Colony Capital Fundamental US Real Estate IndexFor Institutional and Professional Investors Only. Not for Further Distribution or for Distribution to Retail Customers or Investors.

2 | Colony Capital Fundamental US Real Estate Index

Colony Capital Fundamental US Real Estate Index

Barclays and Colony Capital Partnership

Source: Barclays. Pre-inception period: Index Base Date is November 2003. Index live date is December 2018. Historical and hypothetical/simulated performance is not indicative of future performance or results.

• Barclays and Colony Capital, Inc., a leading global real estate and investment management firm, partnered to create theColony Capital Fundamental US Real Estate Index

• The Index draws on Colony’s 27 years of experience in managing global real estate investments coupled with Barclays’ marketleading strengths in the structuring, trading and distribution of indices.

Global investment bank, one of the market leaders in index strategy indices with approximately 2,000 investable indices:

• Recognized, robust research and index execution

• Systematic and rigorous, rules-based approach

• One of the leaders in equity, bond, and FX execution.

Leading global real estate and investment management firm that creates long-term value through investing in real estate and real estate-related assets*:

• Global brand spans across 17 offices, in 10 countries withover 400 employees

• $44B Assets Under Management

• $100B+ invested over 27 years in 20+ countries.

* Source: Colony Capital, Inc. Data as of September 2018.

• The Colony Capital Fundamental US Real Estate Index implements fundamental real estate investing principlesusing a rules-based approach

• In real estate investing, avoidance of risk is usually the primary driver of long-term outperformance

• The Index is designed to eliminate the riskiest REITs by focusing on characteristics that Colony views to be reliable markers ofrisk, and screening out REITs that exhibit these characteristics.

Name Bloomberg Ticker Annualised Return Annualised Volatility Return/Vol Ratio

Colony Capital Fundamental US Real Estate Index Total Return BXIICCRT 10.6% 21.1% 0.50

S&P 500 Index Total Return SPTR 8.1% 13.5% 0.60

Dow Jones US Select REIT Index Total Return DWRTFT 8.3% 23.3% 0.35

0

100

200

300

400

500

600

Nov-03 Nov-04 Nov-05 Nov-06 Nov-07 Nov-08 Nov-09 Nov-10 Nov-11 Nov-12 Nov-13 Nov-14 Nov-15 Nov-16 Nov-17 Nov-18

Colony Capital Fundamental US Real Estate Index Total Return

S&P 500 Total Return

Dow Jones US Select REIT Index Total Return

Pre-inception period

Return comparison (historical and simulated performance)

Colony Capital Fundamental US Real Estate Index | 3

Index Mechanics

*Fundamental Criteria will be adjusted if the Index has less than 25 constituents.

Index will select minimum 25 REITs. Rebalanced quarterly. Market cap weights with top four REITs subject to 10% cap and others to 5% cap.

Share Universe

Sub Universe

Fundamental Criteria

Index Allocation

• All Shares listed on US exchanges

• The remaining Shares will be selected*

• Each Share must be a REIT but not a Mortgage REIT• Market cap above $1 billion• Liquidity above $5 million based on one month ADTV

• Remove the Shares from the Sub-Universe that don’t meet Profit Margin,Leverage Ratio, Valuation Multiple and Dividend Yield criteria

• The remaining eligible Shares forming the Sub Universe are ranked based onfour fundamental criteria

Fundamental Criteria

Emphasis on Quality over Value

Higher margins can signal higher quality and provide a margin of safety in periods of stress.

Conservative financing is preferred

Higher leverage can increase risk without increasing returns.

REITs have valuation limits

High valuation multiples can lead to underperformance.

High dividends may signal high risk

As in credit, higher yields often signal lower quality assets.

