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Colony Financial to Present at Two Upcoming Conferences

Los Angeles, CA, June 1, 2010/Business Wire/ – Colony Financial, Inc. (NYSE: CLNY) (the “Company”) today announced management will present at two upcoming investor conferences.

Richard Saltzman, the Company’s Chief Executive Officer, will present at the Keefe, Bruyette & Woods 2010 Diversified Financials Conference at 10:20 a.m. PT / 1:20 p.m. ET on June 3, 2010, at The St. Regis Hotel, New York. The presentation will be webcast live on the Internet in the Investor Relations section of the Company’s Web site at www.colonyfinancial.com. The webcast will also be archived and available on the Web site for 30 days. The presentation was previously scheduled to begin at 3:35 p.m. ET on the same day.

Mr. Saltzman and Darren Tangen, the Company’s Chief Financial Officer, will present at REITWeek 2010: NAREIT’s Investor Forum® at 3:45 p.m. CT on June 9, 2010, at the Hilton Chicago. The presentation will be webcast live on the Internet in the Investor Relations section of the Company’s Web site at www.colonyfinancial.com. The webcast will also be archived and available on the Web site for 90 days.

About Colony Financial, Inc.
Colony Financial is a real estate finance company that is focused primarily on acquiring, originating and managing commercial mortgage loans, which may be performing, sub-performing or non-performing loans (including loan-to-own strategies), other commercial real estate-related debt investments, CMBS, REO properties and other real estate-related assets. The Company intends to elect and qualify to be taxed as a real estate investment trust, or REIT, for U.S. federal income tax purposes. For more information, visit www.colonyfinancial.com.

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 the Company's control, that may cause actual results to differ significantly from those expressed in any forward-looking statement. Statements regarding the following subjects, among others, may be forward-looking and may impact the Company's expectations regarding its financial condition and results of operations: use of proceeds of the Company's initial public offering; business and investment strategy; projected operating results and expected yields from our investments; financing and advance rates for the Company's target assets; expected leverage; general volatility of the securities markets in which the Company invests; expected investments; expected co-investment allocations and related requirements; interest rate mismatches between the Company's assets and its borrowings used to fund such investments; changes in interest rates and the market value of the Company's assets; changes in prepayment rates on the Company's assets; effects of hedging instruments on the Company's assets; rates of default or decreased recovery rates on the Company's assets; the degree to which hedging strategies may or may not protect the Company from interest rate volatility; impact of changes in governmental regulations, tax law and rates, and similar matters; the Company's ability to maintain its qualification as a REIT for U.S. federal income tax purposes; the Company's ability to maintain its exemption from registration under the 1940 Act; availability of investment opportunities in mortgage-related and real estate-related investments and other securities; availability of qualified personnel; estimates relating to the Company's ability to make distributions to its stockholders in the future; the Company's understanding of its competition; and market trends in the Company's industry, interest rates, real estate values, the debt securities markets or the general economy.

All forward-looking statements reflect the Company's good faith beliefs, assumptions and expectations, but they are not guarantees of future performance.  Furthermore, the Company disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, of new information, data or methods, future events or other changes.  For a further discussion of these and other factors that could cause the Company's future results to differ materially from any forward-looking statements, see the section entitled "Risk Factors" in the Company's periodic reports filed from time to time with the Securities and Exchange Commission.

Investor Contact:
Colony Financial, Inc.
Darren Tangen
Chief Financial Officer
(310) 552-7230

Addo Communications, Inc.
Andrew Blazier
(310) 829-5400
andrewb@addocommunications.com

Media Contact:
Kristin Celauro
Owen Blicksilver P.R., Inc.
(732) 433-5200
kristin@blicksilverpr.com