PROJECT TWILIGHT DISCUSSION MATERIALS March 2024

EXECUTIVE SUMMARY Robert W Baird (“Baird”) is pleased to discuss with the Board of Directors of Ashford, Inc (“AINC” or the “Company”) our views on a strategy to deregister and delist the Company from a national exchange Baird has analyzed a transaction as follows: ◼ Reverse split of 5,000(1) -to-1 ◼ Cash consideration of any fractional shares(2) at $4.00± per share – Reduces number of non-fraction shares to an estimated 2.5 million – Reduces number of holders of common shares to well below 300 – Total cash outlay estimated at approximately $8 million including transaction costs ◼ Request shareholder approval, including a Majority-of-the-Minority ◼ Post reverse split, Company would qualify to “Go-Dark,” resulting in a delisting and deregistration of its common shares, eliminating all required exchange governance and disclosure requirements ◼ Once qualification completed, Company completes a forward stock split, so remaining shareholders have roughly the same number of shares they currently own Page 2 _____________________ (1) Company considering reverse stock split of at least 5,000-to-1 up to 20,000-to-1. (2) Cash Consideration is only given to share holders who would own less than one whole share post the reverse stock split.

EXECUTIVE SUMMARY (CON’T) ◼ Strategic and financial benefits to Company from such a transaction – Elimination of all costs associated with Exchange Act reporting and exchange listing fees – SOX compliance no longer required – Materially lower D&O insurance and reduced liability to officers/directors – No need to comply with exchange governance and disclosure requirements – Enhanced focus of management who won't be distracted by public company reporting and scrutiny – With no set trading price, Company can more easily raise accretive equity capital through private placements tied to fair value of the Company vs current trading price – Reduce or eliminate the obligation to disclose competitive business information – Enhanced freedom to explore, confidentially, major corporate and strategic transactions, such as mergers and acquisitions or dispositions, and to execute such transactions more smoothly, efficiently and cost-effectively ◼ Considerations – Costs of “Go-Dark” process and reduction of Company’s liquidity – Alternative uses of the capital used to tender – Elimination of any third party research – Third party approvals and consents – Reduced liquidity to on-going shareholders – Potential for stockholder litigation – Financial, operational and reputational risks associated with a failed vote – Needs to monitor shareholder base to ensure total shareholders do not increase over 300 Page 3

FINANCIAL SUMMARY Actual Same-Store Budgeted 2023 2024 2024 2025 2026 2027 2028 Asset Management(1) Revenue $ 52,838 $ 52,573 $ 55,315 $ 55,446 $ 55,581 $ 55,720 $ 55,864 Expense (41,973) (43,629) (46,371) (46,371) (46,371) (46,371) (46,371) EBITDA $ 10,865 $ 8,944 $ 8,944 $ 9,075 $ 9,210 $ 9,349 $ 9,492 Remington Revenue $ 52,675 $ 52,545 $ 56,475 $ 58,583 $ 60,775 $ 63,055 $ 65,426 Expense (31,360) (30,067) (33,139) (34,459) (35,835) (37,269) (38,764) EBITDA $ 21,315 $ 22,478 $ 23,336 $ 24,124 $ 24,941 $ 25,786 $ 26,662 Premier Revenue $ 27,740 $ 19,793 $ 21,095 $ 21,946 $ 22,721 $ 23,525 $ 24,359 Expense (18,198) (14,062) (15,175) (15,631) (16,100) (16,583) (17,080) EBITDA $ 9,542 $ 5,731 $ 5,919 $ 6,315 $ 6,621 $ 6,942 $ 7,279 RED Revenue $ 33,954 $ 45,067 $ 46,592 $ 51,049 $ 54,983 $ 56,633 $ 58,332 Expense (28,785) (35,954) (36,379) (39,860) (42,934) (44,222) (45,548) EBITDA $ 5,169 $ 9,112 $ 10,214 $ 11,189 $ 12,050 $ 12,411 $ 12,784 Inspire Revenue $ 148,774 $ 153,237 $ 162,720 $ 176,587 $ 188,944 $ 199,187 $ 208,395 Expense (132,069) (136,031) (139,942) (151,932) (162,611) (171,456) (179,403) EBITDA $ 16,705 $ 17,206 $ 22,778 $ 24,655 $ 26,333 $ 27,730 $ 28,992 Other Revenue $ 21,915 $ 24,962 $ 25,442 $ 13,153 $ 13,547 $ 13,954 $ 14,373 Expense (25,105) (26,265) (26,633) (12,535) (12,249) (11,972) (11,706) EBITDA $ (3,190) $ (1,303) $ (1,191) $ 618 $ 1,299 $ 1,982 $ 2,667 Combined Business Segments Revenue $ 337,896 $ 348,177 $ 367,639 $ 376,763 $ 396,552 $ 412,074 $ 426,748 Expense (277,489) (286,007) (297,639) (300,787) (316,099) (327,873) (338,873) Total Company Adj. EBITDA $ 60,407 $ 62,169 $ 70,000 $ 75,976 $ 80,453 $ 84,201 $ 87,875 _____________________ (1) Includes Lismore. Page 4

