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06/30/1999

Starwood Financial Comments On Recent Market Price Fluctuations

NEW YORK – June 30, 1999 – In response to inquiries, Starwood Financial Trust (ASE: APT), the leading publicly traded finance company focused exclusively on the commercial real estate industry, has said that it believes the recent price fluctuations in the company’s Class A shares are the result of Starwood Financial’s increased relative weighting in certain equity indices. The company has approximately 52 million Class A shares outstanding, approximately 600,000 of which are held by nonaffiliates and are subject to active public trading on the American Stock Exchange.

Starwood Financial is the leading publicly traded finance company focused exclusively on the commercial real estate industry. The company, which is taxed as a real estate investment trust, provides specialized mortgage, mezzanine and lease financing through its proprietary origination, acquisition and servicing platform. The company’s mission is to maximize risk-adjusted returns on equity by providing innovative and value-added structured financing solutions to the real estate industry.

(Note: Statements in this press release which are not historical fact may be deemed forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Although Starwood Financial believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, the company can give no assurance that its expectations will be attained. Factors that could cause actual results to differ materially from Starwood Financial’s expectations include completion of pending investments, continued availability to originate new investments, the availability and cost of capital for future investments, competition within the real estate industry, real estate and economic conditions, and other risks detailed from time to time in Starwood Financial’s SEC reports.)

For more information on Starwood Financial Trust, via fax at no charge, please call 1-800-PRO-INFO and enter ticker symbol APT.

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