Profit Margin Leverage Ratio Dividend YieldValuation Multiple

1 3 42

4 | Colony Capital Fundamental US Real Estate Index

Source: Barclays. Pre-inception period: Index Base Date is November 2003. Index live date is December 2018. Historical and hypothetical/simulated performance is not indicative of future performance or results. Performance data reflect all costs/fees incorporated in the Index formula, but do not reflect additional fees that may apply to a Index swap transaction. See Historical Index Performance Disclaimer for further information.

Index AllocationAs of the last rebalance date in November 2018, the index selected 60 REITs with $623 billion market cap out of the sub universe of 128 REITs with $1trillion market cap.

Sub Universe Market CapIndex Constituents Market Cap

Size of US REIT Sub UniverseColony Capital Index Selection

0

25

50

75

100

125

150

175

200

225

250

0

200

400

600

800

1,000

1,20020

03

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

Mar

ket C

ap, B

illio

n

Num

ber o

f sha

res

Risk FactorsPOTENTIAL CONFLICTS POTENTIAL CONFLICTS OF INTEREST MAY EXIST WITHIN BARCLAYS GROUP IN THE NORMAL COURSE OF CARRYINGOF INTEREST OUT THE ACTIVITIES OF INDEX SPONSOR AND THE OPERATIONS OF OTHER DIVISIONS, TEAMS, AND/OR ENTITIES WITHIN THE BARCLAYS GROUP AND/OR THEIR AFFILIATES.

The Index Sponsor is responsible for the administration of the Index and may make determinations in respect of the Index, while other teams within Barclays and/or another affiliate of Barclays may (i) have, or may have had, interests or positions, or may buy, sell or otherwise trade positions in or relating to the underlying constituents comprising the Index, (ii) issue, enter into, promote, offer or sell transactions or investments linked, in whole or in part, to the Index; and (iii) submit information and/or price contributions to the Index Sponsor. Such activities may have an impact on the level of the Index. In view of these different roles, potential conflicts of interests exist within the Barclays group.

INDEX RETURN AN INDEX RETURN MAY BE LOWER THAN THE ACTUAL RETURN ON THE COMPONENTS COMPRISING SUCH INDEX. Indices may deduct fees, costs and commissions. An investment in an index may be taxed differently to a direct investment in the components of the index.

INDEX SUBSTITUTION AN INDEX MAY BE REPLACED WITH ANOTHER INDEX IN CERTAIN CIRCUMSTANCES. Such action may negatively affect the value and performance of the Product.

ADJUSTMENTS, THE INDEX SPONSOR MAY ADJUST THE COMPOSITION OR CALCULATION METHODOLOGY OF AN INDEX AND MAYSUSPENSION AND CANCEL, ADJUST OR SUSPEND AN INDEX IN ACCORDANCE WITH THE RULES OF THE INDEX. Such actions may negatively TERMINATION OF AN INDEX affect the value and performance of the Product.

LACK OF The Index is only recently established and therefore has no history over which to evaluate its performance. OPERATING HISTORY

INDEX PERFORMANCE No assurances are given with respect to the future performance of the index and past performance is no indication as to future performance. Past performance may be simulated past performance (including back-testing) which may involve the use of proxy or substitute index constituents or index methodology adjustments where necessary.

EXTRAORDINARY AND The performance of an Index may be negatively impacted by certain extraordinary and force majeure events, including, FORCE MAJEURE EVENTS but not limited to, legal and tax events and the removal or exchange of any component of the Index.

AMBIGUITIES IN RESPECT OF Whilst any rules of the Index are intended to be comprehensive, ambiguities may arise. In such circumstances the Index ANY INDEX RULES Sponsor will resolve such ambiguities in good faith and a reasonable manner and, if necessary, amend any rules of the Index to reflect such resolution.

Disclaimers

BARCLAYS This communication has been prepared by Barclays “Barclays” means any entity within the Barclays Group of companies, where “Barclays Group” means Barclays Bank PLC,

Barclays PLC and any of their subsidiaries, affiliates, ultimate holding company and any subsidiaries or affiliates of such holding company.

