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Environmental, Social and Governance (ESG) Policy 2 ENVIRONMENTAL, SOCIAL and GOVERNANCE (ESG) POLICY

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Environmental, Social and Governance (ESG) Policy 2 ENVIRONMENTAL, SOCIAL and GOVERNANCE (ESG) POLICY Environmental, Social and Governance (ESG) Policy 2 ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) POLICY 1 HOTEL WEST HOLLYWOOD WEST HOLLYWOOD, CA INTRODUCTION 3 The purpose of this Policy is to set out the environmental, social and governance (ESG) principles that we take into account in the course of operating our company, evaluating investments and managing assets for the funds that we sponsor. We believe that good governance practices and responsible corporate behavior contribute to the long-term success of companies, and are critical to well-functioning markets. We also believe that strong corporate governance helps reduce investment risk and ensures that investor capital is used effectively. The following reflects the principles that guide us and the goals that we strive to achieve. 4 ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) POLICY ENVIRONMENTAL As a core philosophy, Starwood Capital Group is committed to responsible investing through environmental sustainability, as well as responsible community development. The commitment to environmentally responsible investments starts with our acquisition team. Starwood Capital Group conducts rigorous reviews before acquiring properties to ensure clean environmental backgrounds. Starwood Capital Group’s Investment Committee reviews the due diligence performed by our in-house acquisitions team, and our legal team works with transaction counsel, local counsel and third parties (environmental consultants, architects, etc.) to identify any potential environmental issues and request additional due diligence when necessary. At Starwood Capital Group, we do not just look at real estate as it is today—we see it as it could be. This philosophy extends to our approach to environmentally responsible investing. Instead of accepting the status quo that says conservation is a secondary concern when managing property, we are committed to setting a new standard for the private equity industry. SUPPORT SUSTAINABLE OFFICES AND RESIDENTIAL PROPERTIES Starwood Capital Group’s eco-conscious approach to investing includes office and residential properties around the world. Since our inception in 1991, a number of assets owned by the Firm and its affiliates have garnered recognition for their environmentally friendly design and operations, including but not limited to: THE VISIONAIRE, NEW YORK, NY ONE UNION STATION, DENVER, CO T-MOBILE OFFICE PARK, Manhattan’s first Platinum LEED Gold WARSAW, POLAND LEED-certified condominium project Poland’s first building to earn THE COLONNADE, MINNEAPOLIS, MN BREEAM Excellent 400 CAPITOL MALL, LEED Gold SACRAMENTO, CA ST VINCENT PLAZA, LEED Platinum PCT OFFICE CAMPUS, LOS ANGELES, CA GLASGOW, SCOTLAND LEED Gold BREEAM Excellent SEAMARK BUILDING (ELM PARK) DUBLIN, IRELAND WELLS FARGO CENTER, SOUTH BANK CENTRAL, LEED Platinum MINNEAPOLIS, MN LONDON, ENGLAND LEED Gold BREEAM Excellent ENERGY PARK, MILAN, ITALY LEED Platinum ROUTE 128 OFFICE CAMPUS, ST LEONARDS, SYDNEY, AUSTRALIA BOSTON, MA NABERS 5 MILLENIA LAKES, ORLANDO, FL LEED Gold LEED Gold ZENITH, SYDNEY, AUSTRALIA JEFFERSON MARKETPLACE, NABERS 5 WASHINGTON, D.C. LEED Silver ENVIRONMENTAL 5 ENERGY PARK, MILAN, ITALY T-MOBILE OFFICE PARK, WARSAW, POLAND ONE UNION STATION, DENVER, CO THE VISIONAIRE, NEW YORK, NY Our goal is to obtain Energy Star Certification (score of 75 or greater) for all U.S. office buildings, if we can do so cost effectively. We also plan to conduct high-level energy audits for the entire U.S. office portfolio. For our European portfolio, our goal is to obtain LEED or BREEAM certifications for our office refurbishments and redevelopments, if we can do so cost effectively. We also plan to conduct high-level energy audits on targeted parts of our European office portfolio. PCT OFFICE CAMPUS LOS ANGELES, CA ST VINCENT PLAZA, GLASGOW, SCOTLAND SEAMARK BUILDING (ELM PARK), ST LEONARDS, SYDNEY, AUSTRALIA DUBLIN, IRELAND 6 ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) POLICY INDUSTRY LEADER IN ENVIRONMENTALLY CONSCIOUS HOSPITALITY Nowhere is the Firm’s commitment more apparent than 1 Hotels. Operated by Starwood Capital Group affiliate SH Hotels & Resorts, this luxury lifestyle brand represents hospitality with a purpose: To capture the beauty of nature while being a platform for change for the luxury traveler. As a mission-driven luxury lifestyle hotel brand inspired by nature, 1 Hotels cultivates the best of sustainable design and architecture, together with extraordinary comfort and an unrivaled level of service. We are inspired by a simple idea that those who travel the world also care about it. 1 Hotels upholds this vision by channeling nature through design and culinary partnerships, while connecting with the local community and taking sustainable steps to make a difference. All 1 Hotels are designed to meet the stringent requirements of LEEDv4 Silver-level certification (or local equivalent), the rating system administered by the U.S. Green Building Council that is the industry standard to evaluate building performance. The daily operation of each 1 Hotel is carefully planned to minimize the property’s carbon footprint by minimizing energy use, leveraging local resources, conserving non-renewable materials, minimizing plastic/paper consumption and reducing landfill waste. 