Exhibit (c)(ii)

STRICTLY PRIVATE AND CONFIDENTIAL March 2024 Project Antelope Preliminary Discussion Materials

2 1. Executive Summary 2. Project Antelope Situation Analysis 3. Preliminary Observations on Antelope’s Public Market Valuation 4. Preliminary Perspectives on the Proposed Transaction Appendix Table of Contents

1. Executive Summary

4 Executive Summary Oppenheimer & Co. is pleased to have this opportunity to meet with the Special Committee of Antelope (the “Company”) to discuss the Company’s proposal to effect a reverse stock split and a related cash offer to the resulting fractional shareholders (the “Transaction”) The Transaction, which can be referred to as a “Go-Dark” transaction, would result in a reduced shareholder count and delisting of the Company’s stock from the NYSE American exchange The Transaction would eliminate the Company’s current requirement to spend ~$2.5 million per year on Exchange Act, SOX and compliance costs to maintain its current listing ‒ $2.5 million represents approximately $0.78 per share ‒ Compliance costs consist of external legal and other expenses Antelope’s public shareholders would experience either one or a combination of two outcomes: ‒ Share holdings equal to whole number multiples of the reverse split would maintain their holdings, but have shares that are delisted and will trade going forward on the less liquid over-the-counter (“OTC”) market without the protections that compliance requirements provide ‒ Fractional shares will be exchanged for cash and no longer subjected to the changes in Antelope’s value, including both future decreases as well as increases such as those that may result from a future sale of Antelope Antelope’s governance is impacted by the voting power of Monty and Archie Bennett Jr., who collectively control 57.3% of the Company’s voting shares via ownership of $478.0 million of Series D Convertible Preferred Stock, which votes on an as-converted basis, in addition to common share ownership

5 Executive Summary (cont.) We understand that the Transaction will be subject to a “Majority-of-the-Minority” shareholder vote that excludes the Bennetts, who support the Transaction Antelope’s share price has decreased materially over the past few years as the Company and its managed REITs have seen their valuations impacted by: ‒ High leverage, including COVID-19 rescue financing provided by Oaktree which is still outstanding ‒ Decreased FY2023A EBITDA vs. FY2022A ‒ Limited Free Cash Flow at Antelope after paying the Series D Convertible Preferred’s ~$35 million annual dividend ‒ Yet to be proven new REIT capital raising capability to grow new managed investment vehicles To assist the Special Committee’s assessment of the proposed Transaction, we have prepared preliminary materials that cover: ‒ Antelope’s current situation ‒ Perspectives on the Company’s current public market valuation ‒ Preliminary observations on the proposed Transaction After today’s meeting, we are available to prepare additional analyses or assist the Special Committee in communicating its initial views on the financial aspects of the Transaction to the Company and Robert W. Baird, its investment banker

2. Project Antelope Situation Analysis

7 Overview of Antelope 2014 Year founded / IPO $7.5 billion Assets under management 2 Public REITs managed 106 Hotels in REIT portfolios $6.4 million Market capitalization(2) $615.5 million Enterprise value(2) $60.4 million FY2023A Adj. EBITDA Company Overview Antelope at a Glance(1) Advisory Segment Operating Segment Antelope (the “Company”) is a publicly-traded alternative asset manager and service provider focused exclusively on the hospitality industry The Company’s Advisory Segment currently manages ~$7.5 billion in assets comprised of two affiliated publicly traded REITS: − Ashford Hospitality Trust – focused on investing in upper-upscale, full-service and select-service hotels − Braemar Hotels & Resorts – focused on investing in luxury hotels and resorts Antelope’s Operating Segment invests in and operates a portfolio of ancillary brands providing products and services to the real estate and hospitality industry Antelope is an alternative asset management company with a portfolio of strategic operating businesses that provides global asset management, investment management and related services to the real estate and hospitality sectors ~$7.5 billion of AUM in Perpetual Life Public REITs Strategic Investment / ownership in Hospitality-Focused Service Platforms Source: FactSet, Company Filings (1) As of December 31, 2023. (2) As of March 19, 2024. 90 Hotels 20,546 Rooms 16 Hotels 3,957 Rooms Dedicated capital-raising platform for investment opportunities advised by In-house tech partners, Antelope producing 2,500+ events each year Leading provider of resort recreation services Largest mobile key provider for independent hotels and soft brands worldwide Allergies and asthma solutions, increasing revenue from health-conscious customers One of the largest and most trusted providers of hospitality project management services Dynamic, growing, independent hotel management company

8 Overview of Antelope Hospitality Trust Portfolio Highlights(1) Share Performance (1) Source: AHT 10-K as of 12/31/2023. Amount is subject to change as AHT is in the process of divesting hotel to pay down debt. (2) As reported in AHT Earnings Releases: 2019 as reported on 2/25/2020; 2020 as reported on 2/24/2021; 2021 as reported on 2/23/2022, 2022 as reported on 2/21/2023; 2023 as reported on 2/28/2024. (3) Source: S&P CapIQ. $137m FY’23 Capex 90 Hotels 20,546 Rooms >$130 RevPAR AHT is in the process of divesting hotels to repay its Oaktree Senior Secured Credit Facility, which may cause its asset base to decrease over the next few years, potentially impacting Antelope’s financial performance as well $1,240.1 $1,366.4 $1,276.1 $276.9 $305.7 $299.2 $0.0 $200.0 $400.0 $600.0 $800.0 $1,000.0 $1,200.0 $1,400.0 FY2022A FY2023A FY2024P Revenue EBITDA ($ in millions) $119 $36 $95 $119 $131 $0 $20 $40 $60 $80 $100 $120 $140 2019 2020 2021 2022 2023 Revenue and EBITDA Performance(3) Comparable RevPAR⁽²⁾ 8.5% (85.6%) (100.0%) (80.0%) (60.0%) (40.0%) (20.0%) 20.0% 40.0% Mar-22 Jul-22 Nov-22 Mar-23 Jul-23 Nov-23 Mar-24 MSCI US REIT Index NYSE: AHT

9 $224 $101 $238 $312 $307 $0 $50 $100 $150 $200 $250 $300 $350 2019 2020 2021 2022 2023 Overview of Braemar Hotels & Resorts Portfolio Highlights(1) (1) Source: BHR 10-K as of 12/31/2023. (2) As reported in BHR Earnings Releases: 2019 as reported on 2/26/2020, 2020 as reported on 2/24/2022; 2021 and 2022 as reported on 2/22/2023; 2023 as reported on 2/29/2024. (3) Source: S&P CapIQ. $77m FY’23 Capex 16 Hotels 3,957 Rooms >$300 RevPAR Share Performance $669.3 $739.1 $741.3 $146.1 $152.3 $172.9 $0.0 $100.0 $200.0 $300.0 $400.0 $500.0 $600.0 $700.0 $800.0 FY2022A FY2023A FY2024P Revenue EBITDA ($ in millions) BHR’s portfolio performed very well as drive-to US domestic resorts rebounded strongly as COVID-19 receded. The Company now faces headwinds from tough year-over-year comparisons and pullback in strong leisure travel demand, which could weigh on investor sentiment towards the stock Comparable RevPAR⁽²⁾ Revenue and EBITDA Performance(3) 8.5% (69.5%) (80.0%) (60.0%) (40.0%) (20.0%) 20.0% 40.0% Mar-22 Jul-22 Nov-22 Mar-23 Jul-23 Nov-23 Mar-24 MSCI US REIT Index NYSE: BHR

