|        |
|--------|
|        |
|   |

|        |
|--------|
|        |  |  |  |  |
|   |   |   |   |   |

|            |
|------------|
|            |  |  |  |  |
| (Mark One) |   |   |   |   |

|   |
|---|
|   |  |
| x | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |

|    |
|----|
|    |  |
| OR |
| o  | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |

|        |
|--------|
|        |  |  |  |  |
|   |   |   |   |   |

|                                                                |
|----------------------------------------------------------------|
|                                                                |  |  |
| Bermuda                                                        |   | 98-0223493 |
| (State or other jurisdiction of incorporation or organization) |   | (I.R.S. Employer Identification No.) |

|        |
|--------|
|        |  |  |  |  |
|   |   |   |   |   |

|                                                  |
|--------------------------------------------------|
|                                                  |  |  |
| Title of each class               |   | Name of each exchange on which registered |
| Class A Common Shares, $0.01 par value each |   | New York Stock Exchange |
| Preferred Share Purchase Rights                  |   | New York Stock Exchange |

|        |
|--------|
|        |  |  |  |  |
|   |   |   |   |   |

|                                               |
|-----------------------------------------------|
|                                               |  |  |
| Large Accelerated Filer x                |   | Accelerated Filer o |
| Non-Accelerated Filer o                  |   | Smaller reporting company o |
| (Do not check if a smaller reporting company) |   |   |

|        |
|--------|
|        |  |  |  |  |
|   |   |   |   |   |

|        |
|--------|
|        |
|   |

----

----

|                                                                           |
|---------------------------------------------------------------------------|
|                                                                           |  |
|                                                                      | Page Number |
| Report of Independent Registered Public Accounting Firm                   | 3 |
| Financial statements - years ended December 31, 2012, 2011 and 2010: |   |
| Balance Sheets (December 31, 2012 and 2011)                          | 4 |
| Statements of Operations                                                  | 5 |
| Statements of Cash Flows                                                  | 6 |
| Statements of Shareholders’ Equity                                  | 7 |
| Notes to Financial Statements                                             | 8 |

----

|                                                              |
|--------------------------------------------------------------|
|                                                              |  |
| Pazos, López de Romaña, Rodriguez S. Civil de R.L. |   |
| Lima, Peru                                                   |   |
| June 7, 2013                                            |   |
|                                                         |   |
| Countersigned by:                                            |   |
|                                                         |   |
|                                                         |   |
| /s/ MANUEL PAZOS VÉLEZ                                  |   |
| Manuel Pazos Vélez                                      |   |
| Certified Chartered Public Accountant                        |   |
| Register No. 01-05095                                   |   |

----

|                                                                                                       |
|-------------------------------------------------------------------------------------------------------|
|                                                                                                       |  |  |  |  |  |  |
|                                                                                                  |   | December 31, |
|                                                                                                  |   | 2012 |   | 2011 |
|                                                                                                  |   | $’000 |   | $’000 |
| Assets                                                                                                |   |   |   |   |
| Cash and cash equivalents                                                                             |   | 3,993 |  |   | 4,310 |  |
| Accounts receivable, net of allowances of $Nil and $Nil                                               |   | 4,821 |  |   | 6,146 |  |
| Due from related parties                                                                              |   | 8,957 |  |   | 8,610 |  |
| Prepaid expenses                                                                                      |   | 3,740 |  |   | 1,270 |  |
| Inventories                                                                                           |   | 8,334 |  |   | 6,941 |  |
|                                                                                                  |   |   |   |   |
| Total current assets                                                                                  |   | 29,845 |  |   | 27,277 |  |
|                                                                                                  |   |   |   |   |
| Property, plant and equipment, net of accumulated depreciation of $16,420 and $12,082                 |   | 40,023 |  |   | 32,713 |  |
| Intangibles, net of accumulated amortization of $322 and $262                                         |   | 173 |  |   | 208 |  |
| Other assets                                                                                          |   | 65 |  |   | 268 |  |
|                                                                                                  |   |   |   |   |
| Total non-current assets                                                                              |   | 40,261 |  |   | 33,189 |  |
|                                                                                                  |   |   |   |   |
| Total assets                                                                                          |   | 70,106 |  |   | 60,466 |  |
|                                                                                                  |   |   |   |   |
| Liabilities and Shareholders’ Equity                                                            |   |   |   |   |
| Working capital facilities                                                                            |   | 4,184 |  |   | 3,026 |  |
| Accounts payable                                                                                      |   | 3,737 |  |   | 4,207 |  |
| Accrued liabilities and deferred revenue                                                              |   | 8,897 |  |   | 6,898 |  |
| Due to related parties                                                                                |   | 2,837 |  |   | 2,252 |  |
| Current portion of long-term debt                                                                     |   | 3,363 |  |   | 4,405 |  |
|                                                                                                  |   |   |   |   |
| Total current liabilities                                                                             |   | 23,018 |  |   | 20,788 |  |
|                                                                                                  |   |   |   |   |
| Long-term debt                                                                                        |   | 4,436 |  |   | 1,786 |  |
| Deferred tax liability, net                                                                           |   | 8,787 |  |   | 5,856 |  |
|                                                                                                  |   |   |   |   |
| Total long-term liabilities                                                                           |   | 13,223 |  |   | 7,642 |  |
|                                                                                                  |   |   |   |   |
| Total liabilities                                                                                     |   | 36,241 |  |   | 28,430 |  |
|                                                                                                  |   |   |   |   |
| Commitments and contingencies                                                                         |   |   |   |   |
|                                                                                                  |   |   |   |   |
| Shareholders’ equity:                                                                           |   |   |   |   |
| Common shares S/1.00 par value (20,000,000 shares authorized) Issued - 20,000,000 (2011 - 20,000,000) |   | 6,684 |  |   | 6,684 |  |
| Legal reserve                                                                                         |   | 1,448 |  |   | 821 |  |
| Retained earnings                                                                                     |   | 25,733 |  |   | 24,531 |  |
|                                                                                                  |   |   |   |   |
| Total shareholders’ equity                                                                      |   | 33,865 |  |   | 32,036 |  |
|                                                                                                  |   |   |   |   |
| Total liabilities and shareholders’ equity                                                      |   | 70,106 |  |   | 60,466 |  |

