Inestor Presentation: Spport the Preferred Stock Echange Offer - - PowerPoint PPT Presentation

SLIDE 1

Inestor Presentation: Spport the Preferred Stock Echange Offer

September 2020

SLIDE 2

2

I keeig ih he SEC' "Safe Hab" gidelie, ceai aeme made dig hi eeai cld be cideed fad-lkig ad bjec ceai ik ad ceaiie ha cld cae el diffe maeiall fm he jeced. Whe e e he d "ill likel el," "ma," "aiciae," "eimae," "hld," "eec," "beliee," "ied," imila eei, e ied ideif fad-lkig aeme. Sch fad-lkig aeme iclde, b ae limied , bie ad ieme aeg, deadig f cmeii, ce make ed ad iie, jeced eaig el, ad jeced caial eedie. Thee fad-lkig aeme ae bjec k ad k ik ad ceaiie, hich cld cae acal el diffe maeiall fm he aiciaed icldig, ih limiai: geeal laili f he caial make ad he make ice f cmm ck; chage i bie ieme aeg; aailabili, em ad delme f caial; aailabili f alified eel; chage i id ad he make i hich e eae, iee ae he geeal ecm, he degee ad ae f cmeii, legilaie ad egla chage, icldig chage he Ieal Reee Cde f 1986, a ameded (he Cde), ad elaed le, eglai ad ieeai geig he aai f REIT; limiai imed bie ad abili aif cmle le i de f alif a a REIT f fedeal icme a e. Thee ad he ik fac ae me fll diced i he cma' filig ih he Seciie ad Echage Cmmii. EBITDA i defied a e icme befe iee, ae, deeciai ad amiai. EBITDA ield i defied a ailig ele mh EBITDA diided b he chae ice deb am. Ule heie ed, caialiai ae i deemied b diidig he e' e eaig icme b he chae ice. Ule heie ed, e eaig icme i he e' fd fm eai mi a caial eee eee f eihe 4% 5% f g eee. Ule heie ed, hel EBITDA fl-hgh i he chage i Hel EBITDA diided b he chage i al eee. EBITDA, FFO, AFFO, CAD ad he em ae -GAAP meae ad, if ed i hi eeai, ecciliai hae bee ided i i eaig eleae ad filig ih he SEC i he aedi hi eeai. The calclai f imlied ei ale i deied fm a eimaed bleded caialiai ae (Ca Rae) f he eie fli ig he caialiai ae mehd. The eimaed Ca Rae i baed ece Ca Rae f blicall aded ee ilig a imila bled f ae e fd i he fli, hich i he alied Ne Oeaig Icme (NOI) f he cma ae calclae a Tal Eeie Vale (TEV) f he cma. Fm he TEV, e dedc deb ad efeed ei ad he add back kig caial ad he cma ieme i Ahfd

• Ic. deie a ei ale.

The caialiai ae mehd i e f eeal alai mehd f eimaig ae ale ad imlied ei ale. Amg he limiai f ig he caialiai ae mehd f deemiig a imlied ei ale ae ha i de ake i acc he eial chage aiabili i fe cah fl, eial igifica fe caial eedie, he ieded hld eid f he ae, a chage i he fe ik file f a ae. Thi eie i f ifmaial e l ad i a ffe ell, a liciai f a ffe b ell, a eciie f Ahfd Hiali T Ic. a f i eecie affiliae, ad ma be elied i ceci ih he chae ale f a ch eci.