10 1,290 832 1,140 1,270 1,300 2019 2020 2021 2022 2023E Lodging Industry Update Average Daily Room Rate Hotel Room Occupancy Rate RevPAR Hotel Room Nightly Demand Source: STR, Oxford Economics, and AHLA. Strong ADR growth has propelled RevPAR to new highs and occupancy continues to push toward pre-pandemic levels $86.76 $45.48 $71.87 $93.27 $97.97 2019 2020 2021 2022 2023 $131.21 $103.25 $124.67 $148.83 $155.62 2019 2020 2021 2022 2023 65.9% 43.9% 57.5% 62.7% 63.0% 2019 2020 2021 2022 2023

11 $ 86.76 $ 45.48 $ 71.87 $ 93.27 $ 97.97 $ 99.18 $ 102.75 $ 106.26 $ 109.79 2019 2020 2021 2022 2023 2024P 2025P 2026P 2027P Projected RevPAR Outlook Source: CBRE Hotels Research and Kalibri Labs. RevPAR is forecasted to grow at a 3.4% CAGR over the next three years

12 $0 $2,000 $4,000 $6,000 $8,000 $10,000 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Gross AUM Antelope’s AUM Evolution Prior to COVID-19, AUM growth at AHT and BHR drove the historical growth of Antelope and its operating businesses. The current outlook is impacted by capital raising challenges at these REITs ($ in millions)

13 Select Publicly Traded Lodging REITs – Valuation and Leverage Metrics AHT and BHR currently have higher leverage and lower NAV valuations than their peers, thus, impacting Antelope’s ability to grow Source: Capital IQ Pro, FactSet, Company Filings, and Equity Research. Note: “n/m” denotes multiples that are “not meaningful” for this analysis. In order of largest to smallest total market capitalization. 1) Calculated using fully diluted share count via treasury stock method. ($ in millions, except per share figures and EV per Key) Valuation Leverage Share Price Δ Share Price Market Enterprise EV / EBITDA EV / Price / Debt + Preferred / Company Name Ticker 3/19/24 YTD Cap ¹ Value ¹ 2023A 2024E Key (000's) Est. NAV 2023A EBITDA Host Hotels & Resorts HST $20.71 6.9% $14,572 $18,204 11.2x 11.1x $ 407 80.1% 2.9x Ryman Hospitality Properties RHP 118.46 6.2 7,073 10,404 15.1 13.7 912 102.7 5.2 Apple Hospitality APLE 16.51 (1.0) 3,988 5,461 12.5 11.9 183 89.5 3.4 Park Hotels & Resorts PK 17.27 13.0 3,637 7,984 12.1 12.0 306 78.0 7.8 Sunstone Hotel Investors SHO 11.12 3.2 2,263 2,979 11.3 12.4 446 83.3 4.3 DiamondRock Hospitality DRH 9.45 0.8 1,981 3,275 12.1 11.8 336 82.1 5.2 Pebblebrook Hotel PEB 15.66 (3.8) 1,884 5,042 15.1 14.4 423 75.5 9.7 RLJ Lodging RLJ 11.92 0.6 1,857 4,110 11.3 10.9 192 64.3 7.6 Xenia Hotels & Resorts XHR 15.05 10.4 1,534 2,801 11.1 11.1 294 81.6 5.6 Service Properties Trust SVC 6.58 (23.5) 1,091 6,431 10.4 10.5 170 n/a 8.9 Summit Hotel Properties INN 6.25 (6.5) 776 2,941 15.5 15.4 197 73.0 9.0 Chatham Lodging Trust CLDT 10.05 (5.6) 491 1,082 10.7 10.6 183 77.9 6.2 Braemar Hotels & Resorts BHR 1.85 (25.4) 137 1,878 10.6 11.1 448 26.1 10.2 Antelope Hospitality Trust AHT 1.33 (31.8) 53 3,596 11.1 13.1 n/a 9.0 11.3 American Hotel Income HOT.UN 0.50 (22.1) 40 590 9.1 8.6 75 26.3 8.1 Sotherly Hotels SOHO 1.37 (8.7) 27 449 12.2 n/a 127 38.1 12.0 Median (2.4)% $ 1,695 $ 3,436 11.3x 11.8x $ 294 76.7% 7.7x Market Statistics

14 Select Antelope Growth Initiatives Stirling Hotels & Resorts Antelope serves as sponsor to Stirling Hotels & Resorts – Stirling intends to invest in a diverse portfolio of stabilized income-producing hotels and resorts across all chain scales primarily located in the United States – Stirling REIT Advisors will be responsible for sourcing, evaluating, and monitoring Stirling’s investment opportunities and making decisions related to the acquisition, management, financing and disposition of Stirling’s assets – Stirling seeks to invest 80% of its assets in hotels and up to 20% in hotel-related debt, cash, cash equivalents, and other investments Texas Strategic Growth Fund Texas Strategic Growth Fund is a growth oriented private offering targeting investments in all types of commercial real estate in the state of Texas – Ashford Securities has raised $11.5 million of capital for the Texas Strategic Growth Fund, which comprises $2.5 million from Antelope and $9.0 million from other investors – The proceeds from Antelope’s investment, along with other funds raised, were used to make an equity investment in a multi-family property located in San Antonio, TX Source: Company filings. Chesapeake Hospitality Antelope acquired privately-held Chesapeake Hospitality in April 2022 – This strategic acquisition increased the scale and scope of Remington’s hotel management business and expanded its geographic footprint to complementary Midwestern markets including Pittsburgh, Milwaukee, Detroit, and St. Louis – The transaction increased Remington’s mix of third-party hotels from ~20% to ~40% Against challenges growing AHT and BHR’s AUM, Antelope has launched two new investment vehicles and focused on growing its third-party services businesses, both organically and through acquisitions

15 Antelope Historical and FY2024B Income Statement Performance Source: Company-provided financial statements. (1) Includes Advisory business and Lismore. (2) Includes Pure, Warwick, and Jr interests. Summary Financial Performance by Business Commentary FY2022A: – Total revenue was $271.4, reflecting a 57.5% growth rate over the prior year • Driven by the strong recovery of the hospitality industry due to COVID-19-related pent-up demand and some returning corporate travel – Adjusted EBITDA for the year was $75.7 • Industry-wide staffing shortages created hiring lags that resulted in abnormally high and unsustainable margins across the portfolio of businesses in FY2022A FY2023A: – Total revenue was $337.9, reflecting a 24.5% growth rate over the prior year • Hospitality continued to recover, although at a slower pace than FY2022A ♦ Hotel Services business lines, including Premier, RED, and Inspire, especially performed well – Adjusted EBITDA for the year was $60.4, reflecting a 20.2% decrease versus the prior year • Inflationary pressures added to the incremental hiring requirements to return to pre-COVID-19 staffing and service levels, which caused margins to return to pre-COVID-19 levels (FYE 12/31) FY2022A FY2023A FY2024B Asset Management⁽¹⁾ Revenue $52.8 $52.8 $55.3 % Growth (12.1%) 0.2% 4.7% Adj. EBITDA $16.8 $10.9 $8.9 % Margin 31.8% 20.6% 16.2% Remington Revenue $46.7 $52.7 $56.5 % Growth 77.8% 12.7% 7.2% Adj. EBITDA $25.3 $21.3 $23.3 % Margin 54.1% 40.5% 41.3% Premier Revenue $22.2 $27.7 $21.1 % Growth 131.9% 25.1% (24.0%) Adj. EBITDA $8.7 $9.5 $5.9 % Margin 39.3% 34.4% 28.1% RED Revenue $26.3 $34.0 $46.6 % Growth 10.2% 29.1% 37.2% Adj. EBITDA $5.6 $5.2 $10.2 % Margin 21.3% 15.2% 21.9% Inspire Revenue $121.3 $148.8 $162.7 % Growth 143.1% 22.7% 9.4% Adj. EBITDA $19.6 $16.7 $22.8 % Margin 16.1% 11.2% 14.0% Other⁽²⁾ Revenue $2.2 $21.9 $25.4 % Growth (17.6%) 894.6% 16.1% Adj. EBITDA ($0.2) ($3.2) ($1.2) % Margin (10.6%) (14.6%) (4.7%) Consolidated Revenue $271.4 $337.9 $367.6 % Growth 57.5% 24.5% 8.8% Adj. EBITDA $75.7 $60.4 $70.0 % Margin 27.9% 17.9% 19.0% ($ in millions)

