Al Shams Investments LTD → Braemar Hotels & Resorts Inc. BHR-PD

Item 4 is hereby amended and supplemented as follows: On October 30, 2026, ASIL made the following statement: "Al Shams Investments regards the proposed refresh of Braemar's Board as the right way forward. We have engaged with Ferguson Partners, although we have not met the proposed directors ourselves. However, the individuals put forward have impressive credentials, and collectively they appear to bring significant experience across REITs, real estate investment, hospitality, capital markets, and public company governance. The proposed move towards a substantially independent Board is welcome. Strong, independent governance has long been important to Al Shams Investments, and we hope these changes will prove to be a positive step towards a new chapter for Braemar under the leadership of Richard Stockton."