CONFLICTS OF INTEREST BARCLAYS IS A FULL SERVICE INVESTMENT BANK. In the normal course of offering investment banking products and services to clients, Barclays may act in several capacities (including issuer, market maker and/or liquidity provider, underwriter, distributor, index sponsor, swap counterparty and calculation agent) simultaneously with respect to a product, giving rise to potential conflicts of interest which may impact the performance of a product.

NOT RESEARCH This document is from a Barclays Trading and/or Distribution desk and is not a product of the Barclays Research department. Any views expressed may differ from those of Barclays Research.

BARCLAYS POSITIONS Barclays may at any time acquire, hold or dispose of long or short positions (including hedging and trading positions) and trade or otherwise effect transactions for their own account or the account of their customers in the products referred to herein which may impact the performance of a product.

FOR INFORMATION ONLY THIS COMMUNICATION IS PROVIDED FOR INFORMATION PURPOSES ONLY AND IT IS SUBJECT TO CHANGE. IT IS INDICATIVE ONLY AND IS NOT BINDING.

NO OFFER Barclays is not offering to sell or seeking offers to buy any product or enter into any transaction. Any offer or entry into any transaction requires Barclays’ subsequent formal agreement which will be subject to internal approvals and execution of binding transaction documents.

NO LIABILITY Neither Barclays nor any of its directors, officers, employees, representatives or agents, accepts any liability whatsoever for any direct, indirect or consequential losses (in contract, tort or otherwise) arising from the use of this communication or its contents or reliance on the information contained herein, except to the extent this would be prohibited by law or regulation.

NO ADVICE Barclays is not acting in the capacity as a Fiduciary or as a Municipal Advisor. Barclays does not provide, and has not provided, any investment advice or personal recommendation to you in relation to the transaction and/or any related securities described herein and is not responsible for providing or arranging for the provision of any general financial, strategic or specialist advice, including legal, regulatory, accounting, model auditing or taxation advice or services or any other services in relation to the transaction and/or any related securities described herein. Accordingly, Barclays is under no obligation to, and shall not, determine the suitability for you of the transaction described herein. You must determine, on your own behalf or through independent professional advice, the merits, terms, conditions and risks of the transaction described herein.

THIRD PARTY INFORMATION Barclays is not responsible for information stated to be obtained or derived from third party sources or statistical services.

PAST & SIMULATED Any past or simulated past performance including back-testing, modelling or scenario analysis contained herein is no PAST PERFORMANCE indication as to future performance. No representation is made as to the accuracy of the assumptions made within, or completeness of, any modelling, scenario

analysis or back-testing.

OPINIONS SUBJECT TO CHANGE All opinions and estimates are given as of the date hereof and are subject to change. The value of any investment may also fluctuate as a result of market changes. Barclays is not obliged to inform the recipients of this communication of any change to such opinions or estimates.

NOT FOR RETAIL This document is being directed at persons who are professionals and is not intended for retail customer use.

IMPORTANT DISCLOSURES For important regional disclosures you must read, visit the link relevant to your region. Please contact your Barclays representative if you are unable to access.

Colony Capital Fundamental US Real Estate Index | 5

EMEA https://www.home.barclays/disclosures/important-emea-disclosures.html. APAC https://www.home.barclays/disclosures/important-apac-disclosures.html. U.S. https://www.home.barclays/disclosures/important-us-disclosures.html.

CONFIDENTIAL This communication is confidential and is for the benefit and internal use of the recipient for the purpose of considering the securities/transaction described herein, and no part of it may be reproduced, distributed or transmitted without the prior written permission of Barclays.

ABOUT BARCLAYS Barclays Bank PLC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority and is a member of the London Stock Exchange. Barclays Bank PLC is registered in England No. 1026167 with its registered office at 1 Churchill Place, London E14 5HP. In Canada, Barclays Capital Inc. relies on the International Dealer Exemption in various provinces to engage in securities trading with Institutional clients who qualify as Permitted Clients under National Instrument 31-103.

