Ashford : Company Presentation – November 2022

NYSE American: AINC

Investor Presentation | November 2022

Safe Harbor and Important Information on non-GAAP Measures

In keeping with the Securities and Exchange Commission ("SEC") "Safe Harbor" guidelines, certain statements made in this presentation could be considered forward-looking and subject to certain risks and uncertainties that could cause results to differ materially from those projected. When we use the words "will likely result," "may," "anticipate," "estimate," "should," "expect," "believe," "intend," "target," or similar expressions, we intend to identify forward-looking statements. Such forward-looking statements include, but are not limited to, our business and investment strategy, our understanding of our competition, current market trends and opportunities, projected operating results, and projected capital expenditures. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this presentation. We undertake no obligation to update or revise the statements made therein, except as may be required by law.

These forward-looking statements are subject to known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated including, without limitation: extreme weather conditions that may cause property damage or interrupt business; actions by our clients' lenders to accelerate loan balances and foreclose on our clients' hotel properties that are security for our clients' loans; uncertainty associated with the ability of the Company to remain in compliance with all covenants in our credit agreements and of our subsidiaries to remain in compliance with the covenants of their debt and related agreements; general volatility of the capital markets, the general economy or the hospitality industry, whether the result of market events or otherwise, and the market price of our common stock; availability, terms and deployment of capital; our ability to regain Form S-3 eligibility; changes in our industry and the market in which we operate, interest rates or the general economy; the degree and nature of our competition; actual and potential conflicts of interest with or between Remington, Ashford Trust and Braemar, our executive officers and our non-independent directors; availability of qualified personnel; changes in governmental regulations, accounting rules, tax rates and similar matters; our ability to implement and maintain effective internal controls; legislative and regulatory changes; the possibility that we may not realize any or all of the anticipated benefits from transactions to acquire businesses, or from our business initiatives; disruptions relating to the acquisition or integration of Premier, Remington, Chesapeake or any other business we invest in or acquire, which may harm relationships with customers, employees and regulators; and unexpected costs relating to the acquisition or integration of any business we invest in or acquire. Additionally, many of these risks and uncertainties are currently amplified by and will continue to be amplified by, or in the future may be amplified by, the COVID-19 outbreak and the numerous government travel restrictions imposed in response thereto. The extent to which COVID-19 impacts us will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the scope, severity and duration of the pandemic, the actions taken to contain the pandemic or mitigate its impact, and the direct and indirect economic effects of the pandemic and containment measures, among others. These and other risk factors are more fully discussed in the Company's filings with the SEC.

Adjusted EBITDA is calculated by subtracting or adding to net income (loss): interest expense, income taxes, depreciation, amortization, net income (loss) to non-controlling interests, transaction costs, and other expenses. Adjusted EBITDA is a non-GAAP measure and reconciliations have been provided in prior earnings releases and filings with the SEC or in the appendix to this presentation. We are unable to provide a reconciliation of forward-lookingnon-GAAP financial measures to their most directly comparable GAAP financial measures because we are unable to provide, without unreasonable effort, a meaningful or accurate calculation or estimation of amounts that would be necessary for the reconciliation due to the complexity and inherent difficulty in forecasting and quantifying future amounts or when they may occur. Such unavailable information could be significant to future results.

This presentation is for informational purposes only and is not an offer to sell, or a solicitation of an offer to buy or sell, any securities of Ashford Inc., or any of its respective affiliates, and may not be relied upon in connection with the purchase or sale of any such security, and the information contained herein does not form part of any prospectus of Ashford Inc. that may be used to offer or sell securities.

Prior to investing in Ashford, potential investors should carefully review Ashford's periodic filings with the SEC, including, but not limited to, Ashford's most current Form 10-K, Form 10-Q and Form 8-K's, including the risk factors included therein.

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About Us - Advisor. Operator. Innovator.

The only publicly-traded asset manager & service

provider focused on the hospitality industry

40+ years of history in the hospitality &

real estate industry

Best-in-class asset management, with deep

industry relationships and scale

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Overview

Ashford is an alternative asset management company with a portfolio of strategic operating businesses that provide global asset management, investment management and related services to the real estate and hospitality sectors

Advisory Platform

AUM - Perpetual Life Public REITs

Highest RevPAR among Publicly Traded Lodging REITs(1)

	15				~$2.6B
	Hotels(1)			Gross Assets

NYSE: BHR

Geographically Diversified Portfolio Well-Positioned for

Growth

99 ~$5.4B

Hotels(1)(2)

Gross Assets

NYSE: AHT

1. As of September 30th, 2022
2. Excludes WorldQuest

Operating Platform

Strategic Market Leading Hospitality

Focused Companies

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Our Strategy- Multiple Paths to Growth

Recovery of

Hotel Industry

Grow Assets	Grow Third-	Expand Service
Under
Party Business	Offerings
Management

Best-in-Class Asset Management and Operations with Deep Industry

Relationships

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