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Colony Financial, Inc. Announces Public Offering Of Convertible Senior Notes

Colony Financial, Inc. (the "Company") (NYSE: CLNY) today announced its plans to commence a public offering of $200,000,000 aggregate principal amount of Convertible Senior Notes due 2021 (the “Notes”). The Company also plans to grant to the underwriters a 30-day option to purchase up to an additional $30 million aggregate principal amount of the Notes to cover over-allotments, if any. The interest rate, conversion rate and other terms of the Notes will be determined at the time of pricing of the offering.

The Company intends to use the net proceeds from the offering to repay amounts outstanding under its secured revolving credit facility, and to use any remainder of the net proceeds from this offering to acquire its target assets in a manner consistent with its investment strategies and investment guidelines and for working capital and general corporate purposes.

Morgan Stanley, BofA Merrill Lynch, Credit Suisse and Deutsche Bank Securities will act as the joint book-running managers for this offering.

The offering of the Notes will be made under the Company’s automatically effective shelf registration statement, which was filed with the Securities and Exchange Commission. The offering will be made only by means of a prospectus supplement and prospectus, which will be filed with the Securities and Exchange Commission. Before you invest, you should read the applicable prospectus supplement and prospectus for more complete information about the Company and the offering. You may obtain these documents free of charge by visiting the SEC website at www.sec.gov. Alternatively, you may obtain copies, when available, by contacting Morgan Stanley at Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014, BofA Merrill Lynch at 222 Broadway, New York, NY 10038, Attention: Prospectus Department or by emailing dg.prospectus_requests@baml.com, Credit Suisse at One Madison Avenue, New York, New York 10010, Attention: Prospectus Department, by telephone (toll free) at (800) 221-1037 or by e-mailing newyork.prospectus@credit-suisse.com, or Deutsche Bank Securities at Deutsche Bank Securities Inc., Attention: Prospectus Group, 60 Wall Street, New York, New York 10005, telephone (800) 503-4611 or email at prospectus.cpdg@db.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of any securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

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