F a d L k i g S a e m e a d N - G A A P M e a e

SLIDE 3

3

The Cma ha filed a egiai aeme (icldig a ec) ih he SEC f he ffeig hich hi cmmicai elae. Befe ie, hld ead he ec i ha egiai aeme ad he dcme he ie ha filed ih he SEC f me cmlee ifmai ab he ie ad hi ffeig. Y ma ge hee dcme f fee b iiig EDGAR he SEC eb ie a .ec.g. Aleaiel, he ie, he deale maage a deale aiciaig i he ffeig ill aage ed he ec if ee i b callig ll-fee 1-877-787-9239. Where Yo Can Find Additional Information Cmlei f he Echage Offe ad he Ce Sliciai ae bjec ceai cdii, hich ae e fh i me deail i he Cma' egiai aeme Fm S-4 (a ameded, he Regiai Saeme) filed ih he Seciie ad Echage Cmmii (SEC) f he e f egieig he Cmm Sck ied a he Echage Offe de he Seciie Ac f 1933, a ameded. The Regiai Saeme a declaed effecie Seembe 9, 2020 a 4:00 .m. ET. The Cma ha al filed ih he SEC a Schedle TO f he Echage Offe ad a defiiie aeme Schedle 14A lici ie fm he hlde f i Cmm Sck ae he elea iem hich he hlde f he Cmm Sck ill be eiled e (he P Saeme). The P Saeme a fi mailed ckhlde ab Seembe 10, 2020. The Cma ma eed emiae he Echage Offe de ceai cicmace a decibed i he Regiai Saeme. Addiial ifmai egadig hee aaci ca be fd i he Cma' ie eeai aailable a h://dealadh.fiigh.cm/eail-adh. Cmm ckhlde h hae ei ab he Echage Offe hld cac: 1-877-787-9239 RBC Caial Make, LLC, a Deale Maage Tel: (212) 618-7843 Tll-fee: (877) 381-2099 Email: liabili.maageme@bccm.cm Certain Information Regarding Participants The Cma, i diec ad ceai f i eecie ffice ae aicia i he liciai f ie fm he Cma' haehlde i ceci ih he Echage Offe ad Ce Sliciai. Ifmai ab he Cma' eecie ffice ad diec ad hei ehi f he Cma' ck i e fh i he defiiie aeme ha a filed ih he SEC Seembe 10, 2020. This does not constitte an offer of an secrities for sale. Frther, this commnication is not a solicitation of a pro from an secrit holder of the Compan and shall not constitte the solicitation of an offer to b secrities. Inestors shold read the Registration Statement and the Schedle TO for the Echange Offers as the contain important information abot the Echange Offers, the Compan and the other proposed transactions. Holders of Common Stock shold read the Pro Statement and an other releant docments becase the contain important information abot the Compan and the proposed transactions. The Registration Statement, Schedle TO and Pro Statement are aailable for free on the SEC's ebsite, .sec.go. The prospects inclded in the Registration Statement and additional copies of the Pro Statement ill be aailable for free from the Compan for the applicable shareholders of the Compan.

SLIDE 4

COVID-19 Ha Decimaed he Hel Id

D e m a n d E a p o r a t e d F o l l o i n g G o e r n m e n t S h t d o n s

4

1 STR US Seaall Adjed Occac, Real ADR, ad Real Reee Pe Aailable Rm

Sce: Smih Tael Reeach, h://.hele.cm/daa-dahbad

• 90.0%
• 80.0%
• 70.0%
• 60.0%
• 50.0%
• 40.0%
• 30.0%
• 20.0%
• 10.0%

0.0% 10.0%

Ja Feb Ma A Ma J Jl Ag

2020 YY Hel Pefmace Daa1

SA Occac SA Real ADR SA Real RePAR

SLIDE 5

COVID-19 Ha Decimaed he Hel Id

U n p r e c e d e n t e d D e c l i n e i n R e e n e

5

1 STR US Seaall Adjed Real Reee Pe Aailable Rm 2 Smih Tael Reeach, h://.helmaageme.e/eae/-im-ecmic-adj---hel-feca-dad

• 9.3%
• 16.2%
• 57.5%
• 70.0%
• 60.0%
• 50.0%
• 40.0%
• 30.0%
• 20.0%
• 10.0%

0.0% 10.0%

Aal Reee Pe Aailable Rm1 % Chage

9/11 Fiacial Cii COVID-19 Pjeced2

SLIDE 6

Leeage Ha Amlified he Imac f COVID-19

M o s t C o m m e r c i a l R e a l E s t a t e U s e s F i n a n c i a l L e e r a g e