16 Antelope Balance Sheet Balance Sheet (FYE 12/31, $ in millions) FY2021A FY2022A FY2023A Assets Unrestricted cash⁽¹⁾ $37.6 $44.4 $52.1 Restricted cash and investments 35.5 37.4 23.3 Other current assets 25.4 43.3 65.5 Total Current Assets $98.5 $125.0 $140.9 Investments $3.6 $4.2 $9.3 Property and equipment, net 83.6 41.8 56.9 Operating lease right-of-use assets 27.0 23.8 21.2 Goodwill, intangible, and other assets 302.2 287.5 276.6 Total Assets $514.8 $482.4 $504.8 Liabilities Accounts payable and accrued expenses $39.9 $56.1 $54.8 Dividends payable 34.6 27.3 28.5 Notes payable, net 6.7 5.2 4.4 Other current liabilities 33.5 32.6 47.7 Total Current Liabilities $114.7 $121.2 $135.4 Deferred income 8.0 7.4 6.4 Deferred tax liability, net 32.8 27.9 29.5 Notes payable, net 52.7 89.7 132.6 Finance lease liabilities 43.5 2.0 2.8 Operating lease liabilities 23.5 20.1 19.2 Other non-current liabilities 3.3 6.1 3.5 Total Liabilities $278.5 $274.2 $329.4 Mezzanine Equity Series D Convertible Preferred Stock $478.0 $478.0 $478.0 Redeemable noncontrolling interests⁽²⁾ 0.1 1.6 2.0 Total Mezzanine Equity $478.1 $479.6 $480.0 Equity Total Equity ($241.8) ($271.5) ($304.6) Total Liabilities, Mezzanine Equity and Equity (Deficit) $514.8 $482.4 $504.8 Source: Company SEC filings. (1) Does not exclude $5.0 of Unrestricted Cash reserved as Net Working Capital. (2) Reflects the fair market value of Series CHP Units, as presented on the Antelope Consolidated Balance Sheet.

17 Antelope Capitalization Summary The Series D Convertible Preferred Stock comprises ~78% of Antelope’s current Enterprise Value, while its $35 annual dividend represents ~50% of FY2024P Adj. EBITDA and ~58% of FY2023A Adj. EBITDA Note: Balance sheet data as of December 31, 2023 Source: FactSet, Company SEC Filings. (1) Share price of $1.99 of March 19, 2024. (2) Assumes $5.0 of Unrestricted Cash is reserved as Net Working Capital. Security Type Outstanding Maturity Conversion Price Interest Rate Debt Facilities Total Debt $137.0 Varied N/A Varied Dividends Payable 28.5 Finance Lease Liabilities 3.3 Total Debt and Dividends Payable $168.7 Implied Leverage: (Debt + Dividends Payable / FY2024P Adj. EBITDA) 2.4x Mezzanine Equity 7.28% Series D Convertible Preferred $478.0 Redeemable After Jun 2026 $117.50 7.28% Series CHP Units at Liquidation Value 9.5 Total Debt + Dividends Payable + Preferred $656.2 Implied Leverage: (Debt + Dividends Payable + Preferred / FY2024P Adj. EBITDA) 9.4x Implied Leverage: (Debt + Dividends Payable + Preferred / FY2023A Adj. EBITDA) 10.9x Valuation Summary Total Debt + Dividends Payable + Preferred $656.2 (+) Equity Value⁽¹⁾ 6.4 (-) Unrestricted Cash⁽²⁾ (47.1) Total Enterprise Value $615.5 TEV / FY2024P Adj. EBITDA 8.8x ($ in millions)

18 Antelope’s Relative Stock Price Performance Source: FactSet as of 3/19/2024. While the overall market has moderately performed over the past two years, Antelope has experienced a significant decline its in public market valuation 16.0% (88.9%) (100.0%) (80.0%) (60.0%) (40.0%) (20.0%) 20.0% 40.0% Mar-22 Jul-22 Nov-22 Mar-23 Jul-23 Nov-23 Mar-24 S&P 500 Antelope

19 Share Price $1.99 $4.00 $6.50 $9.00 $11.50 Premium / (Discount) to: Metric Closing Share Price (3/19/24) $1.99 - 101.0% 226.6% 352.3% 477.9% 1-Year VWAP (3/19/24) $7.14 (72.1%) (44.0%) (8.9%) 26.1% 61.1% 52-Week Low $1.91 4.2% 109.4% 240.3% 371.2% 502.1% 52-Week High $13.74 (85.5%) (70.9%) (52.7%) (34.5%) (16.3%) (x) Diluted Shares Outstanding 3.2 3.2 3.2 3.2 3.2 Equity Value $6.4 $12.8 $20.9 $28.9 $36.9 (+) Notes Payable $137.0 $137.0 $137.0 $137.0 $137.0 (+) Finance Lease Liabilities 3.3 3.3 3.3 3.3 3.3 (+) Total Debt $140.2 $140.2 $140.2 $140.2 $140.2 (+) Dividends Payable 28.5 28.5 28.5 28.5 28.5 (-) Unrestricted Cash⁽²⁾ (47.1) (47.1) (47.1) (47.1) (47.1) (+) Series D Convertible Preferred Stock 478.0 478.0 478.0 478.0 478.0 (+) Series CHP Units 9.5 9.5 9.5 9.5 9.5 Enterprise Value $615.5 $622.0 $630.0 $638.0 $646.1 Metric Current Multiples Implied Multiples EV / Adj. EBITDA FY2023A⁽¹⁾ $60.4 10.2x 10.3x 10.4x 10.6x 10.7x FY2024P⁽¹⁾ $70.0 8.8x 8.9x 9.0x 9.1x 9.2x Illustrative Antelope Valuation Matrix ($ and shares in millions, except per share values) (1) Company-provided actual and projected financial data. (2) Assumes $5.0 of Unrestricted Cash is reserved as Net Working Capital. Proposed Payment per Share