COPYRIGHT © Copyright Barclays 2019 (all rights reserved).

Important DisclosuresBINDA is a distinct function within Barclays Bank PLC. As the administration function providing Barclays’ indices, BINDA operates independently from Barclays Bank PLC’s sales, trading and structuring desks and investment managers. Notwithstanding the foregoing, potential conflicts of interest exist as a consequence of Barclays Bank PLC operating index administration alongside its other businesses.

Please note the following in relation to Barclays’ indices:

•   Barclays Bank PLC may act in multiple capacities with respect to a particular index including, but not limited to, functioning as index sponsor, index administrator, calculation agent, licensing agent, and/or publisher.

•   Sales, trading or structuring desks in Barclays Bank PLC may launch products linked to the performance of an index. These products are typically hedged by Barclays Bank PLC’s trading desks. In hedging an index, a trading desk may purchase or sell constituents of that index. These purchases or sales may affect the prices of the index constituents which could in turn affect the level of that index.

•   Barclays Bank PLC may establish investment funds that track an index or otherwise use an index for portfolio or asset allocation decisions.

Barclays Bank PLC has in place a control framework designed to avoid or otherwise appropriately manage conflicts of interest and ensure the independence of BINDA and the integrity of Barclays’ indices. Where permitted, and subject to appropriate restrictions, BINDA personnel interact with trading and structuring desk personnel regarding current market conditions and prices, although decisions made by BINDA are independent and not improperly influenced by trading and structuring desk personnel. Additional information about Barclays Bank PLC’s index administration control framework is available upon request to BINDA.

Any systematic investment strategies described herein may involve a high degree of risk, including without limitation market risk and other risks inherent in investing in securities, commodities, currencies, derivatives and other financial instruments. The value of and income from investments linked to such strategies may decline in value and loss of the original amount invested can occur.

Barclays regularly trades, generally deals as principal and generally provides liquidity (as market maker or otherwise) in the securities, commodities, currencies, derivatives and other financial instruments included in Barclays indices, as well as financial products linked to such indices. Barclays’ trading desks may have a long and/or short position in such securities, commodities, currencies, derivatives and index-linked products, which may pose a conflict with the interests of investing customers and/or index users. All levels, prices and spreads included herein are historical and do not represent current market levels, prices or spreads, some or all of which may have changed since the publication of this document.

Barclays has investment banking and other business relationships with many of the entities associated with instruments included in Barclays indices, which may result in potential conflicts of interest. Barclays may from time to time perform commercial, investment banking or other advisory services for such entities.

Barclays may also outsource a number of functions relating to the administration of the indices including the calculation and day to day management of the Barclays indices.

DisclaimerThis publication has been produced and distributed by Barclays to institutional and professional clients of Barclays Investment Bank and is not intended for retail investors. It is not intended to constitute “research” or a “recommendation” as those terms are defined by applicable regulations.

Indices are unmanaged and cannot be invested in directly. The development or creation of any product that uses, is based on, or is developed in connection with any Barclays index (each a “Product”) is prohibited without the prior written consent of Barclays.

Barclays is not acting as an investment adviser or fiduciary. This publication does not constitute personal investment advice, an investment recommendation or take into account the individual financial circumstances or objectives of any investor. The indices, securities, commodities, currencies, derivatives and other financial products discussed herein may not be suitable for all purposes or for all investors. Accordingly, recipients must independently determine, in consultation with their own advisors, whether any index or investment discussed herein is appropriate for their purposes.