----

|                                                              |
|--------------------------------------------------------------|
|                                                              |  |  |  |  |  |  |  |  |  |
|                                                         |   | December 31, |
|                                                         |   | 2012 |   | 2011 |   | 2010 |
|                                                         |   | $’000 |   | $’000 |   | $’000 |
|                                                         |   |   |   |   |   |   |
| Revenue, net                                                 |   | 84,585 |  |   | 72,918 |  |   | 53,218 |  |
|                                                         |   |   |   |   |   |   |
| Expenses:                                                    |   |   |  |   |   |  |   |   |  |
| Cost of services                                             |   | (47,265 | ) |   | (41,660 | ) |   | (31,887 | ) |
| Depreciation and amortization                                |   | (4,398 | ) |   | (3,254 | ) |   | (2,739 | ) |
| Selling, general and administrative                          |   | (17,222 | ) |   | (14,359 | ) |   | (10,350 | ) |
| Impairment of property, plant and equipment and other assets |   | (894 | ) |   | — |  |   | — |  |
|                                                         |   |   |   |   |   |   |
| Total operating costs and expenses                           |   | (69,779 | ) |   | (59,273 | ) |   | (44,976 | ) |
|                                                         |   |   |   |   |   |   |
| Gain on insurance settlement                                 |   | 90 |  |   | — |  |   | 646 |  |
| Gain/(loss) on disposal of fixed assets                      |   | 757 |  |   | — |  |   | (211 | ) |
|                                                         |   |   |   |   |   |   |
| Earnings from operations                                     |   | 15,653 |  |   | 13,645 |  |   | 8,677 |  |
|                                                         |   |   |   |   |   |   |
| Interest expense, net                                        |   | (740 | ) |   | (768 | ) |   | (684 | ) |
| Foreign currency, net                                        |   | 233 |  |   | (42 | ) |   | 67 |  |
|                                                         |   |   |   |   |   |   |
| Net finance costs                                            |   | (507 | ) |   | (810 | ) |   | (617 | ) |
|                                                         |   |   |   |   |   |   |
| Earnings before income tax                                   |   | 15,146 |  |   | 12,835 |  |   | 8,060 |  |
|                                                         |   |   |   |   |   |   |
| Provision for income taxes                                   |   | (8,009 | ) |   | (3,859 | ) |   | (2,252 | ) |
|                                                         |   |   |   |   |   |   |
| Net earnings                                                 |   | 7,137 |  |   | 8,976 |  |   | 5,808 |  |