FINANCIAL SUMMARY (CONT’D) Actual Same-Store Budgeted 2023 2024 2024 2025 2026 2027 2028 Total Company Adj. EBITDA $ 60,407 $ 62,169 $ 70,000 $ 75,976 $ 80,453 $ 84,201 $ 87,875 Deferred Compensation Plan 1,959 - - - - - - Stock/Unit-Based Compensation (2,406) (5,397) (5,397) - - - - Allocated Broker Dealer Costs (94) (4,314) (4,314) (3,020) (3,020) (3,020) (3,020) G&A/O&O (Costs) / Reimbursements (773) (4,590) (4,590) (799) 1,448 1,448 1,448 Severance and Executive Recruiting (4,655) (1,541) (1,541) - - - - Other (4,156) (102) (102) - - - - Total Company EBITDA $ 50,282 $ 46,225 $ 54,056 $ 72,157 $ 78,881 $ 82,628 $ 86,303 Pro forma Adjustments Deferred Compensation Plan(1) $ (1,959) $ - $ - $ - $ - $ - $ - Stock/Unit-Based Compensation(2) 2,406 5,397 5,397 - - - - Severance and Executive Recruiting(3) 3,563 541 541 (1,000) (1,000) (1,000) (1,000) G&A/O&O (Costs) / Reimbursements 773 4,590 4,590 799 (1,448) (1,448) (1,448) OpenKey Adjustment(4) 3,366 3,319 3,319 2,369 1,579 789 (1) Robert Douglas Adjustment(3) 2,395 2,118 2,118 (27) (54) (82) (111) JV Adjustments and Other(5) 1,547 (1,545) (1,545) (303) (108) 8 7 283 Pro Forma Corporate EBITDA $ 62,373 $ 60,645 $ 68,476 $ 73,995 $ 77,849 $ 80,975 $ 84,026 Unlevered Free Cash Flows Pro Forma Corporate EBITDA $ 62,373 $ 60,645 $ 68,476 $ 73,995 $ 77,849 $ 80,975 $ 84,026 + Investment in TSGF/SHR/TX NAV - - (200) - - 500 10,242 - Income Tax (15,593) (15,161) (17,119) (18,499) (19,462) (20,244) (21,007) - Maintenance Capital Expenditures (10,178) (9,218) (9,218) (9,807) (10,502) (10,967) (11,401) - Investment Capital Expenditures (15,800) (7,464) (16,264) (3,007) (2,004) (1,862) (1,926) Unlevered Free Cash Flows $ 20,802 $ 28,802 $ 25,675 $ 42,682 $ 45,881 $ 48,402 $ 59,934 Pro Forma Corporate EBITDA $ 62,373 $ 60,645 $ 68,476 $ 73,995 $ 77,849 $ 80,975 $ 84,026 - Income Tax (2,838) (6,903) (7,458) (14,144) (15,336) (15,895) (17,472) - Interest Expense (14,378) (15,772) (15,772) (14,171) (14,189) (14,369) (14,573) - Preferred Dividend Expense (36,139) (36,236) (36,236) (36,341) (36,453) (36,574) (36,703) Net Income $ 9,018 $ 1,734 $ 9,010 $ 9,338 $ 11,871 $ 14,137 $ 15,278 + Investment in TSGF/SHR/TX NAV - - (200) - - 500 10,242 - Debt Principal Payments (20,257) (4,697) (4,697) (2,676) (5,704) (6,424) (7,151) - Maintenance Capital Expenditures (10,178) (9,218) (9,218) (9,807) (10,502) (10,967) (11,401) - Investment Capital Expenditures (15,800) (7,464) (16,264) (3,007) (2,004) (1,862) (1,926) Levered Free Cash Flows $ (37,217) $ (19,645) $ (21,369) $ (6,153) $ (6,339) $ (4,617) $ 5,041 _____________________ (1) Non-Cash Item. (2) Full addback; Non-recurring, non-cash discretionary. (3) Adjusted from actual/projected to $1.0M per year. (4) Adjusted from actual/projected to zero. (5) Represents JV adjustments and other. Page 5

BALANCE SHEET 2022 2023 Current Assets Cash & Cash Equivalents(1) $ 44,390 $ 52,054 Restricted Cash 37,058 23,216 Restricted Investments 303 128 Accounts Receivable 17,615 26,945 Due from Affiliates 463 41 Due from Ashford Trust - 18,933 Due from Braemar 11,828 714 Inventories 2,143 2,481 Prepaid Expenses and Others 11,226 16,418 Total Current Assets $ 125,026 $ 140,930 Investments 4,217 9,265 Property and Equipment, net 41,791 56,852 Operating Lease Right-of-Use Assets 23,844 21,193 Goodwill 58,675 61,013 Intangible Assets, net 226,544 210,095 Other Assets, net 2,259 1,101 Total Assets $ 482,356 $ 500,449 Current Liabilities Accounts Payable and Accrued Expenses $ 56,079 $ 54,837 Dividends Payable 27,285 28,508 Due to Affiliates 15 - Due to Ashford Trust 1,197 - Deferred Income 444 11,963 Notes Payable, net 5,195 4,387 Finance Lease Liabilities 1,456 437 Operating Lease Liabilities 3,868 4,160 Claims Liabilities and Other 25,630 31,112 Total Current Liabilites $ 121,169 $ 135,404 Deferred Income 7,356 6,415 Deferred Tax Liability, net 27,873 25,159 Deferred Compensation Plan 2,849 891 Notes Payable, net 89,680 132,579 Finance Lease Liabilities 1,962 2,832 Operating Lease Liabilities 20,082 19,174 Other Liabilities 3,237 2,590 Total Liabilities $ 274,208 $ 325,044 _____________________ (1) $5.0M of unrestricted cash allocated to net working capital. Page 6

EV TO PRO FORMA CORPORATE EBITDA MULITPLES _____________________ (1) Balance Sheet figures as of 12/31/2023. (2) Based on 30-day VWAP as of 3/3/2024. (3) Excludes $5.0M of unrestricted cash allocated to Net Working Capital. Implied Market Valuation(1) Continuing Cost of Equity Common Equity Market Cap(2) $7,983 Total Debt 136,966 Preferred Equity 487,450 Accrued Preferred Dividends 28,508 Unrestricted Cash(3) (47,054) Implied Enterprise Value $613,853 Page 7