The index data and other information (“Content”) referenced in this publication are considered reliable, but Barclays does not represent that the Content (including information obtained from third party sources) is accurate, complete or error free, and it should not be relied upon as such. The Content is provided for informational purposes only and is made available “as is”. Barclays does not guarantee the accuracy timeliness, reliability, performance, continued availability, completeness or currency of any Content and Barclays shall have no liability for any errors, omissions or interruptions therein. Any data on past performance, modelling or back-testing contained in the Content is no indication as to future performance. No representation is made as to the reasonableness

6 | Colony Capital Fundamental US Real Estate Index

Colony Capital Fundamental US Real Estate Index | 7

of the assumptions made within or the accuracy or completeness of any modelling or back-testing. Because of the possibility of human and mechanical errors as well as other factors, Barclays accepts no responsibility for any errors or omissions in the Content (including but not limited to the calculation or performance of any index). Barclays accepts no liability whatsoever for the accuracy, timeliness, reliability, performance, continued availability, completeness or currency of the Content, or for delays or omissions therein, or for interruptions in the delivery of any Content, or for any special, punitive, indirect, incidental or consequential losses arising from the use of or reliance on any content, even if advised of the possibility of such losses.

Index returns represent past performance and are not indicative of any specific investment. The Content is not intended to predict actual results, which may differ substantially from those reflected. Past performance is not necessarily indicative of future results.

Not all products or services mentioned are available in all jurisdictions. No offers, sales, resales, or delivery of any products or services described herein or any offering materials relating to any such products or services may be made in or from any jurisdiction except in circumstances which will result with compliance with any applicable laws and regulations and which will not impose any obligations on Barclays.

The investments to which it relates are available only to such persons and will be entered into only with such persons. Barclays Bank PLC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority and is a member of the London Stock Exchange.

The Investment Bank of Barclays Bank PLC undertakes U.S. securities business in the name of its wholly owned subsidiary Barclays Capital Inc., a FINRA and SIPC member. Barclays Capital Inc., a U.S. registered broker/dealer, is distributing this material in the United States and, in connection therewith accepts responsibility for its contents. Any U.S. person wishing to effect a transaction in any security discussed herein should do so only by contacting a representative of Barclays Capital Inc. in the U.S. at 745 Seventh Avenue, New York, New York 10019. Non-U.S. persons should contact and execute transactions through a Barclays Bank PLC branch or affiliate in their home jurisdiction unless local regulations permit otherwise.

© Copyright Barclays Bank PLC (2019). All rights reserved. No part of this publication may be reproduced or redistributed in any manner without the prior written permission of Barclays. Barclays Bank PLC is registered in England No. 1026167. Registered office 1 Churchill Place, London, E14 5HP. Additional information regarding this publication will be furnished upon request.

Barclays Bank PLC is the owner of the intellectual property and licensing rights relating to the Index. The Index is operated by Barclays Index Administration, an independent index administration function within Barclays Bank PLC. Barclays Bank PLC may terminate the appointment of, and replace, the Index Sponsor with a successor index sponsor. Following the termination of the appointment of the Index Sponsor, Barclays Bank PLC will publish an announcement of that termination and the identity of the successor index sponsor on www.barclays.com/indices (or any successor website) as soon as reasonably practicable.

Barclays does not guarantee the accuracy and/or completeness of any index described herein (each an “Index”) any data included therein, or any data from which it is based, and Barclays shall not have any liability for any errors, omissions, or interruptions therein. Barclays does not make any warranty, express or implied, as to the results to be obtained from the use of an Index. Barclays expressly disclaims all warranties of merchantability or fitness for a particular purpose or use with respect to an Index or any data included therein. Without limiting any of the foregoing, in no event shall Barclays have liability for any special, punitive, indirect or consequential damages, lost profits, loss of opportunity or other financial loss, even if notified of the possibility of such damages.

