Commercial Portfolio Geographic Diversification


U.S.


<figure type="DIAGRAM">

<description>This is a choropleth map of the United States, displaying a color-coded regional categorization of states. The states are grouped into distinct geographic regions using different solid colors: dark blue, medium blue, light gray, teal/green, light green, dark purple, and a dark gray/brown color. The map includes the contiguous United States, as well as Hawaii, which is color-coded in dark blue. The map does not contain any text labels for states or a legend, but uses color saturation and hue to delineate groupings of states across the country.</description></figure>

<table>
<tr><td>Northeast</td><td>17</td><td>%</td></tr>
<tr><td>Southwest</td><td>17</td><td>%</td></tr>
<tr><td>West</td><td>14</td><td>%</td></tr>
<tr><td>Southeast</td><td>12</td><td>%</td></tr>
<tr><td>Mid-Atlantic</td><td>8</td><td>%</td></tr>
<tr><td>Midwest</td><td>3</td><td>%</td></tr>
</table>

International


<figure type="DIAGRAM">Europe



<description>A map of Europe displayed on a light gray background. A dark blue title box at the top reads "Europe". The map highlights specific countries in dark blue against the rest of the continent, which is rendered in light gray. The highlighted countries include Sweden in the north, the United Kingdom, Germany, Czech Republic, Austria, Italy, and Spain. The map illustrates a geographical distribution of selected European nations.</description></figure>

<figure type="DIAGRAM">Australia



<description>The image consists of two parts. At the top, there is a blue rectangular banner containing the white text "Australia" centered in sans-serif font. Below this banner is a solid, flat blue silhouette map of the Australian continent, oriented in its standard geographical position.</description></figure>

<table>
<tr><td>Europe:</td><td></td></tr>
<tr><td>UK</td><td>9 %</td></tr>
<tr><td>Germany</td><td>4 %</td></tr>
<tr><td>Ireland</td><td>4 %</td></tr>
<tr><td>Other Europe</td><td>3 %</td></tr>
<tr><td>Australia</td><td>8 %</td></tr>
<tr><td>Bermuda</td><td>1 %</td></tr>
</table>

**NOTE:** Amounts are stated as a percentage of commercial loan portfolio


STARWOOD PROPERTY TRUST


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