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

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

|            |
|------------|
|            |  |  |  |  |
| (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, 2013, 2012 and 2011: |   |
| Balance sheets (December 31, 2013 and 2012)                          | 4 |
| Statements of operations                                                  | 5 |
| Statements of shareholders’ equity                                  | 6 |
| Statements of cash flows                                                  | 7 |
| Notes to financial statements                                             | 8 |

|                                                           |
|-----------------------------------------------------------|
|                                                           |  |
|                                                      | Page Number |
| Report of independent registered public accounting firm   | 23 |
| Financial statements - year ended December 31, 2013: |   |
| Balance sheet                                             | 24 |
| Statement of operations                                   | 25 |
| Statement of shareholders’ equity                   | 26 |
| Statement of cash flows                                   | 27 |
| Notes to financial statements                             | 28 |

|                                                           |
|-----------------------------------------------------------|
|                                                           |  |
|                                                      | Page Number |
| Report of independent registered public accounting firm   | 46 |
| Financial statements - year ended December 31, 2013: |   |
| Balance sheet                                             | 47 |
| Statement of operations                                   | 48 |
| Statement of cash flows                                   | 49 |
| Statement of shareholders’ equity                   | 50 |
| Notes to financial statements                             | 51 |

----

|                                                              |
|--------------------------------------------------------------|
|                                                              |  |
| Pazos, López de Romaña, Rodriguez S. Civil de R.L. |   |
| Lima, Peru                                                   |   |
| June 16, 2014                                           |   |
|                                                         |   |
| Countersigned by:                                            |   |
|                                                         |   |
|                                                         |   |
| /s/ Manuel Pazos Vélez                                  |   |
| Manuel Pazos Vélez                                      |   |
| Certified Chartered Public Accountant                        |   |
| Register No. 01-05095                                   |   |

----

|                                                                                                       |
|-------------------------------------------------------------------------------------------------------|
|                                                                                                       |  |  |  |  |  |  |
|                                                                                                  |   | December 31, |   |
|                                                                                                  |   | 2013 |   | 2012 |
|                                                                                                  |   | $’000 |   | $’000 |
| Assets                                                                                                |   |   |   |   |
| Cash                                                                                                  |   | 3,748 |   |   | 3,993 |   |
| Accounts receivable, net of allowances of $Nil and $Nil                                               |   | 3,906 |   |   | 4,821 |   |
| Due from related parties                                                                              |   | 15,954 |   |   | 8,957 |   |
| Prepaid expenses                                                                                      |   | 2,274 |   |   | 3,740 |   |
| Inventories                                                                                           |   | 7,711 |   |   | 8,334 |   |
|                                                                                                  |   |   |   |   |
| Total current assets                                                                                  |   | 33,593 |   |   | 29,845 |   |
|                                                                                                  |   |   |   |   |
| Property, plant and equipment, net of accumulated depreciation of $22,488 and $16,420                 |   | 41,384 |   |   | 40,023 |   |
| Intangibles, net of accumulated amortization of $356 and $322                                         |   | 300 |   |   | 173 |   |
| Other assets                                                                                          |   | 100 |   |   | 65 |   |
|                                                                                                  |   |   |   |   |
| Total non-current assets                                                                              |   | 41,784 |   |   | 40,261 |   |
|                                                                                                  |   |   |   |   |
| Total assets                                                                                          |   | 75,377 |   |   | 70,106 |   |
|                                                                                                  |   |   |   |   |
| Liabilities and Shareholders’ Equity                                                            |   |   |   |   |
| Working capital facilities                                                                            |   | 7,148 |   |   | 4,184 |   |
| Accounts payable                                                                                      |   | 3,620 |   |   | 3,737 |   |
| Accrued liabilities                                                                                   |   | 8,743 |   |   | 8,897 |   |
| Due to related parties                                                                                |   | 4,123 |   |   | 2,837 |   |
| Current portion of long-term debt                                                                     |   | 2,488 |   |   | 3,363 |   |
|                                                                                                  |   |   |   |   |
| Total current liabilities                                                                             |   | 26,122 |   |   | 23,018 |   |
|                                                                                                  |   |   |   |   |
| Long-term debt                                                                                        |   | 2,088 |   |   | 4,436 |   |
| Deferred income tax liability, net                                                                    |   | 7,717 |   |   | 8,787 |   |
|                                                                                                  |   |   |   |   |
| Total long-term liabilities                                                                           |   | 9,805 |   |   | 13,223 |   |
|                                                                                                  |   |   |   |   |
| Total liabilities                                                                                     |   | 35,927 |   |   | 36,241 |   |
|                                                                                                  |   |   |   |   |
| Commitments and contingencies                                                                         |   |   |   |   |
|                                                                                                  |   |   |   |   |
| Shareholders’ equity:                                                                           |   |   |   |   |
| Common shares S/1.00 par value (20,000,000 shares authorized) Issued - 20,000,000 (2012 - 20,000,000) |   | 6,684 |   |   | 6,684 |   |
| Legal reserve                                                                                         |   | 1,448 |   |   | 1,448 |   |
| Retained earnings                                                                                     |   | 31,318 |   |   | 25,733 |   |
|                                                                                                  |   |   |   |   |
| Total shareholders’ equity                                                                      |   | 39,450 |   |   | 33,865 |   |
|                                                                                                  |   |   |   |   |
| Total liabilities and shareholders’ equity                                                      |   | 75,377 |   |   | 70,106 |   |

----

|                                             |
|---------------------------------------------|
|                                             |  |  |  |  |  |  |  |  |  |  |  |
|                                        |   | December 31, |   |
|                                        |   | 2013 |   | 2012 |   | 2011 |
|                                        |   | $’000 |   | $’000 |   | $’000 |
|                                        |   |   |   |   |   |   |
| Revenue, net of discounts                   |   | 92,784 |  |   |   | 84,585 |   |   | 72,918 |  |   |
|                                        |   |   |   |   |   |   |
| Expenses:                                   |   |   |   |   |   |   |
| Cost of services                            |   | (48,056) |  |   |   | (47,265) |   |   | (41,660) |  |   |
| Depreciation and amortization               |   | (6,102) |  |   |   | (4,398) |   |   | (3,254) |  |   |
| Selling, general and administrative         |   | (19,828) |  |   |   | (17,222) |   |   | (14,359) |  |   |
| Impairment of property, plant and equipment |   | — |  |   |   | (894) |   |   | — |  |   |
|                                        |   |   |   |   |   |   |
| Total operating costs and expenses          |   | (73,986) |  |   |   | (69,779) |   |   | (59,273) |  |   |
|                                        |   |   |   |   |   |   |
| Gain on insurance settlement                |   | — |  |   |   | 90 |   |   | — |  |   |
| Gain on disposal of fixed assets            |   | — |  |   |   | 757 |   |   | — |  |   |
|                                        |   | — |  |   |   | 847 |   |   | — |  |   |
|                                        |   |   |   |   |   |   |
| Earnings from operations                    |   | 18,798 |  |   |   | 15,653 |   |   | 13,645 |  |   |
|                                        |   |   |   |   |   |   |
| Interest expense, net                       |   | (900) |  |   |   | (740) |   |   | (768) |  |   |
| Foreign currency, net                       |   | (440) |  |   |   | 233 |   |   | (42) |  |   |
|                                        |   |   |   |   |   |   |
| Net finance costs                           |   | (1,340) |  |   |   | (507) |   |   | (810) |  |   |
|                                        |   |   |   |   |   |   |
| Earnings before income tax                  |   | 17,458 |  |   |   | 15,146 |   |   | 12,835 |  |   |
|                                        |   |   |   |   |   |   |
| Income taxes                                |   | (4,665) |  |   |   | (8,009) |   |   | (3,859) |  |   |
|                                        |   |   |   |   |   |   |
| Net earnings                                |   | 12,793 |  |   |   | 7,137 |   |   | 8,976 |  |   |

----

|                                 |
|---------------------------------|
|                                 |  |  |  |  |  |  |  |  |  |  |  |
|                            |   | Common shares at par value |   | Legal reserve |   | Retained  earnings |
|                            |   | $’000 |   | $’000 |   | $’000 |
|                            |   |   |   |   |   |   |
| Balance, January 1, 2011        |   | 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 |   |

|                                 |
|---------------------------------|
|                                 |  |  |  |  |  |  |  |  |  |  |  |
| Dividends                       |   | — |  |   |   | — |  |   |   | (7,208) |   |
| Net earnings                    |   | — |  |   |   | — |  |   |   | 12,793 |   |
|                            |   |   |   |   |   |   |
| Balance, December 31, 2013 |   | 6,684 |  |   |   | 1,448 |  |   |   | 31,318 |   |

----

|                                                                                    |
|------------------------------------------------------------------------------------|
|                                                                                    |  |  |  |  |  |  |  |  |
|                                                                               | December 31, |
|                                                                               | 2013 |   | 2012 |   | 2011 |
|                                                                               | $’000 |   | $’000 |   | $’000 |
| Cash flows from operating activities:                                              |   |   |   |   |   |
| Net earnings                                                                       | 12,793 |  |   | 7,137 |  |   | 8,976 |  |
| Adjustment to reconcile net earnings to net cash provided by operating activities: |   |   |   |   |   |
| Depreciation                                                                       | 6,068 |  |   | 4,338 |  |   | 3,210 |  |
| Amortization                                                                       | 34 |  |   | 60 |  |   | 44 |  |
| Amortization of finance costs                                                      | — |  |   | 38 |  |   | 36 |  |
| Gain on disposal of fixed assets                                                   | — |  |   | (757) |  |   | — |  |
| Impairment of  property, plant and equipment and other assets                      | — |  |   | 893 |  |   | — |  |
| Change in deferred tax                                                             | (1,070) |  |   | 2,931 |  |   | 586 |  |
|                                                                               |   |   |   |   |   |
| Change in assets and liabilities:                                                  |   |   |   |   |   |
| Decrease/(increase) in accounts receivable                                         | 915 |  |   | 1,325 |  |   | (616) |  |
| Decrease/(increase) in inventories                                                 | 623 |  |   | (1,393) |  |   | (1,205) |  |
| (Increase)/decrease  in due from related parties                                   | (5,711) |  |   | 238 |  |   | 1,662 |  |
| Decrease/(increase) in prepaid expenses                                            | 1,466 |  |   | (2,508) |  |   | (88) |  |
| (Decrease)/increase of accounts payable                                            | (117) |  |   | (470) |  |   | 35 |  |
| (Decrease)/increase in accrued liabilities                                         | (154) |  |   | 1,999 |  |   | 1,919 |  |
|                                                                               |   |   |   |   |   |
| Total adjustments                                                                  | 2,054 |  |   | 6,694 |  |   | 5,583 |  |
|                                                                               |   |   |   |   |   |
| Net cash provided by operating activities                                          | 14,847 |  |   | 13,831 |  |   | 14,559 |  |
|                                                                               |   |   |   |   |   |
| Cash flows from investing activities:                                              |   |   |   |   |   |
| Gain on sale of fixed assets                                                       | — |  |   | 757 |  |   | — |  |
| Capital expenditures                                                               | (7,625) |  |   | (6,488) |  |   | (5,225) |  |
|                                                                               |   |   |   |   |   |
| Net cash used in investing activities                                              | (7,625) |  |   | (5,731) |  |   | (5,225) |  |
|                                                                               |   |   |   |   |   |
| Cash flows from financing activities:                                              |   |   |   |   |   |
| Payment of dividends                                                               | (7,208) |  |   | (5,308) |  |   | (8,678) |  |
| Payments on working capital facilities                                             | (8,691) |  |   | (7,076) |  |   | (7,413) |  |
| Proceeds from working capital facilities                                           | 11,655 |  |   | 8,234 |  |   | 6,869 |  |
| Principal payments under long-term debt                                            | (1,262) |  |   | (3,012) |  |   | (2,136) |  |
| Principal payments under capital lease                                             | (1,961) |  |   | (1,255) |  |   | (807) |  |
| Debt issuance costs                                                                | — |  |   | — |  |   | (52) |  |
| Proceeds from issuance of long-term debt                                           | — |  |   | — |  |   | 3,853 |  |
|                                                                               |   |   |   |   |   |
| Net cash used in financing activities                                              | (7,467) |  |   | (8,417) |  |   | (8,364) |  |
|                                                                               |   |   |   |   |   |
| Net (decrease) /increase in cash                                                   | (245) |  |   | (317) |  |   | 970 |  |
|                                                                               |   |   |   |   |   |
| Cash at beginning of year                                                          | 3,993 |  |   | 4,310 |  |   | 3,340 |  |
|                                                                               |   |   |   |   |   |
| Cash at end of year                                                                | 3,748 |  |   | 3,993 |  |   | 4,310 |  |