IMPLIED SHARE PRICE $4.00 Proposed Tender Share Price Page 8

PRECEDENT TRANSACTIONS VALUATION

PRECEDENT TRANSACTIONS VALUATION Same-Store Budgeted EBITDA Year 2024 2024 Total Pro Forma Corporate EBITDA $60,645 $68,476 Asset Management Segment Total Asset Management EBITDA(1) $8,944 $8,944 Applied Multiple 12.0x 12.0x Implied Valuation $107,332 $107,328 Property Management Segment Total Property Management EBITDA $22,478 $23,336 Applied Multiple 10.0x 10.0x Implied Valuation $224,779 $233,362 Premier Business Segment Total Premier EBITDA $5,731 $5,919 Applied Multiple 10.0x 10.0x Implied Valuation $57,312 $59,192 Inspire Business Segment Total Inspire EBITDA $17,206 $22,778 Applied Multiple 8.0x 8.0x Implied Valuation $137,649 $182,224 RED Business Segment Total RED EBITDA $9,112 $10,214 Applied Multiple 6.0x 6.0x Implied Valuation $54,674 $61,282 Remaining Business Segments & Other Corporate Items Total Remaining EBITDA ($2,827) ($2,715) Applied Multiple 8.0x 8.0x Implied Valuation ($22,615) ($21,719) Enterprise Value $559,131 $621,668 Total Debt (136,966) (136,966) Excess Cash 47,054 47,054 Tangible Net Working Capital (4,036) (4,036) Total Preferred Equity (487,450) (487,450) Total Accrued Preferred Dividends (28,508) (28,508) Implied Equity Value ($50,775) $11,762 Share Count 3,206 3,206 Implied Equity Value Per share ($15.84) $3.67 _____________________ (1) Includes Lismore. Page 10

SENSITIVITY ANALYSIS: PRECEDENT TRANSACTIONS VALUATION Step: Same-Store Multiple Spread to Selected Multiple (Across All Business Segments) -0.5x -0.3x 0.0x 0.3x 0.5x $528,808 $543,970 $559,131 $574,292 $589,453 Enterprise Value Range $528,808 − $589,453 Equity Value Range ($81,098) − ($20,453) Equity Value Per Share Range ($25.29) − ($6.38) Step: Budgeted Multiple Spread to Selected Multiple (Across All Business Segments) -0.5x -0.3x 0.0x 0.3x 0.5x $587,430 $604,549 $621,668 $638,787 $655,906 Enterprise Value Range $587,430 − $655,906 Equity Value Range ($22,476) − $46,000 Equity Value Per Share Range ($7.01) − $14.35 Page 11

PRECEDENT TRANSACTIONS: HOSPITALITY BRANDS / PROPERTY MANAGERS / ASSET MANAGERS _____________________ Source: S&P Capital IQ, SNL Financial, and Company Filings. Sorted by Close Date. Note: Adjusted mean calculated by removing the highest and lowest values. (1) Baird Investment Banking estimate. (2) Source: Janney Fairness Opinion for Hotel Management Business acquisition. (3) Source: Baird Equity Research on 11/1/18. (4) Source: Baird Equity Research. EBITDA multiple includes expected post-transaction synergies. (5) Source: Baird Equity Research. (6) Source: Transaction announcement. (7) EBITDA multiple includes the incremental value to Reit Management & Research LLC as a result of the change in termination fee that was included in the transaction. (8) 2014 EBITDA multiple reported by InterContinental was 21x. Stabilized Implied EV / EBITDA multiple at the time of the announcement expected to be lower, figure shown represents Baird estimate of stabilized multiple. (9) Based on MLV research report at 6.0x fees, assuming a 50% margin. (10) Source: Marriott Hotels press release. Values based on the exchange rate as of the closing date. (11) Source: Annualized T-3 EBITDA per latest available public filing. (12) Source Cap IQ and press releases. (13) Adjusted mean is calculated by removing the max and the min from each range. (14) Source: Cap IQ; FirstService Corporation bought a majority stake in Colliers Macaulay Nicolls in 2004 and then bought the remaining minority stake in 2005. Buyer Target Announce Date Close Date Gross Transaction Value ($MM) Implied Equity Value Implied Enterprise Value Implied Enterprise Value / EBITDA Hyatt Dream Hotel Group 11/29/2022 2/2/2023 300.0 300.0 300.0 11.9x (1) Marriott Hoteles City 10/19/2022 5/1/2023 100.0 NA NA 14.0x (5) Wyndham Vienna House 9/8/2022 9/8/2022 44.0 NA NA 10.4x (5) Choice Hotel Radisson Hotel 6/13/2022 8/11/2022 675.0 675.0 675.0 11.0x (5) Hyatt Apple Leisure Group 8/15/2021 11/1/2021 2,769.0 NA 2,769.0 11.5x (5) Sonesta International RLH Corp (Red Lion Hotels) 12/30/2020 3/17/2021 90.0 NA 90.0 14.6x (11) Marriott Elegant Hotels Group 10/18/2019 12/9/2019 199.0 125.6 193.8 11.1x (5) Ashford Inc. Remington Holdings, LP 6/3/2019 11/6/2019 275.0 NA 275.0 11.5x (2) Advent International Aimbridge Hospitality 1/10/2019 2/28/2019 NA NA NA 11.0x (3) Hyatt Two Roads Hospitality LLC 10/9/2018 11/30/2018 483.0 415.0 446.0 13.2x (4) Red Lion Knights Inn 4/4/2018 5/14/2018 27.0 NA NA 9.0x (5) Wyndham Worldwide Corp. La Quinta Franchise / Management 1/18/2018 5/31/2018 1,950.0 995.0 1,950.0 12.5x (5) Choice Hotels International, Inc. WoodSpring Hotels Franchise Services LLC 12/18/2017 2/1/2018 231.3 NA 231.3 13.5x (4) Accor Mantra 10/9/2017 5/31/2018 1,200.0 NA NA 12.4x (5) Kohlberg & Company, L.L.C. Interstate Hotels & Resorts, Inc. 5/4/2016 5/4/2016 NA NA NA 8.0x (1) General Atlantic Service Company, L.P. Aimbridge Hospitality, LLC 7/13/2015 7/13/2015 NA NA NA 10.0x (4) Marriott Delta Hotels & Resorts 1/27/2015 4/1/2015 136.0 NA NA 10.0x (5) InterContinental Hotels Group PLC Kimpton Hotel & Restaurant Group, LLC 12/16/2014 1/16/2015 430.0 430.0 430.0 12.0x (8) Jin Jiang International Holdings Louvre Hotels Group 11/12/2014 1/15/2015 NA NA NA 12.2x (3) Northstar Asset Management Group Inc. Island Hospitality Management, LLC 11/6/2014 1/9/2015 37.0 82.1 82.1 12.0x (9) Trilantic Capital Management L.P. Highgate Hotels, L.P. 10/7/2014 10/7/2014 NA NA NA 10.0x (4) Brookfield Asset Management Inc. Thayer Lodging Group Inc. 5/16/2014 5/16/2014 NA NA NA 12.0x (4) Marriott International, Inc. Protea Hospitality Holdings (Pty) Ltd 11/7/2013 4/1/2014 186.0 186.0 186.0 10.0x (10) Lee Equity Partners, LLC Aimbridge Hospitality, LLC 10/8/2013 10/8/2013 NA NA NA 8.0x (4) Marriott Gaylord 5/31/2012 10/1/2012 210.0 NA NA 8.4x (5) Mean $ 401 $ 636 11.2x Adjusted Mean(13) $ 355 $ 478 11.2x 13 Page 12

