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Exhibit 4.2    
    

 
 

SEA CONTAINERS LTD.    
    
    OFFICERS' CERTIFICATE PURSUANT TO
  SECTION 3.01 OF THE INDENTURE IDENTIFIED BELOW    
    

        The undersigned officers of Sea Containers Ltd. (the "Company"), acting pursuant to Section 3.01 of the Indenture dated as of May 1, 2004
(the "Indenture"), between the Company and The Bank of New York, as trustee, and pursuant to the authorization contained in resolutions duly adopted by the Company's board of directors on
April 28, 2004 (the "Resolutions"), do hereby certify that there was established in the Resolutions a series of the Company's debt securities designated as 101/2% Senior Notes
due 2012 (the "Notes"), which are to be issued under the Indenture and which have been registered for sale with the Securities and Exchange Commission pursuant to a Registration Statement on
Form S-3 under the Securities Act of 1933, as amended (Registration No. 333-11588). 

        The
terms of the Notes, as authorized, adopted and approved by the board of directors pursuant to Section 3.01 of the Indenture, are set forth in the Resolutions, attached hereto
as Annex A. 

 

        IN
WITNESS WHEREOF the undersigned have executed this Officers' Certificate on behalf of the Company as of this 3rd day of May, 2004. 

	 	 	/s/  DANIEL J. O'SULLIVAN      
 Daniel J. O'Sullivan
 Senior Vice
President—Finance and Chief Financial Officer
	

(CORPORATE SEAL)	
 	

 
	

 	
 	

/s/  EDWIN S. HETHERINGTON      
 Edwin S. Hetherington
 Vice President, General Counsel and
Secretary

ii

   ANNEX A  

SEA CONTAINERS LTD.  

 Resolutions Adopted by the Board Of Directors

On April 28, 2004 Approving 101/2% Senior Notes Due 2012  

        WHEREAS, at a meeting of the board of directors of the Company held on February 9, 2004, the board authorized the issuance by the Company, from time to
time at any time prior to the date two years after the effective date of the Registration Statement defined below, of up to $200,000,000 aggregate principal amount (at stated maturity) of unsecured
debt securities ("Debt Securities"); and 

        WHEREAS,
on March 2, 2000, the Company filed with the Securities and Exchange Commission (the "Commission") a Registration Statement on Form S-3, Registration
No. 333-11588 (the "Registration Statement"), to effect the registration under the Securities Act of 1933, as amended (the "Securities Act"), of up to $300,000,000 aggregate
principal amount of Debt Securities; and 

        WHEREAS,
at the meeting of the board of directors of the Company held on February 9, 2004, the Board reduced from $300,000,000 to $200,000,000 the aggregate principal amount of
Debt Securities authorized for issuance but otherwise in general restated and reaffirmed the resolutions it had adopted on February 3, 2000; and 

        WHEREAS,
on March 3, 2004, the Company filed with the Commission an Amendment No. 1 to the Registration Statement to reduce the aggregate principal amount of the Debt
Securities covered by the Registration Statement from $300,000,000 to $200,000,000, and in general to update the Registration Statement; and 

        WHEREAS,
on April 15, 2004, (a) the Company filed with the Commission an Amendment No. 2 to the Registration Statement containing a final prospectus dated
April 15, 2004 (the "Prospectus"), and a preliminary prospectus supplement dated April 15, 2004 (the "Preliminary Prospectus Supplement"), relating to $150,000,000 aggregate principal
amount of Debt Securities to be offered as    % Senior Notes due 2014 of the Company, and (b) the Prospectus and the Preliminary Prospectus Supplement were first distributed to
potential investors; and 

        WHEREAS,
on April 15, 2004 at 10:00 a.m., Eastern time, the Registration Statement became effective under the Securities Act and the Indenture described below relating to
the Debt Securities was qualified under the Trust Indenture Act of 1939, as amended (the "Trust Indenture Act"); and 

        WHEREAS,
to date, the Company has issued no Debt Securities under the Indenture or the Registration Statement; and 

        WHEREAS,
on April 29, 2004, the Prospectus and a final prospectus supplement dated April 28, 2004 (the "Prospectus Supplement"), relating to $103,000,000 aggregate
principal amount of Debt Securities offered as 101/2% Senior Notes due 2012 of the Company, will be filed with the Commission pursuant to Rule 424(b)(5) under the Securities Act
and distributed to investors; 

        NOW,
THEREFORE, BE IT 

        RESOLVED,
that the actions taken by the officers of the Company in preparing, filing and distributing the Registration Statement, Amendments Nos. 1 and 2 to the Registration Statement,
the Prospectus, the Preliminary Prospectus Supplement and the Prospectus Supplement are hereby in all respects ratified, confirmed, approved and adopted; and further 

        RESOLVED,
that there is hereby established an issue of one series of Debt Securities of the Company to be designated as hereinafter provided, which Debt Securities shall be issued under
the Indenture dated as of May 1, 2004 between the Company and The Bank of New York, as Trustee (the 

Annex A-1

 

"Indenture"),
and shall constitute general, unsecured and unsubordinated obligations of the Company (such Debt Securities being hereinafter referred to collectively as the "Notes"); and further 

        RESOLVED,
that any director or officer of the Company is authorized and directed to execute and deliver, in the name and on behalf of the Company, the Indenture, in substantially the
form in which the Indenture was filed as an Exhibit to Amendment No. 2 to the Registration Statement, but with such
changes therein as the director or officer executing the Indenture may approve, such approval to be conclusively evidenced by such execution; and further 

        RESOLVED,
that the designation and terms of the Notes shall be as set forth below and are adopted pursuant to Section 3.01 of the Indenture, and such designation and terms shall
be deemed to constitute, and are hereby expressly made, a part of the Indenture. (The symbol "$" and all capitalized terms used, but not defined, below shall have the same meanings as in the
Indenture): 

	1.
	Title of the Securities (including CUSIP and CINS numbers)(§3.01(1)):

        101/2%
Senior Notes due 2012 (the "Notes"); CUSIP no. 811371 AN 3. The Notes do not have a CINS number. 

	2.
	Any limit upon the aggregate principal amount of the Notes that may be authenticated and delivered under the Indenture (except for Notes authenticated and
delivered upon registration of transfer of, or in exchange for, or in lieu of, other Notes pursuant to the Indenture)(§3.01(2)):

        The
Notes will be limited to $103,000,000 in aggregate principal amount. 

	3.
	The date or dates, or the method by which such date or dates shall be determined or extended, on which the principal of the Notes shall be payable
(§3.01(3)):

        May 15,
2012. 

	4.A.
	The rate or rates at which the Notes will bear interest, if any, or the method by which such rate or rates shall be determined
(§3.01(4)):

        The
Notes will bear interest at a rate of 101/2% per annum. 

	4.B.
	The date or dates from which such interest will accrue (§3.01(4)):

        Each
Note will bear interest from May 4, 2004, or from the most recent Interest Payment Date to which interest on such Note or a predecessor Note has been paid or duly provided
for. 

	4.C.
	Interest Payment Dates on which such interest shall be payable (§3.01(4)):

        Interest
on the Notes will be payable semi-annually on the 15th day of each November and May, beginning November 15, 2004. 

	4.D.
	Regular Record Date, if any, for the interest payable on the Notes on any Interest Payment Date, or the method by which such date shall be determined
(§3.01(4)):

        The
Regular Record Date for an Interest Payment Date is the date 15 calendar days prior to such Interest Payment Date, whether or not such date shall be a Business Day. 

	4.E.
	Basis upon which interest will be calculated if other than that of a 360-day year of twelve 30-day months
(§3.01(4)):

        Not
applicable. 

	4.F.
	Form of Note (§3.01(25) and §2.01):

        The
form of the Notes shall be substantially in the form attached as Exhibit A hereto, but with such changes therein as may be
approved by the directors or officers of the Company 

Annex A-2

 

executing
the Notes on behalf of the Company, such approval to be conclusively evidenced by such execution. 

	5.
	The place or places, if any, other than or in addition to the Borough of Manhattan, The City of New York, where the principal of and interest on the Notes shall
be payable, where Notes may be surrendered for registration of transfer or for exchange, and where notices or demands to or upon the Company in respect of the Notes and the Indenture may be served
(§3.01(5)):

        None.

	6.
	The period or periods within which, the price or prices at which, the Currency or Currencies in which, and other conditions upon which, the Notes may be
redeemed, in whole or in part, at the option of the Company, if the Company is to have the option (§3.01(6); §11.01 and §11.02):

        In
accordance with the provisions of clause (6) of Section 3.01 of the Indenture and Section 11.02 of the Indenture, the Company shall have the right, at its option,
to redeem all or some of the Notes at any time on or after May 15, 2008, at the following redemption prices (expressed as a percentage of the principal amount) during the 12-month
period beginning May 15 in each year indicated below: 

	 
	 	Price
	 
	2008	 	105.250	 
	2009	 	102.625	 
	2010 and thereafter	 	100.000	%

on
not less than 30 nor more than 60 days' prior notice, in amounts of $1,000 or integral multiples of $1,000, together with accrued and unpaid interest to the Redemption Date. In addition, the
Notes will be redeemable at the option of the Company as provided in Section 11.01 of the Indenture (Optional Tax Redemption). Any redemption of Notes will be subject to Section 11.03
through Section 11.08 of the Indenture, as applicable. 

	7.A.
	Any deletions from, modifications of, or additions to, the redemption provisions set forth in Section 11.03 (§3.01(7) and
§11.03):

        None. 

	7.B.
	The obligation, if any, of the Company to redeem, repay or purchase Notes pursuant to any sinking fund or analogous provision or at the option of a Holder
thereof (§3.01(7) and §11.05):

        The
Notes are not subject to redemption, redemption or repayment pursuant to a sinking fund. 

        Reference
is made to Sections 10.16 (Purchase of Securities upon Change of Control), 10.17 (Disposition of Proceeds of Asset Sales), and 10.19 (Maintenance of Consolidated Tangible Net
Worth) of the Indenture, which describe circumstances in which, and to the extent which, Notes must be purchased by the Company, at the option of a Holder. 

	8.
	If not as provided in Section 3.02 of the Indenture, the denomination or denominations in which Notes are issuable (§3.01(8) and
§3.02):

        The
Notes are initially issuable as Registered Securities, registered in global form in the name of The Depositary Trust Company, or its nominees, as the depositary for the beneficial
owners, in denominations of $1,000 and integral multiples of $1,000. 

	9.
	If other than the Trustee, the identity of each Security Registrar and/or Paying Agent with respect to the Notes (§3.01(9)):

        Not
applicable. 

Annex A-3

 

	10.
	If other than the total principal amount thereof, the portion of the principal amount of the Notes that shall be payable upon declaration of acceleration of
the Maturity thereof pursuant to Section 5.02 of the Indenture or the method by which such portion shall be determined (§3.01(10)):

        Not
applicable. 

	11.
	If other than the Dollar, the Currency or Currencies in which payment of the principal of or interest on the Notes shall be made or in which the Notes shall be
denominated. and the particular provisions applicable thereto in accordance with, in addition to, or in lieu of any of the provisions of Section 3.12 of the Indenture (§3.01(11) and
§3.12):

        Not
applicable. 

	12.
	Whether the amount of payments of principal of or interest on the Notes may be determined with reference to an index, formula or other method
(§3.01(12)):

        No.

	13.
	Whether the principal of or interest on the Notes is to be payable, at the election of the Company or a Holder thereof, in one or more Currencies other than
that in which the Notes are denominated or stated to be payable (§3.01(13)):

        No. 

	14.
	Provisions, if any, granting special rights to the Holders of Notes upon the occurrence of such events as may be specified
(§3.01(14)):

        Reference
is made to Article Five (Remedies) and Section 10.04 (Additional Amounts), Sections 10.16 (Purchase of Securities upon Change of Control), 10.17 (Disposition of Proceeds
of Asset Sales), and 10.19 (Maintenance of Consolidated Tangible Net Worth) of the Indenture. 

	15.
	Any deletions from, modifications of or additions to the Events of Default or covenants (including any deletions from, modifications of or additions to any of
the provisions of Section 10.21) or other undertakings of the Company with respect to the Notes (§3.01(15); §5.10 and §10.21):

        None.

	16.A
	Whether the Notes are to be issuable as Registered Securities, Bearer Securities (with or without coupons) or both
(§3.01(16)):

        Registered
Securities only. 

	16.B.
	Whether any Notes are to be issuable initially in temporary global form (3.01(16)):

        No.

	16.C.
	Whether any Notes are to be issuable in permanent global form with or without coupons and, if so, whether beneficial owners of interests in any such
permanent global Security may exchange such interests for Notes in certificated form and of like tenor of any authorized form and denomination and the circumstances under which any such exchanges may
occur, if other than in the manner provided in Section 3.05 of the Indenture (§3.01(16) and §3.05):

        The
Notes will be initially issued in the form of one or more fully registered global certificates (the "Global Notes"). The Company shall deposit each Global Note with, or on behalf of,
the Depositary Trust Company (the "Depositary") as the securities depositary, registered in the name of the Depositary or its nominee, Cede & Co. Unless and until a Global Note is becomes
exchangeable (as set forth in the next succeeding paragraph), such Global Note may not be transferred except as a whole by the Depositary to a nominee of the 

Annex A-4

 

Depositary,
or by such a nominee to the Depositary or another nominee of the Depositary, or by the Depositary or any such nominee to a successor of such Depositary or a nominee of such successor. 

        If
(1) the Depositary is at any time unwilling or unable to continue as Depositary and the Company does not appoint a successor Depositary within 60 days, or (2) the
Company executes and delivers to the Trustee under the Indenture an order to the effect that the Global Notes shall be exchangeable, or (3) an Event of Default under the Indenture has occurred
and is continuing, the Global Note or Notes will be exchangeable for Notes in definitive form of like tenor and of an equal aggregate principal amount, in denominations of $1,000 and integral
multiples of $1,000. Such definitive Notes shall be registered in such name or names as the Depositary shall instruct the Trustee. In the event that such a right of exchange should arise, the manner
of such exchange shall be as provided in Section 3.05 of the Indenture. 

	16.D.
	If the Notes are to be issuable as Global Notes, the identity of the depository for the Notes (§3.01(16)):

        The
Depository Trust Company. 

	17.
	The date as of which any Bearer Securities of the series and any temporary global Security representing Outstanding Securities of the series shall be dated if
other than the date of original issuance of the first Security of the series to be issued (§3.01(17):)

        Not
applicable. 

	18.A.
	The Person to whom any interest on any Registered Security of the series shall be payable, if other than the Person in whose name such Security (or one or
more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest (§3.01(18)):

        Not
applicable. 

	18.B.
	The manner in which, or the Person to whom, any interest on any Bearer Security of the series shall be payable, if otherwise than upon presentation and
surrender of the coupons appertaining thereto as they severally mature (§3.01(18)):

        Not
applicable. 

	18.C.
	The extent to which, or the manner in which, any interest payable on a temporary global Security on an Interest Payment Date will be paid if other than in
the manner provided in Section 3.04 of the Indenture (§3.01(18)):

        Not
applicable. 

	19.
	The applicability of Sections 14.02 and/or 14.03 of the Indenture to the Notes and any provisions in modification of, in addition to or in lieu of any of the
provisions of Article Fourteen (§3.01(19); §14.02 and §14.03):

        The
defeasance and discharge provisions of Sections 14.02 and 14.03 are fully applicable to the Notes. There are no provisions in modification of, in addition to or in lieu of any of the
provisions of Article Fourteen of the Indenture. 

	20.
	If the Notes are to be issuable in definitive form (whether upon original issue or upon exchange of a temporary Note) only upon receipt of certain certificates
or other documents or satisfaction of other conditions, then the form and/or terms of such certificates, documents or conditions (§3.01(20)):

        The
Global Notes, which will be issued, are exchangeable into Registered Notes registered in the names of beneficial owners only in the circumstances set forth in section 3.05 of
the Indenture. 

Annex A-5

 

	21.
	Whether, under what circumstances and the Currency in which, the Company will pay Additional Amounts as contemplated by Section 10.04 on the Notes to
any Holder who is not a United States person (including any modification to the definition of such term) in respect of any tax, assessment or governmental charge (§3.01(21) and
§10.04):

        No.

	22.
	The designation of the initial Exchange Rate Agent (§3.01(22)):

        Not
applicable. 

	23.
	If the Notes are to be convertible into or exchangeable for any securities of any Person (including the Company), the terms and conditions upon which such
Securities will be so convertible or exchangeable (§3.01(23)):

        Not
applicable. 

	24.
	Whether the Notes are to be subordinated or unsubordinated indebtedness of the Company (§3.01(24)):

        The
Notes are to be unsubordinated indebtedness of the Company. 

	25.
	Any other terms of the Notes, which terms shall not be inconsistent with the provision of the Indenture or the requirements of the Trust Indenture Act
(§3.01(25)):

        The
provisions of Section 3.08 of the Indenture (Optional Extension of Maturity) shall not be applicable to the Notes. 

        The
provisions of Section 3.13 (Appointment and Resignation of Successor Exchange Rate Agent) shall not be applicable to the Notes. 

        The
Placement for the Notes as (referred to in Section 10.02 of the Indenture) is the office specified in the definition of the term "Corporate Trust Office" in
Section 1.01 of the Indenture. 

        The
provisions of Article Thirteen of the Indenture (Repayment at the Option of Holders) shall not be applicable to the Notes. 

        FURTHER
RESOLVED, that the proper directors or officers of the Company are hereby authorized, empowered and directed to execute and deliver an Officers' Certificate pursuant to
Section 3.01 of the Indenture with respect to the Notes, as well as such other agreements, certificates, instruments and documents, and to do such other acts as they may from time to time
determine are necessary or appropriate in order to effectuate the purposes of any of the foregoing resolutions; and further 

        RESOLVED,
that all acts and things done by any of the directors and officers of the Company prior to the date hereof that are within the authority conferred by any of the foregoing
resolutions are hereby ratified, confirmed, approved and adopted; and further 

        RESOLVED,
that the Company is authorized and directed to engage Citigroup Global Markets Inc. ("Citigroup") as sole book-running manager and Citigroup, Lazard
Frères & Co. LLC, Scotia Capital (USA) Inc. and Fortis Securities LLC as underwriters for the purpose of selling the $103,000,000 aggregate principal amount of Notes in an
underwritten public offering in the United States, the terms and conditions of such engagement to be as more fully set forth in the Pricing Agreement and the Standard Underwriting Agreement Provisions
attached hereto as Exhibit B (collectively, the "Pricing Agreement"), and any of the directors and officers of the Company is authorized and
directed to execute and deliver the Pricing Agreement, in the name and on behalf of he Company, substantially in the form of Exhibit B, but with such changes therein as such director or officer
may approve, such approval to be conclusively evidenced by such execution; and further 

        RESOLVED,
that (i) the price at which the Notes will be sold to the public by Citigroup shall be equal to 97.369% of the principal amount thereof, and (ii) the
underwriters' commission payable to Citigroup shall be equal to 3% of the aggregate principal amount of the Notes. 

Annex A-6

   EXHIBIT A

TO OFFICERS' CERTIFICATE  

[FACE OF SENIOR NOTE]

SEA CONTAINERS LTD.  

101/2% Senior Notes due 2012  

        THIS NOTE IS ISSUED IN GLOBAL FORM AND IS REGISTERED IN THE NAME OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (THE "DEPOSITARY" OR "DTC") OR A NOMINEE
OF THE DEPOSITARY. THIS NOTE IS NOT EXCHANGEABLE FOR NOTES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE,
AND NO TRANSFER OF THIS NOTE (OTHER THAN A TRANSFER OF THIS NOTE AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF
THE DEPOSITARY) MAY BE REGISTERED EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.

        UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF DTC TO SEA CONTAINERS LTD. OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR
PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF
FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

	No. 1	 	CUSIP 811371 AN 3

$103,000,000

        SEA
CONTAINERS LTD., a company limited by shares incorporated in the Islands of Bermuda under the Companies (Incorporation by Registration) Act 1970 (herein called the "Company,"
which term includes any successor entity under the Indenture hereinafter referred to), for value received, hereby promises to pay to CEDE & CO. or registered assigns, the principal sum of
$103,000,000 United States Dollars on May 15, 2012, at the office or agency of the Company referred to below, and to pay interest thereon commencing on November 15, 2004 and semiannually
thereafter, on May 15 and November 15 in each year, accruing from May 4, 2004 or from the most recent Interest Payment Date to which interest has been paid or duly provided for,
at the rate of 101/2% per annum, in United States Dollars, until the principal hereof is paid or duly provided for. The Interest so
payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this Senior Note (or one or more Predecessor
Senior Notes) is registered at the close of business on the Regular Record Date for such interest, which shall be the October 31 or April 30 (whether or not a Business Day), as the case
may be, next preceding such Interest Payment Date. Any such Interest not so punctually paid or duly provided for shall forthwith cease to be payable to the Holder on such Regular Record Date, and may
be paid to the Person in whose name this Senior Note (or one or more Predecessor Senior Notes) is registered at the close of business on a Special Record Date for the payment of such Defaulted
Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Senior Notes not less than ten days prior to such Special Record Date, or may be paid at any time in any other lawful
manner not inconsistent with the requirements of any securities exchange on which the Senior Notes may be listed, and upon such notice as may be required by such exchange, all as more fully provided
in said Indenture. 

        Payment
of the principal of, and premium, if any, and Interest on, this Senior Note will be made at the office or agency of the Company maintained for that purpose in The City of New
York, or at such other office or agency of the Company as may be maintained for such purpose, in such coin or currency of the United States of America as at the time of payment is legal tender for
payment of public and private debts; provided, however, that payment of Interest may be made at the
option of the Company by check mailed to the address of the Person entitled thereto as such address shall appear on the Senior Note Register. 

A-1

 

        The
Company hereby further agrees, subject to the limitations and exceptions set forth in the Indenture, to pay Additional Amounts (as defined in the Indenture) hereon. 

        Reference
is hereby made to the further provisions of this Senior Note set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set
forth at this place. 

        Unless
the certificate of authentication hereon has been duly executed by the Trustee referred to on the reverse hereof by manual signature, this Senior Note shall not be entitled to any
benefit under the Indenture, or be valid or obligatory for any purpose. 

        IN
WITNESS WHEREOF, the Company has caused this instrument to be duly executed under its common seal. 

	 	 	SEA CONTAINERS LTD.
	

 	
 	
By:	

 Name:  Robert M. Riggs

Title:    Director
	

 	
 	

By:	

 Name:  Edwin S. Hetherington

Title:    Vice President,

             General Counsel and Secretary

        This
is one of the 101/2% Senior Notes due 2012 described in the within-mentioned Indenture. 

Dated:
May 4, 2004 

	 	 	THE BANK OF NEW YORK,

        as Trustee
	

 	
 	

By:	

 Authorized Signatory

A-2

 
SEA CONTAINERS LTD.

101/2% Senior Notes due 2012 

        This
Senior Note is one of a duly authorized issue of securities of the Company designated as its 101/2% Senior Notes due 2012 (herein called the "Senior Notes"), limited
(except as otherwise provided in the Indenture referred to below) in aggregate principal amount to $103,000,000, which is being issued under an indenture (herein called the "Indenture") dated as of
May 1, 2004, between the Company and The Bank of New York, as trustee (herein called the "Trustee," which term includes any successor trustee under the Indenture), to which Indenture and all
indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties, obligations and immunities thereunder of the Company, the Trustee and
the Holders of the Senior Notes, and of the terms upon which the Senior Notes are, and are to be, authenticated and delivered. 

        The
Senior Notes are subject to redemption upon not less than 30 nor more than 60 days' notice, in whole or in part, in amounts of $1,000 or an integral multiple of $1,000, at any
time on or after May 15, 2008, at the election of the Company, at a Redemption Price equal to the percentage of the principal amount set forth below if redeemed during the 12-month
period beginning May 15 of the years indicated below: 

	Year
 
	 	Redemption Price
	 
	2008	 	105.250	%
	2009	 	102.625	%
	2010 and thereafter	 	100.000	%

together
in the case of any such redemption with accrued and unpaid Interest to the Redemption Date (subject to the right of Holders of record on relevant Regular Record Dates to receive Interest due
on an Interest Payment Date that is on or prior to the Redemption Date), all as provided in the Indenture. 

        The
Senior Notes are subject to redemption, in whole but not in part, at the option of the Company in the event that the Company becomes obligated to pay Additional Amounts hereon. 

        In
the event that a Change of Control occurs, each Holder shall have the right, as provided in, and subject to the terms of, the Indenture, to require that the Company repurchase such
Holder's Senior Notes in whole or in part in integral multiples of $1,000 at a purchase price in cash in an amount equal to 101% of the principal amount thereof plus accrued and unpaid Interest to the
date of purchase. 

        The
Indenture provides that if the Company's Consolidated Tangible Net Worth at the end of each of any two consecutive fiscal quarters is less than the Minimum Consolidated Tangible Net
Worth (as specified in the Indenture), then the Company shall make an offer to purchase 10% of the aggregate principal amount of Senior Notes originally issued at a purchase price of 100% of the
principal amount plus interest accrued and unpaid to the date of such purchase, and on such other terms as provided in the Indenture. 

        The
Senior Notes are not entitled to the benefit of any sinking fund. 

        In
the case of any redemption of Senior Notes, interest installments whose Stated Maturity is on or prior to the Redemption Date will be payable to the Holders of such Senior Notes, or
one or more Predecessor Senior Notes, of record at the close of business on the relevant Regular Record Date referred to on the face hereof. Senior Notes (or portions thereof) for whose redemption and
payment provision is made in accordance with the Indenture shall cease to bear Interest from and after the Redemption Date. 

        In
the event of redemption of this Senior Note in part only, a new Senior Note or Senior Notes for the unredeemed portion hereof shall be issued in the name of the Holder hereof upon the
cancellation hereof. 

        If
an Event of Default shall occur and be continuing, the principal of all the Senior Notes may be declared due and payable in the manner and with the effect provided in the Indenture. 

        The
Indenture contains provisions for defeasance at any time of the (a) entire indebtedness of the Company on this Senior Note and (b) certain restrictive covenants and
related Defaults and Events of Default, in each case upon compliance by the Company with certain conditions set forth therein, which provisions apply to this Senior Note. 

A-3

 

        The
Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders
under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in aggregate principal amount of the Senior Notes at the time Outstanding. The Indenture
also contains provisions permitting the Holders of specified percentages in aggregate principal amount of the Senior Notes at the time Outstanding, on behalf of the Holders of all the Senior Notes, to
waive compliance by the Company with certain provisions of the Indenture and certain past Defaults under the Indenture and their consequences. Any such consent or waiver by or on behalf of the Holder
of this Senior Note shall be conclusive and binding upon such Holder and upon all future Holders of this Senior Note and of any Senior Note issued upon the registration of transfer hereof or in
exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Senior Note. 

        No
reference herein to the Indenture and no provision of this Senior Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to
pay the principal of, and premium, if any, and interest on, this Senior Note at the times, place, and rate, and in the coin or currency, herein prescribed. 

        As
provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Senior Note is registrable on the Senior Note Register of the Company, upon
surrender of this Senior Note for registration of transfer at the office or agency of the Company maintained for such purpose in The City of New York, duly endorsed by, or accompanied by a written
instrument of transfer in form satisfactory to the Company and the Senior Note Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new
Senior Notes, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 

        The
Senior Notes are issuable only in registered form without coupons in denominations of $1,000 and any integral multiple thereof. As provided in the Indenture and subject to certain
limitations therein set forth, the Senior Notes are exchangeable for a like aggregate principal amount of Senior Notes of a different authorized denomination, as requested by the Holder surrendering
the same. 

        No
service charge shall be made for any registration of transfer or exchange or redemption of Senior Notes, but the Company may require payment of a sum sufficient to pay all
documentary, stamp or similar issue or transfer taxes or other governmental charges payable in connection with any registration of transfer or exchange. 

        Prior
to the time of due presentment of this Senior Note for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose
name this Senior Note is registered as the owner hereof for all purposes, whether or not this Senior Note be overdue, and neither the Company, the Trustee nor any agent shall be affected by notice to
the contrary. 

        Interest
on this Senior Note shall be computed on the basis of a 360-day year of twelve 30-day months. 

        All
terms used in this Senior Note which are defined in the Indenture shall have the meanings assigned to them in the Indenture. 

        The
Indenture and this Senior Note shall be governed by and construed in accordance with the laws of the State of New York. 

A-4

 
Assignment Form  

To
assign this Note, fill in the form below: (I) or (We) assign and transfer this Note to 

	

	(Insert assignee's soc. sec. or tax I.D. no.)
	

	

	

	

	(Print or type assignee's name, address and zip code)

And
irrevocably appoint                          to transfer this Note on the books of the Company. The agent may substitute
another to act for him. 

	Date:	 	
	 	Your Signature:	 	

	 	 	 	 	(Sign exactly as your name appears on the face of this Note)

	

Signature Guarantee*	
 	

*NOTICE:
The Signature must be guaranteed by an institution which is a member of one of the following recognized signature Guarantee Programs: (i) The Securities Transfer Agent Medallion
Program (STAMP); (ii) The New York Stock Exchange Medallion Program (MNSP); (iii) The Stock Exchange Medallion Program (SEMP); or (iv) in such other guarantee program acceptable
to the Trustee. 

A-5

 
OPTION OF HOLDER TO ELECT PURCHASE 

        If
you want to elect to have this Senior Note purchased by the Company pursuant to Section 10.16 or Section 10.17 or Section 10.19, as the case may be, of the
Indenture, check the box: 

        o

        If you want to elect to have only a part of this Senior Note purchased by the Company pursuant to Section 10.16 or Section 10.17 or
Section 10.19, as the case may be, of the Indenture, state the amount: $              

	Date:	 	
	 	Your Signature:	 	

	 	 	 	 	(Sign exactly as name appears on the other side of this

Senior Note)

	Signature Guarantee:	 	

*NOTICE:
The Signature must be guaranteed by an institution which is a member of one of the following recognized signature Guarantee Programs: (i) The Securities Transfer Agent Medallion
Program (STAMP); (ii) The New York Stock Exchange Medallion Program (MNSP); (iii) The Stock Exchange Medallion Program (SEMP); or (iv) in such other guarantee program acceptable
to the Trustee. 

A-6

  

 
 

EXHIBIT B
  TO
  OFFICERS' CERTIFICATE    
    

SEA CONTAINERS LTD.

(a Bermuda company)  

 101/2% Senior Notes due 2012  

 PRICING AGREEMENT  

April 28,
2004 

Sea
Containers Ltd.

22 Victoria Street

Hamilton HM 12

Bermuda 

Ladies
and Gentlemen: 

        We
are acting on behalf of the underwriters (including ourselves) named below (the "Underwriters"), and we understand that Sea
Containers Ltd., a Bermuda company (the "Company"), proposes to issue and sell $103,000,000 aggregate principal amount of its
101/2% Senior Notes due 2012 (the "Offered Securities"). 

        Subject
to the terms and conditions set forth herein or incorporated by reference herein, the Company hereby agrees to sell and the Underwriters offer to purchase, severally and not
jointly, the aggregate principal amount of Offered Securities set forth below opposite their names below at the purchase price of 97.369% of the principal amount thereof, plus accrued interest, if
any, from May 4, 2004 to the date of payment (the "Purchase Price"). 

	Name
 
	 	Amount of

Offered Securities

	Citigroup Global Markets Inc.	 	$	72,100,000
	Lazard Frères & Co. LLC	 	 	23,690,000
	Scotia Capital (USA) Inc.	 	 	4,120,000
	Fortis Securities LLC	 	 	3,090,000
	 	 	

	TOTAL:	 	$	103,000,000

        We
represent that we are authorized to act for the several Underwriters named above in connection with this financing, and any action under this Agreement by any of us will be binding
upon all the Underwriters. 

        The
Offered Securities shall have the terms set forth under the caption "Description of the Notes" in the Prospectus Supplement dated April 28, 2004. 

        The
attached Standard Underwriting Agreement Provisions (the "Provisions") are incorporated by reference into this Pricing Agreement, and
shall be deemed to be a part of this Agreement to the same extent as if such provisions had been set forth in full herein. 

        Payment
of the Purchase Price for, and delivery of, the Offered Securities shall be made at 10:00 A.M., New York City time, on May 4, 2004 at the offices of
Shearman & Sterling LLP, New York, New York, or at such other date, time or location as shall be agreed upon by the Company and you, or as shall otherwise be provided in Section 9 of the
Provisions. Delivery of the Offered Securities shall be made to you against payment by you of purchase price therefor or upon the order of the Company in immediately available funds or such other
manner of payment as may be agreed by you and the Company. Such Offered Securities shall be in such authorized denominations and registered in such names as you may request in writing at least two
full business days before the Closing Time. Such Offered Securities will be made available in New York City for examination and packaging by you not later than 10:00 A.M. on the business day
prior to the Closing Time. 

[SIGNATURE PAGE FOLLOWS] 

B-1

 

        Please
confirm your agreement to the foregoing by having an authorized officer sign a copy of this Agreement in the space set forth below. 

	 	 	 	 	 	 	Very truly yours,
	

 	
 	

 	
 	

 	
 	

CITIGROUP GLOBAL MARKETS INC.
	

 	
 	

 	
 	

 	
 	

By:	
 	

/s/  STEPHEN WOO      

	 	 	 	 	 	 	 	 	Name:	 	Stephen Woo
	 	 	 	 	 	 	 	 	Title:	 	Vice President
	

 	
 	

 	
 	

 	
 	

Acting on behalf of itself and the other named Underwriters
	

Accepted:	
 	

 	
 	

 	
 	

 
	

SEA CONTAINERS LTD.	
 	

 	
 	

 	
 	

 
	

By:	
 	

/s/  DANIEL J. O'SULLIVAN      
	
 	

 	
 	

 	
 	

 
	 	 	Name:	 	Daniel J. O'Sullivan	 	 	 	 	 	 
	 	 	Title:	 	Senior Vice President—Finance and Chief Financial Officer	 	 	 	 	 	 

B-2

   SEA CONTAINERS LTD.  

 (a Bermuda company)  

 Debt Securities  

 STANDARD UNDERWRITING AGREEMENT PROVISIONS  

April 28,
2004 

B-3

 

SEA CONTAINERS
LTD.

 

Debt Securities

 

STANDARD
UNDERWRITING AGREEMENT PROVISIONS

 

Sea
Containers Ltd., a Bermuda company (the “Company”),
proposes to issue from time to time certain of its debt securities in one or
more series (the “Securities”).  Each series of the Securities will be
offered and sold in accordance with the terms and conditions of these Standard
Underwriting Agreement Provisions (these “Provisions”)
as supplemented by an agreement between the Company and the underwriters named
therein substantially in the form of Exhibit A to these Provisions (a “Pricing Agreement”).  From and after the date of the execution and
delivery of a Pricing Agreement for an offering of Securities (a “Representation Date”), these Provisions
shall be deemed to be incorporated in such Pricing Agreement except as
specifically provided otherwise in such Pricing Agreement.

 

The
Securities will be issued pursuant to an indenture dated as of May 1, 2004 (the
“Indenture”) between the Company
and The Bank of New York, as trustee (the “Trustee”),
with the terms of each series of securities issued thereunder to be determined
as provided in Section 3.01 of the said Indenture.  As used herein, unless the context otherwise requires, the term “Underwriters” shall mean the firm or firms
named as Underwriter or Underwriters in a Pricing Agreement and the term “you” shall mean the Underwriter or
Underwriters, if no underwriting syndicate is purchasing the Securities, or the
representative or representatives of the Underwriters, if an underwriting
syndicate is purchasing the Securities, as indicated in a Pricing Agreement.

 

The
Company has filed with the United States Securities and Exchange Commission
(the “Commission”) a registration
statement on Form S-3 (Registration No. 333–11588), amendment no. 1
thereto and amendment no. 2 thereto, including a preliminary base prospectus,
relating to all the Securities and the offering thereof from time to time in
accordance with Rule 415 under the Securities Act of 1933, as amended (the “1933 Act”).  Such registration statement was declared effective by the
Commission on April 15, 2004, and as amended as of a Representation Date,
including the exhibits thereto and the documents incorporated by reference therein,
is herein called the “Registration Statement.”
As provided in Section 2(a), a prospectus supplement containing the terms of
the offering of a particular series of Securities and the other matters set
forth therein will be filed pursuant to Rule 424(b) under the 1933 Act on or
about the Representation Date for such offering.  Such prospectus supplement, in the form furnished to the
Underwriters for use in connection with such offering and filed pursuant to
Rule 424(b), is herein referred to as a “Prospectus
Supplement”. The final base prospectus dated April 15, 2004, filed
pursuant to Rule 424(b), as supplemented by a Prospectus Supplement for a
particular series of Securities and including the documents filed by the
Company with the Commission pursuant to the Securities Exchange Act of 1934, as
amended (the “1934 Act”), that are
incorporated by reference therein, is herein called the “Prospectus.”

 

Section
1.  Representations and Warranties.  The Company represents and warrants to and
agrees with each Underwriter, as of any Representation Date and as of the date

 

B-4

 

and time of payment of the purchase price for, and delivery to the
Underwriters of, any Securities pursuant to a Pricing Agreement (a “Closing Time”), with respect to the series of Securities
then being sold (the “Offered Securities”),
that:

 

(a)           The Company meets
the registrant requirements for the use of Form S–3 for the
Registration Statement, and the Registration Statement meets the requirements
set forth in Rule 415(a)(1)(x) under the 1933 Act and comply in all other
material respects with said Rule.  On
the original effective date of the Registration Statement, and on the effective
date of the most recent post-effective amendment thereto, if any, the
Registration Statement complied in all material respects with the requirements
of the 1933 Act and the rules and regulations of the Commission thereunder (the
“1933 Act Regulations”),
the Trust Indenture Act of 1939, as amended (the “1939 Act”),
and the rules and regulations of the Commission under the 1939 Act (the “1939 Act Regulations”) and did not contain an untrue
statement of a material fact or omit to state a material fact required to be
stated therein or necessary to make the statements therein not misleading; the
Registration Statement and any amendments thereto comply in all material
respects with the requirements of the 1933 Act, the 1933 Act Regulations, the
1939 Act and the 1939 Act Regulations and none of such documents includes an
untrue statement of a material fact or omits to state any material fact
required to be stated therein or necessary to make the statements therein not
misleading; the Prospectus, and any amendments and supplements thereto, comply
in all material respects with the requirements of the 1933 Act, the 1933 Act
Regulations, the 1939 Act and the 1939 Act Regulations and none of such
documents includes an untrue statement of a material fact or omits to state any
material fact required to be stated therein or necessary to make the statements
therein, in the light of the circumstances under which they were made, not
misleading; provided, however, that the Company makes no
representations or warranties as to (i) the Statement of Eligibility on Form
T-1 under the 1939 Act of the Trustee filed as an exhibit to the Registration
Statement (the “Form T-1”), or (ii) statements or
omissions made in reliance upon and in conformity with information furnished in
writing to the Company by or on behalf of any Underwriter, directly or through
you, expressly for use in the Registration Statement or the Prospectus.  The Indenture complies in all material
respects with the requirements of the 1939 Act and the 1939 Act Regulations.