20 Antelope’s Current Stock Ownership Monty Bennett and Archie Bennett Jr. would own ~57.3% of Antelope's Common Stock upon the conversion of Series D Convertible Preferred Stock Source: Company-provided shareholder data. Note: Inclusive of Proposed 2023 Grants (to be granted in April 2024). (1) Common stock conversion of Series D Convertible Preferred and Series CHP Units per Management. (figures in thousands) Not Converted As-Converted⁽¹⁾ # % # % Series D Convertible Preferred Shareholders: Monty Bennett & Archie Bennett Jr. - - 4,068.1 52.7% Series CHP Units - - 80.4 1.0% Common Shareholders: (1) Monty Bennett 305.1 8.6% 305.1 4.0% (2) Zhengxu He & Ying Fang Ttee 297.5 8.3% 297.5 3.9% (3) The Vanguard Group, Inc. 130.6 3.7% 130.6 1.7% (4) Jeremy J Welter 109.9 3.1% 109.9 1.4% (5) Ashford Inc 103.8 2.9% 103.8 1.3% (6) Rob Hays 70.5 2.0% 70.5 0.9% (7) Douglas A Kessler 69.4 1.9% 69.4 0.9% (8) Robert J Terrell 64.4 1.8% 64.4 0.8% (9) Dinesh Prem Chandiramani 60.5 1.7% 60.5 0.8% (10) Khambounsi U Immanivong Tod 57.6 1.6% 57.6 0.7% (11) 1080 Partners LP 57.0 1.6% 57.0 0.7% (12) Renaissance Technologies 52.2 1.5% 52.2 0.7% (13) Archie Bennett Jr 51.7 1.4% 51.7 0.7% (14) Dartmore LP 49.6 1.4% 49.6 0.6% (15) Deric Eubanks 49.0 1.4% 49.0 0.6% (16) Kimberly R Welter 48.5 1.4% 48.5 0.6% (17) Richard Stockton 42.9 1.2% 42.9 0.6% (18) Mark Nunneley 41.4 1.2% 41.4 0.5% (19) Qingdong He 40.6 1.1% 40.6 0.5% (20) Mark Nunneley 33.9 1.0% 33.9 0.4% (21) Ladenburg Thalmann Asset Management, Inc. 33.7 0.9% 33.7 0.4% (22) James Hays 32.8 0.9% 32.8 0.4% (23) Charles Rose 32.5 0.9% 32.5 0.4% (24) Ashford Financial Corporation 31.8 0.9% 31.8 0.4% (25) Richard J Shallcross 31.0 0.9% 31.0 0.4% (26) Emily S Eubanks 30.5 0.9% 30.5 0.4% (27) FMT Co Cust IRA Rollover 28.2 0.8% 28.2 0.4% (28) Christopher James Batchelor 27.5 0.8% 27.5 0.4% (29) Palisades Asset Mgmt Corp 27.1 0.8% 27.1 0.4% (30) Blackrock Fund Advisors 25.3 0.7% 25.3 0.3% Remaining Shareholders 1,531.1 42.9% 1,531.1 19.8% Total 3,567.4 100.0% 7,716.0 100.0%

21 Preliminary Concluding Observations on Antelope’s Situation Antelope has a portfolio of companies that provides services to two affiliated REITs (Ashford Hospitality Trust and Braemar Hotels & Resorts) and other third-parties The Company’s strategy was set before COVID-19 when it completed strategic acquisitions of Remington Hospitality and Premier COVID-19 had a material adverse impact on both Antelope and its REIT affiliates AHT had to take rescue capital from Oaktree, which it has still not repaid, and is now focused on selling assets to pay down the loan; therefore, it is currently unable to grow in the manner expected Braemar Hotels & Resorts enjoyed the benefits of recovery and the drive-to resort business ‒ That recovery has played its course and its stock price is still impacted, thus limiting its ability to add assets As a result of COVID-19, Antelope recognized impairment charges related to acquisitions of ~$178.2 in FY2020A. However, the $478.0 of Series D Preferred Convertible Stock used to pay for Remington and Premier has remained in place at face value ‒ While Antelope’s share price remains significantly below the Series D conversion price, the Company is subjected to a ~$34.8/year dividend ‒ Total Debt, Dividends Payable, and Preferred Stock results in 10.9x and 9.4x leverage multiples of FY2023A and FY2024P Adj. EBITDA, respectively Antelope’s management is focused on: ‒ Adding third-party business, which has materially less advantageous terms than affiliated REITs ‒ Strategically growing the third-party business • Third-party business consists of some new initiatives that have begun to gain traction and are expected to represent a material portion of Antelope’s projected growth, but the businesses can be more cyclical and capital intensive in nature than its advisory business ‒ Launching TSGF and Sterling Hotel REIT (both non-traded) with plans to grow assets • However, both of these are new initiatives and have yet to gain meaningful traction ($ in millions) Antelope is impacted by reduced growth from its affiliate REIT relationships and is looking to offset this from third-party growth initiatives and affiliated investment vehicles

3. Preliminary Observations on Antelope’s Public Market Valuation

23 Preliminary Observations of Antelope’s Public Market Valuation Antelope currently trades at 10.2x 2023A EBITDA and 8.8x Management’s projected 2024E EBITDA These multiples represent material discounts to the Company’s Lodging C-Corp peers, but represent levels that are in-line with Real Estate-focused Asset Managers and Real Estate Service Providers Antelope also trades at a premium to a select group of Real Estate-focused Asset Managers Antelope’s historical growth as an asset manager has largely depended on the growth of the REITs it manages Since the COVID-19 pandemic, both AHT and BHR have been capital constrained and struggled to grow, the former took a rescue financing package to survive Other Real Estate Asset Managers and Service Providers not primarily focused on the Lodging sector have a more diversified exposure to other real estate operating sectors A review of comparative operating, leverage and scale metrics indicate that Antelope’s Lodging C-Crop peers generally have higher growth rates and margins Antelope’s growth is constrained by high leverage and low public market valuations of AHT and BHR AHT is projected to shrink as it focuses on reducing debt Antelope’s ~10.9x Debt + Preferred / 2023A Adjusted EBITDA leverage ratio is significantly higher than its publicly traded peers Lodging C-Corps have a median leverage ratio of 3.2x Adj. EBITDA Real Estate Asset Managers and Service Providers also have significantly less leverage Antelope’s peers have substantially more scale - Antelope’s ~22k rooms compares to a ~681k median room count of its peers Unlike Antelope, the Lodging C-Corps are less dependent on affiliated customers enabling growth at a faster pace, improving economies of scale This concentration risk has significantly impacted Antelope ($ in millions)