PRECEDENT TRANSACTIONS: OTHER REAL ESTATE SERVICES PROVIDERS _____________________ Source: S&P Capital IQ, SNL Financial, and Company Filings. Sorted by Close Date. Note: Adjusted mean calculated by removing the highest and lowest values. (1) Baird Investment Banking estimate. (2) Source: Janney Fairness Opinion for Hotel Management Business acquisition. (3) Source: Baird Equity Research on 11/1/18. (4) Source: Baird Equity Research. EBITDA multiple includes expected post-transaction synergies. (5) Source: Baird Equity Research. (6) Source: Transaction announcement. (7) EBITDA multiple includes the incremental value to Reit Management & Research LLC as a result of the change in termination fee that was included in the transaction. (8) 2014 EBITDA multiple reported by InterContinental was 21x. Stabilized Implied EV / EBITDA multiple at the time of the announcement expected to be lower, figure shown represents Baird estimate of stabilized multiple. (9) Based on MLV research report at 6.0x fees, assuming a 50% margin. (10) Source: Marriott Hotels press release. Values based on the exchange rate as of the closing date. (11) Source: Annualized T-3 EBITDA per latest available public filing. (12) Source Cap IQ and press releases. (13) Adjusted mean is calculated by removing the max and the min from each range. (14) Source: Cap IQ; FirstService Corporation bought a majority stake in Colliers Macaulay Nicolls in 2004 and then bought the remaining minority stake in 2005. Buyer Target Announce Date Close Date Gross Transaction Value ($MM) Implied Equity Value Implied Enterprise Value Implied Enterprise Value / EBITDA RMR Group Carroll 7/31/2023 12/19/2023 100.0 NA NA 5.7x (12) Westinghouse Electric BHI Energy 4/14/2022 5/31/2022 720.0 NA NA 9.6x (1) Johns Lyng Group Reconstruction Experts 12/8/2021 1/1/2022 202.0 NA NA 9.9x (1) Trilantic Capital Management L.P. Strada 12/1/2021 12/1/2021 380.0 NA NA 11.9x (1) Bernhard Capital Partners RailWorks Corporation 9/30/2021 11/10/2021 500.0 NA NA 6.1x (1) Columbia Property Trust Normandy Real Estate Management 10/16/2019 1/27/2020 100.0 NA NA 9.0x (1) Sterling Constrcution Plateau Excavation, Inc. 8/14/2019 10/2/2019 418.0 NA NA 5.8x (12) FirstService Corporation Global Restoration Holdings 5/22/2019 6/21/2019 634.2 531.6 660.6 12.9x (12) Jones Lang LaSalle Incorporated HFF, Inc. 3/18/2019 7/1/2019 2,054.6 2,054.1 2,054.1 13.7x (11) Industrea Concrete Pumping Holdings, Inc. 12/4/2018 12/4/2018 609.0 NA NA 8.0x (1) Ashford Inc. Remington Project Management 4/9/2018 8/8/2018 203.0 NA 203.0 11.5x (2) ABM Industries Incorporated GCA Services Group, Inc. 7/11/2017 9/1/2017 1,237.3 1,237.3 1,237.3 12.4x (12) Oaktree Trench Plate Rental Co. 9/26/2016 10/14/2016 235.0 NA NA 8.1x (1) Fluor Corporation Stork Technical Services Holding B.V. 12/4/2015 3/1/2016 695.0 695.0 695.0 7.0x (12) Sun Life Investment Management Bentall Kennedy (Canada) Limited Partnership 6/15/2015 9/1/2015 453.9 453.9 NA 10.0x (6) GOV, HPT & SNH ABP Trust (nka:RMR Group LLC) 6/5/2015 6/5/2015 172.8 357.0 NA 11.5x (7) AECOM URS Corporation 7/11/2014 10/17/2014 5,999.9 4,024.9 5,716.9 7.4x (12) AECOM Earth Tech Consulting, Inc. 2/11/2008 7/25/2008 581.7 455.0 551.1 15.4x (12) FirstService Corporation Colliers Macaulay Nicolls Inc. 10/1/2005 10/1/2005 10.0 90.9 90.9 5.5x (14) FirstService Corporation Colliers Macaulay Nicolls Inc. 10/14/2004 11/30/2004 88.0 NA 88.0 5.3x (14) Mean $ 1,100 $ 1,255 9.3x Adjusted Mean(13) $ 826 $ 785 9.2x Page 13