----

----

----

|                                                                 |
|-----------------------------------------------------------------|
|                                                                 |  |  |
| Installations                                                   |   | 33 years |
| Machinery and equipment                                         |   | 10 years |
| Transport units                                                 |   | 5 years |
| Improvements to locomotive and rolling stock assets under lease |   | 5 years |
| Owned locomotives and rolling stock                             |   | 5  years |
| Furniture and fixtures                                          |   | 10 years |
| Computer equipment                                              |   | 4 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, |   |
|                                                            |   | 2013 |   | 2012 |
|                                                            |   | $’000 |   | $’000 |
|                                                            |   |   |   |   |
| Land                                                            |   | 861 |   |   | 449 |   |
| Installations                                                   |   | 1,806 |   |   | 1,806 |   |
| Machinery and equipment                                         |   | 1,447 |   |   | 1,418 |   |
| Transport units                                                 |   | 5,219 |   |   | 4,905 |   |
| Improvements to locomotive and rolling stock assets under lease |   | 39,091 |   |   | 38,945 |   |
| Owned locomotives and rolling stock                             |   | 3,873 |   |   | 3,717 |   |
| Furniture and fixtures                                          |   | 4,379 |   |   | 4,078 |   |
| Works in progress                                               |   | 7,196 |   |   | 1,125 |   |
| Less: accumulated depreciation                                  |   | (22,488) |   |   | (16,420) |   |
|                                                            |   |   |   |   |
|                                                            |   | 41,384 |   |   | 40,023 |   |

----

|                                |
|--------------------------------|
|                                |  |  |  |  |  |  |
|                           |   | December 31, |   |
|                           |   | 2013 |   | 2012 |
|                           |   | $’000 |   | $’000 |
|                           |   |   |   |   |
| Transport units                |   | 2,334 |   |   | 2,334 |   |
| Locomotives and rolling stock  |   | 3,572 |   |   | 3,572 |   |
| Less: accumulated depreciation |   | (456) |   |   | (293) |   |
|                           |   |   |   |   |
|                           |   | 5,450 |   |   | 5,613 |   |

|                                      |
|--------------------------------------|
|                                      |  |  |  |  |  |  |  |  |  |  |  |  |
|                                 |   | December 31, 2013 |   |
|                                 |   | Logo and trademarks |   | Software and licenses |   | Total |
|                                 |   | $’000 |   | $’000 |   | $’000 |
| Carrying amount:                     |   |   |   |   |   |   |
| Balance as at January 1, 2013   |   | 122 |  |   |   | 373 |  |   |   | 495 |  |   |
| Additions                            |   | — |  |   |   | 161 |  |   |   | 161 |  |   |
| Transfers                            |   | — |  |   |   | — |  |   |   | — |  |   |
|                                 |   |   |   |   |   |   |
| Balance as at December 31, 2013 |   | 122 |  |   |   | 534 |  |   |   | 656 |  |   |
|                                 |   |   |   |   |   |   |
| Accumulated amortization:            |   |   |   |   |   |   |
| Balance as at January 1, 2013   |   | 50 |  |   |   | 272 |  |   |   | 322 |  |   |
| Charge for the period                |   | 4 |  |   |   | 30 |  |   |   | 34 |  |   |
|                                 |   |   |   |   |   |   |
| Balance as at December 31, 2013 |   | 54 |  |   |   | 302 |  |   |   | 356 |  |   |
|                                 |   |   |   |   |   |   |
| Net book value:                      |   |   |   |   |   |   |
| As at December 31, 2012         |   | 72 |  |   |   | 101 |  |   |   | 173 |  |   |
|                                 |   |   |   |   |   |   |
| As at December 31, 2013         |   | 68 |  |   |   | 232 |  |   |   | 300 |  |   |

----

|                                      |
|--------------------------------------|
|                                      |  |  |  |  |  |  |  |  |  |  |  |  |
|                                 |   | December 31, 2012 |   |
|                                 |   | Logo and trademarks |   | Software and licenses |   | Total |
|                                 |   | $’000 |   | $’000 |   | $’000 |
| Carrying amount:                     |   |   |   |   |   |   |
| Balance as at January 1, 2012   |   | 122 |  |   |   | 348 |  |   |   | 470 |  |   |
| Additions                            |   | — |  |   |   | 25 |  |   |   | 25 |  |   |
| Transfers                            |   | — |  |   |   | — |  |   |   | — |  |   |
|                                 |   |   |   |   |   |   |
| Balance as at December 31, 2012 |   | 122 |  |   |   | 373 |  |   |   | 495 |  |   |
|                                 |   |   |   |   |   |   |
| Accumulated amortization:            |   |   |   |   |   |   |
| Balance as at 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 |  |   |

|                            |
|----------------------------|
|                            |  |  |  |  |
|                       |   | December 31, |
|                       |   | 2013 |   | 2012 |
|                       |   | $’000 |   | $’000 |
|                       |   |   |   |   |
| Working capital facilities |   | 7,148 |   | 4,184 |

----

|                                                 |
|-------------------------------------------------|
|                                                 |  |  |  |  |  |  |
|                                            |   | December 31, |   |
|                                            |   | 2013 |   | 2012 |
|                                            |   | $’000 |   | $’000 |
|                                            |   |   |   |   |
| Current tax payable                             |   | 1,187 |   |   | 1,183 |   |
| Other taxes                                     |   | 247 |   |   | 329 |   |
| Employees’ length of service compensation |   | 87 |   |   | 131 |   |
| Vacation payable                                |   | 657 |   |   | 501 |   |
| Remuneration and profit sharing payable         |   | 1,963 |   |   | 1,725 |   |
| Advance payments received from passengers       |   | 860 |   |   | 739 |   |
| Deferred revenue                                |   | 2,965 |   |   | 2,703 |   |
| Provision for purchases and services            |   | 482 |   |   | 940 |   |
| Other accounts payable                          |   | 295 |   |   | 646 |   |
|                                            |   |   |   |   |
|  SS                                        |   | 8,743 |   |   | 8,897 |   |

|                                                                                                                                                                                |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                |  |  |  |  |  |  |
|                                                                                                                                                                           |   | December 31, |   |
|                                                                                                                                                                           |   | 2013 |   | 2012 |
|                                                                                                                                                                           |   | $’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 3.47% and 4.88%, respectively. |   | 315 |   |   | 2,452 |   |
| Obligations under capital lease (see Note 6(b))                                                                                                                                |   | 4,261 |   |   | 5,347 |   |
|                                                                                                                                                                           |   | 4,576 |   |   | 7,799 |   |
| Less: current portion                                                                                                                                                          |   | 2,488 |   |   | 3,363 |   |
|                                                                                                                                                                           |   |   |   |   |
|                                                                                                                                                                           |   | 2,088 |   |   | 4,436 |   |

----

|                                         |
|-----------------------------------------|
|                                         |  |  |  |
| Year ending December 31, |   | $’000 |
|                                    |   |   |
| 2014                                    |   | 315 |   |
|                                    |   |   |
|                                    |   | 315 |   |

|                                                      |
|------------------------------------------------------|
|                                                      |  |  |  |
| Year ending December 31,              |   | $’000 |
|                                                 |   |   |
| 2014                                                 |   | 1,551 |   |
| 2015                                                 |   | 1,355 |   |
| 2016                                                 |   | 1,355 |   |
| 2017                                                 |   | 464 |   |
|                                                 |   |   |
| Minimum lease payments                               |   | 4,725 |   |
| Less: amount of interest contained in above payments |   | 464 |   |
|                                                 |   |   |
| Present value of minimum lease payments              |   | 4,261 |   |
| Less: current portion                                |   | 2,173 |   |
|                                                 |   |   |
|                                                 |   | 2,088 |   |

----

|                                           |
|-------------------------------------------|
|                                           |  |  |  |  |  |  |
|                                      |   | December 31, 2013 |   |
|                                      |   | Carrying amount |   | Fair value |
|                                      |   | $’000 |   | $’000 |
|                                      |   |   |   |   |
| Cash                                      |   | 3,748 |   |   | 3,748 |   |
|                                      |   |   |   |   |
| Accounts receivable                       |   | 3,906 |   |   | 3,906 |   |
|                                      |   |   |   |   |
| Working capital facilities                |   | 7,148 |   |   | 7,148 |   |
|                                      |   |   |   |   |
| Accounts payable                          |   | 3,620 |   |   | 3,620 |   |
|                                      |   |   |   |   |
| Accrued liabilities                       |   | 8,743 |   |   | 8,743 |   |
|                                      |   |   |   |   |
| Long-term debt, including current portion |   | 315 |   |   | 318 |   |

|                                           |
|-------------------------------------------|
|                                           |  |  |  |  |  |  |
|                                      |   | December 31, 2012 |   |
|                                      |   | Carrying amount |   | Fair value |
|                                      |   | $’000 |   | $’000 |
|                                      |   |   |   |   |
| Cash                                      |   | 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 |   |

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

----

|                                   |
|-----------------------------------|
|                                   |  |  |  |  |  |  |  |  |  |
|                              |   | Year ended December 31, |   |
|                              |   | 2013 |   | 2012 |   | 2011 |
|                              |   | $’000 |   | $’000 |   | $’000 |
|                              |   |   |   |   |   |   |
| Earning before income tax         |   | 17,458 |   |   | 15,146 |   |   | 12,835 |   |
|                              |   |   |   |   |   |   |
| Current income tax charge         |   | (5,735) |   |   | (5,078) |   |   | (3,273) |   |
|                              |   |   |   |   |   |   |
| Deferred income tax credit/charge |   | 1,070 |   |   | (2,931) |   |   | (586) |   |
|                              |   |   |   |   |   |   |
| Total                             |   | (4,665) |   |   | (8,009) |   |   | (3,859) |   |

|                        |
|------------------------|
|                        |  |  |  |  |  |  |  |  |  |  |  |
|                   |   | Year ended December 31, |   |
|                   |   | 2013 |   | 2012 |   | 2011 |
|                   |   | % |   | % |   | % |
|                   |   |   |   |   |   |   |
| Peru income tax rate   |   | 30 |  |   |   | 30 |   |   | 30 |  |   |
| Prior year adjustments |   | — |  |   |   | 17 |   |   | — |  |   |
| Permanent differences  |   | 2 |  |   |   | 5 |   |   | — |  |   |
| Other                  |   | (5) |  |   |   | 1 |   |   | — |  |   |
|                   |   |   |   |   |   |   |
| Effective tax rate     |   | 27 |  |   |   | 53 |   |   | 30 |  |   |

