This financial information for the quarter ended March 31, 2009 has been derived from Orient-Express Hotels' unaudited preliminary operating results. These financial data, as well as the balance sheet information presented, are subject to normal and recurring adjustments that may arise during the financial statement closing process and quarterly review. Revenue per available room, or RevPAR, is an operating statistic used by Orient-Express Hotels to measure the operating performance of its hotels against comparable prior year periods.

Orient-Express Hotels expects to finalize and release its quarterly financial statements on May 6, 2009. It currently expects to report the following for the first quarter of 2009.

RevPAR: Local currency same store revenue per available room (RevPAR) is expected to be 18% down on the comparable period in 2008, or 26% down in US dollars. RevPAR by geographic region is shown below.

Local currency__ US Dollars

Europe__ -35%__ -48%(1)

North America__ -15%__ -15%

Rest of World__ -12%__ -23%

(1) The first quarter is traditionally a loss-making period for the

Company because several of its European hotels are closed for most of

the

quarter__

Same store RevPAR is a comparison based on the operations of the same units in each period and, among other things, excludes the effect of any acquisitions or major refurbishments.

Revenue: Revenue is expected to be $89.4 million in the first quarter of 2009, compared to $114.7 million in the first quarter of 2008. No revenue from Real Estate is expected to be recognized in the first quarter of 2009, whereas revenue in the first quarter of 2008 included $4.1 million from Real Estate.

Earnings From Unconsolidated Companies: Earnings from unconsolidated companies are expected to be $1.6 million in the first quarter of 2009, compared to $5.2 million in the first quarter of 2008.

EBITDA: In the first quarter of 2009, Orient-Express Hotels' EBITDA is expected to be $1.3 million, compared to EBITDA of $16.4 million in the same period of 2008. In the first quarter of 2009, EBITDA is expected to be reduced by $7.0 million due to impairment charges which are non-cash items, and by $1.2 million due to non- recurring items.

Three months ended Three months ended

March 31, 2009__ March 31, 2008

$ Millions__ $ Millions

EBITDA__ 1.3 (1)__ 16.4 (2)

Adjustments:

Legal costs__ 0.5__ -

Management restructuring__ 0.7__ -

Impairment__ 7.0__ -

(1) Includes loss of $0.4 million for Real Estate

(2) Includes loss of $0.5 million for Real Estate__

Net Earnings: Orient-Express Hotels' net loss for the first quarter of 2009 is expected to be $14.6 million compared to a net loss of $4.3 million in the same period of 2008.

Three months ended Three months ended

March 31, 2009__ March 31, 2008

$ Millions__ $ Millions

Net loss__ (14.6)__ (4.3)

Discontinued operations__ 1.1__ 2.0

Adjustments, net of tax:

Legal costs__ 0.5__ -

Management restructuring__ 0.6__ -

Impairment__ 7.0__ -

Foreign exchange loss/(gain)__ 2.9__ (1.6)

Interest rate swaps__ 1.1__ 0.3

Number of shares (millions)__ 50.96__ 42.47

GAAP Reconciliation

The following is a reconciliation between net loss and EBITDA:

Three months ended Three months ended

March 31, 2009__ March 31, 2008

$ Millions__ $ Millions

EBITDA__ 1.3__ 16.4

Less :

Depreciation and amortization__ (10.1)__ (10.3)

Interest expense, net__ (9.9)__ (12.9)

Foreign currency, net__ (3.8)__ 2.0

Benefit from income taxes__ 9.4__ 3.6

Share of provision for income taxes

for unconsolidated companies__ (0.4)__ (1.2)

Loss from discontinued operations__ (1.1)__ (1.9)

Net loss__ (14.6)__ (4.3)__

Financing Update

In April 2009, the Company closed a $30 million secured construction loan for its Porto Cupecoy residential mixed-use development project in Sint Maarten, Caribbean. The Company has drawn $5.2 million of this loan and has access to a further $12.7 million to fund future expenditure on the project, and may borrow additional amounts as new unit sales at Porto Cupecoy are closed.