COMPARABLE PUBLIC COMPANIES

COMPARABLE COMPANIES VALUATION Same-Store Budgeted EBITDA Year 2024 2024 Total Pro Forma Corporate EBITDA $60,645 $68,476 Asset Management Segment Total Asset Management EBITDA(1) $8,944 $8,944 Applied Multiple 10.0x 10.0x Implied Valuation $89,443 $89,440 Property Management Segment Total Property Management EBITDA $22,478 $23,336 Applied Multiple 10.0x 10.0x Implied Valuation $224,779 $233,362 Premier Business Segment Total Premier EBITDA $5,731 $5,919 Applied Multiple 8.0x 8.0x Implied Valuation $45,849 $47,354 Inspire Business Segment Total Inspire EBITDA $17,206 $22,778 Applied Multiple 8.0x 8.0x Implied Valuation $137,649 $182,224 RED Business Segment Total RED EBITDA $9,112 $10,214 Applied Multiple 8.0x 8.0x Implied Valuation $72,899 $81,709 Remaining Business Segments & Other Corporate Items Total Remaining EBITDA ($2,827) ($2,715) Applied Multiple 8.0x 8.0x Implied Valuation ($22,615) ($21,719) Enterprise Value $548,005 $612,369 Total Debt (136,966) (136,966) Excess Cash 47,054 47,054 Total Preferred Equity (487,450) (487,450) Total Accrued Preferred Dividends (28,508) (28,508) Implied Equity Value ($57,865) $6,499 Share Count 3,206 3,206 Implied Equity Value Per share ($18.05) $2.03 _____________________ (1) Includes Lismore. Page 15

SENSITIVITY ANALYSIS: COMPARABLE COMPANIES VALUATION Step: Same-Store EBITDA Multiple Spread to Selected Multiple (All Business Segments) -0.5x -0.3x 0.0x 0.3x 0.5x $517,682 $532,843 $548,005 $563,166 $578,327 Enterprise Value Range $517,682 − $578,327 Equity Value Range ($88,188) − ($27,543) Equity Value Per Share Range ($27.51) − ($8.59) Step: Budgeted EBITDA Multiple Spread to Selected Multiple (All Business Segments) -0.5x -0.3x 0.0x 0.3x 0.5x $578,131 $595,250 $612,369 $629,488 $646,607 Enterprise Value Range $578,131 − $646,607 Equity Value Range ($27,739) − $40,737 Equity Value Per Share Range ($8.65) − $12.71 Page 16

LODGING C-CORPS + REITS _____________________ (1) Pricing data from CapIQ as of March 5, 2024. (2) Estimates from FactSet as of March 5, 2024. (3) Adjusted mean is calculated by removing the max and the min from each range. Company Ticker Market Cap(1) Enterprise Value(1) 2024 EBITDA(2) 2025 EBITDA(2) Implied Enterprise Value / 2024 EBITDA Implied Enterprise Value / 2025 EBITDA Price / 2024E(2) Price / 2025E(2) Marriott International, Inc. MAR $ 71,758 $ 84,285 $ 4,955 $ 5,319 17.0x 15.8x 26.2x 23.1x Hilton Worldwide Holdings Inc. HLT 51,393 60,726 3,365 3,638 18.0x 16.7x 28.7x 24.7x InterContinental Hotels Group PLC IHG 13,716 15,515 1,180 1,268 13.2x 12.2x 19.6x 17.5x Hyatt Hotels Corporation H 16,241 18,718 1,177 1,263 15.9x 14.8x 47.6x 37.9x Wyndham Hotels & Resorts, Inc. WH 6,081 8,226 690 725 11.9x 11.4x 17.8x 16.1x Choice Hotels International, Inc. CHH 5,644 7,299 577 595 12.6x 12.3x 17.4x 16.4x Mean $ 27,472 $ 32,461 $ 1,991 $ 2,135 14.8x 13.9x 26.2x 22.6x Adjusted Mean(3) $ 21,858 $ 25,796 $ 1,603 $ 1,724 14.7x 13.8x 23.1x 20.4x Company Ticker Market Cap(1) Enterprise Value(1) 2024 EBITDA(2) 2025 EBITDA(2) Implied Enterprise Value / 2024 EBITDA Implied Enterprise Value / 2025 EBITDA Price / 2024 FFO(2) Price / 2025 FFO2 ) Host Hotels & Resorts, Inc. HST $ 14,628 $ 18,449 $ 1,630 $ 1,678 11.3x 11.0x 10.6x 10.3x Apple Hospitality REIT, Inc. APLE 3,976 5,444 461 472 11.8x 11.5x 10.0x 9.8x Park Hotels & Resorts Inc. PK 3,647 7,597 660 677 11.5x 11.2x 8.2x 7.9x Sunstone Hotel Investors, Inc. SHO 2,300 2,987 241 258 12.4x 11.6x 13.6x 12.2x DiamondRock Hospitality Company DRH 1,985 3,165 277 288 11.4x 11.0x 9.9x 9.3x Pebblebrook Hotel Trust PEB 1,930 4,492 349 363 12.9x 12.4x 10.4x 9.6x RLJ Lodging Trust RLJ 1,849 4,032 375 388 10.7x 10.4x 7.2x 6.9x Xenia Hotels & Resorts, Inc. XHR 1,564 2,837 251 263 11.3x 10.8x 9.7x 9.1x Braemar Hotels & Resorts Inc. BHR 134 1,783 174 180 10.2x 9.9x 3.8x 3.6x Mean $ 3,557 $ 5,643 $ 491 $ 507 11.5x 11.1x 9.1x 8.4x Adjusted Mean(3) $ 2,464 $ 4,365 $ 373 $ 387 11.5x 11.1x 9.3x 8.7x Mean $ 13,123 $ 16,370 $ 1,091 $ 1,158 12.8x 12.2x 16.1x 14.3x Adjusted Mean(3) $ 9,612 $ 12,268 $ 864 $ 913 12.6x 12.0x 14.6x 13.3x Page 17

