X0306 4 2020-03-06 0 0001585219 Steadfast Apartment REIT, Inc. NONE 0001702095 Bowie Stephen R. 18100 VON KARMAN AVENUE, SUITE 500 IRVINE CA 92612 1 0 0 0 Common Stock 2020-03-06 4 A 0 1697.59 A 3013.255 D Common Stock 2020-03-06 4 A 0 9338.13 A 9338.13 I By Stephen Bowie Family Trust Common Stock 2020-03-06 4 A 0 1697.59 A 3013.225 I By spouse Reflects the acquisition of shares of issuer's common stock in connection with the merger (the "Merger") of Steadfast Apartment REIT III, Inc. ("STAR III") with and into SIII Subsidiary, LLC, a wholly-owned subsidiary of Steadfast Apartment REIT, Inc. ("STAR"). In the Merger, each share of STAR III'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 share 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. These shares are held directly by the Stephen Bowie Family Trust. The reporting person may be deemed to beneficially own the shares held by the Stephen Bowie Family Trust. These shares are held directly by the reporting person's spouse. The reporting person may be deemed to beneficially own the shares held by his spouse, but the reporting person disclaims beneficial ownership of such shares except to the extent of the reporting person's pecuniary interest in them. /s/ Ana Marie del Rio as Attorney-In-Fact for Stephen R. Bowie 2020-03-06