CORRECTING and REPLACING Colony Financial to Participate at Citi’s 2013 Global Property CEO Conference

  CORRECTINGand REPLACINGColony Financial to Participate at Citi’s 2013
  Global Property CEO Conference

CORRECTION...by Colony Financial, Inc.

Business Wire

LOS ANGELES -- February 28, 2013

Title of the panel discussion in first paragraph, first sentence should read:
"Private Capital."

The corrected release reads:

COLONY FINANCIAL TO PARTICIPATE AT CITI’S 2013 GLOBAL PROPERTY CEO CONFERENCE

Colony Financial, Inc. (the "Company") (NYSE: CLNY) today announced that
Richard Saltzman, the Company's Chief Executive Officer, will be participating
in a panel discussion entitled, "Private Capital," on Tuesday, March 5, 2013,
at 12:10 p.m. ET at Citi's 2013 Global Property CEO Conference, at The Westin
Diplomat in Hollywood, FL.

Investors may listen to the live discussion by dialing 646-490-2858 (Passcode:
6227307509).

About Colony Financial, Inc.

Colony Financial, Inc. is a real estate finance and investment company that is
focused on acquiring, originating and managing a diversified portfolio of real
estate-related debt and equity investments, including single family homes to
be rented to tenants, at attractive risk-adjusted returns. Our investment
portfolio and target assets are primarily composed of interests in: (i)
secondary loans acquired at a discount to par; (ii) new originations; and
(iii) equity partnership interests in single family homes to be held for
investment and rented to tenants. Secondary debt purchases may include
performing, sub-performing or non-performing loans (including loan-to-own
strategies). The Company has elected to be taxed as a real estate investment
trust, or REIT, for U.S. federal income tax purposes. The Company is a
component of the Russell 2000® and the Russell 3000® indices.

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.

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 Annual Report on Form 10-K for the year ended December 31, 2011
filed with the Securities and Exchange Commission on March 9, 2012, the
Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2012
filed with the SEC on May 8, 2012, the Company's Quarterly Report on Form 10-Q
for the quarter ended June 30, 2012 filed with the SEC on August 9, 2012, the
Company's Quarterly Report on Form 10-Q for the quarter ended September 30,
2012 filed with the SEC on November 9, 2012, and other risks described in
documents subsequently filed by the Company from time to time with the SEC.

Contact:

Investor Contact:
Colony Financial, Inc.
Darren Tangen
Chief Operating Officer &
Chief Financial Officer
310-552-7230
or
Addo Communications, Inc.
Lasse Glassen, 310-829-5400
lasseg@addocommunications.com
or
Media Contact:
Owen Blicksilver P.R., Inc.
Caroline Luz, 203-656-2829
caroline@blicksilverpr.com