To the best of their knowledge, the Directors of Starwood European Real Estate Finance Limited confirm that: 1. The Unaudited Condensed Consolidated Financial Statements have been prepared in accordance with IAS 34,"Interim Financial Reporting" as adopted by the European Union as required by DTR 4.2.4 R; and 2. The Interim Financial Report, comprising of the Chairman's Statement, the Investment Manager's Report andthe Principal Risks, meets the requirements of an interim management report and includes a fair review ofinformation required by:i. DTR 4.2.7R of the UK Disclosure and Transparency Rules, being an indication of important events thathave occurred during the first six months and their impact on the Unaudited Condensed Consolidated FinancialStatements, and a description of the principal risks and uncertainties for the remaining six months; and ii. DTR 4.2.8R of the UK Disclosure and Transparency Rules, being related party transactions that havetaken place in the first six months and that have materially affected the financial position or performance ofthe Company during that period, and any material changes in the related party transactions disclosed in thelast Annual Report.

By order of the Board

For Starwood European Real Estate Finance Limited 


Stephen Smith    John Whittle 
Chairman         Director 
6 September 2021 6 September 2021

Interim Financial Statements

Independent Review Report to Starwood European Real Estate Finance Limited

Report on the unaudited condensed consolidated financial statements

OUR CONCLUSION

We have reviewed Starwood European Real Estate Finance Limited's unaudited condensed consolidated financial statements (the "interim financial statements") in the Interim Financial Report and Unaudited Condensed Consolidated Financial Statements (the "Interim Report") of Starwood European Real Estate Finance Limited for the 6-month period ended 30 June 2021. Based on our review, nothing has come to our attention that causes us to believe that the interim financial statements are not prepared, in all material respects, in accordance with International Accounting Standard 34, 'Interim Financial Reporting', as adopted by the European Union and the Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom's Financial Conduct Authority.

WHAT WE HAVE REVIEWED

The interim financial statements comprise:

-- the unaudited condensed consolidated statement of financial position as at 30 June 2021;

-- the unaudited condensed consolidated statement of comprehensive income for the period then ended;

-- the unaudited condensed consolidated statement of cash flows for the period then ended;

-- the unaudited condensed consolidated statement of changes in equity for the period then ended; and

-- the explanatory notes to the interim financial statements.

The interim financial statements included in the Interim Report have been prepared in accordance with International Accounting Standard 34, 'Interim Financial Reporting', as adopted by the European Union and the Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom's Financial Conduct Authority.

As disclosed in note 2 to the interim financial statements, the financial reporting framework that has been applied in the preparation of the full annual financial statements of the Group is The Companies (Guernsey) Law, 2008 and International Financial Reporting Standards (IFRSs) as adopted by the European Union.

RESPONSIBILITIES FOR THE INTERIM FINANCIAL STATEMENTS AND THE REVIEW

OUR RESPONSIBILITIES AND THOSE OF THE DIRECTORS

The Interim Report, including the interim financial statements, is the responsibility of, and has been approved by, the directors. The directors are responsible for preparing the Interim Report in accordance with International Accounting Standard 34, 'Interim Financial Reporting', as adopted by the European Union and the Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom's Financial Conduct Authority.

Our responsibility is to express a conclusion on the interim financial statements in the Interim Report based on our review. This report, including the conclusion, has been prepared for and only for the Company for the purpose of complying with the Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom's Financial Conduct Authority and for no other purpose. We do not, in giving this conclusion, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.

WHAT A REVIEW OF INTERIM FINANCIAL STATEMENTS INVOLVES

We conducted our review in accordance with International Standard on Review Engagements 2410, 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity' issued by the International Auditing and Assurance Standards Board. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures.

A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and, consequently, does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

We have read the other information contained in the Interim Report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the interim financial statements.

PricewaterhouseCoopers CI LLP

Chartered Accountants,

Guernsey, Channel Islands

6 September 2021 a. The maintenance and integrity of the Starwood European Real Estate Finance Limited website is theresponsibility of the directors; the work carried out by the auditors does not involve consideration of thesematters and, accordingly, the auditors accept no responsibility for any changes that may have occurred to thefinancial statements since they were initially presented on the website. b. Legislation in Guernsey governing the preparation and dissemination of financial statements may differfrom legislation in other jurisdictions.

Unaudited Condensed Consolidated Statement of Comprehensive Income

for the period ended 30 June 2021 


                                                          1 January 2021 to   1 January 2020 to   1 January 2020 to 31 
                                                          30 June 2021        30 June 2020        December 2020 
                                                    Notes 
                                                          GBP                   GBP                   GBP 
                                                          (unaudited)         (unaudited)         (audited) 
Income 
Income from loans advanced                          7     14,472,491          14,433,090          29,052,521 
Net foreign exchange (losses) / gains               3     (1,279,202)         4,281,241           5,993,767 
Net changes in fair value of financial assets at    13    -                   1,097,722           1,097,722 
fair value through profit or loss 
 
Total income                                              13,193,289          19,812,053          36,144,010 
 
Expenses 
Investment management fees                          15    1,561,503           1,584,891           3,186,943 
Credit facility commitment fees                           414,060             376,430             762,074 
Credit facility interest                                  380,607             508,194             945,771 
Legal and professional fees                               174,184             155,133             288,111 
Administration fees                                       172,485             154,606             331,591 
Other expenses                                            127,943             94,259              198,350 
Audit and non-audit fees                                  117,763             127,885             227,386 
Directors' fees and expenses                        15    89,500              69,991              152,564 
Broker's fees and expenses                                25,000              -                   50,000 
Agency fees                                               -                   10,781              10,781 
 
Total operating expenses                                  3,054,645           3,082,170           6,153,571 
 
Operating profit for the period / year before tax         10,138,644          16,729,883          29,990,439 
Taxation                                            14    58,388              59,808              81,953 
Operating profit for the period / year                    10,080,256          16,670,075          29,908,486 
Other comprehensive income 
 
Items that may be reclassified to profit or loss 
Exchange differences on translation of foreign            (190,056)           292,900             232,417 
operations 
 
Other comprehensive (loss) / income for the period        (190,056)           292,900             232,417 
/ year 
Total comprehensive income for the period / year          9,890,200           16,962,975          30,140,903 
Weighted average number of shares in issue          4     408,968,207         413,219,398         412,469,890 
Basic and diluted earnings per Ordinary Share       4     2.46                4.03                7.25 
(pence)

The accompanying notes form an integral part of these Unaudited Condensed Consolidated Financial Statements.

Unaudited Condensed Consolidated Statement of Financial Position

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