6

Single Illstratie Eample Hotel 2009A Reene -16.2%4 2020E Reene -57.5%5 Tal Hel Reee $10,000,000) $8,380,000) $4,250,000) Oeaig Eee 1 (8,000,000) (7,190,000) (5,935,000) Maieace Caial Eedie 2 (600,000) (502,800) (255,000) Cah Fl Befe Deb Seice 1,400,000) 687,200) (1,940,000) Deb Seice 3 (600,000) (600,000) (600,000) Cah Fl Afe Deb Seice ad Aailable f Oehead Eee ad Diided 800,000) 87,200) (2,540,000) Cae Leel Oehead Eee (100,000) (100,000) (100,000) Cah Fl Aailable f Re Shaehlde $700,000) ($12,800) ($2,640,000)

% Change

• 102%.
• 477%.

Addiial eaig leeage make hel aiclal leable Sh-em hel leae mea eee ca diaea eigh, b fied eaig c emai, ad ee aiable eaig c ake ime adj

1 Bae eaig magi f 20%, 50% EBITDA fl icemeal eee 2 Caial eedie eimaed a 6% f al eee 3 Pe ale amed be $20 milli a 7% ca ae, Deb em: 60% LTV, 5% iee 4 STR US Seaall Adjed Real Reee Pe Aailable Rm 5 Smih Tael Reeach, h://.helmaageme.e/eae/-im-ecmic-adj---hel-feca-dad

SLIDE 7

Negaie Oeaig Cah Fl Ch Be

N e a r l T o - T h i r d s o f S e c r i t i e d H o t e l L o a n s i n D i s t r e s s

7

1 Blmbeg CMBS la a f 3,300 la claified a Hiali, ecldig maed ad defeaed

Sce: Blmbeg

35.9% 31.7% 32.5%

Seciied Hel La Sa1

Pefmig Pefmig - Defal Wachli I Defal/Fcle/REO

SLIDE 8

Peial Re Pe-COVID RePAR 45.0% 55.0% 65.0% 75.0% 85.0% 95.0% 105.0% 2019 2020 2021 2022 2023 2024

Leadig RePAR Feca A % f 2019 RePAR1,2,3

CBRE HVS STR

Rece Remai Eemel Uceai

L e a d i n g F o r e c a s t s A g r e e : F l l R e c o e r W i l l T a k e 4 + Y e a r s

8

1 CBRE Hel Reeach, h://.bieaele.cm/Pceme/CBRE-Agai-Sfe-US-Ldgig-Rece-Feca 2 HVS, U.S. Hel Feca Udaed Ag 2020 3 Smih Tael Reeach, h://.cm/e-eleae/-e-lighl-dgade--hel-feca

SLIDE 9

Cie Wih Pi Rece Timelie

1 STR US Seaall Adjed Real Reee Pe Aailable Rm

9

H i s t o r A l s o S g g e s t s F l l R e c o e r W i l l T a k e 4 + Y e a r s $25 $35 $45 $55 $65 $75 $85

Seaall Adjed RePAR A f Q2 20201

3 Mh Mig Aeage - Seaall Adjed RePAR 9/11 4.3 Yea Peak--Rece Fiacial Cii 5.4 Yea Peak--Rece

SLIDE 10

AHT Med Qickl i Ree COVID-19...

P r o a c t i e R e s p o n s e t o t h e P a n d e m i c S i n c e t h e B e g i n n i n g 10

Jan. Feb. Mar. Apr. Ma Jn. Jl.