1 HOTEL BROOKLYN BRIDGE, BROOKLYN, NY ENVIRONMENTAL 7 Sustainability keystones are the foundation on which we base all our design, construction and operational decisions. From there, we bolster our brand through the application of Evergreen Standards, including: THE FUNDAMENTAL START MATERIAL RE-USE AND • Sick Building Assessment WASTE MANAGEMENT • Solar Generation and Water • Locally Sourced Building Materials and Reclamation Feasibility Study Furniture (20%, 500 Miles) • Local Community and Ecology Report • Organic Waste Digester • Biophilic Design Assessment • In-Room and BOH Waste Sorting (Landfill, Recycling, Organic Waste) SITE DESIGN AND BUILDING PLANNING CLEAN WATER • Daylighting Design • Base-Building Water Filtration System • Light Pollution Reduction • On-Floor distribution • Cool Roof • Water Bottle Filling Stations in Public IN-ROOM WATER FILTRATION SYSTEM 1 HOTEL BROOKLYN BRIDGE, BROOKLYN, NY • On-Site Garden or Farm Areas • Access to Electric Car Charging CLEAN, FRESH AIR Stations In operations, we aim to reduce • Minimum Indoor Air Quality • Green-E Certified Fleet Performance single-use items throughout the properties, from reducing dependency WATER MANAGEMENT • Construction Air Quality Management Plan • Efficient Irrigation System and on paper to not utilizing single-use Indigenous Landscaping • Low-Emitting Materials plastic. This includes a paperless • Efficient/Low-Flow Plumbing Fixtures • Indoor Air Quality (IAQ) Monitoring approach to the guest experience that • Cooling Tower Management • Carbon Dioxide Monitoring includes electronic check-in, bedside • Building Level Water Metering • Minimum Efficiencyeporting R Value chalkboards instead of notepads, and (MERV) Filtration Media the 1 Hotels app that provides personal ENERGY MANAGEMENT • Operable Guestroom Windows devices with pre-loaded newspapers • Guestroom Energy Management • Minimum Acoustical Performance Controls and magazines. • Automated Public Area Controls with PERFORMANCE IMPROVEMENT Building • Environmental Monitoring Platform 1 Hotels’ philosophy regarding its • Annual Sustainability Capital culinary offerings is: “Ingredients MANAGEMENT SYSTEMS (BMS) Expenditure Plan first.” The company has partnered with INTEGRATION • Annual Property Assessment celebrated chefs united by a common • Building Management System • Ongoing Commissioning Plan • Fundamental Systems Commissioning • Preventative Maintenance Plan focus on ingredients, seasonality and Verification and responsible sourcing from local • Enhanced Energy Performance purveyors. In addition, farm stands Modeling located in the lobby of each hotel • Building Level Energy Metering offer snacks from local farmers and • Maximum Lighting Levels suppliers. • Variable Speed Drives on Mechanical Systems 8 ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) POLICY 1 HOTEL SOUTH BEACH, MIAMI BEACH, FL 1 Hotels launched in March 2015 with the opening of 1 Hotel & Homes South Beach in Miami, Florida, on the site of the former Gansevoort Miami South Beach. Situated on 600 feet of pristine beachfront property, the resort benefited from a comprehensive refurbishment ensuring that nature is omnipresent—from the graceful twist of driftwood furnishings to the soothing sounds of the ocean and abundance of living materials. A NEW 1 HOTEL IS COMING TO KAUAI’S NORTH SHORE • Performing a deep energy retrofit and redesigning the central plant, while reducing the embodied carbon of the project through re-use of an existing building • Rainwater capture and greywater re-use, with a water feature cascading down the property site • Restoring turf grass to natural landscaping • Reestablishing a native Hawaiian fish pond through coordination with the local community • Open-air lobby and common-area experience, decreasing need for mechanical ventilation • Destination spa experience with associated wellness 1 HOTEL HANALEI BAY, KAUAI, HI rooms ENVIRONMENTAL 9 ENVIRONMENTAL AWARENESS EXTENDS TO HOSPITALITY PROPERTIES GLOBALLY Starwood Capital’s commitment to sustainable hotel TREEHOUSE LONDON, LONDON, ENGLAND operations has not been confined to 1 Hotels. In June 2019, Starwood Capital Group announced a new hotel brand, Treehouse Hotels, which will also embrace sustainability practices throughout its portfolio. 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