----

|                                                                                    |
|------------------------------------------------------------------------------------|
|                                                                                    |  |  |  |  |  |  |  |  |  |
|                                                                               |   | December 31, |
|                                                                               |   | 2012 |   | 2011 |   | 2010 |
|                                                                               |   | $’000 |   | $’000 |   | $’000 |
| Cash flows from operating activities:                                              |   |   |   |   |   |   |
| Net earnings                                                                       |   | 7,137 |  |   | 8,976 |  |   | 5,808 |  |
|                                                                               |   |   |   |   |   |   |
| Adjustment to reconcile net earnings to net cash provided by operating activities: |   |   |   |   |   |   |
| Depreciation and amortization                                                      |   | 4,398 |  |   | 3,254 |  |   | 2,739 |  |
| Amortization of finance costs                                                      |   | 38 |  |   | 36 |  |   | 39 |  |
| (Gain)/loss on disposal of fixed assets                                            |   | (757 | ) |   | — |  |   | 211 |  |
| Change in deferred tax                                                             |   | 2,931 |  |   | 586 |  |   | 831 |  |
| Decrease in employees’ profit sharing                                        |   | — |  |   | — |  |   | (2 | ) |
| Impairment of property, plant and equipment and other assets                       |   | 894 |  |   | — |  |   | — |  |
| Change in assets and liabilities:                                                  |   |   |   |   |   |   |
| Decrease/(increase) in accounts receivable                                         |   | 1,325 |  |   | (616 | ) |   | (817 | ) |
| (Increase)/decrease in inventories                                                 |   | (1,393 | ) |   | (1,205 | ) |   | 909 |  |
| Decrease/(increase) in due from related parties                                    |   | 238 |  |   | 1,662 |  |   | (5,262 | ) |
| Increase prepaid expenses                                                          |   | (2,508 | ) |   | (88 | ) |   | (215 | ) |
| (Decrease)/increase of accounts payable                                            |   | (470 | ) |   | 35 |  |   | 1,280 |  |
| Increase in accrued liabilities                                                    |   | 1,998 |  |   | 1,919 |  |   | 2,670 |  |
|                                                                               |   |   |   |   |   |   |
| Total adjustments                                                                  |   | 6,694 |  |   | 5,583 |  |   | 2,383 |  |
|                                                                               |   |   |   |   |   |   |
| Net cash provided by operating activities                                          |   | 13,831 |  |   | 14,559 |  |   | 8,191 |  |
|                                                                               |   |   |   |   |   |   |
| Cash flows from investing activities:                                              |   |   |   |   |   |   |
| Proceeds from sale of property, plant and equipment                                |   | 757 |  |   | — |  |   | — |  |
| Capital expenditures                                                               |   | (6,488 | ) |   | (5,225 | ) |   | (4,930 | ) |
|                                                                               |   |   |   |   |   |   |
| Net cash used in investing activities                                              |   | (5,731 | ) |   | (5,225 | ) |   | (4,930 | ) |
|                                                                               |   |   |   |   |   |   |
| Cash flows from financing activities:                                              |   |   |   |   |   |   |
| Payment of dividends                                                               |   | (5,308 | ) |   | (8,678 | ) |   | — |  |
| Repayment of working capital facilities                                            |   | (7,076 | ) |   | (7,413 | ) |   | (3,418 | ) |
| Proceeds from working capital facilities                                           |   | 8,234 |  |   | 6,869 |  |   | 2,133 |  |
| Principal payments under long-term debt                                            |   | (3,012 | ) |   | (2,136 | ) |   | (1,262 | ) |
| Principal payments under capital lease                                             |   | (1,255 | ) |   | (807 | ) |   | (751 | ) |
| Debt issuance costs                                                                |   | — |  |   | (52 | ) |   | — |  |
| Proceeds from issuance of long-term debt                                           |   | — |  |   | 3,853 |  |   | — |  |
|                                                                               |   |   |   |   |   |   |
| Net cash used in financing activities                                              |   | (8,417 | ) |   | (8,364 | ) |   | (3,298 | ) |
|                                                                               |   |   |   |   |   |   |
| Net (decrease)/increase in cash and cash equivalents                               |   | (317 | ) |   | 970 |  |   | (37 | ) |
|                                                                               |   |   |   |   |   |   |
| Cash and cash equivalents at beginning of year                                     |   | 4,310 |  |   | 3,340 |  |   | 3,377 |  |
|                                                                               |   |   |   |   |   |   |
| Cash and cash equivalents at end of year                                           |   | 3,993 |  |   | 4,310 |  |   | 3,340 |  |