REAL ESTATE / CONSTRUCTION SERVICES _____________________ (1) Pricing data from CapIQ as of March 5, 2024. (2) Estimates from FactSet as of March 5, 2024. (3) Adjusted mean is calculated by removing the max and the min from each range. Company Ticker Market Cap(1) Enterprise Value(1) 2024 EBITDA(2) 2025 EBITDA(2) Implied Enterprise Value / 2024 EBITDA Implied Enterprise Value / 2025 EBITDA Price / 2024E(2) Price / 2025E(2) CBRE Group, Inc. CBRE $ 27,608 $ 32,077 $ 2,443 $ 2,879 13.1x 11.1x 20.7x 16.5x EMCOR Group, Inc. EME 15,280 14,831 1,037 1,108 14.3x 13.4x 23.0x 21.4x AECOM ACM 12,048 13,892 1,090 1,189 12.7x 11.7x 19.7x 17.4x Jones Lang LaSalle Inc. JLL 8,944 11,786 1,046 1,274 11.3x 9.3x 16.5x 12.5x Fluor Corporation FLR 6,279 5,102 639 736 8.0x 6.9x 13.1x 11.7x ABM Industries Incorporated ABM 2,579 3,966 496 512 8.0x 7.7x 12.3x 11.2x Cushman & Wakefield PLC CWK 2,207 5,124 648 729 7.9x 7.0x 9.4x 7.5x Newmark Group Inc. NMRK 1,865 3,793 411 487 9.2x 7.8x 10.1x 8.3x RMR Group LLC RMR 397 414 9 4 101 4.4x 4.1x 14.4x 12.8x Mean $ 8,579 $ 10,110 $ 878 $ 1,002 9.9x 8.8x 11.9x 10.3x Adjusted Mean(3) $ 7,029 $ 8,357 $ 767 $ 862 10.0x 8.8x 11.9x 10.4x Page 18

TRADITIONAL / ALTERNATIVE ASSET MANAGERS _____________________ (1) Pricing data from CapIQ as of March 5, 2024. (2) Estimates from FactSet as of March 5, 2024. (3) Adjusted mean is calculated by removing the max and the min from each range. Company Ticker Market Cap(1) Enterprise Value(1) 2024 EBITDA(2) 2025 EBITDA(2) Implied Enterprise Value / 2024 EBITDA Implied Enterprise Value / 2025 EBITDA Price / 2024E(2) Price / 2025E(2) BlackRock, Inc. BLK $ 123,167 $ 126,123 $ 8,382 $ 9,587 15.0x 13.2x 20.7x 18.3x Blackstone Group Inc. BX 89,202 114,572 7,560 9,331 15.2x 12.3x 25.2x 20.4x Apollo Global Management, Inc. APO 62,163 65,191 6,147 6,919 10.6x 9.4x 14.0x 12.1x Ameriprise Financial, Inc. AMP 41,379 37,947 5,580 5,701 6.8x 6.7x 12.1x 11.1x T.Rowe Price Group, Inc. TROW 26,002 25,120 2,413 2,518 10.4x 10.0x 14.8x 14.4x Carlyle Group L.P. CG 16,686 24,714 1,541 1,993 16.0x 12.4x 11.8x 10.1x Franklin Resources, Inc. BEN 14,559 16,859 2,067 2,345 8.2x 7.2x 10.9x 9.6x SEI Investments Company SEIC 8,967 8,127 627 659 13.0x 12.3x 17.0x 15.7x Invesco Ltd. IVZ 7,044 12,826 1,468 1,596 8.7x 8.0x 9.3x 8.3x Affiliated Managers Group, Inc. AMG 5,200 8,051 940 964 5.5x 8.4x 7.4x 6.6x Victory Capital Holdings, Inc. VCTR 2,509 3,538 446 477 7.9x 7.4x 7.6x 6.9x Virtus Investment Partners, Inc. VRTS 1,610 1,775 293 314 6.1x 5.7x 8.6x 8.0x Sprott Inc. SII 1,258 1,281 8 2 9 3 15.4x 13.7x 29.9x 23.1x Wisdom Tree Investments, Inc. WT 1,173 1,393 128 137 9.2x 10.2x 16.3x 14.6x Mean $ 28,637 $ 31,965 $ 2,691 $ 3,045 10.6x 9.8x 14.7x 12.8x Adjusted Mean(3) $ 23,048 $ 26,676 $ 2,434 $ 2,746 10.5x 9.8x 14.0x 12.4x Page 19

DCF VALUATION

DISCOUNTED CASH FLOWS ANALYSIS: ENTERPRISE VALUE APPROACH Discount Period 1 2 3 4 5 Effective Tax Rate (1) 25.00% 25.00% 25.00% 25.00% 25.00% Discount Rate 14.71% 14.71% 14.71% 14.71% 14.71% Enterprise Terminal Multiple 10.0x 10.0x 10.0x 10.0x 10.0x Projected Fiscal Year Ending December 31 2024B 2025P 2026P 2027P 2028P Budgeted Pro Forma Corporate EBITDA $68,476 $73,995 $77,849 $80,975 $84,026 + Investment in TSGF/SHR/TX NAV (200) - - 500 10,242 - Income Tax (17,119) (18,499) (19,462) (20,244) (21,007) - Maintenance Capital Expenditures (9,218) (9,807) (10,502) (10,967) (11,401) - Investment Capital Expenditures (16,264) (3,007) (2,004) (1,862) (1,926) Unlevered Free Cash Flows $25,675 $42,682 $45,881 $48,402 $59,934 Terminal Value - - - - 840,264 Total Cash Flows $25,675 $42,682 $45,881 $48,402 $900,198 Discounted Cash Flows 22,383 32,437 30,397 27,955 453,245 Enterprise Value $566,417 Total Debt (136,966) Unrestricted Cash 47,054 Tangible Net Working Capital (4,036) Total Preferred Equity (487,450) Total Accrued Preferred Dividends (28,508) Implied Equity Value ($43,489) Share Count 3,206 Implied Equity Value Per share ($13.56) _____________________ (1) Estimated corporate tax rate on an unlevered balance sheet neutral basis. (2) Baird Investment Banking estimate of current market. (3) 5-Year SOFR Swap Rate + 500 bps as of 3/1/2024; Baird Investment Banking estimate of current market. Buyer-Neutral Weighted Average Cost of Capital Capital Structure(2) Debt to Total Capitalization 40.00% Preferred Equity to Total Capitalization – Common Equity to Total Capitalization 60.00% Total Capitalization 100.00% Cost of Debt Cost of Debt(3) 9.03% Debt-Neutral Tax Rate 25.00% After Tax Cost of Debt 6.77% Cost of Preferred – Cost of Equity(2) 20.00% WACC 14.71% Page 21