 

(b)           The documents
incorporated by reference in the Prospectus, at the time they were filed with
the Commission, complied in all material respects with the requirements of the
1934 Act and the rules and regulations of the Commission thereunder (the “1934 Act Regulations”) and, when read together with the
other information in the Prospectus, do not contain an untrue statement of a
material fact or omit to state a material fact required to be stated therein or
necessary to make the statements therein, in the light of the circumstances
under which they are made, not misleading. 
There are no contracts or documents of the Company or any of its
subsidiaries (as defined in Section 1(e) below but excluding GE SeaCo SRL, Orient-Express Hotels Ltd. and
Orient-Express Hotels Inc.) which are required to be filed or
incorporated by reference as exhibits to the Registration Statement by the 1933
Act or by the rules of the Commission, or are required to be described in the
Prospectus, which have not been so filed or incorporated by reference or
described therein.

 

B-5

 

(c)           Neither the Company
nor any of the subsidiaries (as defined in Section 1(e) below) is now or,
after giving effect to the issuance of the Offered Securities and the
consummation of the transactions disclosed in the Prospectus, will be (i)
insolvent, (ii) left with unreasonably small capital with which to engage in
its businesses as conducted or proposed to be conducted, or (iii) incurring
debts beyond its ability to pay such debts as they mature.

 

(d)           The Company’s
authorized, issued and outstanding capitalization is as set forth in the
Prospectus Supplement for the Offered Securities under the caption “Capitalization” as of the end of the most recent fiscal
period for which the Company has filed a report with the Commission pursuant to
Section 13 of the 1934 Act.  All of the
outstanding shares of capital stock of the Company have been duly authorized
and validly issued are fully paid and non-assessable, and were not issued in
violation of any preemptive or similar rights, and no holder thereof is subject
to personal liability by reason of being such a holder.

 

(e)           The Company and each
of its subsidiaries (including, for the purpose of these Provisions, each of GE
SeaCo SRL, Orient-Express Hotels Ltd. and Orient-Express Hotels Inc.) have been
duly incorporated and are validly existing as societies, companies or
corporations, as the case may be, in good standing under the laws of their
respective jurisdictions of organization, with full power and authority
(corporate and other) to own their respective properties and conduct their
respective businesses as described in the Prospectus; the Company and its
subsidiaries are in compliance with all laws requiring their qualification to
do business as foreign corporations in all other jurisdictions in which they respectively
own or lease properties or maintain their respective principal offices or in
which the conduct of their respective businesses requires such qualification,
or are subject to no disability arising from their failure to comply with such
laws, except where the failure to comply with such laws would not have a
material adverse effect on the condition (financial or otherwise), earnings,
business affairs or business prospects of the Company and its subsidiaries
considered as one enterprise (a “Material Adverse Effect”);
the outstanding shares of capital stock or quotas, as the case may be, of the
subsidiaries have been duly authorized and validly issued and are fully paid
and non-assessable, and the Company owns all of the outstanding capital shares or quotas of the
subsidiaries, directly or indirectly, free and clear of all liens and
encumbrances, except as otherwise disclosed in or contemplated by the
Prospectus or except where nonownership
or such liens or encumbrances would not have a Material Adverse Effect
and except that (i) the shares of Silja Oy Ab and the preference shares of
Sea Containers SPC Ltd. are pledged as security for bank loans to the Company
and its subsidiaries, (ii) the class A shares of Sea Containers SPC
Ltd. have limited voting rights and are not owned by the Company or any
subsidiary of the Company, (iii) the shares of Great North Eastern Railway
Ltd. have transfer restrictions imposed by the U.K. government, (iv) 50%
of the class A quotas, 70% of the class B quotas, all of the class C
quotas and 49.9% of the class E quotas of GE SeaCo SRL are not owned by the
Company or any subsidiary of the Company, the class B quotas of GE SeaCo
SRL owned by the Company are pledged as security for bank loans to the Company
and its subsidiaries, and all of the quotas of GE SeaCo SRL are subject to
transfer, voting and other restrictions under agreements with General Electric
Capital Corporation, (v) 19,846,700 class A common shares and

 

B-6

 

18,044,478
class B common shares of Orient-Express Hotels Ltd. are not owned by the
Company or any subsidiary of the Company, and all of the class A and B
common shares of Orient-Express Hotels Ltd. owned by the Company have been
pledged as security for bank loans to the Company and its subsidiaries and
(vi) all of the shares of Orient-Express Hotels Inc. are not owned by the
Company or any subsidiary of the Company. 
None of the outstanding capital shares of each of GE SeaCo SRL,
Orient-Express Hotels Ltd., Orient-Express Hotels Inc. or any “significant
subsidiary” of the Company (as such term is defined in Rule 1-02(w) of
Regulation S–X) was issued in violation of preemptive or other
similar rights of any securityholder of such subsidiary. The only “significant
subsidiaries” of the Company (as such term is defined in Rule 1-02(w) of
Regulation S–X) are the subsidiaries listed in Annex A hereto.

 

(f)            The Indenture, each
supplement or amendment thereto, if any, to the date of the Pricing Agreement,
and any supplement thereto or officers’ certificate setting forth the terms of
the Offered Securities have been, or will be on or prior to the Closing Time,
duly authorized, executed and delivered by the Company and constitute, or prior
to the Closing Time will constitute, a legal, valid and binding obligation of
the Company, enforceable against the Company in accordance with its terms,
except as the same may be limited by (i) applicable bankruptcy, insolvency,
reorganization, moratorium or other laws affecting creditors’ rights generally,
including without limitation the effect of statutory or other laws regarding
fraudulent conveyances or transfers or preferential transfers, or (ii) general
principles of equity, whether considered at law or at equity.

 

(g)           The Offered Securities
have been duly authorized and, when executed and authenticated in accordance
with the provisions of the Indenture and delivered to and paid for by the
Underwriters in accordance with the terms of the Pricing Agreement (including
these Provisions) for the Offered Securities, will be entitled to the benefits
of the Indenture, will conform in all material respects to the description
thereof in the Prospectus for the Offered Securities and will be valid and
binding obligations of the Company, enforceable against the Company in
accordance with their terms, except as the same may be limited by (i)
applicable bankruptcy, insolvency, reorganization, moratorium or other laws
affecting creditors’ rights generally, including without limitation the effect
of statutory or other laws regarding fraudulent conveyances or transfers or
preferential transfers, or (ii) general principles of equity, whether
considered at law or at equity.

 

(h)           The Company has not
issued, or is not a party to, any outstanding subscriptions, rights, warrants,
options, calls, convertible securities, commitments of sale or liens related to
or entitling any person to purchase or otherwise to acquire any shares of
capital stock of, or other ownership interest in, the Company that might result
in a change of control of the Company, except as may otherwise be disclosed in
the Prospectus for the Offered Securities. 
There are no contracts, agreements or understandings between the Company
and any person, granting such person the right to require the Company to
include in the Registration Statement any securities (debt or equity) of the
Company owned or to be owned by such person.

 

B-7

 

(i)            To the knowledge of
the Company, Deloitte & Touche LLP, the accountants who certified the
financial statements and supporting schedule included in or incorporated by
reference into the Registration Statement and the Prospectus for the Offered
Securities, are independent public accountants within the meaning of Regulation S–X
under the 1933 Act and the 1934 Act.

 

(j)            The consolidated
financial statements of the Company and its consolidated subsidiaries
(excluding GE SeaCo SRL, Orient-Express Hotels Ltd. and Orient-Express Hotels
Inc.) included in or incorporated by reference into the Registration Statement
and the Prospectus present fairly the financial position and results of
operations of the Company and its consolidated subsidiaries on a consolidated
basis at the respective dates and for the respective periods to which they
apply; such financial statements and the supporting schedule have been prepared
in conformity with U.S. generally accepted accounting principles applied on a
consistent basis throughout the respective periods involved and in compliance
with the applicable accounting requirements of the 1933 Act, the 1934 Act and
the rules of the Commission thereafter; and the supporting financial statement
schedule included or incorporated by reference into the Registration Statement,
when considered in relation to the basic consolidated financial statements
taken as a whole, presents fairly the information required to be stated
therein.  The summary consolidated
financial data included in the Prospectus Supplement for the Offered
Securities, if any, present fairly in all material respects the information
shown therein and have been compiled on a basis consistent with that of the
audited consolidated financial statements included in or incorporated by
reference into the Registration Statement and the Prospectus.

 

(k)           Since the respective
dates as of which information is given in the Registration Statement and the
Prospectus, except as may be otherwise stated therein or contemplated thereby,
(i) there has been no material adverse change in the condition, financial or
otherwise, or in the earnings, business affairs or business prospects of the
Company and its subsidiaries considered as one enterprise, whether or not
arising in the ordinary course of business (a “Material Adverse Change”), (ii) except for the Pricing
Agreement for the Offered Securities and the transactions contemplated thereby
or otherwise disclosed in the Prospectus, there have been no transactions
entered into by the Company or any of its subsidiaries, other than those in the
ordinary course of business, which are material with respect to the Company and
its subsidiaries considered as one enterprise, and (iii) there has been no
dividend or distribution of any kind declared, paid or made by the Company on
any class of its capital shares, except for regular quarterly dividends.

 

(l)            There is no action,
suit, claim (including, but not limited to, product liability claims) or
proceeding before or by any court or governmental agency or body, U.S. domestic
or foreign (other than as disclosed in or incorporated by reference into the
Registration Statement and the Prospectus for the Offered Securities), now
pending, or, to the knowledge of the Company, threatened, against or affecting
the Company or any of its subsidiaries, which is required to be disclosed
pursuant to the 1933 Act or the 1933 Act Regulations, or which might result in
any Material Adverse Change, or which might materially and adversely affect the
properties or assets of the Company or any of its

 

B-8

 

subsidiaries,
or which might materially and adversely affect the consummation of the
transactions contemplated by the Pricing Agreement or the ability of the
Company to perform its obligations under the Indenture or the Offered
Securities; and all pending or threatened legal or governmental proceedings to
which the Company or any of its subsidiaries is a party or of which any of
their property is the subject which are not described in the Registration
Statement and Prospectus, including ordinary routine litigation incidental to
their businesses, would not, considered in the aggregate, have a Material
Adverse Effect.

 

(m)          Neither the Company
nor any of its subsidiaries is in violation of its charter or bye-laws or other
constituent documents or in default in the performance or observance of any
obligation, agreement, covenant or condition contained in any indenture,
mortgage, deed of trust or other instrument or agreement to which it is a party
or by which it or its property may be bound, except for such violations (in the case of
subsidiaries) or defaults, if any, that would not have a Material
Adverse Effect.  The execution and the
delivery by the Company of, or the performance by the Company of its
obligations under, the Pricing Agreement, the Indenture and the Offered
Securities, and the consummation of the transactions contemplated in the
Registration Statement and the Prospectus, will not result in a breach or
violation of any of the terms or provisions of, or constitute a default under,
(i) any indenture, mortgage, deed of trust, loan agreement or other
agreement or instrument to which the Company or any of its subsidiaries is a
party or by which any of them is bound, except for such breaches, violations or
defaults that would not, individually or in the aggregate, have a Material
Adverse Effect,  or (ii) the
charter or bye-laws or other constituent documents of the Company, GE SeaCo
SRL, Orient-Express Hotels Ltd., Orient-Express Hotels Inc. or any “significant
subsidiary” of the Company (as such term is defined in Rule 1-02(w) of
Regulation S–X), or (iii) any statute, decree, judgment, order, rule
or regulation of any court or governmental agency or body having jurisdiction
over the Company or any of its subsidiaries or over their respective
properties, except for such breaches, violations or defaults that would not,
individually or in the aggregate, have a Material Adverse Effect.  No consent, approval, authorization or order
of, or filing with, any court or governmental agency or body is required for
the performance by the Company of its obligations under the Pricing Agreement,
the Indenture or the Offered Securities or otherwise in connection with the
issuance or sale of the Offered Securities by the Company, except such as shall
have been obtained under the 1933 Act, the 1939 Act and Bermuda law, and such
as may be required under state securities laws in connection with the offer and
sale of the Offered Securities by the Underwriters.

 

(n)           Each of the Company
and its subsidiaries has good and marketable title to all property (real and
personal) described in the Prospectus for the Offered Securities as being owned
by it, free and clear of all liens, claims, security interests or other
encumbrances except such as are described in the Prospectus or such as are immaterial
to the Company and its subsidiaries considered as one enterprise, and all the
property described in the Prospectus as being held under lease by each of the
Company and its subsidiaries is held by it under valid, subsisting and
enforceable leases.

 

B-9

 

(o)           The Company and its
subsidiaries have all such permits, licenses, franchises and authorizations of
governmental or regulatory authorities (“permits”) as are necessary to own their respective properties
and to conduct their business in the manner described in the Prospectus for the
Offered Securities, subject to such qualifications as may be set forth in the
Prospectus, except those permits the failure to obtain which would not have a
Material Adverse Effect; each of the Company and its subsidiaries has fulfilled
and performed all its material obligations with respect to its permits, and no
event has occurred which allows, or after notice or lapse of time would allow,
revocation or termination thereof or results or would result in any other
material impairment of the rights of the holder of any such permit, subject in
each case to such qualification as may be set forth in the Prospectus; and,
except as described in the Prospectus, none of such permits contains any
restriction that is materially burdensome to the Company or any of its
subsidiaries.

 

(p)           The Pricing
Agreement (including these Provisions) has been duly authorized, executed and
delivered by the Company and is a valid and binding agreement of the Company,
except that (i) the validity of the indemnification and contribution
provisions of Sections 5 and 6 herein may be limited by public policy
considerations, and (ii) the validity of Section 14 herein may be
limited by the public policy of the State of New York, and with respect to the
United States District Court for the Southern District of New York, may be
subject to the discretion of the court pursuant to 28 U.S.C.
Section 1404(a).

 

(q)           With respect to each
employee benefit plan, program, arrangement and contract maintained or
contributed to by the Company or any of its subsidiaries, no event has occurred
and, to the knowledge of the Company, there exists no condition or set of
circumstances in connection with which the Company or any subsidiary could be
subject to any liability under the terms of such plan, program, arrangement or
contract, or any applicable law or regulation, which may reasonably be expected
to result in a Material Adverse Effect.

 

(r)            No labor dispute
with the employees of the Company or any subsidiary exists or, to the knowledge
of the Company, is imminent, and the Company is not aware of any existing or
imminent labor disturbance by the employees of any of its, or any of its
subsidiaries’, principal suppliers, manufacturers, customers or contractors,
which, in any case, may reasonably by expected to result in a Material Adverse
Effect.

 

(s)           The Company and its
subsidiaries are insured by insurers of recognized financial responsibility (or
by appropriate self-insurance) against such losses and risks and in such
amounts as are prudent and customary in the businesses and in the locations in
or at which they are engaged; and the Company has no reason to believe that it
and its subsidiaries will not be able to renew their existing insurance
coverage as and when such coverage expires, or to obtain similar coverage from
similar insurers as may be necessary to continue its business, at a cost that
would not have a Material Adverse Effect.

 

B-10

 

(t)            The Company is not
an “investment company” or an entity “controlled” by an “investment company” as
such terms are defined in the Investment Company Act of 1940, as amended.

 

(u)           Neither the Company
nor any affiliate of the Company (as defined in Rule 405 under the 1933
Act) has taken or will take, directly or indirectly, any action designed to
cause or result in, or which has constituted or which would be expected to
cause or result in, stabilization or manipulation of the price of any security
of the Company to facilitate the sale or resale of the Offered Securities.

 

(v)           Except as disclosed
in the Prospectus for the Offered Securities, and except as would not
individually or in the aggregate have a Material Adverse Effect, (i) the
Company and its subsidiaries are in compliance with all applicable
Environmental Laws (as defined below), (ii) the Company and its
subsidiaries have all permits, authorizations and approvals required under any
applicable Environmental Laws and are in compliance with their requirements,
(iii) there are no pending or, to the best knowledge of the Company,
threatened Environmental Claims (as defined below) against the Company or any of its
subsidiaries and (iv) neither the Company nor any of its subsidiaries has
knowledge of any circumstances with respect to any of its properties or
operations that could reasonably be anticipated to form the basis of an
Environmental Claim against the Company or any of its subsidiaries or any of
their properties or operations and the business operations relating thereto
that would have a Material Adverse Effect. 
For purposes of these Provisions, the following terms shall have the
following meanings:  “Environmental Law” means, with respect to any person, any
foreign, United States federal, state, local or municipal statute, law, rule,
regulation, ordinance, code, policy or rule of common law and any published
judicial or administrative interpretation thereof including any judicial or
administrative order, consent decree or judgment binding on such person or any
of its subsidiaries, relating to the environment, health, safety or any
chemical, material or substance, exposure to which is prohibited, limited or
regulated by any such governmental authority. 
“Environmental Claims” means any and all
administrative, regulatory or judicial actions, suits, demands, demand letters,
claims, liens, notices of noncompliance or violation, investigations or
proceedings relating in any way to any Environmental Law.

 

(w)          The Company and its
subsidiaries maintain a system of internal accounting controls sufficient to
provide reasonable assurances that (i) transactions are executed in
accordance with management’s general or specific authorization,
(ii) transactions are recorded as necessary to permit preparation of
financial statements in conformity with U.S. generally accepted accounting
principles and to maintain accountability for assets, (iii) access to
assets is permitted only in accordance with management’s general or specific
authorization and (iv) the recorded accountability for assets is compared
in all material respects with the existing assets at reasonable intervals and
appropriate action is taken with respect to any differences.

 

(x)            The Company has
established and maintains disclosure controls and procedures (as such term is
defined in Rule 13a-14 under the 1934 Act), which (i) are designed to
ensure that material information relating to the Company, including its

 

B-11

 

 

consolidated
subsidiaries (other than GE SeaCo SRL, Orient-Express Hotels Ltd. and
Orient-Express Hotels Inc.), is made known to the Company’s principal executive
officer and its principal financial officer by others within those entities,
particularly during the periods in which the periodic reports required under
the 1934 Act are being prepared, (ii) have been evaluated for
effectiveness as of the end of the period covered by the Company’s most recent
annual or quarterly report filed with the Commission, and (iii) are effective
in all material respects to perform the functions for which they were
established.  Based on the evaluation of
the Company’s disclosure controls and procedures described above, the Company
is not aware of (i) any significant deficiency in the design or operation
of internal controls which could adversely affect the Company’s ability to
record, process, summarize and report financial data or any material weaknesses
in internal controls or (ii) any fraud, whether or not material, that
involves management or other employees who have a significant role in the
Company’s internal controls.  Since the
most recent evaluation of the Company’s disclosure controls and procedures
described above, there have been no significant changes in internal controls or
in other factors that could significantly affect internal controls.

 

(y)           The Company and its
officers and directors are in compliance in all material respects with
applicable effective provisions of the Sarbanes-Oxley Act of 2002 and the rules
and regulations promulgated in connection therewith (the “Sarbanes-Oxley Act”), and are actively taking steps to
ensure that they will be in compliance with other applicable provisions of the
Sarbanes-Oxley Act upon their effectiveness.