----

|                                 |
|---------------------------------|
|                                 |  |  |  |  |  |  |  |  |  |
|                            |   | Common Sharesat Par value |   | Legal reserve |   | Retained Earnings |
|                            |   | $’000 |   | $’000 |   | $’000 |
|                            |   |   |   |   |   |   |
| Balance, January 1, 2010        |   | 6,684 |  |   | 14 |  |   | 19,232 |  |
|                            |   |   |   |   |   |   |
| Legal Reserve                   |   | — |  |   | 807 |  |   | (807 | ) |
| Net earnings                    |   | — |  |   | — |  |   | 5,808 |  |
|                            |   |   |   |   |   |   |
| Balance, December 31, 2010 |   | 6,684 |  |   | 821 |  |   | 24,233 |  |
|                            |   |   |   |   |   |   |
| Dividends                       |   | — |  |   | — |  |   | (8,678 | ) |
| Net earnings                    |   | — |  |   | — |  |   | 8,976 |  |
|                            |   |   |   |   |   |   |
| Balance, December 31, 2011 |   | 6,684 |  |   | 821 |  |   | 24,531 |  |
|                            |   |   |   |   |   |   |
| Dividends                       |   | — |  |   | — |  |   | (5,308 | ) |
| Legal Reserve                   |   | — |  |   | 627 |  |   | (627 | ) |
| Net earnings                    |   | — |  |   | — |  |   | 7,137 |  |
|                            |   |   |   |   |   |   |
| Balance, December 31, 2012 |   | 6,684 |  |   | 1,448 |  |   | 25,733 |  |

----

----

----

|                                                                 |
|-----------------------------------------------------------------|
|                                                                 |  |  |
| Installations                                                   |   | 33 years |
| Machinery and equipment                                         |   | 10 years |
| Transport units                                                 |   | 5 years |
| Improvements to locomotive and rolling stock assets under lease |   | 26 years |
| Owned locomotives and rolling stock                             |   | 26 years |
| Furniture and fixtures                                          |   | 10 years |
| Computer equipment                                              |   | 4 years |
| Operating assets                                                |   | 10 years |

|                       |
|-----------------------|
|                       |  |  |
| Logo and trademarks   |   | 30 years |
| Software and licenses |   | 4 years |

----

|    |                                                                                                                                  |
|----|----------------------------------------------------------------------------------------------------------------------------------|
| 4. | The costs incurred in providing the services, as well as those still to be incurred until completed, can be reliably quantified. |

----

----

|                                                                 |
|-----------------------------------------------------------------|
|                                                                 |  |  |  |  |  |  |
|                                                            |   | December 31, |
|                                                            |   | 2012 |   | 2011 |
|                                                            |   | $’000 |   | $’000 |
|                                                            |   |   |   |   |
| Land                                                            |   | 449 |  |   | 437 |  |
| Installations                                                   |   | 1,806 |  |   | 1,263 |  |
| Machinery and equipment                                         |   | 1,418 |  |   | 1,418 |  |
| Transport units                                                 |   | 4,905 |  |   | 2,522 |  |
| Improvements to locomotive and rolling stock assets under lease |   | 38,945 |  |   | 30,419 |  |
| Owned locomotives and rolling stock                             |   | 3,717 |  |   | 3,221 |  |
| Furniture and fixtures                                          |   | 4,078 |  |   | 3,790 |  |
| Works in progress                                               |   | 1,125 |  |   | 1,725 |  |
| Less: accumulated depreciation                                  |   | (16,420 | ) |   | (12,082 | ) |
|                                                            |   |   |   |   |
|                                                            |   | 40,023 |  |   | 32,713 |  |

|                                |
|--------------------------------|
|                                |  |  |  |  |  |  |
|                           |   | December 31, |
|                           |   | 2012 |   | 2011 |
|                           |   | $’000 |   | $’000 |
|                           |   |   |   |   |
| Transport units                |   | 2,334 |  |   | — |  |
| Locomotives and rolling stock  |   | 3,572 |  |   | 2,642 |  |
| Less: accumulated depreciation |   | (293 | ) |   | (263 | ) |
|                           |   |   |   |   |
|                           |   | 5,613 |  |   | 2,379 |  |

----

|                                      |
|--------------------------------------|
|                                      |  |  |  |  |  |  |  |  |  |
|                                 |   | Year ended December 31, 2012 |
|                                 |   | Logo andtrademarks |   | Softwareand licenses |   | Total |
|                                 |   | $’000 |   | $’000 |   | $’000 |
| Carrying amount:                     |   |   |  |   |   |  |   |   |  |
| Balance as of January 1, 2012   |   | 122 |  |   | 348 |  |   | 470 |  |
| Additions                            |   | — |  |   | 25 |  |   | 25 |  |
| Transfers                            |   | — |  |   | — |  |   | — |  |
|                                 |   |   |   |   |   |   |
| Balance as at December 31, 2012 |   | 122 |  |   | 373 |  |   | 495 |  |
|                                 |   |   |   |   |   |   |
| Accumulated amortization:            |   |   |  |   |   |  |   |   |  |
| Balance as of January 1, 2012   |   | 46 |  |   | 216 |  |   | 262 |  |
| Charge for the period                |   | 4 |  |   | 56 |  |   | 60 |  |
|                                 |   |   |   |   |   |   |
| Balance as at December 31, 2012 |   | 50 |  |   | 272 |  |   | 322 |  |
|                                 |   |   |   |   |   |   |
| Net book value:                      |   |   |  |   |   |  |   |   |  |
| As at December 31, 2011         |   | 76 |  |   | 132 |  |   | 208 |  |
|                                 |   |   |   |   |   |   |
| As at December 31, 2012         |   | 72 |  |   | 101 |  |   | 173 |  |

