Notice of Extension of Advisory Agreement

On March 31, 2026, Ashford Inc. and Ashford Hospitality Advisors LLC (the "Advisor") provided written notice to Braemar Hotels & Resorts Inc. of their election to extend the term of the Fifth Amended and Restated Advisory Agreement. The extension, exercised under Section 12.2 of the agreement, grants an additional ten-year term commencing January 24, 2027, and expiring January 24, 2037. All existing terms, conditions, rights, and obligations remain in effect during the extended period, with the exception of Section 6.6, which allows for renegotiation of Base Fee or Incentive Fee. This notice is timely and effective, and does not affect other agreements between the parties, including a Letter Agreement dated August 26, 2025, and an Amendment dated December 22, 2025.