----

|                                       |
|---------------------------------------|
|                                       |  |  |  |  |  |  |
|                                  |   | December 31, |   |
|                                  |   | 2013 |   | 2012 |
|                                  |   | $’000 |   | $’000 |
|                                  |   |   |   |   |
| Provisions included in books          |   | 1,668 |   |   | 711 |   |
| Other deferred income tax assets      |   | 11 |   |   | 52 |   |
|                                  |   |   |   |   |
| Deferred income tax assets            |   | 1,679 |   |   | 763 |   |
|                                  |   |   |   |   |
| Fixed assets and intangibles          |   | (7,555) |   |   | (6,558) |   |
|                                  |   |   |   |   |   |   |
| Exchange rate related to fixed assets |   | (1,328) |   |   | (2,621) |   |
| Other deferred tax liabilities        |   | (513) |   |   | (371) |   |
|                                  |   |   |   |   |
| Deferred income tax liabilities       |   | (9,396) |   |   | (9,550) |   |
|                                  |   |   |   |   |
| Net deferred income tax liabilities   |   | (7,717) |   |   | (8,787) |   |

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

----

|                             |
|-----------------------------|
|                             |  |  |  |  |  |  |  |  |  |
|                        |   | Year ended December 31, |   |
|                        |   | 2013 |   | 2012 |   | 2011 |
|                        |   | $’000 |   | $’000 |   | $’000 |
|                        |   |   |   |   |   |   |
| Passenger transport         |   | 69,292 |   |   | 59,951 |   |   | 51,227 |   |
| Freight and cargo transport |   | 20,050 |   |   | 21,059 |   |   | 19,265 |   |
| Other                       |   | 3,442 |   |   | 3,575 |   |   | 2,426 |   |
|                        |   |   |   |   |   |   |
| Revenue                     |   | 92,784 |   |   | 84,585 |   |   | 72,918 |   |

|                |
|----------------|
|                |  |  |  |  |  |  |  |  |  |
|           |   | Year ended December 31, |   |
|           |   | 2013 |   | 2012 |   | 2011 |
|           |   | $’000 |   | $’000 |   | $’000 |
|           |   |   |   |   |   |   |
| Cash paid for: |   |   |   |   |   |   |
| Interest       |   | 215 |   |   | 378 |   |   | 367 |   |
|           |   |   |   |   |   |   |
| Income taxes   |   | 4,781 |   |   | 4,654 |   |   | 964 |   |

----

----

|                                                              |
|--------------------------------------------------------------|
|                                                              |  |
| Pazos, López de Romaña, Rodriguez S. Civil de R.L. |   |
| Lima, Peru                                                   |   |
| June 16, 2014                                                |   |
|                                                         |   |
| Countersigned by:                                            |   |
|                                                         |   |
|                                                         |   |
| /s/ Annika Petrozzi Helasvuo                                 |   |
| Annika Petrozzi HelasvuoCert                                 |   |
| Certified Chartered Public Accountant Regist                 |   |
| Register No. 01-21006                                        |   |

----

|                                                                                                        |
|--------------------------------------------------------------------------------------------------------|
|                                                                                                        |  |  |  |
|                                                                                                   |   | December 31, |
|                                                                                                   |   | 2013 | 2012 |
|                                                                                                   |   | $’000 | $’000 |
|                                                                                                   |   |   | (unaudited) |
| Assets                                                                                                 |   |   |   |
| Cash                                                                                                   |   | 1,273 | 850 |
| Restricted cash                                                                                        |   | 2,686 | 1,463 |
| Accounts receivable                                                                                    |   | 2,552 | 2,412 |
| Due from related parties                                                                               |   | 3,395 | 3,063 |
| Other accounts receivable                                                                              |   | 4,066 | 8,832 |
| Inventories                                                                                            |   | 2,203 | 2,294 |
| Prepaid expenses                                                                                       |   | 1,160 | 1,266 |
| Total current assets                                                                                   |   | 17,335 | 20,180 |
|                                                                                                   |   |   |   |
| Property, plant and equipment, net of accumulated depreciation of $1,840  and  $1,468                  |   | 34,097 | 32,539 |
| Intangibles, net of accumulated amortization                                                           |   | 19,356 | 20,113 |
| Goodwill                                                                                               |   | 1,153 | 1,153 |
| Total non-current assets                                                                               |   | 54,606 | 53,805 |
| Total assets                                                                                           |   | 71,941 | 73,985 |
|                                                                                                   |   |   |   |
| Liabilities and Shareholders’ Equity                                                             |   |   |   |
| Working capital facilities                                                                             |   | 300 | 3,004 |
| Accounts payable                                                                                       |   | 825 | 1,267 |
| Accrued liabilities and deferred revenue                                                               |   | 2,966 | 2,954 |
| Due to related parties                                                                                 |   | 3,880 | 6,294 |
| Current portion of long-term debt                                                                      |   | 5,637 | 1,725 |
| Total current liabilities                                                                              |   | 13,608 | 15,244 |
|                                                                                                   |   |   |   |
| Long-term debt                                                                                         |   | 14,968 | 18,198 |
| Deferred tax liability, net                                                                            |   | 10,591 | 9,558 |
| Employees’ profit sharing, net                                                                   |   | 39 | 252 |
| Total long-term liabilities                                                                            |   | 25,598 | 28,008 |
| Total liabilities                                                                                      |   | 39,206 | 43,252 |
| Commitments and contingencies                                                                          |   | − | − |
|                                                                                                   |   |   |   |
| Shareholders’ equity:                                                                            |   |   |   |
| Common shares S/1.00 par value (67,400 authorized shares) Issued – 67, 400 (2012 – 67,400) |   | 20,003 | 20,003 |
| Legal reserve                                                                                          |   | 1,315 | 1,315 |
| Retained earnings                                                                                      |   | 11,417 | 9,415 |
| Total shareholders’ equity                                                                       |   | 32,735 | 30,733 |
| Total liabilities and shareholders’ equity                                                       |   | 71,941 | 73,985 |

----

|                                                       |
|-------------------------------------------------------|
|                                                       |  |  |  |  |  |  |  |  |  |
|                                                  |   | December 31, |
|                                                  |   | 2013 |   | 2012 |   | 2011 |
|                                                  |   | $’000 |   | $’000 |   | $’000 |
|                                                  |   |   |   | (unaudited) |   | (unaudited) |
| Revenue                                               |   | 31,762 |   |   | 30,366 |   |   | 26,679 |   |
|                                                  |   |   |   |   |   |   |
| Expenses:                                             |   |   |   |   |   |   |
| Cost of services                                      |   | (7,448) |   |   | (6,808) |   |   | (5,333) |   |
| Depreciation and amortization                         |   | (2,691) |   |   | (2,175) |   |   | (1,686) |   |
| Selling, general and administrative                   |   | (15,923) |   |   | (15,885) |   |   | (14,253) |   |
|                                                  |   |   |   |   |   |   |
| Total operating costs and expenses                    |   | (26,062) |   |   | (24,868) |   |   | (21,272) |   |
| Gain/(loss) on disposal of fixed assets               |   | 26 |   |   | (36) |   |   | − |   |
|                                                  |   |   |   |   |   |   |
| Earnings from operations                              |   | 5,726 |   |   | 5,462 |   |   | 5,407 |   |
| Interest expense                                      |   | (2,229) |   |   | (1,585) |   |   | (1,123) |   |
| Financial income                                      |   | 19 |   |   | − |   |   | 183 |   |
| Foreign currency, net                                 |   | (417) |   |   | 209 |   |   | 140 |   |
| Net finance costs                                     |   | (2,627) |   |   | (1,336) |   |   | (800) |   |
| Earnings before income tax                            |   | 3,099 |   |   | 4,086 |   |   | 4,607 |   |
| Provision for income taxes                            |   | (1,097) |   |   | (5,422) |   |   | (918) |   |
| Net earnings/(losses) from continuing operations      |   | 2,002 |   |   | (1,259) |   |   | 3,689 |   |
| Net (losses) from discontinued operations, net of tax |   | − |   |   | (9) |   |   | (2,237) |   |
| Net earnings/(losses)                                 |   | 2,002 |   |   | (1,345) |   |   | 1,452 |   |

----

|                                             |
|---------------------------------------------|
|                                             |  |  |  |  |  |  |
|                                        |   | Common |   | Legal |   | Retained |
| shares                                      |   | reserve |   | earnings |
|                                        |   | $’000 |   | $’000 |   | $’000 |
|                                        |   |   |   |   |   |   |
| Balance, January 1, 2011 (unaudited)        |   | 20,003 |   | 562 |   | 10,061 |
|                                        |   |   |   |   |   |   |
| Net earnings                                |   | − |   | − |   | 1,452 |
|                                        |   |   |   |   |   |   |
| Balance, December 31, 2011 (unaudited) |   | 20,003 |   | 562 |   | 11,513 |
|                                        |   |   |   |   |   |   |
| Legal reserve                               |   | − |   | 753 |   | (753) |
| Net losses                                  |   | − |   | − |   | (1,345) |
|                                        |   |   |   |   |   |   |
| Balance, December 31, 2012 (unaudited) |   | 20,003 |   | 1,315 |   | 9,415 |
|                                        |   |   |   |   |   |   |
| Net earnings                                |   | − |   | − |   | 2,002 |
|                                        |   |   |   |   |   |   |
| Balance, December 31, 2013             |   | 20,003 |   | 1,315 |   | 11,417 |
|                                        |   |   |   |   |   |   |

