1 Hotel South Beach, Miami Starwood Opportunity Fund VIII and Starwood Hospitality Fund II TEAM Senior Executives Other Senior Professionals Acquisitions Asset Management and Portfolio Management Capital Markets Legal and Compliance Global Capital Raising and Investor Relations Operations Affiliates and Operating Companies Starwood Property Trust SH Hotels & Resorts Highmark Residential Starwood Real Estate Income Trust Starwood Energy Group Starwood Oil & Gas Starwood Capital is led by seasoned professionals who have successfully navigated all stages of the real estate investment cycle. The Firm’s executive committee has worked together for an average of 21 years, and possesses an average of 29 years of experience in the industry. We believe that our team collectively represents exceptional real estate talent. SENIOR EXECUTIVES Barry S. Sternlicht Chairman & CEO Starwood Capital Group Barry Sternlicht is Chairman & CEO of Starwood Capital Group, the private alternative investment firm he formed in 1991 that is focused on global real estate, hotel management, oil and gas, and energy infrastructure. Mr. Sternlicht also serves as Chairman of Starwood Property Trust (NYSE: STWD), a leading diversified finance company, as well as Senior Advisor of Invitation Homes (NYSE: INVH), the largest publicly traded investor, owner and operator of single-family homes in the U.S. For the past 30 years, Mr. Sternlicht has structured investments with an asset value of over $195B. Starwood Capital’s funds have invested in approximately 200,000 multifamily/condo units, 4,000 hotels, 99M SF of office properties, 56M SF of retail and 50,000 lots of land in residential subdivisions. The Firm currently manages approximately $100B of assets on behalf of its high net worth and institutional partners. Starwood Capital, its affiliates and externally managed public companies encompass ~4,000 employees. The Firm maintains offices in Arlington, Atlanta, Chicago, Dallas, Greenwich, Los Angeles, Miami, New York, San Francisco, and Washington, D.C., and affiliated offices in Amsterdam, Hong Kong, London, Luxembourg, Sydney and Tokyo. From 1995 through early 2005, Mr. Sternlicht was Chairman and CEO of Starwood Hotels & Resorts Worldwide, a company he founded in 1995. During his tenure, he built Starwood Hotels into one of the leading hotel and leisure companies in the world, employing more than 120,000 people with 895 properties in 100 countries. Mr. Sternlicht created W Hotels, perhaps the world’s most successful “boutique” brand, and built the St. Regis Hotels brand from a single hotel to a global brand. In 2008, Mr. Sternlicht founded SH Group, his new hotel management company. SH Group is the owner and manager of Baccarat Hotels & Resorts and 1 Hotels brands. In 2016, Mr. Sternlicht was the recipient of PERE’s inaugural Lifetime Achievement Award. In 2015, he was named the Global Industry Figure of the Year by PERE, received the Cornell Icon of the Industry Award and the Lifetime Achievement Award from the International Hotel Investment Forum. In 2013, Mr. Sternlicht was named the Most Important Person in Commercial Real Estate Finance by The Mortgage Observer. In 2010, Mr. Sternlicht was named Executive of the Year and Investor of the Year by Commercial Property Executive. Mr. Sternlicht was also named America’s Best Lodging CEO by Institutional Investor Magazine. He is a member of the Interior Design Magazine Hall of Fame. He has received the Preston Robert Tisch Distinguished Industry Leadership Award from New York University, the CEO Diversity Award from Diversity Best Practices/Business Women’s Network, the Lifetime Achievement Award from the Association of Travel Marketing Executives, the Hospitality Heritage Award from the American Hotel and Lodging Association, and the Marketer of the Year Award from Brandweek. Mr. Sternlicht’s humanitarian efforts have garnered prestigious national honors such as JDRF’s Man of the Year, JDRF’s Living and Giving Award and JDRF’s Chairman’s Award. Mr. Sternlicht serves on the Board of Directors of The Estée Lauder Companies and the Real Estate Roundtable. Additionally, he formerly served as Chairman of the Board and is currently a Board member of The Robin Hood Foundation, and also serves on the Boards of the Dreamland Film & Performing Arts Center, and the Executive Advisory Board of Americans for the Arts. He is a member of the U.S. Olympic and Paralympic Foundation Trustee Council, the World Presidents Organization and the Urban Land Institute. Barry Sternlicht received his BA, magna cum laude, with honors from Brown University. He later earned an MBA with distinction from Harvard Business School. Jeffrey G. Dishner Senior Managing Director and Global Head of Real Estate Acquisitions Starwood Capital