 

(z)            The Company and its
subsidiaries have filed all necessary U.S. federal, state and foreign income
tax returns and have paid all taxes shown by such returns which are due and
payable, and any related or similar assessment, fine or penalty levied against
any of them, except in each case as may be being contested in good faith and by
appropriate proceedings.  The Company
and its subsidiaries (other than GE SeaCo SRL, Orient-Express Hotels Ltd. and
Orient-Express Hotels Inc.) have made adequate charges, accruals and reserves
in the applicable financial statements described in the Registration Statement
and Prospectus in respect of all U.S. federal, state and foreign income taxes
for all periods as to which the tax liability of the Company or any of its
subsidiaries has not been finally determined.

 

(aa)         Each certificate
signed by any officer of the Company and delivered to the Underwriters or their
counsel shall be deemed to be a representation and warranty by the Company to
the Underwriters as to the matters covered thereby.

 

Section
2.  Certain Covenants of the Company.  The Company covenants with each Underwriter
as follows with respect to each offering of Offered Securities:

 

(a)           Amendment No. 2 to
the Registration Statement contains a preliminary prospectus supplement
providing such information as you and the Company deemed appropriate, and,
immediately following the execution of the Pricing Agreement, the Company will
prepare a Prospectus Supplement that complies with the 1933 Act and the 1933
Act Regulations and that sets forth the principal amount of the Offered
Securities and their terms not otherwise specified in the Indenture, the name
of each Underwriter

 

B-12

 

participating
in the offering and the principal amount of the Offered Securities that each
severally has agreed to purchase, the name of each Underwriter, if any, acting
as representative of the Underwriters in connection with the offering, the
price at which the Offered Securities are to be purchased by the Underwriters
from the Company, any initial public offering price, any selling concession and
reallowance and any delayed delivery arrangements, and such other information
as you and the Company deem appropriate in connection with the offering of the
Offered Securities.  The Company will promptly
transmit copies of the Prospectus Supplement to the Commission for filing
pursuant to Rule 424(b) under the 1933 Act and will furnish to the Underwriters
as many copies of any preliminary prospectus supplement and the Prospectus and
all amendments and supplements thereto as you shall reasonably request.

 

(b)           The Company will
comply to the best of its ability with the 1933 Act and the 1933 Act
Regulations, and the 1934 Act and the 1934 Act Regulations, so as to permit the
completion of the distribution of the Offered Securities as contemplated in the
Pricing Agreement and in the Prospectus. 
If at any time when a Prospectus is required by the 1933 Act to be
delivered in connection with sales of the Offered Securities, any event shall
occur or condition exist as a result of which it is necessary to amend the
Registration Statement or amend or supplement the Prospectus in order that the
Prospectus will not include an untrue statement of a material fact or omit to
state a material fact necessary in order to make the statements therein not
misleading in the light of the circumstances existing at the time it is
delivered to a purchaser, or if it shall be necessary at any such time to amend
the Registration Statement or amend or supplement the Prospectus in order to
comply with the requirements of the 1933 Act or the 1933 Act Regulations, the
Company will promptly prepare and file with the Commission, subject to Section
2(d), such amendment or supplement as may be necessary to correct such untrue
statement or omission or to make the Registration Statement or the Prospectus
comply with such requirements, and furnish any such amendment or supplement to
you in such quantities as you may reasonably request.

 

(c)           During the period
when a Prospectus is required by the 1933 Act to be delivered in connection
with sales of the Offered Securities, the Company will file promptly all
documents required to be filed with the Commission pursuant to Section 13
or 15(d) of the 1934 Act and shall notify you of such filing.

 

(d)           During the period
when a Prospectus is required by the 1933 Act to be delivered in connection
with sales of the Offered Securities, the Company will inform you of its
intention to file any amendment to the Registration Statement or any supplement
to the Prospectus (not including any document referred to in Section 2(c));
will furnish you with copies of any such amendment or supplement a reasonable
time in advance of filing; and will not file any such amendment or supplement
in a form to which you or your counsel shall reasonably object in a timely
manner.

 

(e)           During the period
when a Prospectus is required by the 1933 Act to be delivered in connection
with sales of the Offered Securities, the Company will notify you immediately,
and confirm the notice in writing, (i) of the effectiveness of any amendment to
the Registration Statement or related registration statement filed pursuant to
Rule

 

B-13

 

462(b) of the
1933 Act Regulations, (ii) of the mailing or the delivery to the Commission for
filing of any supplement to the Prospectus or any document that would be
incorporated by reference in the Prospectus, (iii) of the receipt of any
comments from the Commission with respect to the Registration Statement, the Prospectus
or the Prospectus Supplement, (iv) of any request by the Commission for any
amendment to the Registration Statement or any supplement to the Prospectus or
for additional information relating thereto or to any document incorporated by
reference in the Prospectus and (v) of the issuance by the Commission of any
stop order suspending the effectiveness of the Registration Statement, of the
suspension of the qualification of the Offered Securities for offering or sale
in any jurisdiction, or of the institution or threatening of any proceeding for
any of such purposes.  The Company will
use every reasonable effort to prevent the issuance of any such stop order or
of any order suspending such qualification and, if any such order is issued, to
obtain the lifting thereof at the earliest possible moment.

 

(f)            The Company has
furnished or will furnish to you one copy of the Registration Statement (as
originally filed) and of all amendments thereto, whether filed before or after
the Registration Statement became effective, and one copy of all exhibits and
documents filed therewith or incorporated by reference therein (through the end
of the period when the Prospectus is required by the 1933 Act to be delivered
in connection with sales of the Offered Securities) and has furnished or will
furnish to you, for each of the Underwriters, one conformed copy of the
Registration Statement (as originally filed) and of each amendment thereto
(including documents incorporated by reference into the Prospectus but without
exhibits).

 

(g)           The Company will
cooperate with the Underwriters to qualify the Offered Securities for offering
and sale under the applicable securities laws of such states and other
jurisdictions as you may reasonably designate, and to maintain such
qualifications in effect so long as is required for the distribution of the
Offered Securities; provided, however, that the Company shall not
be obligated in connection therewith to take any action that would subject it
to general service of process in any jurisdiction in which it is not otherwise
so subject, or would qualify it as a foreign corporation or as a dealer in
securities in any jurisdiction in which it is not otherwise so qualified, or
would subject it to taxation in any jurisdiction in which it is not otherwise
so subject.  The Company will file such
statements and reports as may be required by the laws of each jurisdiction in
which the Offered Securities have been qualified as above provided.  The Company will also supply you with such
information as is necessary for the determination of the legality of the
Offered Securities for investment under the laws of such jurisdictions as you
may reasonably request.

 

(h)           The Company will use
its best efforts to comply with all applicable rules and regulations of the Commission
and, as soon as practicable after the date of the Pricing Agreement, the
Company will make generally available to the holders of Offered Securities an
earnings statement of the Company and its subsidiaries satisfying the
provisions of Section 11(a) of the 1933 Act and Rule 158 of the 1933 Act
Regulations.

 

B-14

 

(i)            For a period of two
years after the Closing Time, the Company will furnish to you copies of all
documents, reports and information as shall be furnished by the Company to its
stockholders or security holders generally.

 

(j)            Between the date of
the Pricing Agreement and the Closing Time or such other date as may be
specified in the Pricing Agreement, the Company will not, without your prior
consent, (i) offer, sell, contract to sell, pledge, or otherwise dispose of, or
(ii) enter into any transaction which is designed to, or might reasonably be
expected to, result in the disposition (whether by actual disposition or
effective economic disposition due to cash settlement or otherwise) by the
Company or any affiliate of the Company, directly or indirectly, including the
filing of a registration statement with the Commission in respect of, or (iii)
establish or increase a put equivalent position or liquidate or decrease a call
equivalent position within the meaning of Section 16 of the 1934 Act in
respect of, any debt securities with a maturity of more than one year issued or
guaranteed by the Company (other than the Offered Securities) or publicly
announce an intention to effect any such transaction.

 

(k)           Whenever the Company
publishes or makes available to the public (by filing with any regulatory
authority or securities exchange or by publishing a press release or otherwise)
any information that could reasonably be expected to be material in the context
of the offer and sale of the Offered Securities under the Pricing Agreement,
the Company shall immediately notify you as to the nature of such information
or event.  Until the third anniversary of
the Closing Time, the Company will notify you of (i) any decrease in the
rating of the Offered Securities or any other debt securities of the Company by
any credit rating agency recognized by the Commission as a nationally
recognized statistical rating organization or (ii) any notice given of any
intended or potential decrease in any such rating or of a possible change in
any such rating which does not indicate the direction of the possible change,
as soon as the Company becomes aware of any such decrease or notice.

 

Section
3.  Payment of Expenses.  Whether or not the transactions contemplated
by a Pricing Agreement are consummated, the Company will pay all expenses
incident to the performance of its obligations under a Pricing Agreement,
including (a) costs of the preparation, printing and filing of the
Registration Statement (including financial statements and exhibits), as
originally filed and as amended, any preliminary prospectus supplements and the
Prospectus and any amendments or supplements thereto, and the cost of
furnishing copies thereof to the Underwriters, (b) costs of the
preparation and distribution of the Pricing Agreement (including these
Provisions), the Indenture and all other documents relating to this offering,
(c) costs of the preparation, issuance, execution, authentication and
delivery of the Offered Securities to the Underwriters, (d) the fees and
disbursements of the Company’s counsel and accountants, (e) costs of the
qualification of the Offered Securities under the applicable securities laws in
accordance with Section 2(g) and, if required, any filing for review of
the offering with the National Association of Securities Dealers, Inc.,
including filing fees and reasonable fees and disbursements of counsel for the
Underwriters in connection therewith and in connection with any blue sky
survey, (f) any fees charged by rating agencies for rating the Offered
Securities, (g) the fees and expenses of the Trustee, including the fees
and disbursements of counsel for the Trustee, in connection with the Indenture
and the Offered Securities, (h) any fees, taxes and

 

B-15

 

charges imposed by Bermuda on the sale of the
Offered Securities, and (i) the reproduction and delivery of copies of the
blue sky survey.  The Company also
agrees that if the sale of the Offered Securities provided for herein is not
consummated, other than by reason of a default by any of the Underwriters, the
Company will reimburse the Underwriters severally through you on demand for all
reasonable out-of-pocket expenses (including reasonable fees and disbursements
of their counsel) that shall have been incurred by them in connection with the
proposed purchase and sale of the Offered Securities.

 

Section
4.  Conditions of Underwriters’
Obligations.  Except as otherwise
provided in a Pricing Agreement, the obligations of the Underwriters to
purchase and pay for the Offered Securities pursuant to such Pricing Agreement
are subject to the accuracy in all material respects of the representations and
warranties on the part of the Company contained herein at the Representation
Date and at the Closing Time, to the accuracy in all material respects of the
statements of the Company made in any certificates pursuant to the provisions
hereof, to the performance by the Company of its obligations hereunder at or
prior to the Closing Time and to the following additional conditions:

 

(a)           At the Closing Time,
no stop order suspending the effectiveness of the Registration Statement shall
have been issued under the 1933 Act and no proceedings for that purpose shall
have been instituted or shall be pending or, to your knowledge or the knowledge
of the Company, shall be contemplated by the Commission, and any request on the
part of the Commission for additional information shall have been complied with
to the reasonable satisfaction of counsel for the Underwriters.  The Prospectus shall have been transmitted
to the Commission for filing pursuant to Rule 424(b) of the 1933 Act
Regulations within the prescribed time period, and prior to the Closing Time,
the Company shall have provided evidence to the Underwriters of such timely
filing.

 

(b)           At the Closing Time,
the Underwriters shall have received an opinion of Carter Ledyard & Milburn
LLP, United States counsel for the Company, dated as of the date of the Closing
Time, in form and substance reasonably satisfactory to counsel for the
Underwriters, to the effect that:

 

(i)            Orient–Express
Hotels Inc. (“OEHI”) is a
corporation duly incorporated, validly existing and in good standing under the
laws of the State of Delaware.  In
giving such opinion with respect to valid existence and good standing, such
counsel may rely exclusively on certificates obtained from the office of the
Secretary of the State of Delaware;

 

(ii)           the
Indenture, assuming that it has been duly authorized, executed and delivered by
the Trustee, is a valid and binding obligation of the Company, enforceable
against the Company in accordance with its terms, except that (A) the
enforceability thereof may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium, fraudulent conveyance or similar laws affecting
creditors’ rights generally and by general principles of equity (regardless of
whether such enforcement is considered in a proceeding in equity or at law) and
(B) the validity of Section 1.15 of the Indenture, with respect to submission
to the

 

B-16

 

jurisdiction of the United States District Court for the Southern
District or Eastern District of New York, may be subject to the discretion of
the court pursuant to 28 U.S.C. Section 1404(a).  In rendering this opinion, counsel may rely on the opinions of
Appleby Spurling Hunter, given pursuant to Sections (4)(c)(ii) and (iii) of these
Provisions, that the Company had the power to enter into and perform its
obligations under the Indenture, and that the Indenture has been duly
authorized, executed and delivered by the Company;

 

(iii)          the
Offered Securities, when executed and authenticated in accordance with the
provisions of the Indenture and delivered to and paid for by the Underwriters
in accordance with the provisions of the Pricing Agreement, will be entitled to
the benefits of the Indenture and will constitute legal, valid and binding
obligations of the Company enforceable against the Company in accordance with
their terms, except that the enforceability thereof may be limited by
bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance or
similar laws affecting creditors’ rights generally and by general principles of
equity (regardless of whether such enforceability is considered in a proceeding
in equity or at law).  In rendering this
opinion, such counsel may rely on the opinions of Appleby Spurling Hunter,
given pursuant to Sections 4(c)(iii) and (iv) of these Provisions, that the
Indenture has been duly authorized, executed and delivered by the Company, and
that the Securities have been duly authorized by the Company;

 

(iv)          to
the best knowledge of such counsel and other than as may be set forth in the
Prospectus, there are no pending or threatened legal or governmental
proceedings to which OEHI, the Company or any of its subsidiaries is a party
that would be required under the 1933 Act to be described in the Registration
Statement or Prospectus, or, to such Counsel’s best knowledge after due
inquiry, that seek to restrain, enjoin, prevent the consummation of or
otherwise challenge the issuance or sale of the Offered Securities to the
Underwriters;

 

(v)           the
sections (A) in the Prospectus under the captions “Description of Debt
Securities” and “Plan of Distribution” and (B) in the Prospectus Supplement
under the captions “Description of the Notes” describing the Offered Securities
fairly summarize the terms of the Offered Debt Securities and of any other
legal matters, documents or proceedings referred to in such sections;

 

(vi)          the
section of the Prospectus Supplement under the caption “Material United States
Federal Income Taxation Considerations” contains an accurate general
description, under currently applicable law, of the principal United States
federal income tax considerations that will apply to a U.S. Holder (as defined
therein) of the Offered Securities;

 

(vii)         the
Indenture has been duly qualified under the 1939 Act;

 

(viii)        no
consent, approval, authorization or order of, or registration or qualification
or filing of or with, any United States federal or New York State

 

B-17

 

governmental agency or body or, to the best of such counsel’s
knowledge, any United States federal or New York State court is required for
the performance by the Company of its obligations under the Pricing Agreement
or the Indenture, except such as may be required under New York securities laws
in connection with the purchase or distribution of the Offered Securities by
the Underwriters;

 

(ix)           The execution and delivery by the Company of
the Pricing Agreement, the Indenture and the Offered Securities, the performance by the Company of, or its
compliance with, its obligations under the Pricing Agreement, the
Indenture and the Offered Securities,
and the consummation of the transactions contemplated therein and in the
Registration Statement and Prospectus, do not and will not result in a breach
or violation of any of the terms or provisions of, or constitute a default
under, or result in the creation or imposition of any lien, charge or
encumbrance upon any property or assets of the Company or its subsidiaries
under, (A) any indenture, mortgage, deed of trust, loan agreement or any other
agreement or instrument to be listed in such opinion, which shall include any material indenture,
mortgage, deed of trust, loan agreement or any other agreement or instrument to
which the Company or any of its subsidiaries is a party, by which it or any of
them is bound, or to which any of their property or assets are subject, and
which (x) is described or referred to in the Prospectus, or incorporated
by reference or is filed as an exhibit to the Registration Statement, (y) relates to a loan or other financing in
an aggregate amount exceeding $100,000,000, or (z) is reasonably requested by
you, or (B) any United States federal or New York statute, rule or regulation
or any decree, judgment or order, known to such counsel, of any United States
federal or New York court or governmental agency or body specifically
applicable to the Company or any of its subsidiaries or any of their
properties, except for such breaches, violations, defaults, liens, charges or
encumbrances that would not have a Material Adverse Effect, or (C) any
provision of the certificate of incorporation, by-laws or other constituent
documents of OEHI.

 

(x)            the
Company is not an “investment company” or an entity “controlled” by an
“investment company” as such terms are defined in the Investment Company Act of
1940, as amended;

 

(xi)           (A) The
Registration Statement, the Prospectus and each amendment or supplement thereto
(other than the financial statements and related notes and schedules and other financial
and statistical data included therein or omitted therefrom, as to which such
counsel need express no opinion) comply as to form in all material respects
with the requirements of the 1933 Act and the 1933 Act Regulations;
(B) each document incorporated by reference in the Registration Statement
and Prospectus, at the time such document was initially filed with the
Commission, complied as to form in all material respects with the requirements
of the 1934 Act and the 1934 Act Regulations; and (C) the descriptions in
the Registration Statement and the Prospectus of contracts and other documents,
of United States federal and New York statutes, and of legal and

 

B-18

 

governmental proceedings in the United States, are accurate summaries
in all material respects and fairly present the information required to be
given;

 

(xii)          the
Registration Statement has been declared effective under the 1933 Act; any
required filing of the Prospectus pursuant to Rule 424(b) has been made in the
manner and within the time period required by Rule 424(b); and, to the best of
such counsel’s knowledge, no stop order suspending the effectiveness of the
Registration Statement has been issued under the 1933 Act, and no proceedings for
that purpose have been instituted or are pending or threatened by the
Commission;

 

(xiii)         to
the best of such counsel’s knowledge, there are no franchises, contracts,
indentures, mortgages, loan agreements, notes, leases or other instruments
required to be described in the Registration Statement or Prospectus or to be
filed as exhibits thereto or incorporated by reference therein other than those
so described or filed as exhibits or incorporated by reference, it being
understood, with respect to all the foregoing, that such counsel expresses no
opinion as to the financial statements and related notes and schedule and other
financial and statistical data included in the Registration Statement or
Prospectus or omitted therefrom;

 

(xiv)        The
Company is eligible to use Form S-3 for the registration under the 1933 Act of
the offer and sale of the Offered Securities as described in the Prospectus,
and the Registration Statement meets the requirements set forth in
Rule 415(a)(1)(x) under the 1933 Act; and

 

(xv)         The
Company’s submission (pursuant to Section 14 of these Provisions) to the
personal jurisdiction of the courts of the State of New York in the County of
New York or the United States District Court for the Southern District of New
York with respect to any action or proceeding arising out of, or based on, the
Pricing Agreement is valid and enforceable against the Company, and the
Company’s appointment of Sea Containers America Inc. and Corporation Service
Company as the designees, appointees and agents upon whom process may be served
in any such action or proceeding is also valid and enforceable against the
Company.  The enforceability of such
submission and appointment is subject to, and may be limited by, (A) bankruptcy,
insolvency, liquidation, receivership, moratorium, reorganization, fraudulent
conveyance or other similar laws relating to or affecting the enforcement of
the rights of creditors, (B) general principles of equity, and
(C) the discretion of United States federal or New York State courts with
respect to venue, as provided in 28 U.S.C. § 1404(a) and New York
CPLR § 510, respectively.