----

|                                                                                    |
|------------------------------------------------------------------------------------|
|                                                                                    |  |  |  |  |  |  |
|                                                                               |   | December 31, |
|                                                                               |   | 2013 |   | 2012 |   | 2011 |
|                                                                               |   | $’000 |   | $’000 |   | $’000 |
|                                                                               |   |   |   | (unaudited) |   | (unaudited) |
| Cash flows from operating activities:                                              |   |   |   |   |   |   |
| Net earnings/losses                                                                |   | 2,002 |   | (1,345) |   | 1,452 |
| Less: Net losses from discontinued operations, net of tax                          |   | − |   | (9) |   | (2,237) |
| Earnings/(losses) from continuing operations                                       |   | 2,002 |   | (1,336) |   | 3,689 |
| Adjustment to reconcile net earnings to net cash provided by operating activities: |   |   |   |   |   |   |
| Depreciation and amortization                                                      |   | 2,691 |   | 2,175 |   | 1,686 |
| Impairment of inventories                                                          |   | − |   | 39 |   | − |
| Change in deferred income tax                                                      |   | 1,033 |   | 3,931 |   | (980) |
| Adjustment of fixed assets and intangibles                                         |   | − |   | 351 |   | 25 |
| Gain on disposal of property, plant and equipment                                  |   | (26) |   | (11) |   | − |
| (Increase)/decrease in employees’ profit sharing                             |   | (213) |   | (97) |   | 349 |
| Change in assets and liabilities:                                                  |   |   |   |   |   |   |
| (Increase)/decrease  in accounts receivable                                        |   | (140) |   | (246) |   | 311 |
| Decrease/(increase) in other accounts receivable                                   |   | 4,766 |   | (2,965) |   | (2,549) |
| Decrease/(increase) in inventories                                                 |   | 91 |   | (892) |   | (9) |
| Decrease/(increase) in prepaid expenses                                            |   | 106 |   | (349) |   | (250) |
| (Decrease)/increase in accounts payable                                            |   | (442) |   | (38) |   | 205 |
| Increase/(decrease) in accrued liabilities and deferred incomes                    |   | 12 |   | (1,590) |   | 1,365 |
| (Decrease)/increase in transactions with related parties                           |   | (2,728) |   | 2,012 |   | 3,563 |
| Net cash provided by operating activities from continuing operations               |   | 7,152 |   | 984 |   | 7,405 |
| Net cash used in operating activities from discontinued operations                 |   | − |   | (230) |   | (689) |
| Net cash provided by operating activities                                          |   | 7,152 |   | 754 |   | 6,716 |
|                                                                               |   |   |   |   |   |   |
| Cash flows from investing activities:                                              |   |   |   |   |   |   |
| (Increase)/decrease of restricted cash                                             |   | (1,223) |   | 588 |   | 7,694 |
| Purchase of property, plant and equipment                                          |   | (3,454) |   | (6,475) |   | (8,278) |
| Purchase of intangibles                                                            |   | (94) |   | (10) |   | (14) |
| Cash proceeds from sale of property, plant and equipment                           |   | 82 |   | 41 |   | − |
| Net cash used in investing activities from continuing operations                   |   | (4,689) |   | (5,856) |   | (598) |
| Net cash provided by investing activities from discontinued operations             |   | − |   | 4,325 |   | − |
| Net cash used in investing activities                                              |   | (4,689) |   | (1,531) |   | (598) |
|                                                                               |   |   |   |   |   |   |
| Cash flows from financing activities:                                              |   |   |   |   |   |   |
| (Decrease)/increase of working capital facilities                                  |   | (2,704) |   | 2,980 |   | − |
| Decrease of due from related parties                                               |   | (18) |   | (22) |   | (101) |
| Payments under long-term debt                                                      |   | (2,476) |   | (12,196) |   | (29,804) |
| Increase of long–term debt                                                   |   | 3,158 |   | 10,168 |   | 23,578 |
| Net cash (used in)/provided by financing activities from continuing operations     |   | (2,040) |   | 930 |   | (6,327) |
| Net cash provided by financing activities from discontinued operations             |   | − |   | − |   | − |
| Net cash used in/(provided by) financing activities                                |   | (2,040) |   | 930 |   | (6,327) |
|                                                                               |   |   |   |   |   |   |
| Net increase/(decrease) in cash and cash equivalents                               |   | 423 |   | 153 |   | (209) |
| Cash at beginning of year                                                          |   | 850 |   | 697 |   | 906 |
| Cash at end of year                                                                |   | 1,273 |   | 850 |   | 697 |

----

----

----

|                        |
|------------------------|
|                        |  |  |
| Buildings              |   | 33-60  years |
| Transport units        |   | 5 years |
| Various equipment      |   | 5 and 25 years |
| Furniture and fixtures |   | 15 years |

|                                      |
|--------------------------------------|
|                                      |  |  |
| Concession Belmond Hotel Monasterio  |   | 60 years |
| Concession Belmond Palacio Nazarenas |   | 30 years |
| Concession Belmond Sanctuary Lodge   |   | 26 years |
| Software                             |   | 10 years |

----

----

----

----

----

|    |                                       |
|----|---------------------------------------|
| 2. | Concessions and long lease agreements |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (a) | In March 1999, the Company acquired the concession of Monastery San Antonio de Abad in Cusco where Belmond Hotel Monasterio operates. The term of the concession contract was ten obligatory years, renewable for ten additional years, counted as from April 1996. During the concession term, the Archbishopry of Cusco would receive a monthly fixed consideration of $6,519 and an amount equivalent to 4.5% of the total monthly gross revenues generated at Belmond Hotel Monasterio. In September 2000, an amendment to such contract was entered into setting forth a new term of 15 obligatory years as from the signature of the amendment and 15 additional years. In September 2007, a document was signed terminating the concession contract and the amendment thereto, and creating a  long lease agreement, for the usufruct of Monastery San Antonio de Abad del Cusco (currently Belmond Hotel Monasterio) and of certain furniture and fixtures owned by the Archbishopry of Cusco, for a term of 30 years as from the signature of the contract. Such contact provides that the Archbishopry of Cusco will receive the following considerations: $13,492 annually readjustable based on the consumer price index and the equivalent to 4.5% of the total monthly gross revenues generated by Belmond Hotel Monasterio.  In addition, a contract was entered into providing the form to compute the term of the lease referred to in the previous contract, and giving the Company the option, every five years, to extend the term of lease for five additional years up to six times. |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (b) | In March 1999, the concession of Hotel de Turistas located in Machu Picchu was acquired. The term of the concession contract is 20 obligatory years, renewable for ten additional years, counted as from May 1995. Such contract provides that during the concession term, the Cusco Region will receive a monthly fixed consideration of $7,159 and an additional amount equivalent to 6% of the total monthly gross revenues generated at Belmond Sanctuary Lodge.  In December 2013, the Company extended the concession for an additional ten years, so the new due date is May 2025. |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (c) | In March 1999, the Company entered a long lease agreement with limited use and operation of the former Convent Las Nazarenas located next to Belmond Hotel Monasterio. Such contract had a term of 21 years and 5 months as from March 1999 and the monthly rent amounted to $7,500 annually readjustable based on the consumer price index. In March 2005, an amendment to such contract was entered into for a term of 20 years, providing a monthly rent of $9,000 for a term of two years and eight months, considered as “pre-operating stage”, and a monthly compensation equivalent to the higher of $20,000 or 4.5% of the gross operating revenues, for a term of 17 years and four months to be computed as from completion of the “pre-operating stage”, until September 2012. In January 2010, a new amendment to the contract was signed to extend the period to 30 years calculated from March 2005 to March 2035, with the option to sign a new contract with the same terms for a period of seven years and eight months. |

----

|                                 |
|---------------------------------|
|                                 |  |  |  |  |
|                            |   |   |   | Las Casitas del Colca |
|                            |   |   |   | April 15, 2012 |
|                            |   |   |   | $'000 |
|                            |   |   |   | (unaudited) |
| Property, plant & equipment |   |   |   | 6,373 |
| Less: Impairment                |   |   |   | (1,248) |
| Net assets                      |   |   |   | 5,125 |
|                            |   |   |   |   |
| Consideration:                  |   |   |   |   |
| Cash                            |   |   |   | 4,334 |
| Plus: Balance due (see Note 5)  |   |   |   | 1,090 |
|                            |   |   |   | 5,424 |
|                            |   |   |   |   |
| Gain on sale                    |   |   |   | 299 |

|                                                  |
|--------------------------------------------------|
|                                                  |  |  |  |  |  |
|                                             | Year ended December 31, |
|                                             | 2013 |   | 2012 |   | 2011 |
|                                             | $’000 |   | $’000 |   | $’000 |
|                                             |   |   | (unaudited) |   | (unaudited) |
| Revenue                                          | − |   | 274 |   | 1,075 |
|                                             |   |   |   |   |   |
| Earnings before tax, gain on sale and impairment | − |   | 274 |   | 1,075 |
| Operating expenses                               | − |   | (582) |   | (2,064) |
| Impairment                                       | − |   | − |   | (1,248) |
| Gain on sale                                     | − |   | 299 |   | − |
|                                             |   |   |   |   |   |
| Losses before tax                                | − |   | (9) |   | (2,237) |
| Tax (provision)/benefit                          | − |   | − |   | − |
|                                             |   |   |   |   |   |
| Net losses from discontinued operations          | − |   | (9) |   | (2,237) |

----

|                                |
|--------------------------------|
|                                |  |  |  |  |
|                           |   | December 31, |
|                           |   | 2013 |   | 2012 |
|                           |   | $’000 |   | $’000 |
|                           |   |   |   | (unaudited) |
| Land                           |   | 1,032 |   | 1,028 |
| Facilities                     |   | 25,899 |   | 25,268 |
| Vehicles                       |   | 418 |   | 683 |
| Other equipment                |   | 5,432 |   | 4,131 |
| Furniture and fixtures         |   | 6,726 |   | 4,155 |
| Work-in-progress               |   | 1,788 |   | 5,191 |
| Less: Accumulated depreciation |   | (7,198) |   | (7,917) |
|                           |   |   |   |   |
|                           |   | 34,097 |   | 32,539 |

|                                      |
|--------------------------------------|
|                                      |  |  |  |  |  |
|                                 | December 31, 2013 |
|                                 | Concessions |   | Software |   | Total |
|                                 |   |
|                                 | $’000 |   | $’000 |   | $’000 |
| Carrying amount:                     |   |   |   |   |   |
| Balance as at January 1, 2013   | 29,868 |   | 320 |   | 30,188 |
| Additions                            | − |   | 94 |   | 94 |
| Balance as at December 31, 2013 | 29,868 |   | 414 |   | 30,282 |
| Accumulated amortization:            |   |   |   |   |   |
| Balance as at January 1, 2013   | 9,787 |   | 288 |   | 10,075 |
| Charge for the period                | 833 |   | 18 |   | 851 |
| Balance as at December 31, 2013 | 10,620 |   | 306 |   | 10,926 |
| Net  carrying amount:                |   |   |   |   |   |
| As at December 31, 2012         | 20,081 |   | 32 |   | 20,113 |
| As at December 31, 2013         | 19,248 |   | 108 |   | 19,356 |

----

|                                      |
|--------------------------------------|
|                                      |  |  |  |  |  |
|                                 | December 31, 2012 |
|                                 | Concessions |   | Software |   | Total |
|                                 |   |
|                                 | $’000 |   | $’000 |   | $’000 |
| Carrying amount:                     | (unaudited) |   | (unaudited) |   | (unaudited) |
| Balance as at January 1, 2012   | 29,997 |   | 311 |   | 30,308 |
| Additions                            | − |   | 10 |   | 10 |
| Adjustments                          | (129) |   | − |   | (129) |
| Balance as at December 31, 2012 | 29,868 |   | 321 |   | 30,189 |
| Accumulated amortization:            |   |   |   |   |   |
| Balance as at January 1, 2012   | 9,091 |   | 265 |   | 9,356 |
| Charge for the period                | 762 |   | 23 |   | 785 |
| Adjustments                          | − |   | (65) |   | (65) |
| Balance as at December 31, 2012 | 9,853 |   | 223 |   | 10,076 |
| Net carrying amount:                 |   |   |   |   |   |
| As at December 31, 2011         | 20,906 |   | 46 |   | 20,952 |
| As at December 31, 2012         | 20,015 |   | 98 |   | 20,113 |