None of Barclays, any of its affiliates or subsidiaries nor any of its directors, officers, employees, representatives, delegates or agents shall have any responsibility to any person (whether as a result of negligence or otherwise) for any determination made or anything done (or omitted to be determined or done) in respect of an Index or publication of the levels of the Index and any use to which any person may put the Index or the levels of the Index. In addition, although Barclays reserves the right to make adjustments to correct previously incorrectly published information, including but not limited to the levels of the Index, Barclays is under no obligation to do so and Barclays shall have no liability in respect of any errors or omissions.

Barclays is the licensor of the Colony Capital Fundamental US Real Estate Index (the “Index”). Colony Capital is a trademark of Colony Capital QIS, LLC or its affiliates. Any investment product that utilises the Index is not sponsored, endorsed, sold, or promoted by Colony Capital QIS, LLC or any of its affiliates. Neither Colony Capital QIS, LLC nor any of its affiliates make any representation or warranty, express or implied, to the owners of any investment product that utilises the Index or any member of the public regarding the advisability of investing in securities generally or in any particular investment product or the ability of the Index to track market performance. Colony Capital QIS, LLC’s and its affiliates’ only relationship to any investment product that utilises the Index is through the sublicensing of certain rules incorporated in the Index and certain trademarks, service marks, and/or trade names owned by Colony Capital QIS, LLC or its affiliates. The Index is not determined, composed, or calculated by Colony Capital QIS, LLC or its affiliates. Colony Capital QIS, LLC and its affiliates have no obligation or liability in connection with the administration, marketing, or trading of any investment product that utilises the Index. There is no assurance that investment products based on the Index shall accurately track index performance or provide positive investment returns. Colony Capital QIS, LLC and its affiliates are not investment advisors with respect to investors in any investment product that utilises the Index. Inclusion of a security within an index is not a recommendation by Colony Capital QIS, LLC or its affiliates to buy, sell, or hold such security, nor is it considered to be investment advice.

NEITHER COLONY CAPITAL QIS, LLC NOR ITS AFFILIATES GUARANTEE THE ADEQUACY, ACCURACY, TIMELINESS, AND/OR COMPLETENESS OF THE INDEX, ANY DATA RELATED THERETO, OR ANY COMMUNICATIONS, INCLUDING BUT NOT LIMITED TO, ORAL, WRITTEN, OR ELECTRONIC COMMUNICATIONS WITH RESPECT THERETO AND SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS, OR DELAYS THEREIN. COLONY CAPITAL QIS, LLC AND ITS AFFILIATES MAKE NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIM ALL WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, OR USE, OR AS TO RESULTS TO BE OBTAINED BY ANY PARTICULAR INVESTMENT PRODUCT, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE INDEX OR WITH RESPECT TO ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT WHATSOEVER SHALL COLONY CAPITAL QIS, LLC OR ITS AFFILIATES BE LIABLE, WHETHER IN CONTRACT, TORT, STRICT LIABILITY, OR OTHERWISE, FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES OR FOR LOSS OF PROFITS, TRADING LOSSES, LOST TIME, OR GOODWILL, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.

Solactive AG is the calculation agent of the Index. The financial instrument is not sponsored, promoted, sold or supported in any other manner by Solactive AG nor does Solactive AG offer any express or implicit guarantee or assurance either with regard to the results of using the Index and/or Index trade mark or the Index Price at any time or in any other respect. The Index is calculated and published by Solactive AG. Solactive AG uses its best efforts to ensure that the Index is calculated correctly. Irrespective of its obligations towards the Issuer, Solactive AG has no obligation to point out errors in the Index to third parties including but not limited to investors and/or financial intermediaries of the financial instrument. Neither publication of the Index by Solactive AG nor the use of the Index or Index trade mark for the purpose of use in connection with the financial instrument constitutes a recommendation by Solactive AG to invest capital in said financial instrument nor does it in any way represent an assurance or opinion of Solactive AG with regard to any investment in this financial instrument

Nothing in any of the disclaimers set forth above will exclude or limit liability to the extent such exclusion or limitation is not permitted by law.

© Barclays Bank PLC 2019. All rights reserved.