24 United Parks & Resorts $53.06 85.9% 0.9% $3,394 $5,369 7.5x 7.4x 13.0x 11.6x n/a n/a 41.3% 3.1x ABM Industries 43.37 81.8 (2.5) 2,745 4,142 9.0 8.5 13.0 12.7 16.0 0.8 5.7 3.2 Cedar Fair 42.23 91.9 7.4 2,155 4,469 8.5 8.0 14.4 12.8 n/a n/a 29.3 4.5 Healthcare Services Group 12.36 77.4 19.2 909 798 7.7 7.3 19.0 15.7 9.0 1.7 6.2 0.4 Viad Corp 36.01 94.5 (0.1) 758 1,503 10.2 8.4 n/m 22.2 22.5 1.0 11.9 4.8 Median 85.9% 0.9% $2,155 $4,142 8.5x 8.0x 13.7x 12.8x 16.0% 1.0x 11.9% 3.2x Select Real Estate Service Companies Select Publicly Traded Company Valuation Metrics Source: Capital IQ Pro, FactSet, Company Filings, and Equity Research. Note: “n/m” denotes multiples that are “not meaningful” for this analysis. In order of largest to smallest total market capitalization. 1) Calculated using fully diluted share count via treasury stock method. Antelope currently trades at a material discount to its Hotel C-Corp peers. The Company trades at a slight premium to select Real Estate-related Asset Managers and Real Estate Service companies ($ in millions, except per share figures) Market Statistics Valuation Operating Leverage Price % of 52 Δ Share Price Market Enterprise EV / EBITDA Price / Earnings 2023A Debt + Pref / Company Name 3/19/24 High YTD Cap ¹ Value ¹ 2023A 2024E 2023A 2024E LTG PEG Ratio EBITDA Margin 2023A EBITDA Lodging C-Corps Marriott International $249.82 98.7% 11.6% $72,319 $84,741 18.2x 17.1x 24.5x 26.5x 14.5% 1.8x 19.6% 2.7x Hilton Worldwide 208.12 99.2 15.4 52,480 61,697 20.0 18.3 n/m 29.2 15.7 1.9 30.2 3.2 InterContinental Hotels 104.49 93.2 14.1 17,999 20,269 18.7 17.1 23.5 24.2 14.2 1.7 50.2 3.3 Hyatt Hotels 157.11 98.3 21.1 16,167 18,644 18.1 15.5 n/m n/m n/a n/a 15.4 3.3 Choice Hotels 128.87 94.7 14.3 6,387 8,038 14.9 13.9 25.4 19.7 9.1 2.2 35.0 3.1 Wyndham Hotels & Resorts 77.66 95.0 (3.9) 6,290 8,425 12.8 12.3 22.8 18.3 n/a n/a 47.2 3.3 Playa Hotels & Resorts 9.56 97.9 11.0 1,309 2,098 7.7 8.2 26.3 19.8 n/m n/a 27.8 3.9 Median 97.9% 14.1% $16,167 $18,644 18.1x 15.5x 25.4x 24.2x 14.5% 1.8x 30.2% 3.3x Select Asset Managers Bridge Investment Group $6.34 48.5% (35.3)% $768 $1,627 9.6x 7.5x 8.5x 7.9x 6.0% 0.7x 43.4% 2.6x The RMR Group, Inc. 22.88 79.4 (18.5) 726 712 7.0 7.7 6.7 13.7 n/a n/a 10.6 0.0 Median 63.9% (26.9)% $ 747 $ 1,169 8.3x 7.6x 7.6x 10.8x 6.0% 0.7x 27.0% 1.3x Antelope $1.99 14.5% (45.1)% $6 $603 10.0x 8.6x n/m n/m n/a n/a 17.9% 10.7x Overall Median 93.9% 9.2% $3,070 $4,919 9.9x 8.4x 22.8x 19.0x 9.1% 1.0x 28.6% 3.2x

25 Marriott Hilton Hyatt IHG Choice Wyndham Playa Antelope 0% 5% 10% 15% 6.0x 8.0x 10.0x 12.0x 14.0x 16.0x 18.0x 20.0x 2022 - 2025 EBITDA CAGR 2024 EV/EBITDA Select Publicly Traded Lodging C-Corps: EBITDA Growth Comparison 2023A Antelope’s Lodging C-Corp peers generally have higher growth rates than Antelope Illustrative Correlation = 0.90 Marriott Hilton IHG Hyatt Choice Wyndham Playa Antelope 0% 5% 10% 15% 6.0x 8.0x 10.0x 12.0x 14.0x 16.0x 18.0x 20.0x 2022 - 2025 EBITDA CAGR 2023 EV/EBITDA Source: Capital IQ Pro, Company filings. 2024E Illustrative Correlation = 0.89

26 Marriott Hilton IHG Hyatt Choice Wyndham Playa Antelope - 2.0x 4.0x 6.0x 8.0x 10.0x 12.0x 6.0x 8.0x 10.0x 12.0x 14.0x 16.0x 18.0x 20.0x Leverage Ratio 2023 EV/EBITDA Marriott Hilton Hyatt IHG Choice Wyndham Playa Antelope - 2.0x 4.0x 6.0x 8.0x 10.0x 12.0x 6.0x 8.0x 10.0x 12.0x 14.0x 16.0x 18.0x 20.0x Leverage Ratio 2024 EV/EBITDA Marriott Hilton Hyatt IHG Wyndham Playa Antelope 0% 20% 40% 60% 80% 100% 120% 6.0x 8.0x 10.0x 12.0x 14.0x 16.0x 18.0x 20.0x % Capitalization 2024 EV/EBITDA Marriott Hilton Hyatt IHG Choice Wyndham Playa Antelope 0% 20% 40% 60% 80% 100% 120% 6.0x 8.0x 10.0x 12.0x 14.0x 16.0x 18.0x 20.0x % Capitalization 2023 EV/EBITDA Select Publicly Traded Lodging C-Corps: Leverage Comparison Net Debt + Preferred Multiple vs 2023A EV/EBITDA Multiple Net Debt + Preferred Multiple vs 2024E EV/EBITDA Multiple Debt/Capitalization vs 2023A EV/EBITDA Multiple Debt/Capitalization vs 2024E EV/EBITDA Multiple Antelope has significantly more leverage than other Lodging C-Corps Illustrative Correlation = (0.51) Illustrative Correlation = (0.65) Illustrative Correlation = (0.69) Illustrative Correlation = (0.76) Source: Capital IQ Pro, Company filings.

27 Select Publicly Traded Lodging C-Corps: Room Count Comparison Antelope’s Lodging C-Corp peers generally have substantially more scale than Antelope, as well as substantially less customer concentration Rooms vs 2023A EV/EBITDA Multiple Rooms vs 2024E EV/EBITDA Multiple Illustrative Correlation = 0.72 Illustrative Correlation = 0.80 Source: Capital IQ Pro, Company filings. Marriott 1,600 Hilton 1,180 IHG 930 Hyatt 281 Choice 490 Wyndham 872 Playa 9 Antelope 22 - 200 400 600 800 1,000 1,200 1,400 1,600 1,800 6.0x 8.0x 10.0x 12.0x 14.0x 16.0x 18.0x 20.0x 2023 Rooms (000s) 2023 EV/EBITDA Marriott 1,600 Hilton 1,180 IHG 930 Hyatt 281 Choice 490 Wyndham 872 Playa 9 Antelope 22 - 200 400 600 800 1,000 1,200 1,400 1,600 1,800 6.0x 8.0x 10.0x 12.0x 14.0x 16.0x 18.0x 20.0x 2023 Rooms (000s) 2024 EV/EBITDA

4. Preliminary Perspectives on the Proposed Transaction

29 Summary of Proposed Transaction Reverse split of 10,000-to-1: – Fractional shares to be cashed-out at $4.00 for each pre-reverse split shared cancelled – Reduces number of holders of common shares to well below 300 – Total cash outlay estimated at approximately $8 million including transaction costs Shareholder approval will require a Majority-of-the-Minority shareholder vote Post reverse split, Company would qualify to “Go-Dark,” resulting in a delisting and deregistration of its common shares, eliminating all expenses associated with 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

30 Summary of Proposed Transaction (cont.) Select Benefits Select Considerations Cash payment at premium to market Avenue of liquidity not otherwise currently available X Forfeiture of potential future share price upside X Cash price may not reflect a full control premium in the absence of a market check X Stock illiquidity limits shareholders’ ability to buy enough shares to avoid a cash-out if desired X Arbitrageurs may buy the stock and influence a favorable vote Proposed Transaction Considerations – Minority Shareholders Cashed Out Minority Shareholders