DISCOUNTED CASH FLOWS ANALYSIS: CONTINUING EQUITY VALUE APPROACH Discount Period 1 2 3 4 5 Effective Tax Rate 10.9% 19.1% 19.7% 19.6% 20.8% Discount Rate 20.70% 20.70% 20.70% 20.70% 20.70% Terminal P/E Ratio 12.0x 12.0x 12.0x 12.0x 12.0x Projected Fiscal Year Ending December 31 2024B 2025P 2026P 2027P 2028P Budgeted Pro Forma Corporate EBITDA $68,476 $73,995 $77,849 $80,975 $84,026 - Interest Expense (15,772) (14,171) (14,189) (14,369) (14,573) - Income Tax (7,458) (14,144) (15,336) (15,895) (17,472) - Preferred Dividend Expense (36,236) (36,341) (36,453) (36,574) (36,703) Adjusted Net Income $9,010 $9,338 $11,871 $14,137 $15,278 + Investment in TSGF/SHR/TX NAV (200) - - 500 10,242 - Debt Principal Payments (4,697) (2,676) (5,704) (6,424) (7,151) - Maintenance Capital Expenditures (9,218) (9,807) (10,502) (10,967) (11,401) - Investment Capital Expenditures (16,264) (3,007) (2,004) (1,862) (1,926) Levered Free Cash Flows ($21,369) ($6,153) ($6,339) ($4,617) $5,041 Terminal Value - - - - 183,337 Total Cash Flows ($21,369) ($6,153) ($6,339) ($4,617) $188,379 Discounted Cash Flows (17,704) (4,224) (3,605) (2,176) 73,543 Total Discounted Equity Cash Flows $45,834 Total Accrued Preferred Dividends (28,508) Implied Equity Value $17,326 Share Count 3,206 Implied Equity Value Per share $5.40 Continuing Cost of Equity Market Risk Premium(1) 7.17% 5-Yr Avg. Beta 1.66 Adjusted Market Risk Premium 11.91% Add: Risk Free Rate(2) 4.09% Add: Size Premium(3) 4.70% _____________________ Cost of Equity 20.70% (1) Market risk premium calculated using the Historical Long-term average (1926-2022), per Kroll report. (2) Risk-free Rate of Return calculated using Spot 10-year Treasury Yield, per Kroll Report. (3) Size Premium calculated using Companies Ranked by Market Value of Equity, per Kroll Estimates. Page 22

SENSITIVITY ANALYSIS Terminal Multiple 566,416.8 9.50x 9.75x 10.00x 10.25x 10.50x 15.71% $524,425 $534,553 $544,680 $554,808 $564,935 15.21% $534,714 $545,063 $555,412 $565,762 $576,111 14.71% $545,263 $555,840 $566,417 $576,994 $587,570 14.21% $556,081 $566,891 $577,702 $588,512 $599,322 13.71% $567,176 $578,226 $589,276 $600,326 $611,376 Enterprise Value Range $524,425 − $611,376 Equity Value Range ($85,481) − $1,470 Equity Value Per Share Range ($26.66) − $0.46 Discount Rate DCF ENTERPRISE VALUE DCF CONTINUING EQUITY VALUE Terminal Multiple 17,326.1 11.50x 11.75x 12.00x 12.25x 12.50x 21.70% $11,865 $13,296 $14,727 $16,158 $17,589 21.20% $13,088 $14,549 $16,010 $17,470 $18,931 20.70% $14,344 $15,835 $17,326 $18,817 $20,308 20.20% $15,633 $17,156 $18,678 $20,200 $21,723 19.70% $16,957 $18,512 $20,066 $21,621 $23,175 Equity Value Range $11,865 − $23,175 Equity Value Per Share Range $3.70 − $7.23 Discount Rate Page 23

PRECEDENT REVERSE SPLITS

PRECEDENT REVERSE / FORWARD STOCK SPLITS Company Announcement Date Reverse Shares Cash Offered Price Day Before Announcemet Premium to Prior Trading Price Fairness Opinon Safeguard Scientifics, Inc. 10/4/2023 1-for-100 $ 1.65 $ 1.01 63.4% No Micron Solutions, Inc. 10/2/2023 1-for-1,000 1.50 0.70 114.3% No Reliv' International, Inc. 10/19/2020 1-for-2,000 3.75 3.81 (1.6%) Yes Westell Technologies, Inc. 9/29/2020 1-for-1,000 1.48 1.27 16.5% Yes Parker Drilling Company 9/10/2019 1-for-100 30.00 20.03 49.8% Yes Dynasil Corporation 5/2/2019 1-for-8,000 1.15 1.09 5.5% Yes Lime Energy 9/16/2016 1-for-300 2.49 1.57 58.6% No Champion Industries, Inc 1/20/2016 1-for-200 0.30 0.19 62.2% No FROM Corp. 1/12/2012 1-for-100 3.00 2.51 19.5% No Gander Mountain 9/28/2009 1-for-30,000 5.15 3.82 34.8% Yes Mean $ 5.05 $ 3.60 42.3% Adjusted Mean $ 2.52 $ 1.97 38.8% _____________________ Source: CapIQ, Public Filings, Company Press Releases. (1) Adjusted mean is calculated by removing the max and the min from each range. (2) Share price as of March 5, 2024. 1 Share Price PREMIUM TO AINC SHARE PRICE(2) $2.49 0% $3.74 50% $4.98 100% Page 25

PRECEDENT TRADING

AINC ROLLING 30-DAY VWAP LAST 6 MONTHS _____________________ Source: CapIQ. $5.55 +40% $3.97 Median $2.38 -40% $4.00 Proposed Tender Share Price Page 27

