Company Presentation

Long-Term Advisory Agreements Base Fee/Minimum Fee Incentive Fee Incentive Fee Payment Other Payments/Fees ASHFORD Base Fee: 0.70% x Total Market Capitalization Minimum Fee: Greater of 90% of the Base Fee paid in the same quarter of the prior year OR the Peer G&A Ratio x Total Market Capitalization Payable quarterly 5% of the TSR outperformance (compared to defined peer set) times Equity Market Capitalization – fee is subject to a 25% outperformance cap Fee is determined annually and paid over 3 years in equal annual installments - up to 50% can be paid in stock at AHT/AHP election Reimbursement for internal audit and other overhead costs 5

View entire presentation