|                                      |
|--------------------------------------|
|                                      |  |  |  |  |  |  |  |  |  |
|                                 |   | Year ended December 31, 2011 |
|                                 |   | Logo andtrademarks |   | Softwareand licenses |   | Total |
|                                 |   | $’000 |   | $’000 |   | $’000 |
| Carrying amount:                     |   |   |  |   |   |  |   |   |  |
| Balance as of January 1, 2011   |   | 122 |  |   | 286 |  |   | 408 |  |
| Additions                            |   | — |  |   | 46 |  |   | 46 |  |
| Transfers                            |   | — |  |   | 16 |  |   | 16 |  |
|                                 |   |   |   |   |   |   |
| Balance as at December 31, 2011 |   | 122 |  |   | 348 |  |   | 470 |  |
|                                 |   |   |   |   |   |   |
| Accumulated amortization:            |   |   |  |   |   |  |   |   |  |
| Balance as of January 1, 2011   |   | 42 |  |   | 176 |  |   | 218 |  |
| Charge for the period                |   | 4 |  |   | 40 |  |   | 44 |  |
|                                 |   |   |   |   |   |   |
| Balance as at December 31, 2011 |   | 46 |  |   | 216 |  |   | 262 |  |
|                                 |   |   |   |   |   |   |
| Net book value:                      |   |   |  |   |   |  |   |   |  |
| As at December 31, 2010         |   | 80 |  |   | 110 |  |   | 190 |  |
|                                 |   |   |   |   |   |   |
| As at December 31, 2011         |   | 76 |  |   | 132 |  |   | 208 |  |

----

|                            |
|----------------------------|
|                            |  |  |  |  |  |  |
|                       |   | December 31, |
|                       |   | 2012 |   | 2011 |
|                       |   | $’000 |   | $’000 |
|                       |   |   |   |   |
| Working capital facilities |   | 4,184 |  |   | 3,026 |  |

|                                                 |
|-------------------------------------------------|
|                                                 |  |  |  |  |  |  |
|                                            |   | December 31, |
|                                            |   | 2012 |   | 2011 |
|                                            |   | $’000 |   | $’000 |
|                                            |   |   |   |   |
| Value added tax                                 |   | — |  |   | 372 |  |
| Current tax payable                             |   | 1,183 |  |   | — |  |
| Other taxes                                     |   | 329 |  |   | 706 |  |
| Employees’ length of service compensation |   | 131 |  |   | 95 |  |
| Vacation payable                                |   | 501 |  |   | 557 |  |
| Remuneration and profit sharing payable         |   | 1,725 |  |   | 1,812 |  |
| Advance payments received from passengers       |   | 739 |  |   | 861 |  |
| Deferred revenue                                |   | 2,703 |  |   | 1,741 |  |
| Provision for purchases and services            |   | 940 |  |   | 479 |  |
| Other accounts payable                          |   | 646 |  |   | 275 |  |
|                                            |   |   |   |   |
|                                            |   | 8,897 |  |   | 6,898 |  |

----

|                                                                                                                                                                               |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                               |  |  |  |  |  |  |
|                                                                                                                                                                          |   | December 31, |
|                                                                                                                                                                          |   | 2012 |   | 2011 |
|                                                                                                                                                                          |   | $’000 |   | $’000 |
|                                                                                                                                                                          |   |   |   |   |
| Loans from banks collateralized by property, plant and equipment payable over periods of 1 to 2 years, with a weighted average interest rate of 4.88% and 4.89%, respectively |   | 2,452 |  |   | 5,464 |  |
| Obligations under capital lease (see Note 6(b))                                                                                                                               |   | 5,347 |  |   | 727 |  |
|                                                                                                                                                                          |   |   |   |   |
|                                                                                                                                                                          |   | 7,799 |  |   | 6,191 |  |
| Less: current portion                                                                                                                                                         |   | 3,363 |  |   | 4,405 |  |
|                                                                                                                                                                          |   |   |   |   |
| Total long-term debt and obligations under capital lease                                                                                                                      |   | 4,436 |  |   | 1,786 |  |

|                                         |
|-----------------------------------------|
|                                         |  |  |  |
| Year ending December 31, |   | $’000 |
|                                    |   |   |
| 2013                                    |   | 2,138 |  |
| 2014                                    |   | 314 |  |
|                                    |   |   |
|                                    |   | 2,452 |  |