Group Jeffrey G. Dishner is a Senior Managing Director at Starwood Capital Group, where he is responsible for overseeing the Firm’s acquisition efforts on a worldwide basis. In this role, Mr. Dishner assists the team in originating, structuring, underwriting and closing investments in all property types. He has also helped drive Starwood Capital’s ongoing expansion of operations in Europe, as compelling investment opportunities in the region continue to increase. Reflecting the success of this effort, Starwood Capital in 2013 was named European Firm of the Year by leading industry publication PERE. Mr. Dishner is a member of Starwood’s Executive and Investment Committees and also serves on the Investment Committee and board of trustees of Starwood Property Trust (NYSE: STWD), an affiliate of Starwood Capital that is the largest commercial mortgage REIT in the U.S. Prior to joining Starwood Capital in 1994, Mr. Dishner worked in the commercial mortgage finance group at J.P. Morgan & Co., where he focused on whole-loan dispositions and securitizations for various thrift institutions. Before that, Mr. Dishner was a member of the acquisitions group at JMB Realty. Mr. Dishner received a B.S. degree in economics from the Wharton School of Finance at the University of Pennsylvania and an MBA from Dartmouth College’s Amos Tuck School, where he serves on the Advisory Board. Christopher D. Graham Senior Managing Director and Head of Real Estate Acquisitions for the Americas Starwood Capital Group Christopher Graham is a Senior Managing Director at Starwood Capital Group, where he supervises the Firm’s investments in the Americas. In this role, Mr. Graham is responsible for originating, structuring, underwriting and closing investments in all property types. He is a member of Starwood’s Executive and Investment Committees. Prior to joining Starwood Capital in 2002, Mr. Graham worked at CB Richard Ellis in Washington, D.C., where he was Director of the financial consulting group for the Eastern Region of the U.S. Mr. Graham was previously Associate Director, Eastern Region, of CB Richard Ellis’ investment properties group. Mr. Graham received a BBA degree in finance from James Madison University and an MBA from Harvard Business School. Jennifer A. Barbetta Senior Managing Director and Chief Operating Officer Starwood Capital Group Jennifer Barbetta is a Senior Managing Director and Chief Operating Officer at Starwood Capital Group, where she is responsible for overseeing the day-to-day management and operations of the firm, its operating companies and its global offices. In this role, she partners with Starwood’s senior leaders to evaluate and pursue corporate development opportunities, oversee the firm’s financial functions and guide many of Starwood’s non-investment functions. She is a member of Starwood’s Executive and Investment Committees. Prior to joining Starwood, Ms. Barbetta was a Partner and Managing Director at Goldman Sachs. She spent more than 23 years at Goldman Sachs in various roles within Goldman Sachs Asset Management. Most recently, she helped lead the firm’s Global Portfolio Solutions Group, the multi-asset class products and solutions business. She previously served as Chief Operating Officer and Global Head of Strategic Client Service of Goldman Sachs Asset Management and prior to that, spent 15 years in their Alternative Investments business. Ms. Barbetta received a B.S. in Finance from Villanova University. She serves on the Dean’s Advisory Council for the Villanova School of Business and the Emeritus Board of the Point Foundation. Ellis F. Rinaldi Senior Managing Director and Co-General Counsel Starwood Capital Group Ellis Rinaldi is a Senior Managing Director and Co-General Counsel at Starwood Capital Group. Mr. Rinaldi has represented Starwood Capital’s legal interests since 1991, and is actively involved in all the legal aspects of the Firm’s business, including acquisitions, financing, asset management and strategic planning. Mr. Rinaldi became an officer of Starwood Capital in 1999 and is a member of Starwood’s Executive Committee. Mr. Rinaldi was an associate at the law firm of Winthrop, Stimson, Putnam & Roberts and then Pircher, Nichols & Meeks, prior to forming Rinaldi, Finkelstein & Franklin, L.L.C., Starwood Capital’s lead outside counsel. Mr. Rinaldi is the managing member of RFF. Mr. Rinaldi received his J.D. from George Washington University, where he was a member of the GW Law Review, and his BBA degree, summa cum laude, in accounting from the University of Massachusetts at Amherst, Honors Program. Madison F. Grose Senior Managing Director and Co-General Counsel Starwood Capital Group Madison Grose is a Senior Managing Director and Co-General Counsel of Starwood Capital Group. In