Commercial Portfolio Geographic Diversification <:: U.S. : bar label::> <::A choropleth map of the United States, with states colored in different shades to represent distinct regions. Hawaii and Alaska are included in the bottom left. The regions are: Dark Blue (Northeast): Maine, New Hampshire, Vermont, Massachusetts, Rhode Island, Connecticut, New York, New Jersey, Pennsylvania, Maryland, Delaware. Medium Blue (West): Washington, Oregon, California, Nevada, Idaho, Utah, Colorado, Arizona, Alaska, Hawaii. Teal (Midwest/Great Lakes): Minnesota, Wisconsin, Michigan, Illinois, Indiana, Ohio, Iowa. Light Green (Mid-Atlantic): Virginia, West Virginia. Purple (Southeast/South Central): Missouri, Kentucky, Tennessee, Arkansas, Louisiana, Mississippi, Alabama, Georgia, Florida, South Carolina, North Carolina. Gray (Central/Southwest): Montana, Wyoming, North Dakota, South Dakota, Nebraska, Kansas, Oklahoma, Texas, New Mexico. : map::>

Northeast	17	%
Southwest	17	%
West	14	%
Southeast	12	%
Mid-Atlantic	8	%
Midwest	3	%

<::International : figure::> Europe <::Map of Europe with the following countries highlighted in dark blue: United Kingdom, Ireland, Portugal, Spain, France, Belgium, Netherlands, Luxembourg, Germany, Denmark, Sweden, Finland, Estonia, Latvia, Lithuania, Poland, Czech Republic, Austria, Hungary, Slovenia, Italy, Greece. : map::> Australia <::A blue silhouette map of the continent of Australia. : map::>

Europe:
UK	9 %
Germany	4 %
Ireland	4 %
Other Europe	3 %
Australia	8 %
Bermuda	1 %

NOTE: Amounts are stated as a percentage of commercial loan portfolio STARWOOD PROPERTY TRUST 15