy any securities or a solicitation of any vote of
approval, nor shall there be any sale of securities in any jurisdiction
in which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
jurisdiction. No offer of securities shall be made except by means of a
prospectus meeting the requirements of Section 10 of the Securities Act
of 1933, as amended.

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