 

In addition,
Carter Ledyard & Milburn LLP shall state that no opinion is expressed as to
any laws other than the laws of the United States of America and the State of
New York and, if applicable, the General Corporation Law of the State of
Delaware, and that it has participated in conferences with officers and other
representatives of the Company, representatives of the independent public
accountants

 

B-19

 

for the Company,
representatives of the Underwriters and counsel for the Underwriters in
connection with the preparation of the Registration Statement and the
Prospectus, and has considered the matters required to be stated therein and
the statements contained therein and, although such counsel has not
independently verified the accuracy, completeness or fairness of such
statements (except as indicated in clauses (v) and (vi) above), such
counsel advises the Underwriters that, on the basis of the foregoing, no facts
have come to its attention that would cause it to believe that the Registration
Statement or any amendment thereto, at the time such Registration Statement or
any such amendment became effective, contained an untrue statement of a
material fact or omitted to state a material fact required to be stated therein
or necessary to make the statements therein not misleading, or that the
Prospectus or any amendment or supplement thereto, at the time the Prospectus
or supplement was issued and at all times up to and including the Closing Time,
contained or contains an untrue statement of a material fact or omitted or
omits to state a material fact required to be stated therein or necessary in
order to make the statements therein, in the light of the circumstances under
which they were made, not misleading, except that, with respect to all the
foregoing, such counsel assumes no responsibility for, has not independently
verified and expresses no opinion as to, the accuracy, completeness or fairness
of the financial statements and related notes and schedule and other financial
and statistical data included in the Registration Statement or Prospectus or
omitted therefrom, or the accuracy, completeness or fairness of the Form T-1.

 

(c)           At Closing Time, the
Company shall have furnished to you the opinion of Appleby Spurling Hunter,
Bermuda counsel for the Company, dated as of the Closing Time, substantially to
the effect that:

 

(i)            Each
of the Company, Orient-Express Hotels Ltd., Orient-Express Holdings 1 Ltd., Sea
Containers SPC Ltd. and Contender 2 Ltd. is an exempted company duly
incorporated with limited liability, validly existing and in good standing
under the laws of Bermuda;

 

(ii)           Each
of the Indenture and the Pricing Agreement has been duly authorized, executed
and delivered by the Company and constitutes a valid, legally binding
obligation of the Company enforceable against the Company in accordance with
its terms;

 

(iii)          The
Offered Securities have been duly authorized by the Company and, when executed
and authenticated in accordance with the provisions of the Indenture and
delivered to and paid for by the Underwriters in accordance with the provisions
of the Pricing Agreement, will be entitled to the benefits of the Indenture and
will constitute valid and binding obligations of the Company enforceable
against the Company in accordance with their terms;

 

(iv)          The
Company has all requisite corporate power and authority under its
Constitutional Documents to own, lease, manage and operate its properties and
to conduct its business as described in the Prospectus, and it has all

 

B-20

 

requisite power and authority to enter into and perform its obligations
under the Pricing Agreement, the Indenture and the Offered Securities;

 

(v)           (a)
The execution, delivery and performance by the Company of the Pricing
Agreement, the Indenture or the Offered Securities, (b) the consummation of the
transactions therein contemplated and in the Registration Statement and
Prospectus do not and will not, (i) result in a breach or violation of any term
or provision of, or constitute a default under or result in the creation or
imposition of any lien, charge or encumbrance upon any property or assets of
the Company, Orient-Express Hotels Ltd., Orient-Express Holdings 1 Ltd., Sea
Containers SPC Ltd. or Contender 2 Ltd. under any indenture (including, without
limitation, the Indenture), mortgage, deed of trust, loan agreement or any
other agreement or instrument known to such counsel to which the Company,
Orient-Express Hotels Ltd., Orient-Express Holdings 1 Ltd., Sea Containers SPC
Ltd. or Contender 2 Ltd.  is a party or
by which it or any of them is bound or to which any of the property or assets
of the Company, Orient-Express Hotels Ltd., Orient-Express Holdings 1 Ltd., Sea
Containers SPC Ltd. or Contender 2 Ltd. 
is subject; or (ii) violate (A) the provisions of the Constitutional
Documents or (B) any requirement of law or regulation of Bermuda;

 

(vi)          No
consent, approval, authorization or order of, or registration or qualification
or filing of or with, any Bermuda governmental agency or Bermuda governmental
body or any Bermuda court is required for the performance by the Company of its
obligations under the Pricing Agreement, Indenture or the Offered Securities,
except the consent of the Bermuda Monetary Authority to the issue by the
Company of the Offered Securities (which consent has been obtained) and the
filing of the Prospectus and Prospectus Supplement with the Registrar of
Companies (which has been completed);

 

(vii)         The
information in the Prospectus and Prospectus Supplement under the captions
“Risk Factors — Other Risks — We cannot assure you that a judgment of a United
States court for liabilities under U.S. securities laws would be enforceable in
Bermuda, or that an original action can be brought in Bermuda against Sea
Containers for liabilities under U.S. securities laws,” “Risk Factors — Other
Risks — Sea Containers’ directors and officers may control the outcome of most
matters submitted to a vote and of its shareholders,” “Risk Factors — Other
Risks — Provisions in Sea Containers’ charter documents may discourage
potential acquisitions of Sea Containers, even those which the holders of a majority
of its class A common shares might favor,” “Risk Factors — Other Risks
—The insolvency laws of Bermuda may not be as favorable to you as the
bankruptcy laws of the jurisdiction with which you are familiar,” and
“Description of Debt Securities” and “Bermuda Tax Considerations,” to the
extent such information constitutes matters of Bermuda law or legal
conclusions, is accurate in all material respects;

 

(viii)        The
Company’s authorized issued share capital is as set forth in the Prospectus
Supplement under the caption “Capitalization”. All of the issued and

 

B-21

 

outstanding common shares of the Company have been duly authorized,
validly issued and are fully paid and non-assessable and were not issued in violation
of any pre-emptive or similar right under the Constitutional Documents of any
security holder of the Company;

 

(ix)           Based
solely on the results of the Litigation Search there is not pending any action,
suit, proceeding, inquiry or investigation in Bermuda, to which the Company,
Orient-Express Hotels Ltd., Orient-Express Holdings 1 Ltd., Sea Containers SPC
Ltd. or Contender 2 Ltd. is a party, or to which the property of the Company,
Orient-Express Hotels Ltd., Orient-Express Holdings 1 Ltd., Sea Containers SPC
Ltd. or Contender 2 Ltd. is subject, before or brought by any court or
governmental agency or body in Bermuda, which could reasonably be expected to
result in a Material Adverse Effect, or which could reasonably be expected to
materially and adversely affect the properties or assets thereof or the
consummation of the transactions contemplated by the Pricing Agreement, the
Indenture and the Offered Securities or the performance by the Company of its
obligations thereunder;

 

(x)            The
choice of the laws of the State of New York as the proper law to govern the
Pricing Agreement, the Indenture and the Offered Securities is a valid choice
of law under Bermuda law and such choice of law would be recognized, upheld and
applied by the courts of Bermuda as the proper law of the Pricing Agreement,
Indenture and the Offered Securities in proceedings brought before them in
relation to the Pricing Agreement, Indenture and the Offered Securities,
provided that (a) such choice of law is valid and binding under the laws of the
State of New York, (b) the point is specifically pleaded, and (c) recognition
would not be contrary to public policy as that term is understood under Bermuda
law;

 

(xi)           The
irrevocable and unconditional submission by the Company to the jurisdiction of
any state or federal court in New York under the Pricing Agreement, Indenture
and the Offered Securities is not contrary to Bermuda law and would be
recognized by the courts of Bermuda as a legal, valid and binding submission,
provided that such submission is accepted by such courts and is legal, valid
and binding under the laws of the State of New York;

 

(xii)          A
final and conclusive judgment of a competent foreign court against the Company
based on the Pricing Agreement and the Indenture, and the transactions
contemplated thereby (other than a court of jurisdiction to which the Judgment
(Reciprocal Enforcement) Act 1958 applies, and it does not apply to the courts
of New York) under which a sum of money is payable (not being a sum payable in
respect of taxes or other charges of a like nature, in respect of a fine or
other penalty, or in respect of multiple damages as defined in The Protection
of Trading Interests Act 1981) may be the subject of enforcement proceedings in
the Supreme Court of Bermuda under the common law doctrine of obligation by
action on the debt evidenced by the judgment of such competent foreign
court.  A final opinion as to the
availability of this remedy should be sought when the facts

 

B-22

 

surrounding the foreign court’s judgment are known, but, on general
principles, one would expect such proceedings to be successful provided that:

 

(A)          the court which gave the judgment was
competent to hear the action in accordance with private international law
principles as applied in Bermuda; and

 

(B)           the judgment is not contrary to
public policy in Bermuda, has not been obtained by fraud or in proceedings
contrary to natural justice and is not based on an error in Bermuda law.

 

Enforcement of
such a judgment against the assets in Bermuda may involve the conversion of the
judgment debt into Bermuda dollars, but the Bermuda Monetary Authority’s policy
is to give the consents necessary to enable recovery in the currency of the
obligation.

 

Such counsel has
no reason to believe that as of the date of the opinion the enforcement of a
foreign judgment relating to the indemnification and contribution provisions
set forth in Sections 5 and 6 of the Pricing Agreement would contravene Bermuda
public policy or laws;

 

(xiii)         There
are no Bermuda capital, stamp or other issuance taxes or duties payable in
Bermuda in connection with the issuance, sale and delivery of the Offered
Securities, or the consummation of any of the other transactions contemplated in
the Pricing Agreement, the Indenture or the Offered Securities; and

 

(xiv)        No
holder of any Offered Securities will be, purely on account of such holding,
subject to any liability in respect of any liability of the Company and the
Offered Securities are freely transferable by and between persons who are
non-resident of Bermuda for exchange control purposes.

 

(d)           The Company shall
have furnished to the Underwriters the opinion of Edwin S. Hetherington,
Vice President, General Counsel and Secretary of the Company, dated as of the
Closing Time, substantially to the effect that:

 

(i)            Great
North Eastern Railway Ltd., Sea Containers U.K. Ltd. and Sea Containers British
Isles Ltd. are companies duly incorporated, validly existing and in good
standing under the laws of England;

 

(ii)           The
issued shares of capital stock of each significant subsidiary of the Company
(as defined in Regulation S–X of the Securities and Exchange
Commission) have been duly authorized and validly issued, are fully paid and
non-assessable and except as otherwise disclosed in the Prospectus, are owned
beneficially by the Company, either directly or through wholly-owned
subsidiaries of the Company, free and clear, to the best of such counsel’s
knowledge, of any pledge, lien, encumbrance, security interest, restriction on
voting or transfer, preemptive rights or other defect or claim of any third
party,

 

B-23

 

except that (A) the shares of Silja Oy Ab and the preference
shares of Sea Containers SPC Ltd. are pledged as security for bank loans to the
Company and its subsidiaries, (B) the class A shares of Sea
Containers SPC Ltd. have limited voting rights and are not owned by the Company
or any of its subsidiaries, and (C) the shares of Great North Eastern
Railway Ltd. are subject to restrictions on transfer imposed by the U.K.
government;

 

(iii)          The
execution and delivery by the Company of the Pricing Agreement and the
Indenture, the performance by the Company of, or its compliance with, its
obligations under the Pricing Agreement and the Indenture and the consummation
of the transactions contemplated therein or in the Registration Statement and
the Prospectus, including the offering, issuance or sale by the Company of the
Offered Securities do not and will not result in a breach or violation of any
of the terms or provisions of, or constitute a default under, or result in the
creation or imposition of any lien, charge or encumbrance upon any property or
assets of the Company or any of its subsidiaries under, (A) any indenture,
mortgage, deed of trust, loan agreement or any other agreement or instrument
which is described or referred to in the Prospectus, or is filed or
incorporated by reference as an exhibit to the Registration Statement and to
which the Company or any of its subsidiaries is a party or by which they are
bound or to which any of their property or assets is subject, or (B) any
provision of the Memorandum of Association, Certificate of Incorporation,
By-laws or other constituent documents of the Company or, to the best of such
counsel’s knowledge, any significant subsidiary of the Company or (C) any
applicable law, statute, rule, regulation, judgment, order, writ or decree,
known to such counsel, of any government, government instrumentality or court
in the United Kingdom having jurisdiction over the Company or any of its
subsidiaries or any of their assets, properties or operations, except for such
breaches,  violations, defaults, liens, charges or
encumbrances that would not have a Material Adverse Effect; and

 

(iv)          To
the best of such counsel’s knowledge, there are no legal or governmental
proceedings in England pending or threatened to which the Company or any of its
subsidiaries is a party or to which any of its or their property is subject,
except as otherwise disclosed in the Prospectus and except for such proceedings
that, individually or in the aggregate, would not have a Material Adverse
Effect.

 

Such counsel may
limit such opinion to the laws of the United Kingdom.  The opinion of such counsel will also state as follows:

 

“In my capacity as
the Vice President, General Counsel and Secretary of the Company, I
participated in the preparation of the Registration Statement and the
Prospectus.  In the course of those
preparations, I have participated in conferences with other officers and other
representatives of the Company, representatives of the independent public
accountants for the Company, counsel to the Company and your representatives,
and I am familiar with the statistical data contained in the

 

B-24

 

Registration
Statement and the Prospectus.  Although
I have not independently verified the accuracy, completeness or fairness of
that statistical data, I advise you that no facts have come to my attention
that cause me to believe (i) that the Registration Statement, at the time
it became effective, included any statistical data which constituted or
contained an untrue statement of a material fact or omitted to state a material
fact required to be stated therein or necessary to make the statements in the
Registration Statement not misleading, or (ii) that the Prospectus, at the
time it was issued and on the date hereof, included or includes any statistical
data which constituted or contained, or constitutes or contains, an untrue
statement of a material fact or omitted or omits to state a material fact
necessary in order to make the statements in the Prospectus, in the light of
the circumstances under which they were made, not misleading.  Nothing set forth herein is intended to
express any view with respect to the financial statements of the Company, or
any related notes or schedules.”

 

(e)           At the Closing Time,
the Underwriters shall have received an opinion of its counsel with respect to the
issue and sale of the Offered Securities, the Registration Statement, the
Pricing Agreement, the Prospectus and such other related matters as the
Underwriters may reasonably require.

 

(f)            (i)  the representations and warranties of the
Company in these Provisions shall be true and correct in all material respects
on and as of the Closing Time with the same effect as if made on the Closing
Time, and the Company shall have complied with all the agreements and satisfied
all the conditions on its part to be performed or satisfied hereunder at or
prior to the Closing Time;

 

(ii)           since the end of
the most recent fiscal period for which the Company has filed a report with the
Commission pursuant to Section 13 of the 1934 Act, there shall have been no
Material Adverse Change; and

 

(iii)          the Company shall
have furnished to the Underwriters a certificate of the Company signed by the
chief executive officer and the principal financial or accounting officer of
the Company, dated as of the Closing Time, to the effect that they have
examined the Registration Statement and Prospectus, any amendment or supplement
to the Registration Statement or the Prospectus, and the Pricing Agreement
(including these Provisions) and certifying the matters set forth in clauses
(i) and (ii) above.

 

(g)           Subsequent to the
Representation Date and prior to the Closing Time, there shall not have been
any downgrading, nor any notice given of any intended or potential downgrading
or of a possible change that does not indicate the direction of the possible
change, in the rating accorded any of the Company’s securities, including the
Offered Securities, by any “nationally recognized statistical rating
organization” recognized by the Commission.

 

(h)           On the
Representation Date and at the Closing Time, Deloitte & Touche LLP shall
have furnished to the Underwriters a letter or letters, dated respectively as
of the Representation Date and as of the Closing Time, in form and substance
reasonably

 

B-25

 

satisfactory
to the Underwriters, (i) confirming that they are independent accountants
within the meaning of the 1933 Act and the 1934 Act, and the applicable rules
and regulations thereunder and Rule 101 of the Code of Professional Conduct of
the American Institute of Certified Public Accountants, (ii) containing
statements and information of the type ordinarily included in accountants’
“comfort letters” to underwriters with respect to the financial statements and
certain financial information contained in or incorporated by reference into
the Prospectus and (iii) otherwise reasonably satisfactory in form and
substance to the Underwriters and counsel for the Underwriters.

 

(i)            Since the
respective dates as of which information is given in the Registration Statement
and the Prospectus (exclusive of any supplement thereto), there shall not have
occurred any Material Adverse Change, whether or not arising in the ordinary
course of business.

 

(j)            Subsequent to the
Execution Time, there shall not have occurred any of the following:  (i) trading in the Company’s common shares
shall have been suspended by the Commission, the New York Stock Exchange or The
Pacific Exchange, Inc., or trading in securities generally on the New York Stock
Exchange, the American Stock Exchange, The Pacific Exchange, Inc., The Nasdaq
National Stock Market or in the over-the-counter market shall have been
suspended or materially limited, or minimum prices shall have been established
on such exchange; (ii) a banking moratorium shall have been declared by
federal, New York State or United Kingdom authorities; (iii) any outbreak
or escalation of hostilities, or declaration by the United States of a national
emergency or war, or other calamity or crisis; or (iv) there shall have
occurred such a material adverse change in general economic, political or
financial conditions (or the effect of international conditions on the
financial markets in the United States shall be such) as to make it, in the
reasonable judgment of the Underwriters, impracticable or inadvisable to
proceed with the offering or delivery of the Offered Securities being delivered
on the Closing Time on the terms and in the manner contemplated in the Pricing
Agreement and in the Prospectus.

 

(k)           Neither the issuance
and sale of the Offered Securities pursuant to the Pricing Agreement, nor the
consummation of the other transactions contemplated thereby or in the
Prospectus shall be enjoined (temporarily or permanently) and no restraining
order or other injunctive order shall have been issued or any action, suit or
proceeding shall have been commenced with respect to the Pricing Agreement or
any of the other transactions contemplated by the Prospectus, before any court
or governmental authority.

 

(l)            Prior to the
Closing Time, the Company shall have furnished to the Underwriters such further
information, certificates and documents as the Underwriters may reasonably
request.

 

If any
of the conditions specified in this Section 4 shall not have been fulfilled
when and as required by these Provisions, the Pricing Agreement may be
terminated by you on notice to the Company at any time at or prior to the
Closing Time, and such termination shall be without

 

B-26

 

liability
of any party to any other party, except as provided in Section 3.  Notwithstanding any such termination, the
provisions of Sections 5, 6, and 7 shall remain in effect.

