X0306 4 2020-03-18 0 0001232582 ASHFORD HOSPITALITY TRUST INC AHT 0001464574 Ansell Benjamin J MD 14185 DALLAS PARKWAY SUITE 1100 DALLAS TX 75254 1 0 0 0 Common Stock 2020-03-18 4 C 0 53149 0.00 A 157554 D Common Stock 2020-03-19 4 P 0 50000 0.50 A 178200 I By Ansell Family Trust Common Stock 15313.307 I By Benjamin J. Ansell, as Trustee FBO of Benjamin Ansell GST Trust under Agreement dated 1/2/2003 Common Limited Partnership Units 0 2020-03-18 4 C 0 53149 0.00 D Common Stock 53149 0 D Special Limited Partnership Units 0 Common Stock 12839 12839 D Common Limited Partnership Units of Ashford Hospitality Limited Partnership, the Issuer's operating subsidiary ("Subsidiary") ("Common Units"). Common Units are redeemable for cash or, at the option of the Issuer, convertible into shares of the Issuer's common stock on a 1-for-1 basis. Neither the Common Units nor the LTIP Units (as defined below) have an expiration date. Represents special long-term incentive partnership units ("LTIP Units") in the Subsidiary. Vested LTIP Units, upon achieving parity with the Common Units, are convertible into Common Units at the option of the Reporting Person. See Footnote 1 discussing the convertibility of the Common Units. /s/ BENJAMIN J. ANSELL, MD 2020-03-20