Braemar Hotels & Resorts Inc. 5.5% Series B Cumulative Convertible Preferred

Shares are convertible at the option of the holder into 1.3228 common shares at an initial conversion price of $18.90. After 6/10/2020 if the price of the common exceeds 110% of the conversion price for 45 consecutive days the company may at their option force conversion at the then prevailing conversion price.

Ticker: BHR-B

Parent Ticker: BHR

OTC Grey Market Temporary Ticker: NA

Issuance Date: 04/27/2016

1st Call Date: 06/11/2020

Maturity Date: None

Shares Issued: 2,600,000

Overallotment Shares: 0

Coupon: 5.50%

Face Value: $25.00

Cumulative: Yes

Qualified: No

Quarterly Dividend Amount: 0.344

Payment Months: FEB, MAY, AUG, NOV

Payment Day: 15

S&P Rating: NR

III Rating (In Regards to Dividend Safety Only): D

Moody Rating: NR

Fitch Rating: NR

Egan-Jones Rating: NR

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