 

Section
5.  Indemnification.  (a) 
The Company agrees to indemnify and hold harmless each Underwriter and
each person, if any, who controls any Underwriter within the meaning of either
the 1933 Act or the 1934 Act:

 

(i)            against
any and all loss, liability, claim, damage and expense whatsoever, as incurred,
arising out of an untrue statement or alleged untrue statement of a material
fact contained in the Registration Statement (or any amendment thereto),
including all documents incorporated therein by reference, or the omission or
alleged omission therefrom of a material fact required to be stated therein or
necessary to make the statements therein not misleading or arising out of an
untrue statement or alleged untrue statement of a material fact included in any
preliminary prospectus supplement or the Prospectus (or any amendment or
supplement thereto) or the omission or alleged omission therefrom of a material
fact necessary in order to make the statements therein, in the light of the
circumstances under which they were made, not misleading;

 

(ii)           against
any and all loss, liability, claim, damage and expense whatsoever, as incurred,
to the extent of the aggregate amount paid in settlement of any litigation, or
investigation or proceeding by any governmental agency or body, commenced or
threatened, or of any claim whatsoever based upon any such untrue statement or
omission, or any such alleged untrue statement or omission, if such settlement
is effected with the written consent of the Company; and

 

(iii)          against
any and all expense whatsoever, as incurred (including fees and disbursements
of counsel chosen by you), reasonably incurred in investigating, preparing or
defending against any litigation, or investigation or proceeding by any
governmental agency or body, commenced or threatened, or any claim whatsoever
based upon any such untrue statement or omission, or any such alleged untrue
statement or omission, to the extent that any such expense is not paid under
subparagraph (i) or (ii) above;

 

provided, however, that this
indemnity does not apply to any loss, liability, claim, damage or expense to
the extent arising out of an untrue statement or omission or alleged untrue
statement or omission made in reliance upon and in conformity with written
information furnished to the Company by any Underwriter through you expressly
for use in the Registration Statement (or any amendment thereto) or any
preliminary prospectus supplement or the Prospectus (or any amendment or
supplement thereto) (the “Furnished
Information”); and provided  further, however,
that the foregoing indemnity with respect to any untrue statement contained in
or any omission from a preliminary prospectus supplement shall not inure to the
benefit of any Underwriter (or any person who controls such Underwriter within
the meaning of either the 1933 Act or the 1934 Act) from whom the person
asserting any such loss, liability, claim, damage or expense purchased any of
the Offered Securities that are the subject thereof if the Company shall
sustain the burden of proving that such person was not sent or given a copy of
the Prospectus (or the Prospectus as amended or supplemented) (in each case
exclusive of the documents from which information is incorporated by reference)
at or prior to the written confirmation of the sale of such Offered Securities
to such person and the untrue statement contained in or the omission

 

B-27

 

from such preliminary prospectus supplement was
corrected in the Prospectus (or the Prospectus as amended or supplemented),
unless such failure resulted from noncompliance by the Company with the last
sentence of Section 2(a) hereof.

 

(b)           Each Underwriter severally and not
jointly agrees to indemnify and hold harmless the Company, its directors, each
of its officers who signed the Registration Statement, and each person, if any,
who controls the Company within the meaning of either the 1933 Act or the 1934
Act, against any and all loss, liability, claim, damage and expense described
in the indemnity contained in Section 5(a), as incurred, but only with respect
to untrue statements or omissions, or alleged untrue statements or omissions,
made in the Registration Statement (or any amendment thereto) or any
preliminary prospectus supplement or the Prospectus (or any amendment or
supplement thereto) in reliance upon and in conformity with the Furnished
Information, which you agree to identify by letter to the Company prior to the
Closing Time.

 

(c)           Each indemnified party shall give
prompt notice to each indemnifying party of any action commenced against it in
respect of which indemnity may be sought hereunder, but failure to so notify an
indemnifying party shall not relieve it from any liability which it may have
otherwise than on account of this indemnity agreement.  If it so elects within a reasonable time
after receipt of such notice, an indemnifying party, jointly with any other
indemnifying parties receiving such notice, may assume the defense of such
action with counsel chosen by it and reasonably satisfactory to the indemnified
parties defendant in such action, unless such indemnified parties reasonably object
to such assumption on the ground that there may be legal defenses available to
them which are different from or in addition to those available to such
indemnifying party.  If an indemnifying
party assumes the defense of such action, the indemnifying parties shall not be
liable for any fees and expenses of counsel for the indemnified parties
incurred thereafter in connection with such action.  In no event shall the indemnifying party or parties be liable for
the fees and expenses of more than one counsel for all indemnified parties in
connection with any one action or separate but similar or related actions in
the same jurisdiction arising out of the same general allegations or
circumstances.

 

Section
6.  Contribution.  In order to provide for just and equitable
contribution in circumstances under which the indemnity provided for in Section
5 is for any reason held to be unenforceable by the indemnified parties
although applicable in accordance with its terms, the Company and the
Underwriters shall contribute to the aggregate losses, liabilities, claims,
damages and expenses of the nature contemplated by such indemnity incurred by
the Company and one or more of the Underwriters, as incurred, in such
proportions that the Underwriters are responsible for that portion represented
by the percentage that the underwriting discount with respect to the offering
of the Offered Securities bears to the initial public offering price of the
Offered Securities, and the Company is responsible for the balance; provided,
however, that no person guilty of fraudulent misrepresentation (within
the meaning of Section 11(f) of the 1933 Act) shall be entitled to contribution
from any person who was not guilty of such fraudulent misrepresentation.  For purposes of this Section, each person,
if any, who controls an Underwriter within the meaning of either the 1933 Act
or the 1934 Act shall have the same rights to contribution as such Underwriter,
and each director of the Company, each officer of the Company who signed the
Registration Statement, and each person, if any, who controls the Company
within the meaning of either the 1933 Act or the 1934 Act shall have the same
rights to contribution as the Company.

 

B-28

 

Section
7.  Representations, Warranties,
Indemnities and Agreements to Survive Delivery.  The representations, warranties, indemnities, agreements and
other statements of the Company or its officers set forth in or made pursuant
to a Pricing Agreement (including these Provisions) will remain operative and
in full force and effect regardless of any investigation made by or on behalf
of the Company, any Underwriter or any person who controls the Company or any
Underwriter within the meaning of either the 1933 Act or the 1934 Act and will
survive delivery of and payment for the Offered Securities.

 

Section
8.  Termination of Agreement.  (a) 
A Pricing Agreement shall be subject to termination in the absolute
discretion of the Underwriters, by notice given to the Company prior to delivery
of and payment for the Offered Securities, if prior to such time, any of the
events described in Section 4(i) or Section 4(j) shall have occurred or
the Underwriters shall decline to purchase the Offered Securities for any other
reason permitted under such Pricing Agreement.

 

(b)           If a Pricing Agreement is terminated
pursuant to this Section, such termination shall be without liability of any
party to any other party, except to the extent provided in Section 3.  Notwithstanding any such termination, the
provisions of Sections 5, 6 and 7 shall remain in effect.

 

Section
9.  Default.  If one or more of the Underwriters shall
fail at the Closing Time to purchase the Offered Securities that it or they are
obligated to purchase pursuant to a Pricing Agreement (the “Defaulted Offered Securities”), you shall have the right,
within 24 hours thereafter, to make arrangements for one or more of the
non-defaulting Underwriters, or any other underwriters, to purchase all, but
not less than all, of the Defaulted Offered Securities in such amounts as may
be agreed upon and upon the terms set forth in such Pricing Agreement; if,
however, you have not completed such arrangements within such 24-hour period,
then:

 

(a)           if the aggregate
principal amount of Defaulted Offered Securities does not exceed 10% of the
aggregate principal amount of the Offered Securities to be purchased, the
non-defaulting Underwriters shall be obligated severally and not jointly to
purchase the full amount thereof in the proportions that their respective
underwriting obligations bear to the underwriting obligations of all
non-defaulting Underwriters, or

 

(b)           if the aggregate
principal amount of Defaulted Offered Securities exceeds 10% of the aggregate
principal amount of the Offered Securities to be purchased, the remaining
Underwriters shall have the right to purchase all, but shall not be under any
obligation to purchase any, of the Offered Securities, and if such non–defaulting
Underwriters do not purchase all the Offered Securities, such Pricing Agreement
shall terminate without liability on the part of any non-defaulting
Underwriter.

 

No
action taken pursuant to this Section shall relieve any defaulting Underwriter
from liability in respect of its default.

 

In the
event of any such default that does not result in a termination of a Pricing
Agreement, either you or the Company shall have the right to postpone the
Closing Time for a period not exceeding seven days in order to effect any
required changes in the Registration

 

B-29

 

Statement
or Prospectus or in any other documents or arrangements.  As used herein, the term “Underwriter” includes any person
substituted for an Underwriter under this Section 9.

 

Section
10.  Notices.  All notices and other communications under a
Pricing Agreement shall be in writing and shall be deemed to have been duly
given if delivered, mailed or transmitted by any standard form of
telecommunication.  Notices to you or
the Underwriters shall be directed as set forth in such Pricing Agreement; and
notices to the Company shall be directed to it at Sea Containers Ltd., Sea
Containers House, 20 Upper Ground, London SE1 9PF, England Telecopier No.:  011-44-20-7805-5916, Attn:  Edwin S. Hetherington, Vice President,
General Counsel and Secretary; and to Vincent Monte-Sano, Esq., Carter Ledyard
& Milburn LLP, 2 Wall Street, New York, New York 10005 (fax (212)
732-3232).

 

Section
11.  Parties.  The agreement set forth in a Pricing
Agreement (including these Provisions) is made solely for the benefit of the
several Underwriters, the Company and, to the extent expressed in Sections 5
and 6, any person who controls the Company or any of the Underwriters within
the meaning of either the 1933 Act or the 1934 Act, and the directors of the Company,
its officers who have signed the Registration Statement, and their respective
executors, administrators, successors and assigns and, subject to the
provisions of Section 9, no other person shall acquire or have any right under
or by virtue of such Pricing Agreement. 
The term “successors and assigns”
shall not include any purchaser, as such purchaser, from any Underwriter of the
Offered Securities.  If there are two or
more Underwriters, all of their obligations hereunder are several and not
joint.

 

Section
12.  Governing Law and Time.  Each Pricing Agreement shall be governed by
the laws of the State of New York.

 

Section
13.  Counterparts.  A Pricing Agreement may be executed in one
or more counterparts and when a counterpart has been executed by each party,
all such counterparts taken together shall constitute one and the same
agreement.

 

Section
14.  Submission to Jurisdiction;
Appointment of Agent for Service; Currency Indemnity.  (a) 
To the fullest extent permitted by applicable law, the Company
irrevocably submits to the jurisdiction of, and service of process and venue
in, the United States District Court for the Southern District of New York and
the courts of the County and State of New York, in any suit or proceeding based
on or arising under a Pricing Agreement, and irrevocably agrees that all claims
in respect of such suit or proceeding may be determined in any such court.  The Company irrevocably and fully waives the
defense of an inconvenient forum to the maintenance of such suit or proceeding.  The Company hereby irrevocably designates
and appoints Corporation Service Company (the “Process Agent”), as the authorized agent of the Company upon
whom process may be served in any such suit or proceeding, it being understood
that the designation and appointment of the Process Agent as such authorized
agent shall become effective immediately upon execution of a Pricing Agreement
without any further action on the part of the Company.  As of each Closing Time, the Company
represents to the Underwriters that it has notified the Process Agent of such
designation and appointment and that the Process Agent has accepted the same in
writing.  The Company hereby irrevocably
authorizes and directs the Process Agent to accept such service.  The Company further agrees that service of
process upon the Process Agent, and written notice of said service to the
Company mailed by prepaid

 

B-30

 

registered first-class mail or delivered to
the Process Agent at its designated office, shall be deemed in every respect
effective service of process upon the Company in any such suit or
proceeding.  Nothing herein shall affect
the right of any Underwriter or any person controlling such Initial Purchaser
to serve process in any other manner permitted by law.  The Company further agrees to take any and
all action, including the execution and filing of any and all such documents
and instruments as may be necessary to continue such designation and
appointment of the Process Agent in full force and effect so long as the
Company has any outstanding obligations under a Pricing Agreement, any Offered
Securities or a Indenture.  To the
extent that the Company has or hereafter may acquire any immunity from
jurisdiction of any court or from any legal process (whether through service of
notice, attachment prior to judgment, attachment in aid of execution, execution
or otherwise) with respect to itself or its property, the Company hereby
irrevocably waives such immunity in respect of their obligations under these
Provisions, to the extent permitted by law.

 

(b)           The obligation of the parties to make
payments hereunder is in U.S. dollars (the “Obligation Currency”) and such obligation shall not be
discharged or satisfied by any tender or recovery pursuant to any judgment
converted into any currency other than the Obligation Currency or any other
realization in such other currency, whether as proceeds of setoff, security,
guarantee, distributions, or otherwise, except to the extent to which such tender,
recovery or realization shall result in the effective receipt by the party
which is to receive such payment of the full amount of the Obligation Currency
expressed to be payable hereunder, and the party liable to make such payment
agrees to indemnify the party which is to receive such payment (as an
additional, separate and independent cause of action) for the amount (if any)
by which such effective receipt shall fall short of the full amount of the
Obligation Currency expressed to be payable hereunder and such obligation to
indemnify shall not be affected by judgment being obtained for any other sums
due under a Pricing Agreement.

 

Section
15.  Business Day.  For purposes of a Pricing Agreement, “business day” means each Monday, Tuesday, Wednesday, Thursday
and Friday that is not a day on which banking institutions in The City of New
York are authorized or obligated by law, executive order or regulation to
close.

 

B-31

 

EXHIBIT A

 

SEA CONTAINERS LTD.

(a Bermuda company)

 

[Title of Offered Securities]

 

PRICING AGREEMENT

 

                   ,
200

 

Sea Containers Ltd.

22 Victoria Street

Hamilton HM 12

Bermuda

 

Ladies and Gentlemen:

 

We are
acting on behalf of the underwriters (including ourselves) named below (the “Underwriters”), and we understand that Sea
Containers Ltd., a Bermuda company (the “Company”),
proposes to issue and sell $ aggregate principal amount of its [Title of
Offered Securities] (the “Offered Securities”).

 

Subject
to the terms and conditions set forth herein or incorporated by reference
herein, the Company hereby agrees to sell and the Underwriters offer to
purchase, severally and not jointly, the aggregate principal amount of Offered
Securities set forth below opposite their names below at the purchase price of
                    %
of the principal amount thereof, plus accrued interest, if any, from
                    ,
200   to the date of payment (the “Purchase
Price”).

 

	
  Name

  	
   

  	
  Amount of

  Offered Securities

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  TOTAL:

  	
   

  	
  $

  	
   

  	
   

  
					

 

We
represent that we are authorized to act for the several Underwriters named
above in connection with this financing, and any action under this Agreement by
any of us will be binding upon all the Underwriters.

 

The
Offered Securities shall have the terms set forth in the Prospectus dated
                    ,
200 , and the Prospectus Supplement dated
                    ,
200 , including the following:

 

Terms
of the Offered Securities:

 

1

 

Maturity
Date:

 

Interest
Rate:

 

Redemption
Provisions:

 

Interest
Payment Dates:

 

Form
and Denomination:

 

Ranking:

 

[Include
other material terms of the Offered Securities]

 

Capitalized
terms used above and not defined herein shall have the meaning set forth in the
Prospectus and Prospectus Supplement referred to above.

 

The
attached Standard Underwriting Agreement Provisions (the “Provisions”) are incorporated by reference
into this Pricing Agreement, and shall be deemed to be a part of this Agreement
to the same extent as if such provisions had been set forth in full therein.

 

[Include
other agreed upon terms]

 

Payment
of the Purchase Price for, and delivery of, the Offered Securities shall be
made at 10:00 A.M., New York City time, on
                    ,
200   at the offices of Shearman & Sterling LLP, New York, New
York, or at such other date, time or location as shall be agreed upon by the
Company and you, or as shall otherwise be provided in Section 9 of the
Provisions.  Delivery of the Offered
Securities shall be made to you against payment by you of purchase price
therefor or upon the order of the Company in immediately available funds or
such other manner of payment as may be agreed by you and the Company.  Such Offered Securities shall be in such
authorized denominations and registered in such names as you may request in
writing at least two full business days before the Closing Time.  Such Offered Securities, which may be in
temporary form, will be made available in New York City for examination and
packaging by you not later than 10:00 A.M. on the business day prior to the
Closing Time.

 

2

 

Please
confirm your agreement to the foregoing by having an authorized officer sign a
copy of this Agreement in the space set forth below.

 

	
   

  	
  Very truly
  yours,

  
	
   

  	
   

  
	
   

  	
  CITIGROUP GLOBAL
  MARKETS INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  
	
   

  	
   

  
	
   

  	
  Acting on behalf
  of itself and the other named Underwriters

  
	
   

  
	
  Accepted:

  
	
   

  
	
  SEA CONTAINERS LTD.

  
	
   

  
	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  	
   

  
						

 

S-1

 

ANNEX
A

TO
EXHIBIT B

 

List
of Significant Subsidiaries

 

	
   

  	
   

  	
  Incorporated/Organized

  
	
  The “significant
  subsidiaries” (as such term is defined in Rule 1-02(w) of Regulation S-X

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Great North Eastern
  Railway Ltd.

  	
   

  	
  England

  
	
  Sea Containers SPC Ltd.

  	
   

  	
  Bermuda

  
	
  Silja Oy Ab

  	
   

  	
  Finland

  

 

QuickLinks

Exhibit 4.2

SEA CONTAINERS LTD. OFFICERS' CERTIFICATE PURSUANT TO SECTION 3.01 OF THE INDENTURE IDENTIFIED BELOW

EXHIBIT B TO OFFICERS' CERTIFICATE<PAGE>

                                                               Exhibit 10.21

                                                           EXECUTION VERSION

                          AMENDMENT AGREEMENT NO. 2

         This Amendment Agreement No. 2 (this "Amendment"), dated as of
March 25, 2004, amends (i) that certain Second Amended and Restated Guaranty
Agreement, dated as of August 6, 2002 (the "Guaranty"), among Mail-Well I
Corporation ("Lessee"); Mail-Well, Inc. ("Mail-Well" or "Parent") and
certain subsidiaries of Lessee (Parent and each such subsidiary,
individually, a "Guarantor" and, collectively, the "Guarantors"); Fleet
National Bank, ORIX Financial Services, Inc., and U.S. Bank, National
Association (the "Certificate Holders"); Fleet Capital Corporation, as Agent
for the Certificate Holders (the "Agent"); and Wells Fargo Bank Northwest,
N.A., as lessor trustee (the "Lessor Trustee"), as amended by that certain
Amendment Agreement No. 1, dated as of September 27, 2002 (the "First
Amendment"), (ii) that certain Participation Agreement, dated as of August
6, 2002 (the "Participation Agreement"), among Lessee, the Certificate
Holders, the Agent and the Lessor Trustee, as amended by the First
Amendment, (iii) that certain Second Amended and Restated Equipment Lease,
dated as of August 6, 2002 ("Lease"), between the Lessor Trustee and Lessee,
(iv) that certain Lease Supplement No. 1, dated as of August 6, 2002 (the
"Lease Supplement"), between the Lessor Trustee and Lessee, and (v) that
certain Second Amended and Restated Lessor Trust Agreement, dated as of
August, 6, 2002 ("Trust Agreement"), among the Lessor Trustee and the
Certificate Holders. Except as provided in Section 6.1 of the Guaranty and
unless otherwise defined in the Guaranty, capitalized terms used and not
otherwise defined herein shall have the meanings ascribed to such terms in
Annex I to the Participation Agreement.

                                  RECITALS

         WHEREAS, the Guarantors, Lessee, the Agent, the Certificate Holders
and the Lessor Trustee have entered into the Guaranty; Lessee, the
Certificate Holders, the Agent and the Lessor Trustee have entered into the
Participation Agreement; Lessee and the Lessor Trustee have entered into the
Lease and the Lease Supplement; and the Lessor Trustee and the Certificate
Holders have entered into the Trust Agreement;

         WHEREAS, the Guarantors and Lessee desire to amend the Guaranty,
Lessee desires to amend the Participation Agreement, the Lease and the Lease
Supplement, and the Lessor Trustee desires to amend the Trust Agreement; and

         WHEREAS, the Agent, the Certificate Holders and the Lessor Trustee
are willing to do so, subject to the terms and conditions stated herein.

         NOW, THEREFORE, in consideration of the premises herein contained
and other good and valuable consideration, the receipt and adequacy of which
are hereby acknowledged, the Guarantors, Lessee, the Agent, the Certificate
Holders and the Lessor Trustee hereby agree as follows.