4/1 4/18

Additional state and local sta-at-home

• rders force man

bsinesses to close

3/10 3/11

AHT closes 9 properties as trael stalls

5/1 5/31

AHT closes 1 additional propert; first 2 re-open

6/1 6/30

AHT re-opens 9 more properties

7/1 7/31

AHT re-opens 8 more properties

1/9

WHO annonces COVID-19 related Pnemonia in Whan China

2/3

US declares pblic health emergenc; global air trael restricted

4/1 4/30

Ashford Asset Management assmes direct

• ersight of propert

AP and Paroll

2/15

Ashford begins formall tracking irs spread

1/20

CDC confirms first US case, begins airport screenings

1/21 1/23

Chinese scientists confirm hman transmission, Whan qarantined

1/31

WHO isses global health emergenc

1/31

Ashford begins tracking cancellations from COVID-19

3/11 3/12

WHO names COVID-19 a pandemic; US declares a national emergenc

3/13

US instittes a trael ban on non-US citiens entering from Erope

3/19

California isses stateide sta-at-home

• rder; other states and

mnicipalities follo

3/27

President Trmp signs CARES Act economic recoer package

4/1 4/30

AHT closes 13 additional properties, initiates forbearance discssions

4/1 4/30

Ashford makes significant

• rganiational cts to

redce cost

4/19 4/30

25 states enact or etend interstate trael restrictions and qarantine for traelers

5/28

US COVID-19 deaths srpass 100K

6/10

US cases reach 2 Million

7/22

US cases reach 4 Million

SLIDE 11

$0.0 M $5.0 M $10.0 M $15.0 M $20.0 M $25.0 M $30.0 M $35.0 M Ja-20 Feb-20 Ma-20 A-20 Ma-20 J-20

Mhl Pall, Tae ad Beefi

Aggeiel C C ad Seced Reee

A s s e t s P o s i t i o n e d t o P o t e n t i a l l G e n e r a t e O p e r a t i n g C a s h f l o

11

1 Q2 2020 al all, ae, ad beefi eee 2019 ael aeage

Redci i Lab Eee1

• 70.9%

2019 Mhl Ag. Tael Reici Eaced

Redced Q2 Pall1

$66.6M

$37k $37k

• $50k

April Ma Jne 15.4% 23.7% 36.6%

Month Occpanc NOI

Cae Sd: Reidece I La Vega Initiaties

• Alied 2/2/2 affig mdel
• Seced addiial geme bie
• Redced all diceia ed &

cmlimea fd & beeage

SLIDE 12

B Liidi Remai a Cce

C a s h B r n M a A c c e l e r a t e W i t h F o r b e a r a n c e P e r i o d s E n d i n g

12

$0 MM $75 MM $150 MM $225 MM

Cae Cah Balace1

1 Acal hgh Je 2020, acced f baed GAAP ad diaggegaed fm balace hee fige 2 F illaie e l, a feca ad ma iclde all eial cah eed. Ame $20 milli i eaig hfall, $13 milli i

mhl deb eice, ad $4 milli i mhl cae G&A ad adi fee, a dicled Q1 eaig call

Ee a eaig hfall begi ele, deb eice i he hi Wih $17 milli i mhl deb eice ad cae eee, AHT eed adde liidi Accig efeed diided eal $42.4 milli e ea

Mhl Cah Need2

Peial Oeaig Shfall: $0-20M G&A + Adi Fee: $4M Deb Seice: $13M

SLIDE 13

Aleaie Hae Bee Thghl Ealaed

W i p e O t o f E q i t / B a n k r p t c a P o s s i b l e S c e n a r i o

13

2019 NOI - Remaiig Ae2,3 $379 Milli Eimaed Pfli Vale a 10% Ca Rae $3.79 Billi Le: Deb Remaiig Ae2,4 ($3.70 Billi) Eimaed Pfli Ei5 $89 Milli Pl: Ohe Ae6 $417 Milli Le: Ohe Liabiliie7 ($245 Milli) Le: Pefeed Ei Liidai Pefeece8 ($586 Milli) Illaie Cmm Ei Liidai Vale/Shae9 ($24.91)

Cg Caial cied ce ca ae f 10% 2019 mbe1, cie ih ece aaci 30% d fm e-COVID ale ld ie cmm ei i liidai:

1 h://.ec.g/Achie/edga/daa/1232582/000092189520002432/14a6g12782002_09172020.hm 2 Baed 2019 NOI f $379.2 milli f emaiig fli, hich eclde 13 dieed ae 3 GAAP ecciliai ided i Aedi 4 Oadig deb balace a f Je 30, 2020 fm AHT 10-Q 5 Amig all ae ld a a 10% ca ae baed 2019 NOI ih e aaci c ad al ceed ed a d all adig deb 6 Balace hee ae ecldig Inestments in hotel properties, net a f Je 30, 2020 fm AHT 10-Q 7 Balace hee liabiliie ecldig Indebtedness, net a f Je 30, 2020 fm AHT 10-Q 8 $25.00 e hae l $21.3 milli i accmlaed, acced ad aid diided a f Seembe 30, 2020 9 F illaie e l, eclie f emiai fee de Ahfd Ic. i he ee f liidai, ame 13,058,909 hae f Cmm Sck

SLIDE 14

The Be Ce f Aci i Recaialiai

S r i i n g t o S e e t h e R e c o e r W i l l L i k e l M a i m i e V a l e

14

If NOI ece ad fli ca ae ime fm 10% 7% e he e 3-4 ea, me ha $1.6 billi i ale cld be eceed emaiig ae1 T lck hi ale f akehlde, he cma m emai le hgh he ece ad aid bakc Thee i a baial db ab AHT' abili cie a a gig cce ad he Echage Offe ae a ima a f he eff adde ha Cmm hae cel ade a i ale, ihibiig he cma abili g ad acce caial Sccefl cmlei f he Echage Offe hld b AHT cmm ei make ca, hile likel idig iiic ale cmm hae A lage cmm ei bae ih eal ale hld hel AHT efficiel acce caial ad emai le il deeed ae ale fll ece Faile cmlee he Echage Offe cld fhe imeil he ale f cmm hae

1 Baed 2019 NOI f $379.2 milli, hich eclde 13 dieed ae. GAAP ecciliai ided i Aedi.

SLIDE 15

Cmm Shaehlde Aal Reied

F o r t h e P r e f e r r e d E q i t E c h a n g e t o P r o c e e d

15

Cma i liciig cmm haehlde aal ie e hae f Cmm Sck eied ceed ih he Pefeed Echage Offe1 Cma i al liciig ce eclaif ad ce a -edeed hae f Pefeed Sck i 1.74 hae f el-ied Cmm Sck1

Ke Tem f Pefeed Ei Echage Offe2:

F all ied ad adig hae f Seie D, F, G, H ad I Pefeed Sck Pefeed hlde ma elec echage each hae f Pefeed Sck f: 5.58 hae f el-ied Cmm Sck (Sck Oi) $7.75 i cah (Cah Oi) Tal cideai ill eceed 126,048,813 cmm hae ad $30M cah

1 F fll deail f he cmm ck haehlde aal eeed, ee aeme filed Schedle 14A ad amedme ad addiial

maeial hee filed ih he Seciie ad Echage Cmmii a .ec.g

2 F fll deail egadig he Echage Offe, ee egiai aeme Fm S-4 ad amedme hee filed ih he Seciie ad Echage

Cmmii a .ec.g

SLIDE 16

Ma Ceae Pah Cmm Sck Vale

C o m m o n S h a r e h o l d e r s M a B e n e f i t D e s p i t e I n c r e a s e d S h a r e C o n t