----

|    |                                          |
|----|------------------------------------------|
| 9. | Accrued liabilities and deferred revenue |

|                                                 |
|-------------------------------------------------|
|                                                 |  |  |  |  |
|                                            |   | December 31, |
|                                            |   | 2013 |   | 2012 |
|                                            |   | $’000 |   | $’000 |
|                                            |   |   |   | (unaudited) |
| Other taxes                                     |   | 43 |   | 39 |
| Employees’ length of service compensation |   | 58 |   | 47 |
| Vacation payable                                |   | 144 |   | 139 |
| Remuneration and profit sharing payable         |   | 278 |   | 231 |
| Provision for purchases and services            |   | 1,027 |   | 1,041 |
| Interest payable                                |   | 481 |   | 588 |
| Deferred revenue                                |   | 547 |   | 491 |
| Derivate liability                              |   | 18 |   | 8 |
| Other accounts payable                          |   | 370 |   | 370 |
|                                            |   | 2,966 |   | 2,954 |
|                                            |   |   |   |   |

|                                                          |
|----------------------------------------------------------|
|                                                          |  |  |  |  |  |  |
|                                                     |   | December 31, |
|                                                     |   | 2013 |   | 2012 |
|                                                     |   | $’000 |   | $’000 |
|                                                     |   |   |   | (unaudited) |
| Loans from banks                                         |   | 20,398 |   |   | 19,820 |   |
| Obligations under capital lease                          |   | 207 |   |   | 103 |   |
|                                                     |   |   |   |   |
|                                                     |   | 20,605 |   |   | 19,923 |   |
| Less: Current portion                                    |   | (5,637) |   |   | (1,725) |   |
|                                                     |   |   |   |   |
| Total long-term debt and obligations under capital lease |   | 14,968 |   |   | 18,198 |   |

|         |                                                                                                                                             |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------|
| ▪ | Movable property incorporated or to be incorporated into Belmond Hotel Monasterio, Belmond Palacio Nazarenas and the concession agreements. |

|         |                                    |
|---------|------------------------------------|
| ▪ | Revenues generated by the Company. |

|         |                                                                                                                                                                                |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ▪ |  Assignment of rights under management agreements, for the administration of the hotels of the Company and under the construction agreement of  Belmond Palacio Nazarenas. |

----

|         |                                                                                                                       |
|---------|-----------------------------------------------------------------------------------------------------------------------|
| • | Obligations under capital lease correspond to leased vehicles and IT equipment, and are secured by the leased assets. |

|         |                                                                                                                       |
|---------|-----------------------------------------------------------------------------------------------------------------------|
| • | The following is a summary of the aggregate maturities of long-term debt of the Company as of December 31, 2013: |

|                                         |
|-----------------------------------------|
|                                         |  |  |  |
| Year ending December 31, |   | $’000 |
|                                    |   |   |
| 2014                                    |   | 5,637 |   |
| 2015                                    |   | 4,224 |   |
| 2016                                    |   | 4,161 |   |
| 2017                                    |   | 3,532 |   |
| 2018 and thereafter                     |   | 3,051 |   |
|                                    |   |   |
|                                    |   | 20,605 |   |

|     |                                              |
|-----|----------------------------------------------|
| (a) | Financial instruments recorded at fair value |

|                             |
|-----------------------------|
|                             |  |  |  |  |  |  |  |
|                        | December 31, 2013 |
|                        | Level 1 |   | Level 2 |   | Level 3 |   | Total |
|                        | $’000 |   | $’000 |   | $’000 |   | $’000 |
|                        |   |   |   |   |   |   |   |
| Assets at fair value :      |   |   |   |   |   |   |   |
| Interest rate contract      | − |   | − |   | − |   | − |
|                        |   |   |
| Total assets                | − |   | − |   | − |   | − |
|                        |   |   |
|                        |   |   |   |   |   |   |   |
| Liabilities at fair value : |   |   |   |   |   |   |   |
| Interest rate contract      | − |   | 18 |   | − |   | 18 |
|                        |   |   |
| Total liabilities           | − |   | 18 |   | − |   | 18 |
|                        |   |   |
| Total net                   | − |   | 18 |   | − |   | 18 |
|                        |   |   |

----

|        |
|--------|
|        |  |  |  |  |  |  |  |  |
|   |   | December 31, 2012 |
|   |   | Level 1 |   | Level 2 |   | Level 3 |   | Total |
|   |   | $’000 |   | $’000 |   | $’000 |   | $’000 |
|   |   | (unaudited) |   | (unaudited) |   | (unaudited) |   | (unaudited) |
|   | Assets at fair value: |   |   |   |   |   |   |   |
|   | Interest rate contract | − |   | − |   | − |   | − |
|   |   |
|   | Total assets | − |   | − |   | − |   | − |
|   |   |   |   |   |   |   |   |   |
|   | Liabilities at fair value: | − |   | 8 |   | − |   | 8 |
|   |
|   | Interest rate contract | − |   | 8 |   | − |   | 8 |
|   |
|   | Total liabilities | − |   | 8 |   | − |   | 8 |
|   |
|   | Total net | − |   | 8 |   | − |   | 8 |
|   |   |
|   |   |   |   |   |   |   |   |   |

|                                                                                       |
|---------------------------------------------------------------------------------------|
|                                                                                       |  |  |  |  |  |  |  |  |
|                                                                                  |   | December 31, 2013 |   | December 31, 2012  |
|                                                                                  |   | Carrying amounts |   | Fair |   | Carrying amounts |   | Fair |
| value                                                                                 |   | value |
|                                                                                  |   | $’000 |   | $’000 |   | $’000 |   | $’000 |
| Long-term debt, including current portion, excluding obligations under capital leases | Level 3 | 20,398 |   | 23,105 |   | 19,820 |   | 26,066 |
|                                                                                  |   |   |   |   |   |   |   |   |

----

|                                                             |
|-------------------------------------------------------------|
|                                                             |  |  |  |  |  |  |  |  |  |  |
|                                                        |   | Year ended December 31, |
|                                                        |   | 2013 |   | 2012 |   | 2011 |
|                                                        |   | $’000 |   | $’000 |   | $’000 |
|                                                        |   |   |   | (unaudited) |   | (unaudited) |
| Earnings before income tax related to continuing operations |   | 3,099 |   | 4,086 |   |   | 4,607 |  |
| Losses from discontinuing operations                        |   | − |   | (9) |   |   | (2,237) |  |
| Earnings before income tax                                  |   | 3,099 |   | 4,077 |   |   | 2,370 |  |
| Current tax charge                                          |   | (64) |   | (1,491 | ) |   | (1,898 | ) |
|                                                        |   |   |   |   |   |   |
| Deferred tax charge                                         |   | (1,033) |   | (3,931) |   |   | 980 |  |
|                                                        |   |   |   |   |   |   |
| Total                                                       |   | (1,097) |   | (5,422) |   |   | (918) |  |
|                                                        |   |   |   |   |   |   |   |   |

|                                         |
|-----------------------------------------|
|                                         |  |  |  |  |  |  |  |  |
|                                    |   | Year ended December 31, |
|                                    |   | 2013 |   | 2012 |   | 2011 |
|                                    |   | % |   | % |   | % |
|                                    |   |   |   | (unaudited) |   | (unaudited) |
| Peruvian income tax rate                |   | 30 |   |   |   | 30 |   | 30 |
|                                    |   |   |   |   |   |   |   |   |
| Permanent differences                   |   | 44 |   |   |   | 16 |   | 9 |
| Prior year adjustment                   |   | 2 |   |   |   | 64 |   | − |
| Exchange rate movements on deferred tax |   | (42) |   |   |   | 23 |   | − |
|                                    |   |   |   |   |   |   |
| Effective tax rate                      |   | 34 |   |   |   | 133 |   | 39 |

----

|                                       |
|---------------------------------------|
|                                       |  |  |  |  |
|                                  |   |   |   |   |
|                                  |   | December 31, |
|                                  |   | 2013 |   | 2012 |
|                                  |   | $’000 |   | $’000 |
|                                  |   |   |   | (unaudited) |
| Provisions included in books          |   | 484 |   | 258 |
| Other deferred tax assets             |   | 178 |   | 1,563 |
|                                  |   |   |   |   |
| Net deferred tax assets               |   | 662 |   | 1,821 |
|                                  |   |   |   |   |
| Fixed assets and intangibles          |   | (7,369) |   | (7,011) |
| Exchange rate related to fixed assets |   | (2,164) |   | (3,449) |
| Other deferred tax liabilities        |   | (1,720) |   | (919) |
| Deferred tax liabilities              |   | (11,253) |   | (11,379) |
|                                  |   |   |   |   |
| Net deferred tax liabilities          |   | (10,591) |   | (9,558) |
|                                  |   |   |   |   |

|                             |
|-----------------------------|
|                             |  |  |  |  |  |  |
|                        |   | Number of  shares |   | Percent of  ownership |
|                        |   |   |   |   |
| Belmond Peru Ltd.           |   | 38,564 |   |   | 50.00 |   |
| Peru Hotel Machupicchu S.A. |   | 38,564 |   |   | 50.00 |   |
|                        |   |   |   |   |
|                        |   | 77,128 |   |   | 100.00 |   |

----

|                |
|----------------|
|                |  |  |  |  |  |  |  |  |  |
|           |   | Year ended December 31, |
|           |   | 2013 |   | 2012 |   | 2011 |
|           |   | $’000 |   | $’000 |   | $’000 |
|           |   |   |   | (unaudited) |   | (unaudited) |
| Cash paid for: |   |   |   |   |   |   |
|           |   |   |   |   |   |   |
| Interest       |   | (1,534) |   |   | (1,514) |   |   | (1,146) |   |
|           |   |   |   |   |   |   |
| Income taxes   |   | (3,103) |   |   | (870) |   |   | (269) |   |

----

|         |                                                                                                                                                                                                                                                                                                                                                               |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | $521,000 (2012 - $521,000 (unaudited)) payable to Orient-Express Hotels Ltd.  related mainly to accounts payable for its role as guarantor of financial obligations of the Company and $1,178,000 (2012 - $918,000 (unaudited)) for advertising services and reimbursements of other operating expenses on behalf of the Company that are invoiced quarterly. |

|         |                                                                                      |
|---------|--------------------------------------------------------------------------------------|
| • | $1,174,000  payable to Belmond Peru Management S.A. , the balance of which includes: |

|         |                                                                                                                                                             |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • |  $410,000 (2012 - $1,061,000 (unaudited)) corresponding to the payment of liabilities on behalf of the Company and liabilities for management services. |

|         |                                                                                                                                                                                                                                                                                  |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | $764,000 (2012 - $2,303,000 (unaudited)) for management fees for the administration of Belmond Hotel Monasterio.  The fees are calculated by applying a 19.6% rate to the results of the period before fixed expenses, and a 3.136% rate to the Company’s annual revenues. |