APPENDIX

DELISTING ANALYSIS _____________________ Source: CapIQ, Public Filings, Company Press Releases, Stockanalysis.com. (1) % price change between the last day of trading before the announcement and the current OTC price as of February 23, 2024. (2) GMBL, CYAN, & SFES 30 Day ADTV After Delistment is not 30 days and is based on the ADTV from date of delistment up until February 23, 2024. The list below contains all companies YTD and in 2023 that were either voluntarily delisted or suspended from the NASDAQ or NYSE when there were at least two trading days between the announcement of the delisting / suspension and the security being delisted / suspended. Last Trading Day Before Day Before Announcement Day of Delisting Current OTC 30 Day ADTV Prior to the 30 Day ADTV After the Voluntarily Symbol Company Name Announcement Day of Delisting Mkt Cap ($M) Share Price Mkt Cap ($M) Share Price % Change Price % Change1 Announcment Delistment2 % Change Delistment CYAN Cyanotech Corp 2/13/2024 2/20/2024 $ 3.86 $ 0.56 $ 1.80 $ 0.26 (53.4%) $ 0.24 (58.0%) $ 15,640 $ 115,823 640.6% N o GMBL Esports Entertainment Group Inc 2/12/2024 2/20/2024 2.53 2.38 1.98 1.86 (21.8%) 1.55 (34.9%) 581,635 259,025 (55.5%) Yes SFES Safeguard Scientifics Inc 10/4/2023 2/9/2024 16.69 1.01 7.54 0.46 (55.0%) 0.72 (28.7%) 81,706 276,052 237.9% Yes SALM Salem Media Group Inc 12/28/2023 1/18/2024 14.85 0.55 7.10 0.26 (52.2%) 0.33 (39.5%) 90,035 202,795 125.2% Yes HALL Hallmark Financial Services Inc 12/22/2023 1/4/2024 3.60 1.98 1.49 0.82 (58.6%) 0.71 (64.4%) 10,166 32,991 224.5% Yes UTRS Minerva Surgical Inc 12/14/2023 12/28/2023 28.37 3.20 13.14 1.48 (53.7%) 0.56 (82.5%) 68,860 14,539 (78.9%) Yes VAPO Vapotherm Inc 12/8/2023 12/14/2023 12.09 1.97 7.80 1.27 (35.5%) 0.99 (49.7%) 35,360 57,011 61.2% Yes CIZN Citizens Holding Co. 11/30/2023 12/14/2023 58.86 10.48 49.71 8.85 (15.6%) 7.79 (25.7%) 5,695 36,805 546.3% Yes CMRA Comera Life Sciences Holdings Inc 11/14/2023 11/16/2023 7.22 0.24 6.85 0.22 (5.2%) 0.04 (82.4%) 194,272 144,063 (25.8%) N o KBNT Kubient Inc 11/10/2023 11/16/2023 3.17 0.22 1.47 0.10 (53.5%) 0.00 (99.5%) 36,351 130,075 257.8% Yes RIBT Ricebran Technologies 11/1/2023 11/7/2023 2.31 0.35 2.31 0.35 – 0.15 (57.1%) 33,900 43,343 27.9% N o BKSC Bank Of South Carolina Corp 8/23/2023 9/14/2023 76.06 13.71 66.57 12.00 (12.5%) 12.52 (8.7%) 5,079 34,709 583.4% Yes SBIG Springbig Holdings Inc 8/31/2023 9/5/2023 9.56 0.23 5.41 0.13 (43.4%) 0.15 (34.8%) 199,937 108,366 (45.8%) Yes SEAC Seachange International Inc 8/7/2023 8/25/2023 20.34 7.87 12.61 4.88 (38.0%) 1.65 (79.0%) 5,394 36,012 567.6% N o FXLV F45 Training Holdings Inc 8/11/2023 8/24/2023 68.22 0.70 9.49 0.10 (86.1%) 0.04 (94.3%) 267,530 757,586 183.2% Yes MSVB Mid-southern Bancorp Inc 8/1/2023 8/14/2023 34.95 12.79 30.47 11.15 (12.8%) 13.65 6.7% 2,597 8,012 208.5% Yes OFED Oconee Federal Financial Corp 7/19/2023 7/31/2023 87.06 15.52 75.84 13.52 (12.9%) 13.97 (10.0%) 3,082 4,413 43.2% Yes KSPN Kaspien Holdings Inc 5/19/2023 6/9/2023 3.08 0.62 1.00 0.20 (67.5%) 0.02 (97.6%) 125,809 398,612 216.8% Yes BLCM Bellicum Pharmaceuticals Inc 5/26/2023 6/2/2023 7.37 0.78 2.85 0.30 (61.3%) 0.07 (90.4%) 5,402,649 99,639 (98.2%) Yes IDWM Idw Media Holdings Inc 4/26/2023 5/18/2023 11.57 0.82 6.07 0.43 (47.5%) 0.45 (45.1%) 28,240 23,929 (15.3%) N o TKOI Telkonet Inc 3/28/2023 3/31/2023 7.93 0.03 5.80 0.02 (26.8%) 0.01 (73.6%) 87,998 198,673 125.8% Yes ASPU Aspen Group Inc 3/10/2023 3/31/2023 4.26 0.17 1.33 0.05 (69.1%) 0.21 27.6% 214,921 258,485 20.3% Yes REED Reed's Inc 2/13/2023 2/15/2023 8.87 3.52 8.17 3.24 (8.0%) 1.67 (52.6%) 47,617 26,546 (44.3%) N o FFBW Ffbw Inc 1/30/2023 2/13/2023 61.28 12.19 59.22 11.78 (3.4%) 12.60 3.4% 3,802 40,132 955.5% N o ASAP Waitr Holdings Inc 1/23/2023 2/2/2023 6.13 0.59 3.69 0.36 (39.8%) 0.08 (87.3%) 756,288 159,331 (78.9%) Yes Mean $ 22.41 $ 3.70 $ 15.59 $ 2.96 (37.3%) $ 2.81 (50.3%) $ 332,183 $ 138,679 183.3% Median $ 9.56 $ 0.82 $ 6.85 $ 0.43 (39.8%) $ 0.45 (52.6%) $ 47,617 $ 99,639 125.2% Max $ 87.06 $ 15.52 $ 75.84 $ 13.52 – $ 13.97 27.6% $ 5,402,649 $ 757,586 955.5% Min $ 2.31 $ 0.03 $ 1.00 $ 0.02 (86.1%) $ 0.00 (99.5%) $ 2,597 $ 4,413 (98.2%) Page 29