31 Summary of Proposed Transaction (cont.) Select Benefits Select Considerations Retain future upside in shares Company benefits may result in a higher valuation over time: Elimination of costs and requirements associated with Exchange Act reporting, exchange listing fees, and SOX compliance Reduction in D&O insurance and liability to officers/directors Allows Management to focus on growing the core business Company may potentially more easily raise private capital through private placements not impacted by the current trading price Ability to maintain ongoing trading through decentralized markets, such as OTC Markets Group Avoidance of the obligation to disclose competitive business information Ability to more easily explore major strategic transactions, such as M&A or divestitures, and execute them with greater confidentiality X No cash payment X Limited ability to sell shares to drive ownership to cash-out level X Material costs associated with “Go-Dark” process and reduction of Company’s liquidity X Opportunity cost associated with the alternative uses of capital used to pay fractional shareholders X Stock trading limitations in the OTC Market X Potential consent fees or default events, which could offset any savings related to reduced compliance burden X Elimination of equity research coverage X Diminished liquidity and access to public capital markets X Potential for stockholder litigation if holders feel deregistering is not in their best interest X Exposure to the financial, operational, and reputational risks associated with a failed vote X Requires monitoring of Company’s shareholder base to not breach the 300 holder limit Proposed Transaction Considerations – Minority Shareholders Remaining Minority Shareholders

32 Select Potential Alternatives to the Proposed Transaction Alternative Overview Select Key Benefits Select Key Considerations Status Quo Execute standalone business plan Retain full future potential upside for existing shareholders Allows Management to focus on organic initiatives and establish additional commercial traction within growing segments prior to a liquidity event Least distraction from day-to-day operations Avoid cost of “going-dark” transaction X No near-term ability for current shareholders to liquidate meaningful positions without price pressure X Company’s current size may present challenges in successful execution being ignored in public equity markets without catalyst X Maintains ongoing public company cost burden X Limited benefits of current exchange listing given stock illiquidity and Company’s high leverage Traditional Share Repurchase Reacquisition by Antelope of its own shares Indicates management’s commitment to actively manage the Company’s capital to enhance shareholder value Potentially more efficient method of distributing cash to shareholders than dividends Signals that Management believes the stock is undervalued Permits absorption of shares from those most ready to sell, thereby improving the overall market for the issuer’s equity Can make “short selling” the stock more expensive X May reduce financial flexibility if a company is unable to reissue stock for any reason X Further reduces float in an illiquid stock X May reduce trading volume after completion X Could fail to produce a meaningful long-term solution to an undervalued share price in difficult market environments X Certain repurchase strategies are limited in size, price, participation, regulatory requirements/ disclosure, and timing 13e-3 Take Private Transaction Antelope stock is acquired in a transaction led by affiliated parties Payment of acquisition control premium Full liquidity for shareholders Greater operational and business flexibility than for a company subject to public company constraints Allow management to focus on long-term goals and objectives, free from public stockholder and market considerations Allow for greater leverage than acceptable for public companies Avoid burden of compliance with SEC rules, Sarbanes-Oxley, liability statutes and disclosure / reporting obligations X Generally, “going private” transactions are subject to more stringent regulations than “going dark” as a result of: X Perceived lack of arms-length negotiation between related parties and the company X Significant judicial concern about incentives and motives of participants X Potential for coercion X Elimination of public ownership X Requires full support of controlling shareholders X Potential limitations on, or effectiveness of, any market check Traditional Company Sale Sale of 100% of Antelope Valuation would include payment of control premium Provides maximum near-term liquidity for shareholders Eliminates operational execution risk with current share ownership More comprehensive sale and marketing process X Requires controlling shareholder support X Disruption associated with broader sale process X Disparate segments may complicate the story for certain buyers X Enhanced confidentiality risk X Reputational risk associated with failed process X Achieving maximum valuation will require buyers to credit projections and potential synergies more than current profits

33 Illustrative Reverse Stock Transaction Considerations Reverse-Split Ratio 500:1 1,000:1 2,000:1 3,000:1 4,000:1 5,000:1 7,500:1 10,000:1 Holders Identifiable Remaining Holders 265 183 129 99 85 77 65 58 Unidentifiable Remaining Holders⁽¹⁾ 985 493 246 164 123 99 66 49 Incremental 2023 Grant Remaining Holders⁽²⁾ 16 3 1 1 0 0 0 0 Estimated Remaining Holders 1,266 679 376 264 208 176 131 107 % of Current Shareholders⁽³⁾ 30.5% 16.4% 9.1% 6.4% 5.0% 4.2% 3.2% 2.6% Cash Payment Shares Eliminated 0.153 0.233 0.367 0.438 0.523 0.580 0.705 0.825 (x) Cash Offer Price per Pre-Split Share Cancelled $4.00 $4.00 $4.00 $4.00 $4.00 $4.00 $4.00 $4.00 Estimated Cash Payment $0.6 $0.9 $1.5 $1.8 $2.1 $2.3 $2.8 $3.3 (shares and $ in millions, except per share values) (1) Assumes that each Unidentifiable Holder owns an amount of shares that would entitle them to one common share upon the reverse-split. (2) Modified list to remove any holder who is also included in the Identifiable Remaining Holders group. (3) Assumes total current shareholder count of 4,147 per Company-provided data. A reverse-split ratio of at least 3000:1 is necessary to ensure remaining shareholder count is below the 300 shareholder listing requirement Reconciliation to Antelope’s Holder Calculation: – Company assumes that all Unidentifiable remaining holders are cashed-out vs. a more conservative assumption of the max number of remaining holders at each ratio – Company includes all 20 proposed grant holders as individual remaining shareholders versus consolidating these holders with like holders in the remaining holder group – Several Identifiable holders were duplicated and not consolidated by the Company into the remaining holders group

34 (FYE 12/31, $ in millions) FY2023A FY2024P FY2025P FY2026P FY2027P FY2028P Revenue Asset Management⁽¹⁾ $52.8 $55.3 $55.4 $55.6 $55.7 $55.9 Remington 52.7 56.5 58.6 60.8 63.1 65.4 Premier 27.7 21.1 21.9 22.7 23.5 24.4 RED 34.0 46.6 51.0 55.0 56.6 58.3 Inspire 148.8 162.7 176.6 188.9 199.2 208.4 Other⁽²⁾ 21.9 25.4 13.2 13.5 14.0 14.4 Total Revenue $337.9 $367.6 $376.8 $396.6 $412.1 $426.7 % Growth 24.5% 8.8% 2.5% 5.3% 3.9% 3.6% Adj. EBITDA Asset Management⁽¹⁾ $10.9 $8.9 $9.1 $9.2 $9.3 $9.5 Remington 21.3 23.3 24.1 24.9 25.8 26.7 Premier 9.5 5.9 6.3 6.6 6.9 7.3 RED 5.2 10.2 11.2 12.0 12.4 12.8 Inspire 16.7 22.8 24.7 26.3 27.7 29.0 Other⁽²⁾ (3.2) (1.2) 0.6 1.3 2.0 2.7 Total Adj. EBITDA $60.4 $70.0 $76.0 $80.5 $84.2 $87.9 % Margin 17.9% 19.0% 20.2% 20.3% 20.4% 20.6% Summary Financial Projections Overview Source: Company-provided actual and projected financial statements. (1) Includes Advisory business and Lismore. (2) Includes Pure, Warwick, and JV businesses. Asset Management⁽¹⁾: Advisory Base, Related, and Incentive revenue projected to remain flat due to divesting of certain assets at the REIT-level. Lismore revenue projected to moderately grow 3% annually, reflecting improved debt placement and related fees of certain mortgage debt. Adj. EBITDA is overall expected to drop from FY2023A due to flat revenues and increased inflation-related expenses. Remington: AUM revenue projected to grow at 3% annually, while Third-Party revenue is projected to grow at 5% annually, reflecting a new medical program the business runs for AHT at the hotel employee-level. Premier: AUM revenue projected to grow moderately at 3% annually, due to a loss of several properties, while Third-Party revenue is projected to grow at 7% initially in FY2025P and 5% thereafter annually, reflecting diversification into new verticals. RED: Revenue and Adj. EBITDA suffered worse-than-expected performance in FY2023A related to Alii Nui and Frenchman’s Reef, but are expected to stabilize in FY2024P and grow thereafter, as Management expectations materialize, especially through a projected $6.3m of Growth Capex in FY2024P. Inspire: AUM revenue is projected to grow at a moderate 3% annually, while its Third-Party revenue is projected to grow 10% in FY2025P, both organically and inorganically, while also benefitting from a projected $10.0m of Growth Capex in FY2024P. Other⁽²⁾: Pure and Warwick business lines are projected to experience moderate revenue growth of 3% annually. Warwick is limited to providing worker’s comp and general liability policies and can only sell to entities with which it has a contractual relationship. Segment Performance