addition, he serves as Vice Chairman, General Counsel and a Senior Managing Director of Starwood Energy Group, an affiliate of Starwood Capital Group that specializes in energy infrastructure investments. Mr. Grose has served as General Counsel or Co-General Counsel of Starwood Capital Group since 1992, as a Trustee or Director of Starwood Hotels & Resorts Worldwide (formerly NYSE: HOT, since merged with Marriott Hotels) from 1994 until 2001, and as a Director of iStar Financial (NYSE: STAR), from 1999 until 2003. Prior to joining Starwood Capital in 1992, Mr. Grose was a Senior and Founding Partner with Pircher, Nichols & Meeks, a law firm specializing in complex real estate-related transactions. Mr. Grose received a B.A. degree with distinction and highest departmental honors from Stanford University, and a J.D. from UCLA School of Law, where he served as Chief Comment Editor of the UCLA Law Review. Mark Deason Managing Director, Head of Non-Hotel Asset Management, Americas Starwood Capital Group Mark Deason is a Managing Director, Head of Non-Hotel Asset Management, Americas at Starwood Capital Group. In this role, Mr. Deason is responsible for overseeing the asset management of all assets, as well as the Firm’s development function in the U.S. While at Starwood Capital, Mr. Deason has participated in investments throughout the capital structure, including commercial, hospitality and residential acquisitions and developments. He is a member of Starwood’s Executive and Investment Committees. Prior to joining Starwood Capital in 2003, Mr. Deason worked for Merrill Lynch in the firm’s real estate investment banking group, assisting West Coast real estate, hospitality and gaming companies with a range of capital origination and M&A activities. Mr. Deason received a B.A. degree in business economics with a minor in accounting from the University of California, Los Angeles. He is a policy board member at the Fisher Center for Real Estate and Urban Economics, and is a member of the Milken Institute and the Urban Land Institute. Cody Bradshaw Managing Director, Global Head of Hotel Asset Management Starwood Capital Group Cody Bradshaw is a Managing Director and Global Head of Hotel Asset Management at Starwood Capital Group. In this role, he oversees the Firm’s hospitality investments across North America, Europe and Asia Pacific. Previously, Mr. Bradshaw led the firm’s hospitality acquisition activities across Europe and Asia Pacific in addition to overseeing the asset management function. He is a member of Starwood’s Investment Committee. Prior to joining Starwood Capital in 2011, Mr. Bradshaw served as VP of Acquisitions at Pebblebrook Hotel Trust (NYSE: PEB). Before that, he was the first employee of the Chartres Lodging Group, where he played an integral role in growing the firm over a seven-year period. Mr. Bradshaw began his career at Hyatt Development Corp. Mr. Bradshaw co-created the Certified Hotel Asset Manager professional designation program, which launched in 2012, and is the Co-Founder and past-President of the Hospitality Asset Managers Association of Europe. He is also a member of the International Hotel Investment Council. Mr. Bradshaw received a B.S. degree from Cornell University. Kevin Lee Managing Director and Head of Real Estate, Asia Starwood Capital Group Kevin Lee is a Managing Director and Head of Real Estate, Asia, at Starwood Capital Group. Mr. Lee is responsible for the Firm’s real estate investments and real estate asset management across Asia. He is a member of Starwood’s Investment Committee. Previously, Mr. Lee was a Managing Director at Lone Star Funds, where he led its Pan Asia commercial real estate origination efforts, with focus in the China NPL sector. Mr. Lee was instrumental in building out the China NPL platform, leading Lone Star to be one of the most active foreign investors in the China NPL sector. Mr. Lee has also worked as Portfolio Manager for the Real Estate Department of Abu Dhabi Investment Authority. In this role, Mr. Lee was responsible for sourcing investment opportunities, executing business plans and dispositions, overseeing transactions over $3 billion. Mr. Lee began his real estate career at Starwood Capital on the Asset Management team out of the San Francisco office. Mr. Lee received a B.A. degree in Business Economics, Magna Cum Laude with highest departmental honor, from University of California, Los Angeles. Michael Lefton Managing Director, Global Head of Capital Raising and Investor Relations Starwood Capital Group Michael Lefton is a Managing Director and Global Head of Starwood’s Capital Raising and Investor Relations Group. In this role, he is responsible for raising capital globally on behalf of the Firm’s private investment funds and co-investments. He