16

1 Ame 70% f each Seie f Pefeed Sck i echaged, $30 milli cah i i fll bcibed, ad -edeed hae ae ceed 1.74 cmm hae 2 Baed 2019 NOI f $379.2 milli f emaiig fli, hich eclde 13 dieed ae 3 GAAP ecciliai ided i Aedi 4 Oadig deb balace a f Je 30, 2020 fm AHT 10-Q 5 Amig all ae ld a a 10% ca ae baed 2019 NOI ih e aaci c ad al ceed ed a d all adig deb 6 Balace hee ae ecldig Inestments in hotel properties, net a f Je 30, 2020 fm AHT 10-Q 7 Balace hee liabiliie ecldig Indebtedness, net a f Je 30, 2020 fm AHT 10-Q, l $30 milli i addiial deb f he Echage cah i 8 $25.00 e hae l $21.3 milli i accmlaed, acced ad aid diided a f Seembe 30, 2020 9 F illaie e l, eclie f emiai fee de Ahfd Ic. i he ee f liidai, ame 91,484,772 -echage hae f Cmm Sck

Echage cideai eee a igifica dic liidai efeece

70% Echange1 No Echange 2019 NOI - Remaiig Ae2,3 $379 Milli $379 Milli Eimaed Pfli Vale a 10% Ca Rae $3.79 Billi $3.79 Billi Le: Deb Remaiig Ae2,4 ($3.70 Billi) ($3.70 Billi) Eimaed Pfli Ei5 $89 Milli $89 Milli Pl: Ohe Ae6 $417 Milli $417 Milli Le: Ohe Liabiliie7 ($275 Milli) ($245 Milli) Le: Pefeed Ei Liidai Pefeece N/A1 ($586 Milli)8 Illaie Cmm Ei Liidai Vale/Shae8,9 $2.52 ($24.91)

SLIDE 17

Ve FOR Bh Pal i he P

If haehlde APPROVE he al:

17

If haehlde REJECT he al:

Pefeed Echage ca ceed, ceaig a ah ale f Cmm Sck Lage ei bae ma emi eaie, me efficie acce caial Deleeaged cma bee iied eahe he imac f COVID-19 Cied lec all aiciai i eeced lg-em ece

• Pefeed Echage ca ceed; gig bligai ifle cmm ale
• Difficl acce aacie caial emai le ad e gh
• Cma ma becme ile, eeig aiciai i lg-em ece
• Liidai bakc cld el i e ece f cmm haehlde

T o E n a b l e t h e P r e f e r r e d E c h a n g e O f f e r s t o P r o c e e d

SLIDE 18

Appendi

Cleaig U he Fac N-GAAP Recciliai

SLIDE 19

Cleaig U he Fac

A d d r e s s i n g M i s l e a d i n g S t a t e m e n t s M a d e b C g n s C a p i t a l

19

Misstatements that the Hotel Recoer is Accelerating

While eai hae imed meha ice Ail hi ea, hel ae amig eal a ickl a Cg Caial gge. The Smih Tael Reeach daa he che icked fm he eek f Seembe 5h demae a id ece i iflaed de he Lab Da eeked ad icemeal demad fm dilaced familie caed b Hicae Laa1. Cg Caial al ai a jified ice he aig ha he hel id ha bee aidl

• eceig. T he ca, hile hel e did ee a iiial am i leie demad e he mme, ha ece

ha alled gig i he fall a cae hel demad ha failed maeialie. Addiiall, ee afe he "aid ece" hi mme, he U.S. hiali id i ill a leel ell bel he m difficl mme f he Fiacial Cii2. Ma bie ael-ieed hel ac he Uied Sae ae ill cled, ad ma f he ha ae e cie eaig hfall.

Incorrect Statements that the Hotel Indstr Will Recoer in One Year

Cg Caial iaccael claim ha he hel id hld ee a ea fll ece ihi a ea. M id ee, ch a Smih Tael Reeach3 ad HVS4, beliee ha hel fdameal ill e 2019 leel il a lea 2024,

• 2021. F me hiical ce, i k f ea f U.S. hel RePAR ece fm he Fiacial Cii e a decade

ag ad hee ea ece fllig he aged f 9/115. Tda' iai i fa e ha he ee.