35 16.1 $2.45 0.0 10.0 20.0 30.0 40.0 50.0 60.0 - $2.00 $4.00 $6.00 $8.00 $10.00 $12.00 $14.00 Mar-23 Jul-23 Nov-23 Mar-24 Volume (thou) Share Price Antelope Annotated Historical Stock Trading Performance Antelope LTM Trading History (3/19/2023 – 3/19/2024) 52-Week High: $13.74 52-Week VWAP: $7.33 Q2 ‘23 earnings 52-Week Low: $1.92 Rev miss: $192.7M vs $181.5M EST Adj. EBITDA miss: $17.8M vs $21.6M EST Q3 ‘23 earnings Rev miss: $181.2M vs $186.7M EST Adj. EBITDA miss: $11.8M vs $18M EST Q4 ‘23 earnings Rev beat: $206.8M vs $187.9M EST Adj. EBITDA miss: $13.2M vs $13.8M EST Q1 ‘23 earnings Rev miss: $185.1M vs $179.1M EST Adj. EBITDA miss: $17.6M vs $19.1M EST Antelope receives letter of non-compliance from NYSE American Antelope's RED Hospitality & Leisure Announces Expansion into Hawaii 15.2 $1.99 0.0 10.0 20.0 30.0 40.0 50.0 60.0 - $2.00 $4.00 $6.00 $8.00 $10.00 $12.00 $14.00 Mar-23 Jul-23 Nov-23 Mar-24 Volume (thou) Share Price 52-Week High: $13.74 52-Week VWAP: $7.14 Q2 ‘23 earnings 52-Week Low: $1.91 Rev miss: $192.7M vs $181.5M EST Adj. EBITDA miss: $17.8M vs $21.6M EST Q3 ‘23 earnings Rev miss: $181.2M vs $186.7M EST Adj. EBITDA miss: $11.8M vs $18M EST Q4 ‘23 earnings Rev beat: $206.8M vs $187.9M EST Adj. EBITDA miss: $13.2M vs $13.8M EST Q1 ‘23 earnings Rev miss: $185.1M vs $179.1M EST Adj. EBITDA miss: $17.6M vs $19.1M EST Antelope receives letter of non-compliance from NYSE American Antelope's RED Hospitality & Leisure Announces Expansion into Hawaii Source: FactSet and CapitalIQ. Market data as of 3/19/2024. (1) Source: FactSet.

36 Illustrative Selected Publicly Traded Companies Valuation (FY2023A) (1) Includes Advisory business and Lismore. (2) Includes Remington. (3) Includes Premier, Inspire, and RED. (4) Assumes $5.0 of Unrestricted Cash is reserved as Net Working Capital. ($ in millions, except per share values) FY2023A FY2023A Adj. EBITDA Multiple Implied TEV (FY2023A) Adj. EBITDA Low High Low High Asset Management⁽¹⁾ $10.9 8.0x - 9.0x $86.9 - $97.8 Property Management⁽²⁾ $21.3 9.0x - 10.0x $191.8 - $213.2 Hotel Services⁽³⁾ $31.4 8.0x - 9.0x $251.3 - $282.7 Pure & Warwick $0.2 8.0x 9.0x $1.6 - $1.8 Other / JVs ($3.4) n.m. n.m. $5.0 - $25.0 Total $60.4 8.9x - 10.3x $536.6 - $620.4 Total Enterprise Value $536.6 - $620.4 (-) Total Debt (140.2) (140.2) (-) Dividends Payable (28.5) (28.5) (+) Unrestricted Cash⁽⁴⁾ 47.1 47.1 (-) Series D Convert. Pref. Stock (478.0) (478.0) (-) Series CHP Units (9.5) (9.5) Total Equity Value ($72.5) - $11.3 FDSO 3.2 3.2 Implied Price / Share ($22.57) - $3.52 Premium / (Discount) to Current Share Price - $ ($24.56) - $1.53 Premium / (Discount) to Current Share Price - % (1,234.0%) - 76.8%

37 FY2024P FY2024P Adj. EBITDA Multiple Implied TEV (FY2024P) Adj. EBITDA Low High Low High Asset Management⁽¹⁾ $8.9 7.0x - 8.0x $62.6 - $71.6 Property Management⁽²⁾ $23.3 8.0x - 9.0x $186.7 - $210.0 Hotel Services⁽³⁾ $38.9 7.5x - 8.5x $291.8 - $330.7 Pure & Warwick $1.9 7.0x 8.0x $13.3 - $15.2 Other / JVs ($3.1) n.m. n.m. $5.0 - $25.0 Total $70.0 8.0x - 9.3x $559.4 - $652.5 Total Enterprise Value $559.4 - $652.5 (-) Total Debt (140.2) (140.2) (-) Dividends Payable (28.5) (28.5) (+) Unrestricted Cash⁽⁴⁾ 47.1 47.1 (-) Series D Convert. Pref. Stock (478.0) (478.0) (-) Series CHP Units (9.5) (9.5) Total Equity Value ($49.7) - $43.4 FDSO 3.2 3.2 Implied Price / Share ($15.48) - $13.50 Premium / (Discount) to Current Share Price - $ ($17.47) - $11.51 Premium / (Discount) to Current Share Price - % (877.7%) - 578.5% Illustrative Selected Publicly Traded Companies Valuation (FY2024P) (1) Includes Advisory business and Lismore. (2) Includes Remington. (3) Includes Premier, Inspire, and RED. (4) Assumes $5.0 of Unrestricted Cash is reserved as Net Working Capital. ($ in millions, except per share values)