is a member of Starwood’s Investment Committee. Prior to this role, Mr. Lefton served as a Managing Director on the team where he was responsible for targeted regions and investors since 2017. From 2015 to 2017, Mr. Lefton was a Managing Director on the investment team at Cadre, a real estate technology platform, and also served on the company’s investment committee. Prior to that, Mr. Lefton held a variety of roles at Starwood from 2004–15 including as a Vice President on the Firm’s Acquisitions team, where he executed both equity and debt acquisitions through various vehicles, including multifamily, condominium, mixed use and hospitality investments across geographic regions. Mr. Lefton received a B.S. in economics from the Wharton School at the University of Pennsylvania. He is Co-chair of the PREA Rising Leaders Committee. Duncan MacPherson Managing Director, Head of Capital Markets, International Starwood Capital Group Duncan MacPherson is a Managing Director, Head of Capital Markets, International for Starwood Capital Group. In this role, Mr. MacPherson is responsible for all debt capital markets activities for Starwood Capital in Europe, including financing, foreign exchange and interest rate hedging for the Firm’s European investments. He is a member of Starwood’s Investment Committee. Prior to joining Starwood Capital in 2012, Mr. MacPherson spent six years at Citigroup, where he served as a Director on the commercial real estate finance team in London. Before that, he held a number of roles at Barclays Capital, including trading bond options on the exotic interest rate derivatives desk, and developing real-timing pricing and risk systems for the firm’s electronic trading platform. Mr. MacPherson received a B.S. degree in physics from the University of Edinburgh and an M.S. in information technology systems from the University of Strathclyde. Austin Nowlin Managing Director and Head of Capital Markets for the Americas Starwood Capital Group Austin Nowlin is a Managing Director and Head of Capital Markets for the Americas at Starwood Capital Group. In this role, he is responsible for all debt capital market activities for the Firm’s investments in the Americas, including, the origination, structuring, and execution of asset-level and fund/corporate-level financing activity. Since joining the Firm in 2011, Mr. Nowlin has completed financings across all asset and product types, including revolving credit facilities, domestic and foreign balance sheet loans, construction financing, fixed and floating rate commercial mortgage-backed securities, preferred and mezzanine financing. He is a member of the Investment Committee at Starwood Capital and a member of the Investment Committee at Starwood Property Trust. Prior to joining Starwood Capital, Mr. Nowlin worked at Wells Fargo and its predecessor, Wachovia Securities, in leveraged finance. He began his career at Raymond James, where he focused on making equity investments in multifamily assets. Mr. Nowlin received a B.A. degree in economics from Florida State University. Laura M. Rubin Managing Director and Head of Portfolio Management Starwood Capital Group Laura Mestel Rubin is a Managing Director and Head of Portfolio Management at Starwood Capital Group, with responsibility for overseeing and reporting on the Firm’s real estate opportunity funds. She is a member of Starwood’s Investment Committee. Prior to joining Starwood Capital in 2002, Ms. Rubin was a Vice President in Goldman Sachs & Co.’s real estate investment banking division, where she worked on both principal and brokerage transactions. She also worked at JMB Realty and Urban Development Corp. in Chicago in the mid-1980s. Ms. Rubin received a B.S. degree, summa cum laude, in economics from the Wharton School at the University of Pennsylvania and an MBA from the Kellogg School of Management at Northwestern University. Jerome C. Silvey Vice Chairman Starwood Capital Group Jerome Silvey is Vice Chairman at Starwood Capital Group. Mr. Silvey joined Starwood Capital in 1993 and has had many responsibilities at the Firm including overseeing all of the Firm’s investor relations, debt financing, equity fundraising, treasury operations, investor reporting, and tax planning and compliance. In his current role, he focuses on certain fund-related activities and in assisting with the Firm’s Strategic Planning. Prior to joining Starwood Capital, Mr. Silvey worked for 13 years with Price Waterhouse. Mr. Silvey received a B.A. degree in mathematical economics from Colgate University in Hamilton, NY, and an MBA from Rutgers Graduate School of Management. He is the Chairman of the Board of Directors of the Fisher Island Club and was the Chairman (and remains a member) of the NCREIF/PREA Reporting Standards Board.