ASHFORD HOSPITALITY TR INC

CUSIP: 044103109 Class: COM SHS

CAPITAL MANAGEMENT ASSOCIATES /NY/'s Holding History (CIK: 0000825293)

Note: Option positions (PUT/CALL) are excluded.

Q4 2015
Shares 40,000 Value ($000) $252 Avg Close — Range —
Q3 2015
Shares 40,000 Value ($000) $244 Avg Close — Range —
Q2 2015
Shares 40,000 Value ($000) $338 Avg Close — Range —
Q1 2015
Shares 40,000 Value ($000) $385 Avg Close — Range —
Q4 2014
Shares 40,000 Value ($000) $419 Avg Close — Range —
Q3 2014
Shares 55,800 Value ($000) $570 Avg Close — Range —
Q2 2014
Shares 58,800 Value ($000) $679 Avg Close — Range —