----

|                                                      |
|------------------------------------------------------|
|                                                      |  |  |  |
| Year ending December 31,              |   | $’000 |
|                                                 |   |   |  |
| 2013                                                 |   | 1,529 |  |
| 2014                                                 |   | 1,533 |  |
| 2015                                                 |   | 1,419 |  |
| 2016                                                 |   | 1,460 |  |
| 2017                                                 |   | 107 |  |
|                                                 |   |   |  |
| Minimum lease payments                               |   | 6,048 |  |
| Less: amount of interest contained in above payments |   | 701 |  |
|                                                 |   |   |  |
| Present value of minimum lease payments              |   | 5,347 |  |
| Less: current portion                                |   | 1,225 |  |
|                                                 |   |   |
|                                                 |   | 4,122 |  |

|                                           |
|-------------------------------------------|
|                                           |  |  |  |  |  |  |
|                                      |   | December 31, 2012 |
|                                      |   | Carryingamount |   | Fairvalue |
|                                      |   | $’000 |   | $’000 |
|                                      |   |   |   |   |
| Cash and cash equivalents                 |   | 3,993 |  |   | 3,993 |  |
|                                      |   |   |   |   |
| Accounts receivable                       |   | 4,821 |  |   | 4,821 |  |
|                                      |   |   |   |   |
| Working capital facilities                |   | 4,184 |  |   | 4,184 |  |
|                                      |   |   |   |   |
| Accounts payable                          |   | 3,737 |  |   | 3,737 |  |
|                                      |   |   |   |   |
| Accrued liabilities                       |   | 8,897 |  |   | 8,897 |  |
|                                      |   |   |   |   |
| Long-term debt, including current portion |   | 2,452 |  |   | 2,501 |  |

----

|                                           |
|-------------------------------------------|
|                                           |  |  |  |  |  |  |
|                                      |   | December 31, 2011 |
|                                      |   | Carryingamount |   | Fairvalue |
|                                      |   | $’000 |   | $’000 |
|                                      |   |   |   |   |
| Cash and cash equivalents                 |   | 4,310 |  |   | 4,310 |  |
|                                      |   |   |   |   |
| Accounts receivable                       |   | 6,146 |  |   | 6,146 |  |
|                                      |   |   |   |   |
| Working capital facilities                |   | 3,026 |  |   | 3,026 |  |
|                                      |   |   |   |   |
| Accounts payable                          |   | 4,207 |  |   | 4,207 |  |
|                                      |   |   |   |   |
| Accrued liabilities                       |   | 6,898 |  |   | 6,898 |  |
|                                      |   |   |   |   |
| Long-term debt, including current portion |   | 5,464 |  |   | 5,552 |  |

|                               |
|-------------------------------|
|                               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                          |   |   |   | Fair value measurements using |   |   |
|                          |   | Fair Value at December 31, 2012$’000 |   | Quotedprices in active markets for identical assets (Level 1)$’000 |   | Significant other observable inputs (Level 2)$’000 |   | Significantunobservable inputs (Level 3)$’000 |   | Total lossesin the year endedDecember 31, 2012$’000 |
| Property, plant and equipment |   | — |  |   | — |  |   | — |  |   | — |  |   | (701 | ) |
|                          |   |   |   |   |   |   |   |   |   |   |
| Other assets                  |   | — |  |   | — |  |   | — |  |   | — |  |   | (193 | ) |

----

|                     |
|---------------------|
|                     |  |  |  |  |  |  |  |  |  |
|                |   | Year ended December 31, |
|                |   | 2012 |   | 2011 |   | 2010 |
|                |   | $’000 |   | $’000 |   | $’000 |
|                |   |   |   |   |   |   |
| Pre-tax income      |   | 15,146 |  |   | 12,835 |  |   | 8,060 |  |
|                |   |   |   |   |   |   |
| Current tax charge  |   | (5,078 | ) |   | (3,273 | ) |   | (1,421 | ) |
|                |   |   |   |   |   |   |
| Deferred tax charge |   | (2,931 | ) |   | (586 | ) |   | (831 | ) |
|                |   |   |   |   |   |   |
| Total               |   | (8,009 | ) |   | (3,859 | ) |   | (2,252 | ) |

|                          |
|--------------------------|
|                          |  |  |  |  |  |  |  |  |  |
|                     |   | Year ended December 31, |
|                     |   | 2012 |   | 2011 |   | 2010 |
|                     |   | % |   | % |   | % |
|                     |   |   |   |   |   |   |
| Peruvian income tax rate |   | 30 |  |   | 30 |  |   | 30 |  |
| Prior year adjustments   |   | 17 |  |   | — |  |   | — |  |
| Permanent differences    |   | 5 |  |   | — |  |   | (2 | ) |
| Other                    |   | 1 |  |   | — |  |   | — |  |
|                     |   |   |   |   |   |   |
| Effective tax rate       |   | 53 |  |   | 30 |  |   | 28 |  |