                                  AGREEMENT

         Section 1. Amendments to the Guaranty. The Guarantors, Lessee, the
                    --------------------------
Agent, the Trust Certificate Purchasers and the Lessor Trustee amend the
Guaranty as follows:

<PAGE>
<PAGE>

                  A.       The first paragraph of Section 4.2 of the Guaranty
                                                  -----------
         is hereby amended in its entirety to read as follows:

                           Financial Information. Parent shall, and shall
                           ---------------------
                  cause each of its Subsidiaries to promptly furnish to the
                  Agent, all such financial information as the Agent shall
                  reasonably request. Sufficient hard copies or an
                  electronic version of all such financial information shall
                  be delivered to the Agent by Parent and its Subsidiaries
                  to enable the Agent to deliver such information to each
                  Certificate Holder. Without limiting the foregoing, Parent
                  and its Subsidiaries will furnish to the Agent, in such
                  detail as the Agent or the Certificate Holders shall
                  request, the following:

                  B.       Section 4.2(c) of the Guaranty is hereby deleted
                           --------------
         in its entirety.

                  C.       The first sentence of Section 4.2(d) of the
                                                 --------------
         Guaranty is hereby amended in its entirety to read as follows:

                           With each of the annual audited Financial
                  Statements delivered pursuant to Section 4.2(a), and
                                                   --------------
                  within 30 days after the end of each month, a certificate
                  of a Responsible Officer of Parent setting forth in
                  reasonable detail the calculations required to establish
                  that Parent and its Subsidiaries were in compliance with
                  the covenants set forth in Section 5.22 during the period
                  covered (excluding the comparable prior period) in such
                  Financial Statements and as at the end thereof.

                  D.       Section 4.2(e) of the Guaranty is hereby amended
                           --------------
         in its entirety to read as follows:

                           (e)      No later than the 15th day of each Fiscal
                  Year, annual forecasts (to include forecasted consolidated
                  and consolidating (by business segment) balance sheets,
                  income statements and cash flow statements) for Parent and
                  its Subsidiaries as at the end of and for each month of
                  such Fiscal Year.

                  E.       Sections 5.22 and 5.23 of the Guaranty are hereby
                           -------------     ----
         amended in their entirety to read as follows:

                           5.22     Fixed Charge Coverage Ratio. During each
                                    ---------------------------
                  Financial Covenant Trigger Period, Parent will maintain a
                  Fixed Charge Coverage Ratio of not less than 1.00:1.00.
                  The Fixed Charge Coverage Ratio shall be calculated as of
                  the last day of each fiscal month of Parent, on the basis
                  of the 12-fiscal-month period ending on such date, and
                  based upon the most recently delivered monthly Financial
                  Statements and compliance certificates received by the
                  Agent in accordance with Section 4.2 (which may be for a
                  fiscal month ended prior to the commencement of a
                  Financial Covenant Trigger Period). For purposes of this
                  Section 5.22, "Financial Covenant Trigger Period" means
                  the period commencing upon the date, if any, upon which
                  Availability has been less than $75,000,000 for 5
                  consecutive Business Days, and continuing until the first
                  day of any fiscal month on which each of the following is
                  true: (a) Parent has demonstrated a Fixed Charge Coverage
                  Ratio of not less than 1.00:1.00 as of the immediately
                  preceding

                                     2

<PAGE>
<PAGE>

                  fiscal month end; (b) Availability has not been less than
                  $75,000,000 at any time during the 30-day period ending on
                  the immediately preceding fiscal month end; and (c) no
                  subsequent Financial Covenant Trigger Period has commenced
                  and is continuing.

                           5.23     Minimum Availability. Lessee and each
                                    --------------------
                  Subsidiary shall maintain Availability of not less than
                  $25,000,000 (with all obligations of Lessee and its
                  Subsidiaries current) at all times until and including the
                  date on which Lessee and its Subsidiaries demonstrate to
                  the satisfaction of the "Agent" under the Credit Agreement
                  that they can provide weekly reporting of their sales and
                  collections and weekly accounts receivable roll-forwards.

                  F.       The definition of "Credit Agreement" set forth in
         Section 6.1 of the Guaranty is restated as follows:
         -----------

                           "Credit Agreement" means the Second Amended and
                  Restated Credit Agreement, dated as of March __, 2004,
                  among Mail-Well, certain affiliates of Mail-Well,
                  including Lessee, Bank of America, N.A. and the other
                  financial institutions party thereto.

         Section 2. Amendments to Participation Agreement. Lessee, the
                    -------------------------------------
Agent, the Certificate Holders and the Lessor Trustee amend the
Participation Agreement as follows:

                  A.       The definition of "Applicable Margin" set forth
         in Annex I to the Participation Agreement is restated as follows:
            -------

                           "Applicable Margin" means, with respect to any
                  Interest Period, for any Series A Trust Certificate or
                  Series B Trust Certificate, an amount to be determined for
                  such Interest Period in accordance with the following
                  schedule:

<TABLE>
<CAPTION>
                  IF FIXED CHARGE COVERAGE RATIO IS:                                        LEVEL OF APPLICABLE MARGINS:
                  ---------------------------------                                         ---------------------------
<S>                                                                                         <S>
                  (greater than) 1.40:1.00                                                  Level I
                  (greater than) 1.20:1.0, but (less than or equal to) 1.40:1.00            Level II
                  (less than or equal to) 1.20:1.00                                         Level III

<CAPTION>
                           LOAN                                        APPLICABLE MARGINS
                           ----                                        ------------------
                                                          Level I            Level II          Level III
                                                          -------            --------          ---------
<S>                                                        <C>                <C>                <C>
                  LIBOR Revolving Loans                    3.25%              3.50%              3.75%
</TABLE>

                  B.       The definition of "Purchase Price" set forth in
         Annex I to the Participation Agreement is restated as follows:
         -------

                           "Purchase Price" with respect to the Equipment
                  shall mean an amount equal to the aggregate Purchase Price
                  of all Items of Equipment then subject to the Lease that
                  are being purchased or sold (immediately prior to the
                  subject purchase or sale). The "Purchase Price" with
                  respect to any Item of Equipment shall mean an amount
                  equal to the product of (i) the quotient of the Equipment
                  Cost of such Item of Equipment divided by the aggregate
                  Equipment Cost of all

                                     3

<PAGE>
<PAGE>

                  Items of Equipment then subject to the Lease, multiplied
                  by (ii) the Lease Balance.

         Section 3. Amendments to Lease. Lessee and the Lessor Trustee amend
                    -------------------
the Lease as follows:

                  A.       The second sentence of Section 18.1(a) of the Lease
         is hereby amended in its entirety to read as follows:

                           The Lessee shall give to the Lessor Trustee and
                  the Agent written notice at least 60 days prior to the
                  Expiration Date of its election to exercise its option to
                  purchase set forth in the preceding sentence.

                  B.       Section 18.1(b) of the Lease is hereby amended
         in its entirety to read as follows:

                           (b)      In addition to its rights under Section
                  18.1(a), so long as no Default or Event of Default has
                  occurred and is continuing, the Lessee shall have the
                  right on any Scheduled Payment Date to purchase all but
                  not less than all of the Equipment for the Purchase Price,
                  plus, for any purchase before March [31], 2005, a
                  prepayment premium equal to 1% of the Purchase Price, plus
                  all other amounts then due under the Lease. The Lessee
                  shall give to the Lessor Trustee written notice at least
                  60 days prior to such Scheduled Payment Date of its
                  election to exercise its option to purchase the Equipment.
                  Payment of the amounts described in the first sentence of
                  this Section 18.1(b) shall be made on such Scheduled
                  Payment Date at the place of payment specified in Section
                  3.4 hereof in immediately available funds, and transfer of
                  title to the Equipment shall be in accordance with the
                  procedures set forth in Section 19.

                  C.       The following new Section 18.2 is hereby added to
         the Lease:

                           18.2     Purchase of Items of Equipment.
                                    ------------------------------

                           (a)      So long as no Default or Event of Default
                  has occurred and is continuing, the Lessee shall have the
                  right, to be exercised no more than once per year (as
                  measured from the Closing Date), on any Scheduled Payment
                  Date, to purchase any number of Items of Equipment (as
                  long as the aggregate Equipment Cost for all Items of
                  Equipment then being purchased is at least $1,000,000) for
                  an amount equal to the Purchase Price, plus the applicable
                  Prepayment Premium (as defined below), plus all other
                  amounts then due under the Lease. The Lessee shall give to
                  the Lessor Trustee written notice at least 60 days prior
                  to such Scheduled Payment Date of its election to exercise
                  its purchase option set forth in the preceding sentence.
                  Payment of the amount described in the first sentence of
                  this Section 18.2(a) shall be made at the place of payment
                  specified in Section 3.4 hereof in immediately available
                  funds, and transfer of title to the Items of Equipment
                  shall be in accordance with the procedures set forth in
                  Section 19. If the Lessee elects to exercise its option to
                  purchase set forth in this Section 18.2(a), then the
                  Lessee must purchase the balance of the Equipment on the
                  Expiration

                                     4

<PAGE>
<PAGE>

                  Date in accordance with the procedures in Section 18.1(a)
                  hereof. For the purposes of this Section 18.2(a),
                  "Prepayment Premium" means (i) if the partial prepayment
                  occurs on or before the first anniversary of the Closing
                  Date, an amount equal to 5% of the Purchase Price or (ii)
                  if the partial prepayment occurs after the first
                  anniversary and on or before the second anniversary of the
                  Closing Date, an amount equal to 4% of the Purchase Price
                  or (iii) if the partial prepayment occurs after the second
                  anniversary and on or before the third anniversary of the
                  Closing Date, an amount equal to 3% of the Purchase Price
                  or (iv) if the partial prepayment occurs after the third
                  anniversary and on or before the fourth anniversary of the
                  Closing Date, an amount equal to 2% of the Purchase Price
                  or (v) if the partial prepayment occurs after the fourth
                  anniversary but before the Expiration Date, an amount
                  equal to 1% of the Purchase Price.

                           (b)      So long as no Default or Event of Default
                  has occurred and is continuing, the Lessee shall have the
                  right, in lieu of any other partial prepayment after the
                  first anniversary and on or before the second anniversary
                  of the Closing Date, to purchase on March 25, 2004 any
                  number of Items of Equipment (as long as the aggregate
                  Equipment Cost for all Items of Equipment then being
                  purchased is at least $1,000,000) for an amount equal to
                  the Purchase Price, plus a prepayment premium equal to 2%
                  of the Purchase Price, plus all other amounts then due
                  under the Lease. Payment of the amount described in the
                  preceding sentence shall be made at the place of payment
                  specified in Section 3.4 hereof in immediately available
                  funds, and transfer of title to the Items of Equipment
                  shall be in accordance with the procedures set forth in
                  Section 19.

                  D.       Section 19.1 of the Lease is hereby amended in
         its entirety to read as follows:

                           19.1     Provisions Relating to the Purchase of
                                    --------------------------------------
                  Equipment; Conveyance upon Certain Other Events. In
                  -----------------------------------------------
                  connection with the Lessee's purchase of the Equipment or
                  any Items of Equipment in accordance with Section 18.1 or
                  Section 18.2 or in connection with the Lessee's
                  obligations under Section 16.2(e), on the date on which
                  this Lease is to expire or terminate or on any Scheduled
                  Payment Date or on March 25, 2004, as applicable, and upon
                  tender by the Lessee of the amounts set forth in Sections
                  16 or 18, as applicable, to the Lessor Trustee, the Lessor
                  Trustee shall convey to the Lessee (or to the Lessee's
                  designee) at the Lessee's cost and expense all of the
                  Lessor Trustee's right, title and interest in and to the
                  Equipment, AS-IS, WHERE-IS, without recourse or warranty,
                  express or implied except for a warranty against Lessor's
                  Liens.

         Section 4. Amendments to Lease Supplement. Lessee and the Lessor
                    ------------------------------
Trustee amend the Lease Supplement as follows:

                  A.       Schedule 1 to the Lease Supplement is hereby
         deleted in its entirety and replaced with new Schedule 1 attached
         hereto as Exhibit A.
                   ---------

                                     5

<PAGE>
<PAGE>

         Section 5. Amendments to Trust Agreement. The Lessor Trustee and
                    -----------------------------
the Certificate Holders amend the Trust Agreement as follows:

                  A.       Section 5.2 of the Trust Agreement is hereby
         amended in its entirety to read as follows:

                           (a)      Any payment received by the Lessor Trustee
                  as a result of the purchase of all or any portion of the
                  Equipment pursuant to Section 18.1 or 18.2 of the Lease or
                  in compliance with the obligation to purchase all the
                  Equipment in accordance with Section 16.2(e) of the Lease
                  shall be applied to the payment or prepayment, as
                  applicable, of the Trust Certificates in accordance with
                  Section 6.2(a) or 6.3, as applicable, of this Agreement.

                           (b)      Within five days after receipt by the
                  Lessor Trustee of any written notice from the Lessee given
                  pursuant to the Lease of the intention of the Lessee to
                  purchase all or a portion of the Lessor Trustee's interest
                  in the Equipment pursuant to Section 18.1 or Section 18.2
                  of the Lease, the Lessor Trustee shall furnish to each of
                  the Certificate Holders a copy of such notice. If 180 days
                  prior to the Expiration Date the Lessor Trustee has not
                  received written notice from the Lessee given pursuant to
                  the Lease of the intention of the Lessee to arrange for
                  the sale of the Equipment to a third party pursuant to
                  Section 18.3 of the Lease or to purchase the Equipment
                  pursuant to Section 18.1 of the Lease, the Lessor Trustee
                  shall within 10 days thereafter furnish to the Lessee and
                  each of the Certificate Holders written notice that the
                  Lessor Trustee has not received either such notice from
                  the Lessee and, as a result, the Lease provides that the
                  Lessee shall purchase the Lessor Trustee's interest in the
                  Equipment. In either of such events, the Lessor Trustee
                  will comply with all applicable provisions of the Lease so
                  that the purchase of such interest in the Equipment or
                  Items of Equipment by the Lessee shall be duly consummated
                  within the time period prescribed by the Lease. If the
                  Lessee purchases the Lessor Trustee's interest in the
                  Equipment pursuant to Section 18.1 of the Lease or any
                  Items of Equipment pursuant to Section 18.2 of the Lease
                  and makes the payment of the Purchase Price therefor to
                  the Lessor Trustee, then the Lessor Trustee shall execute
                  and deliver to the Lessee a release of the Equipment or
                  Items of Equipment from the lien of the Lease and any
                  other security documents promptly after receipt of such
                  payment and all other sums then due and payable under the
                  Lease. Each bill of sale or other instrument of conveyance
                  or assignment executed and delivered by the Lessor Trustee
                  with respect to the Equipment or Items of Equipment
                  pursuant to this Section 5.2(b) shall be binding upon the
                  Certificate Holders and every future owner of any interest
                  in the Equipment or Items of Equipment with the same
                  effect as if all Certificate Holders had executed and
                  delivered it.

         Section 6. Waiver. The Certificate Holders waive receipt of notice
                    ------
under Section 5.9(b) of the Guaranty with respect to the mergers of (a) ABP
Books, Inc. into Mail-Well I Corporation, (b) Hill Graphics, Inc. into
Mail-Well Commercial Printing, Inc. and (c) Mail-Well Services, Inc. into
Mail-Well Commercial Printing, Inc. Each of Lessee and Mail-Well Commercial
Printing, Inc. acknowledges that it has continuing liability for each of the
foregoing subsidiaries that was

                                     6

<PAGE>
<PAGE>

merged into it and that the Agent's, the Lessor Trustee's and the
Certificate Holders' rights, remedies and other interests under the
Operative Agreements shall remain unimpaired as a result of all of the
foregoing mergers.

         Section 7. Conditions. The effectiveness of this Amendment is
                    ----------
subject to the satisfaction of the following conditions precedent:

                  A.      Amendments. Receipt by the Agent of copies of
                          ----------
         this Amendment signed by Lessee, the Guarantors, the Agent, the
         Certificate Holders and the Lessor Trustee and evidence,
         satisfactory to the Agent, that the parallel financial covenants
         contained in the Credit Agreement have been amended in the same
         manner as set forth in this Amendment.

                  B.      Fees. The Agent shall have received: (i) an
                          ----
         amendment fee, for the ratable benefit of the Certificate Holders,
         equal to 25 basis points of the outstanding principal amount of the
         Trust Certificates as of the date of this Amendment, and (ii) an
         arranger fee, both of which shall be fully earned when paid.

                  C.       Other Documents. Lessee and the Guarantors shall
                           ---------------
         have executed and delivered to the Agent such other documents and
         instruments as the Agent may reasonably require in furtherance of
         this Amendment.

         Section 8. Miscellaneous.
                    -------------

                  A.       Representations by Lessee. Lessee represents as
                           -------------------------
         follows:

                           i.       Each Item of Equipment is in full use
and operating at the Site specified in Schedule 1 to the Lease Supplement
(as Schedule 1 is amended by this Amendment), and all applicable UCC filings.

                           ii.      No Liens (other than Permitted Liens)
have been created or filed against any Item of Equipment.

                           iii.     Lessee is not, and as a result of this
Amendment will not be, in violation in any material respect of any term of
any charter instrument, by-law or other material agreement or instrument to
which it is a party or by which it may be bound. Lessee is in compliance
with all laws, ordinances, governmental rules and regulations to which it is
subject, the failure to comply with which would have a material and adverse
effect on its operations or condition, financial or otherwise, or would
impair the ability of Lessee to perform its obligations under the Lessee
Agreements, and has obtained all licenses, permits, franchises and other
governmental authorizations material to the conduct of its business.

                  B.       Representations by the Guarantors. Each of the
                           ---------------------------------
         Guarantors represents as follows:

                           i.       The Guarantor is not, and as a result of
this Amendment will not be, in violation in any material respect of any term
of any charter instrument, by-law or other material agreement or instrument
to which it is a party or by which it may be bound. The

                                     7

<PAGE>
<PAGE>

Guarantor is in compliance with all laws, ordinances, governmental rules and
regulations to which it is subject, the failure to comply with which would
have a material and adverse effect on its operations or condition, financial
or otherwise, or would impair the ability of the Guarantor to perform its
obligations under the Operative Agreements to which it is a party, and has
obtained all licenses, permits, franchises and other governmental
authorizations material to the conduct of its business.

                  C.       Survival of Representations and Warranties.
                           ------------------------------------------
         All representations and warranties made by either Lessee or any
         Guarantor in the Guaranty, the Participation Agreement, the Lease,
         the Lease Supplement or any other document or documents relating
         thereto, including, without limitation, any Operative Agreement
         furnished in connection with this Amendment shall survive the
         execution and delivery of this Amendment and the other Operative
         Agreements, and no investigation by the Agent or the Certificate
         Holders or any closing shall affect the representations and
         warranties or the right of the Agent or Certificate Holders to rely
         thereon.

                  D.       Reference to Agreements. The Guaranty, the
                           -----------------------
         Participation Agreement, the Lease, the Lease Supplement, the Trust
         Agreement and each other Operative Agreement, and any and all other
         agreements, documents or instruments now or hereafter executed and
         delivered pursuant to the terms hereof, or pursuant to the terms of
         the Guaranty, the Participation Agreement, the Lease, the Lease
         Supplement or the Trust Agreement as amended hereby, are hereby
         amended so that any reference therein to the Guaranty, the
         Participation Agreement, the Lease, the Lease Supplement or the
         Trust Agreement shall mean, respectively, a reference to the
         Guaranty, the Participation Agreement, the Lease, the Lease
         Supplement or the Trust Agreement as amended hereby.