----

----

|                                                                                                                                                                                                                                                                                                                 |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                 |  |  |  |  |  |  |  |  |
|                                            Hotel Ritz Madrid S.A  - Balance Sheets  |   | December 31, |
|                                                                                                                                                                                                                                                                                                            |   | 2013 |   | 2012 |
|                                                                                                                                                                                                                                                                                                            |   | €’000 |   | €’000 (unaudited) |
| Assets                                                                                                                                                                                                                                                                                                          |   |   |   |   |
| Cash and cash equivalents                                                                                                                                                                                                                                                                                       |   | 268 |  |   |   | 476 |  |   |
| Accounts receivable, net of allowances of €45 and €75                                                                                                                                                                                                                                               |   | 1,247 |  |   |   | 1,282 |  |   |
| Due from related parties                                                                                                                                                                                                                                                                                        |   | 10 |  |   |   | — |  |   |
| Prepaid expenses                                                                                                                                                                                                                                                                                                |   | 141 |  |   |   | 198 |  |   |
| Inventories                                                                                                                                                                                                                                                                                                     |   | 1,287 |  |   |   | 1,489 |  |   |
|                                                                                                                                                                                                                                                                                                            |   |   |   |   |
| Total current assets                                                                                                                                                                                                                                                                                            |   | 2,953 |  |   |   | 3,445 |  |   |
|                                                                                                                                                                                                                                                                                                            |   |   |   |   |
| Property, plant and equipment, net of accumulated depreciation of €21,949 and €20,390                                                                                                                                                                                                               |   | 118,323 |  |   |   | 119,331 |  |   |
| Goodwill                                                                                                                                                                                                                                                                                                        |   | 4,200 |  |   |   | 4,200 |  |   |
| Intangibles (trademark)                                                                                                                                                                                                                                                                                         |   | 10,900 |  |   |   | 22,000 |  |   |
| Other assets (deferred financing costs)                                                                                                                                                                                                                                                                         |   | 811 |  |   |   | 892 |  |   |
|                                                                                                                                                                                                                                                                                                            |   |   |   |   |
| Total non-current assets                                                                                                                                                                                                                                                                                        |   | 134,234 |  |   |   | 146,423 |  |   |
|                                                                                                                                                                                                                                                                                                            |   |   |   |   |
| Total assets                                                                                                                                                                                                                                                                                                    |   | 137,187 |  |   |   | 149,868 |  |   |
|                                                                                                                                                                                                                                                                                                            |   |   |   |   |
| Liabilities and Shareholders’ Equity                                                                                                                                                                                                                                                                      |   |   |   |   |
| Working capital facilities                                                                                                                                                                                                                                                                                      |   | 1,145 |  |   |   | 1,765 |  |   |
| Accounts payable                                                                                                                                                                                                                                                                                                |   | 1,384 |  |   |   | 1,588 |  |   |
| Accrued liabilities and deferred revenue                                                                                                                                                                                                                                                                        |   | 2,605 |  |   |   | 3,219 |  |   |
| Due to related parties                                                                                                                                                                                                                                                                                          |   | 26,977 |  |   |   | 18,157 |  |   |
| Current portion of long-term debt                                                                                                                                                                                                                                                                               |   | 60,704 |  |   |   | 64,702 |  |   |
|                                                                                                                                                                                                                                                                                                            |   |   |   |   |
| Total current liabilities                                                                                                                                                                                                                                                                                       |   | 92,815 |  |   |   | 89,431 |  |   |
|                                                                                                                                                                                                                                                                                                            |   |   |   |   |
| Other liabilities                                                                                                                                                                                                                                                                                               |   | 1,379 |  |   |   | 1,283 |  |   |
| Due to related parties                                                                                                                                                                                                                                                                                          |   | 17,380 |  |   |   | 17,821 |  |   |
| Long-term debt                                                                                                                                                                                                                                                                                                  |   | — |  |   |   | 206 |  |   |
| Deferred tax liability, net                                                                                                                                                                                                                                                                                     |   | 23,899 |  |   |   | 25,095 |  |   |
|                                                                                                                                                                                                                                                                                                            |   |   |   |   |
| Total long-term liabilities                                                                                                                                                                                                                                                                                     |   | 42,658 |  |   |   | 44,405 |  |   |
|                                                                                                                                                                                                                                                                                                            |   |   |   |   |
| Total liabilities                                                                                                                                                                                                                                                                                               |   | 135,473 |  |   |   | 133,836 |  |   |
|                                                                                                                                                                                                                                                                                                            |   |   |   |   |
| Commitments and Contingencies                                                                                                                                                                                                                                                                                   |   |   |   |   |
| Shareholders’ equity:                                                                                                                                                                                                                                                                                     |   |   |   |   |
| Common shares €3.00 par value (20,000 shares authorized):Issued – 20,000  (2012 – 20,000)                                                                                                                                                                                                     |   | 60 |  |   |   | 60 |  |   |
| Additional paid-in capital                                                                                                                                                                                                                                                                                      |   | 37,235 |  |   |   | 37,235 |  |   |
| Accumulated deficit                                                                                                                                                                                                                                                                                             |   | (35,581) |  |   |   | (21,263) |  |   |
|                                                                                                                                                                                                                                                                                                            |   |   |   |   |
| Total shareholders’ equity                                                                                                                                                                                                                                                                                |   | 1,714 |  |   |   | 16,032 |  |   |
|                                                                                                                                                                                                                                                                                                            |   |   |   |   |
| Total liabilities and shareholders’ equity                                                                                                                                                                                                                                                                |   | 137,187 |  |   |   | 149,868 |  |   |

----

|                                                                         |
|-------------------------------------------------------------------------|
|                                                                         |  |  |  |  |  |  |  |  |  |  |  |
|                                                                    |   | Year ended December 31, |
|                                                                    |   | 2013 |   | 2012 |   | 2011 |
|                                                                    |   | €’000 |   | €’000(unaudited) |   | €’000(unaudited) |
|                                                                    |   |   |   |   |   |   |
| Revenue, net                                                            |   | 21,699 |   |   | 23,102 |  |   |   | 25,043 |  |   |
|                                                                    |   |   |   |   |   |   |
| Expenses:                                                               |   |   |   |   |   |   |
| Cost of services                                                        |   | (14,010) |   |   | (15,273) |  |   |   | (14,810) |  |   |
| Depreciation and amortization                                           |   | (1,559) |   |   | (2,011) |  |   |   | (1,719) |  |   |
| Selling, general and administrative                                     |   | (6,447) |   |   | (6,312) |  |   |   | (5,931) |  |   |
| Impairment of other intangible assets and property, plant and equipment |   | (11,237) |   |   | — |  |   |   | — |  |   |
|                                                                    |   |   |   |   |   |   |
| Total operating costs and expenses                                      |   | (33,253) |   |   | (23,596) |  |   |   | (22,460) |  |   |
|                                                                    |   |   |   |   |   |   |
| (Losses)/earnings from operations                                       |   | (11,554) |   |   | (494) |  |   |   | 2,583 |  |   |
|                                                                    |   |   |   |   |   |   |
| Interest expense, net                                                   |   | (3,960) |   |   | (4,746) |  |   |   | (4,641) |  |   |
| Net finance costs                                                       |   | (3,960) |   |   | (4,746) |  |   |   | (4,641) |  |   |
|                                                                    |   |   |   |   |   |   |
| Losses before income tax                                                |   | (15,514) |   |   | (5,240) |  |   |   | (2,058) |  |   |
|                                                                    |   |   |   |   |   |   |
| Benefit/(provision) for income taxes                                    |   | 1,196 |   |   | 8,050 |  |   |   | (549) |  |   |
|                                                                    |   |   |   |   |   |   |
| Net (losses)/earnings                                                   |   | (14,318) |   |   | 2,810 |  |   |   | (2,607) |  |   |

----

|                                                                                    |
|------------------------------------------------------------------------------------|
|                                                                                    |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                               |   | Year ended December 31, |   |
|                                                                               |   | 2013 |   | 2012 |   | 2011 |   |
|                                                                               |   | €’000 |   | €’000(unaudited) |   | €’000(unaudited) |   |
| Cash flows from operating activities:                                              |   |   |   |   |   |   |   |
| Net (losses)/earnings                                                              |   | (14,318) |   |   |   | 2,810 |   |   |   | (2,607) |   |   |   |
|                                                                               |   |   |   |   |   |   |   |
| Adjustment to reconcile net earnings to net cash provided by operating activities: |   |   |   |   |   |   |   |
| Depreciation and amortization                                                      |   | 1,559 |   |   |   | 2,011 |   |   |   | 1,719 |   |   |   |
| Amortization of finance costs                                                      |   | 81 |   |   |   | 81 |   |   |   | 81 |   |   |   |
| Loss on disposal of fixed assets                                                   |   | 6 |   |   |   | 20 |   |   |   | 23 |   |   |   |
| Change in deferred tax                                                             |   | (1,196) |   |   |   | (8,050) |   |   |   | 549 |   |   |   |
| Decrease in employees’ profit sharing                                        |   | — |   |   |   | — |   |   |   | —- |   |   |   |
| Impairment of other intangible assets and property, plant and equipment            |   | 11,237 |   |   |   | — |   |   |   | —- |   |   |   |
| Change in assets and liabilities:                                                  |   |   |   |   |   |   |   |
| Decrease in accounts receivable                                                    |   | 50 |   |   |   | 206 |   |   |   | 432 |   |   |   |
| Decrease in inventories                                                            |   | 202 |   |   |   | 106 |   |   |   | 119 |   |   |   |
| Decrease in due from related parties                                               |   | 839 |   |   |   | 991 |   |   |   | 846 |   |   |   |
| Decrease/(increase) in prepaid expenses                                            |   | 43 |   |   |   | (66) |   |   |   | 123 |   |   |   |
| Decrease in accounts payable                                                       |   | (203) |   |   |   | (415) |   |   |   | (109) |   |   |   |
| (Decrease)/increase in accrued liabilities                                         |   | (519) |   |   |   | 547 |   |   |   | (403) |   |   |   |
|                                                                               |   |   |   |   |   |   |   |
| Total adjustments                                                                  |   | 12,099 |   |   |   | (4,569) |   |   |   | 3,380 |   |   |   |
|                                                                               |   |   |   |   |   |   |   |
| Net cash (used in)/provided by operating activities                                |   | (2,219) |   |   |   | (1,759) |   |   |   | 773 |   |   |   |
|                                                                               |   |   |   |   |   |   |   |
| Cash flows from investing activities:                                              |   |   |   |   |   |   |   |
| Proceeds from sale of property, plant and equipment                                |   | — |  |   |   | — |  |   |   | — |  |   |
| Capital expenditures                                                               |   | (694) |  |   |   | (1,159) |  |   |   | (1,026) |  |   |
|                                                                               |   |   |   |   |   |   |   |
| Net cash used in investing activities                                              |   | (694) |   |   |   | (1,159) |   |   |   | (1,026) |   |   |   |
|                                                                               |   |   |   |   |   |   |   |
| Cash flows from financing activities:                                              |   |   |   |   |   |   |   |
| Payment of dividends                                                               |   | — |   |   |   | — |   |   |   | —- |   |   |   |
| Repayment of working capital facilities                                            |   | (621) |   |   |   | — |   |   |   | (1,351) |   |   |   |
| Proceeds from working capital facilities                                           |   | — |   |   |   | 1,126 |   |   |   | —- |   |   |   |
| Principal payments under long-term debt                                            |   | (4,203) |   |   |   | (4,199) |   |   |   | (3,898) |   |   |   |
| Principal payments under capital lease                                             |   | — |   |   |   | — |   |   |   | — |   |   |   |
| Proceeds from shareholders loans                                                   |   | 7,530 |   |   |   | 6,200 |   |   |   | 4,800 |   |   |   |
| Proceeds from issuance of long-term debt                                           |   | — |   |   |   | — |   |   |   | — |   |   |   |
|                                                                               |   |   |   |   |   |   |   |
| Net cash provided by/(used in) financing activities                                |   | 2,706 |   |   |   | 3,127 |   |   |   | (449) |   |   |   |
|                                                                               |   |   |   |   |   |   |   |
| Net (decrease)/increase in cash and cash equivalents                               |   | (208) |   |   |   | 209 |   |   |   | (702) |   |   |   |
|                                                                               |   |   |   |   |   |   |   |
| Cash and cash equivalents at beginning of year                                     |   | 476 |   |   |   | 267 |   |   |   | 969 |   |   |   |
|                                                                               |   |   |   |   |   |   |   |
| Cash and cash equivalents at end of year                                           |   | 268 |   |   |   | 476 |   |   |   | 267 |   |   |   |

