#1Ashford Inc. (NYSE American: AINC) East Coast IDEAS Conference Company Presentation - May 2018 ASHFORD#2#3#4Ashford Inc. Large, public presence The Churchill - Washington D.C. Sofitel - Chicago, IL SOFITEL ACCOR HOTELS & RESORTS FEE FE 1 Park Hyatt - Beaver Creek, CO USUNG ASHFORD ■ Robust infrastructure ■ Company and Portfolio Profile(¹) Headquarters in Dallas, TX with more than 100 corporate employees Manage one of the largest North American hotel portfolios Geographic diversity in over 30 states, Washington D.C., and the U.S. Virgin Islands From full-service and upper-upscale (AHT) to luxury and resort (BHR) hotels Approximately 30,000 rooms and 130+ hotels Ashford Properties Hilton HOTELS & RESORTS East Coast IDEAS Conference Company Presentation - May 2018 Geographic, asset diversity (1) Data as of 3/31/2018 Expansive Footprint Institutional-quality portfolio HYATT HOTELS & RESORTS Marriott IHG Page 4#5#6Ashford Inc. Clear and aligned strategy 1. Asset management and advisory services ASHFORD Fee-based advisory services BRAEMAR HOTELS & RESORTS REITS: Hotel Owners Base, incentive, and other fees ASHFORD $5.7B Gross HOSPITALITY TRUST Assets (1) $1.7B Gross Assets (1) East Coast IDEAS Conference Company Presentation - May 2018 Asset Manager and Advisor High-growth investments ASHFORD INC. Key hotel products + services Fees for products + services (1) Data as of 3/31/2018 Corporate Structure Diverse return streams 2. Strategic investments, direct ownership Accelerated revenue and earnings growth Hotel-Related Products + Services openkey REMINGTON Project Management PÜREⓇ® ALLERGY FRIENDLY ROOMS Q JSAV J&S Audio Visual SORT ECO TOURISM DESTINATION SERVICES HOSPITALITY & LEISURE Page 6#7#8#9#10#11#12#13#14#15#16#17#18#19#20#21#22#23#24#25#26#27#28