                  E.       Agreements Remain in Effect. The Guaranty, the
                           ---------------------------
         Participation Agreement, the Lease, the Lease Supplement, the Trust
         Agreement and other Operative Agreements, as amended hereby, remain
         in full force and effect and Lessee and the Guarantors ratify and
         confirm their agreements and covenants contained therein. Lessee
         and the Guarantors hereby confirm that, after giving effect to this
         Amendment no Event of Default or Default exists as of the date
         hereof.

                  F.       Severability. Any provision of this Amendment held
                           ------------
         by a court of competent jurisdiction to be invalid or unenforceable
         shall not impair or invalidate the remainder of this Amendment and
         the effect thereof shall be confined to the provision so held to be
         invalid or unenforceable.

                  G.       APPLICABLE LAW. THIS AMENDMENT SHALL BE GOVERNED
                           --------------
         BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE COMMONWEALTH OF
         MASSACHUSETTS (EXCLUDING ITS CHOICE OF LAWS PRINCIPLES THAT WOULD
         REQUIRE THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION).

                  H.       Successors and Assigns. This Amendment is binding
                           ----------------------
         upon and shall inure to the benefit of the Agent, the Lessor Trustee,
         the Certificate Holders, Lessee and the Guarantors and their
         respective successors and assigns; provided, that Lessee and the

                                     8

<PAGE>
<PAGE>

         Guarantors may not assign or transfer any of their rights or
         obligations hereunder without the prior written consent of the
         Certificate Holders.

                  I.       Counterparts. This Amendment may be executed in
                           ------------
         one or more counterparts, each of which when so executed shall be
         deemed to be an original, but all of which when taken together shall
         constitute one and the same instrument. Each party agrees that it
         will be bound by its own telecopied signature and that it accepts
         the telecopied signature of each other party.

                  J.       Headings. The headings, captions and arrangements
                           --------
         used in this Amendment are for convenience only and shall not affect
         the interpretation of this Amendment.

                  K.       NO ORAL AGREEMENTS. THIS AMENDMENT, TOGETHER WITH
                           ------------------
         THE OTHER OPERATIVE AGREEMENTS AS WRITTEN, REPRESENT THE FINAL
         AGREEMENT AMONG THE AGENT, THE CERTIFICATE HOLDERS, THE LESSOR
         TRUSTEE, LESSEE AND THE GUARANTORS AND MAY NOT BE CONTRADICTED BY
         EVIDENCE OF THEIR PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL
         AGREEMENTS. THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE AGENT,
         THE CERTIFICATE HOLDERS, THE LESSOR TRUSTEE, LESSEE AND THE
         GUARANTORS.

            [Remainder of this Page is Intentionally Left Blank]

                                     9

<PAGE>
<PAGE>

         IN WITNESS WHEREOF, the parties have executed this Amendment on the
date first above written.

         GUARANTORS

                                       MAIL-WELL, INC.

                                       By         /s/ Robert Meyer
                                                ------------------------------
                                                         ROBERT MEYER
                                       Its:     VICE PRESIDENT-TREASURER & TAX

                                       COLORHOUSE CHINA, INC.

                                       By         /s/ Robert Meyer
                                                ------------------------------
                                                         ROBERT MEYER
                                       Its:     VICE PRESIDENT-TREASURER & TAX

                                       DISCOUNT LABELS, INC.

                                       By         /s/ Robert Meyer
                                                ------------------------------
                                                         ROBERT MEYER
                                       Its:     VICE PRESIDENT-TREASURER & TAX

                                       MAIL-WELL COMMERCIAL PRINTING, INC.

                                       By         /s/ Robert Meyer
                                                ------------------------------
                                                         ROBERT MEYER
                                       Its:     VICE PRESIDENT-TREASURER & TAX

                        [Amendment Agreement No. 2]

<PAGE>
<PAGE>

GUARANTORS

                                       MAIL-WELL GOVERNMENT PRINTING, INC.

                                       By         /s/ Robert Meyer
                                                ------------------------------
                                                         ROBERT MEYER
                                       Its:     VICE PRESIDENT-TREASURER & TAX

                                       MAIL-WELL MEXICO HOLDINGS, INC.

                                       By         /s/ Robert Meyer
                                                ------------------------------
                                                         ROBERT MEYER
                                       Its:     VICE PRESIDENT-TREASURER & TAX

                                       MAIL-WELL SERVICES, LLC

                                       By         /s/ Robert Meyer
                                                ------------------------------
                                                         ROBERT MEYER
                                       Its:     VICE PRESIDENT-TREASURER & TAX

                                       MAIL-WELL TEXAS FINANCE LP

                                       By:      MAIL-WELL I CORPORATION,
                                                its General Partner

                                       By         /s/ Robert Meyer
                                                ------------------------------
                                                         ROBERT MEYER
                                       Its:     VICE PRESIDENT-TREASURER & TAX

                                       MAIL-WELL WEST, INC.

                                       By         /s/ Robert Meyer
                                                --------------------------------
                                                         ROBERT MEYER
                                       Its:     VICE PRESIDENT-TREASURER & TAX

                        [Amendment Agreement No. 2]

<PAGE>
<PAGE>

GUARANTORS

                                       MMTP HOLDINGS, INC.

                                       By         /s/ Robert Meyer
                                                ------------------------------
                                                         ROBERT MEYER
                                       Its:     VICE PRESIDENT-TREASURER & TAX

                                       NATIONAL GRAPHICS COMPANY

                                       By         /s/ Robert Meyer
                                                ------------------------------
                                                         ROBERT MEYER
                                       Its:     VICE PRESIDENT-TREASURER & TAX

                                       POSER BUSINESS FORMS, INC.

                                       By         /s/ Robert Meyer
                                                ------------------------------
                                                         ROBERT MEYER
                                       Its:     VICE PRESIDENT-TREASURER & TAX

                                       WISCO III, L.L.C.

                                       By         /s/ Robert Meyer
                                                ------------------------------
                                                         ROBERT MEYER
                                       Its:     VICE PRESIDENT-TREASURER & TAX

                        [Amendment Agreement No. 2]

<PAGE>
<PAGE>

         LESSEE

                                       MAIL-WELL I CORPORATION

                                       By         /s/ Robert Meyer
                                                ------------------------------
                                                         ROBERT MEYER
                                       Its:     VICE PRESIDENT-TREASURER & TAX

                        [Amendment Agreement No. 2]

<PAGE>
<PAGE>

         AGENT

                                       FLEET CAPITAL CORPORATION

                                       By         /s/ Lori J. Noberini
                                                ------------------------------
                                                Its: Assistant Vice President

                        [Amendment Agreement No. 2]

<PAGE>
<PAGE>

         TRUST CERTIFICATE PURCHASER

                                       FLEET NATIONAL BANK

                                       By         /s/ Lori J. Noberini
                                                ------------------------------
                                                Its: Assistant Vice President

                        [Amendment Agreement No. 2]

<PAGE>
<PAGE>

         TRUST CERTIFICATE PURCHASER

                                       ORIX FINANCIAL SERVICES, INC.

                                       By         /s/ R. Terry Standifer
                                                ------------------------------
                                                     R. Terry Standifer
                                                Its:   Vice President

                        [Amendment Agreement No. 2]

<PAGE>
<PAGE>

         TRUST CERTIFICATE PURCHASER

                                       U.S. BANK, NATIONAL ASSOCIATION

                                       By         /s/ Thomas McCarthy
                                                ------------------------------
                                                  Its: Vice President

                        [Amendment Agreement No. 2]

<PAGE>
<PAGE>

         LESSOR TRUSTEE

                                       WELLS FARGO BANK NORTHWEST, N.A.,
                                       as Lessor Trustee

                                       By         /s/ Nancy M. Dahl
                                                ------------------------------
                                       Its:     Vice President

                        [Amendment Agreement No. 2]

<PAGE>
<PAGE>

                                                             EXHIBIT A
                                                             ---------
<TABLE>
                                                  SCHEDULE 1 - AMENDED MARCH 2004
<CAPTION>
DOVEBID                                                        SERIAL                                               CONTRIBUTION
REF #  SITE                       MFG           MODEL          NUMBER     DESCRIPTION                                  TO POOL
<S>    <C>                   <C>            <C>             <C>           <C>                                      <C>
                                                                          8 color, single web, spot and overall
                                               Rotoman                    UV coating 2 sides, double former
1      Anderson Lithograph     MAN Roland   N-23 9/16 x 38    4051539     folder, rotary cutter, sheeter (1998)    $ 2,598,295.18
----------------------------------------------------------------------------------------------------------------------------------
                                                                          6 color, aqueous coating, 8' extended
                                                                          delivery, auto plate, CPC 32 CPC 24
                                                                          image control, Baldwin ink agitators,
                                                                          Royce coater circulator, Grafix dryer,
2      Color Art               Heidelberg       CD-102         541298     Tri service cooling system (1998)        $   866,098.39
----------------------------------------------------------------------------------------------------------------------------------
                                              Trendsetter                 Imager of thermal plates and laser
4      GAC Portland               CREO       Spectrum 3244      S317      matchprints (1999)                       $    52,928.24
----------------------------------------------------------------------------------------------------------------------------------
                                                                          6 Color Web Offset Press, 22.6825" x
                                                                          37.75", Butler Splicer, Gas Dryer,
                                                                          Wallace Knight Coater, 16 pg Folder,
                                                                          Scoring Unit, Silicon Applicator
7      GAC Portland            Heidelberg       Web 16       9L/402129    and Plow Station (1988)                  $   433,049.20
----------------------------------------------------------------------------------------------------------------------------------

9      GAC Portland            Heibelberg        H081          540112     8 color, CD, sheetfed press (1998)       $   697,690.37
----------------------------------------------------------------------------------------------------------------------------------
                                              Trendsetter                 Imager of thermal plates and laser
11     GAC Portland               CREO       Spectrum 3244      S230      matchprints (1999)                       $    38,493.26
----------------------------------------------------------------------------------------------------------------------------------
                                                                          Web press six unit, web single folder
12     GAC Portland            Heibelberg       M-600       mc-y0222-186  web offset press system (1998)           $ 2,742,644.91
----------------------------------------------------------------------------------------------------------------------------------
                                                                          56" 6 color press w/aqueous coater
13     Industrial Printing       Roland       R906-6+LV         7954      (1998)                                   $ 1,395,380.75
----------------------------------------------------------------------------------------------------------------------------------
                                                                          1-color, web fed heatset press. Text
                                                                          stocks from 18# to 80#. Folding
                                                                          capabilities: 48 pg for 8.5 x 11, 64
                                                                          pg for 6 x 9, 96 pg for 5.5 x 8.5,
14     Plus Communications       Timson         T-48A          19901      192 pg for 4 x 5.625 (1999)              $ 1,202,914.44
----------------------------------------------------------------------------------------------------------------------------------
                               Winkler &
15     Chicago Envelope        Dunnebier         102           12723      Envelope Machine, 4 Color (1995)         $   240,582.89
----------------------------------------------------------------------------------------------------------------------------------
                               Winkler &
16     Cleveland Envelope      Dunnebier         102           10671      Envelope Machine, 3 Color (1985)         $    96,233.15
----------------------------------------------------------------------------------------------------------------------------------
                                                                          Envelope Machine, Web Feed, 3 Color,
17     Chicago Envelope          Smithe         RA 800          3891      Panel and Patching (1987)                $   120,291.44
----------------------------------------------------------------------------------------------------------------------------------
                                                                          Envelope Machine, Web Feed, 3 Color,
18     Chicago Envelope          Smithe         RA 800          3767      Panel and Patching (1987)                $   144,349.73
----------------------------------------------------------------------------------------------------------------------------------
                               Winkler &                                  Envelope Machine, Web Feed, 4 Color,
19     Chicago Envelope        Dunnebier         527           10900      Panel and Patching (1986)                $   120,291.44
----------------------------------------------------------------------------------------------------------------------------------
                                              Color Vision                4 color doctor blade printing, plates
20     Chicago Envelope          Smithe          2000           5360      mounted on sleeves (1999)                $   144,349.73
----------------------------------------------------------------------------------------------------------------------------------
                                                                          Envelope machine, web feed, tetraflex
                               Winkler &                                  C.I. press, panel cut, dual h.s. patch,
21     Chicago Envelope        Dunnebier         627           14000      paper splicer, KTI patch splicer (1989)  $   625,515.51
----------------------------------------------------------------------------------------------------------------------------------
                               Winkler &                                  Envelope Machine,  Web Feed, Window
22     Chicago Envelope        Dunnebier         527           11527      Patch, Panel Cutter, 4 Color (1989)      $   144,349.73
----------------------------------------------------------------------------------------------------------------------------------
                                                                          Envelope Machine, Blank Feed, Patch
23     Cleveland Envelope        Smithe         RA 800          4342      Unit and Panel Cutter (1990)             $   120,291.44
----------------------------------------------------------------------------------------------------------------------------------
                                                                          Envelope Machine, Web Feed, 3 Color,
24     Chicago Envelope          Smithe         RA 800          3696      Panel and Patching (1985)                $    96,233.15
----------------------------------------------------------------------------------------------------------------------------------
                                                                          Web feed high speed patcher; prints
25     Cleveland Envelope        Smithe           SW            5014      4/1 flexo (1997)                         $   433,049.20
----------------------------------------------------------------------------------------------------------------------------------
                                                                          Envelope Machine, Web Feed, Windsor
26     Cleveland Envelope        Smithe         RO 800          4250      Patcher, 5 Color Printing (1989)         $   144,349.73
----------------------------------------------------------------------------------------------------------------------------------
                               Winkler &                                  Envelope Machine, 2 Color, Panel
27     Cleveland Envelope      Dunnebier         MOH            3562      Cutter (1987)                            $    72,174.87
----------------------------------------------------------------------------------------------------------------------------------
                                                                          Envelope Machine, 2 Color, Panel
28     Cleveland Envelope         W&D           801.22         10660      Patcher, Latex Applicator (1986)         $    28,869.95
----------------------------------------------------------------------------------------------------------------------------------
                                                                          Envelope Machine, Web Feed, Panel
29     Dallas Envelope           Smithe         RA 800          5096      and Patching (1998)                      $   336,816.04
----------------------------------------------------------------------------------------------------------------------------------
                               Winkler &
30     Dallas Envelope         Dunnebier         102           11652      Folding Machine, (1998)                  $    96,233.15
----------------------------------------------------------------------------------------------------------------------------------
                               Winkler &                                  With Reelsplicer and Window material
31     Jacksonville Envelope   Dunnebier        399HS          12390      splicer (1992)                           $   192,466.31
----------------------------------------------------------------------------------------------------------------------------------
                               Winkler &
32     Jacksonville Envelope   Dunnebier         102           13224      Envelope Machine, 3 Color (1997)         $   336,816.04
----------------------------------------------------------------------------------------------------------------------------------
                                                                          Envelope Machine, Web Feed, 3 Color,
33     Los Angeles Envelope      Smithe         RA 800          4681      Patcher and Panel Cutter (1993)          $   192,466.31
----------------------------------------------------------------------------------------------------------------------------------
                                                                          Envelope Machine, Web Feed, Patcher
34     Los Angeles Envelope      Smithe         RA 800          4351      and Panel Cutter, (1990)                 $   168,408.02
----------------------------------------------------------------------------------------------------------------------------------
                                                                          Envelope Machine, Booklet Open End
35     Los Angeles Envelope      Smithe        BOE 1800         4762      (1994)                                   $   240,582.89
----------------------------------------------------------------------------------------------------------------------------------
                                                                          4 outside print, 1 inside print, one
36     Los Angeles Envelope   F.L. Smithe         SW            5323      patcher (1999)                           $   481,165.77
----------------------------------------------------------------------------------------------------------------------------------
                                                                          Envelope Machine, 3 Color, Patch Unit,
                               Winkler &                                  Panel Cutter, single Roll Web Feed
37     Philadelphia Envelope   Dunnebier       527-GSV         10468      (1985)                                   $   120,291.44
----------------------------------------------------------------------------------------------------------------------------------
                                                                          Envelope folding machine with panel
                               Winkler &                                  cutter and patcher attachment, with
38     Denver Envelope         Dunnebier        527GS          13018      3 color printing units (1997)            $   120,291.44
----------------------------------------------------------------------------------------------------------------------------------
                                                                          Six color CD press with coating tower
                                                                          and extended delivery model CD102-6-L
                                                                          with all standard features and
39     South Press             Heidelberg    Speedmaster       538480     accessories (1998)                       $   408,990.91
----------------------------------------------------------------------------------------------------------------------------------
                                                                          Envelope folding machine, 3 color,
                                                                          panel and rotary cutting system, web
                               Winkler &                                  aligner, one set size change parts for
40     Jacksonville Envelope   Dunnebier         102           13219      size 4.5 x 7.75 (1997)                   $   336,816.04
----------------------------------------------------------------------------------------------------------------------------------
                                                                          Envelope Machine, 3 Color, Web and
                                                                          Blank Feed, Panel and Patch Cutter
41     Phoenix Envelope          Smithe         RA 800          3521      (1985)                                   $   144,349.73
----------------------------------------------------------------------------------------------------------------------------------
                                                                          Envelope Machine, Blank Feed, 2 Color,
42     Phoenix Envelope          Smithe          MOH            3962      Panel and Patch Cutter (1998)            $    57,739.89
----------------------------------------------------------------------------------------------------------------------------------
                                                                          8 Color Web Offset, Butler Splicer,
                                                                          Tec Dryer, Harris Chill Rolls, Western
                                                                          Rotary Die Cutter, Scheffer Pattern
43     Phoenix Envelope          Harris         NC450          143315     Fluer (1987)                             $   312,757.75
----------------------------------------------------------------------------------------------------------------------------------
                                                                          Color Web Press, Butler Splicer, Tec
                                                                          Ovens, Harris Chill Rolls, Scheffer
                                                                          Pattern Gluer and Perforator, Western
44     Phoenix Envelope          Harris         M-1000         11586      Rotary Die Cutter, 2 3/4x36 (1985)       $    96,233.15
----------------------------------------------------------------------------------------------------------------------------------
                                                                          Web Press, 10 Color with Enkel Splicer,
                                                                          QuadTech Web Guide, Tec Dryer,
                                                                          17.795x27.5", western Rotary Die
45     Phoenix Envelope       Miller-Nohab       CW68          cw68-      Cutter, Scheffer pattern Gluer and
                                                              68027-31    Folder (1989)                            $   144,349.73
----------------------------------------------------------------------------------------------------------------------------------
                               Winkler &                                  Envelope Machine, Web Feed, 4 Color,
46     Phoenix Envelope        Dunnebier         527         1049/10726   Patching, (1986)                         $   120,291.44
----------------------------------------------------------------------------------------------------------------------------------
                                                                          Envelope Machine, S/N 3447, Web Feed,
47     Los Angeles Envelope      Smithe         RA 800          3447      3 Color, Patcher and Panel Cutter (1984) $   120,291.44
----------------------------------------------------------------------------------------------------------------------------------
                                                                          8-Color Web offset printing press, Roll
                                                                          to Roll, Roll to Fold, Roll to Sheet
                                                                          press capabilities. File hole station,
48     Toledo Print Xcel     Muller Martini    Concept       KA93.00927   die cut magazine cylinder (1997)         $   625,515.51
----------------------------------------------------------------------------------------------------------------------------------
49     Chicago Envelope          Smithe          BOE            4763      Envelope Mach, Booklet Open End (1994)   $   240,582.89
----------------------------------------------------------------------------------------------------------------------------------
                                                                                                                   ---------------
                                                                                                                   $17,451,882.64
                                                                                                                   ---------------
</TABLE>

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00065-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00065-of-00352.parquet"}]]