|                                       |
|---------------------------------------|
|                                       |  |  |  |  |  |  |
|                                  |   | December 31, |
|                                  |   | 2012 |   | 2011 |
|                                  |   | $’000 |   | $’000 |
|                                  |   |   |   |   |
| Provisions included in books          |   | 711 |  |   | 282 |  |
| Other deferred tax assets             |   | 52 |  |   | — |  |
|                                  |   |   |   |   |
| Net deferred tax assets               |   | 763 |  |   | 282 |  |
|                                  |   |   |   |   |
| Fixed assets and intangibles          |   | (6,558 | ) |   | (5,981 | ) |
| Structure fee loans                   |   | — |  |   | (26 | ) |
| Exchange rate related to fixed assets |   | (2,621 | ) |   | (131 | ) |
| Other deferred tax liabilities        |   | (371 | ) |   | — |  |
|                                  |   |   |   |   |
| Deferred tax liabilities              |   | (9,550 | ) |   | (6,138 | ) |
|                                  |   |   |   |   |
| Net deferred tax liabilities          |   | (8,787 | ) |   | (5,856 | ) |

----

|                                          |
|------------------------------------------|
|                                          |  |  |  |  |  |  |
|                                     |   | Number of  Shares |   | Percent of  Ownership |
|                                     |   |   |   |   |
| Orient-Express Hotels Ltd.               |   | 10,000,000 |  |   | 50.00 |  |
| Peruvian Trains & Railways S.A. |   | 10,000,000 |  |   | 50.00 |  |
|                                     |   |   |   |   |
|                                     |   | 20,000,000 |  |   | 100.00 |  |

----

|                             |
|-----------------------------|
|                             |  |  |  |  |  |  |  |  |  |
|                        |   | December 31, |
|                        |   | 2012 |   | 2011 |   | 2010 |
|                        |   | $’000 |   | $’000 |   | $’000 |
|                        |   |   |   |   |   |   |
| Passenger transport         |   | 59,951 |  |   | 51,227 |  |   | 34,509 |  |
| Freight and cargo transport |   | 21,059 |  |   | 19,265 |  |   | 17,514 |  |
| Other                       |   | 3,574 |  |   | 2,426 |  |   | 1,195 |  |
|                        |   |   |   |   |   |   |
| Revenue                     |   | 84,585 |  |   | 72,918 |  |   | 53,218 |  |

|                |
|----------------|
|                |  |  |  |  |  |  |  |  |  |
|           |   | Year ended December 31, |
|           |   | 2012 |   | 2011 |   | 2010 |
|           |   | $’000 |   | $’000 |   | $’000 |
|           |   |   |   |   |   |   |
| Cash paid for: |   |   |  |   |   |  |   |   |  |
|           |   |   |   |   |   |   |
| Interest       |   | 378 |  |   | 367 |  |   | 306 |  |
|           |   |   |   |   |   |   |
| Income taxes   |   | 4,654 |  |   | 964 |  |   | 2,048 |  |

----

----

|        |
|--------|
|        |  |  |
|   | ORIENT-EXPRESS HOTELS LTD. |
|   |   |
|   |   |
|   | By: | /s/ Martin O’Grady |
|   |   | Martin O’Grady |
|   |   | Vice President—Finance and Chief Financial Officer |

----

|                  |
|------------------|
|                  |  |  |  |  |
| Exhibit No. |   | Incorporated by Reference to |   | Description |
|             |   |   |   |   |
| 3.1              |   | Exhibit 3.2 to June 15, 2011 Form 8-K/A Current Report (File No. 001-16017) |   | Memorandum of Association and Certificate of Incorporation of Orient-Express Hotels Ltd. |
| 3.2              |   | Exhibit 3.2 to June 15, 2007 Form 8-K Current Report (File No. 001-16017) |   | Bye-Laws of Orient-Express Hotels Ltd. |
| 3.3              |   | Exhibit 1 to April 23, 2007 Amendment No. 1 to Form 8-A Registration Statement (File No. 001-16017) |   | Rights Agreement dated June 1, 2000, and amended and restated April 12, 2007, between Orient-Express Hotels Ltd. and Computershare Trust Company N.A., as Rights Agent |
| 3.4              |   | Exhibit 4.2 to December 10, 2007 Form 8-K Current Report (File No. 001-16017) |   | Amendment No. 1 dated December 10, 2007 to Amended and Restated Rights Agreement (Exhibit 3.3) |
| 3.5              |   | Exhibit 4.3 to May 27, 2010 Form 8-K Current Report (File 001-16017) |   | Amendment No. 2 dated May 27, 2010 to Amended and Restated Rights Agreement (Exhibit 3.3) |
| 4.1              |   | Exhibit 1.1 to August 6. 2012 Form 8-K Current Report (File No. 001-16017) |   | Amended and Restated Secured Facility Agreement dated August 1, 2012 for Orient-Express Hotels Ltd. and certain subsidiaries arranged by Barclays Bank PLC and other banks |