----

|                                             |
|---------------------------------------------|
|                                             |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                        |   | Common shares at par value |   | Additional paid-in capital |   | Accumulated deficit |
|                                        |   | €’000 |   | €’000 |   | €’000 |
|                                        |   |   |   |   |   |   |
| Balance, January 1, 2011 (unaudited)        |   | 60 |  |   |   | 37,235 |   |   |   | (21,467) |   |
|                                        |   |   |   |   |   |   |
| Net losses                                  |   | — |  |   |   | — |  |   |   | (2,607) |   |
|                                        |   |   |   |   |   |   |
| Balance, December 31, 2011 (unaudited) |   | 60 |  |   |   | 37,235 |   |   |   | (24,074) |   |
| Net earnings                                |   | — |  |   |   | — |   |   |   | 2,810 |   |
|                                        |   |   |   |   |   |   |
| Balance, December 31, 2012 (unaudited) |   | 60 |  |   |   | 37,235 |   |   |   | (21,263) |   |
|                                        |   |   |   |   |   |   |
| Net losses                                  |   | — |  |   |   | — |   |   |   | (14,318) |   |
|                                        |   |   |   |   |   |   |
| Balance, December 31, 2013             |   | 60 |  |   |   | 37,235 |   |   |   | (35,581) |   |

----

----

----

|                         |
|-------------------------|
|                         |  |
| Buildings               | Up to 40 years |
| Machinery and equipment | 5 to 25 years |
| Furniture and fixtures  | 5 to 15 years |
| Computer equipment      | 4 years |
| Art and Antiques        | Not depreciated |

----

----

|                              |
|------------------------------|
|                              |  |  |  |  |  |  |  |
|                         | Payment to be received according to age |
| Years of Service (Seniority) | 50 to 59 | 60 | 61 | 62 | 63 | 64 | 65 or more |
| 10                           | 7 | 7 | 6 | 5 | 4 | 3 | 2 |
| 15                           | 8 | 8 | 7 | 6 | 5 | 4 | 3 |
| 20                           | 9 | 9 | 8 | 7 | 6 | 5 | 4 |
| 25                           | 10 | 10 | 9 | 8 | 7 | 6 | 5 |
| 30                           | 11 | 11 | 10 | 9 | 8 | 7 | 6 |
| 35                           | 12 | 12 | 11 | 10 | 9 | 8 | 7 |
| 40                           | 13 | 13 | 12 | 11 | 10 | 9 | 8 |
| 45                           | 14 | 14 | 13 | 12 | 11 | 10 | 9 |
| 50                           | 15 | 15 | 14 | 13 | 12 | 11 | 10 |

|    |                                                                                                                |
|----|----------------------------------------------------------------------------------------------------------------|
| 3. | The degree of completion of the transaction, on the date of the balance sheet, can be reliably quantified; and |

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

----

----

----

|        |
|--------|
|        |  |  |  |  |  |  |  |  |  |
|   |   | December 31, |   |   |
|   |   | 2013 |   | 2012 |   |   |
|   |   | €’000 |   | €’000 (unaudited) |   |   |
|   |   |   |   |   |   |   |
|   | Land |   | 88,438 |   |   | 88,438 |   |
|   | Buildings |   | 38,351 |   |   | 38,351 |   |
|   | Machinery and equipment |   | 5,317 |   |   | 5,148 |   |
|   | Furniture and fixtures |   | 5,628 |   |   | 5,205 |   |
|   | Artwork |   | 68 |   |   | 68 |   |
|   | Motor vehicles |   | 16 |   |   | 16 |   |
|   | Works in progress |   | 2,454 |   |   | 2,495 |   |
|   | Less: Accumulated depreciation |   | (21,949) |   |   | (20,390) |   |
|   |   |   | 118,323 |   |   | 119,331 |   |

|          |
|----------|
|          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|     |   | Beginning balance at January 1, 2013 |   | Impairment |   | Foreign currency translation adjustment |   | Ending balance at December, 2013 |
|     |   | €'000 |   | €'000 |   | €'000 |   | €'000 |
|     |   |   |   |   |   |   |   |   |   |   |   |   |
| Goodwill |   | 4,200 |   |   | — |  |   |   | — |  |   |   | 4,200 |   |
|     |   |   |   |   |   |   |   |   |   |   |   |   |
| Total    |   | 4,200 |   |   | — |  |   |   | — |  |   |   | 4,200 |   |

----

|          |
|----------|
|          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|     |   | Beginning balance at January 1, 2012 |   | Impairment |   | Foreign currency translation adjustment |   | Ending balance at December, 2012 |
|     |   | €'000(unaudited) |   | €'000 |   | €'000 |   | €'000(unaudited) |
|     |   |   |   |   |   |   |   |   |   |   |   |   |
| Goodwill |   | 4,200 |   |   | — |  |   |   | — |  |   |   | 4,200 |   |
|     |   |   |   |   |   |   |   |   |   |   |   |   |
| Total    |   | 4,200 |   |   | — |  |   |   | — |  |   |   | 4,200 |   |

|                                          |
|------------------------------------------|
|                                          |  |  |  |  |  |  |  |  |  |  |  |  |
|                                     |   | Year ended December 31, 2013 |
|                                     |   | Trademark |   | Software and licenses |   | Total |
|                                     |   | €’000 |   | €’000 |   | €’000 |
| Carrying amount:                         |   |   |   |   |   |   |
| Balance as at January 1, 2013       |   | 22,000 |  |   |   | — |  |   |   | 22,000 |  |   |
| Additions                                |   | — |  |   |   | — |  |   |   | — |  |   |
| Transfers                                |   | — |  |   |   | — |  |   |   | — |  |   |
| Impairment                               |   | (11,100) |  |   |   | — |  |   |   | (11,100) |  |   |
|                                     |   |   |   |   |   |   |
| Balance as at December 31, 2013     |   | 10,900 |  |   |   | — |  |   |   | 10,900 |  |   |
|                                     |   |   |   |   |   |   |
| Accumulated amortization:                |   | 0 |   |   |   |   |
| Balance as at January 1, 2013       |   | — |  |   |   | — |  |   |   | — |  |   |
| Charge for the period                    |   | — |  |   |   | — |  |   |   | — |  |   |
|                                     |   |   |   |   |   |   |
| Balance as at December 31, 2013     |   | 10,900 |  |   |   | — |  |   |   | 10,900 |  |   |
|                                     |   |   |   |   |   |   |
| Net book value:                          |   |   |   |   |   |   |
| As at December 31, 2012 (unaudited) |   | 22,000 |  |   |   | — |  |   |   | 22,000 |  |   |
|                                     |   |   |   |   |   |   |
| As at December 31, 2013             |   | 10,900 |  |   |   | — |  |   |   | 10,900 |  |   |

----

|                                                  |
|--------------------------------------------------|
|                                                  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                             |   | Year ended December 31, 2012 |
|                                             |   | Trademark |   | Software and licenses |   | Total |
|                                             |   | €’000(unaudited) |   | €’000(unaudited) |   | €’000(unaudited) |
| Carrying amount:                                 |   |   |   |   |   |   |
| Balance as at January 1, 2012 (unaudited)   |   | 22,000 |  |   |   | — |  |   |   | 22,000 |  |   |
| Additions                                        |   | — |  |   |   | — |  |   |   | — |  |   |
| Transfers                                        |   | — |  |   |   | — |  |   |   | — |  |   |
|                                             |   |   |   |   |   |   |
| Balance as at December 31, 2012 (unaudited) |   | 22,000 |  |   |   | — |  |   |   | 22,000 |  |   |
|                                             |   |   |   |   |   |   |
| Accumulated amortization:                        |   |   |   |   |   |   |
| Balance as at January 1, 2012 (unaudited)   |   | — |  |   |   | — |  |   |   | — |  |   |
| Charge for the period                            |   | — |  |   |   | — |  |   |   | — |  |   |
|                                             |   |   |   |   |   |   |
| Balance as at December 31, 2012 (unaudited) |   | — |  |   |   | — |  |   |   | — |  |   |
|                                             |   |   |   |   |   |   |
| Net book value:                                  |   |   |   |   |   |   |
| As at December 31, 2011 (unaudited)         |   | 22,000 |  |   |   | — |  |   |   | 22,000 |  |   |
|                                             |   |   |   |   |   |   |
| As at December 31, 2012 (unaudited)         |   | 22,000 |  |   |   | — |  |   |   | 22,000 |  |   |

----

|                            |
|----------------------------|
|                            |  |  |  |  |
|                       |   | December 31, |
|                       |   | 2013 |   | 2012 |
|                       |   | €’000 |   | €’000(unaudited) |
|                       |   |   |   |   |
| Working capital facilities |   | 1,145 |   | 1,765 |

|                                                                      |
|----------------------------------------------------------------------|
|                                                                      |  |  |  |  |
|                                                                 |   | December 31, |
|                                                                 |   | 2013 |   | 2012 |
|                                                                 |   | €’000 |   | €’000(unaudited) |
|                                                                 |   |   |   |   |
| Value added tax                                                      |   | 70 |   | 65 |
| Social security                                                      |   | 203 |   | 209 |
| Payroll IRPF taxes                                                   |   | 210 |   | 220 |
| Holidays and extra pay accrual                                       |   | 471 |   | 570 |
| Other accruals (bonus, payroll related, commissions, interests, etc) |   | 1,359 |   | 1,775 |
| Deferred revenue                                                     |   | 292 |   | 380 |
|                                                                 |   |   |   |   |
|                                                                 |   | 2,605 |   | 3,219 |
|                                                                 |   |   |   |   |
| Employees’ deferred retirement benefit                         |   | 1,379 |   | 1,283 |
|                                                                 |   |   |   |   |
|                                                                 |   | 1,379 |   | 1,283 |
|                                                                 |   |   |   |   |
| Total                                                                |   | 3,984 |   | 4,502 |