38 Discounted Cash Flow Analysis – Unlevered Implied Enterprise Value and Share Price Calculations Source: Projections provided by Company Management. (1) Per Management guidance. (2) Per Management guidance, assumes Net Working Capital grows at Adj. EBITDA growth rate. (3) Calculated using: Total Debt (including Finance Leases) of $140.2m, Dividends Payable of $28.5m, Unrestricted Cash of $47.1m, Series D Convert. Pref. Stock of $478.0m, Series CHP Units of $9.5m, FDSO of 3.2m. PV of FCF PV of Terminal Value Total Enterprise Value Implied Share Price⁽³⁾ Discount PV of Discount Terminal EBITDA Multiple Discount Terminal EBITDA Multiple Discount Terminal EBITDA Multiple Rate FCF Rate 9.5x 10.0x 10.5x Rate 9.5x 10.0x 10.5x Rate 9.5x 10.0x 10.5x 13.1% $168.7 13.1% $451.6 $475.4 $499.2 13.1% $620.3 $644.1 $667.9 13.1% $3.48 $10.88 $18.28 14.1% 164.2 14.1% 432.1 454.9 477.6 14.1% 596.4 619.1 641.8 14.1% ($3.98) $3.10 $10.18 15.1% 159.9 15.1% 413.7 435.4 457.2 15.1% 573.6 595.3 617.1 15.1% ($11.07) ($4.30) $2.48 ($ in millions, except per share values) Projections FYE 12/31 2024B 2025P 2026P 2027P 2028P Total Revenue $367.6 $376.8 $396.6 $412.1 $426.7 %-Growth 8.8% 2.5% 5.3% 3.9% 3.6% Adj. EBITDA $70.0 $76.0 $80.5 $84.2 $87.9 %-Margin 19.0% 20.2% 20.3% 20.4% 20.6% (Less): Depreciation & Amortization⁽¹⁾ (22.5) (14.1) (13.5) (13.6) (13.4) Pre-Tax Income $47.5 $61.8 $66.9 $70.6 $74.5 (Less): Income Taxes @ 25.0% Tax Rate (11.9) (15.5) (16.7) (17.7) (18.6) Unlevered After-Tax Income $35.6 $46.4 $50.2 $53.0 $55.8 Plus: Depreciation & Amortization⁽¹⁾ 22.5 14.1 13.5 13.6 13.4 (Less): Increase in Net Working Capital⁽²⁾ (0.8) (0.5) (0.4) (0.3) (0.3) (Less) / Plus: Investment in TSGF/SHR/TX NAV (0.2) - - 0.5 10.2 (Less): Capital Expenditures (25.5) (12.8) (12.5) (12.8) (13.3) Unlevered Free Cash Flow $31.7 $47.2 $50.8 $53.9 $65.9

39 “Go-Dark” Reverse Stock Split Precedent Analysis - Illustrative Purposes Only Company Announcement Date Reverse Split Ratio Cash Payment Premium to 1-Day Before Announ. Premium to 30-Days Before Announ. Safeguard Scientifics, Inc. 10/5/2023 100:1 $1.65 63.4% 37.5% A.M. Castle & Co. 10/30/2020 10:1 $0.70 74.6% (17.6%) Reliv' International 10/19/2020 2000:1 $3.75 (1.6%) 10.6% Westell Technologies, Inc. 9/29/2020 1000:1 $1.48 16.5% 34.5% Harvest Oil & Gas Corp. 5/11/2020 10:1 $22.08 (1.9%) (25.9%) Parker Drilling Company 9/10/2019 50:1 $30.00 49.8% 80.5% Dynasil Corporation 5/2/2019 8000:1 $1.15 5.5% 15.0% Pendrell Corporation 12/4/2017 100:1 $6.73 (3.3%) 3.7% Lime Energy 9/16/2016 300:1 $2.49 58.6% 8.7% Champion Industries Inc. 1/20/2016 200:1 $0.30 62.2% 100.0% Kansas City Life Insurance Company 12/15/2015 250:1 $52.50 9.0% 7.1% Share Price Premiums 75%-tile 60.4% 36.0% Median 16.5% 10.6% 25%-tile 2.0% 5.4% Implied Antelope Share Price⁽²⁾ 75%-tile $3.06 $3.48 Median $2.23 $2.83 25%-tile $1.95 $2.70 Source: S&P CapIQ, Factset, and Company Filings/ Press Releases. Note: No precedent transactions are completely comparable to the proposed Antelope transaction. (1) Historical price data adjusted for stock splits. (2) Antelope 1-Day Share Price of $1.91 and 30-Day Share Price of $2.56 as of 3/19/2024.

40 Go-Dark Precedents 30-Day Premium: 5.4% – 36.0% Go-Dark Precedents 1-Day Premium: 2.0% – 60.4% $1.95 $2.70 $3.06 $3.48 FY 2023A Adj. EBITDA FY 2024P Adj. EBITDA Discounted Cash Flow Analysis (Unlevered) Discount Rate: 13.1% – 15.1% EBITDA Multiple: 9.5x – 10.5x Selected Publicly Traded Companies ($22.57) ($15.48) ($4.30) $3.52 $13.50 $10.88 Preliminary Financial Analyses Summary Implied Share Price Reference Ranges Note: Market data as of 3/19/2024. No particular weight given to any individual analysis. No selected public company is completely comparable to Antelope. Proposed Cash Payment: $4.00 / share FOR ILLUSTRATIVE PURPOSES ONLY

Appendix

42 WACC Calculation ($ in millions) (1) Based on 20-year U.S. Treasury bond rate as of 3/19/2024. (2) Source: Ibbotson Associates, SBBI 2022 Yearbook Long-horizon expected equity risk premium: large company stock total returns minus intermediate-term government bond income returns. (3) Source: Ibbotson Associates, SBBI 2022 Yearbook. CRSP Deciles Size Premium equals 6.37% for a market capitalization range of ~$79.5 million to ~$123.8 million. (4) Source: Bloomberg adjusted 5-year betas as of 3/19/2024. (5) Source: Latest available Company filings and CapIQ as of 3/19/2024. (6) Unlevered beta calculated as levered beta / [1 + (Book Value of Debt / Market Value of Equity) * (1 – Marginal Tax Rate)]. (7) Assumes average industry capital structure is the optimal capital structure for the Unlevered DCF. (8) Reflects market rate of SOFR + 500 bps. Key Assumptions Risk Free Rate(1) 4.5% Marginal Tax Rate 25.0% Market Risk Premium(2) 6.0% Cost of Debt⁽⁸⁾ 9.0% Equity Size Premium(3) 6.4% Levered Mkt. Val. Book Val. Book Val. BV Debt / BV Pref. / BV Debt + Pref. Unlevered Selected Company Beta(4) Equity(5) Debt(5) Preferred(5) MV Equity MV Equity / Total Cap Beta(6) Marriott International, Inc. 1.29 $70,654.7 $12,760.0 - 18.1% - 15.3% 1.13 Hilton Worldwide Holdings Inc. 1.17 51,607.1 10,004.0 - 19.4% - 16.2% 1.02 InterContinental Hotels Group PLC 1.36 18,026.7 3,592.0 - 19.9% - 16.6% 1.18 Hyatt Hotels Corporation 1.24 15,805.6 3,370.0 - 21.3% - 17.6% 1.07 Choice Hotels International, Inc. 1.11 6,391.3 1,677.5 - 26.2% - 20.8% 0.93 Wyndham Hotels & Resorts, Inc. 1.35 6,349.6 2,201.0 - 34.7% - 25.7% 1.07 Playa Hotels & Resorts N.V. 1.13 1,285.8 1,061.4 - 82.5% - 45.2% 0.70 Industry Average 1.23 $24,303.0 $4,952.3 - 31.7% - 22.5% 0.71 Cost of Equity Estimate (7) WACC Estimate Unlevered Beta 0.71 Industry BV Debt/MV Equity 31.7% Industry BV Debt/MV Equity 31.7% Industry BV Debt/Total Market Capitalization 22.5% Industry BV Preferred/MV Equity - Industry MV Equity/Total Market Capitalization 77.5% Levered Beta 0.88 After-Tax Cost of Debt 6.8% Risk Free Rate 4.5% Cost of Equity 16.2% Market Risk Premium 6.0% Equity Size Premium 6.4% Cost of Equity 16.2% WACC 14.1%

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