Garett Rosenblum - 20 Mar 2023 Form 4 Insider Report for ISTAR INC. (SAFE)

Footnote F1

On March 31, 2023, the merger (the "Merger") of Safehold Inc. ("Safe") with and into iStar Inc. ("iStar") closed, with iStar Inc. surviving the Merger and changing its name to Safehold Inc. ("New SAFE"; NYSE: SAFE). In the Merger and related transactions, (1) each outstanding share of common stock of Safe was converted into one share of common stock of New SAFE, and (2) each outstanding share of common stock of iStar was reverse split and converted into 0.160 of a share of common stock of New SAFE. The amount of securities beneficially owned following the reported transactions represents the shares of New SAFE common stock owned on March 31, 2023, the Merger closing date.

Footnote F2

Retention Bonus: On March 31, 2023, in connection with the Merger, the Reporting Person was granted a retention bonus of 11,500 shares of common stock of Safe. After deducting shares for applicable tax withholding, the Reporting Person received 5,141 shares of common stock of Safe, which as described above were converted into one share of common stock of New SAFE in the merger and are reported on an as-converted basis in amounts of New SAFE shares.

Footnote F3

iPIP: The Reporting Person was issued 27,277 shares of common stock of Safe on March 20, 2023, subject to stop transfer restrictions, in connection with termination of the iStar Inc. Performance Incentive Plan ("iPIP") and distributions made to iPIP participants pursuant to the Merger. After deducting shares for applicable tax withholding, the Reporting Person received 21,370 shares of common stock of Safe, which as described above were converted into shares of common stock of New SAFE pursuant to the Merger and are reported on an as-converted basis in amounts of New SAFE shares.

Footnote F4

New SAFE RSUs: The Reporting Person has been granted 60,105 restricted stock units (Units), representing the right to receive an equivalent number of shares of common stock of New SAFE (net of applicable taxes and other withholdings) if and when the Units vest. The Units will vest proportionately over four years in annual installments , subject to the Reporting Person's continuing employment through each vesting date.

Footnote F5

Accelerated RSUs: On March 31, 2023, in connection with the Merger, the Reporting Person was issued 26,468 shares of common stock of iStar upon the accelerated vesting of awards of restricted stock units. After deducting shares for applicable tax withholding, the Reporting Person received 11,382 shares of common stock of iStar, which as described above were reverse split and converted into 0.160 of a share of common stock of New SAFE and are reported on an as-converted basis in amounts of New SAFE shares.

Footnote F6

Special Dividend on Accelerated RSUs: On March 31, 2023, in connection with the Merger, the Reporting Person was issued 2,027 shares of common stock of Safe as an accrued special dividend on the iStar shares issued upon the accelerated vesting of restricted stock units. After deducting shares for applicable tax withholding, the Reporting Person received 907 shares of common stock of Safe, which as described above were converted into one share of common stock of New SAFE in the merger and are reported on an as-converted basis in amounts of New SAFE shares.