|       |
|-------|
|       |  |  |  |  |
| 10.1  |   |   |   | Orient-Express Hotels Ltd. 2000 Stock Option Plan, as amended* |
| 10.2  |   |   |   | Orient-Express Hotels Ltd. 2004 Stock Option Plan, as amended* |
| 10.3  |   | Exhibit 10.3 to 2008 Form 10-K Annual Report (File No. 001-16017) |   | Orient-Express Hotels Ltd. 2007 Performance Share Plan, as amended |
| 10.4  |   | Exhibit 10.4 to 2009 Form 10-K Annual Report (File 001-16017) |   | Orient-Express Hotels Ltd. 2007 Stock Appreciation Rights Plan, as amended |
| 10.5  |   |   |   | Orient-Express Hotels Ltd. 2009 Share Award and Incentive Plan, as amended* |
| 10.6  |   | Exhibit 10.3 to 2004 Form 10-K Annual Report (File No. 001-16017) |   | Amended and Restated Agreement Regarding Hotel Cipriani Interests dated February 8, 2005 between James B. Sherwood, Hotel Cipriani S.r.l. and Orient-Express Hotels Ltd. |
| 10.7  |   | Exhibit 10.4 to 2004 Form 10-K Annual Report (File No. 001-16017) |   | Amended and Restated Right of First Refusal and Option Agreement Regarding Indirectly Held Hotel Cipriani Interests dated February 8, 2005 between James B. Sherwood and Orient-Express Hotels Ltd. |
| 10.8  |   |   |   | Service Agreement between Orient-Express Services Ltd. and John M. Scott III dated November 8, 2012* |
| 10.9  |   |   |   | Severance Agreement between Orient-Express Hotels Ltd. and John M. Scott III dated November 8, 2012* |
| 10.10 |   |   |   | Indemnification Agreement between Orient-Express Hotels Ltd. and John M. Scott III dated November 8, 2012* |
| 10.11 |   |   |   | Form of Severance Agreement between Orient-Express Hotels Ltd. and certain of its officers, as amended* |
| 10.12 |   |   |   | Form of Indemnification Agreement between Orient-Express Hotels  Ltd. and its non-executive directors and certain of its officers* |
| 11    |   |   |   | Statement of computation of per share earnings* |
| 12    |   |   |   | Statement of computation of ratios* |
| 14    |   | Exhibit 14 to April 29, 2013 Form 8-K current report (File No. 001-16017) |   | Code of Conduct of Orient-Express Hotels Ltd. |

----

|            |
|------------|
|            |  |  |  |  |
| ExhibitNo. |   | Incorporated by Reference to |   | Description |
|       |   |   |   |   |
| 18         |   |   |   | Letter from Deloitte LLP regarding change in accounting principles* |
| 21         |   |   |   | Subsidiaries of Orient-Express Hotels Ltd.* |
| 23.1       |   |   |   | Consent of Deloitte LLP relating to Form S-3 Registration Statement No. 333-165092 and Form S-8 Registration Statements No. 333-58298, No. 333-129152, No. 333-147448, No. 333-161459, No. 333-168588 and No. 333-183142* |
| 23.2       |   |   |   | Consent of Pazos, López de Romaña, Rodriguez S.C. relating to Form S-3 Registration Statement No. 333-188355 and Form S-8 Registration Statements No. 333-58298, No. 333-129152, No. 333-147448, No. 333-161459, No. 333-168588 and No. 333-183142 |
| 31         |   |   |   | Rule 13a-14(a)/15d-14(a) Certifications |
| 32         |   |   |   | Section 1350 Certification |
| 99.1       |   | Exhibit 99.1 to 2011 Form 10-K Annual Report (File No. 001-16017) |   | Corporate Governance Guidelines of Orient-Express Hotels Ltd. |
| 99.2       |   | Exhibit 99.1 to June 1, 2010 Form 8-K Current Report (File No. 001-16017) |   | Judgment of Bermuda Supreme Court dated June 1, 2010 in D.E. Shaw Oculus Portfolios LLC et al. vs. Orient-Express Hotels Ltd. et al. |
| 101        |   |   |   | Interactive data file* |