X0306 4 2020-03-06 0 0001651286 Steadfast Apartment REIT III, Inc. NONE 0001559822 Brines Ned 18100 VON KARMAN AVENUE, SUITE 500 IRVINE CA 92612 1 0 0 0 Class A Common Stock 2020-03-06 4 D 0 5807.69 D 0 D Class A Common Stock 2020-03-06 4 D 0 991.958 D 0 I By SEP IRA Reflects the disposition of shares of issuer's common stock in connection with the merger (the "Merger") of the issuer with and into SIII Subsidiary, LLC, a wholly-owned subsidiary of Steadfast Apartment REIT, Inc. ("STAR"). In the Merger, each share of issuer's common stock, par value $0.01 per share ("STAR III Common Stock"), was converted into the right to receive 1.430 shares of Common Stock of STAR ("STAR Common Stock"), par value $0.01 per share. Pursuant to the agreement and plan of merger governing the Merger, the parties thereto agreed that the current value of the 1.430 shares of STAR Common Stock to be received per STAR III Common Stock is equivalent to $22.651, which is based on STAR's most recently estimated per share net asset value per share of $15.84. In connection with the REIT Merger, SEP IRA, which is indirectly majority owned and controlled by the Reporting Person, disposed of 991.958 shares of STAR III Common Stock. As of the date of completion of the REIT Merger, the Reporting Person did not beneficially own any shares of STAR III Common Stock. The Reporting Person disclaims beneficial ownership of the shares of STAR III Common Stock that were held by SEP IRA. /s/ Ana Marie del Rio as Attorney-In-Fact for Ned Brines 2020-03-06