Colony Announces Landmark Privatization of Tamoil and Oilinvest

Today, a historic agreement was signed between the Libyan
government and affiliates of Colony Capital, LLC in which Colonyoil
Co. LLC has agreed to acquire Tamoil and Oilinvest, one
of Europe's largest international oil refining and distribution
companies. The agreement was made between Deputy Prime Minister His
Excellency Dr. A. M. Zlitni and Thomas J. Barrack, Jr., Chairman of
Colony, at a gross enterprise value of 4 billion Euros. The Libyan
government will retain a 35% interest in the ongoing company.

The transaction has proceeded under the stewardship of Dr. Shokri
M. Ghanem, Chairman of the National Oil Corporation.

Tamoil owns and operates over 3,000 service stations in Europe, is
a market leader in Italy and has oil refineries in Italy, Switzerland,
Spain, and Germany.

About Colony Capital

Founded in 1991 by Chairman and Chief Executive Officer Thomas J.
Barrack Jr., Colony is a private, international investment firm
focusing primarily on real estate-related assets, securities and
operating companies. The firm has invested approximately $28 billion
in over 8,400 assets through various corporate, portfolio and complex
property transactions. Colony has a staff of more than 160 and is
headquartered in Los Angeles, with offices in New York, Boston,
Hawaii, London, Madrid, Paris, Rome, Beirut, Hong Kong, Seoul,
Shanghai, Taipei, and Tokyo. For more information visit
www.colonyinc.com.