Reports Issued By Industry Analysts and Proxy Advisory Firm ISS Call into Question Rationale of Ashford Hospitality Trust, Inc.'s Proposed ~94% Dilutive Exchange Offers

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Sep 28, 2020
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- Wall Street consensus estimates for AHT call for $1.0 billion of revenue in 2021 and $1.23 billion by 2022.

- Wall Street consensus estimates for AHT call for $311 million of EBITDA in 2021 and $337 million by 2022.

- Estimates by RW Baird and others show property level operations break-even, possible exiting 2020.

- ISS issues rare "cautionary" vote for AHT's special meeting proposals noting, "Given the company's track record of dissolute governance and inherent conflicts of interest, shareholders may rightfully have questions about the exchange offers."

- Cygnus Capital, Inc. continues to urge AHT common stockholders to vote AGAINST all proposals at AHT's upcoming special meeting.

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