----

|                                                                                                                                                                 |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                 |  |  |  |  |  |  |  |
|                                                                                                                                                            |   | December 31, |
|                                                                                                                                                            |   | 2013 |   | 2012 |
|                                                                                                                                                            |   | €’000 |   | €’000(unaudited) |
|                                                                                                                                                            |   |   |   |   |
| Loans from banks collateralized by property, plant and equipment payable over periods of 1 to 14 years, are subject to an annual average interest rate of 3.86% |   | 60,500 |  |   |   | 64,500 |   |
| Loans from governmental financial institution payable over 4 years, with a weighted average annual interest rate of 1.5%                                        |   | 204 |  |   |   | 408 |   |
|                                                                                                                                                            |   |   |   |   |
|                                                                                                                                                            |   | 60,704 |  |   |   | 64,908 |   |
| Less: Current portion                                                                                                                                           |   | (60,704) |  |   |   | (64,702) |   |
|                                                                                                                                                            |   |   |   |   |
| Total long-term debt                                                                                                                                            |   | — |  |   |   | 206 |   |

|                                         |
|-----------------------------------------|
|                                         |  |  |  |
| Year ending December 31, |   | €’000 |
|                                    |   |   |
| 2014                                    |   | 60,704 |   |
|                                    |   |   |   |
|                                    |   |   |
|                                    |   | 60,704 |   |

----

|                                           |
|-------------------------------------------|
|                                           |  |  |  |  |  |  |
|                                      |   | December 31, 2013 |
|                                      |   | Carrying amount |   | Fair value |
|                                      |   | €’000 |   | €’000 |
|                                      |   |   |   |   |
| Cash and cash equivalents                 |   | 268 |   |   | 268 |   |
|                                      |   |   |   |   |
| Accounts receivable                       |   | 1,247 |   |   | 1,247 |   |
|                                      |   |   |   |   |
| Working capital facilities                |   | 1,145 |   |   | 1,145 |   |
|                                      |   |   |   |   |
| Accounts payable                          |   | 1,384 |   |   | 1,384 |   |
|                                      |   |   |   |   |
| Accrued liabilities and deferred revenue  |   | 3,984 |   |   | 3,984 |   |
|                                      |   |   |   |   |
| Long-term debt, including current portion |   | 60,704 |   |   | 56,928 |   |

|                                           |
|-------------------------------------------|
|                                           |  |  |  |  |  |  |
|                                      |   | December 31, 2012 |
|                                      |   | Carrying amount |   | Fair value |
|                                      |   | €’000(unaudited) |   | €’000(unaudited) |
|                                      |   |   |   |   |
| Cash and cash equivalents                 |   | 476 |   |   | 476 |   |
|                                      |   |   |   |   |
| Accounts receivable                       |   | 1,282 |   |   | 1,282 |   |
|                                      |   |   |   |   |
| Working capital facilities                |   | 1,765 |   |   | 1,765 |   |
|                                      |   |   |   |   |
| Accounts payable                          |   | 1,588 |   |   | 1,588 |   |
|                                      |   |   |   |   |
| Accrued liabilities and deferred revenue  |   | 4,502 |   |   | 4,502 |   |
|                                      |   |   |   |   |
| Long-term debt, including current portion |   | 64,908 |   |   | 59,336 |   |

|                                     |
|-------------------------------------|
|                                     |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                |   |   |   | Fair value measurements using |   |   |
|                                |   | Fair value at December 31, 2013 €’000 |   | Quoted prices  in active  markets  for  identical  assets  (Level 1) €’000 |   | Significant  other  observable  inputs  (Level 2) €’000 |   | Significant unobservable  inputs  (Level 3) €’000 |   | Total losses in the year ended December 31, 2013 €’000 |
| Other intangible assets (trademark) |   | 10,900 |   |   | — |  |   |   | — |  |   |   | 10,900 |   |   | (11,100) |   |

----

|                                |
|--------------------------------|
|                                |  |  |  |  |  |  |  |  |  |  |  |  |
|                           |   | Year ended December 31, |
|                           |   | 2013 |   | 2012 |   | 2011 |
|                           |   | €’000 |   | €’000(unaudited) |   | €’000(unaudited) |
|                           |   |   |   |   |   |   |
| Pre-tax (loss) / income        |   | (15,514) |  |   |   | (5,240) |  |   |   | (2,058) |  |   |
|                           |   |   |   |   |   |   |
| Current tax credit / (charge)  |   | — |  |   |   | — |  |   |   | — |  |   |
|                           |   |   |   |   |   |   |
| Deferred tax credit / (charge) |   | 1,196 |  |   |   | 8,050 |  |   |   | (549) |  |   |
|                           |   |   |   |   |   |   |
| Total                          |   | 1,196 |  |   |   | 8,050 |  |   |   | (549) |  |   |

|                        |
|------------------------|
|                        |  |  |  |  |  |  |  |  |  |  |  |  |
|                   |   | Year ended December 31, |
|                   |   | 2013 |   | 2012 |   | 2011 |
|                   |   | % |   | %(unaudited) |   | %(unaudited) |
|                   |   |   |   |   |   |   |
| Income tax rate        |   | 30 |  |   |   | 30 |  |   |   | 30 |  |   |
| Prior year adjustments |   | — |  |   |   | - |  |   |   | (57) |  |   |
| Permanent differences  |   | — |  |   |   | — |  |   |   | — |  |   |
| Other                  |   | (22) |  |   |   | 124 |  |   |   |   |   |
|                   |   |   |   |   |   |   |
| Effective tax rate     |   | 8 |  |   |   | 154 |  |   |   | (27) |  |   |

|                                      |
|--------------------------------------|
|                                      |  |  |  |  |  |  |
|                                 |   | December 31, |
|                                 |   | 2013 |   | 2012 |
|                                 |   | €’000 |   | €’000(unaudited) |
|                                 |   |   |   |   |
| Operating loss carry-forwards        |   | 6,798 |   |   | 6,724 |   |
| Employee deferred retirement benefit |   | 2,577 |   |   | 1,675 |   |
|                                 |   |   |   |   |
| Net deferred tax assets              |   | 9,375 |   |   | 8,399 |   |
|                                 |   |   |   |   |
| Fixed assets and intangibles         |   | (33,274) |   |   | (33,494) |   |
|                                 |   |   |   |   |
| Deferred tax liabilities             |   | (33,274) |   |   | (33,494) |   |
|                                 |   |   |   |   |
| Net deferred tax liabilities         |   | (23,899) |   |   | (25,095) |   |

----

|                                |
|--------------------------------|
|                                |  |  |  |  |  |  |
|                           |   | Number of  shares |   | Percent of  ownership |
|                           |   |   |   |   |
| Belmond Spanish Holdings, S.L. |   | 10,000 |   |   | 50 |   |
| Landis Inversiones S.L.        |   | 10,000 |   |   | 50 |   |
|                           |   |   |   |   |
|                           |   | 20,000 |   |   | 100.00 |   |

----

|                                                                  |
|------------------------------------------------------------------|
|                                                                  |  |  |  |  |  |  |  |  |  |
|                                                             |   | Year ended December 31, |
|                                                             |   | 2013 |   | 2012 |   | 2011 |
|                                                             |   | €’000 |   | €’000(unaudited) |   | €’000(unaudited) |
|                                                             |   |   |   |   |   |   |
| Rooms revenue                                                    |   | 11,401 |   |   | 11,882 |   |   | 12,035 |   |
| Food and beverage revenue                                        |   | 8,347 |   |   | 8,789 |   |   | 10,835 |   |
| Other revenues (spa, rental income, laundry, concierge services) |   | 1,951 |   |   | 2,431 |   |   | 2,173 |   |
|                                                             |   |   |   |   |   |   |
| Revenue                                                          |   | 21,699 |   |   | 23,102 |   |   | 25,043 |   |

|                |
|----------------|
|                |  |  |  |  |  |  |  |  |  |  |  |
|           |   | Year ended December 31, |
|           |   | 2013 |   | 2012 |   | 2011 |
|           |   | €’000 |   | €’000(unaudited) |   | €’000(unaudited) |
|           |   |   |   |   |   |   |
| Cash paid for: |   |   |   |   |   |   |
|           |   |   |   |   |   |   |
| Interest       |   | 3,055 |  |   |   | 3,785 |  |   |   | 3,974 |   |
|           |   |   |   |   |   |   |
| Income taxes   |   | — |  |   |   | — |  |   |   | 8 |   |

|        |
|--------|
|        |  |
| 2014   | 11,966 |
| 2015   | 2,400 |
| 2016   | 3,100 |
| 2017   | 3,190 |
|   | 20,656 |

----

|        |
|--------|
|        |  |
| 2014   | 13,811 |
| 2015   | 2,400 |
| 2016   | 3,100 |
| 2017   | 3,190 |
|   | 22,501 |

----

|        |
|--------|
|        |  |  |
|   | 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 10.1 to March 27, 2014 Form 8-K Current Report (File No. 001-16017) |   | Credit Agreement dated March 21, 2014 among Orient-Express Hotels Ltd., Belmond Interfin Ltd., Barclays Bank PLC, JPMorgan Chase Bank, N.A., and Credit Agricole Corporate and Investment Bank |

|       |
|-------|
|       |  |  |  |  |
| 10.1  |   | Exhibit 10.1 to 2012 Form 10-K Annual Report (File No. 001-16017) |   | Orient-Express Hotels Ltd. 2000 Stock Option Plan, as amended |
| 10.2  |   | Exhibit 10.2 to 2012 Form 10-K Annual Report (File No. 001-16017) |   | 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  |   | Exhibit 10.5 to 2012 Form 10-K Annual Report (File No. 001-16017) |   | 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  |   | Exhibit 10.8 to 2012 Form 10-K Annual Report (File No. 001-16017) |   | Service Agreement between Orient-Express Services Ltd. andJohn M. Scott III dated November 8, 2012 |
| 10.9  |   | Exhibit 10.9 to 2012 Form 10-K Annual Report (File No. 001-16017) |   | Severance Agreement between Orient-Express Hotels Ltd. andJohn M. Scott III dated November 8, 2012 |
| 10.10 |   | Exhibit 10.10 to 2012 Form 10-K Annual Report (File No. 001-16017) |   | Indemnification Agreement between Orient-Express Hotels Ltd. and John M. Scott III dated November 8, 2012 |
| 10.11 |   | Exhibit 10.11 to 2012 Form 10-K Annual Report (File No. 001-16017) |   | Form of Severance Agreement between Orient-Express Hotels Ltd. and certain of its officers, as amended |
| 10.12 |   | Exhibit 10.12 to 2012 Form 10-K Annual Report (File No. 001-16017) |   | Form of Indemnification Agreement between Orient-Express Hotels  Ltd. and its non-executive directors and certain of its officers |
| 10.13 |   | Exhibit 10 to June 30, 2013 Form 10-Q Quarterly Report (File No. 001-16017) |   | Services Agreement between Orient-Express Hotels Ltd. and J. Robert Lovejoy dated June 18, 2013 |
| 12    |   |   |   | Statement of computation of ratios* |
| 14    |   | Exhibit 14 to April 30, 2013 Form 8-K Current Report (File No. 001-16017) |   | Code of Conduct of Orient-Express Hotels Ltd. as adopted April 30, 2013 |

----

|             |
|-------------|
|             |  |  |  |  |
| Exhibit No. |   | Incorporated by Reference to |   | Description |
|        |   |   |   |   |
| 21          |   |   |   | Subsidiaries of Orient-Express Hotels Ltd.* |
| 23.1        |   |   |   | Consent of Deloitte LLP 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* |
| 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 |
| 23.3        |   |   |   | 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 |
| 23.4        |   |   |   | Consent of PricewaterhouseCoopers Auditors S.L. 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        |   |   |   | Corporate Governance Guidelines of Orient-Express Hotels Ltd., as amended September 23, 2013* |
| 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* |