Lack of Understanding abot or Portfolio

Mlile aec f hei lee h a lack f deadig f he Cma. F eamle, Cg' lee iaccael claim ha l i a meaigfl i f Ahfd T' ae bae, hich i i . We ld like emid ie ha le ha ece f he Cma' ae ae l hel. The lee al aem celae ceai id ee' abili ce deb eice Ahfd T' abili ce deb eice. Thi i bil a alicable daa i a he leeage file f Ahfd T i maeiall diffee fm ha f he amed id ee. Cg Caial i eihe iga f caial ce he ae beig diige i hei cmmea.

1 Ramd Jame: Ldgig Weekl: Be Week S Fa ih RePAR D J 32.8% La Week Hlida P, Seembe 10, 2020 2 Baed hiical STR US Seaall Adjed Real Reee Pe Aailable Rm daa a iclded Slide 5 f hi eeai 3 STR RePAR Feca, Ag, 2020, h://.cm/e-eleae/-e-lighl-dgade--hel-feca 4 HVS RePAR Feca, Ag 2020 5 Baed hiical STR US Seaall Adjed Real Reee Pe Aailable Rm daa a iclded Slide 9 f hi eeai

SLIDE 20

Cleaig U he Fac

A d d r e s s i n g M i s l e a d i n g S t a t e m e n t s M a d e b C g n s C a p i t a l

20

Lack of Understanding of the Hotel Transactions and or Capital Strctre

Cg Caial claim ha ae ale ld be a gd aeg f he Cma e. Ufael, he elaiel fe hel ae adig i he make ae a leel d beee 25% ad 40% fm e-COVID ale1,2,3, hich if alied hel mea ha a igifica mbe f hel ad la l d hae iie ei ale. I addii, m f ae ae i c-cllaealied deb l ha make i eemel difficl ell idiidal ae ha migh hae ei ale da.

Lack of Understanding of or Financials

Cg Caial' aeme egadig liidi ii ad Q2 cah iliai ae al icec a he aed i hei lee ha he Cma ilied $77 milli f cah i he ecd ae. A f Je 30, 2020, he Cma held cah ad cah eiale f $165.5 milli ad eiced cah f $95.3 milli4. Dig he hee mh eded Je 30, 2020, e ilied cah, cah eiale ad eiced cah f $106.2 milli4. Addiiall, ice he Cma i ill egiaig addiial fbeaace ageeme ih lede, i de hae fll acce he eiced cah he Cma' balace hee.

Lack of Understanding of or Corporate Strctre and Adisor Agreement

Cg Caial' ggei f a liidai aeg i eall flaed a i i a iable aeg f eihe he cmm efeed akehlde f he Cma. A del liidai f he Cma ld likel igge a emiai fee de adi ageeme ih Ahfd Ic. (NYSE Ameica: AINC). Thi emiai fee cld be igifical highe ha he eiig liidi f he Cma ad e beliee hi fee ld be ei bh efeed ad cmm haehlde claim, eiall iig bh haehlde clae.

1 JF Caial Adi: US Ldgig Id Udae, Ag 31, 2020 2 LW Hiali Adi: Q2 2020 Maj US Hel Sale Se, h://lhialiadi.cm/-ce/lad/2020/08/Q22020Sale.df 3 HVS: Sae f he Hiali Id Tda, h://.hellae.cm/file/mm-2020-h-melle-5-20-20.df 4 A eed i he Cma m ece 10-Q filig

SLIDE 21

N-GAAP Recciliai

21

Ashford Hospitalit Trst, Inc. Reconciliation of Net Income to Net Operating Income Year Ended December 31, 2019 Yea Eded Decembe 31, 2019 Ne icme (l) $ 195,562 N-e adjme (19,428) Iee icme (249) Iee eee 10,769 Amiai f la c 1,042 Deeciai ad amiai 247,720 Icme a eee (beefi) 324 N-hel EBITDA ehi eee 9,200 Hel EBITDA icldig am aibable cllig iee 444,940 N-cmaable adjme (4,716) Cmaable hel EBITDA 440,224 FF&E Reee (61,043) Ne eaig icme $ 379,181